2. STOCK MARKET TRADING ACTIVITY AND RETURNS AROUND MILESTONES, 2011, Journal of Empirical Finance, 18, (with Stephan Dieckmann).

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1 December 2017 GEORGE O. ARAGON W. P. Carey School of Business Arizona State University Tempe, AZ Tel: (480) Web: ACADEMIC POSITIONS ARIZONA STATE UNIVERSITY, W. P. CAREY SCHOOL OF BUSINESS, TEMPE, AZ Associate Professor of Finance, 2012-present Assistant Professor of Finance, EDUCATION BOSTON COLLEGE, CHESTNUT HILL, MA, PhD in Finance, August 2005 LONDON SCHOOL OF ECONOMICS, LONDON, UK, MSc in Finance and Economics, July 1999 BOSTON COLLEGE, CHESTNUT HILL, MA, BSc in Finance and Economics, May 1998 REFEREED PUBLICATIONS 1. SHARE RESTRICTIONS AND ASSET PRICING: EVIDENCE FROM THE HEDGE FUND INDUSTRY, 2007, Journal of Financial Economics 83, Supported by a research grant from the Foundation for Managed Derivatives Research. 2. STOCK MARKET TRADING ACTIVITY AND RETURNS AROUND MILESTONES, 2011, Journal of Empirical Finance, 18, (with Stephan Dieckmann). 3. HEDGE FUNDS AS LIQUIDITY PROVIDERS: EVIDENCE FROM THE LEHMAN BANKRUPTCY, 2012, Journal of Financial Economics, 103, (with Philip E. Strahan). 4. TOURNAMENT BEHAVIOR IN HEDGE FUNDS: HIGH-WATER MARKS, FUND LIQUIDATION, AND MANAGERIAL STAKE, 2012, Review of Financial Studies, 25, (with Vikram Nanda). Supported by a research grant from The Institute for Quantitative Research in Finance.

2 5. A UNIQUE VIEW OF HEDGE FUND DERIVATIVES USAGE: SAFEGUARD OR SPECULATION? 2012, Journal of Financial Economics, 105, (with J. Spencer Martin). Supported by a research grant from the Foundation for Managed Derivatives Research. 6. WHY DO HEDGE FUNDS AVOID DISCLOSURE? EVIDENCE FROM CONFIDENTIAL 13F FILINGS, 2013, Journal of Financial and Quantitative Analysis, 48, (with Michael Hertzel and Zhen Shi). 7. ONSHORE AND OFFSHORE HEDGE FUNDS: ARE THEY TWINS?, 2014, Management Science, 60, (With Bing Liang and Hyuna Park). 8. STRATEGIC DELAYS AND CLUSTERING IN HEDGE FUND REPORTED RETURNS, 2017, Journal of Financial and Quantitative Analysis 52, 1-35 (with Vikram Nanda). 9. WHO BENEFITS IN A CRISIS? EVIDENCE FROM HEDGE FUND STOCK AND OPTION HOLDINGS, 2017, forthcoming in Journal of Financial Economics, (with J. Spencer Martin and Zhen Shi). 10. THE USE OF CREDIT DEFAULT SWAPS BY BOND MUTUAL FUNDS: LIQUIDITY PROVISION AND COUNTERPARTY RISK, 2017, forthcoming in Journal of Financial Economics, (with Lei Li and Jun Qian). WORKING PAPERS AND CURRENT PROJECTS 1. LIQUIDITY TRANSFORMATION AND FINANCIAL FRAGILITY: EVIDENCE FROM FUNDS OF HEDGE FUNDS, with Vikas Agarwal and Zhen Shi. 2. HEDGE FUND LIQUIDITY MANAGEMENT, with Tolga Ergun, Mila Getmansky, and Giulio Girardi. 3. DOING BUSINESS IN A CORRUPT COUNTRY: EVIDENCE FROM HEDGE FUNDS, with Vikram Nanda and Haibei Zhao. 4. FIRE SALE RISK AND EXPECTED STOCK RETURNS, with Min Kim. 5. HIGH-WATER MARKS AND HEDGE FUND COMPENSATION, with Lei Li and Jun Qian. NON-REFEREED PUBLICATIONS 1. HEDGE FUNDS: PORTFOLIO, INVESTOR, AND FINANCING LIQUIDITY, 2017, with Tolga Ergun, Mila Getmansky, and Giulio Girardi, United States, Securities and Exchange Commission, Washington D.C. 2. LEHMAN BROTHERS AND THE COLLAPSE OF MARKET LIQUIDITY, 2010, with Philip E. Strahan, Bank Structure Conference Proceedings, Federal Reserve Bank of Chicago.

