5

Dr. Rohan Anthony Christie-David Professor of Finance (Tenured)

Business School University of Colorado Denver,

Denver, CO 80238 USA

[Dean, Business School University of Colorado Denver (8/2016 – 12/2018), Interim Dean University of Louisville (6/2014 – 7/2016), Associate Dean for Research and Associate Dean for Masters Programs University of Louisville

(2012 – 5/2014), Chair, Research Committee University of Louisville (2008-5/2014)] _______________________________________________________________________________

Academic Vita

(I) Education Ph.D., University of South Carolina Major: Finance Coursework GPA 4.0 every semester except one M.B.A., Wake Forest University Charles H. Babcock Tuition Scholarship Award Graduated with Distinction (Top 10%)

A.C.I.B., The Chartered Institute of Bankers (London) (now: The London Institute of Banking & Finance)

Graduated in Top 5%

(II) Academic Work Experience A. University of Colorado, Denver

Professor of Finance (August 2016 – Present)

Dean, Business School (August 2016 – December 2018): Functions

• AACSB. Lead the Business School in its accreditation (AACSB) efforts. The School was placed on a 6th-year continuing review just before I took over as Dean.

• Manage and lead the Business School that had 80+ faculty and 50+ staff. Assess the educational landscape, identify niches of excellence, and establish an identity for the School.

• Budgets/Operations. Manage College budget/operational issues. • Improve the working climate. The Provost in an e-mail in January 2019 pointed out that the

working climate issues have cumulated at the School over several years. • Donors. Address the funding deficit ($7 million) for an $11 million new building addition. Work

with Donors. • Liaise with the Provost and other University administrators on academic issues relating to the

University and the School.

6

• Business Community. Increase contacts with the business community at different levels. • Board of Advisors. Increase the role and the number of the Board of Advisors. • Internal Governance. Build strong internal management structures in the Business School. The

School has an informal governance structure with no departments, but in lieu has discipline areas. In the past, there has been little oversight of academic programs, and the School lacks a Curriculum Committee.

• Build undergraduate and graduate programs that are nationally recognized for academic excellence. Address the issue of declining enrollments.

• Student Body. Strengthen ties with the student body. Currently, ties between school administration and the student body are not as strong as they should be.

• Foster opportunities for under-represented groups to participate in learning through revenue sources and special programs.

• Participate in university/College events such as orientations, graduations, and etiquette dinners.

Outcomes

• AACSB. The School was informed in April 2017 that it had passed its 6th year AACSB continuing review. As part of the process, the faculty voted (unanimously) on a strategic plan in the fall of 2016 that addressed long, medium, and short-term goals that were consistent with the vision of the University. A Master Action Plan resulted. • Manage and Lead. Assessed the educational landscape in terms of the latest developments in business education (digital disruption, experiential learning, inter-disciplinary programs, formats, durations etc.). Revised programs and initiated new programs. Several faculty and staff hires were made in accordance with the strategic plan, including several hires from less represented groups (gender). • Budgets/Operations. Reworked (and reallocated) budgets so that revenues, expenses, and net positions were easily identified. The School is in the process of adapting university-wide budgetary changes (RCM + Centralized Model), and the business school is following accordingly. Carryovers averaged over $2.5 million during my tenure. • Working Climate. Several steps have been undertaken to address discord among the faculty/staff. More recently, an external HR Consultant was hired (December 2018) to conduct a review of the Business School’s working and cultural environment. The recommendations of the Consultant were shared by the Provost on January 24th, 2019 with the faculty and staff. The Provost observed at this meeting (and in a subsequent e-mail) that these issues have been cumulating at the Business School for many years. The School plans to implement these recommendations and, importantly, resolve the remaining climate issues prior to the hiring of the next business Dean. • Funding for Building/Donors. The funding deficit for the building addition has been erased. We completed funding in July 2018 for the $11 million building addition that will house a 300-seat event space, classrooms and offices, and a state-of-the-art auditorium ($4 million was raised prior to my coming to UCD). We broke ground on October 2nd 2018 and construction is well underway. I leveraged a key donor relationship at UCD (faculty member-donor) to raise some of these funds along with funding from other sources. Carryover funding was also applied to meet building costs. We celebrated the total gift from this donor (including amounts received before I became Dean) at our ground breaking ceremony for the building addition. The faculty member's ties to this donor were invaluable in this endeavor. Relatedly, we also obtained another donor gift to name the Dean's Suite. • Liaise with Provost/Other University administrators. Established key contacts within the university that are of strategic import to the College. Built a rapport with the Provost on academic affairs and worked closely with the Deans of other Academic Units. Several cross-disciplinary initiatives have just started (College of Engineering and Sciences, College of Education). These initiations are being continued by the Director of the Entrepreneurship Center.

