PAUL DAWSON. Assistant Professor of Finance, Department of Finance, College of Business Administration.

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1 PAUL DAWSON College of Business Administration 456 Harvey Street Kent State University Kent, Ohio Kent, Ohio (330) (330) EXPERIENCE August Present Kent State University, Kent, Ohio. Assistant Professor of Finance, Department of Finance, College of Business Administration. Undergraduate teaching experience: Financial Policy. Graduate teaching experience: Master s level Derivatives I, Derivatives II; Doctoral level Research in Finance. June 1995 Present Freelance training consultant. Public courses run for the Chicago Board of Trade (London), Futures and Options World (London), International Faculty of Finance (London and Dubai). In-house courses run for Goldman Sachs (London, New York, Boston, Miami, Dallas, San Francisco, Tokyo, Hong Kong, Seoul, Sydney, Melbourne, Brisbane, Singapore, Beijing, Shanghai and Taipei), Merrill Lynch (New York), Morgan Stanley (London and New York), Lehman Brothers (London and New York), Bank of America (New York), J P Morgan Chase (New York), Bank Sinopac (Taipei), Deutsche Bank (London and Sao Paolo), Arab National Bank (Riyadh), Credit Suisse (London and New York) and BNP Paribas (London). September August 2005 Cass (formerly City University) Business School, London. September 1999 August 2005 Senior Lecturer in Financial Derivatives. September 1996 to September 1999 Lecturer in Financial Derivatives Undergraduate teaching experience: Derivatives Trading & Hedging, Financial Engineering, Personal Finance, Introduction to Financial Markets & Institutions, Securities & Investments. Graduate teaching experience: MSc Mathematical Trading & Finance: Derivatives I, MSc Investment Management: Derivative Securities, Derivative Applications, Market Microstructure, MSc Insurance & Risk Management: Derivative Securities, MSc Shipping Trade & Finance: Derivative Securities. Supervision of approximately 4 undergraduate and 11 masters-level dissertations each year. Accomplishments include: Undergraduate Course Director. Initially, this was for the BSc degree in Insurance & Investment. The brief expanded to include an existing degree, 1

Graduate teaching experience: Master s level Derivatives I, Derivatives II; Doctoral level Research in Finance. June 1995 Present Freelance training consultant.

2 BSc in Real Estate and the launch of a new degree: BSc in Investment & Financial Risk Management. Faculty of Finance representative on the fundraising committee for the Bloomberg Dealing Room. 14 terminals provided free of charge by Bloomberg. Extensive media coverage of the above two accomplishments. Business press coverage of the new degree and television coverage of the dealing room led to significant in quantity and quality of applicants at undergraduate and graduate levels. Ph.D Transfer Panel Member for at least three Ph.D candidates Demonstration of the Bloomberg Dealing Room to the Duke of Edinburgh Successful application for c 200,000 grant from the UK Economic and Social Research Council for three year research programme into design and implementation of Survivor Derivatives. Conditional approval achieved immediately prior to my resignation. My role in team of four investigators handed over to a new Cass faculty member. Teaching innovations introduced: competitive open-outcry and screenbased trading simulations, oral presentation of undergraduate dissertations. April August 1996 November March 1989 May 1985 June 1987 August May 1985 November September 1970 Summer Summer 1997 Granville Holdings, London. Marketing Manager of a small European-wide investment bank. Wide portfolio of services undertaken for corporate finance, private equity, stockbroking, investment management, financial advisory and private banking departments. Swiss Bank Corporation, London. Stockbroking Analyst covering the advertising sector. In this short period, terminated by major downsizing program within the bank, two supremely successful trading strategies were proposed. Valin Pollen, London. Director and Account Group Head. Various advertising agencies, London, particularly Allen, Brady & Marsh Account Executive ( ), Account Manager ( ) and Account Director ( ). Major campaigns: That s the Wonder of Woolworth, Come and Talk to the Listening Bank and Milk s Gotta Lotta Bottle. Metropolitan Police Office, New Scotland Yard, London. Market Research Officer. Old Royal Observatory, Greenwich, London. Guest lecturer in Astronomy for public lectures in Planetarium. 2

Business press coverage of the new degree and television coverage of the dealing room led to significant in quantity and quality of applicants at undergraduate and graduate levels. Ph.

