EMIR HRNJIĆ October 2014 - NUS Business School

EMIR HRNJIĆ
October 2014
Director of Education and Outreach
Centre for Asset Management Research & Investments (CAMRI)
Visiting Senior Fellow
NUS Business School
National University of Singapore
Office Phone: (+65) 6516 7824
Email: [email protected]
AREAS OF INTEREST
Research:
IPOs, SEOs, Cross Listings, Asian Finance, Islamic Finance
Applied research:
Series of case studies – Applied Finance with a Unique Asian Perspective
Teaching:
Applied Finance with a Unique Asian Perspective (MSc), Investments (MBA,
undergraduate), Topics in Empirical Corporate Finance (PhD), Finance
(undergraduate), Financial Management (MBA), Enterprise Risk Management
(Executive programme), Financial Innovations (Executive programme), Investing
in Weak Legal Environments (Executive programme), Realizing Value in Asia
(Executive programme), Islamic Finance (Executive programme), Investing in
Emerging Markets (Executive programme)
EDUCATION
Tulane University
2005
Ph. D. in Finance
University of Maryland
2005
visiting Ph. D. student in Finance
University of New Orleans
1999
graduate courses in Economics
IIU Malaysia
1998
BBA (ranked 1st in graduating class)
HONORS AND AWARDS
Keynote speaker, 6th International Conference ICES 2012, Sarajevo
“The Impact of Investor Sentiment on Equity Pricing”
Chairman of Day 2 of the Conference / Panel Moderator
2nd Asia Investment Management Summit for Insurance, Singapore, 2013
Panelist, New Research Directions Roundtable: Implications for Industry Practices
The 5th Annual World Islamic Banking Conference: Asia Summit (WIBC: Asia 2014)
Teacher Honor Roll, Tulane University, 2004
(voted by students and awarded to two Business School professors teaching a core undergraduate
class)
1
EXPERIENCE
CAMRI – NUS Business School
Director of Education and Outreach
2013 – present
National University of Singapore
Visiting Senior Fellow
2013 – present
National University of Singapore
Assistant Professor of Finance
2007 – 2013
University of Southern California
Visiting Scholar
2010 (January)
Virginia Tech
Visiting Assistant Professor of Finance 2006 – 2007
University of Maryland
Visiting PhD student
PREVIOUS POSITIONS
2005 (Sept – Dec)
TEACHING (the most recent teaching evaluations in brackets)
National University of Singapore
Topics in Empirical Corporate Finance (PhD class)
(5 out of 5)
Investment Analysis and Management (MBA)
(4.0 out of 5)
Investments Analysis and Portfolio Management (undergrad)
(4.7 out of 5)
Finance (undergrad)
(4.0 out of 5)
Financial Management (MBA)
(in progress)
Applied Finance with a Unique Asian Perspective (MSc)
(in progress)
Executive Education
Financial Innovations (NKSJ-NUS)
(4.5 out of 5)
Enterprise Risk Management (NKSJ-NUS)
(4.3 out of 5)
Investing in Weak Legal Environments (NUS)
(in progress)
Realizing Value in Asia (NUS)
(in progress)
Family Wealth (NUS-CEIBS)
(in progress)
Islamic Finance (g-CAPM),
Investing in Emerging Markets (g-CAPM)
Virginia Tech
Equity Securities (undergraduate)
(4.8 out of 5)
Portfolio Management (MBA)
(3.3 out of 5)
Equity Markets (MBA)
(4.7 out of 5)
Tulane University
Financial Management
(6.9 out of 7)
Investments
(6.8 out of 7)
2
NON-ACADEMIC EXPERIENCE
USAID Sarajevo
Capital Markets Advisor
1999 (summer)
Ministry of Finance Sarajevo
Financial Consultant
1998 (summer)
PUBLISHED CASE STUDIES
Alibaba’s IPO Dilemma: Hong Kong or New York (and Teaching Note)
Ivey Publishing, forthcoming
Financing Alibaba’s Buyout: Syndicated Loan in Asia (and Teaching Note)
(with David Reeb)
Ivey Publishing, 06/2014, 9B14N011
Emirates Airline: A Billion Dollar Sukuk-Bond Issue (and Teaching Note)
(with Harun Kapetanovic and David Reeb)
Ivey Publishing, 04/2014, 9B14N002
East Meets West: Rothschild’s Investment in Indonesia’s Bakrie Group (and Teaching Note)
(with Morten Bennedsen and Yupana Wiwattanakantang)
INSEAD Publishing, 12/2013-6030
ADOPTION OF ABOVE-LISTED CASE STUDIES AROUND THE WORLD
University of Maryland (USA), INSEAD (France/Singapore), IMD (Switzerland), Instituto de Empressa
(Spain), Stockholm School of Economics (Sweden), Humboldt University (Germany), Indian School of
Business (India), American University of Sharjah (UAE), INCEIF (Malaysia), University of Marburg
(Germany), NASDAQ Dubai (UAE), IRTI (KSA), NUS (Singapore), and many others.