7

• Business Community. Working closely with the Chief of Staff at the Business School, several meetings have been held with industry leaders. Over the years the Business School has made extensive contacts with industry. Today, we have more than 250+ industry leaders involved through advisory councils • Board of Advisors. Working with the Chief of Staff at the Business School, we increased the role and the number of the Board of Advisors (now at 44 active members). We also brought in Board members that added to the diversity in its composition. The goal is to get to 60 active members. At any one time about 70% of Members attend Board meetings. Several disciplines (departments) have separate Advisory Councils. I attended these meetings too, schedule permitting. • Internal Management Structures. In the process of building strong, efficient internal management teams and departments, and we are discussing the transition from a business discipline-based structure to a more conventional departmental-based structure. This is an ongoing process as there are several layers of approval needed, including Regential approval. A University-wide curriculum committee has been formed. • Graduate and Undergraduate Programs. In the process of redesigning undergraduate and masters programs. This is an ongoing process. Based on the strategic plan that was approved by faculty, we undertook the revamping and restructuring of our full-time MBA to make it more rigorous, relevant, and experiential. We have gone from falling enrolments (20 students) to over 40+ students in its inaugural year (after the changes). Next year, the plan is to restructure the evening MBA (Professional MBA) and then the MS offerings. After that, the plan is to turn our focus to enrolments in the undergraduate program (this is the most difficult to address because of its inter-connectedness to other areas of the university). On this note, we hired 4 recruiters over the last 3 years to help increase enrolments in the graduate programs. We resourced admissions and marketing and communications staff to help with branding and recruiting. A new course to improve undergraduate retention (Management 1200) was offered in fall 2017. Several staff members played critical roles in setting this program up. Our undergraduate enrolments in the different disciplines have been holding steady or rising. • Student Body. Started a Student Advisory Council (SAC) in fall 2016 to improve ties between the student body and the administration. The SAC advises the Dean on student-related issues. Many improvements have been implemented following SAC recommendations. • Opportunities for under-represented groups. Worked with businesses to increase scholarship support and establish well-paying internships to make it more affordable for students with fewer resources to attend college. The School also held a special gala event to raise money for student scholarships. Specifically, in April 2017, we held a fund raising gala, called the “Celebration of Student Success,” that attracted over 650 attendees (mainly from local businesses). Close to $400,000 was raised that night. The Chief of Staff at the Business School played a critical role in the organization of this event. Donor money was also solicited for these purposes. • University/Other events. Participated in several University graduations and MBA/MS/UG/Ph.D. events such as orientations, graduations, and etiquette dinners. Also have spoken at numerous events in the City of Denver as the Chief Representative of the Business School.

Other Outcomes at UCD that I supported during My Tenure

• High-profile commodities conference. The Director of the J.P. Morgan Commodities Center at the Business School initiated discussions about a high profile commodities conference in August 2016. The inaugural conference was held in August 2017 and attracted many practitioners from various exchanges nationally and globally, as well as academics from the US and abroad. This conference is now (2019) in its third edition.

