Curriculum Vitae HELEN BOWERS, PhD Department of Finance Office: (302) 831-4625 Lerner College of Business and Economics Fax: (302) 831-3061 University of Delaware Home: (302) 731-1464 Newark, DE, USA 19716-2712 Mobile: (302) 584-1960 Email: bowers@udel.edu Education UNIVERSITY OF SOUTH CAROLINA, 1987, Ph.D., Finance LASALLE UNIVERSITY, 1982, B.S., Finance Experience 1997 - Present UNIVERSITY OF DELAWARE, Newark, DE Department of Finance: Director, MS Finance Program (2008-present), Associate Professor with tenure (since 1997), College of Business and Economics: Associate Dean, (1997-1999) 2001-Present THE WOODWARD GROUP, Media, Pennsylvania Senior Advisor, Economics and Valuations 1994 1997 WAKE FOREST UNIVERSITY, Winston-Salem, NC Calloway School of Business and Accountancy: Kemper Faculty Fellow (1994-1997), Associate Professor (1994-1997, tenure granted in 1997), Director, Risk Management Fellows Project (1995-1997) 1986-1994 UNIVERSITY OF NOTRE DAME, Notre Dame, IN Department of Finance and Business Economics: Assistant Professor 1985-1986 UNIVERSITY OF SOUTH CAROLINA, Columbia, SC Division of Research: Visiting Assistant Professor Publications Response to Is Delaware s Antitakeover Statute Unconstitutional? Evidence from 1988 2000, (with A. Gilchrist Sparks, III), The Business Lawyer, forthcoming. Reducing Compensation Expense: Valuing Options in Light of SFAS No. 123R, (with Jane Storero and Tara Stephenson), Employee Benefit Plan Review, November 2006. Fairness Opinions and the Business Judgment Rule: An Empirical Investigation of Target Firms Use of Fairness Opinions, Northwestern University Law Review, 2002, pp. 567-578. A Visible Hand: The Regulation of Australian Financial Services, Chapter in Research in International Business and Finance, Lance Nail, ed.., 2001, pp. 195-224.
Signaling, Financial Slack and Corporate Acquisitions, (with Norman H. Moore, and K. S. Maurice Tse), Review of Quantitative Finance and Accounting, 2000, pp. 195-216. Market Valuation of Excess Pension Assets: Evidence from the Market for Corporate Control, (with Norman H. Moore), Journal of Risk and Insurance, 1995, pp. 214-229. Dividend Buying: Linking Dividend Announcements and Ex-Dividend Day Effects, (with Donald H. Fehrs), Journal of Accounting, Auditing, and Finance, 1995, pp. 421-43. Bank Holding Company Acquisition Activity: Evidence from Pre- and Post-Deregulation Periods, (with Don P. Holdren, and W. Joe Mason, Jr.), The Financial Review, 1994, pp. 275-292. Uncertainty During Tender Offers and the Measurement of Shareholder Wealth Effects, (with Rodney L. Roenfeldt and Jack W. Trifts), Review of Quantitative Finance and Accounting, 1991, pp. 399-407. Choice of Investment Banker and Shareholders' Wealth of Firms Involved In Acquisitions, (with Robert E. Miller), Financial Management, 1991, pp. 34-44. Commentary on the 1982 FMA Program, (with Rodney L. Roenfeldt, Robert J. Sweeney and Steven J. Goldstein), Financial Management, 1982, pp. 52-54. Selected Professional Activities UNIVERSITY OF DELAWARE (2007-PRESENT) PROGRAM DIRECTOR, MASTER OF SCIENCE IN FINANCE UNIVERSITY OF DELAWARE BOARD OF TRUSTEES FINANCE SUBCOMMITTEE (2006-PRESENT) Faculty Representative WEINBURG CENTER FOR CORPORATE GOVERNANCE, UNIVERSITY OF DELAWARE (2005-2006) Seminar Series Coordinator ASTRAZENECA (2002) Conducted workshops for world-wide internal audit team on the roles of internal audit, external auditors, and the board of directors in financial reporting and corporate social responsibility STATE OF DELAWARE ATTORNEY GENERAL S OFFICE (2000-2002) Investor Education Conference, Developed and taught eight workshops on online investing for the State of Delaware, Department of Justice, Division of Securities ZENECA (1998-1999) Developed the Managerialism Professional Development Program with Warrick University, UK, the program is a multi-year executive development program taught in the US and UK WAKE FOREST UNIVERSITY (1995-1997) Risk Management Fellows Project, Wake Forest University (1995-1997): Developed integrated internship program for undergraduates with leading firms in financial services, responsible for securing funding, budget, and initiating and maintaining industry contacts 2
