Kellstadt Graduate School of Business
Encyclopedia
The Charles H. Kellstadt Graduate School of Business is part of the DePaul University
College of Commerce, a business school
located in the Chicago Loop
, Illinois
, USA. The College of Commerce was founded in 1913 and is one of the ten oldest business schools in the United States of America. The master of business administration
program was launched in 1948. The school is accredited by the Association to Advance Collegiate Schools of Business-International, considering the leading body for accreditation of business schools. In the fall of 2007, Kellstadt enrolled 2,024 graduate students. DePaul is a member of the Big East Conference
.
Kellstadt is best-known for its part-time MBA program, which has been ranked in the top 10 by U.S. News & World Report
in 12 of the past 13 years. It was 9th in the most recent rankings, released in May 2009. It also is recognized for its entrepreneurship and real-estate programs.
, which students customize by choosing at least two of 27 concentrations; a combined MBA/Juris Doctor
with the DePaul University College of Law
; 10 specialized master's degrees that provide in-depth knowledge in a particular area of business; and joint MBA/MS programs.
The part-time MBA, which includes the Evening and Weekend programs, is offered at multiple sites in the Chicago
area.
Kellstadt now has six major divisions: the School of Accountancy and Management Information Systems and the departments of finance, economics, marketing, management, and real estate. The department of real estate was created in 2008 to showcase that segment of what had been part of the department of finance. Seven members of the accounting faculty have won Outstanding Accounting Educator of the Year awards from the Illinois CPA Society.
Kellstadt has 14 specialized centers and institutes that conduct research, host symposia and partner with local, national and international organizations to address issues within various fields. They include the Ryan Center for Creativity and Innovation, which was named one of the top-10 university "entrepreneurial hot spots" with "the most innovative programs for fledgling business owners" by Fortune Small Business magazine in its March 2006 issue; the Coleman Entrepreneurship Center; the Real Estate Center, which provides a rare university focus on the real estate market; and the Institute for Business and Professional Ethics.
To better serve working students and build connections with the business community, the university moved the Commerce program downtown to the Powers Building, 37 S. Wabash Avenue, in 1914, thereby founding DePaul’s Loop Campus. In 1915, DePaul’s Commerce and DePaul University College of Law
classes moved to the Tower Building, Michigan Avenue
and Madison Street
. Continued growth in all programs led DePaul to move its Loop-based programs to larger leased quarters at 64 E. Lake Street
in 1928.
The college established a master of business administration
program in 1948 and launched the Graduate School of Business. In 1958, Commerce and the other Loop-based programs moved to the 18-story Lewis Center, donated to DePaul by the Frank J. Lewis Foundation. In 1977, Commerce began offering graduate classes at the university’s suburban sites to better serve working students.
In 1971, Commerce established its first center, the Small Business Institute, formalizing its long-standing tradition of assisting entrepreneurs and small-business owners thrive.
In 1982, Commerce established the Center for Market Analysis and Planning through a $1 million gift from the Charles H. Kellstadt Trust. The first research and academic component established by the Kellstadt Trust, the center uses Chicago as a marketing research laboratory linking classroom instruction to problems actually encountered by area business firms involved with consumer products and marketing services. This feature of the center is believed to be unique in the nation.
In 1983, DePaul was awarded a $1 million gift from the Dr. Scholl Foundation to establish an endowed chair in its College of Commerce and Department of Finance. The endowed chair is DePaul's first and bears the name of the foundation's principal benefactor, Dr. William M. Scholl. Professor Keith Howe has been the only chair-holder and remains a member of the faculty.
The Center for Business Ethics was launched in 1984. In 1986, Commerce received another $1 million grant from the Kellstadt Foundation to establish the Kellstadt Center for Marketing Analysis and Planning in Administration Center, designed to integrate state of the art marketing research with curriculum and programs.
In 1988, the five-year Arthur Andersen & Co. Alumni Distinguished Professorship in accountancy and the Touche Ross Distinguished Professorship in accountancy were established.
In 1992, DePaul received a $9 million gift from the Kellstadt Foundation to establish the Kellstadt Graduate School of Management, named for Charles H. Kellstadt, former president, chairman and chief executive officer of Sears, Roebuck and Co. The school was formally dedicated in October 1993, when it moved into its current quarters in the DePaul Center, 1 E. Jackson Blvd.
In 1994, Kellstadt launched an 18 month international MBA program in marketing in finance, the first of its kind in the country.
