Exhibit 1. Education:

Transcription

1 Tavy Ronen Finance and Economics Department Rutgers Business School 2000 Broadway, 19B New York, NY Tel: Fax: November 2014 Education: Ph.D. in Finance, Stern School of Business, New York University, New York, NY, 1994 M.Phil. in Finance, Stern School of Business, New York University, New York, NY, 1991 B.A. in Economics, Wesleyan University, Middletown, CT, 1986 Professional Experience: 1. Rutgers University Associate Professor of Finance, 2003-current Director, Business of Fashion Program, 2014-current Director, Ph.D. Program in Finance, 2011-current Associate Director, Whitcomb Center for Research in Financial Services, 2010-current Assistant Professor of Finance, Graduate courses taught: Doctoral Seminar in Empirical Market Microstructure; Analysis of Investments and Corporate Analysis; Financial Institutions and Markets; Advanced Financial Management; Managerial Economics; Macroeconomics; Corporate Finance; and International Capital Markets. Online: Financial Management (MBA). Undergraduate courses taught: Corporate Finance. Introduction to Finance; Investments; and Advanced 2. Pace University Visiting Associate Professor, , while on leave from Rutgers Taught MBA level and undergraduate level: Introduction to Finance; Investments and Portfolio Analysis; Managerial Finance; and Investments Analysis and Management. 3. Columbia University, Graduate School of Business Visiting Assistant Professor, Taught MBA-level Capital Markets and Investments. 4. New York University, Stern School of Business Visiting Assistant Professor, Fall 1997 Taught MBA-level Capital Markets and Investments

2 5. University of Wisconsin-Madison Assistant Professor, Taught MBA-level and undergraduate Investments and Introductory Finance courses. 6. New York University, Stern School of Business Full-Time Instructor while graduate student, Taught MBA-level and undergraduate Financial Management, Advanced Financial Management courses. Selected Honors: 1. Recipient of Iddo Sarnat Award, Best Paper 1998, Journal of Banking and Finance, Dean s Award , Rutgers University - Co-Principal 3. Recipient of Research Resources fellowship and grant, Rutgers University, 1996, 1997, Dean s Award for Best Teaching, New York University, Doctoral grant, New York University, Teaching fellowship, New York University, (Hired as Adjunct Professor in 1993) 7. National Merit Scholar, Stuyvesant High School Publications in Refereed Journals: 1. Tests and Properties of Variance Ratios in Microstructure Studies, Journal of Financial and Quantitative Analysis, 32, , June Trading Structure and Overnight Information: A Natural Experiment from the Tel-Aviv Stock Exchange, Journal of Banking and Finance, 22, , May 1998, Lead article (won Iddo Sarnat Award for best paper, Journal of Banking and Finance for 1998) 3. Teenies Anyone? (with Daniel Weaver), Journal of Financial Markets, 4, , The Informational Efficiency of the Corporate Bond Market: An Intraday Analysis (with Edith S. Hotchkiss). Review of Financial Studies, Volume 15, Issue 5, 2002, pp Lead article, presented at Review of Financial Studies 1999 Symposium on Price Formation 5. On the Tension Between Truth-telling and Earnings Management: a Reconsideration of the Revelation Principle, with Varda Yaari, Journal of Accounting, Auditing and Finance, September Price Continuity and Volatility (with Daniel Weaver, Joseph Tzur and Varda Yaari), Estonian Business School Review, Summer

