Lucy White Harvard Business School Baker Library 345 Soldiers Field Boston, MA

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1 March 25, 2014 Lucy White Harvard Business School Baker Library 345 Soldiers Field Boston, MA EDUCATION PhD. Economics, Université de Toulouse, France Dissertation: Essays in Corporate Finance (December 2001) Thesis Supervisor: Jean Tirole Thesis Examiners: Mathias Dewatripont, Denis Gromb, Thomas Mariotti, Patrick Rey D.Phil., Economics, Oxford University, Nuffield College, UK Dissertation: Strategic Behaviour Under Uncertainty (May 2000) Thesis Supervisor: Paul Klemperer Thesis Examiners: James Malcolmsen (internal), Ian Jewitt (external, University of Bristol) 1996 European Diploma in Master s Level Economics (DEEQA), Université de Toulouse, France M.Phil., Economics, Oxford University, Nuffield College, UK 1993 B.A., 1 st class, Philosophy, Politics and Economics, Oxford University, St John s College APPOINTMENTS present Associate Professor of Finance, Harvard Business School Professor, University of Lausanne & Swiss Finance Institute (on unpaid leave from HBS) Assistant Professor of Finance, Harvard Business School Academic Visits Visiting Professor, Université de Lausanne 2001 Visiting Student, MEDS, Northwestern University, (Jan-Mar. 2001) Visiting Student, Massachusetts Institute of Technology, Dept. of Economics Page 1 of 8

2 TEACHING ASSIGNMENTS Harvard Business School Corporate Financial Management Finance Finance Finance 1 University of Lausanne To Final Year Undergraduates Game theory; To Masters in Economics and Finance: Microeconomics; Financial contracting; To PhD students in the Swiss Finance Institute: Financial Contracting; Banking. Other Teaching Experience Finance for Senior Executives, HBS; Tutorials in Mathematics for Economists and Core Micro- and Macroeconomics to Oxford University Undergraduates; Lectures in Mathematics and in the Economics of Uncertainty, Economics Doctoral Programme, Oxford; PhD course in Banks and Bank Regulation in NHH Bergen and at the Bank of Portugal. HONORS, SCHOLARSHIPS AND FELLOWSHIPS Honors 2011 Economic Journal Prize for Best Referee Report CEPR Research Fellow in Industrial Organization and in Finance 2009 Founding Member, Finance Theory Group European Central Bank Lamfalussy Fellowship 2008 Paolo Baffi Fellowship 2004 Nominated for 2003 Brattle Prize for best paper in the 2003 Journal of Finance (joint work with Giacinta Cestone) 2002 CEPR Research Affiliate, Financial Economics Section, renewed CEPR Research Affiliate, Industrial Organization Section, renewed Young Economist Prize, European Economic Association Meeting (joint work with Peter Eső) 1995 George Webb Medley Prize - Best Results in Master s Economics Final Examinations, Oxford 1993 George Webb Medley Prize - Best Results in Undergraduate Economics Final Examinations, Oxford 1991 Distinction in 1 st Year Examinations in Philosophy, Politics and Economics, Oxford Scholarships & Fellowships Nuffield College, Prize Research Fellowship Fulbright Commission, Scholarship to study in the US European Union, Marie Curie Scholarship to study in Toulouse Economic and Social Research Council, Doctoral Tuition and Maintenance Award Economic and Social Research Council, Master s Tuition and Maintenance Award Casberd Scholarship, St John s College, Oxford Page 2 of 8