In 1995, Success magazine rated the Charles H. Kellstadt Graduate School of Business among the top 25 best business schools in the country. The magazine surveyed 135 school deans across the country who ranked DePaul fifth in the nation. U.S. News & World Report ranked the part-time MBA program among the top 10 for the first time. In each year since 1995, U.S. News has consistently ranked the part-time program in its top 10, with the exception of 2005, when it was ranked 11th.
In 1997, Kellstadt launched its first overseas part-time MBA program in Hong Kong, tailored to the needs of multinational companies, but that program failed in 2005. In 2000, Kellstadt added a part-time MBA program in Bahrain. In 2002, it added another in the Czech Republic
through a partnership with the Czech Management Center, but that program failed in 2009. The program’s most recent overseas program was created in Taiwan
in 2006.
In 2002, Kellstadt created the Real Estate Center, under the direction of Professor Susanne E. Cannon. Since then, the center has grown into one of the nation's premier programs for professional real estate education, offering both graduate and undergraduate degrees as well as continuing education. In 2006, the center received three gifts in excess of $1 million: $4 million from the Michael J. Horne Foundation to endow the Horne Chair in Real Estate Studies; $2 million from Douglas and Cynthia Crocker to endow the Doug and Cynthia Crocker Director of the Real Estate Center; and $1.5 million from George Ruff to endow the Ruff Chair in Real Estate Studies. In 2007, the MacArthur Foundation
awarded the center a grant of $3.5 million to launch a multi-faceted program to save affordable rental housing in the Chicago region.
In 2008, Dean Ray Whittington created the Department of Real Estate, carving it out of the Department of Finance, in order to showcase the Real Estate Center and its faculty. Professor Susanne E. Cannon was chosen as the first department's first chairperson.
▪ Dorothy Brown, Clerk, Cook County Circuit Court
▪ Brooks Boyer, vice president, marketing, Chicago White Sox
▪ Brooks Boyer, vice president, marketing, Chicago White Sox
▪ Michael Redd, Vice President, Domino's Pizza
▪ Frank M. Clark, CEO, ComEd
▪ Paul R. Davies, Chairman and CEO (retired), AON Re
▪ Richard Driehaus, CEO, Driehaus Capital Management
▪ Martin Jahn, Deputy Prime Minister, Economic Affairs, Czech Republic
▪ James Jenness, Chairman, Kellogg Co.
▪ Patrick J. Moore, CEO, Smurfit-Stone Container Corp.
▪ Dominic J. Nakis, Senior VP and CFO, Advocate Health Care
▪ Diane M. Pearse, Sr. Vice President-Finance, RedBox
▪ Letitia Peralta Davis, CEO, Metropolitan Pier and Exposition Authority
▪ Sister Catherine Ryan, CEO, Maryville Academy
▪ William M. Rudolphson, senior vice president and CFO, Walgreens
▪ Carol L. Schneider, CEO, Advocate Christ Medical Center, Oak Lawn, Illinois
▪ Daniel Ustian, Chief Executive, Navistar International Corp.
DePaul University
DePaul University is a private institution of higher education and research in Chicago, Illinois. Founded by the Vincentians in 1898, the university takes its name from the 17th century French priest Saint Vincent de Paul...
College of Commerce, a business school
Business school
A business school is a university-level institution that confers degrees in Business Administration. It teaches topics such as accounting, administration, economics, entrepreneurship, finance, information systems, marketing, organizational behavior, public relations, strategy, human resource...
located in the Chicago Loop
Chicago Loop
The Loop or Chicago Loop is one of 77 officially designated Chicago community areas located in the City of Chicago, Illinois. It is the historic commercial center of downtown Chicago...
, Illinois
Illinois
Illinois is the fifth-most populous state of the United States of America, and is often noted for being a microcosm of the entire country. With Chicago in the northeast, small industrial cities and great agricultural productivity in central and northern Illinois, and natural resources like coal,...
, USA. The College of Commerce was founded in 1913 and is one of the ten oldest business schools in the United States of America. The master of business administration
Master of Business Administration
The Master of Business Administration is a :master's degree in business administration, which attracts people from a wide range of academic disciplines. The MBA designation originated in the United States, emerging from the late 19th century as the country industrialized and companies sought out...
program was launched in 1948. The school is accredited by the Association to Advance Collegiate Schools of Business-International, considering the leading body for accreditation of business schools. In the fall of 2007, Kellstadt enrolled 2,024 graduate students. DePaul is a member of the Big East Conference
Big East Conference
The Big East Conference is a collegiate athletics conference consisting of sixteen universities in the eastern half of the United States. The conference's 17 members participate in 24 NCAA sports...
