Real Humans of Goldman Sachs: Ken Jackson, Rice Business MBA ’23, Private Wealth Advisor
Army veteran Ken Jackson went from piloting Black Hawks to private wealth management at Goldman Sachs–the bridge being the Rice Business MBA program. In this edition of Real Humans: Alumni, see how Jackson’s MBA put him in the entrepreneurial mindset, his secret weapon that has allowed him to thrive confidently in the wealth management landscape.

Global Field Experience: Expanding Gender Equality Education in Peru
Rice MBA students used their GFE to boost an education nonprofit in Lima.


To mark this year’s International Women’s Day (March 8), we want to highlight a 2023 Global Field Experience (GFE) project that supported a gender equality non-profit in Peru. Five Rice MBA students partnered with Heroínas Peruanas, a Lima-based organization that promotes gender equality education by creating and selling books about inspirational Peruvian women. Aiming to expand their services into gender equality consulting for the U.S. Latino/a/x market, Heroínas Peruanas enlisted the Rice MBA team to assess their growth potential and strategy.
Developing an expansion plan for Heroínas Peruanas raised certain challenges. The organization has a small team working on multiple projects part-time, so they needed to carefully allocate time and finances. Resources had to be meticulously accounted for and prioritized across operational needs, promotional efforts and the publishing pipeline. Also, the part-time nature of the team meant there were logistical hurdles to coordinating availability for strategic planning sessions. Heroínas Peruanas needed to balance its time and budget across existing commitments before undertaking new growth opportunities.
Upon starting their consulting project, the MBA team also recognized the difficulties of culturally adapting to the U.S. market and competing against larger editorial firms. While the core message of celebrating influential women resonates across cultures, the finer points of storytelling, representation, and marketing require thoughtful localization efforts. The students understood early on that succeeding in the U.S. market hinged on Heroínas Peruanas’s ability to customize its services.
To help Heroínas Peruanas overcome these hurdles, the MBA team advised them to build new partnerships, leverage existing networks, and differentiate their consultancy to the unique needs of potential clients. All these efforts led the organization to identify opportunities to expand their brand and impact. They conducted a market feasibility analysis, identified key stakeholders and partners in the region, and crafted a marketing strategy to launch Heroínas Peruanas’ new consulting services.
“The Global Field Experience was a transformative learning opportunity,” shared Karen Verboski ’24. “We gained crucial consulting experience and developed a deeper understanding of the nuances involved in navigating different cultural contexts and market dynamics.”
The team was led by Yan Anthea Zhang, Fayez Sarofim Vanguard Professor of Management. Throughout the GFE, faculty members provide students with strategic frameworks — but they do not offer specific solutions to the problems they face. “The faculty guidance and support were vital,” noted Nikki Beittenmiller ’24. “We were able to apply our classroom learnings in a real-world setting while receiving mentorship from one of the best instructors at Rice.”
Implementing the project’s recommendations benefited Heroínas Peruanas by diversifying revenue streams and strengthening organizational capacity. Crucially, it positioned the non-profit for long-term growth in promoting gender equality in education, ensuring a lasting positive impact on the lives of women and young girls in Peru and beyond. “The GFE exemplifies the type of immersive, experiential learning that sets the Rice MBA program apart,” shared Balaji Koka, Associate Professor of Strategic Management and academic director of global programming. “Our students not only develop vital consulting and leadership skills but also cultivate a global mindset that prepares them to drive meaningful change in diverse business environments.”
On this International Women’s Day, as we celebrate the progress made toward gender equality and reflect on the work that remains, we recognize the role of organizations like Heroínas Peruanas to empower women and girls globally. By supporting an organization that breaks down barriers and fosters inclusive societies, the Rice Business GFE program played a small part in helping people around the world reach their full potential.
Interested in Rice Business?
About the Global Field Experience program
The GFE is a cornerstone of the Rice Business MBA. It gives students a chance to apply their classroom knowledge to real-world challenges in a global setting. Over the course of a semester, small student teams are matched with clients to develop strategic solutions to complex issues. The GFE culminates in a one-week trip abroad, where students present their final project recommendations to the client in person.
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The Pancake Princess Talks Building Authenticity Online feat. Erika Kwee ’16
Season 4, Episode 11
Meet Erika, the creator of The Pancake Princess, a popular baking blog that compares recipes side-by-side to help readers and aspiring bakers find ones that are just right for their tastes and skill levels. She shares her journey from English major to baker, her favorite bakes, and how Rice Business was a key ingredient for her career in entrepreneurship.

Owl Have You Know
Season 4, Episode 11
Rice Business is known for producing top industry leaders and 2016 full-time MBA graduate, Erika Kwee is no exception. She's the creator, photographer and writer behind The Pancake Princess, where her colorful, mouthwatering “bake-off” blog compares popular baking recipes side-by-side to help readers and aspiring bakers find recipes that are just right for their tastes and skill levels.
Erika spent years building her blog at night while working a tech job by day. As a self-taught baker, Erika has staged under Michelin Pastry Chef of the Year winner, Kelly Nam, at the Michelin-starred Joomak Banjum. In 2019, the blog won Reader's Choice for Best Baking and Sweets from Saveur Magazine and in 2021, Erika was selected as one of Southern Living's Cooks of the Year.
She sits down with host Maya Pomroy ’22, and shares her journey from English major to baker, her favorite bakes, and how Rice Business was a key ingredient for her career in entrepreneurship.
Subscribe to Owl Have You Know on Apple Podcasts, Spotify, Youtube or wherever you find your favorite podcasts.
Episode Transcript
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[00:00:00] Intro: Welcome to Owl Have You Know, a podcast from Rice Business. This episode is part of our Pivot series, where guests share stories of transformation in their lives and careers.
[00:00:10] Maya: We know Rice Business is known for producing top industry leaders, and 2016 full-time MBA graduate, Erika Kwee, is no exception. The founder of the food blog, The Pancake Princess, and social media influencer, Erika shares her journey from starting out as an undergraduate English major at Rice to her hunger for wanting something more. We talk about how Rice Business was the key ingredient for her career in entrepreneurship and the taste of sweet success. Erika, thank you so much for being on Owl Have You Know.
[00:00:43] Erika: Thanks so much for having me.
