NARAYANAN JAYARAMAN

Evelyn T. and Mallory C. Jones, Jr. Professor of Finance Georgia Institute of Technology

OFFICE
College of Management Georgia Institute of Technology 800 West Peachtree Street NW Atlanta, GA 30332-0520 PH: (404) 894-4389 Website: http://mgt.gatech.edu/jayaraman

HOME
826 Brookhaven Springs Ct Atlanta, GA 30342 PH: (404) 816-9827

ACADEMIC DEGREES
Doctor of Philosophy, August 1986, University of Pittsburgh, (Area of Specialization: Finance) PGDM (MBA), May 1976, Indian Institute of Management, Calcutta, India. (Area of Specialization: Operations and Finance) Bachelor of Technology , August 1974, Indian Institute of Technology, Chennai, India (Area of Specialization: Mechanical Engineering)

PROFESSIONAL DEGREES
Chartered Financial Analyst, Fall 2004.

EMPLOYMENT
Academic Experience Evelyn T. and Mallory C. Jones, Jr. Professor of Finance, Georgia Institute of Technology, August 2007 Present Professor (Courtesy), H. Milton Stewart School of Industrial Engineering, 20022008 Professor of Finance, Georgia Institute of Technology, May 2004 July 2007 Associate Professor of Finance, Georgia Institute of Technology, May 1994- April 2004 Assistant Professor of Finance, Georgia Institute of Technology, August 1991 April 1994 Visiting Assistant Professor of Finance, University of Pittsburgh, August 1989 July 1991 Assistant Professor of Finance, Georgia Institute of Technology, September 1986 July 1989

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Research/Teaching Assistant, University of Pittsburgh, August 1981 August 1986

Industry Experience Assistant Planning Manager, Premier Automobiles Limited, India, June 1976 August 1981.

Refereed Publications Do Pension-Related Business Ties Influence Mutual Fund Proxy Voting? Evidence from Shareholder Proposals on Executive Compensation, co-authored with Rasha Ashraf and Harley Ryan, 2011 (Forthcoming Journal of Financial and Quantitative Analysis) Is There a Link between Money Illusion and Homeowners Expectation of Housing Prices? co-authored with Lucy Ackert and Bryan Church, 2011, 39 (2). Takeover Immunity, Takeovers and the Market for Non-Executive Directors, coauthored with Rasha Ashraf, Rajesh Chakrabarti and Richard Fu, Financial Management, 2010, 39(1), 83-127. Catering Effects in Corporate Dividend Policy: The International Evidence, coauthored with Steve Ferris and Sanjiv Sabherwal, Journal of Banking and Finance, 2009, 33(9), 1732-1738. The Effects of Regulation on Industry Structure and Trade Generation in the U.S. Securities Industry, co-authored with Hyung-Suk Choi, Jonathan Clarke, Steve Ferris, Journal of Banking and Finance, 2009, 33(8), 1434-1445. Mars-Venus Marriages Culture and Cross-Border M&A, co-authored with Rajesh Chakrabarti and Swasti Gupta-Mukherjee, Journal of International Business Studies, 2009, 40, 216-236. Is Reversal of Large Stock-Price Declines Caused by Overreaction or Information Asymmetry: Evidence from Stock and Option Markets, co-authored with Hyung-Suk Choi, Journal of Futures Markets, 2009, 29(4), 348-376. The Path-to-Profitability of Internet IPO Firms, co-authored with Bharat Jain and Omesh Kini, Journal of Business Venturing, 2008, 23, 165-194. Characteristics and Behavior of Newly Listed Firms: Evidence from the Asia Pacific Region, co-authored with Steve Ferris and Sanjiv Sabherwal, Journal of International Financial Markets, Institutions & Money, 2007, 17, 420-436. Are Analyst Recommendations Biased? Evidence from Corporate Bankruptcies, co-authored with Jonathan Clarke, Steve Ferris, and Jinsoo Lee, Journal of Financial and Quantitative Analysis, 2006, Vol. 41, No. 1, 169-196.

