From KU Family to Business School Professor…”KUBS is World-Class”  [Interview with New Faculty for Spring Semester 2024] Professor Thummim Cho   KUBS (Dean=Sang Yong Kim) appointed two new faculty members, Professor Thummim Cho (Finance) and Professor Injun Roh (LSOM), as of March 2024. In this regard, the Management Newspaper conducted an interview with the new faculty members, Professor Thummim Cho and Professor Roh Injun, to introduce their aspirations to the readers.    Professor Cho graduated from Cornell University and obtained his master’s and doctorate degrees in economics from Harvard University. He served as an English instructor at the Korea Military Academy (Lieutenant) and later as a finance Assistant Professor at the London School of Economics and Political Science in the UK, and as an Associate Professor of Economics at Pepperdine University in the United States.      Q. You went to the United States to study during high school and received a bachelor’s degree from Cornell University. Can you tell us about that experience?    A. I spent a year in the United States when I was in grade 1 of elementary school. Although I was young, I vaguely remember what the country was like, so I didn’t have much resistance to studying abroad during high school. Of course, I experienced difficulties in communication.     However, I was happy to be admitted to my first-choice university. Since I embarked on a study abroad journey to the United States, I thought, “If I succeed, I will return to Korea.”    Q. You entered Cornell University, your first-choice university. Were you always interested in economics and public policy?    A. When I was very young, I wanted to be an architect. Until grade 9, I had a dream of becoming an architect. But in the United States, there is a program called AP (Advanced Placement), which allows high school students to take college-level courses in advance. I had the opportunity to study microeconomics in high school, and it fit me well. I liked subjects like mathematics, and economics was suitable for me because it involved a mathematical aspect in understanding social phenomena, and the subjects I wanted to study were related to society.     Q. What led you to choose the path of academia after graduation?    A. I didn’t think too deeply about it. I found economics interesting while studying it, and when I was about to finish my undergraduate studies, I didn’t feel like I had studied economics deeply enough. So, I decided to pursue a doctorate because I wanted to study more. I used to say that I wanted to be an architect when I was young. Having an interest in architecture was related to creating something new and being creative and being a “scholar” is a profession that develops new knowledge needed by society, so it was a good fit for me to choose the path of academia.    Q. What made you come to KUBS?    A. There are two reasons. First is the internal and external status of KUBS. KUBS is not only a prestigious university in Korea but also globally recognized, and it provides a lot of support for research.     The second reason is a personal connection. I had affection for Korea University itself. My father completed his bachelor’s, master’s, and doctoral degrees at Korea University, and I was familiar with events like Kor-Yeon Games and Ipselenti. Also, when I visited my father’s laboratory at Korea University, I thought, “If I were to return to Korea and become a professor again, I would like to do it at Korea University.” In a way, the influence of my father, who was also a graduate of Korea University, was significant.    Q. You have joined Korea University as a professor in the Business School, coming from a family of KU alumni. What do you think is the charm of KUBS?    A. Although I haven’t met many students yet, they seem very proactive. As the saying of “Minjok KU,” the students are active and have a strong sense of challenge. I see a lot of proactive aspects. So, I think the big attraction is that excellent students are unfolding their dreams at KUBS.    Q. Then, what are your teaching methods?    A. I like to visualize when teaching. I had a lot of experience studying by drawing pictures when I learned a concept. When explaining new concepts to students, I also tend to use drawings in my teaching.     Students are very smart, so I think if they take the time to study, they can follow the course well enough. Therefore, I think about what the important concepts are and how today’s lesson can be applied or helpful and teach accordingly.    Q. As a scholar, what research would you like to pursue?    A. As a financial scholar, I am always thinking about how economics, through the study of economics, can help develop real economies. One of the important roles of finance in a free-market economy is to distribute relaxed resources, and from an economic point of view, the economy grows through investments made where economic value is high.    From that perspective, I am researching theoretical and methodological aspects that an increase efficiency in terms of autonomous economy, such as whether financial assets are currently priced correctly or undervalued.    Q. If you were to express KUBS in one word, what would it be?    A. I would like to say that KUBS is “World-Class.” KUBS is one of the world’s leading business schools. Moreover, everyone, including ambitious students and excellent faculty members, is world-class. It is a place where students who can work as world-class individuals in their fields gather, so KUBS can be called “World-Class.”    Q. What kind of professor do you want to be remembered as by your students?    A. I want to be remembered as a professor who can instill a sense of responsibility as a Korea University student. The fact that you can study like this is not only because you worked hard, but also because you had help from the school, your parents, and others. Just as someone’s help has brought you this far, I want to foster someone who can do something helpful to Korea or the world.    

