PERSONAL Grant McQueen William Edwards Professor of Finance Marriott School of Management

Born: August 13, 1958 Marital Status: Married, four children Citizenship: of America

ADDRESS Marriott School of Management 616 Tanner Building Brigham Young University Provo, UT 84602 Voice: (801) 422-3017 FAX: (801) 422-0108 E-mail: [email protected] Homepage: http://marriottschool.byu.edu/emp/grm/grm.htm

REFEREED McQueen, Grant and Steven Thorley, “Are Stock Returns Predictable? A Test JOURNAL Using Markov Chains,” Journal of Finance Vol. 46, No. 1, March 1991, pp. 239-263. ARTICLES -Summarized in The CFA Digest, Winter 1993, Vol. 23, No. 1.

McQueen, Grant, “Long Horizon Mean Reverting Stock Prices Revisited,” Journal of Financial and Quantitative Analysis Vol. 27, No. 1, March 1992, pp. 1-18. -Lead article.

Chang, Eric, Grant McQueen, and J. Michael Pinegar, “Tests of the Nominal Contracting Hypothesis Using Stocks and Bonds of the Same Firms,” The Journal of Banking and Finance Vol. 16, June 1992, pp. 477-496. -Lead article.

McQueen, Grant and Steven Thorley, “Asymmetric Business Cycle Turning Points,” Journal of Monetary Economics Vol. 31, No. 3, June 1993, pp. 341-362.

McQueen, Grant and V. Vance Roley, “Stock Prices, News, and Business Conditions,” The Review of Financial Studies Vol. 6, No. 3, 1993, pp. 683-707. -Formerly NBER Working Paper No. w3520.

McQueen, Grant and Steven Thorley, “Bubbles, Stock Returns, and Duration Dependence,” Journal of Financial and Quantitative Analysis Vol. 29, No. 3, September 1994, pp. 379-401.

Larson, Alan and Grant McQueen, “REITs, Real Estate, and Inflation: Lessons from the Gold Market,” The Journal of Real Estate Finance and Economics Vol. 10, No. 3, May 1995, pp. 285-297. Crawford, Robert, Grant McQueen, and Maxwell Miller, “Valuing Illiquid Real Property: The Pitfalls of Yield Capitalization,” Journal of Property Tax Management Vol. 6, Issue 4, Spring 1995, pp. 43-56.

McQueen, Grant and Brent Wilson, “: Initial Public Offering,” Journal of Financial Education Vol. 22, Spring 1996, pp. 82-99.

McQueen, Grant, Michael Pinegar, and Steven Thorley, “Delayed Reaction to Good News and the Cross-Autocorrelation of Portfolio Returns,” Journal of Finance Vol. 51, No. 3, July 1996, pp. 889-919.

McQueen, Grant, Kay Shields, and Steven Thorley, “Does the ‘Dow-10 Investment Strategy’ Beat the Dow Statistically and Economically?” Financial Analysts Journal Vol. 53, No. 4, July/August 1997, pp. 66-72.

McQueen, Grant and Steven Thorley, “Do Investors Learn? Evidence from a Gold Market Anomaly,” The Financial Review Vol. 32, No. 3, August 1997, pp. 501-525.

Chan, Kalok, Grant McQueen, and Steven Thorley, “Are there Rational Speculative Bubbles in Asian Stock Markets,” Pacific-Basin Finance Journal Vol. 6, Nos. 1-2, May 1998, pp. 125-151.

McQueen, Grant and Steven Thorley, “Mining Fool’s Gold,” Financial Analysts Journal Vol. 55, No. 2, March/April, 1999, pp. 61-72. -Summarized in The CFA Digest, Fall 1999, Vol. 29, No. 4.

Adams, Greg, Grant McQueen, and Kristie Seawright, “Revisiting the Stock Price Impact of Quality Awards,” OMEGA, The International Journal of Management Science Vol. 27, No. 6, December 1999, pp. 595-604. -Lead article.