[00:00:45] Maya: So, I have really been looking forward to this interview with you because, literally, you are what I want to be in my next life even though I can't cook, I can't bake, I can't operate a stovetop or an oven, but you can do all of these things because you are literally The Pancake Princess. So, you've started this blog called The Pancake Princess, which is very, very popular.
You've got, like, 128,000 Instagram followers. You also are a Rice Twice graduate. So, you were a Rice undergraduate in English, and then you came back and got your Full-Time MBA in 2016. So, tell me about your super exciting life and what got you interested in baking. And then we'll move on to your other job and Rice.
[00:01:40] Erika: That's so kind of you to say. I feel like I'm not doing that much. Like, there's plenty of people doing really exciting things. But I got interested in baking, I think it was my sophomore year of college when they, kind of, kick you off campus for at least a year. And I realized I really didn't know how to cook or bake even though somehow, I thought I'd, like, picked it up by osmosis from my mom and parents, but I really had not.
So, that's when I first started, kind of, like, experimenting. And then I think it really took off after I graduated from Rice undergrad. And I just found myself with so much free time. And a lot of my friends had moved away so I really just spent a lot of time tinkering in the kitchen.
[00:02:16] Maya: So, tinkering. So, that's actually what, like, engineers and doctors and other professions do as well. So, what was it that you first started tinkering with? Clearly, you needed to eat, right?
[00:02:29] Erika: Yeah, I guess it was just, like, meal prepping. You know, I was going into the office five days a week, which sounds so foreign now, but, like, bringing lunch and, like, not being bored with that every day and, kind of, experimenting with, like, vegan and gluten-free recipes. I was reading a lot of food blogs, and that's what inspired me to start my own just because I loved, like, reading Smitten Kitchen, and Joy the Baker, and all the OG blogs so much.
[00:02:52] Maya: What made you decide to start your blog? Just by loving everyone else's blogs and you're like, "Hey, I could do that."?
[00:02:59] Erika: Yeah, yeah, I think it was a lot of that. I remember, technically, the blog started my senior year of college with another classmate. And the original name was going to be The Pancake Princess and the Protein Prince. Just clearly, we loved alliteration. And then that didn't last for very long, so I took my half of the name and just, kind of, continued with it. Yeah, and just really was, like, emulating a lot of the blogs that I really loved and admired.
So, that was 2012. It took until 2017 before I started the current, kind of, premise of the blog, which is “bake off.” So, comparing, like, nine different recipes of the same item in the same day. Actually, that was from another Rice classmate of mine, who, kind of, inspired the idea. And we did one bake off together. And then he went back to New York. I was based in Houston at the time. And I just loved it so much that I kept doing it. And so, that's, kind of, what the blog has now evolved into.
[00:03:50] Maya: So, bake off. So, how do you, how do you do that? Walk me through it.
[00:03:54] Erika: Yeah. So, a bake off is when I'll choose one kind of baked good. And then I'll scour the internet and try to collect as many recipes as I can find, and put them all into a spreadsheet, and just, kind of, compare and see like, are there themes of people are tweaking recipes with, like, heavy cream versus milk or, like, instant yeast versus dry active.
And just, kind of, like, look at all the different factors, try to pick nine distinct recipes that have unique techniques or ingredients, and make them all in one day. And then I have usually around, like, 30 to 40 tasters come. And they taste them all. And then they rank them all. And I use that data to say, "Okay, here is, like, the crowd favorite dinner roll."
[00:04:35] Maya: My children and I, we watch all of the Food Network competition shows, like, religiously, even Nailed It. Nailed It is a real big fan favorite where I'm like, I would, I would totally win on Nailed It because I'm really that bad at making anything. And my sweet family is like, "Oh, no, that looks so pretty." And I'm like, "Yeah." And I'm like, "So, how does it taste?" And they're like, "So delicious." And they're so lying. But my other question is, so The Pancake Princess, so why The Pancake Princess?
[00:05:11] Erika: Originally, when the blog was going to be The Pancake Princess and the Protein Prince, the concept of the blog was that I would do, like, vegetarian recipes. My friend would do more, like, protein-focused recipes. And then we would both write about dessert. And we both loved pancakes. So, I think pancake really just, kind of, represents my love for dessert and, like, anything carby really.
[00:05:33] Maya: So, you're actually from California. And you moved to Houston to go to Rice. So, tell me about growing up in California. You said that your mom was, sort of, your inspiration for baking.
[00:05:44] Erika: Yeah. So, I grew up in San Mateo, which is northern California. And I didn't realize this until I was older, but we were so fortunate that my mom cooked pretty much every night. Like, yes, there were, like, pizza nights, but, like, the grand majority of the time, like, my mom was fully working and, like, taking care of the kids, but she would always cook a hot meal. And we would, like, always sit down for dinner together.
My dad would also cook. Let me not make it sound like she did all of the cooking, but I think she did most of it. My mom, growing up, I think had, like, maybe, I want to say, like, five or six recipes that she would, like, bake regularly. It was, like, banana bread. She had a wine cake recipe. Like, these Neiman Marcus chocolate chip cookies.
And every time she would bake, I just remembered, like, loving it and just, like, wanting to like, make more cookies or, like, whatever. And I didn't even realize that there were so many other options outside of the few recipes that she would make routinely growing up. And so, I think, like, the signs were there when I was younger that I had this penchant for baking and food, but it wasn't until later in life that it, kind of, blossomed.
[00:06:47] Maya: Did she invite you to bake with her when you were younger? Is that something that you did as a participatory, kind of, mother-daughter thing?
[00:06:55] Erika: Yeah, I definitely remember making cookies with her. And I have some siblings, and we're all honestly obsessed with food and cooking. And my parents are, kind of, like, "Where did this come from?" Because it's not like my mom was cooking because she, like, loved it, like, now that she doesn't have to. She's, like, "Great. Like, if you guys will just cook for me, like, when we're home, like, that's great." But yeah, I think she would definitely involve us when there was opportunity. And we all loved it.
[00:07:17] Maya: You came to Rice to study English. And then what were your plans after studying English? Were you planning on pursuing another degree, or was an MBA something that was always, sort of, on the horizon that you wanted to do? Or walk me through that journey.
[00:07:32] Erika: Yeah. So, I had always wanted to be a novelist growing up. And then over time, that, kind of, evolved into wanting to be a journalist. And then as I neared the end of college, my parents were like, "Well, what about you find a job that can actually support you because... you know. Just, like, try a different route."
