CHRISTA H.S. BOUWMAN April 2015

Associate Professor of Finance (with tenure) Tel. 979-845-4894 Mays Business School at Texas A&M University, Wehner 360H Nationality: US Citizen College Station, TX 77843 cbouwman@mays.tamu.edu AREAS OF INTEREST

Financial Intermediation, Corporate Finance, Mergers and Acquisitions, Behavioral Finance, and Corporate Governance. AFFILIATIONS

Texas A&M University Associate Professor of Finance and RepublicBank Research Fellow (with tenure) (2014 – now).

Case Western Reserve Associate Professor of Banking & Finance (awarded tenure in 2014) (2011 – 2014). Assistant Professor of Banking & Finance (2005 – 2011). Lewis-Progressive Professor of Management (2006 – 2009).

University of Pennsylvania Fellow of the Wharton Financial Institutions Center (2008 – now). EDUCATION

Michigan Business School Ph.D. in Finance (2005).

University of Amsterdam Ph.D.-student in Financial Economics (1999 – 2000).

Cornell University M.B.A. (1993).

University of Groningen B.A. / M.A. (‘Drs’) in Economics and Business (Cum Laude) (1993). VISITING POSITIONS

Cleveland Federal Reserve Research Associate (part-time; Apr. 2014 – now).

Boston Federal Reserve Visiting scholar (part-time; Spring 2010 – now).

MIT Sloan School of Mgt Visiting Assistant Professor (2009 – 2010).

Sveriges Riksbank Visiting scholar (Dec. 2007).

Chicago Federal Reserve Visiting scholar (Dec. 2004).

Federal Reserve Board Dissertation Intern in the Division of Research & Statistics (Summer 2004).

University Pompeu Fabra Visiting graduate student (Spring 2001).

Michigan Business School Visiting graduate student (Fall 2000).

Cornell University Visiting graduate student (Nov. 1999). Exchange student in the M.B.A. program (1991 – 1992). PUBLICATIONS

“Does a Bank’s History Affect its Risk Taking?,” Forthcoming – May 2015, American Economic Review: Papers and Proceedings. (With Ulrike Malmendier.)

“Liquidity: How Banks Create It and How It Should Be Regulated,” 2015, in: Allen Berger, Phil Molyneux, and John Wilson (eds.), “The Oxford Handbook of Banking” (2nd edition), Oxford University Press, 184 – 218.

“Managerial Optimism and Earnings Smoothing,” April 2014, Journal of Banking and Finance 41: 283-303.

“How Does Capital Affect Bank Performance During Financial Crises?” (Significantly expanded version of the second part of: “Financial Crises and Bank Liquidity Creation”), July 2013, Journal of Financial Economics 109(1): 146-176. (With Allen Berger.)

“The Role of Corporate Culture in Mergers & Acquisitions,” May 2013, in: Etienne Perrault (ed.), “Mergers and Acquisitions: Practices, Performance and Perspectives,” Nova Science Publishers, 109-132.

“Corporate Governance Propagation through Overlapping Directors,” July 2011, Review of Financial Studies, 24(7): 2358-2394.

“Overlapping Boards of Directors: Causes and Consequences for Corporate Governance,” February 2011, in: Robert Kolb (ed.), “Financial Contagion: The Viral Threat to the Wealth of Nations,” John Wiley & Sons, 343-348.

Curriculum Vitae Christa H.S. Bouwman – p. 2 “Bank Liquidity Creation,” September 2009, Review of Financial Studies 22(9): 3779-3837. (With Allen Berger.)

“Market Valuation and Acquisition Quality: Empirical Evidence,” February 2009, Review of Financial Studies 22(2): 633-679. (With Kathleen Fuller and Amrita Nain.)

“Bank Liquidity Creation and Bank Capital,” with Allen Berger, May 2005, in: “The Art of the Loan in the 21st Century,” Proceedings of the 41st Annual Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago, 223-228.

“Stock Market Valuation and Mergers,” 2003, MIT/Sloan Management Review 45(1): 9-11. (With Kathleen Fuller and Amrita Nain.)

OTHER PUBLICATIONS (IN DUTCH)

“Het Meten van Kredietrisico” (“Credit Risk Measurement”), Economisch Statistische Berichten, August 2000.

“Managementverloop en Bedrijfsprestaties – Nederland in Internationaal Perspectief” (“Management Turnover and Corporate Performance – The Netherlands in International Perspective”), Maandblad voor Accountancy en Bedrijfseconomie, nr. 7/8: July/August 1999. (With Pieter van Oijen.) (First prize in essay contest among Ph.D.-students in Business.)

WORKING PAPERS

“Do Small Banks have “Mojo”?” (With Allen Berger and Dasol Kim.)

“The Federal Reserve’s Discount Window and TAF Programs: Pushing on a String?” (With Allen Berger, Lamont Black, and Jennifer Dlugosz.)

“Bank Risk Taking and Liquidity Creation Following Regulatory Interventions and Capital Support.” (With Allen Berger, Thomas Kick, and Klaus Schaeck.)

“Bank Liquidity Creation, Monetary Policy, and Financial Crises” (Significantly expanded version of the first part of: “Financial Crises and Bank Liquidity Creation”). (With Allen Berger.)

“The Geography of Executive Compensation.”

“Cash Holdings and the Effects of Pre-IPO Financing in Newly Public Firms.” (With Michelle Lowry.)

“Managerial Optimism and the Market’s Reaction to Dividend Changes.”

PROFESSIONAL EXPERIENCE – TEACHING

Texas A&M University PhD Seminar in Corporate Finance and Financial Intermediation (2014 – now). Evaluation: 4.82/5.00. MBA Finance Core (2014 – now). Evaluation: 4.84/5.00.

Case Western Reserve Financial Modeling / Valuation (MBA level) (2005 – now). Evaluation 4.61/5.00. Financial Modeling / Valuation (UG level) (2005 – 2009, 2012 – now). Evaluation 4.55/5.00. Corporate Finance (UG level) (2005 – 2009). