Kellstadt Graduate School of Business

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Kellstadt Graduate School of Business
TypePrivate, Roman Catholic
DeanMisty M. Johanson
Students42 daytime MBA
942 full-time (8+ credit hours)
837 part-time (<8 credit hours)
Location, ,
United States

41°52.68′N 87°37.65′W / 41.87800°N 87.62750°W / 41.87800; -87.62750Coordinates: 41°52.68′N 87°37.65′W / 41.87800°N 87.62750°W / 41.87800; -87.62750
WebsiteKellstadt Graduate School of Business

The Charles H. Kellstadt Graduate School of Business is part of the DePaul University Driehaus College of Business, a business school located in the Chicago Loop, Illinois, United States. The Driehaus College of Business (called the College of Commerce until 2012) was founded in 1912 and is one of the ten oldest and most respected business schools in the U.S. The school is accredited by the Association to Advance Collegiate Schools of Business-International. In the fall of 2012, Kellstadt enrolled 2,107 students.


DePaul’s College of Commerce began offering business classes in January 1913, becoming one of the 10 oldest business schools in the nation and the first at a U.S. Roman Catholic university. The college established a master of business administration program in 1948 and launched the Graduate School of Business. The college, including the Graduate School of Business, moved to its current Chicago location in the DePaul Center, 1 E. Jackson Blvd., in 1993.

In 1971, Commerce established its first center, the Small Business Institute. In 1977, Commerce began offering graduate classes at the university’s suburban sites. Commerce established the Center for Market Analysis and Planning through a $1 million gift from the Charles H. Kellstadt Trust in 1982. In 1983, DePaul was awarded a $1 million gift from the Dr. Scholl Foundation to establish an endowed chair in its College of Commerce and Department of Finance. The Center for Business Ethics was launched in 1984. In 1986, Commerce received another $1 million grant from the Kellstadt Foundation to establish the Kellstadt Center for Marketing Analysis and Planning in Administration Center.

In 1988, the five-year Arthur Andersen & Co. Alumni Distinguished Professorship in accountancy and the Touche Ross Distinguished Professorship in accountancy were established.

In 1992, DePaul received a $9 million gift from the Kellstadt Foundation to establish the Kellstadt Graduate School of Business, named for Charles H. Kellstadt, former president, chairman and chief executive officer of Sears, Roebuck and Co.

In 1997, Kellstadt launched its first overseas part-time MBA program in Hong Kong, that program terminated in 2005. In 2000, Kellstadt added a part-time MBA program in Bahrain. In 2002, it added another in the Czech Republic through a partnership with the Czech Management Center, and that program terminated in 2009. The program’s most recent overseas program was created in Taiwan in 2006 and terminated in 2010.

In 2002, Kellstadt created the Real Estate Center, under the direction of Professor Susanne E. Cannon. In 2006, the center received three gifts in excess of $1 million: $4 million from the Michael J. Horne Foundation to endow the Horne Chair in Real Estate Studies; $2 million from Douglas and Cynthia Crocker to endow the Doug and Cynthia Crocker Director of the Real Estate Center; and $1.5 million from George Ruff to endow the Ruff Chair in Real Estate Studies. In 2007, the MacArthur Foundation awarded the center a grant of $3.5 million to launch a multi-faceted program to save affordable rental housing in the Chicago region.

In 2008, Dean Ray Whittington created the Department of Real Estate, carving it out of the Department of Finance. Professor Susanne E. Cannon was chosen as the first department's first chairperson. Also in 2008, the college received a $7.5 million gift from the Conrad N. Hilton Foundation to establish the School of Hospitality Leadership.

In 2012, DePaul alumnus Richard H. Driehaus gave DePaul a $30 million gift to be used to recruit and retain business faculty. DePaul renamed the College of Commerce the Driehaus College of Business. Part of the Driehaus College of Business, the Kellstadt Graduate School of Business retained its name.


The Driehaus College of Business and Kellstadt Graduate School of Business at State and Jackson in the Chicago Loop.

Kellstadt has seven divisions: the School of Accountancy and Management Information Systems; the School of Hospitality Leadership; and the departments of finance, economics, marketing, management and real estate. The department of real estate and the School of Hospitality Leadership were created in 2008.

Kellstadt offers both a part-time and full-time Master of Business Administration. Students may choose among 30MBA concentrations; a combined MBA/Juris Doctor with the DePaul University College of Law; 14 specialized master's degrees that provide in-depth knowledge in a particular area of business; and joint MBA/MS programs.