And so, ultimately, I went into corporate communications, but as an English major, I think everyone, kind of, pigeonholes you and they assume that you're maybe going to go get, like, a master's in English and, like, go into academia or teach or go to law school. And none of those really appealed to me. My mom is actually a lawyer. And I just never felt the call to go down that route.
But my parents, kind of, had the expectation that I would go get a master's degree in something. And so, kind of, by process of elimination, I ended on an MBA. And so, after doing corporate communications for a couple of years, I decided that probably wasn't going to be my life path. So, I decided to go back to get an MBA.
And honestly, I know a lot of people go back to get an MBA with a pretty good idea of where they're going to end up after. And I did not have that. I, kind of, went in hoping that, like, I would find a path that sounded good to me. And so, I think that some people like to get a little more experience under their belt before they go back to get an MBA.
And I wish I had a couple more years, but I also think that it really opened up my eyes to how many different paths there are for someone who is in the humanities. Ultimately, I explored, like, brand management, a lot of different marketing roles, but ended up at HP in product management, which was something that I hadn't known existed before, and really feel lucky that I fell into that path.
[00:09:07] Maya: You could have chosen any other MBA program, really, in the country. So, why did you choose Rice? Was it because of that familiarity that you already had?
[00:09:16] Erika: To be honest, I thought I was going to do the part-time program and continue working as I got my degree. And then after talking to all of the advisors and people that I met through the different events, everyone was, kind of, like, "You're really a better fit for the full-time program because you want to change your career."
And so, that's, kind of, what swayed me. I still was, kind of, like, on the fence whether I wanted to go in the first place, so I was like, might as well just apply locally. I already know I love Rice, loved my undergrad experience, had such a great experience with the academia and the professors and the students. And so, I knew that if I applied, I would love it if I got in. And if I didn't, I could just try again another year somewhere else.
[00:09:57] Maya: Yeah. So, how did this MBA experience really influence your approach to your blog from a business perspective?
[00:10:04] Erika: Yeah, that's a great question. I think that as I've gone full time with the blog, a lot of my fears around going full time as a food blogger were around, like, what if monetizing my passion just, kind of, like, sucks it away from me? Like, it's not joyful and I'm just bored and alone in my house, just, like, baking all day, because I really do love the social aspect and, like, the community aspect of, like, being on a team in a corporate setting.
And I think that the MBA, obviously, this is true of any MBA program, is all about the networking. And so, that has really carried over into the food blogging space as well because New York is obviously a hub for tons of, like, food bloggers, restaurant bloggers, content creators, people in all types of food.
And I think that being able to, like, build a network here has really helped for my own mental health as well as building these connections for this very diverse career that I now have of all these different income streams that are coming in. And everyone is always giving me, like, new ideas on what to try. So, I think that's one.
The marketing courses that I took in the MBA really also helped when I think about how I'm trying to deliver value to my blog readers and the people who are consuming my content because it's really thinking about, like, who am I trying to serve and what are their needs and how can I best serve them? So, I think a lot of that, the marketing frameworks that I learned in the MBA, has helped.
And then lastly, I think that there is a lot of negotiating that you have to do as a, I guess, just, like, an entrepreneur and, like, negotiating all the sponsorship deals that are coming in. If you don't have an agent, you're doing a lot of that yourself. And I think that a lot of the negotiation tactics that I learned in the MBA will, like, kind of, circle back. And it's not that I'm, like, actively thinking about, like, "Okay, I'm going to use this framework," but I think a lot of that just, kind of, has helped as I navigate this new territory.
[00:12:01] Maya: You studied under Michelin star restaurateurs and folks that really are at the top of their craft. There is a Michelin pastry chef that you studied under. Can you tell me about her?
[00:12:13] Erika: Yeah. So, when I got laid off from Yotpo, I had a lot of time to think about where I wanted to go next and what I wanted to do. And I was just out to dinner with a friend. And he was, kind of, like, "I know that this particular restaurant, their name is Joomak Banjum, they're always looking for people. And their pastry chef just won the Michelin pastry chef award of the year."
And he was like, "Why don't you ask if you can stage with them?" And stage is, kind of, like, an internship in the kitchen. Usually, it's unpaid, but it's, kind of, like, in exchange for the knowledge that you're gaining working in the kitchen. Like, you know, they're giving you this incredible experience.
And so, usually, chefs might do it as they're, like, trying out for a new role in another kitchen. And so, I was like, "I have no professional cooking experience. There's no reason why they would say yes to me." And he was like, "Just ask." And so, I did ask, and they said yes. And so, I did...
[00:13:04] Maya: I like this friend. I like this friend a lot. This is a good friend. This is, like, the best friend ever.
[00:13:10] Erika: I was so scared. I was sweating. I did not want to do it. And he really pushed me. And I was, I was like, I guess when you're uncomfortable, like, that's when the most growth happens. But they did say yes. And so, I staged with them for a few months. So, I would go on at noon. And she would just have, like, a whiteboard with, like, five tasks written out.
And they might be, like, making a mousse, making a bagel foam, like, piping something, cutting up fruit, basically helping prep for whatever dishes they were preparing. And then sometimes, they would take me up for service. So, I would go from, like, the downstairs, like, basement prep area, up to the restaurant where they would be, like, plating the caviar, plating the desserts, and, like, bringing them right out to the customers, which was so crazy to me because once again, I had no restaurant experience, so this was all new to me.
If you've seen The Bear, it's, like, a much less aggressive version of The Bear, like, definitely nowhere near that level of stress. Everyone was so nice, actually. Like, I was, I was surprised. But there's definitely that kitchen lingo of, “behind, hot.” Getting used to that was, kind of, a new experience, but ultimately, I just had an incredible time learning from them.
I have so much respect for people who work in kitchens because it is absolutely exhausting. Like, 12-plus hour days on your feet doing a lot of manual labor, and ultimately, your food is just going to be consumed by someone. So, I really admire the art that they're turning out. And I still work with them today, but in a social media capacity because I realized that pastry kitchen life is probably not for me.
[00:14:43] Maya: Yeah, that doesn't sound like something that would fit your personality for sure. Let's back up. So, what did you say when you asked if you could stage with Kelly? I want to know what you said because I think that that would be really, really helpful. It takes a lot of nerve and courage.