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What is the Relationship between Organizational Slack and Innovation? co-authored with David Herold and C. R. Narayanaswamy, Journal of Managerial Issues, 2006, Vol. XVIII, No. 3, 372-392. Circuit Breakers with Uncertainty about the Presence of Informed Agents: I Know What You Know..I Think. Co-authored with Lucy Ackert and Bryan Church, Financial Markets, Institutions & Instruments, 2005, Vol. 14, No. 3, 135-167. Price and Volume Effects of Changes in MSCI Indices Nature and Causes, coauthored with Rajesh Chakrabarti, Wei Huang, and Jinsoo Lee, Journal of Banking and Finance, 2005, Vol. 29, No. 5, 1237-1264. Bank Monitoring, Firm Performance, and Top Management Turnover in Japan, coauthored with Chris Anderson, Terry Campbell, and Gershon Mandelker, Advances in Financial Economics, 2003, Volume 8, 1-27. The Determinants of Mutual Fund Mergers and their Impact on Fund Shareholders. co-authored with Ajay Khorana and Ed Nelling, Journal of Finance, 2002, Vol. LVII, No. 3, 1521-1551 An Experimental Study of Circuit Breakers: The Effect of Mandated Market Closures and Temporary Halts on Market Behavior, co-authored with Lucy Ackert and Bryan Church, Journal of Financial Markets, 2001, Vol. 4, 185-208. Informed Trading around Merger Announcements: An Empirical Test Using Transaction Volume and Open Interest in the Options Market. Co-authored with Melissa Frye and Sanjiv Sabherwal, The Financial Review, 2001, Vol. 37, 45-74. Do Country Specific Bankruptcy Codes Determine Long-Term Financial Performance? - The Case of Metallgesellschaft AG and Columbia Gas Company co-authored with Sanjiv Sabherwal and Milind Shrikhande, Journal of International Financial Management and Accounting, 2001, Vol. 12, No. 2, 188-224. CEO Founder Status and Firm Financial Performance, co-authored with Ajay Khorana, Ed Nelling, and Jeff Covin, Strategic Management Journal, 2000, 21, 12151224. Response of Competitors to Announcements of Bankruptcy: An Empirical Examination of Contagion and Competitive Effects, co-authored with Steve Ferris, and Anil Makhija, Journal of Corporate Finance, 1997, Vol. 3, 367-395. Financial Distress and Recovery at Metallgesellschaft AG: The Role of Corporate Governance and Bankruptcy Laws co-authored with Milind Shrikhande, Financial Practice and Education, 1997, Vol. 7, No. 2, 7-18. Direct Costs of Bankruptcy: Evidence from Filings of Liquidations and Reorganization by Small Firms, 1981- 1991, co-authored with Stephen Ferris and Anil Makhija, Advances in Financial Economics, 1997, Vol. 3, 159-186. The Impact of Chapter 11 Filings on the Risk and Return of Securityholders, 19791989, co-authored with Steve Ferris and Anil Makhija Advances in Financial