.
Kellstadt is best-known for its part-time MBA program, which has been ranked in the top 10 by U.S. News & World Report
U.S. News & World Report
U.S. News & World Report is an American news magazine published from Washington, D.C. Along with Time and Newsweek it was for many years a leading news weekly, focusing more than its counterparts on political, economic, health and education stories...
in 12 of the past 13 years. It was 9th in the most recent rankings, released in May 2009. It also is recognized for its entrepreneurship and real-estate programs.
Academics
Kellstadt offers both a part-time and full-time Master of Business AdministrationMaster of Business Administration
The Master of Business Administration is a :master's degree in business administration, which attracts people from a wide range of academic disciplines. The MBA designation originated in the United States, emerging from the late 19th century as the country industrialized and companies sought out...
, which students customize by choosing at least two of 27 concentrations; a combined MBA/Juris Doctor
Juris Doctor
Juris Doctor is a professional doctorate and first professional graduate degree in law.The degree was first awarded by Harvard University in the United States in the late 19th century and was created as a modern version of the old European doctor of law degree Juris Doctor (see etymology and...
with the DePaul University College of Law
DePaul University College of Law
DePaul University College of Law is a law school located in Chicago, Illinois, USA. Founded in 1897 as the Illinois College of Law, the school became part of DePaul University in 1912 and is one of the academic colleges of DePaul, a Big East Conference university. The College is known for its...
; 10 specialized master's degrees that provide in-depth knowledge in a particular area of business; and joint MBA/MS programs.
The part-time MBA, which includes the Evening and Weekend programs, is offered at multiple sites in the Chicago
Chicago
Chicago is the largest city in the US state of Illinois. With nearly 2.7 million residents, it is the most populous city in the Midwestern United States and the third most populous in the US, after New York City and Los Angeles...
area.
Kellstadt now has six major divisions: the School of Accountancy and Management Information Systems and the departments of finance, economics, marketing, management, and real estate. The department of real estate was created in 2008 to showcase that segment of what had been part of the department of finance. Seven members of the accounting faculty have won Outstanding Accounting Educator of the Year awards from the Illinois CPA Society.
Kellstadt has 14 specialized centers and institutes that conduct research, host symposia and partner with local, national and international organizations to address issues within various fields. They include the Ryan Center for Creativity and Innovation, which was named one of the top-10 university "entrepreneurial hot spots" with "the most innovative programs for fledgling business owners" by Fortune Small Business magazine in its March 2006 issue; the Coleman Entrepreneurship Center; the Real Estate Center, which provides a rare university focus on the real estate market; and the Institute for Business and Professional Ethics.
History
DePaul’s College of Commerce began offering business classes in 1913 at the university's Lincoln Park Campus, becoming one of the 10 oldest business schools in the nation and the first at a Roman Catholic university.To better serve working students and build connections with the business community, the university moved the Commerce program downtown to the Powers Building, 37 S. Wabash Avenue, in 1914, thereby founding DePaul’s Loop Campus. In 1915, DePaul’s Commerce and DePaul University College of Law
DePaul University College of Law
DePaul University College of Law is a law school located in Chicago, Illinois, USA. Founded in 1897 as the Illinois College of Law, the school became part of DePaul University in 1912 and is one of the academic colleges of DePaul, a Big East Conference university. The College is known for its...
classes moved to the Tower Building, Michigan Avenue
Michigan Avenue (Chicago)
Michigan Avenue is a major north-south street in Chicago which runs at 100 east south of the Chicago River and at 132 East north of the river from 12628 south to 950 north in the Chicago street address system...
and Madison Street
Madison Street (Chicago)
Madison Street is a major east-west street in Chicago, Illinois. Prior to human intervention, the Chicago River emptied into Lake Michigan at the present day intersection of Madison Street and Michigan Avenue....
. Continued growth in all programs led DePaul to move its Loop-based programs to larger leased quarters at 64 E. Lake Street
Lake Street (Chicago)
Lake Street is an east-west arterial road in Chicago and its suburbs. Part of Lake Street is designated as U.S. Route 20. Lake Street begins in the city of Chicago and travels west and slightly north to the Chicago suburbs. It ends at the eastern terminus of the Elgin Bypass around Elgin, where...
in 1928.
The college established a master of business administration
Master of Business Administration
The Master of Business Administration is a :master's degree in business administration, which attracts people from a wide range of academic disciplines. The MBA designation originated in the United States, emerging from the late 19th century as the country industrialized and companies sought out...
program in 1948 and launched the Graduate School of Business. In 1958, Commerce and the other Loop-based programs moved to the 18-story Lewis Center, donated to DePaul by the Frank J. Lewis Foundation. In 1977, Commerce began offering graduate classes at the university’s suburban sites to better serve working students.