[00:15:02] Erika: Well, we were actually at the restaurant. And she was, like, over at the bar and so we just, kind of, asked our server like, "Oh, can I just talk to Kelly?" And I said, "I think your desserts are amazing. I'm a local food blogger and I was wondering if it would be possible to stage with you." And she was like, "Yeah, here's my card." And that was really it. Like, I just emailed her after that, and she was, like, "Come in on this day. Bring non-slip shoes." That was pretty much it. I was shocked at how...
[00:15:28] Maya: That's phenomenal.
[00:15:30] Erika: Yeah.
[00:15:30] Maya: Just ask, right? There's a quote that says, "If you don't ask, the answer is no 100% of the time," right? You had nothing to lose.
[00:15:38] Erika: I really did learn that from this experience. I was absolutely shocked that she said yes so easily.
[00:15:44] Maya: And then here you are today. And if you hadn't asked that question by the encouragement of your friend, you might be somewhere completely different.
[00:15:51] Erika: That is so true.
[00:15:53] Maya: So, if somebody's thinking about starting a blog, how do you start? And how do you generate that buzz and that following and that energy? Like, how would you start doing that?
[00:16:05] Erika: Oh, that's such a good question. Honestly, I think starting a blog today would sound very intimidating to me because the environment just seems so saturated. But on the other hand, people are starting blogs and Instagram accounts and TikTok accounts every day. And lots of people are having great success.
So, I think it's really about thinking about what you're super passionate about, like, what is going to keep driving you to, like, do it consistently, really light that fire, because it's easy to, kind of, write a few posts and then fall off because, like, maybe you're not that excited about the topic. But then, I think, thinking about, like, the unique value or the point of view that you're bringing to the table. Like, what sets you apart?
Why would someone want to follow you versus any of the other millions of bloggers out there? There's tons and tons of resources now about how to start a blog. Like, Food Blogger Pro is a really popular resource. They have a free podcast and then they have a membership site that I think is geared towards, like, people just, like, starting out in the blogging world.
So, I would definitely look up their stuff, and also just, kind of, Google for other food blogger resources because there's so much more now than there was 10 years ago when I started about, like, how to technically start a food blog. If you're interested in trying to make ad revenue off of your blog, there's a lot of, like, SEO resources on how to optimize from the very beginning because I have tons and tons of old posts that are terribly written and not optimized at all for SEO.
But if you start with good basics from the beginning, I think that will make a huge difference and lead you to success faster. Think about what makes you passionate, like, what value you bring to the table. And then really just, like, do some research.
Does it sound like something that you'd be excited to do when it gets into, like, the technical nitty-gritty? Like, are you trying to make it a money-making business or are you just doing it out of passion? In which case, maybe it's super easy to start, and you just want to, like, publish recipes for your friends and family.
[00:17:58] Maya: What changes have you made to the blog over the past 10 years?
[00:18:02] Erika: Well, I think the biggest change was just focusing on bake offs instead of, like, one-off recipes. Although, I'm hoping to, kind of, circle back because a lot of people like to see, like, after baking nine recipes in one day, like, what would be your ultimate, like, apple cake or lemon bar or whatever? Like, can you combine different components from the recipes and different techniques to, like, make your ultimate lemon bar?
And so, that's something that I'm hoping to spend more time on. But besides that, I had my blog custom designed by a blog designer, which, from a technical aspect, like, definitely took my blog to the next level, but also from just, like, a personal confidence standpoint, like, I feel like it looks better and it's something that I'm more proud to show people instead of something that's just, kind of, like, out of the box.
Like, you know, it doesn't really look that different from anyone else. And then yeah, lately, my biggest focus has been optimizing for SEO. So, there's so much to learn there. I went to a conference. I've been doing a SEO blog audit. So, lots to fix there.
[00:18:57] Maya: In terms of personal branding, could you give some advice on what you have learned about that? Because some people have a real hard time trying to brand themselves and to market themselves. And so, what's some advice that you can give to folks?
[00:19:14] Erika: I don't know if I have a ton of, like, great insight for this, but I think a lot of people talk about being really authentic. And so, I think that is where my brand basically came from. It's, like, my own inherent interest in finding the best recipes on the internet.
And I think I was very lucky in that a lot of other people had that same interest of, like, learning the recipe, like, the composition breakdown of ingredients between all the recipes I was testing and being interested in reading, like, all 60 paragraphs that I might write about chocolate chip cookies.
Like, I think that never ceases to amaze me that, like, so many people are, like, willing to read these essays that I write on baked goods. But yeah, I think branding, at least from an organic standpoint, is thinking about what you stand for, what you're interested in, and what you hope that people will take away from it, and just letting that, kind of, shine through in everything that you do.
[00:20:04] Maya: Okay. Your favorite bake offs, what have they been?
[00:20:08] Erika: Okay. I always say cinnamon rolls because it was one of the hardest because balancing all of the yeast rising times, and then second rise, and then the bake time was so complicated, but I felt so accomplished once I was done, and my house smelled amazing.
And I just love cinnamon rolls, so, like, eating them was incredible. And then I'm a huge fan of chocolate cake, so doing that one was, like, a dream come true. And oh my gosh, I mean, they're all... I was going to say so good, but I've actually baked goods that I don't like, like cheesecake. That was, kind of, a struggle for me.
[00:20:44] Maya: Oh, not a cheesecake fan. I don't like cheesecake either. There's a lot of people that really, really do. I'm with you. I'm not a cheesecake fan. I mean, no shade to the cheesecake lovers, but I'm not one of them.
[00:20:56] Erika: Exactly. Like, I did it for the fans who had been asking for it for years. And I mean, it's just, like, a tough baked good to master anyway, and it requires a huge investment of, like, lots of cream cheese, like, lots of butter, like, lots of time to bake this thing for an hour. So, that was a challenging one.
Oh, the mac and cheese bake off was really fun. I haven't done a lot of savory bake offs but when I do, it's, like, such a nice change because, like, honestly, eating nine of anything in one day is going to leave you feeling, kind of, bad especially if it's, like, very sugary. But mac and cheese was, like, so fun. Loved it. Love mac and cheese.
