January 2011

CURRICULUM VITAE

NAME: ADDRESSES: Office:

Alfred H. R. Davis

Queens School of Business Queens University Kingston, Ontario Canada, K7L 3N6 Office Home FAX E-mail

Home: 803 Rue Miller Greenfield Park, Qubec Canada, J4V 1W8

TELEPHONE NOS:

(613) 533-2353 (450) 671-9361 (613) 533-6589 adavis@business.queensu.ca

CITIZENSHIP: MARITAL STATUS: PLACE OF BIRTH: EDUCATION:

Canadian Married, two children Montral, Qubec

Ph.D. Business Administration (Major area Finance, minor areas in Accounting and Economics), The Pennsylvania State University, August, 1985. Dissertation: "Effect of Tax Rate Changes on Capital Structure Decisions and Shareholders' Returns: The Merger Case." Master of Business Administration, Sir George Williams University, Montral, Qubec (now Concordia University), 1973. Bachelor of Commerce, Major in Finance and Economics, Sir George Williams University, Montral, Qubec (now Concordia University), 1970.

January 2011

AWARDS AND HONOURS: Best Paper on Derivative Securities, 1998 Finance Division of Administrative Sciences Association of Canada For: An Augmented Value at Risk Approach to Risk Management. (Coauthored with Henri Fouda) Best Paper Award of 1994 Canadian Journal of Administrative Sciences For "The Corporate Use of Debt Substitutes in Canada: A Test of Competing Versions of the Substitution Hypothesis," which appeared in the March 1994 issue of Canadian Journal of Administrative Sciences, pp. 105 - 115. Honourable Mention Award, 1987 Finance Division of Administrative Sciences Association of Canada For: "The Corporate Use of Debt Substitutes in Canada: A Test of De Angelo and Masulis' Debt Substitution Hypothesis." TEACHING EXPERIENCE: Queen's University, School of Business Location: Kingston, Ontario, Canada, K7L 3N6 Position: Associate Professor of Finance Date: July 1991 to present Queen's University, School of Business Location: Kingston, Ontario, Canada, K7L 3N6 Position: Assistant Professor of Finance Date: July 1982 to June 1991 The Pennsylvania State University Location: University Park, PA 16802 Position: Graduate Assistant Date: September, 1979 to November, 1982 The University of Washington Location: Seattle, Washington Position: Graduate Assistant Date: September, 1976 to June 1979

January 2011

TEACHING EXPERIENCE (Continued): Concordia University, Loyola Campus Location: Montral, Qubec, Canada Position: Lecturer, Finance and Statistics Date: August 1974 to August 1976 Sir George Williams University Location: Montral, Qubec, Canada Position: Graduate Assistant in Finance Date: January 1973 to May 1973

VISITING POSITIONS:

EDHEC Grande Ecole, Business School Location: Nice. France Date: January April 2004, February 2005, May 2005, October 2005, May 2006, October 2006, May 2007, October 2007, October-November 2009, September-October 2010, September-October 2011. IESEG, International Management Programme Location: Lille, France Date: March 2000, April 2003, April 2004, November 2005, October 2006, October 2007, October 2008, May 2010 Concordia University Location: Montral, Qubec, Canada Date: August 1995 to July 1996 Universit Robert Schman Location: Strasbourg, France Date: September 1994 to June 1996 Universit de Rennes Location: Rennes, France Date: January 1989 to July 1989 Concordia University Location: Montral, Qubec, Canada Date: August 1988 to December 1988

January 2011

EXECUTIVE EDUCATION: Concordia University, International Aviation MBA Location: Montral, Qubec, Canada Date: January 1998 to April 1998 Joint MBA Program Graduate School of Management at the International Management Centre, Budapest And the Weatherhead School of Management Case Western Reserve University, Ohio Location: Budapest, Hungary Date: April-May 1999 McGill University Executive Training Program Location: Almaty, Kazakhstan Date: May-June 1999