• CIBER Grant. A renewal of a CIBER grant. The veteran Director of the UCD CIBER (Center for International Business Education and Research) program got renewal in September 2018 of the 3rd largest grant given to U.S. universities in 2018 by the Federal US Agency that oversees these grants. The grant amount totaled $1.2 million.

• A renewal of funding for the Daniels Ethics Initiative in October 2018. The grant amount totaled $250,000 per year.

8

• Cyber Security Initiative started by the IS group in 2018. • Dean's Scholars. Appointment in 2017 of the first batch of Dean’s Research Scholars. The plan was to next

appoint Dean's Teaching Scholars in 2019. These appointments are important for AACSB. B. University of Louisville Interim Dean (June 2014 – July 2016) Functions: Just the Highlights

• Improve the working climate. The Dean before me resigned after a very short tenure of

approximately 10 months. I was asked by the Provost to assume this position and bring organizational stability to the College.

• Improve the rankings of the College and use our ACC (Atlantic Coast Conference) peer rankings as benchmarks.

• Fundraising. Increase donor funding and total giving to the College. Outcomes

• Working climate. The working climate rapidly improved. Some working climate issues require a great deal of care. This was certainly one of them. This process involved many individual meetings with faculty and staff, and after listening to them, we took several strategic and financial decisions that improved the climate of the College considerably.

• Rankings were addressed. During my tenure at Louisville, we ascended in the rankings. In AY 2014-15, for the first time, all major masters programs ranked in the Top 100 (US News/Princeton). The Full-Time MBA program debuted in the rankings at #70, the Part-Time (Professional) MBA program ranked at #69, and the Entrepreneurship program at #22. In May 2015, we won the Super-Bowl of business plan competitions – the Global Business Plan Competition (GVLIC) held at the University of Texas in Austin. Our undergraduate programs also ranked high, at #79 (US News and World Report).

• Fundraising. Donor funding and total giving increased. The year following my appointment (2014-15) the College raised $7.071 million, despite it being a start-up year for me. In the prior year, we raised $3.731 million (figures provided by the Office of Advancement). We were on track to do even better in the year before I left. The last large gift at Louisville was for $1 million, given to set up an endowed professorship. Associate Dean for Research (2012 – May 2014) | Chair Research Committee (2008 – May 2014), COB, University of Louisville Functions: Just the Highlights

• Promote investigator-initiated scholarship within the College. Liaise with Executive Vice-

President for Research and Innovation at the University. • Research Committee. Chair and oversee the functioning and composition of the College

Research Committee (RC). The RC manages internal research grants (called CBRIGs – College of Business Research Incentive Grants), College travel funds, and the College Summer Research Incentive Grants (SRIGs).

• Mentor junior faculty in developing independent research programs.

9

Outcomes

• Investigator-initiated scholarship within the College. Liaised with the Executive Vice-President for Research and Innovation at the University. This includes highlighting grant opportunities available within and outside the University of Louisville.

• Chair and oversee the Research Committee. Managed the activities of the RC from 2008-2014. The CBRIGs and SRIGs funding increased during my tenure.

• Mentor junior faculty. Mentored several junior faculty members in their research efforts. Helped them set up research agendas and also helped them secure funding for their research activities. Associate Dean for Masters Programs (2012 – May 2014), COB, University of Louisville Functions: Just the Highlights

• Manage and promote five MBA programs and a Master of Accountancy (MAcc) program. • Oversee and work with the Executive Director of MBA programs and MBA Support Staff. The

MBA Support office had six full-time staff. • Oversight of MBA and MAcc curriculums. This involves working with members of the MBA

faculty (MBA Committee), and with the Director of the School of Accountancy. • Schedule faculty teaching for MBA programs. In doing so, work closely with Department Chairs

and other Administrators. There were over forty faculty members involved in teaching MBA courses. Determine faculty overloads in the Masters programs.

• Participate in MBA events such as orientation, graduation, etiquette dinners, and information sessions.

• Supervise graduate international education. This involves scheduling, program content, and also travel. Outcomes

• Manage and promote MBA and MAcc programs. Enrollments, retention, and graduation rates increased. Program quality improved, evidenced by improved rankings.

• Oversee and work with MBA staff. Built an excellent rapport with the Executive Director of the MBA program and the staff. The staff functions were reviewed with the relevant staff members at the end of each academic year. Revisions took place to their functions, if needed.

• Oversight of MBA and MAC curriculums. Several procedures were put in place. Part of this process involved monitoring graduate curriculums to meet the demands of a changing business environment. Working closely with the Department Chairs, faculty, and staff we designed and implemented procedures for program/curriculum assessment. This was especially important in terms of not just accreditation but also for feedback that allowed assessment of how well courses achieved their stated objectives.

• Schedule faculty teaching for MBA programs. Close coordination with the Department Chairs helped scheduling of MBA teaching with a great degree of efficiency. The modular cohort based format of the MBA programs ensured a high degree of predictability in course offerings and staffing needs. We generated highly predictable income streams.

• Participate in MBA events. Participated in several events including MBA and MAcc information sessions. These sessions, held monthly, drew record attendance during my tenure. As the Dean of these programs, I directed these sessions in collaboration with the MBA Office. The Executive Director of the Masters Programs and MBA staff members performed exceptionally well in ideating and executing these sessions.

10

• Supervise graduate international education. We placed a heavy emphasis on global student experiences. All of our graduate students had the opportunity to engage in in overseas experiences. We worked with a firm (Worldstrides) that had global connections even in less well known countries. This provided our students with a wide variety of opportunities. For many students the overseas experience was the highlight of the program. These expenses were built in to the tuition.

Professor of Finance (2010 - 2016 with Tenure) PNC Professor of Banking and Finance (2011 - 2016) Associate Professor of Finance (hired with Tenure) (2005 -2010)

College of Business, The University of Louisville,

Louisville, KY 40241 (C) Other Previous Positions Max P. Watson Endowed Professor Associate Professor of Finance (2001-2005)

College of Business and Administration, Louisiana Tech University,

Ruston, LA 71270

Assistant Professor of Finance (1997-2001) College of Business and Administration,

The University of Southern Mississippi, Hattiesburg, MS 39406 One semester at the University of Rhode Island (Fall 2000)

Assistant Professor of Finance (1994-1997) School of Business,

Northern State University, Aberdeen, SD 57401

(III) Research Interests

Commodities (energy, agriculture, mining), Derivative Pricing, Market Microstructure, Corporate Finance.

Listed in “Most Prolific Authors in the Finance Literature: 1959-2008”, Jean L. Heck and Philip L. Cooley, Saint Joseph’s University and Trinity University, Working Paper, SSRN.

(IV) Teaching Interests Investments, Derivatives, Corporate Finance Courses taught: Investment Analysis/Portfolio Management [UG] Options and Futures [G/UG] Business/Corporate Finance [G (incl. Case Method) / UG (incl. Case Method)]

11

Money, Banking and Capital Markets [G/UG] Advanced Corporate Finance [UG (Case Method)] UG= Undergraduate, G=Graduate (MBA) Teaching experience: 1994-present.

Among highest-ranked instructors at all schools.

COB Graduate Teaching Award, 2009, University of Louisville. Best Teaching Evaluations (Student Survey) for MBA Core Faculty 2008. “Faculty Favorite” Nominee, Fall 2006, University of Louisville

(V) Professional Service. Membership in Professional Associations 1. Financial Management Association 2. American Statistical Association Chair, Dissertation Committees

1. Khaled Elkhal (graduated Winter 2002-03). Dissertation title “Survival Analysis of Internet Companies: An Application of the Hazard Model”.

2. Manfen Wang (graduated Spring 2003). Dissertation title “Testing the Effectiveness of Deregulation: A Market-based Approach”.