3 7. Does the Increased Flexibility in US GAAP Enhance Market Efficiency? (With Varda Yaari and Joseph Tzur), Estonian Business School Review, Summer The Effect Of Voluntary Disclosure and Preemptive Pre-Announcements on Earnings Response Coefficients (ERC) When Firms Manage Earnings (with Joshua Ronen and Varda Yaari), Journal of Accounting, Auditing and Finance, Volume 18, Issue 3, Summer Observable Consequences of Trading Structure Differences: On the Use of Variance Ratios in Microstructure Studies, Review of Quantitative Finance and Accounting, Volume 20, Number 2, 2003, pp Bootstrap Refinements of Microstructure Tests (with Tom George and Chuan Yang Huang) Review of Quantitative Finance and Accounting, Volume 35, No.1, Trade and Information in the Corporate Bond Market, with Xing Zhou, Journal of Financial Markets, Volume 16, Issue 1, 2013 Published Books: Edited book entitled Essays in Microstructure in Honor of David K. Whitcomb, co-edited with Ivan E. Brick and Cheng-Few Lee, 2006, in Advances in Quantitative Analysis of Finance and Accounting, Volume 3 (includes Co-authored Introduction) Selected Publications Reprinted in Books: 1. The Informational Efficiency of the Corporate Bond Market: An Intraday Analysis (with Edith S. Hotchkiss). Reprinted in Financial Markets, edited by Jeff Madura, Florida Atlantic University, Sage Publications, June Teenies Anyone? (with Daniel Weaver). Reprinted in Million Dollar Trading Articles: Stocks Futures, Commodities, Options, Forex, compiled by David Jenyns, 2005 Selected Papers used in Ph.D. courses at other Universities/Research Centers: These papers are/have been on the required reading lists of graduate courses in Finance at major Universities in the U.S., Europe and the Far East. Selected list: 1. The Informational Efficiency of the Corporate Bond Market: An Intraday Analysis (with Edith S. Hotchkiss). Review of Financial Studies, Volume 15, Issue 5, 2002, pp Lead article. Appears on doctoral course reading lists as well as on the reading list for Vanishing Liquidity, part of the Emerging Finance Series, put together by Olsen Group, a leading think tank in high frequency finance. 2. Tests and Properties of Variance Ratios in Microstructure Studies, Journal of Financial and Quantitative Analysis, 32, , June

4 3. Trading Structure and Overnight Information: A Natural Experiment from the Tel-Aviv Stock Exchange, Journal of Banking and Finance, 22, , May 1998, Lead article (won Iddo Sarnat Award for best paper, Journal of Banking and Finance for Appears in Joel Hasbrouck s course at NYU and others. 4. Teenies Anyone? (with Daniel Weaver), Journal of Financial Markets, appears in Matthew Spiegel (Editor, RFS) s Ph.D. course as required reading, Yale University. Working Papers: 1. Executive Immigration: An Information Content Story, with Seungham Nam and Joshua Ronen, under review. 2. Unfair Fair Value : in an Opaque Credit Default Swap Market: How Marking to Market Pushed the Credit Crunch, with Alex Dontoh, Fayez Elayan and Joshua Ronen Work in Progress: 1. Market Conditions and Mispricing: Evidence from the CDS Market, with Xing Zhou 2. Trading in CDS and the Informational Efficiency of Prices, Andras Fulop, Laurence Lescourret and Tavy Ronen 3. CDS Upfront and Defaults 4. Corporate Bond Markets: Liquidity: What Liquidity Might Mean Today Professional Activity: Invited Seminar Presentations: University of Colorado, May 2, 2008; University of California at Berkeley; University of Iowa; Group HEC; INSEAD; London Business School; Rutgers University; Baruch College; Carnegie-Mellon; Columbia University; Duke; New York University; Penn State; Rutgers University; SUNY Buffalo; the University of Miami; University of Wisconsin-Madison. Competitive Conference Acceptances/Invited Presentations/Presentations: Sixth International Workshop on Acc. Regulation, Siena, Italy, July 4-5, 2013; FMA European Meetings in Barcelona, July 2012; C.R.E.D.I.T Liquidity and Credit Risk Conference, September 2008; European Finance Association Meetings, August 2008; China International Conference, June 2008; FMA European Meetings, June 2008; NBER Microstructure group meetings, December 1999; Fuqua and Duke Law School Conference on Reexamining the Regulation of Capital Markets for Debt, November 1999; RFS conference on Price Formation 1999; INFORMS meetings, 1998; European Finance Association Meetings, 1994, 1995, 1999; Western Finance Association Meetings, 1994, 1999; Financial Management Association Meetings,

