Richard C. Green Tepper School of Business Carnegie-Mellon University Pittsburgh, PA 15213 [email protected]

Personal Data Married, two children

Degrees Ph.D., Finance, University of Wisconsin-Madison 1982 M.S., Business, University of Wisconsin-Madison 1979 B.A., English, Pomona College 1976

Employment 1999– Richard M. and Margaret S. Cyert Professor of Economics and Management Tepper School of Business Carnegie Mellon University 1990–1999 Professor of Financial Economics Graduate School of Industrial Administration Carnegie Mellon University 1994–1995 Visiting Professor of Finance Faculty of Commerce University of British Columbia Fall 1991 Visiting Professor Stockholm School of Economics 1987–1989 Associate Professor of Financial Economics Graduate School of Industrial Administration Carnegie Mellon University 1982–1987 Assistant Professor of Financial Economics Graduate School of Industrial Administration Carnegie Mellon University Richard C. Green 2

Publications in Refereed Journals

“Information Spill-Overs and Performance Persistence for Hedge Funds,” with Vincent Glode, Journal of Financial Economics, forthcoming.

“Price Discovery in Illiquid Markets: Do Financial Asset Prices Rise Faster Than They Fall,” with Dan Li and Norman Sch¨urhoff, Journal of Finance, 65 (2010), 1669-1702.

“Dealer Intermediation and Price Behavior in the Aftermarket for New Bond Issues,” with Burton Hollifield and Norman Sch¨urhoff, Journal of Financial Economics 86 (2007), 643-682.

“Issuers, Underwriter Syndicates, and Aftermarket Transparency,” (AFA Presidential Address), Journal of Finance, 62 (2007), 1529-1550.

“Financial Intermediation in Opaque Markets,” with Burton Hollifield and Norman Sch¨urhoff, Review of Financial Studies 20 (2007), 275-314.

“Mutual Fund Flows and Performance in Rational Markets,” with Jonathan Berk, Journal of Political Economy, 112 (2004), 1269-1295.

“Valuation and Return Dynamics of Research and Development Ventures,” with Jonathan Berk and Vasant Naik, Review of Financial Studies, 17:1 (2004), 1-35.

“The Personal-Tax Advantages of Equity,” with Burton Hollifield, Journal of Financial Economics, 67:2 (2003), 175-216.

“Optimal Investment, Growth Options and Security Returns,” with Jonathan Berk and Vasant Naik, Journal of Finance, 54:5 (1999), 1553-1607.

“Ex-Day Behavior of Lottery Bonds,” with Kristian Rydqvist, Journal of Financial Economics, 53:2 (1999), 145-187.

“The Valuation of Non-Systematic Risks and the Pricing of Swedish Lottery Bonds,” with Kristian Rydqvist, Review of Financial Studies, 10:2 (1997), 447-480. Richard C. Green 3

“Are There Tax Effects in the Relative Pricing of U.S. Government Bonds,”with Bernt Oedegaard, Journal of Finance, 52:2 (1997), 609-634.

“A Simple Model of the Taxable and Tax-Exempt Yield Curve,” Review of Financial Studies, 6:2 (1993), 233-264.

“When Will Mean-Variance Efficient Portfolios be Well-Diversified?,” with Burton Hollifield, Journal of Finance, 47:5 (1992), 1785-1810.

“Stationary Equilibria with Incomplete Markets and Overlapping Generations,” with David Cass and Steven Spear, International Economic Review, 33:3 (1992), 495-512.

“A General Equilibrium Model of Changing Risk Premia: Theory and Tests,” with Peter Bossaerts, Review of Financial Studies, 2:4 (1989), 467-494.

“Tax Arbitrage and the Existence of Equilibrium Prices for Financial Assets,” with Robert Dammon, Journal of Finance, 42:5 (1987), 1143-1166.

“Spanning and Completeness in Markets with Contingent Claims,” with Robert Jarrow, Journal of Economic Theory, 41:1 (1987), 202-210.

“Positively Weighted Portfolios on the Minimum-Variance Frontier,” Journal of Finance, 41:5 (1986), 1051-1068.

“Asset Substitution and the Agency Costs of Debt Financing,” with Eli Talmor, Journal of Banking and Finance, 10:3 (1986), 391-400.

“Benchmark Portfolio Inefficiency and Deviations from the Security Market Line,”Journal of Finance, 41:2, (1986), 295-312.

