FEDERICO NARDARI. CURRENT POSITION Associate Professor of Finance, C.T. Bauer College of Business, University of Houston, Present

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1 FEDERICO NARDARI University of Houston C.T. Bauer College of Business 334 Melcher Hall Houston, TX Office Phone: (713) Web Page CURRENT POSITION Associate Professor of Finance, C.T. Bauer College of Business, University of Houston, Present PREVIOUS AFFILIATIONS Assistant Professor of Finance, C.T. Bauer College of Business, University of Houston Assistant Professor of Finance, W.P. Carey School of Business, Arizona State University EDUCATION Washington University in Saint Louis, John M. Olin School of Business. St. Louis, MO Ph.D. in Finance M.S.B.A. in Finance University of Bergamo. Bergamo, Italy B.S. (with highest honors) in Economics and Business. Specialization in Finance RESEARCH INTERESTS Asset Pricing, Mutual Fund Performance Evaluation, Trading Activity, International Finance, Financial Econometrics. TEACHING INTERESTS Investment Management, Derivatives, Risk Management, International Finance, Fixed Income. PUBLICATIONS 1. Time-Varying Short-Horizon Predictability (with Samuel Henkel and J. Spencer Martin), Journal of Financial Economics, 2011, 99, Who Drives the Non-linear Relation Between Mutual Fund Performance and Net Flows? (with George Cashman, Daniel Deli and Sriram Villupuram), Financial Review (in press). 3. Do Market Efficiency Measures Yield Correct Inferences? A Comparison of Developed and Emerging Markets (with John Griffin and Patrick Kelly), Review of Financial Studies, 2010, 23-8, Bayesian Analysis of Linear Factor Models with Latent Factors, Multivariate Stochastic Volatility, and APT Pricing Restrictions (with John Scruggs), Journal of Financial and Quantitative Analysis, 2007, 42-4,

2 5. Do Investors Trade More when Stocks Have Performed Well? Evidence from 46 Countries (with John Griffin and René Stulz), Review of Financial Studies, 2007, 20-3, Explaining the Early Years of the Euro Exchange Rate: an Episode of Learning about a New Central Bank (with Manuel Gomez and Michael Melvin), European Economic Review, 2007, 51-3, (lead article). 7. Analysis of High Dimensional Multivariate Stochastic Volatility Models (with Siddhartha Chib and Neil Shephard), Journal of Econometrics, 2006, 134-2, Are Daily Cross-Border Equity Flows Pushed or Pulled? (with John Griffin and René Stulz), Review of Economics and Statistics, 2004, 86-3, (lead article). 9. Markov Chain Monte Carlo Methods for Generalized Stochastic Volatility Models (with Siddhartha Chib and Neil Shephard), Journal of Econometrics 2002, 108, WORKING PAPERS 1. Does the Misspecification of Timing Strategy or Timing Index Affect Inference in Measuring Mutual Fund Performance? (with Jeffrey Coles and Naveen Daniel). Revise and Resubmit, Journal of Financial and Quantitative Analysis, 2 nd Round. 2. Parcel Size and Land Value: a Comparison of Approaches (with Karl Guntermann, Alex Horenstein and Gareth Thomas). Revise and Resubmit, Real Estate Economics, 4 th. Round. 3. Learning about Fundamentals and Stock Return Decomposition (with Praveen Kumar). WORK IN PROGRESS 1. Selecting Factors from Asset Returns (with Seung Ahn and Gareth Thomas). 2. Trading Volume and Investor Heterogeneity (with Stephan Dieckmann). 3. What is the Decomposition of the Market Wealth Portfolio? (with Guofu Zhou). OLDER PAPERS 1. Why Does Stock Market Volatility Change Over Time? A Time-Varying Variance Decomposition for Stock Returns (with John Scruggs). 2. Comparing Stochastic Volatility Models of the Short Term Interest Rate: A Bayesian Approach. PRESENTATIONS Are Daily Cross-Border Equity Flows Pushed or Pulled? (with John Griffin and René Stulz) By Self: University of Arizona, Vanderbilt University, AFA Meetings 2003, EFA Meetings 2003 By Co-author: Georgia Tech International Finance conference, University of Michigan, IMF Global Linkages Symposium