(VI) Publications Working Papers Political Heterogeneity, Confirmation Bias, and Stock Market Outcomes with Yosef Bonaparte

and David Koslowski. Revisions Antecedents and Consequences of Corporate Restructuring, with Wayne Cascio, Arjun

Chatrath, at the Academy of Management Journal. Forthcoming Losers and Prospectors in Short-Term Option Markets, with Arjun Chatrath, Hong Miao, and

Sanjay Ramchander, forthcoming in the Journal of Futures Markets.

Publications

Short-Term Options: Clienteles, Market Segmentation, and Event Trading, with Arjun Chatrath, Hong Miao, and Sanjay Ramchander, The Journal of Banking and Finance, Vol 61, 2015, 237-250.

12

Stock versus Flow Distinctions, and the Role of Inventory, with Bahram Adrangi, Arjun Chatrath, Hong Miao, and Sanjay Ramchander, The Journal of Futures Markets, Vol. 35, 2015, 1003–1025.

Hedging Price Risk when no Direct Hedge Vehicle Exists: The Case of Silicon with Bahram Adrangi, Arjun Chatrath, Mariia Guk, and Gaurav Malik, Applied Economics Letters, Vol 21, 2014, 276-279.

Market Comovements, Regulation, and Financial Crisis: Evidence from Indian Markets, with Bahram Adrangi, Arjun Chatrath, and Debasish Maitra, The Review of Futures Markets, Vol 22, 2015, 21-47.

The Effects of Foreign Trading of U.S. Treasuries, with Chunrong Ai, Arjun Chatrath, and Frank Song, The Financial Review., Vol. 48, 2012, 49-76 Public Information, REIT Responses, Size, Leverage, and Focus with Arjun Chatrath and Sanjay Ramchander, The Journal of Real Estate Research, Vol 34, 2012, 463-513.

Dominant Markets, Staggered Openings, and Price Discovery, with Bahram Adrangi, Arjun Chatrath, and Kiseop Lee, The Journal of Futures Markets, Vol. 31, 2011, 915-946.

Futures Trading and Oil Price Movements, with Arjun Chatrath, Victoria Lugli, and Cynthia Santoso, Review of Futures Markets, 2010, Vol 18, 347-362.

Competitive Inventory Management in Treasury Markets, with Arjun Chatrath, Kiseop Lee, and William T. Moore, Journal of Banking and Finance, Vol.33, 2009, 800-809. How Potent are News Reversals?: Evidence from the Futures Markets, with Arjun Chatrath and Kiseop Lee, Journal of Futures Markets, Vol 29, 2009, 42-73. Deregulation, News Releases, and Price Discovery, with Manfen Wang and William T. Moore, Journal of Regulatory Economics, Vol 31, 2007, 289-312. The Macroeconomic News Cycle and Uncertainty Resolution, with Arjun Chatrath and William T. Moore, Journal of Business, Vol 79, 2006, 2633-2657. What Puts the Convenience in Convenience Yields, with Bahram Adrangi, Arjun Chatrath, and William T. Moore, Review of Futures Markets, Vol 15, 2006, 201-227.

This manuscript, won an award at the Financial Management Association (FMA) Conference meetings October 2005, Chicago, Ill (runner-up in category Risk Management).

Futures Expiration, Contract Switching, and Price Discovery, with Arjun Chatrath, Journal of Derivatives, Vol 12, 2004, 58-72.

13

The Effects of Unanticipated Macroeconomic News on Debt Markets, with Mukesh Chaudhry, and James T. Lindley, Journal of Financial Research, Vol. 26, 2003, 319-339.

Index Futures Leadership, Basis Behavior, Trader Selectivity, with Arjun Chatrath, K. Dhanda, and Timothy Koch, Journal of Futures Markets, Vol. 22, 2002, 649-677. News Releases, Market Integration, and Market Leadership, with Mukesh Chaudhry and Walayet Khan, Journal of Financial Research, Vol. 25, 2002, 223-245.