Chang, Eric ., Grant McQueen, and J. Michael Pinegar, “Cross-Autocorrelation in Asian Stock Markets,” Pacific-Basin Finance Journal Vol. 7, No. 5, December 1999, pp. 471-493.

Alexander, William, Scott Grimshaw, Grant McQueen, and Barrett Slade, “Some Loans are More Equal than Others: Third-Party Originations and Defaults in the Subprime Mortgage Industry,” Real Estate Economics Vol. 30, No. 4, Winter 2002, pp. 667-697.

Lambson, Val, Grant McQueen, and Barrett Slade, “Do Out-of-state Buyers Pay More for Real Estate? An Examination of Anchoring-Induced Bias and Search Costs,” Real Estate Economics Vol. 32, No. 1, Spring 2004, pp. 85-126.

Adams, Greg, Grant McQueen, and Robert Wood, “The Effects of Inflation News on High Frequency Stock Returns,” The Journal of Business Vol. 77, No. 3, July 2004, pp. 547-574.

Grant McQueen and Keith Vorkink, “Whence GARCH? A Preference-Based Explanation for Conditional Volatility,” Review of Financial Studies Vol. 17, No. 4, Winter 2004, pp. 915-949. -Lead article.

Brau, Jim, Val Lambson, and Grant McQueen, “Lockups Revisited,” Journal of Quantitative and Financial Analysis Vol. 40, No. 3, September 2005, pp. 519-530.

Grimshaw, Scott, Jim McDonald, Grant McQueen, and Steven Thorley, “Estimating Hazard Functions for Discrete Lifetimes,” Communication in Statistics: Simulation and Computation Vol. 34, No. 2, 2005, pp. 451-463.

McQueen, Grant, and Anders Stenkrona, “The Home-Institution Bias,” Journal of Banking and Finance Vol. 36, No. 6, 2012, pp. 1627-1638.

Akin, Nuray, Val Lambson, Grant McQueen, Brennan Platt, Barrett Slade, and Justin Wood, “Rushing to Overpay: Modeling and Measuring the REIT Premium,” Journal of Real Estate Finance and Economics Vol. 47, No. 3, 2013, pp. 506-537.

Brau, James, James Cicon, and Grant McQueen, “Soft Strategic Information and IPO Underpricing,” Journal of Behavioral Finance Vol. 17, No.1, 2016, pp. 1-17. -Lead article.

Daines, Robert, Grant McQueen, and Robert Schonlau, “Right on Schedule: CEO Option Grants and Opportunism.” Journal of Quantitative and Financial Analysis Vol. 53 No. 3, June 2018, pp. 1025-1058.

NON-REFEREED McQueen, Grant, Ivan Call, and Roger Clarke, “Duration, Immunization, and ARTICLES Volatility for Taxable Debt Securities,” in Fixed Income Portfolio Strategies, edited by Frank Fabozzi, Probus Publishing Company, 1989, pp. 167-188.

McQueen, Grant, “Spreadsheets,” in Introduction to Financial Management, fifth edition, McGraw-Hill Book Company, 1988, pp. 489-494, and in Introduction to Financial Management, sixth edition, McGraw-Hill Book Company, 1991, pp. 613-619.

McQueen, Grant, “The Beta Debate: An Academic's Perspective,” The Valuation Examiner, a newsletter to members of the National Association of Certified Valuation Analysts, Fourth Quarter 1993, pp. 2-6.

McQueen, Grant, “Japan, China, Hong Kong, and Cambodia,” Marriott School Annual Report, 1996/1997, pp. 6-9.

McQueen, Grant, and Steven Thorley, “Stock Market Investing in the 21st Century: Four Important Lessons,” Marriott School Exchange Magazine Online, 1999, at: marriott.byu.edu/exchange/feature/html/thormc.html.

McQueen, Grant, and Steven Thorley, “Don’t Fall into the Data Mine,” Investors Relations Quarterly Vol. 3, No. 2, February 2000, pp. 18-34.

