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1 Tavy Ronen Room 126 MEC MEC Building Rutgers University 111 Washington Street Newark, New Jersey Tel: Fax (973) January 2002 Research Interests: Current research interests are in the areas of market microstructure, specifically transitory volatility, market mechanisms and market architecture, and formation of prices after trading and nontrading periods. Empirical and methodological focuses are of special interest. Recent interests include corporate finance microstructure issues and the regulation of debt markets. 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 Employment History: Rutgers University, Faculty of Management, Assistant Professor, tenure-track position, 1995-present. Columbia University, Graduate School of Business, Visiting Assistant Professor, New York University, Stern School of Business, Visiting Assistant Professor, Fall University of Wisconsin-Madison, A.B.D. Instructor, Assistant Professor, New York University, Stern School of Business, Full-Time Instructor while graduate student, Courses Taught: Analysis of Investments and Corporate Analysis, Financial Institutions and Markets, Capital Markets and Investments, Foundations of Finance, Advanced Financial Management, Financial Management, Introduction to Finance, Managerial Economics, Macroeconomics, Corporate Finance, Investments.

2 Publications: 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 Teenies Anyone? The Case of the American Stock Exchange, (with Daniel Weaver), Journal of Financial Markets, 2001 The Informational Efficiency of the Corporate Bond Market: An Intraday Analysis, (with Edith S. Hotchkiss). Forthcoming, Review of Financial Studies. Working Papers: The Informational Content of Debt Offering Announcements, (with Ivan E. Brick), under review, Journal of Finance. Size and Power of Pricing Error Variances, (with Tom George and Chuan Yang Huang). Under review, Review of Financial Studies. On the Revelation Principle in Accounting and Finance, with Varda Yaari. Under Review, Journal of Accounting, Auditing and Finance Price Continuity and Volatility (with Daniel Weaver and Varda Yaari) Observable Consequences of Differences in Trading Structures, single authored. Work in Progress Commonalties in Analyst Forecast Errors (with Steve Lim and Joshua Ronen). Up and Down on the NYSE and OTC (with Oded Palmon and Ben Sopranzetti). The Empiricis of Managing Market s Expectations Through Good-News Disclosure and Permanent Earnings Manipulation (with Joshua Ronen and Varda Yaari). with John Wald with Avri Ravid Professional Activity Invited Seminar Presentations: University of California at Berkeley, University of Iowa, Group HEC, INSEAD, London Business School, Rutgers University, Baruch College, Carnegie-Mellon, Columbia 2

3 University, Duke, New York University, Penn State, Rutgers University, SUNY Buffalo. University of Miami, and University of Wisconsin-Madison. Conference Acceptances/Invited Presentations/Presentations: 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, Conference Chairperson/Discussant/Organizing Chair: INFORMS meetings, 1998, European Finance Association Meetings, 1994, 1995, 1999, Western Finance Association Meetings, 1993, Financial Management Association, Referee/Program Committee: European Finance Association Meetings (1996), Journal of Banking and Finance, Journal of Financial Intermediation, Review of Quantitative Finance and Accounting, Review of Financial Studies, Journal of Financial Markets. 3

4 Referee for Academic Journals/Meetings: Review of Financial Studies Journal of Finance Journal of Banking and Finance Journal of Financial Markets Journal of Financial Intermediation Review of Quantitative Finance and Accounting Program Committee member, European Finance Association Meetings

5 DETAILED LIST OF PRESENTATIONS AND MEETINGS-INTERNAL Presentations at Meetings and Seminars: The Effect of Liquidity on Corporate Bond Yields: Evidence from the High Yield Bond Market NBER Microstructure group Meetings, Cambridge, Mass, December 1999 Fuqua and Duke Law School Conference: Reexamining the Regulation of Capital Markets for Debt, Washington DC, October 1999 EFA Meetings, Helsinki, 1999 WFA Meetings, Santa Monica, 1999 RFS Conference on Price Formation, Toulouse, March 1999 University of California at Berkeley, February 1999 University of Iowa, Spring 1999 Teenies Anyone? The Case of the American Stock Exchange INFORMS Annual Meetings, Tel-Aviv, Tests and Properties of Variance Ratios in Microstructure Studies European Finance Association Meetings, Milan, 1995 Western Finance Association Meetings, Santa Fe, 1994 HEC, Finance Department, November, 1994 INSEAD, Finance Department, November, 1994 London Business School, November, 1994 Baruch College (1993) Carnegie-Mellon (1993) Columbia University (1993) Duke (1993) New York University (1993) Penn State (1993) Rutgers (1993) SUNY Buffalo (1993) University of Miami (1993) Wisconsin-Madison (1993) Trading Structure and Efficiency: The Case of the Tel-Aviv Stock Exchange European Finance Association Meetings, Brussels, 1994 London Business School, November, 1994 Rutgers University, Finance Department, November 1994 Discussant/Chairperson at Meetings: 12 th Annual Conference on Accounting and Finance, New Jersey, 2001, Discussant European Finance Association Meetings, Brussels (1994), Milan (1995), Helsinki (1999) Discussant Western Finance Association Meetings, Whistler, 1993, Discussant Financial Management Association Meetings, St. Louis, 1993, Chairperson INFORMS Association Meetings, Tel Aviv, 1998, Organizing Chairperson 5

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7 INTERNAL: Service: Professional: Organizing Market Microstructure Session(s) INFORMS Meetings, Tel-Aviv, Israel, Program Committee member, European Finance Association Meetings, Oslo, Norway, 1996 Academic Consulting, American Stock Exchange, 1995 MBA course textbook committee, Wiley Publishing, Financial Management Association Meetings, New York, 1995 University (Departmental Finance and Economics, Rutgers): Awards/Grants: Other: Member, Proposal and Dissertation Committees: Eleni Mariola, 1995,6 Member, recruiting committee, Finance and Economics, Chair; course coordination committee for Corporate Finance Co-Chair, departmental seminar series, (with S. Gifford) Member, Ph.D. Committee, Spring 1997-present Recipient of Iddo Sarnat Award, 1999 Received Research Resources fellowship and grant, 1996, 1997 Dean s Award for Best Teaching, NYU, Doctoral RA grant, NYU, Teaching fellowship, NYU, Conference Participation in : NBER Market Microstructure Meetings, 1998, 1999 WFA, Santa Monica 1999 RFS symposium, 1999 Duke symposium, 1999 European Finance Association Meetings, August 1998, 1999 American Finance Association Meetings, January 1999 Specialist for a day, NYSE, January

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Exhibit 1. Education:

Exhibit 1. Education: Tavy Ronen Finance and Economics Department Rutgers Business School 2000 Broadway, 19B New York, NY 10023 Tel: 212-873-9302 Fax: 212-202-4804 tronen@gmail.com November 2014 Education: Ph.D. in Finance,

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