Kellstadt has 14 specialized centers and institutes that conduct research, host symposia and partner with local, national and international organizations to address issues within various fields. They include the Center for Creativity and Innovation and the Coleman Entrepreneurship Center among others.

Notable faculty[edit]

  • Susanne Cannon Professor, Real Estate: Susanne Cannon, the Douglas and Cynthia Crocker Endowed Director of the Real Estate Center, has built DePaul’s Real Estate Center into one of the premier Midwest real estate education and research hub.
  • Rebel Cole Professor, Finance and Real Estate: Rebel Cole is an internationally known expert in banking, corporate governance, real estate and small-business finance. Formerly an economist at the Federal Reserve Board, he is the author of more than 50 scholarly articles.
  • Werner DeBondt Professor, Finance: Werner DeBondt, chair, Driehaus Center in Behavioral Finance, is a pioneer in the field of investor and market psychology. De Bondt, who earned his doctoral degree in managerial economics from Cornell University, and economics professor Richard Thaler of the University of Chicago, are generally acknowledged as the founders of behavioral finance with the publication of their 1985 academic paper, titled “Does the Stock Market Overreact?,” which analyzed U.S. stock price data since 1925 and found that investors often overreact to both good and bad news.
  • Mark L. Frigo Professor, Accountancy: Director of The Center for Strategy, Execution and Valuation and Strategic Risk Management Lab at DePaul and Ledger & Quill Distinguished Professor of Strategy and Leadership. He is the author of seven books (including the book “Driven: Business Strategy, Humans Actions and the Creation of Wealth”) and articles in leading business journals including Harvard Business Review. He is a recognized thought leader in the strategy of high performance companies and a pioneer in the area of strategic risk management.
  • Keith Howe Professor, Finance: Keith Howe, who holds the William M. Scholl Chair in Finance, has written extensively in top finance journals including the Journal of Finance and the Journal of Financial and Quantitative Analysis, Financial Management and the Journal of Applied Finance. He is recognized as a world-expert in valuation and real options.
  • Belverd Needles Professor, Accounting: Bel Needles, the Ernst & Young Professor of Accountancy at DePaul, is an internationally known expert in financial reporting, auditing and corporate governance. He is the author of more than 20 books, including “Principles of Accounting” and “Financial Accounting,” which are used in classrooms around the world.
  • Bruce I. Newman Professor, Marketing: Bruce Newman is the Founding Editor-in-Chief of the Journal of Political Marketing, now in its 15th year, and an expert on voter behavior and political marketing. He is the author of over 15 books, including “The Marketing of the President” (1994) and “The Marketing Revolution in Politics: What Recent U.S. Presidential Campaigns Can Teach Us About Effective Marketing” (2016). He served as an advisor to Senior Aides of President Clinton in 1995-1996 on Communication Strategy. He is considered to be the leading expert in the world on the subject of Political Marketing.
  • Ann Sherman Associate Professor, Finance: Ann Sherman is an internationally known expert in initial public offerings, has published both theoretical and empirical papers in the top finance journals including the Review of Financial Studies, the Journal of Finance and the Journal of Financial Economics, testified before the Senate Banking Committee's Subcommittee Hearing on the IPO process (June, 2012) and was a consultant on the Google auction IPO.
  • James Shilling Professor, Real Estate: James Shilling, who holds the Michael J. Horne Chair in Real Estate Studies, is a nationally known expert in real estate investment trusts, the role of real estate in institutional investors’ portfolios; mortgage securitization, commercial mortgage default, real estate asset pricing, housing finance and urban economics.
  • Harold Welsch Professor, Management: Harold Welsch holds the Coleman Foundation Chair in Entrepreneurship at DePaul. An expert in small business start-up and development, he founded DePaul’s highly ranked entrepreneur program.
  • Patricia Werhane Professor, Management: Patricia Werhane holds the Wicklander Chair in Business Ethics and is the director of the Institute for Business and Professional ethics. She is one of the nation’s top business ethics scholars. Her current work with the center focuses on finding for-profit models for lifting people out of poverty.
  • Ray Whittington Dean and Professor, Accounting: Ray Whittington is a Professor and former Ledger and Quill Director of the School of Accountancy & Management who was appointed Dean of the Kellstadt College of Business in April 2006.


External links[edit]