[00:21:29] Maya: So do my kids. My hat goes off to the ones that can really put a different spin on mac and cheese because there's so many different kinds of mac and cheese. I've got a mom friend, and she won't share her recipe. And she's like, "I'm sorry. It's in the vault. I'm not going to share that with you." And so, my child comes home and she's like, "I need to go over there all the time." It's, like, protected. It's like the Coca-Cola recipe. "I'm not sharing my mac and cheese recipe with you." And when she listens to this, she'll know who she is.
[00:21:57] Erika: Oh, my God, I'm so curious now. I wonder if I could, like, reverse engineer it. I grew up on, like, Annie's white cheddar mac and cheese, and my siblings and I would ask for it every single day. Our babysitter would be like, "Do you want anything different for lunch today?" And we'd be like, "No, just Annie's." We ate it every day, all summer.
So, actually making mac and cheese from scratch was new to me. I think my mom would make it once in a while. But trying nine different types, it's just so fun to see what else is out there. Like, there's so many different cheese mixes and the texture difference. If you bake it for a long time, if you just broil it, it's, kind of, like, creamy and stovetop-y. That was a really fun one.
[00:22:30] Maya: So, who are your baking heroes if you were to pick two?
[00:22:34] Erika: That is really hard. I would say Joanne Chang from Flour Bakery. She has won a number of my bake offs. I think, like, the apple pie bake off, pumpkin pie bake off, banana bread bake off. Like, I think her recipes are just really classic and delicious. I've never had a pie crust like hers before. She uses egg yolks and milk, I think.
And it's, like, really flavorful, because sometimes, you get a really flaky pie crust that looks beautiful, but it just, kind of, tastes like nothing. And hers is just, like, buttery, light, flavorful. So, I think I would have her as one. And then Deb from Smitten Kitchen isn't solely a baker, but, like, I just grew up with all of her recipes.
And when I say grew up, I mean in my young adult phase. But I think that she is just, like, so warm and, like, really approachable in the way she writes. And it just makes you want to, like, get into your kitchen and make whatever she's making, so definitely an inspiration.
[00:23:29] Maya: Yeah, for sure. I want to go look up that pie crust recipe because that sounds like something that... I need to start broadening my own horizons. You definitely inspired me to do that with just this conversation. And then I also wanted to ask, so being from Houston, are you familiar with Crave Cupcakes?
[00:23:45] Erika: Oh, yeah. Mm-hmm.
[00:23:47] Maya: Okay. So, Elizabeth Cooper is a really good friend of mine. And so, she started Crave. And we were talking about how, you know, she just decided one day that she's like, "I'm just going to make a bunch of cupcakes." And she follows you, which is, which is something that I noticed. We have all these mutual friends. So, Crave is one of our favorites. So, it seems like it's a saturated market, but it's really not.
[00:24:09] Erika: Yeah, yeah. I'm a huge fan, or I was a huge fan of Crave when I lived in Houston. And that is honestly so flattering. Like, I have tried to, like, reverse engineer a Crave cupcake recipe and, like, it did not go well. So, she's doing great things over there. I really admire that.
[00:24:24] Maya: She is, she is. And I love the way that she changes the recipes based on the seasons. And whenever we go to someone's home, we always try to bring a box of some Crave cupcakes because they're one of a kind. They're so unique and different. So, I'll let her know that we had this great conversation. One more question. So, what are your goals for the future for the blog and for yourself? And what do you plan to do? Like, what do you see five years from now?
[00:24:50] Erika: Great question. One of my goals is definitely to write a cookbook eventually, probably not anytime super soon, but down the line. I would love to make this blog content creation business a sustainable thing that can keep going for many years.
And I'm not even sure what that will look like because I think the landscape is changing so rapidly and there's so many different ways that you can, kind of, make a living in this sphere that, like, I could tell you I might try with, like, these three ways today, but that would probably change next month or next year. And then I would love to do... I think it was called Recipe for Success in Houston. It's, like, an organization.
And they're all about, like, educating kids about food. And they have, like, a garden. And they do a lot of, like, outreach to schools and, like, cooking classes for kids. I think doing something like that down the line would be really amazing if I could, kind of, combine, like, my love for food and, like, help kids who might not have the opportunity to know what cooking is or what a garden looks like, down the line. So, that idea is not super fully fleshed out, but I think something in the realm of food and education would be really fun.
[00:25:56] Maya: Awesome. Well, Erika, it has been a pleasure to talk with you. And I am so excited about what the future holds for you. And definitely, like I said, you inspired me, and I'm sure our listeners, to get into that kitchen and start experimenting and baking together.
[00:26:11] Erika: Awesome. Thank you so much, Maya. It was great chatting with you.
[00:26:15] Outro: Thanks for listening. This has been Owl Have You Know, a production of Rice Business. You can find more information about our guests, hosts, and announcements on our website, business.rice.edu. Please subscribe and leave a rating wherever you find your favorite podcasts. We'd love to hear what you think. The hosts of Owl Have You Know are myself, Maya Pomroy, and Scott Gale.
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Who Determines an Asset’s Value?
It's common for companies to "opinion shop" the value of an asset. It's also risky.


Based on research by Shiva Sivaramakrishnan, Minjae Koo, and Yuping Zhao
It's common for companies to "opinion shop" the value of an asset. It's also risky.
- Companies have two primary motives for switching third-party evaluators: "opinion shopping" and "objective valuation."
- "Opinion shopping" makes an asset look better on paper — but can lead to managerial opportunism.
- "Objective valuation" might seem like an accounting loss — but aligns company assets with their true market value.
- Of the two motives for switching evaluators, “opinion shopping” is more dominant.
Firms often have to estimate the “fair value” of their investments, meaning they have to declare what an asset is worth on the market. To avoid the potential for bias and manipulation, companies will use third-party services to provide an objective estimate of their assets’ fair value.
But nothing prevents a company from seeking multiple third-party estimates and choosing whichever one suits their purpose.
In a recent study, Shiva Sivaramakrishnan (Rice Business) and co-authors Minjae Koo (The Chinese University of Hong Kong) and Yuping Zhao (University of Houston) examine two motives for switching third-party evaluators: “opinion shopping” and “objective valuation.”
Firms that opinion shop are looking for a third-party source to make their investments look better on paper. For example, if Service A says an asset is worth $80 — and that means the company would have to take an accounting loss — the company might switch to Service B, which says the asset is worth $90. By using the higher estimate from Service B, the company avoids a loss.