3 3. PORTFOLIO PERFORMANCE EVALUATION, 2006, with Wayne E. Ferson. Foundations and Trends in Finance: Vol. 2: No 2, pp , Now Publishers. INVITED PRESENTATIONS ( INDICATES PRESENTATION BY COAUTHOR) 2017: CHINESE UNIVERSITY OF HONG KONG, UNIVERSITY OF MANCHESTER CONFERENCE, EUROPEAN FINANCE ASSOCIATION MEETINGS, NORTHERN FINANCE ASSOCIATION MEETINGS, CHINESE INTERNATIONAL CONFERENCE IN FINANCE (HANGZHOU), BERLIN ASSET MANAGEMENT CONFERENCE, PURDUE UNIVERSITY, SANTIAGO FINANCE WORKSHOP, 2017 HEDGE FUND RESEARCH SYMPOSIUM 2016: EIGHTH PROFESSIONAL ASSET MANAGEMENT CONFERENCE (ROTTERDAM), DEPAUL UNIVERSITY, TEXAS TECH UNIVERSITY, EIGHTH ANNUAL FMA ASIA/PACIFIC CONFERENCE (SYDNEY), UNIVERSITY OF NEW SOUTH WALES, UNC S INSTITUTE FOR PRIVATE CAPITAL HEDGE FUND CONFERENCE, DREXEL/LEHIGH/TEMPLE/UNIVERSITY OF DELAWARE RESEARCH SYMPOSIUM 2015: 7 TH ANNUAL HEDGE FUND CONFERENCE (PARIS), HONG KONG POLYTECHNIC UNIVERSITY, CHINA INTERNATIONAL CONFERENCE IN FINANCE (SHENZHEN), FINANCIAL STABILITY PERSPECTIVE CONFERENCE (ROTMAN) 2014: 6 TH ANNUAL HEDGE FUND CONFERENCE (PARIS), SFS FINANCE CAVALCADE, SEVENTH PROFESSIONAL ASSET MANAGEMENT CONFERENCE (ROTTERDAM), UNIVERSITY OF UTAH, UNIVERSITY OF ALBANY, MICHIGAN STATE UNIVERSITY 2013: 11TH ANNUAL OFFSHOREALERT CONFERENCE NORTH AMERICA, UNIVERSITY OF ARKANSAS, UNIVERSITY OF MELBOURNE, UNIVERSITY OF NEW SOUTH WALES, EUROPEAN FINANCE ASSOCIATION MEETINGS, UNIVERSITY OF VIRGINIA, SINGAPORE MANAGEMENT UNIVERSITY, QUEEN S UNIVERSITY, RUTGERS UNIVERSITY 2012: 4 TH ANNUAL HEDGE FUND CONFERENCE (PARIS), U.S. SECURITIES AND EXCHANGE COMMISSION, NORTHEASTERN UNIVERSITY, UNIVERSITY OF MELBOURNE, NATIONAL UNIVERSITY OF SINGAPORE, SABANCI UNIVERSITY 2011: WFA MEETINGS (SANTA FE), AFA MEETINGS (DENVER), FEDERAL RESERVE BANK OF CHICAGO, GEORGIA INSTITUTE OF TECHNOLOGY, 3 RD ANNUAL HEDGE FUND CONFERENCE (PARIS), UNIVERSITY OF NEW SOUTH WALES, VANDERBILT UNIVERSITY CONFERENCE ON HEDGE FUNDS, UNIVERSITY OF QUEENSLAND, UMASS-AMHERST 2010: WFA MEETINGS (VICTORIA), SUNY-BUFFALO, BOSTON COLLEGE, INDIANA, MIT, HARVARD, FEDERAL RESERVE BANK OF NEW YORK, JACKSON HOLE CONFERENCE, BANK STRUCTURE CONFERENCE AT FEDERAL RESERVE BANK OF CHICAGO, 3RD DAUPHINE-EURONEXT WORKSHOP ON FINANCIAL MARKET QUALITY (PARIS)

4 2009: WFA MEETINGS (SAN DIEGO), EFA MEETINGS (BERGEN), U.S. SECURITIES AND EXCHANGE COMMISSION, DREXEL UNIVERSITY, FIFTH MELBOURNE DERIVATIVES RESEARCH GROUP CONFERENCE, OXFORD-MAN INSTITUTE CONFERENCE ON HEDGE FUNDS 2008: AFA MEETINGS, (NEW ORLEANS), FIRS FINANCE CONFERENCE (ANCHORAGE, ALASKA), ARIZONA FINANCE RETREAT, FRA MEETINGS (VEGAS), BOSTON COLLEGE, UNIVERSITY OF VIRGINIA-MCINTIRE, UMASS-AMHERST 2007: SECOND CONFERENCE ON ADVANCES IN THE ANALYSIS OF HEDGE FUND STRATEGIES, (LONDON), JFI-ECGI-CFS CONFERENCE ON FINANCIAL CONTRACTING (MANNHEIM) 2006: MCGILL RISK MANAGEMENT CONFERENCE, EUROPEAN FINANCIAL MANAGEMENT ASSOCIATION (MADRID), CHINA INTERNATIONAL CONFERENCE IN FINANCE (XI'AN), EFA MEETINGS (ZURICH), FRA MEETINGS (LAS VEGAS) 2005: IXIS/NYU STERN HEDGE FUND CONFERENCE, UNIVERSITY OF ARIZONA 2005 (JOB MARKET): MCGILL UNIVERSITY, UNIVERSITY OF TORONTO, SOUTHERN METHODIST UNIVERSITY, UC-BERKELEY, UNIVERSITY OF GEORGIA, NEW YORK FEDERAL RESERVE BANK, BOARD OF GOVERNORS, ARIZONA STATE UNIVERSITY, UNIVERSITY OF OREGON, GEORGETOWN UNIVERSITY 2004: GUTMANN SYMPOSIUM ON HEDGE FUNDS (VIENNA), JOURNAL OF FINANCIAL ECONOMICS/UNIVERSITY OF OREGON CONFERENCE ON DELEGATED PORTFOLIO MANAGEMENT, FINANCIAL MANAGEMENT ASSOCIATION MEETINGS (NEW ORLEANS), CALIFORNIA STATE UNIVERSITY-FULLERTON 2003: FMA MEETINGS (DENVER) 2002: WFA MEETINGS (PARK CITY) TEACHING EXPERIENCE Undergraduate Investments (FIN 421) Undergraduate Derivatives (FIN 427) MBA/MSF Derivatives (FIN 519, FIN 527, MF860) PhD Theory of Finance (FIN 781) Empirical Methods in Finance (FIN 786) Applied Science in Finance (FIN 575) OTHER EXPERIENCE U. S. SECURITIES AND EXCHANGE COMMISSION, WASHINGTON, D.C. Academic Consultant, Division of Economic and Risk Analysis (2016-present)

