Mary Daugherty

Associate Professor, Finance

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

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

See publications in UST Research Online

Mary Schmid Daugherty is a financial educator, researcher, consultant and corporate director. Over her teaching career she has taught in the undergraduate and graduate programs. She 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 addition to teaching, Daugherty researches and consults on corporate organizational structure and its impact on valuation. She serves on the board of directors for Crescent Electric Supply Company, Mairs & Power Funds, Inc. and Driessen Water, Inc.; and on the board of advisors for Simplex Construction. She chairs the governance committee and is a member of the compensation committee for the Crescent Electric board. She chairs the audit committee and is a member of the governance and nominating committees for Mairs & Power, Inc. As the audit chairperson for Mairs & Power, Inc. 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 many different industries, serving both small and large companies. Daugherty has published in the area of family/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 practical work in adding value through formalized corporate governance, Daugherty has also been very successful in her academic career. She was awarded the Executive MBA Teacher of the Year for both 2015 and 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. In addition, Daugherty has international teaching experience, having taught Corporate Finance in the United Kingdom and leading a group of Chilean masters' students in their study abroad program in Minnesota.

Daugherty received her bachelor of arts 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 as an investment analyst co-managing the Common Fund for First Trust, Inc. While working at First Trust, she earned her CFA. In 1987, Daugherty began working as an Instructor at the College of St. Thomas while also working on her Ph.D. at the University of Minnesota, which she earned in 1993 with a dissertation focused on endowment management at private colleges.

Summer 2015 Courses
Summer 2015 Courses
Crs - Sec Title Days Time Location
FINC 601 - 366 Finc Mgmt for Value Creation See Details * *
Description of course Finc Mgmt for Value Creation : CRN: 30402
Registration is restricted to EXECUTIVE MBA students only.
Schedule Details
Location Time Day(s)
TMH 4600800-200005 Jun '15
TMH 4600800-200026 Jun '15
TMH 4600800-200024 Jul '15
TMH 4600800-200014 Aug '15
Fall 2015 Courses
Fall 2015 Courses
Crs - Sec Title Days Time Location
FINC 321 - A01 Financial Management - - - - - - - -
Description of course Financial Management : CRN: 43266 4 Credit Hours
An examination of the elements of the finance function of the organization as well as the financial analysis of decisions. Topics include working capital management, acquisition of capital, capital budgeting, cost of capital, theories of valuation, and present value. Prerequisites: ACCT 210, ACCT 215 (or ACSC 320 for actuarial majors), STAT 220 (MATH 313 or STAT 314 for actuarial majors), ECON 251, 252, and junior standing.
Schedule Details
Location Time Day(s)
J-Term 2016 Courses
J-Term 2016 Courses
Crs - Sec Title Days Time Location
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 Firm Institute
  • Financial Executives International
  • National Association of Corporate Directors

Professional Service
  • CFA Society of Minnesota,
  • CFA Society of Minnesota,
  • Crescent Electric Supply Company,
  • Driessen Water, Inc.,
  • Journal of Small Business Management, Reviewer
  • Mairs and Power,
  • National Association of Corporate Directors, Officer
  • Simplex Construction Supplies,

Publications
  • 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??. (29)(3),
  • 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). Our family's journey to a family council. (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, (3),
  • 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,

Books and Chapters
  • Daugherty, M. S., & Poza, E. (2013). Family business, 4th ed. South-Western Cengage
  • Daugherty, M. S., & Sorenson, R. (2013). Family Business Landscape. Understanding the family business landscape: Key factors of family business success.
  • 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

Research Interests
  • Finance

Awards and Honors
  • Julie Hays Teaching Award, UST - Opus College of Business, 2011
  • UST Executive MBA Faculty Teaching Award, 2014
  • UST Executive MBA Faculty Teaching Award, 2015
  • University of St. Thomas Innovation in Teaching Award, 2003

Presentations
  • "Family business journey of prosperity" Delaware Valley Family Business Center, Philadelphia, Pennsylvania, April 01, 2015
  • "A family business journey of prosperity" Delaware Valley Family Business Center, Philadelphia, Pennsylvania, April 01, 2015
  • "A study of linkages between frontier markets and the U.S. equity markets using multivariate GARCH and transfer entropy" Australian Finance and Banking Conference, Sydney, Australia, December 01, 2014
  • "Using one year risk adjusted stock return performance data to evaluate student learning in a student managed investment fund" Association for Financial Education, Savannah, Georgia, September 01, 2014
  • "Volatility spillovers in frontier markets" Charles Strut University - Australia Finance Seminar Series, Australia, April 16, 2014
  • "Volatility spillovers in frontier markets" Charles Strut University - Australia Finance Seminar Series, Australia, April 16, 2014
  • "Leading the family - family councils, family foundations, family meetings" Family Business Magazine, Tampa, Florida, March 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
  • "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
  • "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, Minneapolis, Minnesota, May 01, 2013
  • "Evaluating student learning through investment returns in a student managed fund" OCB Faculty Research Symposium, Minneapolis, Minnesota, April 01, 2013
  • "Intraday volume and volatility patterns of Russian single stock futures and stocks" East Asian Financial Conference, Taipei, Taiwan, May 01, 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
  • "Volatility spillovers in frontier markets" International Social Sciences & Management Conference, Dubai, U.A.E., January 01, 2012
  • "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 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 delisting" Southern Finance Association, Key West, FL, 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
  • "Underpricing of IPOs of U.S. family controlled businesses" Oxford Business & Economics Conference, Oxford, United Kingdom, June 01, 2009
  • "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
  • "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