On February 28th, a retirement ceremony for Professors Sooyoung Kwon, Kyungsuh Park, and Jaemin Han was held at the Ahn Young-Il Hall on the 6th floor of the LG-POSCO Building. Professor Sooyoung Kwon nurtured young talents in KUBS for 31 years, Professor Kyungseo Park for 24 years, and Professor Jaemin Han for 33 years. On this occasion, the Korea University Business School Journal asked them to share their thoughts on retirement.    Leaving the Steadfast Sanctuary of Bugaksan Mountain and the Hills of Anam... Wishing Endless Development for KUBS  [Interview with a Professor Retiring from KUBS] Professor Sooyoung Kwon      Professor Sooyoung Kwon, having served 31 years as a professor, not only achieved outstanding academic accomplishments in the field of accounting through numerous papers and books but also led the development of Korea University’s Business School by holding several positions such as Dean of the Business School, Dean of the Graduate School of Business Administration, Vice President for Administration and Finance, Associate Dean of the Graduate School of Business Administration, and Academic Advisor of the Accounting Department. Outside the University, he made significant contributions to the development of the business academic world both domestically and internationally by taking on major roles such as President of the Korean Accounting Association, Vice President of the Korean Management Association, and member of the SEC Liaison Committee of the American Accounting Association. He also served as the Associate Editor of the Asia-Pacific Journal of Accounting and Economics, President of the Fair Value Evaluation Study Group, and Chairman of the Accounting Advancement Forum, thereby widely promoting the prestige of the KUBS.    Q: How do you feel about leaving the KUBS after such a long time?    A: It feels like I've completed a marathon. When I started running, there was no time to look around; I could only keep moving forward. Sometimes I overpaced and got tired, but as I kept going, the scenery gradually came into my view. Semester after semester passed, and before I knew it, 3 years, 5 years, 10 years had gone by, and then 20 years, 30 years, and suddenly I was at the finish line.    During this time, I was truly happy to conduct research and teach within the fence of Korea University’s Business School. The prestige of Korea University, coupled with interacting with excellent students and capable colleagues, allowed me to grow even more. While there are things I wish I could have done better during my tenure, I'm also excited about the future. There were many things I wanted to do but couldn’t because I was too busy. Now, I want to take my time and gradually start doing them one by one.    Q: What motivated you to pursue a career in academia?    A: While doing my MBA in Texas, I took an accounting class and was fascinated by how accounting is not just functional or boring but forms the basis of society. Realizing that accounting information can transform organizations and even advance society made me want to study accounting academically. After working in practical roles in a company, pursuing an MBA led me to think that a career in academia would also be a good path.    Q: You've held many positions at the Business School and Korea University. Can you tell us about your achievements while serving as the Associate Dean of the Graduate School of Business Administration?    A: When I was Associate Dean, the Graduate School of Business Administration was more of a specialized graduate school that, despite calling itself a global standard MBA, lacked sufficient curriculum and credit hours. As Associate Dean, I led the transition to a professional graduate school, gaining approval and designing programs such as the Global MBA, Finance MBA, and Asia MBA. In particular, I remember visiting Fudan University and the National University of Singapore about ten times to narrowly secure the agreement for the Asia MBA.    Also, we pushed to name the existing evening program the Korea MBA to distinguish it from other MBA programs, signifying it as the oldest and best in Korea. That period was full of changes. We applied for and were selected for the BK project with excellent results and worked tirelessly to receive fast-track accreditation from EQUIS, a European quality improvement system for business schools, which I still vividly remember.    Q: You led the creation of the country's top MBA program. Is there a story behind the naming of the K-MBA?    A: There was a lot of deliberation over the name. We initially called it the Evening MBA, but then a colleague suggested that emphasizing the evening was unnecessary, which led me to consider calling it the K1 MBA, to signify Korea's number one MBA. However, another colleague pointed out that K1 resembled the name of a fighting sport, which led to further deliberation on a suitable name.    We decided to firmly go with Korea MBA, reflecting Korea University's legacy and prestige as the oldest and best business school, which eventually became known as K-MBA. Looking back, it seems like a very wise decision, especially considering how the 'K-' prefix has come to represent Korean culture and content internationally.    Q: As someone who has contributed to the history of the Graduate School of Business Administration and planned the Korea MBA, how do you feel about the current state of the MBA programs at the KUBS?    A: I'm very proud. We started with the vision of creating the best MBA program. It feels great to have externally established and maintained the recognition of being the best, receiving top scores in evaluations. Looking at MBA programs from KUBS to achieve the highest domestic rankings and positions on global lists, I believe it's the result of the collective efforts of all the faculty members.    Q: You've also achieved a lot as the Dean of the Business School.    A: As the Dean of the Business School, I established the mission to nurture future leaders who contribute to society, with strategies including global partnerships, innovative education, and industry collaboration. Notable achievements in global partnerships include exchange agreements with Peking University Shenzhen, IE Business School in Spain, Washington University in St. Louis, and the University of Michigan. Particularly, the "Washington University Project" celebrated the 60th anniversary of introducing modern business administration to Korea University in 1957 by Washington University in St. Louis through academic exchanges and agreements. Another achievement was the Asia Tri-lateral Seminar agreement with Peking University Shenzhen and Hitotsubashi University Tokyo, with annual seminars each university hosted.    For innovative education, we revamped the curriculum to foster interdisciplinary talents and creativity, introduced flipped classrooms, and launched the KUBS Futurum Lecture Series featuring lectures by world-renowned scholars. We also held seminars to forecast macroeconomic variables and predict corporate management environments, enhancing the social value of business studies. Collaboration with industry expanded through international internships at global companies and entrepreneurship training at the KUBS Startup Station. Additionally, being selected for the LINC+ project, a government-led university-industry cooperation initiative, and utilizing the funds for entrepreneurship support services, global industry collaboration programs, and international internships were significant achievements.    Q: I heard that while you were the Dean of the Business School., you also embarked on a project to trace the origins of KUBS, which dates back to the foundation of Korea University.    A: The predecessor of Korea University was Bosung College. We knew it was located in Susong-dong, Jongno-gu Susung-dong but its exact location was unclear. However, there is a photo from 1920 showing a baseball game in the playground of Bosung College, where a scholar tree standing to one side appears identical to the one currently at Jogyesa Temple. This single photo confirmed that Bosung College once stood where Jogyesa Temple is located today. As a result, the Korea University Business School along with the School of Law, Jogyesa Temple jointly received seeds from this scholar tree. The seeds were then germinated at Korea University's farm, grown into saplings, and planted on campus. Scholar trees are traditionally planted at educational institutions, so planting one from the original site of Bosung College holds great significance in reconnecting with our roots and traditions.    Q: Could you briefly introduce your research area and achievements?    A: My research interests lie in financial reporting, audit quality, and the audit market. Initially, my research primarily focused on the effects of accounting standards and the quality of financial reporting, but it gradually shifted toward auditing. Accounting is a discipline with a high relevance to practice, more so than other areas of business studies. Consequently, I became interested in topics that have practical implications and can offer policy alternatives. A paper published in an audit journal in 2014 provided insights for many countries, including the United States, which was considering mandatory auditor rotation, and was introduced at a public hearing by the U.S. SEC. In 2012, I established the Fair Value Evaluation Study Group composed of valuation experts, contributing to the systematization of fair value evaluation techniques, which became crucial with the introduction of International Financial Reporting Standards in 2011.     Holding various positions during my tenure made continuous research challenging. Despite building a global network through academic exchange, administrative duties often caused interruptions, taking years to resume where I left off. Upon preparing my public service record, I found that I had published 23 papers in international journals, 91 papers in domestic accredited journals, and authored five books in accounting. Additionally, I conducted 26 research projects commissioned by entities like the Korean Institute of Certified Public Accountants, the Financial Supervisory Service, the Accounting Standards Board, and leading listed companies, providing policy implications and practical guidelines to contribute to the social role of accounting.    Q: Do you have any memorable episodes from your long teaching career?    A: A memorable moment was creating a cultural and arts experience course for the Korea University’s 100th anniversary celebration, attended by alumni from 25 countries. The profound impact of Korea University's development and hospitality towards the alumni, led them to spontaneously donate during the event, making it one of the most successful programs. I was proud as the program director. Based on this program, I introduced a "Culture and Management" course at the Graduate School of Business, Administration which became one of the most popular among students. As dean, I also aimed to cultivate humanities sensibilities and insights in the "Global CEO" course, preventing the business curriculum from being overly focused on numbers and theory.    Q: You have nurtured numerous students at Korea University’s Business School. Do you have any memorable episodes with them?    A:  One of the privileges of being a professor at the KUBS was the opportunity to teach outstanding students and watch them grow. Some relationships became especially close when I officiated their weddings, wrote letters of recommendation for Graduate School, or supervised their theses. One student stands out, who since freshman year would ask me to buy him lunch whenever we met.     It was unusual for an undergraduate to approach a professor so comfortably. Nevertheless, this led to a long-standing relationship, and I wrote him a letter of recommendation for his master's/Ph.D. program in accounting. He later married one of my master's thesis supervisees, and now he is a professor abroad, having co-authored three papers with me. Seeing a student I've known since their freshman year grow into a colleague in the field of accounting is incredibly gratifying.    Q: Would you like to share any messages with all members of Korea University’s Business School?    A: Starting from the Department of Commerce in 1905 and introducing the first domestic course in Business and Economics in 1937, followed by the establishment of the first domestic Department of Business Administration in 1955, we have always maintained a pioneering and leading position. Alumni of KUBS have stood at the forefront of South Korea's development. As we approach the 120th anniversary of the KU foundation, I am confident that the future of the KUBS will continue to be bright, thanks to the many distinguished professors there.     Just as spring follows winter, the old give way to the new, heralding the start of a new environment. Although I am leaving the strong fortress of Bugaksan mountain and the hills of Anam, my spiritual home, I will continue to support Korea University and its Business School as I always have. I wish for the KUBS to enjoy endless development. 

Korea’s Top University and Students… “KUBS is the Best Value Chain”  [2024-1st semester New Professor Interview] Professor No Injun   The Korea University Business School (Dean: Kim Sangyong) appointed two new faculty members, Professors Cho Dummim (Finance) and No Injun (LSOM), in March 2024. In light of this, the Business News had an interview with the newly appointed professors, Cho Dummim and No Injun, to introduce their aspirations to the readers.     Professor No Injun obtained his bachelor's degree in Industrial Engineering from Hanyang University and his master's degree in Industrial Engineering from KAIST. He then earned his Ph.D. in Operations Management from The Ohio State University. He worked as a Quality Engineer at Samsung Electronics and served as an assistant professor at The Pennsylvania State University.      Q: What motivated you to choose the path of academia after graduating?    A: Since childhood, I have always told people that my future dream was to become a scientist. So, although I briefly stayed in the industry, it seems natural that I eventually returned to the path of academia. Although I am not a scientist researching basic science or engineering, I consider myself a management scientist, studying Management Science. In a way, it's reminiscent of my childhood dream.    Q: What is the reason for joining KUBS?     A: Personally, while living as a professor in the United States, I had a vague desire to return to Korea's prestigious universities and contribute to the development of business studies in Korea. Amidst this, I was fortunate to receive a good opportunity at KUBS, the top business school in Korea. Additionally, my family, especially my wife, who was on leave as an elementary school teacher in the United States, also wanted to continue her career as a teacher in Korea. I am grateful to KUBS for giving me this excellent opportunity.    Q: What do you consider the charm of the School of Business at Korea University?    A: Firstly, it is undoubtedly the top business school in Korea, and from a research environment perspective, it provides conditions similar to leading universities in the United States, allowing for high-quality research. Additionally, I feel that nothing is lacking in terms of students' intellectual level, class participation, and English proficiency. Therefore, I consider the high level of students as one of the charms of KUBS.     Q: As a professor at KUBS, what teaching methods do you employ for your students?    A: Basically, as long as the lecture content permits, I prefer interactive and participatory classes such as group discussions, presentations, or solving problems on their own rather than one-way lectures (of course, if the lecture content itself is theoretical, lecture-oriented teaching is inevitable). Also, I make efforts to discover and introduce cases that demonstrate how the course contents are being applied in actual business environments.    Q: Could you introduce the current course you are teaching?    A: I am currently teaching the subject ‘Operations Management.’ In summary, the course teaches basic theories and methodologies that can help make any work, regardless of the field or major, more efficient. Fundamentally, it instills a mindset of pursuing efficiency.     Q: If you were to express "KUBS is _____" in one word, what would it be?    A: I would like to say "Best value chain." Value chain simply refers to all activities or a series of processes that a business undertakes to provide valuable outputs (products, services) to consumers. I consider KUBS to be the best business school in Korea because it provides an advanced learning and research environment that fosters excellent students who can create significant value for our society and ultimately the world.    Q: What kind of professor do you aspire to be for your students?    A: I hope to be a professor who provides practical help to students. I would like to be able to offer appropriate advice based on my experiences in the industry and as a professor when students have concerns about their future careers. Additionally, I hope that the contents of the courses I have taught can somehow be helpful to students in their future careers.   