McQueen, Grant, and Steven Thorley, “Investment Strategy Claims: Don’t Fall into the Data Mine,” AAII Journal Vol. 22, No. 2, February 2000, pp. 2-7.

Grimshaw, Scott, McDonald, Jim, Grant McQueen, and Steven Thorley, “Testing for Duration Dependence with Discrete Data,” Proceeding of the American Statistical Association Annual Meeting, 2002.

McQueen, Grant, “Introduction,” In Personal Finance, published by the H. Taylor Peery Institute and the Marriott School of Management, 2007.

WORKING PAPERS

Christensen, Glen, Eric DeRosia, Grant McQueen, and Keith Vorkink, “Beyond Awareness: The Effect of Advertising on Stock Turnover.”

WORK IN Foster, Tom, and Grant McQueen, “The Cost of Quality Control Failures.” PROCESS McQueen, Grant, and Barrett Slade, “Rushing to Underprice: REO Sales.”

TEACHING “Determining Cash Flows for Capital Budgeting” NOTES AND “Forecasting Financial Statements: Proforma Analysis” CASES “Some Indicators of a Firm's Risk and Debt Capacity” “After-Tax Cash Flows for Taxable Debt Securities” “/ Merger Case” (valuation/merger) “The Beta Debate: A Teaching Note” “Valuing Businesses: A Teaching Note” “Valuing Publicly Traded Equity Securities: The Black and Decker Corporation” “Yahoo!/GeoCities Case” (valuation/merger) “Harry London Valuation” (valuation) “Huntsman Chemical” (international finance) “Intel Atom Chip” (capital budgeting) “MiniChip” (capital budgeting) “Pack-A-Card” (proforma) “Alcoa” (cost of capital) “Xtreme Sports” (proforma) “Toulouse Coupling” (capital budgeting) “Sudamericana S.R.L.” (ratio analysis/credit)

EDUCATION Ph.D. in Finance, University of Washington, December 1989. Dissertation: "Three Essays on the Behavior of Asset Returns." • Albert O. Foster Fellowship, 1986-89.

Masters of Business Administration, Marriott School, Brigham Young University, Graduated with Highest Distinction, April 1984. • Exxon Scholarship, 1983-84. • MBA Merit Scholarship, 1982-83. • Marriott School Dean's List, 1982-84. • Marriott School Commencement Speaker, 1984.

Bachelor of Arts in Economics, Brigham Young University, December 1981. • BYU Dean's Scholarship, 1976-77.

WORK Professor of Finance, Marriott School, Brigham Young University, 2000-present. EXPERIENCE William Edwards Professor of Finance, 2000-Present. Selected Leadership: • MBA Director, 2016-2020. • University Faculty Council on Rank and Status (P&T), 2013-2016. • University Academic Unit Review Committee, 2011-2014. • Finance and Economics Group Leader, 2000-2007. Awards: • MBA “Faculty of Excellence,” 2001. • Marriott School “Teaching Excellence Award,” 2002. • Marriott School “Outstanding Faculty Award,” 2003. • Business Management Department, “Outstanding Researcher,” 2005. • MBA “Professor of the Year,” 2006. • Business Management Department, “Outstanding Citizen,” 2007. • Brigham Young University, “Phi Kappa Phi Faculty Award,” 2007. • Finance Department, “Outstanding Teaching Award,” 2011. • Finance Department, “Outstanding Citizen Award,” 2016. • Marriott School “Citizen Excellence Award,” 2020.

Visiting Professor of Finance, Consortium of Universities for International Studies, Paderno Grappa, Italy, Summer, 2008.

Associate Professor of Finance, Marriott School, Brigham Young University, 1995- 2000. • Goldman Sachs Fellowship, 1997-2000. • MBA, “Core Instructor of the Year,” 2000. • Marriott School, “Faculty Research Award,” 1997.

Visiting Associate Professor of Finance, Department of Finance, Arizona State University, 1998-99.

Assistant Professor of Finance, Marriott School, Brigham Young University, 1988- 95. • Business Management Department, “Outstanding Colleague Award,” 1993.