COURSES TAUGHT: Undergraduate: Introduction to Finance; Finance II; Financial Management: Strategy; Budgeting and Financial Planning; Capital Budgeting Theory Corporate Finance; Corporate Financial Planning I; Financial Management; Financial Statement Analysis; Seminar in Finance Theory. Financial Management; Financial Mathematics; Capital Budgeting; Mergers and Acquisitions

Graduate:

Executive:

January 2011

GRADUATE SUPERVISION: MSc Theses: 3 (1997 - 1998) 3 (1998 - 1999) 1 (1999 - 2000) 4 (2002 - 2003) 1 (2003 2004) 2 (2004 2005) 1 (2005 2006) 1 (2007 2008) 1 (2008 2009) 1 (2011 2012) Ph. D. Dissertation: 5 (2001- ) Ph. D Students Graduated: Hui (Howard) Hao October 2006 Ian Glew October 2007 Ph. D. Committee Member (1990 - 2012): 10 School of Business 4 Department of Economics

LLM Examination Committee: 1 (2001) RESEARCH AND SCHOLARLY ACTIVITIES:

A.

Articles An Augmented Value at Risk Approach to Risk Management. (with H. Fouda) Canadian Journal of Administrative Sciences, Vol. 16, 1999, pp. 185 - 194. "A Test of One-Way Arbitrage in the Canadian/US Dollar Commercial Paper Markets." (With M. Anvari) Advances in Working Capital Management, Vol. 3, 1996, pp. 201 214. "The Corporate Use of Debt Substitutes in Canada. A Test of Competing Versions of the Substitution Hypothesis." Canadian Journal of Administrative Sciences, (March 1994 ), pp. 105 - 115. Effective Tax Rates as Determinants of Canadian Capital Structures", Financial Management 16 (Autumn 1987), pp.22-28.

B.

Work in Progress Impact of Credit Ratings and Corporate Liquidity on Long-Run Performance After Actual Share Repurchases (With Stephen Maclean)

January 2011

C.

Books Canadian Financial Management 4th Ed. (with George E. Pinches), Addison Wesley Longman: Toronto, 2002. Instructor's Manual to Accompany Canadian Financial Management 4th Ed.(with Chantal Allard), Addison Wesley Longman: Toronto, 2002. Study Guide to Accompany Canadian Financial Management 4th Ed. (with D. Roberts), Addison Wesley Addison Wesley Longman: Toronto, 2002. Test Bank to Accompany Canadian Financial Management 4th Ed. (with ), Addison Wesley Addison Wesley Longman: Toronto, 2002. Canadian Financial Management 3rd Ed. (with George E. Pinches), Addison Wesley Publishers: New York, 1997. Instructor's Manual to Accompany Canadian Financial Management 3rd Ed., Addison Wesley Publishers: New York, 1997. Study Guide to Accompany Canadian Financial Management 3rd Ed. (with F. Boabang), Addison Wesley Publishers: New York, 1997. Test Bank to Accompany Canadian Financial Management 3rd Ed. (with J. D'Amato), Addison Wesley Publishers: New York, 1997. Canadian Financial Management 2nd Ed. (with George E. Pinches), Harper Collins Publishers: New York, 1991. Lecture Outline Transparency System (LOTS) to Accompany Canadian Financial Management 2nd Ed. (with S. Michelson), Harper Collins Publishers: New York 1991. Instructor's Manual to Accompany Canadian Financial Management 2nd Ed., Harper Collins Publishers: New York, 1991. Study Guide to Accompany Canadian Financial Management 2nd Ed. (with D. Ketcham), Harper Collins Publishers: New York, 1991.

