SPONSORED RESEARCH AND GRANTS:

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1 JULIE R. AGNEW The Mason School of Business The College of William and Mary P.O. Box 8795 Williamsburg, Virginia Phone: (757) AREAS OF INTEREST: Teaching: Investments, Fixed Income, International Finance Research: Behavioral Finance, Investments, 401(k) Plans EDUCATION: Boston College Ph.D. Finance Dissertation Topic: Essays in Individual Investor Behavior in 401(k) Plans The National University of Singapore Fulbright Scholar The College of William and Mary B.A. (Magna Cum Laude) Economics (High Honors) Minor Mathematics SPONSORED RESEARCH AND GRANTS: Research Grant: FINRA Investor Education Foundation, Awarded for project Experiments on Investment Choice: Annuities versus Lump Sum Payments with Lisa Anderson, Jeff Gerlach and Lisa Szykman. Administration, Awarded for paper Non-Joiners versus Quitters: Determinants of Plan Participation in Voluntary and Automatic Enrollment Defined Contribution Plans with Lisa Szykman, Steve Utkus and Jean Young. Administration, Awarded for paper Personalized Retirement Advice and Managed Accounts: Who Uses Them and How Does Advice Affect Behavior in 401(k) Plans? Administration, Awarded for paper Asset Allocation and Information Overload: The Influence of Information Display, Asset Choice and Investor Experience with Lisa Szykman. Administration, Awarded for paper An Analysis of How Individuals React to Market Returns in One 401(k) Plan. Administration, Awarded for paper Portfolio Choice and Trading in a Large 401(k) Plan with Pierluigi Balduzzi and Annika Sunden. HONORS, SCHOLARSHIPS AND FELLOWSHIPS: TIAA-CREF Institute Fellow, 2007-Present Summer Research Award, The College of William and Mary, 2007, 2006, 2005, Visiting Scholar to the Sonderforschungsbereich (SFB) 504 at the University of Mannheim, July 10-15, Dissertation Fellowship, Center for Retirement Research, Boston College, Graduate Fellowship, Boston College, Fulbright Scholarship, National University of Singapore, The Benjamin Stoddert Ewell Award, The College of William and Mary, Walter L. Tarver Scholarship, Continental Insurance, Last Updated on 1/19/2009 Page 1

2 Honor Societies: Phi Beta Kappa, Omicron Delta Kappa, Omicron Delta Epsilon, Alpha Lambda Delta, Phi Eta Sigma (President ). TEACHING AWARDS AND HONORS: Geary Faculty Fellowship, The College of William and Mary, Fall Selected with Professor Katherine Guthrie in a competitive application progress to design new curriculum for the undergraduate finance area. MAcc 2007 Faculty Excellence Award, The College of William and Mary, Graduation Chosen by the College of William and Mary Master of Accounting Class of Honorary Marshal, The College of William and Mary, Graduation Chosen by the College of William and Mary Class of Thomas and Teri Dungan BBA Teaching Fellow, The College of William and Mary, Award Description: The Dungan Fellowship recognizes, rewards and encourages innovation and excellence in the undergraduate educational experience. Selected by the Faculty Affairs Committee based on comments and letters of recommendations from students and faculty and three years of student evaluations. Alfred N. Page Undergraduate Teaching Award, The College of William and Mary, Award Description: This award recognizes faculty members who exhibit a mastery of their subject and superior teaching skills and who do an extraordinary job in ensuring that students learn what is most relevant in their fields. Selected by the Deans of the Business School. BBA Faculty Excellence Award, The College of William and Mary, Voted by BBA Class of Voted one of the Favorite Professors for , Kappa Alpha Theta, The College of William and Mary, Donald J. White Teaching Excellence Award, Boston College, ACADEMIC EXPERIENCE: The College of William and Mary 2001-Present Assistant Professor (2003-Present), Visiting Assistant Professor ( ). Taught courses in: Derivatives and Risk Management (Master of Accounting Program), 2008(Fall), 2007 (Fall), 2006 (Fall) Fixed Income and Securitization (Master of Accounting Program), 2008(Fall), 2007 (Fall), 2006 (Fall) Money and Debt Markets (Undergraduate Program), 2007 (Spring and Fall), 2006 (Spring), 2005 (Spring and Fall), 2004 (Spring and Fall), 2003 (Spring), 2002 (Spring). International Banking and Trade Finance (Undergraduate Program), 2003 (Spring), 2002 (Spring). Analytical Tools for Financial Modeling (Master of Accounting Program), 2002 (Fall), 2001(Fall). Boston College Lecturer for courses in: Basic Finance (Undergraduate Program), 1999 (Spring), 1998 (Fall). Teaching Assistant for courses in: Investments (MBA Program), 1998 (Spring). Financial Econometrics (Ph.D. Program 2nd Year), 1998 (Spring). Basic Finance (Undergraduate Program), Fall Research Assistant to Dr. Alan Marcus and Dr. Betty Bagnani, Fall 1995-Spring Last Updated on 1/19/2009 Page 2

