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CURRICULUM VITAE

NAME: Alfred H. R. Davis

ADDRESSES:

Office: Queens School of Business Home:803 Rue MillerQueens University Greenfield Park, QubecKingston, Ontario Canada, J4V 1W8Canada, K7L 3N6

TELEPHONE NOS: Office (613) 533-2353Home (450) 671-9361FAX (613) 533-6589E-mail adavis@business.queensu.ca

CITIZENSHIP: Canadian

MARITAL STATUS: Married, two children

PLACE OF BIRTH: Montral, Qubec

EDUCATION:

Ph.D. Business Administration (Major area Finance, minor areas in Accounting andEconomics), The Pennsylvania State University, August, 1985.

Dissertation: "Effect of Tax Rate Changes on Capital Structure Decisions andShareholders' 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 WilliamsUniversity, Montral, Qubec (now Concordia University), 1970.

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TEACHING EXPERIENCE (Continued):

Concordia University, Loyola CampusLocation: Montral, Qubec, CanadaPosition: Lecturer, Finance and StatisticsDate: August 1974 to August 1976

Sir George Williams UniversityLocation: Montral, Qubec, CanadaPosition: Graduate Assistant in FinanceDate: January 1973 to May 1973

VISITING POSITIONS:

EDHEC Grande Ecole, Business SchoolLocation: Nice. FranceDate: 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 ProgrammeLocation: Lille, FranceDate: March 2000, April 2003, April 2004, November 2005, October 2006,

October 2007, October 2008, May 2010

Concordia UniversityLocation: Montral, Qubec, Canada

Date: August 1995 to July 1996

Universit Robert SchmanLocation: Strasbourg, FranceDate: September 1994 to June 1996

Universit de RennesLocation: Rennes, France

Date: January 1989 to July 1989

Concordia UniversityLocation: Montral, Qubec, CanadaDate: August 1988 to December 1988

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EXECUTIVE EDUCATION:

Concordia University, International Aviation MBALocation: Montral, Qubec, CanadaDate: January 1998 to April 1998

Joint MBA ProgramGraduate School of Management at the International Management Centre, BudapestAnd the Weatherhead School of ManagementCase Western Reserve University, OhioLocation: Budapest, HungaryDate: April-May 1999

McGill UniversityExecutive Training ProgramLocation: Almaty, KazakhstanDate: May-June 1999

COURSES TAUGHT:

Undergraduate: Introduction to Finance; Finance II; Financial Management:Strategy; Budgeting and Financial Planning; Capital BudgetingTheory

Graduate: Corporate Finance; Corporate Financial Planning I; FinancialManagement; Financial Statement Analysis; Seminar in FinanceTheory.

Executive: Financial Management; Financial Mathematics; Capital Budgeting;Mergers and Acquisitions

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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 2006Ian Glew October 2007

Ph. D. Committee Member (1990 - 2012): 10 School of Business4 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 theSubstitution 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 AfterActual Share Repurchases (With Stephen Maclean)

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C. Books

Canadian Financial Management 4th Ed.(with George E. Pinches), Addison WesleyLongman: Toronto, 2002.

Instructor's Manual to Accompany Canadian Financial Management 4th Ed.(withChantal 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 ), AddisonWesley Addison Wesley Longman: Toronto, 2002.

Canadian Financial Management 3rd Ed.(with George E. Pinches), Addison WesleyPublishers: New York, 1997.

Instructor's Manual to Accompany Canadian Financial Management 3rd Ed., AddisonWesley 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., HarperCollins Publishers: New York, 1991.

Study Guide to Accompany Canadian Financial Management 2nd Ed. (with D.Ketcham), Harper Collins Publishers: New York, 1991.

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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 FinancialManagement (with R. Hull and S. Michelson). New York: Harper and Row Publishers,1989.

Canadian Financial Management (with George E. Pinches). New York: Harper and RowPublishers, 1988.

Study Guide to Accompany Canadian Financial Management (with D. Kitchen). NewYork: Harper and Row Publishers, 1988.

