UNIVERSITY PARK, Pa. — Penn State alumnus Ken Kulju, a founding member of the Penn State Smeal College of Business’s Finance Advisory Board, recently made a $3 million estate commitment to endow the Ken Kulju Professorship in Finance.
He also pledged $250,000 over the next five years for early activation of the professorship, which has allowed the college to name an inaugural holder of the position.
Kulju said he saw faculty support as a powerful way to advance the research infrastructure, scholarly excellence, and talent recruitment needed to elevate the finance department, the college and the University.
His early activation of the professorship, he said, was motivated by a desire to immediately sustain the academic and research momentum already underway, support the college’s strategic priorities, and help propel Penn State Smeal forward as the University prepares for the public launch of its current fundraising campaign next year.
John and Karen Arnold Dean Corey Phelps said that faculty excellence is central to the student experience and to Smeal’s ambition to become a top five public business school within the next five years.
“Endowed faculty positions play a vital role in advancing academic excellence by enabling the holder to pursue innovative research, engage in professional development and bring cutting-edge insights into the classroom,” Phelps said. “I am grateful to Ken for his long-standing support and advocacy for Smeal as both a donor and volunteer and for his extraordinary commitment to endow the Ken Kulju Professorship in Finance. ... Ken’s gift will accelerate our ability to deliver on Smeal’s strategic priorities. By supporting faculty excellence at the highest level, he is ensuring stronger research, richer classroom experiences and students who are ready to succeed in the data-driven future of finance.”
Associate Professor of Finance Mish Velikov was recently appointed to the Kulju Professorship.
Kimberly Cornaggia, Louis R. and Virginia A. Benzak Professor of Finance and department chair, said Velikov’s work is at the intersection of finance and artificial intelligence (AI) and represents the kind of cutting-edge research that distinguishes a leading business school.
“The resources from the Kulju Professorship will allow Mish to acquire the latest models, computing resources, data and other tools needed for his work,” she said. “By bringing groundbreaking knowledge into the classroom, Mish will help prepare our students to lead in a world that is being rapidly reshaped by data, technology and AI.”
As a former Wall Street analyst, Kulju said that he recognizes that the tools of the trade are changing, and he views Velikov’s research as essential for the next generation of finance professionals.
“I’m delighted that Mish Velikov has been named to the professorship,” he said. “I consider his research to be truly innovative, and I feel honored to be associated with his work.”
Velikov earned a doctorate in finance from the University of Rochester’s Simon Business School in 2015 and joined the Federal Reserve Bank of Richmond as an associate financial economist. He joined Smeal as an assistant professor of finance in 2019 and was promoted to associate professor with tenure in 2025.
Velikov called it “a great honor” to be named the inaugural Kulju Professor.
“Endowed gifts send an important signal that our alumni believe in the strategic direction of the college and are willing to invest in Smeal’s success,” Velikov said. “I am deeply grateful to Ken for his generosity and for his confidence in my work. I hope the research I’m able to do with the resources from his gift honors everything he's done for Smeal.”
A legacy of giving back
As an inaugural member of Smeal’s Finance Advisory Board, Kulju said he understands how important database access, funding for research assistants and travel support to attend professional research conferences can be for faculty.
“I’m continually impressed with the dedication and quality of Smeal’s faculty,” he said. “Their cutting-edge research is needed to elevate Smeal’s reputation and rankings among other business schools. The early funding for the professorship fills my desire to sustain the academic and research momentum already underway at Smeal and help expand its reach and influence. I am confident that Mish Velikov will play an important role in Smeal’s future success.”
Kulju graduated from Penn State with a degree in marketing in 1980 and began his career as a business analyst for a Midwestern industrial conglomerate. He earned an MBA from Drexel University in 1984 and moved to New York City, where he began a nearly 40-year career as a Wall Street analyst and investment banker.
He retired as managing director at Livingston Securities in May 2023.
Kulju made his first gift to Penn State — a $25 donation to the Smeal College of Business Alumni Fund — in 1998 and has given consistently each year since. His support includes funding for construction of the Business Building, Trading Room Endowment and Finance Excellence Fund. He also endowed the Kenneth R. Kulju Trustee Scholarship. Learning about food insecurity at Penn State during the COVID-19 pandemic inspired Kulju to make a commitment to Lion’s Pantry as well.
Reflecting on his engagement with the Department of Finance, Kulju shared that he’s seen enormous progress in raising the visibility of departmental research, attracting world-class professors and improving the reputation and ranking of the entire business college.
“In many ways, I consider my financial support and time spent with Penn State Smeal to be one of the best investments of my career. There are enormous emotional rewards in participating in programs that positively impact so many young people's lives,” he said. “I hope others will join me in supporting Smeal finance and the broader Penn State educational mandate.”
Donors and volunteers like Kulju advance the University’s historic land-grant mission to serve and lead. Through philanthropy, alumni and friends are helping students to join the Penn State family and prepare for lifelong success; driving research, outreach and economic development; and increasing the University’s impact for students, families, patients and communities across the commonwealth and around the world. Learn more by visiting raise.psu.edu.