AREAS OF PROFESSIONAL INTEREST:
Teaching: Corporate Finance, Investments, International Finance and Financial Markets.
Research: Corporate Control and Mergers, Derivatives Analysis and Financial Institutions.
Consulting: Mergers & Acquisitions, Derivative Instruments and Financial Institutions.

TEACHING EXPERIENCE:
September 1993 to present: Pace University, Professor of Finance (Tenured). Currently teach graduate
and undergraduate courses in corporate finance, investments, international finance, corporate control and
analytical methods in finance. Direct doctoral seminars and supervise dissertations in finance. (Associate
Professor to 1999).

September, 1985 to present: New York University, Adjunct Professor of Finance
(Adjunct Assistant and Associate Professor through 1998). Taught graduate and undergraduate courses
in investments, corporate finance and financial institutions.

September 1992 to August, 1993: The University of New Haven, Associate Professor of Finance.
Taught graduate and undergraduate courses in corporate finance and data evaluation techniques for
finance. Taught corporate finance in Executive M.B.A. program.

January, 1991 to December 1991: Dublin Business School, Dublin City University, Visiting Fellow in
Finance. Taught Research Methods in Finance, Portfolio Management and Financial Theory. Taught in
M.Sc. in Finance program for executives.

January, 1984 to December, 1990: Fordham University, Assistant Professor of Finance. Taught
graduate and undergraduate courses in corporate finance, investments and portfolio analysis.

September, 1981 to August, 1983: Towson State University, Instructor of Business Administration.
Taught courses in corporate finance, investments, quantitative business analysis and economics.

Other Temporary and Adjunct Experience: Bad Mergentheim Business School (Germany: taught
international finance), Erasmus University (Netherlands: taught international finance),
University of Melbourne (Australia: taught corporate finance and investments), Tanta University (Egypt:
taught micro-economics), Institut Superieur de Gestion (taught international finance), Göteborg University
(Sweden: taught international finance and corporate restructuring), Irish Management Institute (Ireland:
taught accounting), University of Baltimore (taught corporate finance), University of Bridgeport (taught
international finance).

EDUCATION:
Ph.D. Stern School of Business, New York University: October, 1989.
Major: Finance; Dissertation title: Merger Activity and Managerial Compensation .

M.Phil. New York University: June, 1987.
Major: Finance; awarded upon completion of Ph.D. course work and comprehensive exams.

M.B.A. Virginia Polytechnic Institute: June, 1981.

B.S. Towson State University: June, 1980.
Majors: Economics and Business Administration.

OTHER WORK EXPERIENCE:
1991 to 1992: American Stock Exchange, Member. Traded equity options on the floor as a
market maker.

Consultant: American Skandia; Fragomen, Del Rey and Bernsen;  TASK, USA;  Task(USA);
Mettler-Toledo, GmbH; The Baltic Fund;  Duke/Louis Dreyfus;  AT&T Wireless Communications
Services;  Bankers Trust;  Citicorp Investment Bank;  National Westminster Bank, U.S.A.;
Goldman, Sachs and Co.

AWARDS AND GRANTS:
Recipient of Lubin School of Business "Teacher of the Year Award," Pace University, 1997-98
Recipient of "AFM Outstanding Teacher Award," Pace University, 1995-96
Recipient of "Outstanding Teaching Award," New York University, 1987-88 
Recipient of National Collegiate Inventors and Innovators Alliance grant, 2005
Recipient of "Outstanding Paper Award," Academy of Accounting and Financial Studies, 1997
Recipient of "Outstanding Scholarly Productivity Award," Pace University, 1993-94, 1996-97
Recipient of Pace University Global Finance Center Research Grant, 2000
Recipient of Robert Schalkenbach Foundation Research Grant, 1995
Recipient of "Graduate Student Council Fellowship," University of New Haven, 1993
Recipient of NYU "University Scholarship," 1985-86
Nominated for Beta Gamma Sigma: NYU, 1987

REFEREED JOURNAL ARTICLES:
"Real Estate Taxation and Commercial Mortgage Underwriting," with L. Shilton and J. Webb:
Decision Sciences: September/October 1992.