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Economics, 1996, Vol. 2, 93-118. Industry-Wide Effects of Corporate Bankruptcy Announcements, co-authored with Robert Lawless, Steve Ferris and Anil Makhija, Bankruptcy Developments Journal, 1996, Vol. 12. No. 2, 293-319. Long-Term Performance of IPOs and Non-IPOs: The Evidence from the Firms Listed on the Tokyo Stock Exchange, co-authored with Chuan-Yang Hwang, Advances in Pacific-Basin Financial Markets, Edited by Theodore Bos and Thomas A. Featherston, 1995, Vol. 1, 317-338. A Glimpse at Professional Fees and other Direct Costs in Small Firm Bankruptcies, co-authored with Robert Lawless and Steve Ferris, and Anil Makhija, University of Illinois Law Review, 1994, Vol. 94, No. 4, 847-888. Efficiency in Financial Contracting: Bond Covenants and Corporate Bankruptcy, coauthored with Steve Ferris and Vidhan Goyal, Journal of Business and Management 1994, Vol. 2, No. 1, 102-126. Product Market Innovations, Agency Costs, and Capital Structure: Theory and Evidence, co-authored with Anil Makhija and Praveen Kumar, Abstracted in Journal of Finance, July 1994. The Ex-date Impact of Rights Offerings: The Evidence from Firms Listed on the Tokyo Stock Exchange, co-authored with Vidhan Goyal, Chuan-Yang Hwang, and Kuldeep Shastri, Pacific-Basin Finance Journal, 1994, Vol. 2, No. 2, 277-291. Agency Costs, Ownership Control, and Dividend Policy: A Direct Test of Free Cash Flow Theory, co-authored with Anup Agrawal, Managerial and Decision Economics, 1994, Vol. 15, 139-148. The Impact of Options Delisting on the Underlying Stock: An Empirical Analysis, coauthored with Archana Hingorani and Kuldeep Shastri. Abstracted in Journal of Finance, July 1993. The Impact of International Cross Listings on Risk and Return: The Evidence from American Depository Receipts, co-authored with Kuldeep Shastri and Kishore Tandon, Journal of Banking and Finance, 1993, Vol. 17, No. 1, 91-104. Also abstracted in International Society of Financial Analysts Digest, Summer 1993, Vol. 5, No.2 pp. 34-36. The Post-Listing Puzzle: Evidence from Tokyo Stock Exchange Listings, co-authored with Chuan-Yang Hwang, Pacific-Basin Finance Journal, 1993, Vol. 1, No. 2, 111126. The Effects of Announcement of Dividend Increases on Stock Return Volatility: The evidence from the Options Markets, co-authored with Kuldeep Shastri, Journal of Business Finance, and Accounting, 1993, Vol. 20, No. 5, 673-685. Market Anticipation of Merger Activities: An Empirical Test, co-authored with Gershon Mandelker and Kuldeep Shastri, Managerial and Decision Economics,

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1991, Vol. 12, 439-448. Stock Authorizations and Preannouncement Price Increases: A Sequential Equilibrium Analysis, co-authored with Tom Noe, Review of Quantitative Finance and Accounting, 1991, Vol. 1, 383-397. ARCH Modeling in Finance: A Selective Review of the Theory and Empirical Evidence, with Suggestions for Future Research, co-authored with Tim Bollerslev, Ray Chou, and Ken Kroner, Annales dEconomie et de Statistique, 1991, No. 24, 159. The Valuation Impacts of Specially Designated Dividends, co-authored with Kuldeep Shastri, Journal of Financial and Quantitative Analysis, 1988, Vol. 23, 301-312. The Valuation Effects of the Inclusion of Warrants in New Security Issues Proceedings, co-authored with Kuldeep Shastri and Kishore Tandon, The Financial Review, 1987, Vol. 22, No. 3.

Working Papers CEO Overconfidence and International Mergers and Acquisition Activity, co-authored with Steve Ferris and Sanjiv Sabherwal, 2010 (under review) Overconfidence, Corporate Governance, Global CEO Turnover, co-authored with Hyungsuk Choi, Steve Ferris, and Sanjiv Sabherwal, 2010 Managerial Expectations and the Performance of Acquiring Firms, co-authored with James Cicon, Jonathan Clarke, Steve Ferris, and Sanjiv Sabherwal, 2009 (under review) Determinants and Consequences of Proxy Voting by Mutual Funds on Shareholder Proposals, co-authored with Rasha Ashraf, 2008 Institutional Investors Trading Behavior in Mergers and Acquisitions, co-authored with Rasha Ashraf, 2008

CITATIONS IN THE POPULAR PRESS AND GOVERNMENT HEARINGS

CBS, 7/1/2008, Boomerangers Moving Home. Forbes, 2/1/2008, Microsoft-Yahoo Merger. Index Universe.com, 8/8/2007, Seeking Guidance for the Dow? Try GDP. Financial World, 8/6/2007, Tao of Dow.

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CFO.com, 8/1/2007, As the Economy Grows, So Grows the Dow. BizEd, July/August 2007 The Path to Profitability for IPO Firms. The Wall Street journal, 7/28/2006, Are Deal Makers on Wall Street Leaking Secrets. The SEC Final Rule: Investment Company Mergers, 17 CFR Part 270, [Release No. IC-25666; File No. S7-21-01]. Chicago Tribune, 07/12/1999, Bill Barnhart, No Strong Reasons for Merging With Weak Sisters.

