Category: Finance

Xin Li Joins College of Business Faculty

Xin Li is an assistant professor of finance in the College of Business at Michigan Technological University. He earned his Ph.D. in finance from the University of Cincinnati and a Master of Economics from Texas A&M University. His Bachelor of Economics was obtained from the Central University of Finance and Economics.
Professor Xin Li
Dr. Li’s research interests are in empirical asset pricing, bond pricing, institutional investments, fintech, market microstructure, and risk management. He presents his research at national and international conferences including American Finance Association, Financial Management Association, European Financial Management Association, Eastern Finance Association, Southern Finance Association, and American Risk and Insurance Association. A paper based on his dissertation was invited to revise and resubmit for the publication of Management Science.  

He has served as an ad-hoc referee for journals such as the Pacific-Basin Finance Journal and the Journal of Financial Counselling and Planning. Li’s teaching areas include principles of finance, advanced financial management, risk management, and investment. In the past, he was the sole winner for the Outstanding Graduate Teaching Award of the College of Business at University of Cincinnati and also won the Finance Department Teaching Award as well as the Dean’s List of Teaching Excellence. Li was the winner of the Spencer Doctoral Candidate Scholarship. He also won university-wide awards including the GSG Research Fellowship and the Excellence Award for Exemplary Scholarship from the University of Cincinnati.

About the College of Business
The Michigan Tech College of Business offers undergraduate majors in accounting, construction management, economics, engineering management, finance, management, management information systems, and marketing, as well as a general business option. Graduate degrees include the TechMBA®, a Master of Engineering Management, a Master of Science in Accounting, and a Master of Science in Applied Natural Resource Economics.


My First Year at MTU: Marco Marquez

MTU student Marco Marquez stands at a podium
Having grown up in Detroit, Michigan, Marco Marquez felt ready for the natural, rugged beauty of the Keweenaw Peninsula. The unique location, along with Michigan Tech’s STEM focus, led him to enroll in engineering management.

Since starting at Michigan Tech in the fall of 2019, Marco has adjusted and loves his second home. At first, he wasn’t sure what to expect and found it difficult to leave behind access to shopping, family, and friends. However, he says that meeting new friends and exploring the Upper Peninsula made the transition to college easier than expected. 

Marco has enjoyed getting to know students from other cultures and connecting through language. As a bilingual student, Marco finds language to be a starting point in learning about other people. Of his new connections, meeting a fellow Husky from Spain in Intro to Finance has been one of the most rewarding. He finds that collaborating on homework in Spanish to be a helpful way to continue using his second language.

Joining student organizations has also helped Marco gain new perspectives. One impactful experience was visiting Chicago with the Society of Hispanic Professional Engineers to speak with pre-college students in primarily Hispanic schools. The group encouraged students to think about their lives after high school and the opportunities that are available to them in STEM and college. Marco also traveled to Minneapolis with the Accounting Club, which prompted his decision to switch majors to accounting and finance. He is also a member of the Society of African-American Men, which participates in community service activities on campus. 

In his first year at Michigan Tech, Marco’s vision for his future has evolved. Initially, his goal was to get a degree and a well-paying job to help support his family. Since then, he has learned to aim even higher. Marco now aspires to create his own company in the automotive industry, where he will work to make travel easier, faster, and more affordable. He would also love to use his passion for language to connect with others while undertaking this journey.

Marco credits his growth to the encouraging culture at MTU, and wants to let other students know that stepping outside their comfort zone just might change their perspective for life. 


My Internship with Bank of America

By Breanna Stohr

student stands in front of canal
Senior finance major Breanna Stohr’s summer internship shaped her career goals.

My summer internship with Bank of America in Grand Rapids, Michigan, was a memorable one. The opportunities I was given were unbelievable. I am proud to say I was able to find not only my dream job but my dream company as well!

I experienced both the retail and the wealth management side of the company. On the retail side, I worked closely with my market leader and the leader of the Student Rush program. Through this program, I traveled to Grand Rapids colleges and universities to engage them in the opportunity of Bank of America coming onto their campus to teach financial literacy to students. I connected with many student-life representatives within the Grand Rapids community area. It was great!

In the downtown wealth management office (previously branded as Merrill Lynch, the American investing and wealth management division of Bank of America), I networked with established financial advisors within the Grand Rapids area. There, I cemented my career plan to become a successful financial advisor after I graduate this spring. I worked closely with a financial advisor on research projects including bank rates, budgeting tips, digital apps, unique ways to change daily habits in your financial life, constructive criticism, and hospice and home health care.

Throughout my internship, I grew as a young professional by experiencing many different work environments. Being a student from Michigan Tech made me stand out for sure. I demonstrated to teammates at Bank of America what Michigan Tech School of Business and Economics students can do, and also how involved the University is with preparing its students for the professional world.


Milligan and Wall are 2019-20 Ten Haken Faculty Fellows

Exterior of Academic Office Building

The School of Business and Economics (SBE) at Michigan Technological University announces the appointments of Sheila Milligan, senior lecturer in accounting, as the Richard and Joyce Ten Haken Faculty Fellow in Accounting/Finance, and Jeff Wall, assistant professor of management information systems (MIS), as the Richard and Joyce Ten Haken Faculty Fellow in Business.

Photo of senior lecturer Sheila Milligan
Senior lecturer Sheila Milligan (center)

Dean Johnson, dean of SBE, says the fellowships shine a light on the important work Milligan and Wall do in the classroom and beyond: “Our faculty stand a part for being large enough to lead and small enough to care. They know our students’ strengths and goals, and they play integral roles in guiding them with hands-on learning and mentoring.” 

