On April 24, the Lacy School of Business hosted the inaugural Bulldog Reports Equity Research Conference – a moment months in the making and a powerful demonstration of what experiential learning looks like when students are trusted to operate at a professional level.
Led by Faculty Director Dr. Tom Hanson, Bulldog Reports is a student‑run equity research program that pushes LSB finance students beyond traditional coursework and into the realities of professional financial analysis.
After a semester of intensive research, modeling, site visits, and revision, 52 student analysts across eight teams presented equity research reports on publicly traded, small‑ to mid‑cap Midwest companies. In front of finance professionals, alumni, faculty, and peers, students didn’t just explain their conclusions – they defended them, just as they would in real equity research roles.
Bulldog Reports is intentionally designed to go beyond the classroom. Students are paired with real companies and tasked with navigating the ambiguity, complexity, and imperfect information that define the finance industry.
“Even if you’re doing a case study in the classroom, it’s not as messy or as challenging as it will be when you’re out there in your first year on the job,” Dr. Hanson says.
Throughout the semester, analysts traveled to company headquarters, toured facilities, and met directly with executive leadership teams. Those conversations reshaped how students understood the numbers in their models, and the assumptions behind them.
“You can see things on a balance sheet or a cash flow statement, but when you actually get to talk to management and understand their goals, you see why decisions are being made,” Braden Myers, student managing director, says.
The eight companies represent a diverse cross‑section of small‑ to‑mid‑cap firms headquartered in Indiana and neighboring states, including Visteon, Signet Jewelers, Portillo’s, MillerKnoll, Hillman, Core Molding Technologies, Calumet, and Patrick Industries. This range provides students with exposure to a wide range of industries, operating models, and leadership approaches.
What sets Bulldog Reports apart is how deeply student leadership is embedded into every level of the program. Students participated in all aspects of corporate outreach, analyst training, and research execution. The student managing directors and analysts ultimately delivered the investment conference itself, all supported by alumni mentors and guided by faculty.
That responsibility fundamentally changes how students approach their work.
“When students are presented with real‑world problems, they understand the gravity and the stakes involved,” Craig Caldwell, Dean of the Lacy School of Business, says.
By the time conference day arrived, teams weren’t turning in assignments. They were presenting polished, professional research shaped through multiple iterations, challenged by peers, mentors, and their own findings.
Standing before industry professionals, students articulated investment theses, walked through valuation models, examined risks, and responded to pointed questions designed to test both logic and conviction.
For many students, Bulldog Reports represents more than a course or a conference; it is a tangible body of work and a defining moment of growth.
“The process has impacted my confidence and leadership,” Claire Venisnik, student associate, says. “I now have professional work to showcase – something my team and I created.”
As the inaugural Bulldog Reports Equity Research Conference came to a close, the impact was clear. Students demonstrated not only technical skills, but professionalism, accountability, and the ability to communicate complex ideas with clarity. They showed what happens when learning extends beyond theory and into practice; and why experiences like Bulldog Reports leave a lasting mark long after the conference ends.
