Mary Daugherty

Associate Professor, Finance

2115 Summit Ave
McNeely Hall 350
St. Paul, MN 55105

Ph.D., , University of Minnesota
M.A., Business Administration, University of Minnesota
B.A., , College of St. Thomas

See publications in UST Research Online

Mary Schmid Daugherty is the founding faculty member of the Aristotle Fund, a $5 million student managed investment fund at the University of St. Thomas, which she developed and has led since 1999. In her role as associate professor of Finance, she has taught in the undergraduate, graduate and Executive UST MBA programs. In addition to teaching, Daugherty does research and consults on corporate organizational structure. She serves on the board of directors for Crescent Electric Supply Company and Mairs & Power Funds, Inc. She chairs the Governance Committee and is a member of the Compensation Committee for the Crescent Electric Board, and chairs the Audit Committee and is a member of the Governance and Nominating committees for Mairs & Power, Inc. As the audit chair, Daugherty is recognized as the Financial Expert as required by the SEC.

Daugherty has been working with private and family businesses in a variety of in-depth financial and corporate governance consulting assignments since 1993. Her experience with boards and C-suite management includes working with transitioning the corporate structure from advisory boards to fiduciary boards, facilitating and developing optimal governance policies and practices, designing and teaching corporate governance educational programs, designing the processes and conducting board and committee evaluations, and advising on other corporate governance issues unique to the client. She has provided consulting services in different industries, serving both small and large companies. Daugherty has published in the area of family and private corporate governance, co-authoring Family Business, 4th Edition, which is the most widely used textbook on family business in university family business programs. She is an active academic researcher in organizational structure and investment funds, and has authored research papers in these areas.

Complementing her interest in adding value through formalized corporate governance, Daugherty has been awarded the Executive MBA Teacher of the Year for 2014, the Julie Hays Distinguished Teaching award in 2011, and the Innovation in Teaching Award from the Opus College of Business in 2003. She also has both a board room and an endowed scholarship named in her honor by a significant gift from an alumnus. Daugherty has international teaching experience, as well, having taught Corporate Finance in the United Kingdom, led a group of Chilean business students in an experiential program and recently was invited to teach both investments and family business strategy in Chile.

Daugherty received her bachelor of arts with honors from the College of St. Thomas and went on to earn her MBA in Finance at the University of Minnesota. Upon graduation in 1982, she worked her way up to investment trust officer and co-managed the Common Fund for First Trust, Inc. While working at First Trust, she earned her CFA. In 1987, she began working as an instructor at the College of St. Thomas. In 1993, Daugherty earned her Ph.D. from the University of Minnesota with a dissertation focused on endowment management at private colleges.

Fall 2014 Courses
Fall 2014 Courses
Crs - Sec Title Days Time Location
FINC 440 - 01 Sec Analy & Portfolio Mgmt M - W - F - - 0935 - 1040 MCH 230
Description of course Sec Analy & Portfolio Mgmt : CRN: 42723
This course will cover knowledge and develop skills necessary to carry out prudent and in-depth analysis of investments and create investment portfolio. The major topics covered include portfolio theory, macroeconomic analysis, industry analysis, financial statement analysis, company analysis, valuation models, creating investment policy statement, asset allocation, professional money management and portfolio strategies, and portfolio performance evaluation. The course also includes discussions of most recent developments in the investments industry. Students will apply course concepts to the analysis of actual companies and present their analysis and recommendations to investment professionals. Prerequisites: FINC 325, MATH 109 or 111 or 113, and BETH 301

Schedule Details

Location Time Day(s)
FINC 601 - 364 Finc Mgmt for Value Creation See Details * *
Description of course Finc Mgmt for Value Creation : CRN: 42732
Registration is restricted to EXECUTIVE MBA students only.

Schedule Details

Location Time Day(s)
TMH 4600800-170013 Sep '14
TMH 4600800-170011 Oct '14
TMH 4600800-170008 Nov '14
TMH 4600800-170006 Dec '14
FINC 717 - 201 Invest Fund Mgmt - Aristotle - T - - - - - 1800 - 2100 SCH 322
Description of course Invest Fund Mgmt - Aristotle : CRN: 42738 3 Credit Hours
Students must apply and be accepted to register. This class focuses on practical, hands-on investment management. The course provides students with practical experience in individual stock valuation and portfolio management. Student managers are required to commit twelve months to the management of the fund from September through August. The class meets weekly but the students are expected to maintain contact more frequently through phone and email correspondence. The student managers have access to a trading room on campus where they can meet to do research and discuss strategy. The student managers are responsible for all the day-to-day administrative duties necessary to manage the fund, ex. trading, presentation materials and performance reporting. The time commitment for the course is substantial as the students are managing real money for the University. ---- ---- Prerequisite: standard core courses and FINC600 plus students are strongly advised to take FINC713 during the summer prior to enrollment in this class. If not, FINC713 must be taken concurrently with FINC717.