5 Conference Panelist: Equity Markets Microstructure Seminar, Baruch College, Round Table Panelist, November Invited Discussant/Chairperson at Competitive Conferences/NBER: Chairperson and Discussant, FMA, October 2010; Discussant, European Finance Association Meetings, August 2008; Discussant, FMA European Meetings, June 2008; Discussant, NBER Microstructure Meetings, May 2004; Chairperson, Financial Management Association Meetings 2004, New Orleans; Discussant, Twelfth Annual Conference on Accounting and Finance, New Jersey, 2001; Discussant, European Finance Association Meetings, Brussels, 1994; Discussant, European Finance Association Meetings, Milan, 1995; Discussant, European Finance Association Meetings, Helsinki, 1999; Discussant, Western Finance Association Meetings, Whistler, 1993; Discussant, Financial Management Association Meetings, St. Louis, 1993; Organizing Chairperson, INFORMS Association Meetings, Tel-Aviv, Selected Other Recent Professional Activities: 1. Referee for the following journals: Review of Financial Studies; Journal of Finance; Journal of Financial and Quantitative Analysis; Journal of Financial Markets; Journal of Banking and Finance; Journal of Empirical Finance; Journal of Financial Intermediation; Review of Quantitative Finance and Accounting; International Review of Economics and Finance; Asia Pacific Management Review; and Journal of Regulatory Economics. 2. Program Committee Member: Western Finance Association Meetings, ; European Finance Association Meetings, ; Midwest Finance Association, 2015; Triple Crown Conference, ; Financial Economics and Accounting Conference, ; Program Committee member for European Finance Association Meetings, and INFORMS. 3. Established the Business of Finance Program at Rutgers Business School, Minor and Concentration , as Chair of the Task Force for The Business of Fashion. 4. Panelist for Facebook at Facebook Fit for Business (NY, June 2014) and NY Business Expo (NY, October 2014). 5. Organized Microstructure Conference in honor of David K. Whitcomb, October 2002, Rutgers University. Courses Taught: 1. Financial Institutions 2. Analysis of Investments and Corporate Analysis 3. Financial Institutions and Markets 4. Capital Markets and Investments 5. Foundations of Finance 6. Advanced Financial Management 7. Financial Management - 5 -

6 8. Introduction to Finance 9. Managerial Economics 10. Macroeconomics 11. Corporate Finance 12. Investments 13. Investments Analysis and Management 14. Investments and Portfolio Analysis 15. Managerial Finance 16. International Capital Markets 17. Doctoral Course: Microstructure 18. Online Course: Financial Management, MBA Other course related activities: Served as reviewer for several texts, including Brealey, Myers and Marcus, Fundamentals of Corporate Finance. Doctoral Committees/Students: 1. Dissertation Chair: Louis Picollo, Dissertation Committee Member: Tony Anderson, ; Ming Gu, 2010; Hui Ju Tsai, 2010; Ana Pomeranets, 2009; Michael Pagano, 2000; Eleni Mariola, Initial Advisor/Advisor: Oliver Alber, ; Scott Callahan, ; Sanghugh Kim, ; Bo Zhou, ; Sanghugh Kim, ; Xianjue Wang, ; Louis Picollo, ; Ming Gu, 2007, 2008; Wei Kang, Summer doctoral research advisor: Scott Callahan, 2014; Sanghugh Kim, 2014; Louis Picollo, 2009, 2010; Stephanie Mason, Independent Study: Hui Ju-Tsai, Conferences/Seminar Series attended (Since 2002): 1. Annual NYU Stern Microstructure Meetings, 2014, American Finance Association Meetings, NYU and Moody s Credit Conference, May 2011, NBER Microstructure meetings, Bi-annually, 2013, 2012, 2011, 2010, 2009, 2008, 2007, 2006, 2005, 2004 (and previous). Cambridge, Mass., by invitation 5. NYU Seven Star Conference, 2013, 2012, 2011, 2010, Triple Crown Conference, 2014, 2013, 2012,2011, 2010, Conference in Honor of Haim Levy, Jerusalem C.R.E.D.I.T Liquidity and Credit Risk Conference, in Venice, September European Finance Association Meetings in Athens, August Financial Management Association European Conference, Journal of Investment Management Conference, NYSE, April American Finance Association Meetings, January 2006, Boston, Mass. 13. NYU Salomon Center financial Economics and Accounting Conference, October The New Nasdaq Marketplace, Baruch College Conference, May 3,