COMPLETED CASE STUDIES
Focus Media (with Pedro Matos and Lianting Tu)
Principled Investment Funds (with Salvatore Cantale and David Reeb)
SIAS (with Lewis Phey)
Shanda Games (with David Reeb)
Suitwars (with David Reeb and Wee Yong Yeo)
Suntech (with Sunil Gupta and N R Prabhala)
Thomas Cook (with Sanjay Bakshi, Nupur Pavan Bang, and Vikram Kuriyan)
CASE STUDIES (IN PROGRESS)
Duxton (with David Reeb)
E*TRADE (with Joseph Cherian)
OCBC (with Han Dong)
Sabana (with David Reeb)
Shriram (with Vikram Kuriyan)
TMT (with David Reeb and Jumana Zahalka)
3
PUBLICATIONS
Investor Sentiment and SEO pricing process: Evidence from REITs (with Xiaoying Deng and Seow Eng
Ong)
Journal of Real Estate Portfolio Management, (forthcoming)
The Value of Information in Cross-Listing (with Arturo Bris, Salvatore Cantale and George Nishiotis),
Journal of Corporate Finance (lead article), April 2012
WORKING PAPERS
Systematic Sentiment, Idiosyncratic Sentiment, and the IPO Pricing Process
(with Srinivasan Sankaraguruswamy)
European Finance Association, Stockholm, 2011
Institutional Monitoring and the IPO Pricing Process
(with Suman Banerjee and Robert Hansen)
FIRS conference on Banking, Corporate Finance and Intermediation, Prague, 2009
The Transformation of Independent Investment Banking before the Crises (previously titled Investment
Bank Governance)
(with Oya Altinkilic and Robert Hansen)
American Finance Association, Chicago, 2007
FIRS conference on Banking, Corporate Finance and Intermediation, Florence, 2010
WORK IN PROGRESS
Securing the IPO: A theory of relationships, monitoring, and underpricing
(with Suman Banerjee and Robert Hansen)
Why Do Firms Go Public? Evidence from the Decomposition of M/B ratio (with Michael Hertzel, Micah
Officer and Cheng Si)
Stapled Finance: Conflict of Interest or Efficient Contracting? Empirical Evidence (with Maggie Rong Hu)
Who gets the money on the table? A study of investment bank profit from equity offer underpricing (with
Robert Hansen)
4
TV APPEARANCES
BBC World News, Asia Business Report, (September 17, 2014),
TV interview about my work on Alibaba’s IPO and implications of dual class structure on Asian
markets.
Channel News Asia, Primetime News, (September 19, 2014),
TV interview about my work on Alibaba’s IPO and implications of dual class structure on Asian
markets.
Bloomberg TV, First Up, (September 22, 2014),
TV interview about my work on Alibaba’s IPO and implications of dual class structure on Asian
markets.
OP-ED ARTICLES
Alibaba’s New York IPO: A watershed for China and a wake-up call for Asia,
ThinkBusiness.nus.edu.sg (September 8, 2014)
The op-ed article about Alibaba’s IPO and dual-class share structures.
Reproduced in:
The Edge Financial Daily, (September 12, 2014)
ForbesChina.com, (September 22, 2014)
Xinmin Weekly, (October 7, 2014)
Singapore should sharpen its edge in Islamic finance
The Straits Times (July 22, 2014)
The op-ed article about benefits of Islamic finance and what Singapore can do to succeed.
Where dual-class share structures might work
The Business Times (June 4, 2014)
The op-ed article about benefits and costs of IPO dual-class share structures.