5 Visiting Academic Scholar, Office of Economic Analysis and the Division of Risk, Strategy and Financial Innovation ( ). UNIVERSITY OF NEW SOUTH WALES, SYDNEY, AUSTRALIA, 7/2013-8/2013 Visiting Academic Scholar, Australian School of Business SABANCI UNIVERSITY, ISTANBUL, TURKEY, 7/ /2012 Visiting Academic Scholar, School of Management AWARDS AND GRANTS RESEARCH GRANTS: Dean s Award for Excellence Summer Research Grant ( ), The Institute for Quantitative Research in Finance (2009), Foundation for Managed Derivatives Research (2006, 2003) OTHER AWARDS: FRA Award for Best Poker Player in Finance (2008), Barrett Honors College Certificate of Appreciation ( ), Alpha Kappa Psi Certificate of Outstanding Work (2007), AFA Student Travel Award (2004), Donald J. White Teaching Excellence Award (2003), Giffuni Prize for Best Undergraduate Economics Thesis (1998) UNIVERSITY SERVICE BARRETT HONORS FACULTY Support of undergraduate honors students through thesis and enrichment contracts DOCTORAL DISSERTATION COMMITTEES (INITIAL PLACEMENT IN PARENTHESES) Albert Wang (Chinese University of Hong Kong), Chris Clifford (University of Kentucky), Adam Aiken (co-chair, Quinnipiac University), Zhen Shi (co-chair, Georgia State University), Minjeong Kang (chair, University of Exeter), Daruo Xie (Australian National University), Haiyan Pang (ongoing) DEPARTMENTAL COMMITTEES Finance seminars (2005, chair 2006, 2007, chair 2008), recruiting ( , 2011, chair ), brown bag seminars (chair 2007, 2008, 2011), Masters ( ), governance ( ). OTHER SERVICE TO THE PROFESSION EXTERNAL REVIEW COMMITTEES Berlin Asset Management Conference (2017), Society for Financial Studies Finance Cavalcade (2011), European Finance Association Meetings ( , ), Western Finance Association Meetings (2016), Financial Management

6 Association Meetings (2011, ), FMA Asia/Pacific Meetings (2016), Social Sciences and Humanities Research Council of Canada (SSHRC), ASU Sonoran Winter Finance Conference ( ), Finance Down Under Conference ( ), Saurin Patel (external reviewer of doctoral dissertation, McGill University). CONFERENCE SESSION CHAIR OR DISCUSSANT Finance Down Under (2014, 2017), European Finance Association Meetings (2013), WFA Meetings (2008, ), FMA Meetings (2004, , , 2016), Empirical Asset Pricing Retreat (2006), University of Oregon Conference on Investment Management (2008), 2010 Mid-Atlantic Research Conference, Annual Conference on Financial Economics and Accounting (2010), 4 th Annual Hedge Fund Conference (Paris, 2012), China International Conference in Finance (2015), Financial Intermediation Research Society (2015) AD-HOC REFEREE Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of Financial and Quantitative Analysis, Management Science, Review of Finance, Economic Theory, Financial Management, Journal of Financial Intermediation, Journal of Empirical Finance, Journal of Banking and Finance, Journal of Financial Services Research, Quantitative Finance, Journal of Business Finance and Accounting, Physica A, Journal of Business and Economic Statistics, Journal of International Money and Finance, Journal of International Financial Markets, Institutions, & Money, International Review of Economics and Finance, China Accounting and Finance Review ASSOCIATE EDITOR China Accounting and Finance Review, 2015-present PROFESSIONAL AFFILIATIONS AMERICAN FINANCE ASSOCIATION AMERICAN ECONOMIC ASSOCIATION WESTERN FINANCE ASSOCIATION AVOCATIONS TENNIS, PIANO, SAILING