Opinion shopping can be a dangerous practice, both on a macro level and for the specific firms that engage in it. Not only does it reduce the quality of fair value estimates for everyone, it means some company assets are potentially overvalued. And if those assets ever decline in value for real, the company will eventually take a loss.
Moreover, opinion shopping opens the door to managerial opportunism. If assets are valued more highly, managers are likely to receive credit and potentially use that perceived accomplishment to advance their careers.
There are reasons for companies to go the other way. In the hypothetical scenario above, our company might switch from Service B ($90) to Service A ($80) to receive a more accurate and objective estimate. The “objective valuation” motive helps companies meet regulatory requirements and ensure estimates reflect true market value. What’s more, the objective valuation motive helps curb managerial buccaneering.
The study looks at when and why life insurance companies will switch their third-party review service. The team finds that both motives — opinion shopping and objective valuation — are common. Sometimes companies want to better align their fair value estimates with what similar assets are trading for in the market. Other times, they want assets to look better on paper.
Of the two motives, opinion shopping is the more dominant, particularly when they are in conflict with each other. On the whole, evidence suggests that companies switch price sources strategically to inflate estimates and avoid losses, rather than to get more accurate estimates.
The study has implications for investors, regulators and researchers. “Opinion shopping” could be prevalent in non-financial industries, as well — especially public firms with capital market incentives. More disclosure around price sources could improve estimate reliability.
Future research could examine asset valuation practices and motives in other sectors such as banking, real estate and equity investments. Are some industries more prone to opinion shopping than others? What factors make opinion shopping or objective valuation more likely? Are there certain signals or patterns that indicate when a company is opinion shopping versus seeking objectivity?
Answers to these questions could help discern acceptable from unacceptable third-party source switching. And understanding if certain types of companies are more at risk could help regulators and auditors focus their efforts.
The Bottom Line
Accurate accounting matters. While external sources are better for measuring the fair value of any given asset, companies can distort the very concept of fair value estimates by changing their source. More rigor, transparency and auditing around price sources could curb manipulation and improve estimate reliability.
Shiva Sivaramakrishnan is the Henry Gardiner Symonds Professor of Accounting at Rice Business.
For more information, read “Third-Party Source Switches: Objective Valuation or Fair Value Opinion Shopping?” The Accounting Review 98.7 (2023): 405-433. https://doi.org/10.2308/TAR-2020-0789
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Facts ignored: The truth is flexible when falsehoods support political beliefs
Why do people support politicians who make blatantly false statements? A forthcoming study co-authored by Rice Business professor Minjae Kim dug into this phenomenon and found that people knowingly support falsehoods when it aligns with their personal politics.

Colorado Limits Plastic Bags, Boulder Expands Fees – But Do Bans and Fines Actually Reduce Waste?
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Rice University Wins $20K in John Lewis Racial Justice Case Competition at Emory
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Public school enrollments will continue to decline unless they become customer-focused, Rice study suggests
According to a study co-authored by Rice Business professor Vikas Mittal, public schools can revitalize themselves by embracing a customer focus. “Ideally, every school’s customer should be the family—the student and their parents. Instead, leadership has become internally focused trying to appease different power brokers and stakeholders."

In September 2023, Secretary of Education Miguel Cardona issued a warning call stating “Public schools are approaching a ‘make or break moment.’” This week, several North Texas schools announced potential school closures and staff position eliminations. Nationally, public schools lost over 1.2 million students to private and charter schools over the first two school years of the COVID-19 pandemic with Texas witnessing a 2.2% decline.
Public schools can reverse this decline and revitalize themselves by embracing customer focus, according to a study of more than 10,644 K-12 parents by researchers from Rice University and the University of Texas at San Antonio.
The researchers conducted qualitative research with more than 200 school-district stakeholders (parents, teachers, principals, superintendents and other school-district leaders) and supplemented that with a nationally representative survey of K-12 parents. The study then collated the survey data with actual school performance outcomes including standardized test scores and school’s state rank percentile.
“Despite good intentions, superintendents, school boards and their advisors are caught in a vicious downward spiral of stakeholder appeasement, initiative proliferation and patchwork strategy based on salience and intuitive leaps,” said study co-author Vikas Mittal, the J. Hugh Liedtke Professor of Management-Marketing at Rice’s Jones Graduate School of Business. “Lacking a clear definition of customer focus, they continue spending money on wasteful initiatives and interventions leading to bureaucratic sprawl and a whirlwind of administrative requirements.”
According to students, parents, district employees and teachers, school district leadership lacks a clear definition of who is their customer.
“Ideally, every school’s customer should be the family—the student and their parents. Instead, leadership has become internally focused trying to appease different power brokers and stakeholders, including board members. Such schools give primacy to sports and extracurricular activities, endless interventions that act as band-aids to failing policies and initiatives designed to appeal to stakeholders who exert influence on the board and superintendent,” Mittal said.
Using statistical techniques that control for differences in race, gender and family income, the study found that parent value gets the highest lift from schools that have teachers who are attentive to children’s education, high academic and learning standards, engaging the community with a high degree of transparency, safe schools and an administration and staff that has humility when dealing with families. Schools that can prioritize these drivers of value not only have higher student re-enrollment and parental recommendations but also better standardized test scores and state rankings, Mittal explained.
“Superintendents privately recognize the power of customer focus, but they are often held hostage by board members and powerful stakeholders with private agendas,” Mittal said. “They want superintendents to continue on the same old path of stakeholder appeasement. After all, relentless spending on initiatives—programs, new software packages, additional trainings for teachers, emphasizing tutoring even as in-class teaching degrades, tracking metrics for the sake of data collection and reporting, more and new curricula and exams—creates an aura that ‘something is being done’ even as the status quo continues.
“To succeed, superintendents and school leaders need to embrace science and customer focus rather than continue to rely on stakeholder appeasement, equating strategy with interventions and relying on retired superintendents who bring the same old ideas to the table. K-12 schools have been doing the same things for the last couple of decades. COVID-19 ripped the wounds exposing the disease. Customer-focused strategy is the best way for K-12 schools to reclaim their health.”
The paper, “Revitalizing educational institutions through customer focus,” which is published online in the Journal of the Academy of Marketing Science, was co-authored by Jihye Jung of the University of Texas in San Antonio. It can be downloaded at https://link.springer.com/article/10.1007/s11747-024-01007-y.