“Expected Utility Maximization and Demand Behavior,” with Sanjay Srivastava, Journal of Economic Theory, 38:2, (1986), 313-323.

“The Structure and Incentive Effects of Corporate Tax Liabilities,” with Eli Talmor, Journal of Finance, 40:4, (1985), 1095-1114. Richard C. Green 4

“Risk-Aversion and Arbitrage,” with Sanjay Srivastava, Journal of Finance, 40:1, (1985), 257-268.

“Investment Incentives, Debt, and Warrants,”Journal of Financial Economics, 13:1, (1984), 115-136.

Other Publications

“Reducing Borrowing Costs for State and Municipalities Through CommonMuni,” with Andrew Ang, Brookings Institute, Hamilton Project Discussion Paper 2011-01, February 2011.

“Effects of Asymmetric Taxation on the Scale of Corporate Investment,” with Eli Talmor, in Recent Developments in Corporate Finance, J. Edwards, J. Franks, C. Mayer and S. Schaefer, editors, Cambridge University Press, 1986, pp. 83-94.-94.

Working Papers

“Financial Expertise as an Arms Race,” with Vincent Glode and J. Richard Lowery, February 2010.

“The Microstructure of the Bond Market in the 20th Century,” with Bruno Biais, September 2007.

Editorial Appointments

Associate Editor, Journal of Financial Economics, 2008– Editor, Journal of Finance, 2000–2003 Co-Editor, Review of Financial Studies, 1990–1994 Associate Editor, Review of Financial Studies, 1989–1990 Associate Editor, Journal of Finance, 1989–1995 Associate Editor, Journal of Financial and Quantitative Analysis, 1997–2000 Associate Editor, Management Science, 1997–2000 Richard C. Green 5

Administrative Posts 2008-2009 Associate Dean for Research Tepper School of Business Carnegie Mellon University 2003-2008 Director, Ph.D. Program Tepper School of Business Carnegie Mellon University

Grants PriMuni.com, “Research Questions and Strategies for Municipal Bond Transactions Data,” Grant of MSRB data base PriMuni subscribes to. Carnegie-Bosch Institute, “The Effects of Currency Regime Changes on International Investment Strategies,” 1994. Sloan Foundation, “Cost of Capital for the US Steel Industry,” 1991, 1992. Center for the Development of Educational Computing Grants: Summers of 1984, 1985

Courses Taught

Introductory Finance (Undergraduate, MBA) Advanced Corporate Finance (Undergraduate, MBA) Cases in Corporation Finance (MBA) Valuation (MBA) International Portfolio Management (MBA) Project Course in Finance (MBA) Investments (MBA) Applied Portfolio Management (MBA) Information Network Institute Program Program for Executives Advanced Finance (Undergraduate) Money and Banking (Undergraduate) Finance I (PhD) Corporate Finance (PhD) Richard C. Green 6

Thesis Committees: Student, Initial Placement, Current Affiliation Antonio Barabosa, 2009, ISCTE, Lisbon.

Vincent Glode, (chair) 2009, University of Pennsylvania, Wharton School.

Richard Lowery, (chair) 2009, University of Texas, Austin.

Jos´e Anchorena, (outside reader) 2008, University of Oslo, Fundaci´on Pensar, Buenos Aires.

Fernando Anjos, 2008, ISCTE, Lisbon, University of Texas, Austin.

Jeremy Bertomeu, 2008, Northwestern.

Ozge Gokbayrak, 2007, Moody’s KMV, Akbank, Istanbul Turkey.

Dan Li, (chair) 2007, Federal Reserve Board of Governors.

Iulian Obreja, 2007, University of Colorado.

Tingjun Liu, 2007, Arizona State University, Cheung Kong Graduate School of Business, Bejing.

Armen Hovsepian, 2006, Citigroup.

Cevdet Aydemir, 2005, Lehman Brothers, Soros Fund Management.

Aziz Lookman, 2005, Carnegie Mellon University, Moody’s KMV.

Robert Couch, (chair) 2004, Bringham Young University, Willamette University.

Norman Sch¨urhoff,(chair) 2004, HEC Lausanne.

Aydogan Alti, (chair) 2002, University of Texas.

Bernard Paasche, 2002, IMF, MD Advisors (Mexico).

Jacob Oded, 2001, Boston University

Cliff Parsons, 2000, Texaco, WTM Energy Software. Richard C. Green 7

Yaniv Grinstein, (chair) 2000, Cornell University

Ulf Axelson, (chair) 1999, University of Chicago, London School of Economics

Per Stomberg, (chair) 1998, University of Chicago, Stockholm School of Economics

Bob Mitchell, (chair) 1997, Marakom, ARGA Investments.

