ARIS A. PROTOPAPADAKIS Rev 01/15 Marshall School of Business Administration Finance & Business Economics University of Southern California 3670 Trousdale Pkwy Bridge Hall 308 Los Angeles, CA 90089-0804 Tel. (213) 740 6537 Fax. (213) 740 6650 E-mail. aris.protopapadakis@marshall.usc.edu EDUCATION PhD, University of Chicago, 1979. MBA, University of Chicago, 1975. BSEE (Electrical Engineering), Lafayette College, 1967. FIELDS OF INTEREST Finance, International Finance, Monetary Theory and Policy. POSITIONS HELD Associate Professor of Finance, University of Southern California, School of Business Administration (1990). Claremont Graduate School, Economics Department: Professor of Economics and Finance (1989-91), Associate Professor (1986-89). Visiting Professor of Finance, Stockholm School of Economics (Fall 1989). Federal Reserve Bank of Philadelphia: Vice-President and Economist (1985-1986), Research Officer and Economist (1980-85). Adjunct Asst. Professor of Finance, The Wharton School, University of Pennsylvania (1984-1985). Visiting Scholar, International Monetary Fund (1984). Assistant Professor of Finance, The Wharton School, University of Pennsylvania (1977-1984). Resident Faculty at the Stouffer College House, University of Pennsylvania (1978-1981). Lecturer, Graduate School of Business, University of Chicago (1976-1977).
Area Superintendent, Celanese Corporation, Belvidere, NJ. Responsible for all operations of four product lines (1970-1971). Area Supervisor, Celanese Corporation, Cumberland, MD. Responsible for all production operations of two product lines (1968-1970). Production Engineer (1967-1968). RESEARCH Published Papers: Do Technical Trading Profits Remain in the Foreign Exchange Market? Evidence From Fourteen Currencies, with Igor Cialenco, Journal of International Financial Markets, Institutions and Money, Vol 2, 2011, pp: 176-206. Top-10 downloads in December 2006 at the SSRN. The Information Content of the BE/ME Ratio For Pricing Equities Internationally: Evidence From Seven National Markets, with Neal Maroney, European Finance Review, 6, 2, 2002. Macroeconomic Factors Do Influence Stock Returns, with Mark Flannery, Review of Financial Studies, Vol 15, 3, 2002, pp: 751-782. Limiting Differences Between Forward and Futures Prices in a Lucas Consumption Model, with Simon Benninga and Zvi Wiener, Journal of International Financial Markets and Institutions 2000. Financial Market Integration Tests: An Investigation Using U.S. Equity Markets, with Andy Naranjo, Journal of International Financial Markets and Institutions Vol 7, 2, 1997, pp: 93-135. Futures and Forward Prices with Markovian Interest Rate Processes, with Simon Benninga, Journal of Business (June 1994) 67, 3, pp: 401-422. The Equity Premium, with Simon Benninga, in New Palgrave Dictionary of Money and Finance edited by P. Newman, M. Milgate, J. Eatwell, 1992. ERM: A Way Station to One Currency? in Financial Regulation and Monetary Arrangements After 1992 edited by C. Wihlborg, M. Fratianni, T.D. Willett, North Holland, Amsterdam 1991. Stock Market Premia, Market Completeness, and Relative Risk Aversion, with Simon Benninga, American Economic Review (June 1991) 81, 3, pp: 591-599. Leverage, Time Preference, and the 'Equity Premium Puzzle', with Simon Benninga, Journal of Monetary Economics (January 1990) 25, 1, pp: 49-58. Aris Protopapadakis 2
The Equilibrium Pricing of Exchange Rates and Assets When Trade Takes Time, with Simon Benninga, Journal of International Money and Finance (June 1988) 7, 2, pp: 129-149. The Effect of Implicit Deposit Insurance on Banks' Portfolio Choices with an Application to International 'Overexposure', with Alessandro Penati, Journal of Monetary Economics (January 1988) 21, 1, pp: 107-126. From T-Bills to Common Stocks: Investigating the Generality of Intra-Week Return Seasonality, with Mark Flannery, The Journal of Finance (June 1988) 43, 2, pp: 431-450. Are Money Growth and Inflation Related to Government Deficits? Evidence from Ten Industrialized Economies, with Jeremy Siegel, Journal of International Money and Finance (March 1987) 6, 1, pp: 31-48. General Equilibrium Properties of the Term Structure of Interest Rates, with Simon Benninga. Journal of Financial Economics (July 1986) 16, 3, pp: 389-410. The Law of One Price in International Commodity Markets: A Reformulation and Some Formal Tests, with Hans Stoll, Journal of International Money and Finance (September 1986) 5, 3, pp: 335-360. An Analysis of Government Credit 'Crises', Studies in Banking and Finance (1986) Vol. 3, pp: 39-60. Does Government Debt Influence Money and Inflation: Theory