January 2011

Books (Continued)

Test Bank to Accompany Canadian Financial Management 2nd Ed. (with D. Ketcham), Harper Collins Publishers: New York, 1991. Lecture Outline Transparency System (LOTS) to Accompany Canadian Financial Management (with R. Hull and S. Michelson). New York: Harper and Row Publishers, 1989. Canadian Financial Management (with George E. Pinches). New York: Harper and Row Publishers, 1988. Study Guide to Accompany Canadian Financial Management (with D. Kitchen). New York: Harper and Row Publishers, 1988.

D.

Refereed Conference Papers The Effect of Pre-Bankruptcy Performance on the Post-Emergence Returns of Chapter 11 Firms (With Hui (Howard ) Hao) presented at the 2005 Financial Management association Annual Meeting (Session 102) in Chicago, Il, October 12 15, 2005. The Stock Performance of Firms Emerging from Chapter 11 and Accidental Bankruptcy (With Xuefei Huang) presented at the 2004 Financial Management association Annual Meeting (Session 65) in New Orleans, LA, October 6 -9, 2004 also presented at the Eleventh Annual Conference of the Multinational Finance Society, (Session 13) Istanbul, Turkey July 3 8, 2004. A Spin-Off Analysis: Evidence From the New and Old Economies. (with M. Lablond) presented at the 2002 Financial Management Association Annual Meeting , San Antonio, Texas, October 16-19, 2002. Also presented at the Ninth Annual Conference, Multinational Finance Society, Paphos, Cyprus, June 30-July 3, 2002.

Successful Business Strategies For Canadian Corporations: The Role of Intangible Assets in International Markets (with Catherine Beauchemin) presented at The 4th International Conference on Management (ICM2001) Xian Jiaotong University, Xian, China, May 2001 also presented at the Eighth Annual Conference, Multinational Finance Society, Garda, Verona, Lake Garda, Italy, June 2001. A Dynamics of Swap Yields: An Empirical Analysis ( with H. Fouda) presented at the China-Canada University-Industry Partnership Program (CCUIPP), Tongji University, Shanghai, P. R. China, August 20000. Extreme Events and Their Implications for Value at Risk: Evidence from MortgageBacked Securities (with Henri Fouda) presented at the China-Canada University-

January 2011

Refereed Conference Papers (Continued) Industry Partnership Program Conference, Dalian University of Technology, Dalian China, August 1999. Also presented at the 1999 Northern Finance Association Meeting , Calgary Alberta, September 1999., the Annual Meetings of the Financial Management Association (Session 154) Orlando, Fl. October 1999, and the Academy of Financial Services in Orlando, Fl. October 1999. An Augmented Value at Risk Approach to Risk Management. (with H. Fouda) presented at the annual meeting of the Administrative Sciences Association of Canada (ASAC), Saskatoon, Saskatchewan, June 1998; in ASAC Finance Proceedings 1998, pp. 56 67. Also presented at the Annual Meeting of the Financial Management Association, Chicago, Il., October 1998. (Session 15) Some Findings on the Informational Role of Joint Corporate Signals: The Case of Insider Trading and Capital Expenditures ( with N. Betts ) presented at the annual meeting of the Administrative Sciences Association of Canada (ASAC), Lake Louise, Alberta, June 1993; in ASAC Finance Proceedings 1993, pp. 124 134. Some Evidence on the Information Content of Insider Trading Around Corporate Capital Expenditure and Dividend Announcements (with N. Betts) presented at the Annual Meeting of the Financial Management Association, San Francisco, Ca., October 1992. (Session 180) A Test of One-Way Arbitrage in the Canadian/US Commercial Paper Markets (with M. Anvari) presented at the annual meeting of the Administrative Sciences Association of Canada (ASAC), Niagara Falls, Ontario, June 1991. The Corporate Use of Debt Substitutes in Canada: A Test of the De Angelo Masulis Substitution Hypothesis, presented at the Annual Meeting of the Financial Management Association, Orlando, Fl., October 1990. (Session 41) A Test of Interest Rate Parity in the Canadian/US Dollar Denominated Commercial Paper Markets (with M. Anvari) presented at the Annual Meeting of the Financial Management Association, Orlando, Fl., October 1990. (Session 6) A Re-examination of the Corporate Use of Debt Substitutes in Canada presented at the annual meeting of the Administrative Sciences Association of Canada (ASAC), Whistler, B.C., June 1990; in ASAC Finance Proceedings 1990, pp. 32-42. Some Evidence on the Effects of Merging on Corporate Tax Rates, Capital Structures and Shareholder Returns, presented at the Annual Meeting of ASAC, Halifax, N.S., June 1988; in ASAC Finance Proceedings, pp. 65-75. The Corporate Use of Debt Substitutes in Canada: A Test of De Angelo and Masulis Debt Substitution Hypothesis, presented at the Annual Meeting of ASAC, Toronto, Ontario, June 1987; in ASAC Finance Proceedings, pp. 58-67.