Instructor, Institute of Business Management, Brigham Young University, 1984-85.

ACTIVITIES Referee Journal of Finance, Journal of Financial Economics, The Review of Financial Studies, Journal of Business, Journal of Financial and Quantitative Analysis, The Accounting Review, Management Science, Journal of Money, Credit, and Banking, Journal of Banking and Finance, Journal of Applied Econometrics, Journal of Empirical Finance, Pacific-Basin Finance Journal, Journal of Empirical Economics, The Journal of Real Estate Finance and Economics, Real Estate Economics, Journal of Behavioral Finance, Journal of Business Finance and Accounting, Journal of International Financial Markets, Institutions, and Money, Economic Letters, Journal of Financial Research, Financial Services Review, Journal of Business and Economic Statistics, Journal of Futures Markets, Journal of Financial Markets, Review of Finance, The European Journal of Finance, Quarterly Journal of Finance and Accounting, Review of Quantitative Finance and Accounting, Managerial and Decision Economics, Journal of International Money and Finance, Review of Financial Economics, Journal of Economics and Business, The Quarterly Review of Economics and Finance, The Financial Review, International Finance, International Review of Economics and Finance, The Economic Journal, International Finance, Quarterly Journal of Business and Economics, Global Finance Journal, Quantitative Finance.

Member American Finance Association, Financial Management Association, Western Finance Association, The Society for Financial Studies, Phi Kappa Phi (national honor society), Omicron Delta Epsilon (honor society in economics).

Committees Department: Institute of Business Management Seminar Coordinator (‘89 to ‘95), Institute of Business Management Strategy Committee (‘94), Freshman Faculty-Mentor Program (‘95 to ‘97), Finance Faculty Recruiting Coordinator (‘95 to ‘97), Finance and Economics Group Head (‘00 to ‘07), Peery Institute of Financial Services Committee (‘01 to ‘07).

College: Marriott School Undergraduate Curriculum Committee (‘96 & ‘97), Marriott School Promotion and Continuing Status Committee (‘97 & ‘98), Marriott School Curriculum Committee (‘96 to ‘98), Executive MBA Admittance Committee (‘97 & ‘98), Marriott School Benchmarking Team (‘98), Executive MBA Curriculum Committee (‘98), Undergraduate Management Suite Committee (‘00 to ‘01), MBA Director Search Committee (‘01), Marriott School Diversity Committee (‘01 to ‘04), MBA Finance-Major Coordinator (‘99-’04), EMBA Policy Committee (‘01 to ‘07), Marriott School Promotion and Tenure Committee (‘07 to ’12), Chair (‘10),. MBA First-Year Committee (‘90,‘91,‘92, ‘96 to ‘98, and ‘00 to present), MBA Admissions Committee (‘00 to ‘03 and ‘07 to present), MBA Curriculum Committee (‘07 to present), MBA Finance-Major Advisor (‘07 to ‘16), MBA Graduate Finance Association Club Advisor (‘07 to ‘16), Marriott MBA Today (news broadcast) Faculty Advisor (‘07 to ‘15), EMBA policy committee (‘13 to present).

University: Faculty Advisory Council (‘06 to ‘09) Dean Search Committee, College of Family, Home, and Social Sciences (‘10) University Academic Unit Review Committee (‘11 to‘14) University Faculty Council on Rank and Status (‘13 to ‘16).

Consulting Zions Bancorporation (ZION), Marriott International (MAR), (NUS), and Robbins, Geller, Rudman, and Dowd.