and Some International Evidence, with Jeremy Siegel, Studies in Banking and Finance (1985) Vol. 2, pp: 195-240. The Neutrality of the Real Equilibrium Under Alternative Financing of Government Expenditures, with Simon Benninga, Journal of Monetary Economics (September 1984) 14, 2, pp: 183-208. Spot and Future Prices and the Law of One Price, with Hans Stoll, The Journal of Finance (December 1983) 38, 5, pp: 1431-1456. Real and Nominal Interest Rates Under Uncertainty: The Fisher Theorem and the Term Structure, with Simon Benninga, The Journal of Political Economy (October 1983) 91, 5, pp: 856-867. Some Indirect Evidence on Effective Capital Gains Tax Rates, Journal of Business (April 1983) 56, 2, pp: 127-138. Aris Protopapadakis 3
Expectations, Exchange Rates, and Monetary Theory: The Case of the German Hyperinflation, Journal of International Money and Finance (April 1983) 2, 1, pp: 47-67. The Exogeneity of Prices in the German Hyperinflation: A Reassessment, Economic Inquiry (January 1983) 21, 1, pp: 72-92. Are Government Deficits Monetized? Some International Evidence, with Jeremy Siegel, Business Review Federal Reserve Bank of Philadelphia, November 1986. Risk-Sensitive Deposit Insurance Premia: Some Practical Issues, with Mark Flannery, Business Review Federal Reserve Bank of Philadelphia, September 1984. Revealing the Real Rate: Let the Market Do It, with Donald Mullineaux, Business Review Federal Reserve Bank of Philadelphia, March 1984. Supply Side Economics: What Chance for Success? Business Review Federal Reserve Bank of Philadelphia, June 1981. Reprinted in The Supply Side Solution edited by Bruce Bartlett and Timothy Roth, Chatham House Publishers Inc., Chatham, NJ., 1983. Federal Deficits: A Faulty Gauge of Government Impact on the Credit Markets, with Brian Horrigan, Business Review Federal Reserve Bank of Philadelphia, March 1982. Commentary on The Effect of a Dual Exchange Market on Spot and Future Commodity Prices in the United Kingdom and the United States, International Futures Trading Seminar, Proceedings, May 20 & 21, 1980, Vol. VII. Monetary Policy and the Exchange Rate: Discussion, The Journal of Finance May 1977. Unpublished Papers: Real Yield Variability; a Simple Explanation for the UIRP and Related Puzzles in International Finance. Currently under revision. Budget Deficits, Current Account Deficits and Interest Rates: The Systematic Evidence on Ricardian Equivalence, with Roger Kormendi. Currently under revision. Macroeconomic News and the DM/$ Exchange Rate, 1980-1998 with Mark Flannery, December 2011. Currently under revision. A Re-examination of the Variance Bounds Methodology; A General Equilibrium Surprise, with Simon Benninga, revised November 1998. Related to an earlier paper: Is There a Relation Between the Volatility of Stock Prices and of Dividends? A General Equilibrium Analysis, with Simon Benninga, revised October 1997. Aris Protopapadakis 4
In Progress: Real Interest Rates: Why Aren t They Equal Across Countries? Marshall Blog Contributions: Pass TARP! The Alternative is Bad News for the Economy, October 10, 2008. On the Coming Regulation Boom, October 26, 2008. Other Contributions: Letter to the LA Times editor on regulation and freedom to choose. Published 07/01/2012. The European Debt Crisis: An Alternative Solution, Huffington Post, 07/18/2012. PROFESSIONAL ACTIVITIES Papers Presented at Conferences and Seminars: Real Yield Variability; a Simple Explanation for the UIRP and Related Puzzles in International Finance, Claremont Graduate School economics seminar, March 14 th 2014. Real Yield Variability; a Simple Explanation for the UIRP and Related Puzzles in International Finance, Santa Clara University and UC Santa Cruz West Coast International Finance and Open Economy Macroeconomics Workshop, Santa Cruz, CA. October 11 th 2013. Macroeconomic News and the DM/$ Exchange Rate, 1980-1998, World Finance Conference, Cyprus. July 1-3, 2013. Has Competition Eliminated Technical Trading Rule Profits in the Foreign Exchange Markets? Evidence From Eight Currencies, 6 th Portuguese Finance Network Conference, Ponta Delgada, June 2010. Has Competition Eliminated Technical Trading Rule Profits in the Foreign Exchange Markets? Evidence From Eight Currencies, Frontiers of Finance Conference, January 2007. Budget Deficits, Current Account Deficits and Interest Rates: The Systematic Evidence On Ricardian Equivalence, University of Montana Finance seminar, March 2004, the Tel Aviv Finance seminar, May 2005, and in the Frontiers of Finance conference, January 2006. A Fact of Life: Predictable Returns From an Equilibrium Model With Simple Fundamentals, University of California at Santa Barbara Economics department seminar, June 2004. Macroeconomic Factors Do Influence Stock Returns, at the Latin American Econometric Society Meetings, Cancun, Mexico, August 1999. Aris Protopapadakis 5