3 OTHER PROFESSIONAL EXPERIENCE: Virginia Retirement System, Richmond, Virginia, Elected Member of the Defined Contribution Plans Advisory Committee (DCPAC) Present TIAA-CREF Institute, New York, New York. TIAA-CREF Institute Fellow Present. Center for Retirement Research at Boston College, Chestnut Hill, MA. Research Associate Present. Vector Securities International, Deerfield, Illinois. Senior Research Associate ( ). Research Assistant ( ). Responsible for assisting the medical device analyst in industry coverage. Duties included writing company specific equity research reports and quarterly industry summaries, developing and maintaining financial models, analyzing market trends, educating institutional sales force and assisting in the valuation of corporate finance transactions Salomon Brothers, New York, New York. Financial Analyst. Member of Retail Group within Domestic Corporate Finance. Responsible for designing financial models, completing company valuations and preparing client presentations PUBLICATIONS: Who Chooses Annuities?: An Experimental Investigation of Gender, Framing and Defaults, with Lisa Anderson, Jeff Gerlach and Lisa Szykman, The American Economic Review, 2008, 98 (2), Do Behavioral Biases Vary Across Individuals: Evidence from Individual Level Data, [Earlier version of this paper titled Inefficient Choices in 401(k) Plans: Evidence from Individual Level Data ] The Journal of Financial and Quantitative Analysis, 2006, 41 (4), Asset Allocation and Information Overload: The Influence of Information Display, Asset Choice and Investor Experience, with Lisa Szykman, The Journal of Behavioral Finance, 2005, 6(2), Portfolio Choice and Trading in a Large 401(k) Plan, with Pierluigi Balduzzi and Annika Sunden, The American Economic Review, March 2003, 93 (1), Strategic Business Opportunities in the Growth Triangle: Co-authored with Caroline Yeoh, Lau Geok Theng, and Mark Goh. Longman Publishers, Singapore, OTHER PUBLICATIONS: The Annuity Puzzle and Negative Framing, with Lisa R. Anderson, Jeffrey R. Gerlach and Lisa R. Szykman, Center for Retirement Research Issue Brief 8-10, July Book review of Individual Accounts for Social Security Reform: International Perspectives on the U.S. Debate by John Turner in the Journal of Pension Economics and Finance, 2007, 6 (3), pp Do Financial Literacy and Mistrust Affect 401(k) Participation? with Lisa Szykman, Stephen P. Utkus and Jean A. Young, Center for Retirement Research Issue Brief 7-17, November WORKING PAPERS: An Analysis of How Individuals React to Market Returns in One 401(k) Plan. Literacy, Trust and 401(k) Savings with Lisa Szykman, Steve Utkus and Jean Young. Personalized Retirement Advice and Managed Accounts: Who Uses Them and How Does Advice Affect Behavior in 401(k) Plans? The Reluctant Retirement Trader: Do Asset Returns Overcome Inertia, with Pierluigi Balduzzi [Earlier versions of this paper titled: What do we do with our Pension Money? Recent Evidence from 401(k) Plans and Rebalancing Activity in 401(k) Plans and Transfer Activity in 401(k) Plans] Presented by co-author at Wharton s March 2003 Household Portfolio-Choice and Financial Decision- Making Conference in Philadelphia, PA. Presented by co-author at the January 2003 American Finance Association Meeting in Washington, D.C. Last Updated on 1/19/2009 Page 3