Milligan, a 17-year veteran at the University, says that Richard and Joyce’s giving inspire her every day. “I want to be my best for our hardworking students, who are very conscientious about their education,” she says. 

Photo of professor Jeff Wall with student
Jeff Wall (left). assistant professor of management information systems (MIS)

Fellowship funds will be used for student travel, experiential education, student scholarships and to provide teaching assistant positions and professional development for faculty. “Attending conferences in forensic accounting is critical to keeping my teaching agile and relevant to prepare students,” Milligan says. 

Wall intends to direct his fellowship funds toward undergraduate scholarships for students dual majoring in accounting or finance and MIS. “Using the funds–more than $8,000 in total–in this way can help support Michigan Tech’s enrollment goals for business students,” Wall says of the new initiative directed at growing the School of Business and Economics.

Trends in industry are placing a greater emphasis on the intersection of accounting and finance with MIS.  Wall anticipates seeing top-quality, interdisciplinary students through these scholarships.

The Ten Haken Faculty Fellowship positions were created in 2017 to attract and retain high-quality business faculty and to inspire teaching and research activity amongst business faculty. Both accounting majors with bachelor’s degrees in business administration, Richard and Joyce Ten Haken are pillars of support for SBE’s students and faculty. 


Michigan Tech Mourns Loss of Stanford N. Phelps

Amanda and Stan pose with a dinosaur at National History Museum
Stanford N. Phelps (right), late chair of S.N. Phelps & Co., with Michigan Tech alumna Amanda (Vogt) Conner ’10 (middle), vice president of S.N. Phelps & Co.

Stanford “Stan” Phelps, chair of S.N. Phelps & Co., passed away June 6, 2019, at age 84. A graduate of the Phillips Exeter Academy, Yale, and Harvard, Mr. Phelps was a pioneer of the Wall Street junk bond market and was known to Michigan Tech as a supporter of the Applied Portfolio Management Program (APMP) and its students. He hired School of Business and Economics interns and graduates who went on to thrive in the financial industry, including Amanda (Vogt) Conner ’10, Vice President of S.N. Phelps & Co. She says of Stan: “He was my boss, mentor, and friend. Stan helped develop my investment skillset and shape my career, while also teaching me the importance of philanthropy. I am forever grateful for the nine years I was able to learn from him.”

Dean Johnson, dean of the School of Business and Economics, adds, “Stan lived a principled life and sought to pass these principles on to future generations. His impact on the careers of many APMP students is just one of his many legacies. We were pleased that this year’s APMP team was able to meet with Stan and Betsy this past spring in Greenwich. Our heartfelt condolences are with Betsy and the entire family.”

Stan Phelps’ obituary, which appeared in The New York Times and Greenwich Time, is below:

Stanford Newton Phelps died peacefully at home in Greenwich, Connecticut on June 6, 2019, at age 84. He is survived by his beloved wife, Elizabeth Richmond Phelps; his son, George; his daughter, Catherine, and son-in-law, Daniel McNamara; his grandchildren, Maxwell, Garrett, and Ford; his brother, Barry Phelps; his sister Jeanette, and brother-in-law, Whitney Evans.

Mr. Phelps was chairman of the board of S.N. Phelps & Co., Commonwealth Oil Refining Company (CORCO) and Clear Springs Land Company, home of Clear Springs blueberries. His earlier career in the bond business included stints with Citibank, F. S. Smithers and Drexel Burnham Lambert where he started their high-yield bond department. He served as the second lieutenant in the United States Army from October 1956 to April 1957.

Mr. Phelps was born in Rochester, New York, the son of Jeanette Coon and Stanford Newton Phelps. The family moved to Detroit and later back to Rochester when Mr. Phelps left to attend Phillips Exeter Academy in 1948. He graduated from Phillips Exeter Academy in 1952, and subsequently from Yale University in 1956 and Harvard Business School in 1960.

Mr. Phelps was devoted to his church, First Presbyterian Church of Greenwich in Greenwich, Connecticut. Mr. Phelps was a generous supporter of his church and many educational and Christian organizations, including Hartwick College from which he received an honorary Doctor of Laws, Harvard Business School, Keck Graduate Institute where he was on the Board and received a Doctorate of Applied Life Sciences, honoris causa, The Madeira School, Navy Seal Foundation, Polk State College, and Yale Peabody Museum where he served on the Peabody Leadership Council. Throughout his life, however, his highest charitable priority remained his high school alma mater, Exeter.

In Mr. Phelps, Exeter lost one of its most loyal and enthusiastic supporters. The breadth of his commitments grew from a heartfelt devotion to education, his desire to improve opportunities for Exeter students and his deep respect for Exeter’s faculty. He was most proud of his Phelps Scholar-Athlete program through which he provided one hundred seven students with scholarships to attend Exeter. Through his philanthropy, Mr. Phelps sought to inspire others to support the school he loved. In an address to the student body in 2001, he put it this way, “You will be remembered for what you give – not for what you get”.

In all aspects of his life, Mr. Phelps was guided by two principles he learned while a student of Greek and Latin at Exeter: Athanatos esti psyche, “The soul is immortal,” and Nil sine Deo, “Nothing without God.” All those who knew Mr. Phelps will remember him and take comfort in these two phrases. He will be deeply missed by his family, his friends and by the school he loved.

A service in celebration of the life of Stanford Newton Phelps will be held at 11:00 a.m. on Wednesday, June 26, 2019, at First Presbyterian Church of Greenwich, One West Putnam Avenue, Greenwich, Connecticut 06830.

In lieu of flowers, contributions can be directed to the First Presbyterian Church of Greenwich (pcg.org).