E L M IR A S. N A M IN

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1 E L M IR A S. N A M IN University of Rhode Island College of Business Administration 216 Ballentine Hall, 7 Lippitt Road, Kingston, RI,USA EDUCATION Cell: (401) elmira_shekari@uri.edu LinkedIn: Skype: elmi.s.n University of Rhode Island, College of Business Administration Ph.D. in Finance Proposal Defense: October 2016 Expected Graduation: Spring 2017 Islamic Azad University South Tehran Branch, Iran M.S. in Industrial Engineering Shahid Beheshti University, Iran B.S. in Pure Mathematics RESEARCH INTERESTS Empirical Asset Pricing, Market Microstructure, Corporate Finance, Fixed Income Securities, Credit Risk Modeling TEACHING INTERESTS Financial Markets and Institutions, Financial Management, Corporate Finance, Fixed Income Securities, International Finance, Econometrics PAPERS UNDER REVIEW Default Risk Analysis of Iranian Small and Medium-Sized Enterprises (SMEs) Using a PCA-Logit Hybrid Model, Submitted to International Journal of Business WORKING PAPERS Credit Ratings and Corporate Bond Liquidity, Complete draft; revised draft in progress Liquidity, Trading Activity, and Credit Ratings Before, During and After the Financial Crisis (with Michael A. Goldstein), Complete draft; under revision for journal submission Return Predictability and the Relationship between Macroeconomic Variables and Returns: An Empirical Analysis of Tehran Stock Exchange, Complete draft; under revision for journal submission Page 1 of 5

2 WORK-IN-PROGRESS The Impact of Dodd-Frank Act on Bond Valuation and Liquidity across Credit Ratings (With Michael A. Goldstein) Credit Rating Dynamics and Macroeconomic Variables, (with Georges Tsafack) TEACHING EXPERIENCE University of Rhode Island-Instructor Fall 2016: BUS322- Financial Markets and Institutions Summer 2016: MBA500- Statistical Methods for Management Spring 2016: BUS320- Financial Management Fall2015: BUS322- Financial Markets and Institutions Summer 2015: BUS320-Financial Management Fall 2014: BUS322-Financial Markets and Institutions Summer 2014: BUS320- Financial Management University of Rhode Island-Teaching Assistant Special Problems in Business Research Spring2014, Fall2015, Spring2016; for Professor Shaw K. Chen Marketing Research Fall2014, Spring 2015; for Professor Stephen Atlas Advanced Financial Management Fall2013, Spring 2016; for Professor Peter Dadalt Fall 2017; for Professor Xiaowei Xu Islamic Azad University, Iran - Teaching Assistant Fundamentals of Econometrics Fall 2012, Spring 2013; for Professor Seyed Jafar Sadjadi INDUSTRY EXPERIENCE Karafarin Investment Fund, Iran (The first mutual fund in Iran set up with the initiative of Karafarin Bank) Investment Advisor and Sales Representative: Engaged with several clients on a daily basis to meet their immediate investment needs and discuss future opportunities, offered advice and completed sales for both personal and business clients. Karafarin Bank, Iran (one of the leading private banks of Iran) Credit Analyst: Analyzed financial data of consumer and business credit applicants, Assessed credit risk, provided reports for credit committee. Page 2 of 5

3 CONFERENCE PRESENTATIONS & DISCUSSIONS Presentations Eastern Finance Association 2017 Annual Meeting, Jacksonville, FL- Credit Ratings and Corporate Bond Liquidity (scheduled) Southwestern Finance Association 2017 Annual Meeting, Little Rock, AR- Credit Ratings and Corporate Bond Liquidity (scheduled) Discussions 2017 SWFA Annual Meeting, Little Rock, AR (1 papers-scheduled) Modeling Credit Risk in Credit in Credit Unions Using Survival Analysis 2016 FMA Annual Meeting, Las Vegas, NV (2 papers) Which matters: paying to play or stable business relationship? Evidence on analyst recommendations and mutual fund commission fee payments Price Discrimination and the Cost of Liquidity in OTC Markets Boston Area Financial Symposium (BAFS) (1 paper) Does maturity matter? The case of treasury futures volume 2015 FMA Annual Meeting, Orlando, FL (1 paper) Liquidity and Price Impacts of Financial Distress: Evidence from the Market for Defaulted Bonds AWARDS Graduate Assistants United Grant, 2016 College of Business Administration Travel Grant, 2015 University of Rhode Island Graduate Assistantship, School of Industrial Engineering Outstanding Master s Thesis Award, 2013 SKILLS Statistical and Scientific Computing Packages: SAS, R, Stata, MATLAB Financial Databases: TRACE, Mergent FISD, Compustat, CRSP, Bloomberg, I/B/E/S, Thomson Reuter SDC Platinum Page 3 of 5