TEACHING
Teaching Experience: Georgia Institute of Technology, Atlanta, GA Graduate/Undergraduate courses Corporate Finance: 1992-1999 (MBA) Corporate Finance: 1996-Present (Executive MBAMOT) Corporate Finance: 2008 (GEMBA) Corporate Finance: 1989-2004 (BBA) Corporate Restructuring: 1996-Present (MBA and BBA) Entrepreneurial Finance and Private Equity: 1998-Present (MBA) Venture Financing: 2008 (Executive MBAMOT) International Finance: 2008-Present (Executive MBAMOT, GEMBA) Ethical and Professional Standards for Finance Professionals, 2008-Present Entrepreneurial Finance: 1999 (BBA) Ph.D. Seminar in Corporate Finance, 1997, 1999, 2002, 2005 Executive Education courses Participated in the following programs: Faculty Director: Finance and Accounting for Non-financial Managers Information Technology Management Partnership Program for Technical Managers Mid-management Program Creating High-Performance Organizations Various Custom Programs BellSouth, Apple South, Earthlink, NDC. Modules taught: Value Creation Corporate Restructuring

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Short-term Financial Planning Entrepreneurial Finance Long-term Financial Planning

University of Pittsburgh Principles of Financial Management: 1989-1991 (BBA and MBA) Principles of Financial Management: 1984-86 (BBA and MBA) Statistics: 1984-1986 (BBA and MBA)

Teaching evaluations: Average rating over graduate/undergraduate classes taught at Georgia Tech (1986-2005): 4.5 out of 5.0 Average rating over executive education classes taught at Georgia Tech (1994-2005): 9.0 out of 10.0

HONORS AND AWARDS

Research Awards Listed in the top four percentile in Most Prolific Authors in Finance Literature: 19592008. Recipient of the Best Paper Award in Pacific-Basin Finance Conference, Hong Kong, 1993. Paper Title: The Post-Listing Puzzle: Evidence from Tokyo Stock Exchange Listings, co-authored with Chuan-Yang Hwang. Teaching Awards Brady Family Award for Faculty Teaching Excellence, 2011 Outstanding Professor of the Year, EMBA-MOT, 2010 Nominee for the W. Roanne Beard Outstanding Teacher Award, 2002 Nominee for the W. Roanne Beard Outstanding Teacher Award, 2001 Cited as one of the most outstanding faculty in the 1999 and 2001 BusinessWeek profile of the College of Management Invited to the Institute Panel, Teaching Tips from Award-Winning Professors by the Center for Enhancement of Teaching and Learning. Participated in - October 1997, February 1998, and October 1998.

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E. Roe Stamps, IV Excellence-in-Teaching Award, 1996. The award given for sustained pedagogical excellence and inspirational commitment to students at Georgia Institute of Technology. Nominee for the W. Roanne Beard Outstanding Teacher Award, 1994 CETL/Amoco Junior Faculty Teaching Excellence Award, 1993. Core Professor of the Year, MSM Program, 1992. Lilly Teaching Fellowship Award, 1992. Nominated for the Outstanding Teacher Award in the full time MBA Program at University of Pittsburgh. Service Awards Georgia Tech. Outstanding Service Award, 2010

RESEARCH GRANTS
Determinants of Venture Capitalists' Exit Strategy Other Principal Investigator(s): Edward Nelling and Ajay Khorana Funded by: The Dupree Center for Entrepreneurship and New Venture Development (1996) The Market Value of Founder Management Other Principal Investigator(s): Edward Nelling and Ajay Khorana Funded by: The Dupree Center for Entrepreneurship and New Venture Development (1995) Informed Trading around Merger Announcements Funded by: Georgia Tech Foundation (1997) Mutual Fund Mergers Other Principal Investigator(s): Edward Nelling and Ajay Khorana Funded by: Georgia Tech Foundation(1997) International Finance Conference Other Principal Investigator(s): Cheol Eun Funded by: Fortis Corporation (1999) for $150,000 International Finance Conference Other Principal Investigator(s): Cheol Eun Funded by: Fortis Corporation (2002) for $210,000

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International Finance Conference Other Principal Investigator(s): Cheol Eun Funded by: Fortis Corporation (2005) for $100,000 Determinants of Survival of Internet Firms Funded by: College of Management (2000) CIBER Research Grant, 2005, 2006, 2009, 2010 Rich Foundation Ethics Grant (2007) for $5,000

PROFESSIONAL ACTIVITIES
Reviewer for Journals Associate Editor, The Financial Review 2003-2004 Reviewer for Journal of Banking and Finance, Journal of Corporate Finance, Journal of Empirical Finance, Journal of Finance, Financial Management, The Financial Review, Pacific-Basin Finance Journal.