"Merger Activity and Managerial Compensation," Review of Financial Economics: Fall 1992.

"Shareholder Control and Financial Distress in the Thrift Industry," Journal of Business Research:
February 1993.

"Option Based Prediction of Commercial Mortgage Defaults," with L. Shilton: Journal of Real
Estate Research: Spring, 1994.

"Voting and Power in the Small Firm: Alternatives to the One Share One Vote Rule,"
with R. Goon: Journal of Small Business Finance: vol.3,#4, 1993/94.

"A Binomial Model for Valuation of Corporate Voting Rights," Journal of Business Finance
and Accounting, June 1996.

"Risk-Taking Behavior in the U.S. Thrift Industry: Ownership Structure and Regulatory
Changes," with J. Knopf, Journal of Banking and Finance vol. 20,#8, 1996.

"Thrift Size, Risk-Taking and Return Performance," with J. Knopf, Managerial Finance
vol. 23,2, 1997.

"The Range of Brownian Motion Processes: Density Functions and Derivative Pricing Applications,"
with K. Sutrick, A.Tucker and J. Wei, Journal of Financial Engineering vol. 6,#1, 1997.

"Managerial Compensation and the Optimality of Dual Class Capitalization." Review of Financial
Economics vol. 6,#2, 1997.

"The IPO Effect and Measurement of Risk," with J. Knopf, Journal of Financial and Strategic
Decisions vol.12,#2, 1999.

"The Impact of SEC Registration Requirements on IPO Underpricing," with J. Knopf, Journal
of Research in Finance vol. 3, Winter 2000.

"Shareholder Wealth, Risk-Taking and Thrift Institution Governance," with J. Knopf, Journal
of Financial and Economic Practice, Fall, 2003.

"Power Indices and Evaluating the FLP Minority Discount," The Business Review, Cambridge,
vol.2#1, Summer, 2004.

"Estimating Securities Returns Variance: A Review of Techniques for Classroom Discussion,"
Journal of Economics and Finance Education, vol.3, #2, Winter 2004.

"Internet-Based Trading and Open Outcry Markets: The Changing Roles of Options Exchanges
and Market Makers," Journal of Internet Business, September, 2005.

"Modi Operandi of U.S. and European  Fraud: Focus on Parmalat," The Business Review,
Cambridge 5, December, 2006.

"Family Limited Partnerships and Control Premiums," forthcoming, Financial Services Review,
Summer 2007.

BOOKS AND OTHER PUBLICATIONS:
Governance and the Market for Corporate Control, London, U.K.: Routledge Publishers , 2007.

Quantitative Methods for Finance and Investments with I. Hasan, Oxford, UK: Blackwell
Publishers, 2002.

Financial Market Analytics, Westport, Connecticut: Quorum Press, 1999.

"Valuing Corporate Voting Rights with Power Indices" (Note), Financial Management: Winter 1992.

"The Effects of Government Regulation on Financial Institution Stability: The U.S. Experience," with
J. Knopf, Chapter Four in Subhashis Gangopahday, Wilma Wadwa and Clas Wihlborg, eds.:
Enabling Financial Markets: Institutions and Regulations, United Nations Development
Program, New Dehli: Allied Publications Limited, 1996.

"The Rational Valuation of Corporate Voting Rights" (Abstract), Proceedings of the 1994 Western
Social Sciences Association.

"The One Share-One Vote Rule: Is it Really Optimal?" Proceedings of the 1995 Meetings of the
Mid-South Academy of Economics and Finance.

"Firm Size and Performance in the Savings and Loans Industry," with J. Knopf, (Abstract),
Proceedings of the 1995 Meetings of the Global Finance Association .