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On April 14, Rice made history by hosting its inaugural Rice Day at the Capitol. More than 50 students, faculty and staff traveled to Austin for a full day of advocacy, education and celebration. The event served as a showcase of the university’s statewide impact in areas ranging from innovation to the arts and sciences.
Rice at ClimateCAP: Building MBA Skillsets at the Intersection of Business and Climate
The national summit is helping Rice MBAs ignite their careers in energy, cleantech and sustainability.


We recently returned from this year’s ClimateCAP Summit — the leading MBA climate conference, where students from top business schools gather to learn, discuss and collaborate on various issues at the intersection of climate change and business.
Many people are unaware of the networking and learning opportunities ClimateCAP offers MBA students, so we want to share a glimpse into our experience with a quick Q&A. You can learn more about us and the conference at our profiles linked below.
1. What is your area of focus? What are your post-MBA career goals?
Dana Vazquez: I am concentrating in energy and entrepreneurship. I will be working at Cisco Systems in their FLEX Rising Leaders program, with a focus on sustainability and governance.
Nikki Beittenmiller: I am concentrating in energy with a focus on public and private investment in energy transition across the energy value chain. After completing my MBA, I’ll be joining Quanta Services as a member of the energy transition strategy and corporate development team.
Derek Fry: I am concentrating in energy. My goal post-MBA is to secure a job with a renewable energy developer and operator.
2. How would you describe ClimateCAP, and why did you attend?
Dana Vazquez: Every year, MBAs gather at ClimateCAP to learn, discuss and collaborate on various issues at the intersection of climate and business. I love connecting with other MBAs and have found that ClimateCAP is one of my favorite events in business school! When I was coming for my MBA, I would see people in my network attending the conference and thought it looked like a great way to build my own expertise.
Nikki Beittenmiller: I followed ClimateCAP even before starting business school, and once I got to Rice I was excited to finally participate. The summit is an awesome networking and learning opportunity. The discussions and workshops helped me connect what I was learning in class to real-world business problems. Beyond the summit, ClimateCAP offers additional resources for MBAs interested in climate, such as their MBA Academy and Fellows program.
Derek Fry: Connecting with other MBAs with similar career interests was a lot of fun and coffee chatting with sponsors opened the door for potential job opportunities.
Interested in Rice Business?
3. Who were this year’s notable speakers? What are some of your key takeaways?
Dana Vazquez: There were many incredible speakers — but I have to say the ESG workshop with Professor Jerry Davis was a definite highlight! I loved his energy, wisdom and generosity. I also really enjoyed the fireside chat with Donnel Baird, founder and CEO at BlocPower.
Nikki Beittenmiller: Hard to pick from the phenomenal speaker lineup, but I was particularly invested in the panel conversation with Jeff Blau, CEO of Related Companies, and Ryan Brown, COO of energyRe. Every part of the energy transition relies on the buildout of new energy infrastructure, and it was exciting to hear about new transmission projects that are trying to accelerate that step in the process.
Derek Fry: The speaker lineup was impressive, featuring a diverse range of experts from the energy and climate arena. My key takeaway is that irrespective of one’s profession or industry, every MBA role can contribute to climate solutions.
4. What ideas relating to your career did ClimateCAP spark?
Dana Vazquez: I loved the discussion on “First of a Kind” (FOAK) technologies and how to finance their scaling efforts through non-dilutive funds. We heard from some incredible experts in this space, including Tadeu Carneiro, CEO of Boston Metal, and Terry Grant, vice chairman at Marathon Capital. It felt encouraging to hear these experts talk about the importance of FOAK technologies and how we can move them forward.
Nikki Beittenmiller: The conference served as a timely illustration of how industry-agnostic climate change can be. While the specific business implications may differ from one company to the next, the lessons learned in one sector can provide inspiration and models for others.
Derek Fry: I found the breakout panel on clean energy supply chains particularly interesting. It provided valuable insights into the sustainability and lifecycle of mining operations and explained the supply-side resource availability of rare earth metals critical to the energy transition. Resource availability is often framed as a crisis, but the panel did an excellent job at cutting through the headlines by thoughtfully explaining fluctuations in the rare earth metal reserves/production ratios.
5. Aside from ClimateCAP, how else can Rice Business students engage with climate action and sustainability efforts?
Dana Vazquez: Houston is an incredible space to explore topics around climate, cleantech, the energy transition and more. With great organizations like Greentown Labs, Center for Houston’s Future, and the Renewable Energy Alliance Houston, there’s plenty of opportunity to tap into our local community of best-in-class experts. I encourage everyone to get involved in local efforts however they can.
Nikki Beittenmiller: First and foremost, join the Rice Business Cleantech Association! Not only does the club offer great resources for Rice MBA students interested in embarking on climate-oriented careers, but it’s also a close-knit community of students pursuing diverse projects and extra-curricular endeavors with a climate and sustainability angle.
Derek Fry: Rice Business is also home to the Rice Cleantech Innovation Competition (RCIC), an annual student-run MBA case competition focused on decarbonization and clean technology investment. Finalists and event organizers have the unique opportunity to network with students from other top business schools and interact with professionals in the sector. The competition continues to attract teams from universities nationwide and generate increasing interest among sponsors.
6. How can ClimateCAP discussions be applied to entrepreneurship and business in Houston?
Dana Vazquez: We have an incredible technical community here in Houston. With many FOAK technologies being developed in large organizations, in schools and throughout the broader community, we can and should support entrepreneurs trying to scale climate technologies that can solve important problems.
Nikki Beittenmiller: Houston is already showing the world how diverse stakeholders can come together to collaborate and innovate on solutions for some of the toughest climate problems. It is so exciting to see energy majors supporting and investing in cleantech startups coming out of places like Greentown Labs. To put ourselves on track to achieve our climate goals, we’ll need to continue supporting this kind of creative collaboration across the industry.
Derek Fry: I think these discussions are already underway in Houston. At ClimateCAP, I honestly felt that the Rice crew was far ahead of the average attendee on most topics related to energy and climate. Houston is the intellectual hub for virtually every segment of the energy industry and has a high concentration of energy know-how ranging from engineering to finance. I believe the talent pool in Houston offers a competitive advantage for both entrepreneurs launching startups and for existing businesses generating cash flow, especially for those businesses working at the intersection of energy, climate, and business.