MEDIA QUOTES
How can Singapore potentially benefit from Islamic banking, Berita Harian, (September 6, 2014)
The article features my comments on the potential of Islamic finance in Singapore.
New Stocks on the Block, Financial Management Magazine, (CIMA) (September, 2014)
The article features my comments on IPOs, fund raising for private companies and Alibaba’s
financing.
Opening doors, IFRAsia.com (ThomsonReuters) (July 29, 2014)
The article features my comments on higher participation of foreign investors in China’s capital
markets.
Speeding reform, IFRAsia.com (ThomsonReuters) (July 1, 2014)
The article features my comments on Chaori’s default and China’s move towards more marketdriven economy.
5
Comp
petition casts shadow overr Chinese ratting agenciess, Reuters (Juune 4, 2014)
The article features my comments
c
on competition among creditt rating agenccies in China.
Tough
h future for China
C
rating firms, IFRAssia.com (Tho msonReuters)) (May 31, 20014)
The article features my comments
c
on competition among creditt rating agenccies in China.
What is behind SG
GX's current dry spell, Th
he Straits Tim
mes (April 29, 2014)
The article features my comments
c
on firms’ accesss to inexpensiive debt and ggoing private.
Emir Hrnjić,
H
finan
nsijski mag bosanskim
b
metodama
m
pod
dučava studeente usred Siingapura
(RadioSaraj
ajevo.ba), reposted on (Eka
apija.ba) andd (Biznis.ba), (March 11, 2014)
An intervieew on my thou
ughts about home
h
in Bosniia and my carreer.
, Seoul E
Economic Daaily (January,, 2014)
The article features my comments
c
on the strengthss of Singaporee's wealth maanagement maarket.
IN
NVITED PR
RESENTATIO
ONS (Univerrsities and co
onferences)
20013 – 2014
The 2nd Islamic Finan
ncial Service Conference, S
Singapore
A
World
d Islamic Ban
nking Confereence: Asia Suummit
The 5th Annual
The 2nd Asia Investm
ment Managem
ment Summit for Insurancee, Singapore
20012 – 2013
6th Intern
national Confference ICES 2012, Sarajeevo, Bosnia (K
Keynote Speeech)
Americaan University
y, Beirut, Lebaanon
KAIST, Seoul, Koreaa
nd Economicss (SHUFE), S
Shanghai, Chiina
Shanghaai University of Finance an
Asian Finance Assocciation Annuaal Meeting, Taaipei
on, Denver
Financiaal Managemeent Associatio
Georgiaa State Univerrsity
Georgiaa Tech
Hong Kong
K
Polytech
hnic Universitty
20011 – 2012
Louisian
na State Univ
versity
Nanyang
g Tech
National University of
o Singapore
RICF In
nternational Conference,
C
Tokyo, Japan
Tulane University
U
University of Adelaid
de
University of Floridaa
University of Miami
outh Wales
University of New So
F
University of South Florida
y
University of Sydney
6
DePaul University
Development Bank of Japan, Tokyo, Japan
2010 – 2011
European Finance Association, Stockholm, Sweden
National University of Singapore
University of Illinois – Chicago
University of Illinois – Urbana Champaign
Conference on Corporate Governance and Institutions, Singapore
2009 – 2010
FIRS conference on Banking, Corporate Finance and Intermediation, Florence, Italy
Loyola Marymount University
University of Southern California
2008 – 2009
FIRS conference on Banking, Corporate Finance and Intermediation, Prague, Czech Republic
Vienna University of Economics and Business Administration
Clemson University
2006 – 2007
National University of Singapore
SKK GSB
West Virginia University
Binghamton University – SUNY
2005 – 2006
Cornerstone Research
Tulane University
University of Maryland
INVITED PRESENTATIONS OF MY PAPERS (Presented by Co-Author)
American Finance Association, Chicago, 2007
AsRES – AREUEA Joint International Conference, Singapore 2012
Babson College, 2006
CRA International, 2008
European Finance Association, Athens, Greece, 2008
FIRS conference on Banking, Corporate Finance and Intermediation, Florence, Italy, 2010
Financial Management Association, Atlanta, 2012
IMD, 2008
IMD, 2010
Rutgers University, 2004
SDA – Bocconi, 2006
Southern Methodist University, 2008
University of California – Davis, 2006
7
University of Iowa, 2006
