Faculty & Research

Mary Schmid Daugherty

Associate Professor : Finance Department
 

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Mary Schmid Daugherty, CFA, Ph.D., is actively involved in teaching, research and consulting. She teaches at the undergraduate, graduate and executive level in corporate finance and investment related topics. She also is the faculty director for the Aristotle Fund, a student managed portfolio which directly manages approximately $5 million of the University of St. Thomas endowment.

Daugherty’s research and consulting interests focus on the impact of board and family governance on valuation. She is a frequent speaker on a variety of investment management topics and consults with private family businesses on valuation and succession issues. She recently coauthored the book, Family Business, 4th Edition, with Ernesto Poza. This book is the most widely adopted textbook on the subject of managing the family business.

Daugherty has held a variety of leadership positions in the Chartered Financial Analyst Society of Minnesota, including education chair, ethics chair and president. She currently serves on the board of three for-profit companies:  Mairs & Power, Crescent Electric Supply Company and Simplex Construction. She also serves on two nonprofit boards:  National Association of Corporate Directors Minnesota and the Investment Committee of the Archdiocese of St. Paul.

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Academic Background

B.A., marketing, College of St. Thomas
M.B.A., finance, University of Minnesota
Ph.D., educational administration, University of Minnesota
C.F.A.(Chartered Financial Analyst)


Research Specialties

  • Equity valuation
  • Family business governance and strategy 
  • Portfolio management
  • Student-managed investment funds


Current Research

  • Valuation issues in family controlled publically held companies
  • Finance issues for family business owners
  • Performance metrics for student managed funds
  • Evaluating what it means to be socially responsible in a student managed fund 


Major Works

  • Daugherty, Mary Schmid and Ernesto Ponza. Family Business, 4th edition. United States: South-Western Cengage Learning, 2013.
  • "Performance in the family business: Financial and socio-emotional outcomes." In The Landscape of Family Business, edited by R. L. SorensonA. Yu, K. H. Brigham, and G. T. Lumpkin, 64-77. Cheltenham, UK: Edward Elgar Publishing, 2013.
  • Jithandrenathan, Thadavillil and Mary Schmid Daugherty, "Underpricing of IPOs of U.S. Family Controlled Businesses," International Research Journal of Finance and Economics 90 (2012): 193-206.
  • Daugherty, Mary Schmid and Dobrina Georgieva, "Foreign Cultures, Sarbanes-Oxley Act and Cross-Delistings," Journal of Multinational Financial Management 21, 4 (2011): 208-223.
  • "Financial Considerations and Valuation of the Family Business." In Family Business, 3rd edition, edited by Ernesto J. Poza, 201-230. South-Western Cengage Learning, 2009.
  • "IPO Pricing in the Context of Family Controlled Businesses," Southern Finance Association (2005).
  • "International Diversification: A Comparison of American Depository Receipts Indices and Country Funds," Financial Decisions (2003).
  • "Establishing a Student Managed Fund." Business Education Annual Meeting (2001).


Peer Reviewed Proceedings and Presentations

  • “Preparing Next Generation Directors: New Models for Linking the Family with the Professional Board." Paper presented at The Family Firm Institute Annual Meeting, Boston, Massachusetts,  October, 2011. 
  • “Foreign Cultures, Sarbanes-Oxley Act and Cross-Delisting’s." Paper presented at the Southern Finance Association Annual Meeting,  Key West, Florida, November, 2011.
  • “Understanding the Family Business Landscape:
    Key Factors of Family and Business Success”.  Paper presented at the Third Annual Conference on Family Capital, Family Business, and Free Enterprise, 
    Minneapolis, Minnesota, September 23-24, 2010.
  • "Underpricing of Family Business IPOs." Paper presented at the Family Firm Institute Research Symposium, London, England, October, 2008.


Presentations

  • “Dollars and Cents:  Forging a Fair Valuation of the Family Firm." Paper presented at the Family Business Center, University of St. Thomas, Minneapolis, Minnesota, October, 2011.
  • “The Move Towards Stewardship in the Family Business." Paper presented at the Family Business Center seminar for Family Business Network participants, University of St. Thomas, Minneapolis, Minnesota, February, 2010.
  • “Building Financial Acumen:  Financial Accounting and Analysis.” Paper presented at the Family Business Center seminar for Family Business Network participants, University of St. Thomas, Minneapolis, Minnesota,  January, 2010.
  • “Family Business Governance." Faculty member for 3 day seminar hosted by Southern Maine Family Business Institute, June 2007, June 2008, and June 2009.


Awards

  •  Julie Hays Teaching Award, Opus College of Business, University of St. Thomas, May 2011.
  • Named Family Business Fellow, Family Business Center, University of St. Thomas, 2010 - present
  • Awarded Innovation in Teaching Award, University of St. Thomas, 2003.
  • Honored by an alumnus with a $2 million Endowed Scholarship, the Mary Schmid Daugherty Commitment to Student Learning Scholarship.
  • Honored to have the Board of Governors Boardroom named the Schmid Daugherty room based on a significant gift from an alumnus.
  • Earned CFA Certificate of Achievement for years 1987-present.


Membership on For Profit Boards

  • Advisory Board of Simplex Construction, 2003 - present.
  • Board of Directors of Crescent Electric Supply Company, 2010-present.  Chair of Governance Committee.
  • Board of Directors of Mairs and Power, Inc., 2010 – present.  Chair of Audit Committee


Membership on Non-Profit Boards

  • National Association of Corporate Directors, Minnesota Chapter, appointed 2013.


Consulting Work

  • Facilitate ownership transition issues
  • Develop governance structure
  • Evaluate opportunities for increasing value of the company
  • Develop succession plans
  • Educate family members on business operations


Service

  • Lead Faculty member for CFA I, II, and III Review Course, 2008-2012
  • (CFA) Coordinate University Programming, 2006 - 2009
  • (CFA) Elected President, 1997 - 1998
  • (CFA) Served as Ethics Chairperson, 1991 - 1995


Memberships

  • CFA Society of Minnesota, 1985 - present
  • Minnesota Association of Corporate Directors, 2012 - present
  • Association of Investment Management and Research, 1985 - present
  • Family Firm Institute 1995 - present
  • National Association of Corporate Directors, 2012 - present