David Goldreich, (co-chair) 1997, London Business School, University of Toronto

Julius Kim, 1995, J.P. Morgan

Michael Robe, 1995, University of Miami, American University

Jin Wan Cho, (co-chair) 1994, Georgia Tech, Korea University Business School

Arnold Juster, (chair) 1993, New York University, RiskMetrics

Suleyman Basak, 1993, Wharton School, London Business School

Jin Young Shin, 1993, Hong Kong University of Science and Technology, Yonsei University

Bernt Oedegaard, (chair) 1992, University of Illinois Chicago, University of Stavanger

Burton Hollifield, (chair) 1992, University of British Columbia, Carnegie Mellon University

Steven Heston, 1990, Yale, University of Maryland

Eric Hughson, 1990, Cal Tech, Claremont McKenna College Richard C. Green 8

Awards, Honors

Leslie Wong Distinguished Visiting Scholar, University of British Columbia, Summer 1988.

Commerce Graduate Society Teaching Excellence Award for best core course instructor in MBA program of University of British Columbia, 1995.

George Leland Bach Teaching Award, voted by the class of 1996, Graduate School of Industrial Administration, Carnegie Mellon University.

American Association of Individual Investors Award for Best Paper on Investments at 1995 Western Finance Association Meetings, for “The Valuation of Non-Systematic Risks and the Pricing of Swedish Lottery Bonds,” with Kristian Rydqvist.

Chicago Quantitative Alliance Award for “Optimal Investment, Growth Options and Security Returns,” with Jonathan Berk and Vasant Naik, (second place).

Q-Group Award, for “Valuation and Return Dynamics of Research and Development Ventures,” with Jonathan Berk and Vasant Naik, 1997.

Distinguished Paper, Smith Breeden Awards for Best Papers Published in the Journal of Finance in 1999 for ‘Optimal Investment, Growth Options and Security Returns,” with Jonathan Berk and Vasant Naik.

Q-Group Award, for “Mutual Fund Flows and Performance in Rational Markets,” with Jonathan Berk, 2002.

AIM Distinguished Visiting Scholar, University of Texas, Spring 2003.

Best Paper Award, for “Mutual Fund Flows and Performance in Rational Markets,” with Jonathan Berk, Winter Finance Conference, 2003.

FAME Research Prize for 2003, for “Mutual Fund Flows and Performance in Rational Markets,” with Jonathan Berk, awarded by the International Center for Financial Asset Management and Engineering, Geneva, Switzerland. Richard C. Green 9

Roger F. Murray Prize for 2003, “Mutual Fund Flows and Performance in Rational Markets,” with Jonathan Berk, awarded by the Q-Group.

2005 TIAA-CREF Paul Samuelson Award for Outstanding Writing on Lifelong Financial Security, for “Mutual Fund Flows and Performance in Rational Markets,” with Jonathan Berk.

2009 Bettis Distinguished Scholar Award, Arizona State University.

Distinguished Paper, Smith Breeden Awards for Best Papers Published in the Journal of Finance in 2010 for “Price Discovery in Illiquid Markets: Do Financial Asset Prices Rise Faster Than They Fall,” with Dan Li and Norman Sch¨urhoff.

Professional Service

Research Associate, NBER, 2011-.

Chair of Search Committee for the Editor of the Journal of Finance, 2010.

Outside Review Committee, Northwestern Finance Department, 2009.

Chair of Selection Committee, AFA-Morgan Stanley Award for Excellence in Finance, 2008.

President, American Finance Association, 2006

Program Chair and President-Elect, American Finance Association, 2005.

Vice President, American Finance Association, 2004.

Fellow, TIAA-CREF, 2005-2010.

Director, National Bureau of Economic Research, 2002–2005.

Visitor in residence, Batten Institute, University of Virginia, 2003.

Outside Review Committee, University of Texas, Department of Finance, 2003.

President, Western Finance Association, 1999–2000. Richard C. Green 10

Program Chair, Western Finance Association, 1999.

Vice President, Society for Financial Studies, 1997–1999.

Director, Western Finance Association, 1996–97.

Outside Review Committee, University of Utah Department of Finance, 1996.

Visiting Lecturer in program sponsored by Union Bank of Finland, Helsinki Finland, Summer 1990.

May, 2011