WAKE FOREST UNIVERSITY (1995) Symposium Committee Chair, Value at Risk: Financial Risk Management Tools and Methods WAKE FOREST UNIVERSITY (1994) Symposium Committee Chair, Derivative Securities: Proactive Risk Management in the 90s OFFICE OF THE COMPTROLLER OF THE CURRENCY (July 1995) Visiting Scholar, Made presentations to OCC research associates in the Bank Research Division on derivative securities and acquisition activity SOUTHERN NATIONAL BANK (1995) Economic Analyst, Attended the weekly meetings of the Asset and Liability Management Committee chaired by the Chief Financial Officer and provided economic analysis on balance sheet transition during Southern National's merger with BB&T Courses Taught Financial Modeling and Valuation (MBA, undergraduate), Corporate Financial Analysis (Ph.D., and MBA), Venture Capital (MBA), Principles of Corporate Finance (undergraduate, MBA, and Executive MBA), Financial Institutions and Capital Markets (undergraduate, MBA, and Executive MBA), Intermediate Corporate Finance (undergraduate), International Finance: Australian Financial Institutions and Capital Markets (undergraduate), Advanced Corporate Finance (undergraduate), Risk Management and Insurance (undergraduate), Risk Management and Employee Benefits for Not-for- Profit Organizations (MS), Special Readings Seminar in Corporate Finance (Ph.D.) International Teaching Experience and Program Development 2007-2009 Hanken Swedish School of Economics and Business Administration, Helsinki, Finland. Taught Comparative Corporate Governance 2005-2006 Catholic University of Lyon, Lyon, France. Member of Visiting Committee 2003-2004 Université Lumière (Lyon 2), Lyon, France. Visiting Professor, Faculté de Sciences Economiques et de Gestion. Taught corporate governance and financial markets. 2001 University of Delaware London Program, London, UK. Taught corporate finance. 2000-2001 University of Delaware Study Abroad Program, Australia and New Zealand. Developed and taught a six-week program on the structure of financial markets at sites in Australia and New Zealand includ Sydney, Melbourne, Brisbane, and Adelaide, Australia and Auckland, New Zealand. 1998-1999 Warrick University, UK. Designed and developed the Managerialism Professional Development Program taught at Warwick for Zeneca, Ltd. employees. Professional Association Activities and Memberships FINANCIAL MANAGEMENT ASSOCIATION Program Committee (1994-1996, 2002-05), EASTERN FINANCE ASSOCIATION Program Committee (1991-1996, 2004-2005), Track Chair: Special Sessions and Tutorials (1997), SOUTHERN FINANCE ASSOCIATION Program Committee (2008, 1994-1995). 3
MEMBER: American Finance Association, American Risk and Insurance Association, Global Association of Risk Professionals, Western Finance Association, Financial Management Association, Eastern Finance Association, and Southern Finance Association Manuscript Referee American Economic Review, Decision Sciences, Financial Management, Journal of Applied Business, Journal of Economics and Business, Journal of Empirical Finance, Journal of Risk and Insurance, Review of Quantitative Finance and Accounting, and Quarterly Review of Economics and Finance Recent Presentations Does Legally Mandating Independence of Advisers Improve Merger Outcomes for Shareholders? With William R. Latham and Bogdan Nedanov, Conference for Empirical Legal Studies, Cornell University, September 12, 2008. CEO Entrenchment and Turnover: Governance, Performance and Tenure with William Latham and James Markham, Frontiers of Finance Conference, San Pedro, Belize, December 15, 2008 Information Asymmetries, Litigation Risk and the Demand for Fairness Opinions: Evidence from U.S. Mergers and Acquisitions, Hanken Swedish School of Business and Economics, 2007 Frontiers of Finance Meetings, 2006 CRSP Forum, 2005 Financial Management Association Meetings Value of Fairness Opinions in US Mergers and Acquisitions, 1980-2003, Laboratoire des Stratégies Idustrielles (LASI), Université de Paris1 Panthéon-Sorbonne, April 2004. Working Papers CEO Entrenchment and Turnover: Governance, Performance and Tenure with William Latham and James Markham Litigation Risk, Information Asymmetry, Uncertainty and the Demand For Fairness Opinions with William Latham Moral Hazard and Agency Problems in U.S. Mergers and Acquisitions with William Latham and Bogdan Nedanov Selected Consulting Experience: EXPERT ANALYSIS IN LITIGATION Fairness opinions rendered for public and private companies in merger and acquisition transactions. Fair value calculated for shareholders in short-form mergers under Delaware law (includes deposition and trial testimony, Delaware Chancery Court). Damages calculated for both plaintiffs and defendants in valuation cases. 4
VALUATION SERVICES Valuation in litigation following a minority buyout; Valuation pursuant to a recapitalization; Fairness opinion in a self-tender offer; Shareholder class action lawsuit (Delaware Chancery Court); Appraisal in litigation following a reverse split (Delaware Chancery Court); Fairness opinion in a merger; Valuation of firm in a management buyout; Fairness opinion in a stock conversion; Shareholder class action lawsuit following a tender offer (Delaware Chancery Court); Valuation of firm as a target in an acquisition, Litigation support; Fairness opinion in a tender offer; Fairness opinion for an initial public offering; Valuation of a division of firm divested and then acquired ADVISORY SERVICES Advised management in a buyout; Corporate governance and restructuring; Advised target firms in negotiation with potential acquirers 5