In 1971, Commerce established its first center, the Small Business Institute, formalizing its long-standing tradition of assisting entrepreneurs and small-business owners thrive.
In 1982, Commerce established the Center for Market Analysis and Planning through a $1 million gift from the Charles H. Kellstadt Trust. The first research and academic component established by the Kellstadt Trust, the center uses Chicago as a marketing research laboratory linking classroom instruction to problems actually encountered by area business firms involved with consumer products and marketing services. This feature of the center is believed to be unique in the nation.
In 1983, DePaul was awarded a $1 million gift from the Dr. Scholl Foundation to establish an endowed chair in its College of Commerce and Department of Finance. The endowed chair is DePaul's first and bears the name of the foundation's principal benefactor, Dr. William M. Scholl. Professor Keith Howe has been the only chair-holder and remains a member of the faculty.
The Center for Business Ethics was launched in 1984. In 1986, Commerce received another $1 million grant from the Kellstadt Foundation to establish the Kellstadt Center for Marketing Analysis and Planning in Administration Center, designed to integrate state of the art marketing research with curriculum and programs.
In 1988, the five-year Arthur Andersen & Co. Alumni Distinguished Professorship in accountancy and the Touche Ross Distinguished Professorship in accountancy were established.
In 1992, DePaul received a $9 million gift from the Kellstadt Foundation to establish the Kellstadt Graduate School of Management, named for Charles H. Kellstadt, former president, chairman and chief executive officer of Sears, Roebuck and Co. The school was formally dedicated in October 1993, when it moved into its current quarters in the DePaul Center, 1 E. Jackson Blvd.
In 1994, Kellstadt launched an 18 month international MBA program in marketing in finance, the first of its kind in the country.
In 1995, Success magazine rated the Charles H. Kellstadt Graduate School of Business among the top 25 best business schools in the country. The magazine surveyed 135 school deans across the country who ranked DePaul fifth in the nation. U.S. News & World Report ranked the part-time MBA program among the top 10 for the first time. In each year since 1995, U.S. News has consistently ranked the part-time program in its top 10, with the exception of 2005, when it was ranked 11th.
In 1997, Kellstadt launched its first overseas part-time MBA program in Hong Kong, tailored to the needs of multinational companies, but that program failed in 2005. In 2000, Kellstadt added a part-time MBA program in Bahrain. In 2002, it added another in the Czech Republic
Czech Republic
The Czech Republic is a landlocked country in Central Europe. The country is bordered by Poland to the northeast, Slovakia to the east, Austria to the south, and Germany to the west and northwest....
through a partnership with the Czech Management Center, but that program failed in 2009. The program’s most recent overseas program was created in Taiwan
Taiwan
Taiwan , also known, especially in the past, as Formosa , is the largest island of the same-named island group of East Asia in the western Pacific Ocean and located off the southeastern coast of mainland China. The island forms over 99% of the current territory of the Republic of China following...
in 2006.
In 2002, Kellstadt created the Real Estate Center, under the direction of Professor Susanne E. Cannon. Since then, the center has grown into one of the nation's premier programs for professional real estate education, offering both graduate and undergraduate degrees as well as continuing education. In 2006, the center received three gifts in excess of $1 million: $4 million from the Michael J. Horne Foundation to endow the Horne Chair in Real Estate Studies; $2 million from Douglas and Cynthia Crocker to endow the Doug and Cynthia Crocker Director of the Real Estate Center; and $1.5 million from George Ruff to endow the Ruff Chair in Real Estate Studies. In 2007, the MacArthur Foundation
MacArthur Foundation
The John D. and Catherine T. MacArthur Foundation is one of the largest private foundations in the United States. Based in Chicago but supporting non-profit organizations that work in 60 countries, MacArthur has awarded more than US$4 billion since its inception in 1978...
awarded the center a grant of $3.5 million to launch a multi-faceted program to save affordable rental housing in the Chicago region.
In 2008, Dean Ray Whittington created the Department of Real Estate, carving it out of the Department of Finance, in order to showcase the Real Estate Center and its faculty. Professor Susanne E. Cannon was chosen as the first department's first chairperson.
Notable faculty
- James BoothJames BoothJames Booth was an English film, stage and television actor and screenwriter. Though handsome enough to play leading roles, and versatile enough to play a wide variety of character parts, Booth naturally projected a shifty, wolfish, or unpredictable quality that led inevitably to villainous roles...