4 WORKS IN PROGRESS: Pension Participant Behavior (Chapter 29) of Behavioral Finance, edited by Kent Baker and John Nofsinger, Wiley Robert Kolb Finance Series. INVITED SEMINARS, EXPERT PANELS AND ACADEMIC CONFERENCES: Presented Lessons from the U.S.: Gender, Savings and Defined Contribution Plans. Workshop on Sharing the Growth Dividend: Women in the ECA Region, The World Bank, Washington, D.C., January 24, Presented Who Chooses Annuities: An Experimental Investigation of Gender, Framing and Defaults. American Economic Association Meeting, New Orleans, LA, January Presented Annuities and Behavioral Finance. TIAA-CREF Institute Fellows Symposiums, New York, New York, October 5, Invited Panelist Retirement Security Advisory Panel (RSAP), United States Government Accountability Office (GAO), July 18, Presented Personalized Retirement Advice and Managed Accounts: Who Uses Them and How Does Advice Affect Behavior in 401(k) Plans. Network for Studies on Pensions, Aging and Retirement (Netspar) Workshop, Amsterdam, the Netherlands, January Presented Personalized Retirement Advice and Managed Accounts: Who Uses Them and How Does Advice Affect Behavior in 401(k) Plans. The American Economic Association Conference, Boston, MA, January Presented Short Comments on Asset Allocation and Information Overload: The Influence of Information Display, Asset Choice and Investor Experience. Conference titled How to Increase the Effectiveness of Financial Education: Lessons from Economics and Psychology, Dartmouth College, Hanover, NH, October Discussed: $100 Bills on the Sidewalk: Suboptimal Savings in 401(k) Plans. By James J. Choi, David Laibson, and Brigitte C. Madrian and The Effects of Portfolio Choice on Retirement Wealth Outcomes by Jeffrey R. Brown and Scott J. Weisbenner. The Retirement Research Consortium Seventh Annual Conference, Washington, D.C., August Presented: An Analysis of How Individuals React to Market Returns in One 401(k) Plan. The Sonderforschungsbereich (SFB) 504 at the University of Mannheim, Mannheim, Germany, July Presented: An Analysis of How Individuals React to Market Returns in One 401(k) Plan. The College of William and Mary, Economics Department, Williamsburg, VA, April Presented: Asset Allocation and Information Overload: The Influence of Information Display, Asset Choice and Investor Experience. Financial Management Association Meeting, New Orleans, LA, October Presented: An Analysis of How Individuals React to Market Returns in One 401(k) Plan. Frank Batten Young Scholars Conference Meeting, Williamsburg, VA, June Presented: What do we do with our Pension Money? Recent Evidence from 401(k) Plans. Retirement Research Consortium Fifth Annual Conference, Washington, D.C., May Last Updated on 1/19/2009 Page 4

5 Presented: Inefficient Choices in 401(k) Plans: Evidence from Individual Level Data. Financial Management Association Meeting, San Antonio, TX, October Frank Batten Young Scholars Conference, Williamsburg, VA, June Retirement Research Consortium Fourth Annual Conference, Washington, D.C., May Invited Presentations 2002: Drexel University, Federal Reserve Board of Governors, George Washington University, Georgia Tech, The College of William and Mary, University of Georgia, University of Richmond. Discussed: Investors Chase after Performance: Evidence From Mutual Fund Advertising by Xiaofei Kong. Financial Management Association Meeting, San Antonio, TX, October Presented: Portfolio Choice and Trading in a Large 401(k) Plan. Financial Management Association Meeting, Seattle, WA, October PROFESSIONAL CONFERENCES Presented: Behavioral Finance and 401(k) Plans. West Coast Employee Benefits Council, Tampa, FL, March Presented: Recent Trends in Behavioral Finance. Richmond Estate Planning Council, Richmond, VA, April Presented: Session 9: Behavioral Finance. 401(k) Summit, San Diego, CA, March Presented: Workshop 7: Delivery of Participant Services and Education. 401(k) Summit, San Diego, CA, March Presented: Investment Trends in 401(k) Plans and Plan Design. National Pension Specialists Meeting, Williamsburg, VA, October 18, OTHER SCHOLARLY ACTIVITIES: Ad hoc referee for Journal of Finance, Journal of Financial Intermediation, American Economic Review, and Journal of Human Resources CITATIONS BY POPULAR PRESS, BUSINESS MAGAZINES AND INDUSTRY NEWSLETTERS: Are Annuities a Victim of Negative Framing? by Kerry Pechter, Retirement Income Reporter, December 15, Blindsided, by Susan Trammell, CFA Magazine, September-October The Pool and the Stream, by Susan Trammell, CFA Magazine, March-April Too Much Information: Are You Giving Your Participants Too Many Choices? by Fred Reish for Plansponsor.com, May Providers Must React to Results of Study Showing Rebalancing is Market-Driven, IOMA s DC Plan Investing, December 28, (k) Info Overload Can Overwhelm Participants, by Humberto Cruz and Diane Lade, Sun- Sentinel, August 2, Last Updated on 1/19/2009 Page 5

6 Be Attentive, or 401(k) Dreams Can Go Glimmering, by Humberto Cruz and Diane Lade, Sun- Sentinel, July 19, How to Avoid Making Rookie Mistakes, by Jonathan Clements, The Wall Street Journal Sunday, July 4, (Also reprinted in the Wall Street Journal Europe under the name Personal Finance & Spending Set for Life: One Life Just Isn t Enough Time For You to Learn by Experience, July 16, 2004). Too Many Investment Choices May Overwhelm Even Sophisticated 401(k) Participants, Deloitte s Washington Bulletin, June 7, Inertia at Work: 401(k) Participants as Slow as Turtles, by Gregory Crawford, Pensions and Investments, May 3, CITIZENSHIP: United States of America Last Updated on 1/19/2009 Page 6