Schedule Details

Location Time Day(s)
J-Term 2015 Courses
J-Term 2015 Courses
Crs - Sec Title Days Time Location
Spring 2015 Courses
Spring 2015 Courses
Crs - Sec Title Days Time Location
FINC 440 - 01 Sec Analy & Portfolio Mgmt M - W - F - - 0935 - 1040 MCH 108
Description of course Sec Analy & Portfolio Mgmt : CRN: 21982
This course will cover knowledge and develop skills necessary to carry out prudent and in-depth analysis of investments and create investment portfolio. The major topics covered include portfolio theory, macroeconomic analysis, industry analysis, financial statement analysis, company analysis, valuation models, creating investment policy statement, asset allocation, professional money management and portfolio strategies, and portfolio performance evaluation. The course also includes discussions of most recent developments in the investments industry. Students will apply course concepts to the analysis of actual companies and present their analysis and recommendations to investment professionals. Prerequisites: FINC 325, MATH 109 or 111 or 113, and BETH 301

Schedule Details

Location Time Day(s)
FINC 717 - 201 Invest Fund Mgmt - Aristotle - T - - - - - 1800 - 2100 TMH 346
Description of course Invest Fund Mgmt - Aristotle : CRN: 21994 3 Credit Hours
Students must apply and be accepted to register. This class focuses on practical, hands-on investment management. The course provides students with practical experience in individual stock valuation and portfolio management. Student managers are required to commit twelve months to the management of the fund from September through August. The class meets weekly but the students are expected to maintain contact more frequently through phone and email correspondence. The student managers have access to a trading room on campus where they can meet to do research and discuss strategy. The student managers are responsible for all the day-to-day administrative duties necessary to manage the fund, ex. trading, presentation materials and performance reporting. The time commitment for the course is substantial as the students are managing real money for the University. ---- ---- Prerequisite: standard core courses and FINC600 plus students are strongly advised to take FINC713 during the summer prior to enrollment in this class. If not, FINC713 must be taken concurrently with FINC717.

Schedule Details

Location Time Day(s)
Academic and Professional Positions
  • Associate Professor, University of St. Thomas, St. Paul / Mpls (1987 - present)
  • Investment Officer, Investment Research Department, First Trust, Inc., St. Paul (1982 - 1987)
  • Technical Writer, Federal Reserve Bank of Mpls, Minneapolis (1981 - 1985)
  • Teaching Assistant, Finance Department, University of Minnesota, Minneapolis (1980 - 1982)

Professional Memberships
  • Association of Investment Management and Research
  • CFA Society of Minnesota
  • Family Business Institute
  • National Association of Corporate Directors

Professional Service
  • CFA Society of Minnesota,
  • National Association of Corporate Directors,
  • Journal of Small Business Management, Reviewer
  • Mairs and Power/William Frels,
  • Simplex Construction Supplies (Sarah Stehly,
  • Archdiocese of Saint Paul and Minneapolis Investment Advisory Council,
  • Archdiocese of St Paul/Mpls Investment Review,
  • Crescent Electric Supply Company (Martin Burbridge),