"The One-Share, One-Vote Rule and Managerial Compensation." (Executive Summary),
Proceedings of the 1995 Meetings of the European Financial Management Association.

"Brownian Motion Ranges and Pricing the Do-Nothing Option." (Executive Summary),
Proceedings of the 1996 Meetings of the European Financial Management Association,
with K. Sutrick, A. Tucker and J. Wei.

"On the Estimation of Security Variance: A Review of Techniques." (Abstract), Proceedings of
the 1997 Meetings of the Academy of Accounting and Financial Studies.

European Management and Technology Conference (Rome), 2005: Presented "Internet-Based
Trading and Open Outcry Markets: The Changing Roles of Options Exchanges and Market Makers."

WORKING PAPERS:

"IPOs, Clustering, Indirect Learning and Filing Independently," with H. Colaco and J. Knopf.

“European Integration and Executive Compensation Structures: Results from Bargaining and Merger Activity,”
with J. Knopf.

"The Distribution and Valuation of Corporate Control," with E. Kraizberg.


OTHER RESEARCH IN PROGRESS:
"The Viability of a Market for Vote Securities.” 

"Share Classification and Firm Value in Emerging Market Privatizations.” 

"Information and Underwriting: A Study of Thrift IPOs" with J. Knopf.

PRESENTATIONS AT PROFESSIONAL MEETINGS:

Workshop on "Markets and Compensation for Executives in Europe" (Trolleholm, Sweden), 2007:
Presented "Convergence of European and U.S. Executive Compensation Structures: Expanding Employment
Opportunities and Bargaining."


Fourth Florence Colloquium on "In Search of a New Bretton Woods: Reserve Currencies and Global
Imbalances," 2006, "Comments and Observations on the Paper by Mardi Dungey: In Search of a New
Bretton Woods: The U.S. Perspective."

European Management and Technology Conference (Rome), 2005: Presented "Internet-Based Trading
and Open Outcry Markets: The Changing Roles of Options Exchanges and Market Makers."

Global Business and Finance Research Conference (London), 2004: Presented "Power Indices and
Evaluating the FLP Minority Discount."

ISINI Meeting (Lille, France), 2003: "The Distribution and Valuation of Corporate Control," with E. Kraizberg.


IX Tor Vergata Financial Conference (University of Rome), 2000: Presented "Shareholder Wealth,
Risk-Taking and Thrift Institution Governance," with J. Knopf.

International Association of Business Disciplines, 2000: Presented "The Estimation of Security Variance:
A Review of Market-Based Techniques."

Financial Management Association, 1999: Presented "Corporate Control: Lessons From the 1990s."

Eastern Finance Association, 1999: Presented "SEC Registration Requirements and IPO Returns," with
John Knopf.

Australasian Banking and Finance Conference, 1998 Presented "The Impact of SEC Registration
Requirements on IPO Underpricing," with John Knopf.

Financial Management Association, 1998: Presented "IPO Underpricing and SEC Disclosure
Requirements," with John Knopf.

Financial Management Association, 1997: Presented "Efficiency, Non-Traditional Activities and
Control in the S&L Industry," with Iftekhar Hasan and John Knopf.

Multinational Finance Society, 1997: Presented "Managerial Compensation and the Optimality of Dual
Class Capitalization."

Eastern Finance Association, 1997: Presented "Risk Measurement and the Pricing of IPOs," with
J. Knopf and K. Sutrick.

Eastern Finance Association, 1997: Presented "The Range of Brownian Motion Processes: Density
Functions and Derivative Pricing Applications," with K.Sutrick, A.Tucker and J. Wei.

Academy of Accounting and Financial Studies, 1997: Presented "On the Estimation of Security
Variance: A Review of Techniques," which received conference "Outstanding Paper Award".

Southern Finance Association, 1996: Presented "Efficiency in the Thrift Industry: Evidence from the
Market," with J. Knopf.

European Financial Management Association, 1996: Presented "Brownian Motion Ranges and Pricing the
Do-Nothing Option," with K. Sutrick, A. Tucker and J. Wei.

