MICHAEL S. LONG. (570) Newark, NJ (973)

Transcription

1 MICHAEL S. LONG 151 Mulberry Dr. Rutgers University Milford, PA Washington St. (570) Newark, NJ (973) DEGREES: Ph.D. M.P.A. M.S. B.S Purdue University. Industrial Administration (Finance) Georgia State University. Professional Accountancy Purdue University. Industrial Administration Western Michigan University. Chemistry PROFESSIONAL EXPERIENCE: Professor, Rutgers Business School, Rutgers University New York University. Visiting Associate Professor of Finance, Stern Graduate School of Business Alexander Hamilton Chair, Budapest Hungary. Sponsored by the U. S. Fulbright Commission. Worked with the Hungarian Small Enterprise Economic Development Center to aid in the development of Hungarian small businesses in a market economy. Taught and consulted on entrepreneurial development Co-Director, David Whitcomb Center for Research in Financial Services Academic Director MBA Program, Graduate School of Management, Rutgers University Associate Professor, Rutgers Business School, Rutgers University Acting Chair, Department of Finance, University of Illinois at Chicago Associate Professor, Department of Finance, University of Illinois at Chicago Visiting Scholar, Federal Home Loan Bank Board, Washington D.C.

2 Visiting Associate Professor, University of British Columbia, Accounting Visiting Associate Professor, The Ohio State University Associate Professor, Georgia Institute of Technology Visiting Associate Professor, Purdue University Assistant Professor of Finance, Georgia Institute of Technology David Ross Fellowship, Purdue University Teaching Assistant, Purdue University Economics Instructor, U.S. Army, Fort Knox Kentucky. Electives Division, U.S. Army Armor School and Fort Knox Community College. Honorable Discharge. PUBLICATIONS: The Effect of State Laws on Capital Structure." Journal of Financial Economics, Forthcoming. (With John Wald). Valuing the Closely Held Firm, Oxford University Press, (With Thomas A. Bryant). A Cross-sectional Analysis of Firm Growth Options. In Innovation, Organization and Strategy: New Developments and Applications in Real Options, edited by Lenos Trigeorgis (Oxford University Press, 2005). (With John Wald and Jing Feng Zhang). Leasing and the Small Firm. Journal of Equipment Lease Financing, (With Ben J. Sopranzetti). Closely Held Firms as Going Concerns. The Journal of Entrepreneurial Finance and Business Ventures, (With Stephen E. Sefcik). The Fixed Payment Decision: To Borrow or Lease. Review of Financial Economics, (With Sungjune Kang). Taxes and the Tax Rate Effect on the Capital/Labor Decision: An International Comparison. International Journal of Business, (With Aniko Soltesz).

3 Financing Strategies in Transitioning Economies. Multinational Business Review, (With Wilbur G. Lewellen). "An Explanation of Underwriting Spread Differentials in Complex Securities." Financial Management, Summer (With Michael Becker). "Using Neural Networks to Differentiate Between 'Winner' and 'Loser' Stocks". The Journal of Financial Statement Analysis, Spring (With John Longo). "An Empirical Examination of Dividend Policy Following Debt Issuance." Journal of Financial and Quantitative Analysis, March (With I. Malitz and S. Sefcik). "Trade Credit, Quality Guarantees and Product Marketability." Financial Management, Winter (With I. Malitz and S. A. Ravid). "Model Specification, Information Asymmetry and Antitakeover Amendments." Advances in Financial Planning and Forecasting, Volume 5, (With B. Lauterbach and I. Malitz). "The Incentives Behind the Adoption of Executive Stock Option Plans in U.S. Corporations." Financial Management 20, Autumn "Market Reaction to Capital Structure Changes and its Association with Profit and Cash Flows." Special issue on Profit Flow, Cash Flow and Decision Making, Managerial Finance 18, (With I. Malitz and S. Sefcik). "Participation Financing: A Comparison of the Characteristics of Convertible Debt and Straight Bonds Issued in Conjunction with Warrants." Financial Management 18, Autumn (With Stephan Sefcik). "Who is Signalling Whom With Stock Repurchases?" The Journal of Applied Business Research 5, (With John A. Polonchek). "Regulatory Accounting Principles, Forbearance and the Perpetuation of the Savings and Loan Industry." Housing Finance Review 6, Spring (With Julie Lockhart and Stephan Sefcik). "Strategic Issues in Cash Tender Offers: Predicting Bid Premiums, Probability of Success, and Target Management's Response." Midland Corporate Bank Journal 4, Summer (With Ralph Walkling). "The Investment-Financing Nexus." Midland Corporate Bank Journal. Autumn (With Ileen Malitz). Reprinted in TheRevolution in Corporate Finance. J. Stern and D. Chew, (Eds.), Basil Blackwell, Ltd., 1986.