"Never Lose Today's Excitement and Passion" … Successful Completion of AMP 97th Entrance Ceremony    The entrance ceremony for the 97th batch of the Advanced Management Program (AMP) at Korea University's Graduate School of Business (hereafter referred to as the entrance ceremony) was held on March 11th at the SUPEX HALL in the LG-POSCO Building. The AMP at the Graduate School of Business provides education on the latest management theories and techniques to top executives working in various industries such as government, corporate, and public sectors, offering them the opportunity to build a broad personal network. Attending the entrance ceremony to congratulate the 97th AMP batch, were Dean Kim Sangyong, Professor Kim Seokgyun, Head of AMP, and Lee Dong-seok, President of the AMP Alumni Association, among others. The executives of the AMP Alumni Association also graced the occasion with their presence.     Director Kim Sangyong stated, "New members possess excellent leadership qualities to lead this generation" and expressed confidence that "through the AMP, they will become upgraded leaders suited for the rapidly changing business environment of this era." He further added, "I hope that you will cherish the ideals of Korea University – liberty, justice, and verity - in your hearts and maintain good relationships for a long time to come."       Next, Lee Dongseok, President of the AMP Alumni Association, remarked, "Balancing studies and work may be physically demanding, but it will be a precious time" and expressed his anticipation for "everyone to successfully complete the program and await the day of reunion with the alumni association."      The entrance ceremony concluded with the singing of the school anthem and taking commemorative photos. Subsequently, the members of the 97th AMP batch went on a campus tour of Korea University, enjoyed a special lecture by Director Lee Yongjae of the International Finance Center, and a dinner, carrying the excitement of a new beginning in their hearts.   

January - March KUBS Academic News   1. Professor Young-Kyu Kim    Professor Young-Kyu Kim (Business Management) has taken office as the president of the Korea Academy of Strategic Management from January 1, 2024 and has been leading the Academy since. The Korea Academy of Strategic Management is recognized as the leading domestic society in the field of strategic management, publishing the 'Strategic Management Research' journal three times a year. Additionally, the society spearheads research in strategic management both domestically and internationally by hosting various academic conferences, including spring and fall conferences. Meanwhile, the Korea Academy of Strategic Management plans to hold its Spring Academic Conference on April 13, 2024, at the Hyundai Motor Hall.   

On February 28th, a retirement ceremony for Professors Soo Young Kwon, Kyung Suh Park, and Jaemin Han was held at the Ahn Young-Il Hall on the 6th floor of the LG-POSCO Building. Professor Soo Young Kwon cultivated younger scholars at the KUBS for 31 years, Professor Kyung Suh Park for 24 years, and Professor Jaemin Han for 33 years. In light of their retirement, the KUBS Newspaper interviewed them to hear their thoughts.    “The Business School that Changed Me...Seeing My Students Succeed Was the Most Rewarding Part”  [Interview with a Retiring KUBS Professor] Professor Kyung Suh Park      Firstly, Professor Kyung Suh Park has achieved outstanding academic accomplishments in the field of finance through numerous papers and books, holding significant positions within the university such as Director of the Corporate Governance Research Institute, Director of the Business Management Research Institute, Head Professor of the Finance MBA, and leader of the Management Studies Asia Hub project team. Outside the university, he played a crucial role in the advancement of the business administration field by serving as President of the Korean Finance Association, Vice President of the Korean Securities Association, auditor of the Korean Financial Association, and more. Furthermore, he promoted the prestige of the KUBS both domestically and internationally through roles like Director of the Korea ESG Standards Authority, Chairman of the Korea Exchange's Listing Disclosure Committee and Index Committee, Chairman of the Public Fund Management Committee, and Research Chairman at the Korea Institute of Finance.    Q: You graduated from the Department of Business Administration at Korea University. How were you as a student?    A: Until high school, I was a student who only focused on studying, perhaps with a shy personality. However, upon entering KUBS, I engaged in a student society called KCC. I had the opportunity to drink with my seniors and juniors while participating in club activities and academic studies. I was from the class of '77, and back then, we often drank makgeolli without any side dishes because we often didn’t have enough money. Through these experiences, I became more active and extroverted. The unique culture at Korea University, especially the strong senior-junior relationships, changed who I am.    Q: Was there a moment during your school days that led you to pursue a career as a scholar?    