Employment. Education. Honors, Awards and Fellowships

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1 VITO D. GALA Finance Department, The Wharton School, University of Pennsylvania 2451 SHDH 3620 Locust Walk, Philadelphia, PA July 2014 Employment Visiting Associate Professor of Finance, The Wharton School, University of Pennsylvania, present. Assistant Professor of Finance, London Business School, Visiting Research Scholar, The Wharton School, Finance Department, Fall Financial Institutions Group, Credit Suisse First Boston, London, UK, Consultant, Bain & Company, Milan, Italy, Education Ph.D. in Finance, University of Chicago, Graduate School of Business, Thesis: Investment and Returns. Committee: John Cochrane (Chair), George Constantinides, Lars Hansen, John Heaton, Monika Piazzesi, and Pietro Veronesi. M.B.A., University of Chicago, Graduate School of Business, Laurea Degree in Financial Economics, Bocconi University, Italy, Graduated with Magna cum Laude and Double Honor (copyright) on the dissertation thesis. Honors, Awards and Fellowships Crowell Third Prize, PanAgora Asset Management, Research and Materials Development Fund, London Business School, Nominated for the 2010 medal for best young Italian Economist under 40, Collegio Carlo Alberto. The Sanford J. Grossman Fellowship, Lehman Brothers Fellowship, Finalist, 2004 and Teaching Assistant Distinction, Executive MBA, Barcelona and Singapore, 2005, Fondazione IRI Fellowship, Ente Luigi Einaudi Fellowship, Bocconi University Fellowship, CRSP Research Award, September University of Chicago, GSB Doctoral Fellowship, Bocconi University gold medal as top student in the graduating class , Nov Double Honor (copyright) on the dissertation thesis, October Bruno Lochis scholarship, Bain & Company scholarship, Oscar e Giulia Zannini scholarship, Giuseppe De Finetto scholarship, INPDAP scholarship,

2 Publications Government Spending, Political Cycles and the Cross Section of Stock Returns, with F. Belo and J. Li, Journal of Financial Economics, 107(2), , Crowell Third Prize, PanAgora Asset Management, Media: Financial Times, Oct. 31, 2012; Financial Times, Nov. 3, 2012; The Financial, Nov. 5, 2012; Business Strategy Review, 2, Cash Flow Risk, Discounting Risk, and the Equity Premium Puzzle: Comment, in Rajnish Mehra, Handbook of the Equity Risk Premium, Elsevier, Amsterdam, Working Papers (completed, under review and/or R&R s) 1. Irreversible Investment and the Cross-Section of Stock Returns in General Equilibrium 2. Measuring Marginal q 3. Beyond Q: Investment without Asset Prices, with J. Gomes 4. Public Information and Inefficient Investment, with P. Volpin 5. Convergence in Corporate Investments, with B. Julio 6. The Distribution of Firm Size and Aggregate Investment, with B. Julio Drafts in Preparation 7. Estimating Shadow Values in Production Economies 8. A Fundamental Characterization of Asset Prices 9. Estimating Production Technologies with Asset Prices 10. Arbitrage in ETFs Markets 11. Industry Equilibrium Dynamics with Frictions 12. The Political Economy of Personal Bankruptcy Laws, with J. Kirshner and P. Volpin Discussions 1. Equal or Value Weighting? Implications for Asset-Pricing Tests by Y. Plyakha, R. Uppal, and G. Vilkov, World Finance Conference, Sovereign Credit Spreads and the Real Economy by H. Bhamra, H. Kung, and Romero, Investment and Production Based Asset Pricing Workshop, Can Idiosyncratic Cash Flow Shocks Explain Asset Pricing Anomalies? by I. Babenko, O. Boguth, and Y. Tserlukevich, European Finance Association, 2013.

3 4. Cash and Intangible Capital by A. Falato, D. Kadyrzhanova, J. W. Sim, CEPR European Summer Symposium in Financial Markets, Time-to-Produce, Inventory, and Asset Prices by Z. Chen, Production Based Asset Pricing Workshop, Wage Rigidity: A Solution to Several Asset Pricing Puzzles by J. Favilukis, and Xiaoji Lin, Adam Smith Asset Pricing Conference, A Theory of Firm Characteristics and Stock Returns: The Role of Investment-Specific Shocks by D. Papanikolaou and L. Kogan, American Finance Association, Seasonally Varying Preferences: Support from an Asset Pricing Model by M. Kamstra, L. Kramer, M. Levi, and T. Wang, American Finance Association, Micro Frictions, Asset Pricing, and Aggregate Implications by J. Favilukis, and Xiaoji Lin, European Finance Association, Systemic Risk and Inefficient Debt Maturity by J. Bengui, American Economic Association, Diversification Disasters by D. Jaffee, R. Ibragimov, and J. Walden, Western Finance Association, Government Bonds and the Cross-Section of Stock Returns by M. Baker and J. Wurgler. American Finance Association, Ambiguity and the Historical Equity Premium by F. Collard, S. Mukerji, K. Sheppard, and J.M. Tallon. Adam Smith Asset Pricing Conference, Asset Pricing Models and Economic Risk Premia: A Decomposition by P. Balduzzi and C. Robotti. European Finance Association, Time-Varying Risk Premia and the Output Gap by I. Cooper and R. Priestley. European Finance Association, Investment-Specific Technological Change and Asset Prices by D. Papanikolaou. Western Finance Association, Euler Equation Errors by M. Lettau and S. C. Ludvigson. American Finance Association, Seminars (* = scheduled) : MIT Sloan, Wharton (3x), Columbia Business School (2x), Duke University, Dartmouth College, University of British Columbia, London Business School, London School of Economics (2x), Bocconi University, INSEAD, University of Lausanne (2x), University of Vienna, Norwegian School of Management (2x), University of Chicago (2x), Lehman Brothers (2x), Einaudi Institute for Economics and Finance, University of Nottingham, University of Reading, Norges Bank Investment Management, Luxembourg School Finance, Warwick Business School, HEC Paris, Stockholm School of Economics, Cheung Kong GSB, University of Minnesota, Boston University, University of Geneva, EPFL Lausanne, University of Hong Kong*, Hong Kong University of Science and Technology (HKUST)*.