3 Analysis of High Dimensional Multivariate Stochastic Volatility Models (with Siddhartha Chib and Neil Shephard) By Co-author: Duke University, Princeton University, University of Chicago, Rice University, University of Southern California, Purdue Computational Finance Program Bayesian Analysis of Linear Factor Models with Latent Factors, Multivariate Stochastic Volatility, and APT Pricing Restrictions (with John Scruggs) By Self:: UCLA, WFA Meetings 2003, EFA Meetings 2003, University of Houston, FMA Meetings 2005 By Co-author: Washington University in Saint Louis, All-Georgia Finance Forum Do Investors Trade More when Stocks Have Performed Well? Evidence from 46 Countries (with John Griffin and René Stulz) By Self: Queen s University, EFA Meetings 2004, FEA (USC) Conference 2004 By Co-author: University of Texas at Austin, Finance and Accounting Symposium 2004, University of Amsterdam, University of Pennsylvania (Wharton) Why Does Stock Market Volatility Change Over Time? A Time-Varying Variance Decomposition for Stock Returns (with John Scruggs) By Self: EFA Meetings 2005, FMA Meetings 2006, conference on Changing Structures in International Financial Markets and the Effects on Financial Decision Making 2005 Comparing Stochastic Volatility Models of the Short Term Interest Rate: A Bayesian Approach By Self:: INSEAD, Georgetown University, Baruch College, University of Georgia, Dartmouth College, Arizona State University, University of Arizona Does the Misspecification of Timing Strategy or Timing Index Affect Inference in Measuring Mutual Fund Performance? (with Jeffrey Coles and Naveen Daniel) By Self: EFA Meetings 2006, University of Georgia Are Emerging Markets More Profitable? Implications for Comparing Weak and Semi-Strong Form Efficiency " (with John Griffin and Patrick Kelly) By Co-author: Baruch College, Copenhagen Business School, George Mason University, Federal Reserve in Washington D.C., Norwegian School of Management, EFA Meetings 2007, AFA Meetings 2008 Understanding the Non-linearity between Mutual Fund Performance and Flows (with George Cashman, Daniel Deli and Sriram Villupuram) By Co-author: WFA Meetings 2007, FMA Meetings 2007 Time-Varying Short-Horizon Predictability (with Samuel Henkel and J. Spencer Martin) By Self: Barclays Global Investors, Michigan State University, Indiana University, University of Houston, University of Arizona, Thunderbird School of Management, EFMA Meetings 2009, University of Wisconsin at Milwaukee, Lone Star Conference 2009 By Co-author: Carnegie Mellon University, McGill, AFA Meetings 2008, EFA Meetings 2008 Learning about Fundamentals and Stock Return Decomposition (with Praveen Kumar) By Self: University of Melbourne 2011, ITAM Finance Conferemce 2012

4 TEACHING University of Houston, C.T. Bauer College of Business, Present Options and Futures B.S. level Average Ratings: 4.21 to 4.93 against 5.0 best possible (1=worst) Arizona State University, W.P. Carey School of Business, International Financial Management MBA level, Responsible for development of course content, Average Ratings: 1.18 to 1.96 against 1.0 best possible (5=worst) Managerial Finance MBA level (Core Finance Course for Full Time Program), Average Ratings: 1.35 to 1.98 against 1.0 best possible (5=worst) Derivatives Securities and Risk Management MBA level, 2006 Foundations of Investments and Portfolio Management MBA level (Full Time and Evening Programs), Responsible for development of course content, Average Ratings: 6.01 to 6.52 against 7.0 best possible (1=worst) Practicum: Valuation of a company seeking second round of Venture Capital financing (supervised a group of MBA students and worked jointly with local company), Spring 2001 Independent study: International Cost of Capital and Firm Valuation (supervised MBA students), Fall 2001 Washington University, Olin School of Business, International Finance, BSBA level. Responsible for development of course content, Average Ratings: 4.45 to 4.82 against 5.0 best possible (1=worst) International Finance, MBA and PMBA level, 1998 Average Ratings: 4.05 to 4.13 against 5.0 best possible (1=worst) Teaching Honors Nominated as ASU Outstanding Faculty by Business Week Guide to the Best Business Schools, 2003 Nominee (top 5) by ASU MBA Students Association for J.W. Teets Outstanding MBA Professor Award, 2003 Advisory Committees ASU Doctoral Dissertation Committees: Christopher Gadarowski (Finance, 2000), Naveen Daniel (Finance, 2001), Greg Durham (Finance, 2002), Selim Topaloglu (Finance, 2002), Eugenio Suarez (Economics, 2001), Manuel Gomez (Economics, 2003), Magali Valero (Economics, 2004), Susan Ji (Finance, 2003), Patrick Kelly (Finance, 2006), Matthew Croucher (Economics, 2007), Sriram Villupuram (Finance, 2008), Alex Horenstein (Economics, 2009) ASU Finance Doctoral Program Committee, UH Doctoral Dissertation Committees: Injoong Kim (Finance, 2010)

5 INSTITUTIONAL SERVICES ASU Department of Finance MBA Program Committee, Recruiting Committee, , Research Committee, Computing Resources Committee, (Chair) ASU School of Business International Business Committee, University of Houston, Department of Finance Recruiting Committee, 2008 Present P&T Committee, 2012 Present Liaison for Lone Star Conference: 2009, 2010 PROFESSIONAL SERVICES Discussant Western Finance Association Meetings: 2002, 2007 American Finance Association Meetings: 2006 European Finance Association Meetings: 2000, 2007 Financial Management Association Meetings: 2005, 2006, 2007, 2010 European Financial Management Association Meetings: 2009 Lone Star Conference: 2010 Session Chair European Finance Association Meetings: 2005 Financial Management Association Meetings: 2005, 2007 Program Committee Financial Management Association Meetings: FMA Best Paper in Investments Prize: 2010 Lone Star Conference: 2009, 2010 Ad Hoc Referee: Journal of Finance, Review of Financial Studies, Journal of Financial and Quantitative Analysis, Journal of Banking and Finance, Review of Finance, Journal of Financial Markets, Financial Review, Review of Economics and Statistics, Journal of Econometrics, Journal of Financial Econometrics, Journal of International Money and Finance, Journal of Economic Dynamics and Control, Journal of Business and Economic Statistics, Journal of Empirical Finance, Journal of Applied Econometrics.