Mendoza School of Business

The ‘greatest life’ continued at Notre Dame

Author: Frank K. Reilly (BS Commerce ’57, Emeritus Professor of Finance)

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As stated in The Greatest Life article published in the spring of 2015, I have been truly blessed because of my involvement at Notre Dame as a student during 1953-1957, a Dean during 1981-1987 and continuing as the Bernard J. Hank Professor of Finance from 1987-2015. As indicated in the original article, I had the opportunity to contribute to the development of the College of Business by working to maintain the College’s outstanding teaching reputation, but I also contributed to a cultural change from only a wonderful teaching environment, but also a college dedicated to creating outstanding research by recruiting bright young faculty from top Universities to publish in prestigious journals and create an exciting research environment at Notre Dame. It has been wonderful to witness the success of many of these outstanding faculty when they have earned endowed Research Chairs. (I would suggest that you include the list of Deans and Endowed Chairs in the College of Business starting with Lee Tavis.)

Beyond witnessing the change in the teaching-research culture, my most exciting venture was being involved in the creation of the course Applied Investment Management (AIM) with Professor John Affleck-Graves (subsequently the Executive Vice President for the University) and Scott Malpass, the Vice President of the Investments and head of the University Endowment. We created the curriculum and selected the students who would manage a real portfolio that has grown from about $500,000 to over $18 million using rigorous fundamental analysis. John and I taught in the class and Scott gave lectures that emphasized the reality of portfolio management and arranged outstanding trips to money management firms in New York, Chicago and Boston. We had great expectations for the course, but these expectations have been exceeded many times over during its 27-year history from 1995 to the present, and the performance of its students has contributed to the College’s fabulous reputation in the investment community.

Needless to say, there have been significant developments by the several Deans that followed me. They have continued to enhance the teaching-research environment in the College but have added to the College’s catholic character by an emphasis on not only well-trained graduates, but also individuals who are deeply concerned with doing good for employees and customers.   We have also benefited from significant advances in the Continuing Education

Department led by Arnie Ludwig who established the Executive MBA in Chicago in addition to the campus program  A major advancement by the College was the constructions of a new building led by Dean Jack Keane that led to the expansion of the faculty and other academic programs and made it possible to bring the New York Stock Exchange Trading Post that had been in the University Library into the vestibule of the new building.  This was followed by a new facility dedicated to only Executive Education, the Stayer Center.

In addition to the AIM class that has been my favorite teaching experience, my greatest life has been enhanced by my continued involvement with the CFA Institute as an exam writer,  Chair of the Board of Trustees and Faculty contact for students interested in the Chartered Financial Analyst Program.

I cannot end without acknowledging the most important individuals in my personal and professional life. First and foremost is my wife Therese and our four children (Frank K. III, Clarence R. II, Therese B. and Edgar B.) who supported and encouraged me every day. Second is my very good friend and the Associate Dean Yusaku Furuhashi during my term who subsequently became a Dean.

Topics: BBA, Faculty