Western Social Sciences Association, 1996: Presented "Corporate Takeovers and Bond Values" with
K. Sutrick and D. Rappacioli.

Southwest Finance Association, 1996: Presented "Firm Size and Performance in the Savings and Loans
Industry," with J. Knopf.

Southern Finance Association, 1995: Presented "Risk-Taking Behavior in the U.S. Thrift Industry:
Ownership Structure and Regulatory Changes," with J. Knopf.

Academy of Financial Services, 1995: Presented "Firm Size and Performance in the Savings and Loans
Industry," with J. Knopf.

European Financial Management Association, 1995: Presented "The One-Share, One-Vote Rule and
Managerial Compensation."

Global Finance Association, 1995: Presented "Firm Size and Performance in the Savings and Loans
Industry," with J. Knopf.

Midsouth Academy of Economics and Finance, 1995: Presented "The One Share-One Vote Rule:
Is it Really Optimal?"

Financial Management Association, 1994: Presented "Risk-Taking Behavior in the U.S. Thrift Industry:
Ownership Structure and Regulatory Changes" with J. Knopf.

Northern Finance Association, 1994: Presented "Risk-Taking Behavior in the U.S. Thrift Industry:
Ownership Structure and Regulatory Changes" with J. Knopf.

Western Social Sciences Asso., 1994: Presented "The Rational Valuation of Corporate Voting Rights".

Financial Management Association, 1993: Presented "Risk Measurement and the Pricing of Initial
Public Offerings" with J. Knopf.

American Real Estate Society, 1993: Presented "The Prisoner's Dilemma and Office Real Estate
Abandonment" with Leon Shilton.

Financial Management Association, 1992: Presented "A Binomial Model for Valuation of Corporate
Voting Rights".

Midwest Finance Association, 1992: Presented "Option Based Prediction of Corporate Bond Defaults"
with L. Shilton.

American Real Estate and Urban Economics Association, 1992: Presented "Real Estate Taxation and
Commercial Mortgage Underwriting" with J. Webb and L. Shilton.

Southern Finance Association, 1991: Presented "Option Based Prediction of Commercial Mortgage
Defaults" with L. Shilton.

Southern Finance Association, 1990: Presented "Shareholder Control and Financial Distress in the
Thrift Industry".

Northern Finance Association, 1990: Presented "The Rational Valuation of Corporate Voting Rights".

Eastern Finance Association, 1990: Presented "The Managerial Assignment Game, Takeover Bids
and Signaling".
 

OTHER SCHOLARLY ACTIVITY:
Member, Editorial Board: Research in Banking and Finance.

Ad Hoc Reviewer: Journal of Banking and Finance , Financial Management, The Journal of
Economics and Finance Education, The Business Journal.

XIII Tor Vergata Financial Conference (University of Rome), 2004: Panel Participant on "New Challenges
for Stock Exchanges in Global Financial Markets"

Discussant: Workshop on "Markets and Compensation for Executives in Europe" (Trolleholm, Sweden),
2007, Workshop in Banking and Finance (Alicante, Spain), 2000; Multi-National Finance Society
meetings, 1997; Eastern Finance Association meetings, 1997; European Financial Management Association
meetings, 1996; Western Social Sciences Association meetings, 1996; Southern Finance Association
meetings, 1995; Financial Management Association meetings, 1995; Academy of Financial Services
meetings, 1995; Global Finance Association meetings, 1995; Midsouth Academy of Economics and
Finance meetings, 1995; Western Social Sciences Association meetings, 1994; Financial Management
Association meetings, 1991; Conference on Financial Economics and Accounting, 1990.

Session Chair: Global Business and Finance Research Conference (London), 2004, Eastern Finance
Association meetings, 1997.

Program Committee Member: Eastern Finance Association, 1997; Academy of Financial Services
meetings, 1995.
 
 

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updated: 06/03/2007