A: Like most, I focused on having fun during the early days of my school years, so my grades were not great for a while. I had studied hard through high school, but since it was forced study, I ended up not studying much upon reaching university. After barely graduating and serving in the military, I joined a company but then had the opportunity to pursue an MBA in the United States. It was then that I became self-motivated in studying and started to find it interesting. For the first time, I found studying to be enjoyable. That was when I decided to pursue a Ph.D.    Q: Having spent two-thirds of your life at Korea University, how do you feel about retiring?    A: First and foremost, I am grateful to Korea University for making me who I am today. It was a precious opportunity and a great pleasure to teach my juniors in the place where I studied. Korea University has especially strong senior-junior relationships, which was a source of great satisfaction and pride for me. The most rewarding thing was seeing my students succeed in society after graduation. Even now, I feel happiest when I join them for a drink when they invite me.    Q: You have been the director of the Corporate Governance Research Institute for a long time. Are there any memorable episodes?    A: While there is no specific episode, the purpose of the institute led to research and policy seminars related to the governance issues of domestic companies. In this process, I often made candid remarks that business owners or major shareholders (so-called owner-managers) might not have wanted to hear, leading to somewhat uncomfortable relationships with them. It is encouraging that various governance improvement policies, such as Value-up Korea, are being considered due to the consensus among investors and policymakers that the undervaluation of domestic companies' stocks is mainly due to problems with domestic corporate governance practices.    Q: As a prominent scholar in corporate governance, what values do you think companies should pursue in the governance (G) area of ESG management?    A: I believe most scholars and investors agree that the goal of a company should be to maximize corporate value. However, this concept is centered around shareholders, so I also agree with the argument that the interests of various stakeholders, such as employees, the local community, and the global environment, should be considered simultaneously. Especially since Korea has achieved a certain level of economic growth and society's expectations and demands regarding various issues arising from corporate activities have significantly increased, companies failing to meet these expectations can cause various problems.    However, outcomes like corporate social responsibility and environmental protection are difficult to measure in economic value, leading to agency problems where companies and their managers might not choose the appropriate level at which to address these issues. This problem is particularly severe in companies with low ownership concentration, as confirmed by many studies. The recent step back from emphasizing ESG management by American companies and investment firms like BlackRock reflects this context. It seems that companies need the wisdom to appropriately reflect the demands of the societies they belong to.    Q: During your time at KUBS, you have mentored many students. Do you have any memorable episodes with your students?    A: I remember when two of my Ph.D. students - we were discussing their ongoing paper in the lab one day as usual, when suddenly they announced that they were getting married and asked me to officiate their wedding. I still keep in touch with them and see them doing well, which makes me think how good it was to become a professor. Additionally, it's very heartwarming when I work with companies, and the person in charge greets me saying that they were a student who attended my undergraduate classes. Ultimately, seeing my students do well is the most memorable aspect.    Q: If you were to express KUBS in one word or one sentence differently, how would you like to express it?    A: As I mentioned before, I would like to say it is a “place that changes people.” The four years of college life at Korea University transformed me from a very introverted person to someone more proactive and adventurous. So, I’d say, “The KUBS is a place that changes people.”    Q: Professor, having a close relationship with the KUBS, what would you like to say to all members of the business school?    A: Based on my personal experience, I am very proud of the university culture at Korea University. It allows for passion and provides various enjoyable experiences through strong bonds with seniors and juniors as a social community. However, I feel that the unique advantages of Korea University are gradually disappearing. It would be good if the business school could support activities within the school, such as club activities, that can maintain such aspects. I hope the identity of ‘fellowship’ and the tight-knit alumni network continue in the business school, which will celebrate its 120th anniversary next year. Thank you.