PRESENTATIONS “Duration, Immunization, and Volatility for Taxable Debt Securities,” presented at: Western Finance Association Meeting, 1985

“Are Stock Returns Predictable? A Test Using Markov Chains,” presented at: University of Washington, 1989 Kansas City Federal Reserve Bank, 1990 University of Utah, 1990

“Mean Reverting Stock Prices Revisited,” presented at: University of Washington, 1989 Brigham Young University, 1990

“Asymmetric Business Cycle Turning Points,” presented at: Kansas City Federal Reserve Bank, 1990 Brigham Young University ⋅ Business School, 1991 ⋅ Economics Department, 1991

“Stock Prices, News, and Business Cycles,” presented at: University of Santa Clara, 1988 North Carolina State University, 1988 Brigham Young University, 1988 University of Washington, 1989 *NBER Summer Finance Conference, 1991

“Bubbles, Stock Returns, and Duration Dependence,” presented at: Brigham Young University, 1993 Arizona State University, 1993

“Impact of Quality Management upon Price,” presented at: *The Decision Science Institute Conference, Hawaii, 1994 *American Society for Quality, BYU Chapter, 2000

“Valuing Illiquid Real Property: The Pitfalls of Yield Capitalization,” presented at: *Wichita Workshop on Appraisal: Communications, Energy, and Transportation Properties for ad Valorem Taxation, 1995.

“Delayed Reaction to Good News and the Cross-Autocorrelation of Portfolio Returns,” presented at: University of Utah, 1995 *University of Colorado at Boulder, 1995 *American Finance Association, 1996

“Bubbles and Duration Dependence in Asian Stock Markets,” presented at: *National Taiwan University International Conference on Finance, 1995 University of Washington Pacific Basin Finance Business Seminar, 1996

“Cross-Autocorrelation in Asian Stock Markets,” presented at: Arizona State University, 1998 National University of Singapore, 1998 Tenth Annual PACAP/FMA Finance Conference, K.L., Malaysia, 1998

“Stock Market Investing in the 21st Century: Four Important Lessons,” presented at: Marriott School Management Conference, 1999 Marriott School National Advisory Council, 2000 Marriott School Management Conference, 1999 and 2001 Marriott School Management Societies, 2001 and 2002 BYU Athletic Department Advisory Council, 2003

“The Effects of Inflation News on High Frequency Stock Returns,” presented at: Arizona State University, 1998 Brigham Young University, 1999 Eleventh Annual PACAP/FMA Finance Conference, Singapore, 1999

“Why Lockup?” presented at: University of Utah, 2000. University of Washington, 2001 *FMA Annual Meeting, Toronto, 2001

“Some Loans are More Equal than Others: Third Party Originations and Mortgage Defaults,” presented at: *American Real Estate and Urban Economics Association Meeting, Atlanta, 2002

“Testing for Duration Dependence with Discrete Data,” presented at: *The American Statistical Association Annual Meeting, New York, 2002

“Whence GARCH?” presented at: University of Utah, 2002 BYU Economics and Business Departments, 2002 University of Washington, 2002 *Washington University at St. Louis, 2002

“Do Out-of-state Buyers Pay Too Much for Real Estate?” presented at: *American Real Estate and Urban Economics Association Meeting, Washington D.C., 2003 University of Utah, 2003

“The Homeboy Bias” presented at: BYU Economics Department, 2006 University of Utah, 2006 European Financial Management Meeting, Milan, Italy, 2009

“Soft Information and IPO Underpricing” presented at: *Utah State University, 2010 *Washington State University, 2010 BYU Finance Department, 2011 University of Washington, 2012

“Beyond Awareness: The Effect of Advertising on Stock Turnover” presented at: Financial Management Association European Meeting, Porto, Portugal, 2011

“Rushing to Overpay: The REIT Premium Revisited” presented at: BYU Finance Department, 2011 University of Utah, 2011 *AREUEA Conference, Washington DC, 2011 *Southern Finance Association, Key West Florida, 2011

“Right on Schedule: Price Manipulation around Scheduled CEO Option Grants.” presented at: BYU Finance Department, 2012 *Stanford University Law School, 2012 *Stanford University Finance Department, 2012 BYU Accounting Department, 2013 American Law and Economics Association, Nashville TN, 2013 *University of Chicago, 2013 *Columbia University, 2013 * Harvard University, 2014 * Northwestern University, 2014 * New York University, 2014 * Yale University, 2014 European Financial Management Association, Rome, Italy, 2014

* = presented by co-author.