7 15. NYSE seminar series year round, NYSE by invitation; attended all seminars 16. JEMS Conference, Baruch College, Spring Financial Management Association Meetings, 2004, New Orleans Finance Association 18. AFA Meetings, NYSE/NBER microstructure meetings, December 2003, Palm Beach 20. Equity Markets Microstructure Seminar, Baruch College, Pace Microstructure Conference, 2003, by invitation 22. Yale-Nasdaq Market Microstructure Conference, 2002 Invited Presentations at Universities, Symposiums, Think Tanks, and Competitive Conferences by Paper: Unfair Fair Value in an Opaque Credit Default Swap Market: How Marking to Market Pushed the Credit Crunch (J. Ronen, T. Ronen) 1. City University of Hong Kong, Acc. Department Seminar, July 6, Sixth International Workshop on Acc. Regulation, Siena, Italy, July 4-5, Financial Management Association European Meetings, Barcelona, Spain, July Queensland University of Technology, Queensland, Australia, August, University of Sydney, Sydney Australia, September 8, University of Bocconi, Milan, Italy, June 27, University of Federico Secundo in Naples, Italy, June 22, University of Sienna, Tuscany, Italy June 20, University of Bologna, Italy, June 23, University of Lancaster, UK, June 15, University of Federicho Secundo, Naples, Italy China International Conference in Finance, June University of Lancaster, England, European Financial Management Association Meetings, June 2008 Information Transfer Effects of Senior Executives Migrations and Subsequent Writeoffs (J. Ronen) 1. First Annual Conference on IFRS, Adoption, Governance, and Financial Markets in Hammamet, Tunisia, December 18, Harvard University, April 28, Nyanyang Technological University, Singapore, October 31, Polytechnic University, Hong Kong, November 26, 2004 Where did all the Information Go? Trade in the Corporate Bond Market 1. C.R.E.D.I.T Liquidity and Credit Risk Conference, September European Finance Association Meetings in Athens, August China International Conference in Finance, July Financial Management Association European Meetings, June University of Colorado at Boulder, May Rutgers University, April

8 The Informational Efficiency of the Corporate Bond Market: An Intraday Analysis 1. NBER Market Microstructure Meeting, Fuqua and Duke Law School Conference: Reexamining the Regulation of Capital Markets for Debt, Washington DC, October European Finance Association Meetings, Western Finance Association Meetings, Review of Financial Studies 1999 Symposium on Price Formation, University of California at Berkeley, University of Iowa, Rutgers University, 1999 Teenies Anyone? The Case of the American Stock Exchange 1. INFORMS Annual Meetings, Tel-Aviv, 1998 Tests and Properties of Variance Ratios in Microstructure Studies 1. European Finance Association Meetings, Milan, Western Finance Association Meetings, Santa Fe, HEC, Finance Department, INSEAD, Finance Department, London Business School, Baruch College, Carnegie-Mellon, Columbia University, Duke University, New York University, Penn State, Rutgers, SUNY Buffalo, University of Miami, Wisconsin-Madison, 1993 Trading Structure and Efficiency: The Case of the Tel-Aviv Stock Exchange 1. European Finance Association Meetings, Brussels, INSEAD, Finance Department, November London Business School, November Rutgers University, Finance Department, November 1994 The Informational Content of Debt Offering Announcements 1. Financial Management Meetings, October 2001 On the Tension between Truth-telling and Earnings Management: A Reconsideration of the Revelation Principle 1. American Accounting Association Meetings,

9 Membership in Professional Associations: 1. American Finance Association 2. Western Finance Association 3. European Financial Management Association 4. Financial Management Association Regularly Attend: bi-yearly NBER Microstructure group Meetings, Attended 2002 Yale-Nasdaq Market Microstructure Conference, most American Finance Association Meetings, 1990-present, Most Western Finance Association Meetings, 1990-present, Most European Finance Association Meetings 1986-present, as well as other conferences

10 Testimony of Tavy Ronen, Ph.D. In re Tronox Bondholder and Stockholder Litigation Deposition July 2011 In re HealthSouth Bondholder Litigation, Consolidated Case No.CV-03-BE-1502-S, United States District Court, Northern District of Alabama, Southern Division Deposition January 30, 2008 Deposition February 4, 2009 In re Engelhard Corporation v. AGF Marine Aviation Transport; Docket # L Superior Court of NJ, Law Division of Middlesex County Deposition March 21, 2001 Trial testimony May 2002 Consulting: 1. Academic Affiliate, Stanford Consulting Group, Inc., 2006-present. Testifying and consulting expert in financial economics: securities markets, market efficiency, market microstructure, damages, asset pricing, and valuation. 2. Consultant to Ronen Economics, 2002-present. Provide consulting services in connection with numerous securities class action lawsuits. Consult on issues pertaining to financial valuations, financial economic analysis, damage analysis, and portfolio valuation. 3. American Stock Exchange 1995, 2003, 2004: provided consulting on issues including structuring of the opening and closing trade mechanism. 4. Federal Energy Regulation Committee (re: Enron), Advised on trading mechanism used by utility industry