3 EDUCATION February October 2001 October February 1995 October September 1988 September July 1974 BSc Degree with first class honours. The Open University, UK. Principal subjects studied: Mathematics, Physics and Astronomy Ph.D in Finance. City University Business School. Dissertation title: Five Studies of LIFFE. MBA in Finance. City University Business School. Dissertation title: Marketmaker Behaviour on the London Traded Options Market. BA in Business Studies. City of London Polytechnic, London. Major: Marketing. Dissertation title: The Management of Fish Processing Operations within Clement Johnsen A/S. RESEARCH INTERESTS Derivative markets and market microstructure. Exotic options: pricing, hedging and applications. Credit derivatives. Survivor derivatives. Service quality. RESEARCH AND PUBLICATIONS Publications CBOE Volatility Futures Trading and the S&P500 Cash Market, Journal of Futures Markets, forthcoming (with Sotiris Staikouras) Options on Normal Underlyings with an Illustrative Application to the Pricing of Survivor Swaptions, Journal of Futures Markets, forthcoming (with Kevin Dowd, David Blake and Andrew Cairns) Microstructure Evolution in the Credit Default Swaps Market, Review of Futures Markets, forthcoming (with Pavel Pinkava). A New Use for Single Stock Futures, Journal of Derivatives and Hedge Funds (formerly Derivatives Use, Trading & Regulation) 2007, 13 (1), Survivor Swaps, Journal of Risk and Insurance 2006, 17 (1), 1-17 (with Kevin Dowd, David Blake and Andrew Cairns) Pricing Risk on Longevity Bonds, Life & Pensions 2005 October (with Andrew Cairns, David Blake and Kevin Dowd) Resolving Corporate Governance Problems in Executive Stock Option Grants, Advances in Financial Economics 2004, 9: Deserved Quality: Quality Formation in Professional Services, Services Marketing Quarterly (2):1-13 The Distribution of Intraday Volatility and the Value of Wildcard Options The Journal of Futures Markets April 2000, 20: Rational Early Exercise with Market Frictions Journal of Business Finance & Accounting Sep :

City University Business School. Dissertation title: Marketmaker Behaviour on the London Traded Options Market. BA in Business Studies. City of London Polytechnic, London. Major: Marketing.

4 Comparative Pricing of American and European Index Options: An Empirical Analysis Journal of Futures Markets May : Returns to Marketmaking on the London Traded Options Market Review of Futures Markets : (with Gordon Gemmill) Research in Progress The Valuation and Hedging of Annuity Guarantees, work in progress Completing the Market for Survivor Derivatives, work in progress with David Blake, Andrew Cairns and Kevin Dowd. 2 nd revise and resubmit in hand for Journal of Risk & Insurance. University Education Free at the Point of Consumption, work in progress. Moral Hazard and Adverse Selection in Self-Referenced Credit Derivatives, work in progress. Implied Volatility Squared, work in progress with Sotiris Staikouras. Presentations/Proceedings 19 th Asia-Pacfic Futures Research Symposium, Taiwan, Third IASTED International Conference on Financial Engineering and Applications, Cambridge, MA, Recent Developments in Derivatives Securities Markets Conference, Hong Kong, 1998 Joint meeting of Nippon Finance Association and Asia-Pacific Finance Association, Tokyo, Japan 1998 Ninth Annual Asia-Pacific Futures Research Symposium, Sydney, Australia, 1998 Eighth Annual European Futures Research Symposium, Barcelona, Spain, 1995 Second Annual European Futures Research Symposium, Scheveningen, The Netherlands, 1989 OTHER SCHOLARLY ACTIVITIES Ph.D Dissertation Committee Aiwu Zhao Journal Reviewer: Journal of Futures Markets Journal of Banking & Finance Life & Pensions Editorial Board Review of Futures Markets 4

progress with David Blake, Andrew Cairns and Kevin Dowd. 2 nd revise and resubmit in hand for Journal of Risk & Insurance. University Education Free at the Point of Consumption, work in progress.

5 Conference Discussant: European Futures Research Symposium 1990, 1994, 1996, 1998 Joint meeting of Nippon Finance Association and Asia-Pacific Finance Association, Tokyo, Japan 1998 as above Scottish Institute for Research in Investment and Finance, 1999 Asia-Pacific Futures Research Symposium 2004, 2005, 2006, 2007 UNIVERSITY SERVICE Library Committee Graduate Council Supervision of $1.5 million endowment fund investment MS Financial Engineering Committee Department of Finance Chair Reappointment Committee Faculty Advisory Committee to the Department PROFESSIONAL ORGANIZATIONS PROFESSIONAL QUALIFICATIONS American Finance Association Royal Astronomical Society Registered Representative, The Securities Association, UK Registered Options Trader, London Stock Exchange, UK Fellow of the Royal Astronomical Society, UK 5

5 million endowment fund investment MS Financial Engineering Committee Department of Finance Chair Reappointment Committee Faculty Advisory Committee to the Department PROFESSIONAL ORGANIZATIONS

mêéëéåíéê=_áçöê~éüó= Jack Gray Adjunct Professor Centre for Capital Market Dysfunctionality University of Technology, Sydney=

mêéëéåíéê=_áçöê~éüó= Jack Gray Adjunct Professor Centre for Capital Market Dysfunctionality University of Technology, Sydney= mêéëéåíéê_áçöê~éüó Jack Gray Adjunct Professor Centre for Capital Market Dysfunctionality University of Technology, Sydney After a 20-year intellectually promiscuous academic career around the world in