3 PUBLISHED PAPERS With Alexander Gümbel, Good Cop, Bad Cop: Complementarities between Debt and Equity in Disciplining Management, forthcoming, Journal of Financial Intermediation (2014). With Alan Morrison, Reputational Contagion and Optimal Regulatory Forbearance, ECB working paper no.1196, Journal of Financial Economics, 110(3), December 2013, With Alan Morrison, Deposit Insurance and Subsidized Recapitalizations, based on CEPR Discussion Paper no. 4424, Journal of Banking and Finance, 35(12), December 2011, With Peter Eső and Volker Nocke, Competition for Scarce Resources, Rand Journal of Economics, 41(3), Fall 2010, With Volker Nocke, Vertical Merger, Collusion, and Disruptive Buyers, CEPR Discussion Paper no International Journal of Industrial Organization, 28(4), July 2010, With Mark Williams, Bargaining with Imperfect Enforceability, Rand Journal of Economics, 40(2), Summer 2009, With Alan Morrison, Level Playing Fields in International Financial Regulation, Journal of Finance 2009, 64(3), June 2009, Prudence in Bargaining: the Effect of Uncertainty on Bargaining Outcomes, Games and Economic Behavior, 62(1), January 2008, With Volker Nocke, Do Vertical Mergers Facilitate Collusion? CEPR Discussion Paper no. 4186, American Economic Review 97(4), September 2007, Foreclosure with Incomplete Information, CEPR Discussion Paper no. 3942, Journal of Economics and Management Strategy, 16(2), Summer With Alan Morrison, Crises and Capital Requirements in Banking, CEPR Discussion Paper no. 4364, American Economic Review, 95(5), (December 2005): With Peter Eső, Precautionary Bidding in Auctions, Econometrica, 72, no. 1 (January 2004): With Giacinta Cestone, Anti-Competitive Financial Contracting: The Design of Financial Claims, Journal of Finance, 58, no. 5 (October 2003): Nominated for 2003 Brattle Prize for best corporate finance paper in the 2003 Journal of Finance. Page 3 of 8

4 HARVARD BUSINESS SCHOOL CASES, NOTES AND TEACHING NOTES Empty Voting: Corporate Governance and Control in the Age of Derivatives, Harvard Business School module note (2014) [40]. With Ben Esty and Lisa Mazzanti, The TELUS Share Conversion Proposal, Harvard Business School case (2013) [18]. With Ben Esty, The TELUS Share Conversion Proposal, Harvard Business School teaching note (2014) [48]. With Ben Esty, The TELUS Share Conversion Proposal, Harvard Business School courseware (2013). Mylan Lab s Proposed Merger with King Pharmaceuticals, Harvard Business School case (2014) [18]. Mylan Lab s Proposed Merger with King Pharmaceuticals (Abridged), Harvard Business School case (2009, Rev. 2/14/14) [9]. Mylan Lab s Proposed Merger with King Pharmaceuticals, Harvard Business School teaching note (2014) [23]. British Land, Harvard Business School case (2007, Rev. 1/21/14) [21]. British Land, Harvard Business School teaching note (2014) [25]. British Land, Harvard Business School courseware (2011). With Andre Perold, AXA MONY, Harvard Business School case (2007) [24]. With Andre Perold, AXA MONY, Harvard Business School teaching note (2007) [21]. AXA MONY, Harvard Business School courseware (2009). With Trent Kim, Barclays Bank and Contingent Capital Notes, 2012 Harvard Business School case (2014) [22]. Barclays Bank and Contingent Capital Notes, 2012 Harvard Business School teaching note (2014) [27]. With Trent Kim, Barclays Bank and Contingent Capital Notes, 2012 Harvard Business School courseware (2014). With Steve Burn-Murdoch and Jerôme Lenhardt, Barclays 2008, Harvard Business School case (2012, Rev. 9/19/13) [29]. Page 4 of 8