University of Nebraska – Lincoln, 2006
University of New Orleans, 2004
University of New South Wales, 2006
University of Pittsburgh, 2005
University of Texas – Arlington, 2006
University of Texas – San Antonio, 2006
Vanderbilt University, 2005
SERVICE TO INTERNATIONAL ACADEMIC COMMUNITY
Discussant, Special Issue Conference-Corporate Governance: An International Review, Singapore 2014
Conference Review Committee Membership: FMA Annual Meeting, Chicago
2013
Session Organizer / Chair, Financial Management Association, Atlanta
2012
Discussant, Financial Management Association, Atlanta
2012
Discussant: Asian Finance Association Annual Meeting, Taipei
2012
Session chair: Asian Finance Association Annual Meeting, Taipei
2012
Conference Review Committee Membership: FMA Annual Meeting, Atlanta
2012
Conference Review Committee Membership: FMA Annual Meeting, Denver
2011
Session Organizer / Chair, Financial Management Association, Denver
2011
Discussant, Financial Management Association, Denver
2011
Discussant, FIRS conference on Banking, Corporate Finance and Intermediation, Sydney
2011
Discussant, Singapore International Conference in Finance
2010
Discussant, FIRS conference on Banking, Corporate Finance and Intermediation, Florence
2010
Conference Review Committee Membership: AsFA Annual Meeting
2010
Conference Review Committee Membership: FMA, European Meeting
2010
Discussant, FIRS conference on Banking, Corporate Finance and Intermediation, Prague
2009
Conference Review Committee Membership: FMA, European Meeting, Prague
2008
Discussant, European Finance Association
2008
Discussant, Financial Management Association, Europe
2008
Discussant, China International Finance Conference
2008
Session Chair, Financial Management Association
2004
Discussant, Financial Management Association
2003
AD HOC REFEREE
Journal of Banking and Finance, Journal of Empirical Finance, Financial Review, Journal of International
Business Studies, Pacific-Basin Finance Journal
8
RESEARCH GRANTS
National University of Singapore (R-315-000-075-133)
S$ 56,900
National University of Singapore (R-315-000-092-112)
S$ 19,325
National University of Singapore (N311-000-341-001)
S$ 15,000
STUDENT ADVISING
Doctoral advising:
Xiaoying Deng (PhD committee member)
2014
Weiqi Zhang (PhD committee member)
2012
Master’s thesis advising:
Zhan Lin (advisor)
2011
Market-wide Investor Sentiment and the IPO Pricing Process
Honors Thesis advising:
Chan Yi (advisor)
2014
The Impact of Managerial Ability of Acquiring Firms on long term Outcomes of M&As
Fabian Chua Kai Jun (advisor)
2014
Investor Sentiment Effects on Share Repurchases
Wei Yang (advisor)
2013
Managerial Ability and Its Impact on LBOs
Tang Li Na Doreen (co-advisor)
2012
Search Trends & IPO Underpricing
Felix Chew (advisor)
2011
Accelerated Share Repurchases Do Not Signal Undervaluation
Jonathan Ho (advisor)
2010
Investor Sentiment Effects on Firms’ Cash Levels
Li Zhuowei (advisor)
2010
Stapled Finance: Conflicts of Interest or Efficient Contract?
Rebecca Kang (advisor)
2009
Investor Sentiment Effects on the Indirect Costs of SEOs
SIGNIFICANT INTERNAL SERVICE
Director of Education and Outreach (CAMRI)
2013 – present
Seminar coordinator
2008 – 2011
Organizing Committee, member, Singapore International Conference in Finance
2010 – 2011
PhD Committee, member
2011 – 2013
9
MEMBERSHIPS
American Finance Association (AFA), European Finance Association (EFA), Financial Intermediation
Research Society (FIRS), Financial Management Association
REFERENCES
Prof. David M. Reeb
National University of Singapore
[email protected]
(+65) 6516 – 3042
Prof. Joseph Cherian
National University of Singapore
[email protected]
(+65) 6516 – 5991
Prof. Allaudeen Hameed
National University of Singapore
[email protected]
(+65) 6516 – 3034
Assoc. Prof. Nagpurnanand R. Prabhala
University of Maryland
[email protected]
+1 (301) 405 2165
Assoc. Prof. Srinivasan Sankaraguruswamy
National University of Singapore
[email protected]
(+65) 6516 – 4473
10

Download Report