Publications "Bookbuilding, the Option to Withdraw, and the Timing of IPOs, Journal of Corporate Finance 12, (2006)

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1 WALID Y. BUSABA Richard Ivey School of Business Tel: (519) University of Western Ontario Fax: (519) London, ON Canada N6A 3K7 Education Boston College Finance Ph.D UNC - Greensboro Economics MA 1991 American Univ. of Beirut Business MBA 1987 American Univ. of Beirut Business BBA 1985 Academic Positions University of Western Ontario Associate Professor 2002-present Bank of Montreal Professor University of Arizona Assistant Professor University of Minnesota Visiting Assistant Professor Boston College Instructor American University of Beirut Instructor Publications "Bookbuilding, the Option to Withdraw, and the Timing of IPOs, Journal of Corporate Finance 12, (2006) Lead Article Information Externalities and the Role of Underwriters in Primary Equity Markets, with Lawrence Benveniste and William Wilhelm, Journal of Financial Intermediation 11, (2002) (Best Paper Award-2nd prize, ABN-AMRO International Conference on Initial Public Offerings, University of Amsterdam, The Netherlands, 2000.) "The Option to Withdraw IPOs during the Premarket: Empirical Analysis," with Lawrence Benveniste and Re- Jin Guo, Journal of Financial Economics 60, (2001) (Abstracted in Contemporary Finance Digest 4, (2001) ) "Bookbuilding versus Fixed Price: An Analysis of Competing Strategies for Marketing IPOs, with Lawrence Benveniste, Journal of Financial and Quantitative Analysis 32, (1997) Lead Article Abstracted in Contemporary Finance Digest 2, (1998) ) "Price Stabilization as a Bonding Mechanism in New Equity Issues, with Lawrence Benveniste and William Wilhelm, Journal of Financial Economics 42, (1996) Working Papers Bookbuilding vs. Fixed Price Revisited: The Effect of Aftermarket Trading," with Chun Chang, under revision. Why Don t IPO Firms Disclose a Reservation Price? with Neil Brisley, under revision. Share Prices, Bid-Ask Spreads, and the Costs of Issuing Equity, with Lin Guo and Timothy Mech. "The Dividend Policy Choice." "Debt Maturity Choice, Default and Renewal: Evidence from the Late Nineteenth Century, with Kenneth Snowden.

2 Teaching Univ. of Western Ontario, Finance (MBA core), Derivatives (MBA and HBA), Corporate Finance (Ph.D.) Univ. of Arizona, Investments (undergraduate), International Finance (MBA and undergraduate) and Theory of Corporate Finance (Ph.D.) Univ. of Minnesota, Investments (undergraduate and MBA). Boston College, Investments (undergraduate) and Derivatives and Risk Management (MSF/MBA). American University of Beirut, Managerial Accounting and Auditing (undergraduate). Industry Experience Droguerie De L'Union, Beirut, Lebanon, (a regional supplier of pharmaceuticals, hospital supplies and healthsupport products.), Financial Manager, Touche Ross (currently Deloitte and Touche), Beirut offices, Auditor, Professional Title Certified Accounting Expert, registered at the Lebanese Courts, Research Grants Social Science and Humanities Research Counsel of Canada, , $60,000. Honors and Awards Bank of Montreal Professorship, University of Western Ontario, 2005 (for 5 years). Best Paper Award-2nd prize, ABN-AMRO Inter. Conf. on IPOs, Univ. of Amsterdam, The Netherlands, Karl Eller Center Faculty Scholar Award, University of Arizona, 1999 (for three years). Faculty Appreciation Award, College of Business, University of Arizona, Ph.D. with Academic Excellence (highest GPA, Grad. School of Management.), Boston College, MA-Economics with Academic Excellence Award (GPA 4.0.) UNC - Greensboro, BBA with Distinction, American University of Beirut, Papers Accepted at Professional Meetings Paris International meeting on Finance, 2005, Why Don t IPO Firms Disclose a Reservation Price? European Finance Association, 2005, Why Don t IPO Firms Disclose a Reservation Price? Financial Management Association, 2004, Why Don t IPO Firms Disclose a Reservation Price? Multinational Finance Society, 2004, Why Don t IPO Firms Disclose a Reservation Price? European Finance Association, 2003, Bookbuilding vs. Fixed Price Revisited: The Effect of Aftermarket Multinational Finance Society, 2003, Bookbuilding vs. Fixed Price Revisited: The Effect of Aftermarket American Finance Association, 2003, Bookbuilding vs. Fixed Price Revisited: The Effect of Aftermarket The First Yale Conference on Young Firms, Entrepreneurship, Venture Capital, Initial Public Offerings,, Yale University, 2002, Bookbuilding, the Option to Withdraw, and the Timing of IPOs. The ABN-AMRO International Conference on Initial Public Offerings, Amsterdam, 2000, Information Externalities and the Role of Underwriters in Primary Equity Markets.