January 2011

Refereed Conference Papers (Continued) Effective Taxes as Determinants of Canadian Capital Structures, presented at the Annual Meeting of ASAC, Whistler B.C., June 1986; in ASAC Finance Proceedings 1986, pp. 127-136. A Theory of the Effects of Merging on Corporate Tax Rates, Capital Structures and Shareholder Returns presented at the annual meetings of ASAC, Montreal, May 1985; in ASAC Finance Proceedings 1985, pp. 213-222. E. Conference Committee Memberships Program Committee for the Global Finance Conference, Beijing China , May 27-29, 2002. China-Canada University-Industry Partnership Program (CCUIPP) Conference, Tongji University, Shanghai, P. R. China, August 20000. China-Canada University-Industry Partnership Program (CCUIPP) Conference, Dalian University of Technology, Dalian China, August 1999. China-Canada University-Industry Partnership Program (CCUIPP) Conference, Xiamen University, Xiamen China, August 10 to August 14,1998. F. Invited Presentations and Workshops The Stock Performance of Firms Emerging from Chapter 11 and Accidental Bankruptcy (With Xuefei Huang) presented at a Research Seminar at EDHEC Grande Ecole (Business School), Nice France March 25 2004. Participant in a Research Workshop at EDHEC Grande Ecole (Business School), Nice France March 25 2004. Participant in Management Research Methodology Workshop for University and Industry, China-Canada University-Industry Partnership Program (CCUIPP) Conference, Tongji University, Shanghai, P. R. China, August 20000. Participant in Forum for University-Industry Dialogue: Professional Training in Chinas Financial Industry, China-Canada University-Industry Partnership Program Conference, Dalian University of Technology, Dalian China, August 1999. An Augmented Value At Risk Approach to Risk Management (with Henri Fouda), China-Canada University-Industry Partnership Program (CCUIPP) Conference, Xiamen University, Xiamen China, August 10 to August 14,1998. Participant in Consulting Workshop: Approaches to Consulting, Training, and Applied Research for Industrial and Business Clients. China-Canada University-Industry Invited
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January 2011

Presentations and Workshops (Continued) Partnership Program (CCUIPP) Conference, Xiamen University, Xiamen China, August 10 to August 14,1998. Financial Risk Management and Derivative Securities Workshop for University Staff Teaching Finance in MBA Programs in China. Xiamen University, Xiamen China, organized by Xiamen University and National Supervisory Committee for MBA Education, August 15 to August 18, 1998. G. Other Participation at Professional Meetings Discussant: Session 102, Predicting Default at the 2005 Financial Management Association Annual Meeting in Chicago, Il, October 12 -15, 2005 Discussant: Session 159, Stock Repurchases at the 2004 Financial Management Association Annual Meeting in New Orleans, LA, October 6 -9, 2004 Discussant: Session 13 Financial Accounting at the Eleventh Annual Conference of the Multinational Finance Society, Istanbul, Turkey July 3 8, 2004. Discussant: Session 41, Financial Management Association Meeting, San Antonio, Texas, October 2002. Session 196, Financial Management Association Meeting, San Antonio, Texas, October 2002. Session 2, ASAC, Lake Louise, Alberta, June 1993. Session 123, Financial Management Association Meeting, San Francisco, Ca., October 1992. Session 7B, ASAC, Whistler, B.C., June 1990. Session 5A, ASAC, Halifax, Nova Scotia, June 1988. Session 5B, ASAC, Toronto, Ontario, June 1987 Session 5B, ASAC, Toronto, Ontario, June 1987 Session on "Going Public", ASAC, Whistler, B.C., June 1986 Session on "Options", ASAC, Whistler, B.C., June 1986 Session 6B, "Share Valuation", ASAC Montreal, May 1985. Session 8, "Mergers", ASAC, Montreal, May 1985.
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Chairman:

Discussant: Discussant:

Chairman: Discussant: Discussant: Chairman: Discussant: Discussant: Chairman: Discussant:

January 2011

H.

Research Grants

School of Business Research Scholar, Queen's University (November 1992) ($9,000) Research Programme of the School of Business, Queen's University (November 1991) for:"Some Evidence on the Information Content of Insider Trading Around Corporate Capital Expenditure and Dividend Announcements." ($6,000) Advisory Research Committee of the School of Graduate Studies and Research, Queen's University (October 1991) for: "Some Evidence on the Information Content of Insider Trading Around Corporate Capital Expenditure and Dividend Announcements." ($4,185) Social Science and Humanities Research Council of Canada (1987-1988) for: "Some Evidence on the Relationship Between Debt Substitutes and Corporate Leverage in Canada." ($11,325); completed October 1990. Advisory Research Committee of the School of Graduate Studies and Research, Queen's University (May 1984) for: "Effective Tax Rates as Determinants of Canadian Capital Structure." ($2,500)

Queen's School of Business, D.I. McLeod Research Grants: 1984 1985 1986 1987 1988 1991 $3,150 3,900 3,900 3,900 4,200 $5,260 1992 1993 1994 1995 2000 2003 2004 2009 $5,260 $6,010 $4,520 $1,520 $900 $900 $900 $ 1,024

Queen's School of Business, Dean's Development Fund: 2000 2001 $8,000 $2,000

Queen's School of Business, General Research Fund: 2003 $5,000

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January 2011

PROFESSIONAL AFFILIATIONS: Reviewer for: Canadian Journal of Administrative Sciences; Financial Management; Canadian Journal of Economics; Quarterly Journal of Business and Economics; Social Sciences and Humanities Research Council of Canada; Fonds pour la Formation de Chercheurs et l'Aide la Recherche (FCAR); SSHRC; Review of Accounting and Finance Member of: American Finance Association, Financial Management Association, Western Finance Association, Midwestern Finance Association, and Eastern Finance Association

UNIVERSITY ACTIVITIES: MBA Progress/ Curriculum Committee (2008 - 2009) Chair Finance Comprehensive Examination (2003 -2011) N/EMBA Academic Progress Committee (2004 - 2008) MBAST Academic Progress and Curriculum Committee (2004 - 2007) Finance Group representative on the MSc/PhD Committee (2002 - 2003) School of Business Research Committee (1999) School of Business Library Committee (1997 - 1999) Promotion, Tenure and Renewal Committee of the School of Business (July 1994 - June 1995) Race Relations Advisor to the Principal of Queen's University (1992 - 1993) School of Business Senator (July 1991 to July 1995) School of Business Development Committee (1991 - 1995) Senate Nominating Committee (October 1992 to July 1995) Queen's University Faculty Association, Executive Committee ( 1990 - 1993) Treasurer, Queen's University Faculty Association (1991 - 1992) MBA Programme Committee (1990)

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January 2011

UNIVERSITY ACTIVITIES (Continued) B. Comm. Programme Committee (1987) School of Business Library Committee (1987) Treasurer, Board of Directors, Queen's University Faculty Club (1987-1988).

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