Coskewness and Cokurtosis in Futures Markets, with Mukesh Chaudhry, Journal of Empirical Finance, Vol. 8, 2001, 55-81.

The Responses of Interest-Rate Spreads to Information Releases, with Raj Aggarwal, Timothy Koch, and Mukesh Chaudhry, Review of Quantitative Finance and Accounting, Vol. 16, 2001, 345-368.

The Risk of Foreign Currency Contingent Claims at US Commercial Banks, with Mukesh Chaudhry, Timothy Koch, and Alan Reichert, Journal of Banking & Finance, Vol. 24, 2000, pp 1399-1417.

Price Discovery in Strategically-Linked Markets: The Case of the Gold-Silver Spread, with Bahram Adrangi and Arjun Chatrath, Applied Financial Economics, Vol.10, 2000, 227-234.

January Anomalies: Implications for the Market’s Incorporation of News, with Mukesh Chaudhry, The Financial Review, Vol. 35, 2000, 79-96.

Currency Futures, News Releases, and Uncertainty Resolution, with Mukesh Chaudhry, Global Finance Journal, Vol. 11, 2000, 109-127.

This manuscript was judged the best paper in the category Currency Issues at the Global Finance Conference held in Mexico City, Mexico in April 1998.

Improper Trading and Market Effects: An Analysis of the Treasury Bond Futures Market on October 22, 1992, with Timothy W.Koch and Mukesh Chaudhry, Financial Practice and Education (now the Journal of Applied Finance), Vol. 10, 2000, 17-28. Price Dynamics and Information Flows in Strategically-Linked Debt Markets: The NOB & MOB Constituents, with Arjun Chatrath and Mukesh Chaudhry, The Journal of Business, Finance, and Accounting. Vol. 27, 2000, 1003-1025.

Do Macroeconomic News Releases Impact Gold and Silver Prices?, with Timothy Koch and Mukesh Chaudhry, Journal of Economics and Business, Vol. 52, 2000, 405-421. Liquidity and Maturity Effects Around News Releases, with Mukesh Chaudhry, Journal of Financial Research, Vol. 22, 1999, 47-67.

Price Discovery in Strategically-Linked Markets: The TED Spread and its Constituents, with Arjun Chatrath and Mukesh Chaudhry, The Journal of Derivatives, Vol. 6, 1999, 77-87.

14

Long-term Structural Price Relationships in Real Estate Markets, with W. H. Sackley and Mukesh Chaudhry, Journal of Real Estate Research, Vol. 18, 1999, 335-354.

Long-term Structural Price Relationships in Futures Markets, with Mukesh Chaudhry, Journal of Derivatives, Vol. 5, 1998, 45-59. Foreign Currency Exposure and the Hedging Possibilities for Pension Funds, with W. H. Sackley and Mukesh Chaudhry, Managerial Finance, Vol. 24, 1998, 1-15. Lead Article.

The Impact of Market Specific Public Information on Return Variance in an Illiquid Market, with Timothy W. Koch, Journal of Futures Markets, Vol. 17, 1997, 887-908.

_____________________________________________________________________________________

YOU'RE INVITED...

Join us as we celebrate Jake's $12 mil l ion donation with l ive music,

networking & refreshments!

RSVP: bit. ly/Groundbreaking18

T O T H E J A K E J A B S E V E N T S C E N T E R G R O U N D B R E A K I N G

C E R E M O N Y

10.02.183:30-5:00 PM CU Denver Business School

Office of the Dean | CU Denver Business School

1475 Lawrence St. Denver, CO 80202

Dean’s Suite Dedication

& Welcome Back Social

Join Dean Christie-David as we Name the Dean's Suite in Honor of Dr. Wayne Cascio

and launch into the new academic year 2018/2019

Wednesday August 22nd, 2018 4:30 - 5:00 pm: Dedication of the Dean's Suite, 6th Floor

Followed immediately by the Welcome Back Social 5th Floor Laube Commons

Appetizers, refreshments, beer and wine will be served