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Oil and Gas Companies Should Come Clean
Despite touting a sustainability emphasis, major oil companies are increasing oil and gas production investments, sowing mistrust among customers, employees and suppliers.


By Vikas Mittal and Sonam Singh, originally published by the HC Group.
Despite touting a sustainability emphasis, major oil companies are increasing oil and gas production investments, sowing mistrust among customers, employees and suppliers.
Exxon Mobil’s $59.5 billion acquisition of Pioneer, and Chevron’s $53 billion acquisition of Hess in October 2023, follow Shell’s March 2023 mea culpa that “the world will need oil and gas for a long time to come…cutting oil and gas production is not healthy.”
By the third quarter of 2023, Shell had scrapped its target to reduce oil output by 1-2% annually, announced plans to invest $40 billion in oil and gas production in 2023-25, and downsized its low carbon division by 15%. “We will grow our oil and gas business over the next five years…we’ve got customers and economies around the world that depend on what we do to keep the lights on and trains running,” stated Mike Wirth, Chevron’s CEO stated on January 18, 2024.
Oil and gas companies’ increased investments in hydrocarbons diverge from their stated strategy emphasis on renewables. We gleaned their relative emphasis on renewables from annual-10K forms filed with the Securities and Exchange Commission. Using machine learning, we created a reliable and valid index of a company’s stated strategy emphasis on areas such as safety, sustainability, and quality. For example, 30% of a company’s stated strategy may emphasize sustainability relative to 10% emphasizing safety.
Exxon Mobil’s relative stated emphasis on sustainability increased from 33% in 2010 to 41% in 2022 while Chevron’s increased from 16% in 2010 to 37% in 2023, a 131% increase. Shell increased its relative sustainability emphasis by 509%, from 11% in 2010 to 67% in 2023.
That is, even as they increased their stated emphasis on sustainability actual investments in oil and gas continued increasing. This divergence between oil and gas companies’ actual spending and stated strategy emphasis creates cognitive dissonance among customers, employees, and suppliers. It increases their anxiety, mistrust, and disengagement and decreases satisfaction and loyalty.
Customers
A June 2023 Pew Study found American consumers believe that diverting energy production from fossil fuels to renewables will either worsen or have no influence on prices paid for heating and cooling homes (62%), the electric grid’s reliability (67%), and prices of everyday goods (73%). Instead of embracing their customers’ value drivers and focusing their strategy on satisfying customers’ need for affordable, reliable, and clean energy, oil and gas companies have increased their sustainability rhetoric. This discord has increased customers’ anxiety and mistrust.
Companies increase customer loyalty and sales when they display clear alignment between their stated strategic emphasis and actions aimed at satisfying customers. McDonald’s stated strategic emphasis and actual actions are aligned to satisfying customers with tasty food, served swiftly at a low price—without pretending to promote health.
Since 2010, McDonald’s stock has increased 432% compared to a 17% increase in Shell, 52% increase in Exxon Mobil, and 136% increase in Chevron.
Employees
A 2022 survey of oil and gas industry employees found 60% do not feel in control and 46% feel like running away. One reason may be the dissonance from the mismatch in their company’s strategy rhetoric and reality of their daily work. A senior executive in the exploration division of an oil and gas company shared: “Our daily work is to discover oil and gas, but the company’s stated strategy is drifting to renewables.
In townhalls, a vocal minority vehemently says exploration lacks meaning if it cannot be linked to renewables. This fosters resentment and turnover among many in the silent majority.” A 2021 study found employees who sense dissonance between their personal and organizational values are 54% less likely to stay with it in challenging times.
A 2023 survey of oil and gas sector employees found 49% are considering moving to renewables. Oil and gas companies’ stated emphasis on renewables may be driving the shift. One MBA student stated, “I have a stable job as a reservoir engineer. But everything around makes it seem that renewables is where I should be.”
Oil and gas companies need more, not fewer, employees and they won’t attract and retain the best employees without cleanly aligning their stated strategy and actual investments to their customer’s value proposition—reliable, affordable and clean energy from hydrocarbons.
Suppliers
When bidding on a project for an oil company, the VP of sales at an oilfield services company was told: “Your proposal meets technical specifications, and your delivery and pricing are great. Can you add a section on sustainability so we can check the box?”
Suppliers get the hint. Halliburton increased its relative strategy emphasis on sustainability from 7% in 2010 to 18% in 2023 without making any big sustainability investments. SLB, formerly Schlumberger, increased its stated strategy emphasis on sustainability from 8% in 2010 to 28% in 2023, rebranded itself as a sustainability champion, and even appointed a Chief Strategy and Sustainability Officer.
Such shifts can distort suppliers’ long-term strategy. One supplier may engage in strategic self-deception—increase its stated emphasis on renewables while staying on course to serve traditional oil and gas (“Its lip service, neither we nor the client is serious”). Another may engage in strategic self-sabotage—shift a large part of its portfolio to renewables, only to find out that the shift is not matched by oil and gas customers’ portfolio (“We don’t know the client’s real intent, but we are serious”). Both types of distortions hurt suppliers’ strategic focus cascading to employees and investors.
Coming Clean
Industry insiders suggest the divergence between stated emphasis and spending reality may be senior leaders’ desire to genuflect to activist investors who see sustainability as part of the ESG agenda or to appease climate activists. Unfortunately, research shows neither ESG investing nor activist appeasement increases a company’s long-term stock returns.
Instead, long term stock-returns accrue to companies that consistently satisfy customers by focusing employees and suppliers to excel on their customers’ most important needs. The most important customer needs of oil and gas industries’ customers are affordable, reliable, and clean energy—in that order. They are not sustainability, net zero, or climate change.
Employees of oil and gas companies want fulfilling jobs satisfying customers while their suppliers deserve long-term strategic clarity and consistency. For this, oil and gas companies will need to come clean by aligning their stated and actual emphasis on producing oil and gas as the predominant means of providing affordable, reliable, and clean energy to customers.
Vikas Mittal is the J. Hugh Liedtke Professor of Marketing at Jones Graduate School of Business at Rice University. He is also the co-author of the book FOCUS: How to Plan Strategy and Improve Execution to Achieve Growth.
Sonam Singh is a doctoral candidate in marketing at Alvarez College of Business at University of San Antonio, Texas.
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