4 WORKING PAPERS ABSTRACTS Credit Ratings and Corporate Bond Liquidity, Job Market Paper Selected for presentation in: Eastern Finance Association 2017 Annual Meeting; Southwestern Finance Association 2017 Annual Meeting This paper uses Enhanced TRACE data from 2002 to 2014 to analyze the liquidity of corporate bonds both cross-sectionally across credit ratings and intertemporally around credit rating changes. Using seven different measures of liquidity, I find greater price impacts on trades of lower-rated bonds, as well as an inverted U-shaped relationship between credit ratings and bidask spreads. Bonds exhibit decreased (increased) liquidity around rating downgrades (upgrades) announcements, with relatively stronger effects around downgrades. Within downgrades, higher levels of cumulative abnormal illiquidity (CAIL) are observed over the ten-day window following the announcement of a ratings change for fallen angel downgrades and multi-level downgrades. Downgrades exhibit stronger negative effect on the Amihud price impact measure for bonds during the financial crisis, but there is no evidence of similar crisis effect for bid-ask spreads. Finally, I find that trading activity around the rating change date as well as bond and issuer characteristics also affect CAIL around rating events. Liquidity, Trading Activity, and Credit Ratings Before, During and after the Financial Crisis (with Michael A. Goldstein) Selected for presentation in: 3rd Young Finance Scholars Conference and Workshop, Corporate Debt: Markets and Instruments, June 9-10, 2016, University of Sussex, Brighton, UK This paper explores the transaction costs and trading activity of bonds across credit ratings and for the time periods before, during, and after the financial crisis using TRACE bond transaction data from 2002 to We find that while there is a significant negative relationship between bond ratings and transactions costs, the effect is different for investment grade vs. noninvestment grade bonds: transaction costs of bonds within investment grade range are not significantly affected by their credit ratings both before and after the crisis, whereas the effect of ratings on the transaction costs and trading activity of high yield bonds is time variant. In particular, before the crisis non-investment grade bonds with lower ratings are associated with higher transaction costs whereas for periods during and after the crisis no significant relationship is observed between ratings and transaction costs. Return Predictability and the Relationship between Macroeconomic Variables and Returns: An Empirical Analysis of Tehran Stock Exchange This study investigates the market efficiency of the Tehran Stock Exchange (TSE) and the relationship between stock market returns and macroeconomic fundamentals in Iranian economy. The variance ratio test for the period between 2006 and 2014 generally indicate that the market is not weak form efficient in this period. Next, I study the relationship between market returns and five macroeconomic variables including inflation, exchange rate, money supply, industrial production and petroleum production by employing the Johansen multivariate cointegration approach and vector error correction model (VECM) using quarterly data from 1993 to I find evidence of long-term relationship between the macroeconomic indicators and market returns; however, the variance decomposition shows that the shocks to macroeconomic variables do not explain a significant proportion of stock returns variations. Page 4 of 5

5 REFERENCES Prof. Michael A. Goldstein (Chair) Professor of Finance and Donald P. Babson Chair in Applied Investments Babson College Tel: (781) Prof. Tong Yu (Co-Chair) Professor of Finance and Insurance Lindner School of Business, University of Cincinnati Tel: (513) Prof. Shaw K. Chen Associate Dean of Research and Outreach College of Business Administration, University of Rhode Island Tel: (401) Page 5 of 5