4 Conferences (* = scheduled) 2015 American Finance Association, Boston, USA European Finance Association, Lugano, Switzerland. World Finance Conference, Venice, Italy. CAPR Workshop on Investment and Production Based Asset Pricing, Oslo, Norway. American Finance Association, Philadelphia, USA European Finance Association, Cambridge, UK. UBC Summer Finance Conference, Vancouver, Canada. CEPR Summer Institute, Gerzensee, Switzerland. CAPR Workshop on Production Based Asset Pricing, Oslo, Norway. Macro-Finance Workshop, Columbus, USA. UNC-Duke Finance Conference, Chapel Hill, USA. UBC Winter Finance Conference, Whistler, Canada. Utah Winter Finance Conference, Utah, USA. American Economic & Finance Association, San Diego, USA Tel Aviv Finance Conference, Tel Aviv, Israel. Frontiers of Finance, Warwick, UK. American Finance Association, Chicago, USA European Finance Association, Stockholm, Sweden. NBER Summer Institute, Boston, USA. Society for Economic Dynamics, Ghent, Belgium. FIRS Conference on Banking, Insurance and Intermediation, Sydney, Australia. Adam Smith Asset Pricing Conference, Oxford, UK. Regulating Financial Intermediaries, LBS and Chicago Booth, London, UK. American Finance Association, Denver, USA European Finance Association, Frankfurt, Germany. Econometric Society World Congress, Shanghai, China. China International Conference in Finance, Beijing, China. Western Finance Association, Victoria B.C., Canada. FIRS Conference on Banking, Insurance and Intermediation, Florence, Italy. Adam Smith Asset Pricing Conference, Oxford, UK. UBC Winter Finance Conference, Whistler, Canada. European Winter Finance Conference, Andermatt, Switzerland. American Finance Association, Atlanta, USA Society for Economic Dynamics, Istanbul, Turkey Adam Smith Asset Pricing Conference, London, UK. European Finance Association, Athens, Greece. Western Finance Association, Big Island, Hawaii, USA. Lehman Brothers, New York, USA. American Finance Association, New Orleans, USA European Finance Association, Ljubljana, Slovenia. CEPR Summer Institute, Gerzensee, Switzerland. Western Finance Association, Montana, USA. American Finance Association, Chicago, USA American Finance Association, Boston, USA. CEPR Summer Institute, Gerzensee, Switzerland.

5 Teaching Experience The Wharton School, University of Pennsylvania, Instructor, 2014-present. Advanced Corporate Finance Undergraduate Program, Philadelphia. London Business School, Instructor, Capital Markets and Financing Full-Time & Executive M.B.A, London - Dubai. Teaching Evaluation: average of 4.8 out of 5.0. Thesis supervisor on 142 MBA and MiF thesis. University of Chicago, Graduate School of Business, Teaching Assistant, Ph.D. Courses: Asset Pricing, Topics in Dynamic Asset Pricing, Topics in Asset Pricing, Topics in Empirical Finance, Financial Engineering: Mathematical Models Option Pricing. Executive M.B.A. Courses: Investments (Barcelona, London and Singapore campuses). Teaching Assistant Distinction, Barcelona and Singapore, 2005, Department Service Master in Finance, Admissions Committee, Organization of Finance Seminars, Research Ethics Committee, Finance Ph.D. Prelim Exam Reviewer, 2007, Ph.D. Examiner for Georgy Chabakauri (London School of Economics), M. Phil. Examiner for Federica Pievani, Ph.D. Examiner for Andrea Buffa (Boston University), Macro-Finance Working Group, London Business School, Co-Organizer, Professional Activities Referee: Journal of Political Economy, Quarterly Journal of Economics, Review of Economic Studies, Journal of Finance, Review of Financial Studies, Journal of Financial Economics, Review of Corporate Finance Studies, Annals of Finance, Review of Economic Dynamics, American Economic Journal: Macroeconomics, The B.E. Journal of Macroeconomics, Economic Journal, European Economic Review, Journal of Banking and Finance, Management Science, Research Grants Council of the Swiss National Science Foundation, Research Assessment of Italian Universities (Economics), and the Portuguese Foundation for Science and Technology. Conference Program Committee: Western Finance Association, ; European Winter Finance Conference, ; European Finance Association, ; European Financial Management Association, 2013; Finance Summer Symposium ; Midwest Finance Association 2015; Utah Winter Finance Conference, Membership: American Economic Association, American Finance Association, Western Finance Association, European Finance Association, Econometric Society, Macro-Finance Society.

6 References John H. Cochrane AQR Capital Management Distinguished Service Professor of Finance The University of Chicago, Booth School of Business Francisco J. Gomes Professor of Finance London Business School Joao F. Gomes Howard Butcher III Professor of Finance The Wharton School, University of Pennsylvania Pietro Veronesi Roman Family Professor of Finance The University of Chicago, Booth School of Business