4 "Capital Equilibrium for the Energy Industry, " Economic Notes (With John Boquist). "Investment Patterns and Financial Leverage." Corporate Capital Structure in the United States. National Bureau of Economic Research, University of Chicago Press, (With Ileen Malitz). Agency Theory, Managerial Welfare and Takeover Bid Resistance." The Rand (Bell) Journal of Economics, Spring (With Ralph Walkling). "Taxes and Executive Stock Options." The Journal of Accounting and Economics 4, June (With Gailen Hite). "The Discount Rate in the Lease-Buy Decision." The Engineering Economist, Summer "The Phillips Curve For the 1970's: An International Comparison." The Indian Journal of Economics 56, January (With Richard Cebula). "Stochastic Demand and the Equity Capitalization Rate." Journal of Business Finance and Accounting. Vol. 6, Number 4, Winter (With George Racette). "The Effect of Personal Taxes and Equity Issuing Costs on the Firm's Investment Decision." Journal of Business Research 7, November (With John Ezzell). "Capital Costs and Adjusted Present Value: Reconciliation and Amplification." Journal of Business Research 5, (With W. G. Lewellen and John McConnell). "Leasing and the Cost of Capital." Journal of Financial and Quantitative Analysis 12, November Selected Conference paper from the 1977 Western Finance Association Meeting. "Development and Implementation of a Statistical Credit Evaluation Model for Second Mortgage Loans." Mortgage Banker July (With John McConnell). "Credit Screening System Selection." Journal of Financial and Quantitative Analysis 11, June "Asset Leasing in Competitive Capital Markets." Journal of Finance 31, June (With W. G. Lewellen and John McConnell). "Effect of Lending Ceilings and Money Costs on Extensions of Consumer Credit." Journal of Bank Research 7, Autumn 1976.

5 "Stochastic Demand, Output and the Cost of Capital." Journal of Finance 29, May Competitive Paper Session. (With George Racette). "Simulation Versus Single-Value Estimates in Capital Expenditures Analysis." Decision Science 3, (With W. G. Lewellen). Reprinted in Modern Developments in Financial Management. Stewart C. Myers, ed., GRANTS, AWARDS & HONORS: Equipment Lessor Association. Leasing and Small Business, (Co-awarded with Ben Sopranzetti). Certified Financial Planner. Completed Requirements, Associate Editor, International Journal of Business, Alexander Hamilton Chair. Fulbright Program, Consulted and taught entrepreneurship in Hungary, Spring, Outstanding Paper in Corporate Finance, Dryden Press and Eastern Finance Assoc National Bureau of Economic Research. Investment Patterns and Financial Leverage (Co-awarded with Ileen Malitz). Electric Power Research Institute. Capital Equilibrium for the Energy Industry, (Co-awarded with John Boquist). Outstanding Paper in Corporate Finance, Financial Management Association, OTHER EXPERIENCE: 1998 Expert Witness for Dewey Ballantine. Determined required rate of return for a non traded firm s damage award Editor, Financial Management Association's Survey and Synthesis Monograph Series, Expert Witness in Savings & Loan case. Analyzed adequacy of loan portfolios and hedging strategies for a Savings and Loan Company Rutgers' Roundtable for Corporate Executives. Speaker on new financing techniques for businesses.

6 1991 Seminar Development and Presentation. Developed and presented a seminar for small businesses. The Institute of Middlesex County College, Technology Executive Roundtable Consultant for Small Businesses. Performed valuations of and managerial for small businesses in the Chicago area Institute for Entrepreneurial Studies. University of Illinois at Chicago. Taught entrepreneurial finance and consulted in outreach programs for the Institute Merrill Lynch Mortgage Capital, consultant. Developed and empirically tested a mortgage prepayment model Federal Home Loan Bank Board. Modified and updated the Savings and Loan Industry Model for semi-annual data Georgia Governor's Conference on Venture Capital. Faculty representative to Governor Busby's Venture Capital Conference to establish a venture capital fund for Georgia Credit Scoring Models. Developed credit scoring models for various consumer financing and second mortgage companies. PRESENTATIONS: The Microeconomic Firm under Uncertainty: Theoretical Development and Empirical Test. Real Options Conference 2006 and Financial Management Association Meetings (With Ren Raw Chen and Xiaoli Wang). Growth Options, Unwritten Call Discounts and Valuing the Small Firm, Revised. Invited paper at NACVA Conference (With Xiaoli Wang and Jingfeng Zhang). The Effect of State Laws and Market Power on Capital Structure. Presented at Southern Finance Association Meetings (With John Wald and Jingfeng Zhang). Growth Options, Unwritten Call Discounts and Valuing the Small Firm. Presented at European Finance Association Meetings 2004 and Financial Management Association Meetings both (With Jingfeng Zhang). A Cross-sectional Analysis of Firm Growth Options Presented at Real Options Conference (With John Wald and Jingfeng Zhang).