5 Barclays 2008, Harvard Business School teaching note (2014) [26]. With Steve Burn-Murdoch, Aqua Bounty, Harvard Business School case (2012, Rev. 1/16/14) [12]. Aqua Bounty, Harvard Business School teaching note (2014) [24]. With Steve Burn-Murdoch, Aqua Bounty, Harvard Business School courseware (2012). With Clayton Rose and Carsten Bienz, ISS: The Buyout, Harvard Business School case (2014) [21]. ISS: The Buyout, Harvard Business School case (2014) [21]. With Robin Greenwood, Introduction to Valuation Multiples, Harvard Business School note (2006, Rev. 10/31/2006) [5]. With Mihir Desai and Robin Greenwood, Subscriber Models, Harvard Business School note (2004) [8]. With Robin Greenwood, Decision Trees, Harvard Business School note (2004, Rev. 3/27/2006) [14]. OTHER WORKING PAPERS AND WORK IN PROGRESS With George Mailath and Volker Nocke, When the Punishment Must Fit the Crime: Remarks on the Failure of Simple Penal Codes in Extensive-Form Games, PIER Working Paper , University of Pennsylvania With Peter Eső and Stephen Hansen, A Theory of Vote Trading and Information Aggregation With Giacinta Cestone and Josh Lerner, The Design of Financial Claims in Venture Capital Syndicates With Chen-Ying Huang, Notes on the Impact of Wealth in Bargaining, unpublished mimeo (2003). With Hans-Joachim Voth, Wage Bargaining and Inflation Uncertainty, unpublished mimeo (2003). CONFERENCE AND SEMINAR PRESENTATIONS AND DISCUSSIONS Presentations 2013 London School of Economics, UK Bank for International Settlements, Basel, Switzerland Federal Reserve Bank of New York 2012 Judge Business School, Cambridge University, UK 2011 Bank of Portugal 4 th conference on Financial Intermediation 2010 Bank of England Conference on Interconnections in Financial Markets Judge Business School, Cambridge University NHH (Norwegian School of Economics and Business), Bergen, Norway 2009 Harvard Business School Finance Research Retreat Page 5 of 8

6 Royal Economic Society Annual Meeting (UK) European Central Bank, Germany NHH (Norwegian School of Economics and Business), Bergen, Norway Paolo Baffi Institute, Univiersitat Bocconi, Milan, Italy 2007 Oxford Finance Symposium, Oxford, UK 2006 Tor Vergata Conference, Rome, Italy Universitat van Amsterdam, Netherlands University of St Gallen, Switzerland University of Zurich, Switzerland European Meeting of the Econometric Society Bi-annual Meeting of the Financial Intermediation Research Society 2005 University of Bern, Switzerland RICAFE meeting, Turin, Italy Olin School of Business, Washington University, St Louis London Business School, UK Tanaka School of Business, Imperial College, University of London, UK University of California at Los Angeles University of Wisconsin at Madison Boston University International Industrial Organization Conference, Atlanta 2004 HEC, Université de Lausanne, Switzerland Carnegie Mellon University Harvard-MIT Industrial Organization Workshop GREMAQ, Université de Toulouse, France European Summer Symposium in Economic Theory, Gerzensee, Switzerland European Summer Symposium in Financial Markets, Gerzensee, Switzerland 2003 NHH Norwegian School of Business, Bergen, Norway University of Michigan Industrial Organization Seminar University of Wisconsin Madison University of Helsinki, Finland CEPR Conference on Competition Policy and Regulation in International Markets, Madrid, Spain Duke-Northwestern-Texas Industrial Organization Conference 2002 Universität Mannheim, Germany Stockholm School of Economics, Sweden Univerité Libre de Bruxelles, Belgium European Summer Symposium in Economic Theory Gerzensee, Switzerland European Summer Symposium in Financial Markets, Gerzensee, Switzerland 2001 Boston University Chicago Graduate School of Business Columbia University Kellogg School of Management, Northwestern University Kennedy School of Government, Harvard University MIT Sloan School of Management Stanford Graduate School of Business Stern School of Business, New York University Page 6 of 8