The Information Content of the Book-to-Market Ratio and Market Value For Pricing Equities Internationally. Evidence from Seven National Markets, at the European Finance Association meetings in Fontainebleau, August 1998, at the ASSA meetings, New Orleans, January 1997, and at the Owen School, of Management Conference on Investing Internationally, April 1996. Financial Market Integration Tests: An Investigation Using U.S. Equity Markets, Multinational Finance Conference, Rutgers University 1995 (presented by Andy Naranjo). Won the Best Paper Award at the conference. Futures and Forward Prices with Markovian Interest Rate Processes, European Finance Association meetings in Lisbon, August 1992 (presented by Simon Benninga). Volatility, Risk Premia, and Macroeconomic Factors, Jerusalem Finance Conference, May 1992. The Valuation of Fixed Income Securities in a Recursive Pricing Model, Winter Finance meetings at the University of Utah, February 1991. Discussant at: Discussant at the Cyprus World Finance Conference, June 2013. Discussant at the 6 th Portuguese Finance Network Conference, June 2010. Discussant at the Frontiers of Finance Conference December 2008. Session chair at the Frontiers of Finance Conferences, January 2006, 2007, and December 2008. Discussant at the Claremont Conference on Deflation, Claremont, CA. April 2001. Discussant at the Schriftfest in honor of Professor Robert Z. Aliber, at Chicago, ILL, October 2000. ASSA meetings in Washington, D.C., January 1995. Participated in: U.C. of Santa Cruz International Conference, October 2003-2014. Helped organize and participated in the 1st Frontiers of Finance Conference, January 2005 through 2009. Utah Winter Finance Conference, February 2001-2006, 2008-09. FRB at San Francisco ½ day conference on the US Balance of Payments in February 2005. U.C. of Santa Cruz Latin America Conference, April 2003. FRB San Francisco and Stanford Economic Policy Conference, March 2003. Aris Protopapadakis 6
Financial Issues in the Pacific Region Conference at the Federal Reserve Bank of San Francisco. October 2002. On-the-air interviews for KPCC, KFWB 980 (twice), KSRC and several for Annenberg News. Background interviews for the Arizona Republic and other requests. Associate Editor: Journal of International Financial Markets, Institutions and Money. Referee for: American Economic Review, Economic Inquiry, Economic Journal, European Economic Review, European Financial Review, The Financial Review, Journal of Banking and Finance, Journal of Business, Journal of Business Finance, Journal of Development Economics, Journal of Economic Dynamics and Control, Journal of Empirical Finance, Journal of Finance, Journal of International Business Studies, Journal of International Financial Markets, Institutions, and Money, Journal of International Money and Finance, Journal of Macroeconomics, Journal of Monetary Economics, Journal of Money, Credit, and Banking, Journal of Political Economy, Journal of Public Economics, International Economic Journal, International Economic Review, Open Economies Review, Quarterly Review of Economics and Finance, Review of Financial Studies, Review of Quantitative Finance and Accounting. Aris Protopapadakis 7
Faculty Committees and Advisorships: MS Finance Program Admissions Committee for FBE, October 2013, ongoing. PhD Program Curriculum Advisory Committee for FBE, September 2008, ongoing. PhD Program Admissions Committee for FBE, September 2013 June 2014. PhD Program Director for FBE, June 2005-2008. PEG Committee chair for Andrew Ang, 2005. PEG Committee chair for Krishna Kumar, 2005. IT Resource Committee, 2002 2004. Undergraduate Curriculum Committee, 1993-1994; 2001. Mexico country desk coordinator for the PRIME program, 1997-2001. MBA curriculum revision committee, 1999. International Track Coordinator, 1992-1999. Faculty Recruiting Committees, 1991-1999. PRIME faculty search, 1997-1998. TEACHING EXPERIENCE International Trade, Finance, and Commercial Policy (FBE 462), International Finance (FBE 464 & 562), International Financial Management (FBE 436 & 564), Macroeconomic for Business Analysis (ECON 352), Business Environment and Management Practices in the Pacific Rim (GSBA 582), Corporate Finance (BUAD 306), Option Pricing, Theory of Finance, Executive Education. MEMBERSHIPS Beta Gamma Sigma, AEA, AFA, EuFA, WFA. Aris Protopapadakis 8