Publications
  • Daugherty, M. S., & Jithendranathan, T. (forthcoming). Volatility spillovers in frontier markets.
  • Daugherty, M. S., & Sorenson, R. (forthcoming). Family Business Landscape. Understanding the family business landscape: Key factors of family business success.
  • Lundsten, L. L., Daugherty, M. S., Shovein, J. A., Sullivan, M. F., Beckmann, H., & Vang, D. O. (forthcoming). Why don't we just ask them - do finance practitioners read academic research??. Humanomics, (29)(3),
  • Daugherty, M. S., & Poza, E. (2013). Family business, 4th ed. South-Western Cengage
  • Daugherty, M. S., & Jithendranathan, T. (2012). Underpricing of IPOs of U.S. family controlled businesses. International Research Journal of Finance and Economics, (90), pp. 193-206
  • Daugherty, M. S., & Georgieva, D. (2011). Foreign cultures, Sarbanes-Oxley Act and cross-delisting. Journal of Multinational Financial Management, (21), pp. 208-223
  • Daugherty, M. S. (2009). Family Business, 3rd edition. In Poza, Ernesto J (Ed.), Financial considerations and valuation of the family business' Ch 8 (pp. 201-230). South-Western Cengage Learning
  • Daugherty, M. S. (2009). Our family's journey to a family council. Family Business: The Guide for Family Companies, (20)(1), pp. 48-51
  • Daugherty, M. S., & Jithendranathan, T. (2004). International diversification: A comparison of performance of American depository receipts indices and country funds. Financial Decisions,
  • Daugherty, M. S. (1999). FBS, Inc., web text. (written case with instructional material)
  • Daugherty, M. S. (1990). Uniform management of institutional funds act: The implications for private college board of regents. West's Education Law Reporter,

Research Interests
  • Finance

Awards and Honors
  • UST Executive MBA Faculty Teaching Award, 2014
  • Julie Hays Teaching Award, UST - Opus College of Business, 2011
  • CFA Certificate of Achievement, 2010
  • University of St. Thomas Innovation in Teaching Award, 2003
  • CFA Certificate of Achievement, 2004

Presentations
  • "Volatility spillovers in frontier markets" Charles Strut University - Australia Finance Seminar Series, Australia, April 16, 2014
  • "Good governance for family businesses: Using good governance to strengthen the family and the family business" Continuing Legal Education Seminar - Business Law Series, Minneapolis, Minnesota, February 01, 2014
  • "Increasing the value proposition" National Association of Trailer Manufacturers, Las Vegas, Nevada, February 01, 2014
  • "Why value a small business?" Business Valuation Conference, Minneapolis, Minnesota, February 01, 2014
  • "Current Minnesota business pulse" Wilkerson Guthmann, Saint Paul, Minnesota, December 01, 2013
  • "Smart growth: How private and family-owned companies use their boards for critical choices" Minnesota National Association of Corporate Directors, Golden Valley, Minnesota, September 01, 2013
  • "Motivating great board performance" National Association of Corporate Directors - MN Chapter, Minnespolis, Minnesota, May 01, 2013
  • "Evaluating student learning through investment returns in a student managed fund" OCB Faculty Research Symposium, Minneapolis, Minnesota, April 01, 2013
  • "Next generation: Making decisions - how governance helped the next generation express their voices" IPI - Institute for Private Investors, Chicago, IL, July 18, 2012
  • "Intraday volume and volatility patterns of Russian single stock futures and stocks" East Asian Financial Conference, Taipei, Taiwan, May 01, 2012
  • "Volatility spillovers in frontier markets" International Social Sciences & Management Conference, Dubai, U.A.E., January 01, 2012
  • "Foreign cultures, Sarbanes-Oxley Act and cross delisting" Southern Finance Association, Key West, FL, October 01, 2011
  • "Preparing next generation directors: New models for linking the family with professional board" Family Firm Institute, Boston, MA, October 01, 2011
  • "Foreign Cultures, Sarbanes-Oxley Act and Cross-Delistings" MFA -Midwest Finance Association, Chicago, IL, March 01, 2011
  • "Understanding the family business landscape: Key factors of family and business success" Family Capital, Family Business, and Free Enterprise Conference, Minneapolis, MN, September 01, 2010
  • "Ten years of change: How the family business survived and prospered" Institute for Family Owned Business: Structuring Family Business for Success, Portland, Maine, June 01, 2009
  • "Underpricing of IPOs of U.S. family controlled businesses" Oxford Business & Economics Conference, Oxford, United Kingdom, June 01, 2009
  • "The move towards stewardship in the family business" UST Center for Family Enterprise, Minneapolis, Minnesota, February 12, 2009
  • "Economic overview and impact on the Aristotle Fund" UST Finance and Accounting Club, Saint Paul, Minnesota, November 24, 2008
  • "Underpricing of family business IPOs" Family Firm Institute, London, United Kingdom, October 01, 2008
  • "IPO pricing in the context of family controlled businesses" International Applied Business Research Conference, Puerto Vallarta, Mexico, March 01, 2005
  • "The superiority of ADR's over country funds as a tool for international diversification" EFMA - European Financial Management Association, London, United Kingdom, June 01, 2002