University and Conference Presentations/Discussions American Finance Association Meetings, 1993, 1994, 2007 Association of Financial Economists Meetings, 1997 Australasian Banking and Finance Conference, 1997 City University of New York, Baruch College, 2000, 2006 European Finance Association Meetings, 2001 European Financial Management Association Meetings, 2004, 2005, 2006, 2007, 2008 Financial Management Association Meetings, 1984-2009 Florida International University, 1986. Georgia Tech International Finance Conference, 1995-2005 Georgia Institute of Technology, 1986, 1999, 2000, 2002, 2004, 2006, 2008 Investment Company Institute, 2000 Pacific-Basin Financial Meetings 1993, 1994, 2002 University of Alabama, 2001 University of Missouri, 2006, 2007 University of Pittsburgh, 1989, 1990, 1991 University of Texas at Arlington. 1986 Western Finance Association, 1984, 1999, 2003

PROFESSIONAL AFFILIATIONS

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American Finance Association Financial Management Association The Society for Financial Studies CFA Institute Director, Eastern Finance Association (2003-2006)

UNIVERSITY SERVICE
Area Coordinator - Finance, 1992-Present Member, Georgia Tech Athletic Association Board of Trustees, 2005-Present Provosts Committee on Construction of the GT Trading Floor, 2005-2007 Director, CFA Partnership Program, 2007-Present Co-Chair - Georgia Tech International Finance Conference, 2004-2005 Chairperson, Bank of America Scholarship Committee 1995-Present Coordinator, Inter-Area Thursday Faculty Seminar Series, 2001-2010 University Leadership Program, 2006-2007 Georgia Tech 403(b) Steering Committee, 2008-Present Member, EMS-MOT Committee, 1999-2008 Member, QCF Executive Committee, 1999-Present Chair, McDonough Chair Professor Search Committee, 2007-2008 Chair, Ledbetter Professor of Real Estate Committee, 2008-2009 ECE Program Representative, 1999-2004 Member, Institute Executive Board, 1999-2003 Member, Academic Senate, 1999-2003 Member, Faculty Assembly, 1999-2003 Member, Executive Round Table (ERT) Board of Directors, 2001-2005 Member, Institute Graduate Committee, 1998-1999 Member College Promotion and Tenure Committee (Elected), 2004-2005, 20062007, 2007-2008, 2008-2009, 2009-2010, 2010-2011 Member, Deans Advisory Committee (Elected), 2005-2010 Charter Member Toastmasters Club, 1987-2004 Chair Masters Committee 1994-1999 Member, DCOM Student Honor Committee, 2000-2003 Faculty Advisor - Financial Management Association, Student Chapter, 1993-2000 Chair Ad-hoc Committee on Alternative Formats for MBA Program, 2004-2005 Chair, Committee on Teaching Effectiveness, 2001 Member, DCOM Undergraduate Committee, 2000 Member, Institute Faculty Honors Committee, 2002 Member, Dean's Advisory Committee, 2001-2002 Member, Ad-hoc DSOM Reappointment, Promotion, and Tenure Committee, 1997 President, Toastmasters Club, 1998 Member, Faculty Advisory Committee for Center for Entrepreneurship, 1995-2001 Member, Ad-hoc Committee on Teaching Load, 1998 Invited Panelist Presidential Elections and Stock Markets, 2004 Invited Panelist Ph. D. Students - Balancing Research and Teaching, 2004 Invited Talk Ph. D. Students Teaching Philosophy and Strategies, 2004 Member, School of Economics Chair Search Committee 1994-1996 Member, Diversity Task Force, IAC, 1995 Member - Williams' Chair Search Committee 1993 Member - Director, Undergraduate Program Search Committee, 1994

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Member, School Promotion and Tenure Committee (Elected), 1995-1998 Member, Invesco Professor Search Committee, 1994