7 University College London, UK University of Essex, UK University of Southern California WZB Berlin, Germany Yale University European Summer Symposium in Economic Theory, Gerzensee, Switzerland European Finance Association Meeting Barcelona, Spain European Economic Association Meetings, Lausanne, Switzerland London School of Economics: Strategic Interactions in Relationship Finance Royal Economic Society Meeting, Durham, UK Papers Discussed 2013 Bank of Portugal 5 th Conference on Financial Intermediation Optimal Capital Requirements Over the Business and Financial Cycles 2012 Bankers and Regulators at the Financial Intermediation Research Society Conference 2010 CEPR Conference on Procyclicality and Financial Regulation (Tilburg) Financial Intermediary Leverage and Value-at-Risk 2009 Bank of Portugal 3 rd Conference on Financial Intermediation Liquidity Hoarding and Interbank Market Spreads: the Role of Counterparty risk Financial Intermediation Research Society Conference Competition and Specialization in Credit Markets 2008 CEPR and Bank of France Conference on Financial Intermediation Assessing Financial Contagion in the Interbank Market: Maximum Entropy versus Observed Interbank Lending Patterns 2007 European Winter Corporate Finance Conference Optimal Resolutions of Financial Distress by Contract 2006 Conference on Public Versus Private Ownership of Financial Institutions Multiple Goals and Ownership Structure: Effects on the Performance of Spanish Banks CEPR Conference on Innovation and Antitrust Firms Merge in Response to Constraints RICAFE Conference (LSE) Venture Capital Contracting and Syndication: An Experiment in Computational Corporate Finance FIRS Conference Credit Market Competition and Capital Regulation Swiss IO Day Are there Merger Waves After All? 2005 Econometric Society Winter Meetings Buyer Groups as Strategic Commitments International Industrial Organization Society Meeting (Atlanta) Media Competition and Commercial Regulation 2004 Entrepreneurship, Venture Capital and IPOs Conference (Tuck School of Business) Investor Sentiment and Pre-Issue Markets Financial Intermediation Research Society Conference (Capri) Asymmetric Information and Financing with Convertibles Financial Intermediation Research Society Conference (Capri) Financial Networks: Contagion, Commitment and Private Sector Bailouts 2003 Entrepreneurship, Venture Capital and IPOs Conference (Stern School of Business) IPOs, Acquisitions, and the Use of Convertible Securities in Venture Capital CEPR Conference on Personnel Economics (Stockholm, Sweden) Access to Credit, Risk Taking and Organizational Change Page 7 of 8

8 CEPR Conference on Personnel Economics (Toulouse, France) The Costs and Benefits of Symbolic Differentiation in the Workplace 2002 CEPR Conference on European Corporate Governance and the New Economy Venture Capital Around the World PROFESSIONAL ACTIVITIES Conferences Organized Swiss IO Day ; European Winter Corporate Finance Conference ; European Summer Symposium in Economic Theory (ESSET) Refereeing Activity - Conferences European Association of Research in Industrial Economics (EARIE) 2010; 2 nd Conference on Financial Stability (Tilburg) 2010; American Finance Association (AFA) 2009; European Finance Association (EFA) 2008, 2013; Western Finance Association 2010 to date; Swiss Conference on Financial Intermediation 2008 to date; European Winter Finance Conference ; European Summer Symposium in Economic Theory 2007 to date; NYU Stern Financial Intermediation Conference Refereeing Activity - Journals American Economic Review, Econometrica, Economic Journal, European Economic Review, International Economic Review, International Journal of Industrial Organization, Journal of the European Economic Association, Journal of Economics and Management Strategy, Journal of Industrial Economics, Journal of Finance, Journal of Financial Economics, Journal of Financial Intermediation, Journal of Financial Services Research, Journal of Political Economy, Management Science, Quarterly Journal of Economics, Rand Journal of Economics, Review of Economic Studies, Review of Financial Studies, Review of Finance. Refereeing Activity Grants European Research Council (ERC); National Science Foundation (NSF); Dutch Research Council (NWO). Page 8 of 8