Professor, Finance: James Booth, who holds the Keily Chair in Investments, has written extensively in top finance journals including the Journal of Financial Economics and the Journal of Financial and Quantitative Analysis.
- Susanne Cannon Professor, Real Estate: Susanne Cannon, the Douglas and Cynthia Crocker Endowed Director of the Real Estate Center, has built DePaul’s Real Estate Center into one of the premier Midwest real estate education and research hub.
- Rebel Cole Professor, Finance and Real Estate: Rebel Cole is an internationally known expert in banking, corporate governance, real estate and small-business finance. Formerly an economist at the Federal Reserve Board, he is the author of more than 50 scholarly articles.
- Werner DeBondt Professor, Finance: Werner DeBondt, chair, Driehaus Center in Behavioral Finance, is a pioneer in the field of investor and market psychology. De Bondt, who earned his doctoral degree in managerial economics from Cornell University, and economics professor Richard Thaler of the University of Chicago, are generally acknowledged as the founders of behavioral finance with the publication of their 1985 academic paper, titled “Does the Stock Market Overreact?,” which analyzed U.S. stock price data since 1925 and found that investors often overreact to both good and bad news.
- Keith Howe Professor, Finance: Keith Howe, who holds the William M. Scholl Chair in Finance, has written extensively in top finance journals including the Journal of Finance and the Journal of Financial and Quantitative Analysis, Financial Management and the Journal of Applied Finance. He is recognized as a world-expert in valuation and real options.
- Belverd Needles Professor, Accounting: Bel Needles, the Ernst & Young Professor of Accountancy at DePaul, is an internationally known expert in financial reporting, auditing and corporate governance. He is the author of more than 20 books, including “Principles of Accounting” and “Financial Accounting,” which are used in classrooms around the world.
- Bruce I. Newman Professor, Marketing: Bruce Newman is the editor of the Journal of Political Marketing and an expert on voter behavior and political marketing. He is the author of several books, including “The Marketing of the President” and “Winning Elections with Political Marketing.”
- James Shilling Professor, Real Estate: James Shilling, who holds the Michael J. Horne Chair in Real Estate Studies, is a nationally known expert in real estate investment trusts, the role of real estate in institutional investors’ portfolios; mortgage securitization, commercial mortgage default, real estate asset pricing, housing finance and urban economics.
- Harold Welsch Professor, Management: Harold Welsch holds the Coleman Foundation Chair in Entrepreneurship at DePaul. An expert in small business start-up and development, he founded DePaul’s highly ranked entrepreneur program.
- Patricia Werhane Professor, Management: Patricia Werhane holds the Wicklander Chair in Business Ethics and is the director of the Institute for Business and Professional ethics. She is one of the nation’s top business ethics scholars. Her current work with the center focuses on finding for-profit models for lifting people out of poverty.
- Ray Whittington Dean and Professor, Accounting: Ray Whittington is a Professor and former Ledger and Quill Director of the School of Accountancy & Management who was appointed Dean of the Kellstadt College of Commerce in April 2006.
Notable alumni
▪ Jeffrey S. Aronin, President and CEO, Ovation Pharmaceuticals▪ Dorothy Brown, Clerk, Cook County Circuit Court
▪ Brooks Boyer, vice president, marketing, Chicago White Sox
▪ Brooks Boyer, vice president, marketing, Chicago White Sox
▪ Michael Redd, Vice President, Domino's Pizza
▪ Frank M. Clark, CEO, ComEd
▪ Paul R. Davies, Chairman and CEO (retired), AON Re
▪ Richard Driehaus, CEO, Driehaus Capital Management
▪ Martin Jahn, Deputy Prime Minister, Economic Affairs, Czech Republic
▪ James Jenness, Chairman, Kellogg Co.
▪ Patrick J. Moore, CEO, Smurfit-Stone Container Corp.
▪ Dominic J. Nakis, Senior VP and CFO, Advocate Health Care
▪ Diane M. Pearse, Sr. Vice President-Finance, RedBox
▪ Letitia Peralta Davis, CEO, Metropolitan Pier and Exposition Authority
▪ Sister Catherine Ryan, CEO, Maryville Academy
▪ William M. Rudolphson, senior vice president and CFO, Walgreens
▪ Carol L. Schneider, CEO, Advocate Christ Medical Center, Oak Lawn, Illinois
▪ Daniel Ustian, Chief Executive, Navistar International Corp.