7 Are We Discounting the Future. Or the Hereafter? Bubbles versus Growth Stocks: The U. S. Auto Industry as a Case Study. Presented at Eastern Finance Association Annual Meetings (With Robert Porter). Closely Held Firms as Going Concerns. Presented at Twelfth Annual Entrepreneurial Finance and Business Ventures Research Conference (With Stephen E. Sefcik). Growth Options, Call Discounts and Valuing the Small Firm. Presented at the Financial Management Associations Lease-Buy Decision: Empirical Determinants. Presented at Eastern Finance Association (With Sungjune Kang). Bond Covenants: Are They The New Dinosaurs?. Presented at the Financial Management Association (With Ileen B. Malitz). An Explanation of Underwriting Spread Differentials in Complex Securities. Presented at Financial Management Association, (With Michael Becker). Model Specification, Information Asymmetry and Antitakeover Amendments. Presented at the European Finance Association 1991, the Eastern Finance Association 1991 and the Financial Management Association (With B. Lauterbach and I. Malitz). Trade Credit, Stakeholders and Product Marketability. Presented at the Financial Management Association, 1990 and the Eastern Finance Association, 1991 where it won the Outstanding Paper in Corporate Finance. (With I. Malitz and S. A. Ravid). The Relative Importance of Operating Risk and Asset Type in the Choice of Capital Structure. Presented at the Financial Management Association (With I. Malitz and A. Prezas). Dividend Changes After Security Issues and Share Repurchase As An Explanation of Observed Market Reaction To Announcements. Presented at the Financial Management Association (With I. Malitz and S. Sefcik). Participation Financing: A Comparison of Convertible Debt and Bonds with Warrants. Presented at the Financial Management Association Meeting, (With Stephan Sefcik). Taxes and Executive Stock Options: The Early History. Presented at A Conference in Honor of William H. Meckling on Management Compensation and the Managerial Labor Market, 1984.

8 Agency Theory, Managerial Welfare, and Takeover Bid Resistance. Invited paper at A Conference in Honor of William H. Meckling on Management Compensation and the Managerial Labor Market, (With Ralph Walkling). Evidence on Wealth Maximization: The Case of Convertible Debt and Dividend Policy. Presented at the Financial Management Association Meeting, (With Stephan Sefcik). Capital Structure: Concepts and Evidence. Presented at the American Finance Association Meeting, (With Ileen Malitz). Ownership and the Repurchase Decision. Presented at the Financial Management Association Meeting, (With John Poloncheck). Taxes and Executive Stock Options. Presented at the Western Finance Association Meeting, (With Gailen Hite). The Discount Rate in the Lease-Buy Decision. Presented at the Eastern Finance Association competitive paper session, Income Elasticity and Systematic Risk: A Theoretical Development and An Empirical Test. Presented at the Eastern Finance Association Meeting, The Effect of Personal Taxes and Equity Issuing Costs on the Firm's Investment Decision. Presented at the Financial Management Association Meeting, (With John Ezzell). Leasing and the Cost of Capital. Presented at the Western Finance Association Meeting, Stochastic Demand, Uncertainty, and the Theory of the Firm. Presented at the Western Finance Association Meeting, (With George Racette). Asset Leasing in Competitive Capital Markets. Presented at the Financial Management Association Meeting, 1975, Award winning paper. (With W.G. Lewellen and J. McConnell). Stochastic Demand, Output, and the Cost of Capital. Presented at the American Finance Association Meeting, (With George Racette).

9 DOCTORAL DISSERTATIONS SUPERVISED: Michael Becker, University of Illinois at Chicago, Wonil Lee, Rutgers University, Eric Rosenblatt, Rutgers University, John Longo, Rutgers University, Naman Aggrewal, Rutgers University, Sungjune Kang, Rutgers University, Zhihong (Helen) Lai, Rutgers University, Jingfeng Zhang, Rutgers University, Xiaoli Wang, Rutgers University, 2006.