D. Refereed Conference PapersThe 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 AccidentalBankruptcy (With Xuefei Huang) presented at the 2004 Financial Managementassociation Annual Meeting (Session 65) in New Orleans, LA, October 6 -9, 2004 alsopresented 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 IntangibleAssets in International Markets (with Catherine Beauchemin) presentedatThe 4

th

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 theChina-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 Mortgage-

Backed Securities (with Henri Fouda) presented at the China-Canada University-

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Refereed Conference Papers (Continued)

Industry Partnership Program Conference, Dalian University of Technology, DalianChina, August 1999. Also presented at the 1999 Northern Finance Association Meeting ,Calgary Alberta, September 1999., the Annual Meetings of the Financial ManagementAssociation (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; inASAC 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 ofInsider Trading and Capital Expenditures ( with N. Betts ) presented at the annualmeeting of the Administrative Sciences Association of Canada (ASAC), Lake Louise,

Alberta, June 1993; inASAC Finance Proceedings 1993, pp. 124 134.

Some Evidence on the Information Content of Insider Trading Around CorporateCapital Expenditure and Dividend Announcements (with N. Betts) presented at theAnnual Meeting of the Financial Management Association, San Francisco, Ca., October1992. (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 ofCanada (ASAC), Niagara Falls, Ontario, June 1991.

The Corporate Use of Debt Substitutes in Canada: A Test of the De Angelo MasulisSubstitution Hypothesis, presented at the Annual Meeting of the Financial ManagementAssociation, Orlando, Fl., October 1990. (Session 41)

A Test of Interest Rate Parity in the Canadian/US Dollar Denominated CommercialPaper Markets (with M. Anvari) presented at the Annual Meeting of the FinancialManagement Association, Orlando, Fl., October 1990. (Session 6)A Re-examination of the Corporate Use of Debt Substitutes in Canada presented atthe annual meeting of the Administrative Sciences Association of Canada (ASAC),Whistler, B.C., June 1990; inASAC Finance Proceedings 1990, pp. 32-42.

Some Evidence on the Effects of Merging on Corporate Tax Rates, Capital Structuresand Shareholder Returns, presented at the Annual Meeting of ASAC, Halifax, N.S.,June 1988; inASAC Finance Proceedings, pp. 65-75.

The Corporate Use of Debt Substitutes in Canada: A Test of De Angelo and MasulisDebt Substitution Hypothesis, presented at the Annual Meeting of ASAC, Toronto,Ontario, June 1987; inASAC Finance Proceedings, pp. 58-67.

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Refereed Conference Papers (Continued)

Effective Taxes as Determinants of Canadian Capital Structures, presented at theAnnual Meeting of ASAC, Whistler B.C., June 1986; inASAC Finance Proceedings1986, pp. 127-136.

A Theory of the Effects of Merging on Corporate Tax Rates, Capital Structures andShareholder Returns presented at the annual meetings of ASAC, Montreal, May 1985;inASAC 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, DalianUniversity of Technology, Dalian China, August 1999.

China-Canada University-Industry Partnership Program (CCUIPP) Conference, XiamenUniversity, 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), NiceFrance March 25 2004.

Participant in Management Research Methodology Workshop for University andIndustry, 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, XiamenUniversity, 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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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 CorporateCapital 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 InsiderTrading 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 inCanada." ($11,325); completed October 1990.

Advisory Research Committee of the School of Graduate Studies and Research, Queen'sUniversity (May 1984) for: "Effective Tax Rates as Determinants of Canadian CapitalStructure." ($2,500)

Queen's School of Business, D.I. McLeod Research Grants:

1984 $3,150 1992 $5,260

1985 3,900 1993 $6,0101986 3,900 1994 $4,5201987 3,900 1995 $1,5201988 4,200 2000 $9001991 $5,260 2003 $900

2004 $9002009 $ 1,024

Queen's School of Business, Dean's Development Fund:

2000 $8,000

2001 $2,000Queen's School of Business, General Research Fund:

2003 $5,000

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PROFESSIONAL AFFILIATIONS:

Reviewer for: Canadian Journal of Administrative Sciences; Financial Management;Canadian Journal of Economics; Quarterly Journal of Business and Economics; SocialSciences and Humanities Research Council of Canada; Fonds pour la Formation de

Chercheurs et l'Aide la Recherche (FCAR); SSHRC; Review of Accounting andFinance

Member of: American Finance Association, Financial Management Association, WesternFinance Association, Midwestern Finance Association, and EasternFinance 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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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).