3 The Journal of Financial Intermediation Symposium on New Technologies, Financial Innovation, and Intermediation, Boston College, 2000, Information Externalities and the Role of Underwriters in Primary Equity Markets. American Finance Association, 2000, The Option to Withdraw IPOs during the Premarket: Empirical Analysis. The Journal of Financial Intermediation Olin Symposium on Issues in Law, Finance, and Markets, Cornell University, 1999, The Option to Withdraw IPOs during the Premarket: Empirical Analysis. Fifth Annual Arizona Symposium, 1999, Investment Banks: Barbarians at the Gate or Benign Gatekeepers? Financial Management Association, 1997, "Price Discovery and the Option Value in Going Public." Multinational Finance Society, Greece, 1997, "Bookbuilding versus Fixed Price: An Analysis of Competing Western Finance Association, 1996, "Bookbuilding versus Fixed Price: An Analysis of Competing Strategies for Marketing IPOs. Second Annual Arizona Symposium, 1996, "Bookbuilding versus Fixed Price: An Analysis of Competing The Six Annual Conference on Financial Economics and Accounting, University of Maryland, 1995, "Price Stabilization as a Bonding Mechanism in New Equity Issues. Financial Management Association, 1995, "Bookbuilding versus Fixed Price: An Analysis of Competing Western Finance Association, 1995, "Price Stabilization as a Bonding Mechanism in New Equity Issues. The Journal of Financial Intermediation Symposium on Market Micro-Structure and the Design of Financial Systems, Northwestern University, 1995, "Price Stabilization as a Bonding Mechanism in New Equity Issues. Financial Management Association, 1994, Doctoral Consortium, "A Comparative Analysis of Mechanisms for Selling Initial Public Offerings," Ph. D. dissertation. Financial Management Association, 1993, "The Dividend Policy Choice." Invited Presentations QQuueeeenn ss UUnni iivveer rsi iit ttyy,,, ,,, Whhyy DDoonn t tt IPPOO I FFi iir rmms s DDi iis sccl lloos see aa RRees seer rvvaat tti iioonn PPr ri iiccee?? Mi iicchhi iiggaann SSt ttaat ttee UUnni iivveer rsi iit ttyy,,, ,,, Whhyy DDoonn t tt IPPOO I FFi iir rmms s DDi iis sccl lloos see aa RRees seer rvvaat tti iioonn PPr ri iiccee?? York University, 2005, Why Don t IPO Firms Disclose a Reservation Price? The University of Virginia (McIntire), 2005, Bookbuilding vs. Fixed Price Revisited: The Effect of Aftermarket The University of Alberta, 2004, Bookbuilding vs. Fixed Price Revisited: The Effect of Aftermarket The University of Oklahoma, 2004, Bookbuilding vs. Fixed Price Revisited: The Effect of Aftermarket

4 Wilfred Laurier University, 2004, Bookbuilding vs. Fixed Price Revisited: The Effect of Aftermarket The University of Amsterdam, 2003, Bookbuilding vs. Fixed Price Revisited: The Effect of Aftermarket Tilburg University, the Netherlands, 2003, Bookbuilding vs. Fixed Price Revisited: The Effect of Aftermarket INSEAD, France, 2003, Bookbuilding vs. Fixed Price Revisited: The Effect of Aftermarket Federal Reserve Bank of New York, 2002, Bookbuilding vs. Fixed Price Revisited: The Effect of Aftermarket Suffolk University, Boston, 2002, Bookbuilding vs. Fixed Price Revisited: The Effect of Aftermarket University of Western Ontario, 2002, Bookbuilding vs. Fixed Price Revisited: The Effect of Aftermarket University of Utah, 2001, Bookbuilding, the Option to Withdraw, and the Timing of IPOs. Washington University, St. Louis, 2000, The Option to Withdraw IPOs during the Premarket: Empirical Analysis. Ohio State University, 1999 Investment Banks: Barbarians at the Gate or Benign Gatekeepers? University of North Carolina at Greensboro, 1999, Investment Banks: Barbarians at the Gate or Benign Gatekeepers? University of Arizona, 1999, The Option to Withdraw IPOs during the Premarket: Empirical Analysis. Suffolk University, Boston, 1998, Information Externalities in Primary Equity Markets. University of Minnesota, 1998, Information Externalities in Primary Equity Markets. University of South Carolina, 1998, Information Externalities in Primary Equity Markets. University of North Carolina at Greensboro, 1996, "Price Discovery and the Option Value in Going Public. University of Arizona, 1995, "Price Discovery and the Option Value in Going Public. Federal Reserve Bank of New York, 1995, "Bookbuilding versus Fixed Price: An Analysis of Competing Discussant at Professional Meetings Financial Intermediation Society biannual meetings, Capri, Italy (2004) The 2 nd EVI Conference on Entrepreneurship, Venture Capital, & IPOs, NYU (2003) Multinational Finance Society Annual Meetings (1997, 2003) Western Finance Association (1994, 2001) The ABN-AMRO International Conference on Initial Public Offerings, Amsterdam (2000) Financial Management Association s annual meetings (1994, 1995, 1996, 1998, 1999)

5 Reviewing Activities Journal of Finance Journal of Financial Economics Review of Financial Studies Journal of Financial Intermediation Journal of Financial and Quantitative Analysis Journal of Business Journal of Corporate Finance Social Sciences and Humanities Research Council of Canada Journal of Banking and Finance Financial Management Journal of Financial Research Multinational Finance Journal Journal of Economics and Business Journal of Financial Studies Review of Middle East Econ. and Fin. Editorial Activities Editorial Board, Review of Middle East Economics and Finance. Other Service Tenure case review, Oklahoma State University, Program Committee, Financial Management Association, 2004, Ph.D. coordinator, Finance area group, Ivey Business School, Head of Elective Themes Committee, MBA curriculum review process, Ivey Business School, Research and Graduate Studies Committee, Eller College of Business, University of Arizona, Judge, the 2001 undergraduate semi-final SkyView Business Plan Competition, University of Arizona. Honors Advisor for the Finance Department, University of Arizona, Campus Library Council, University of Arizona,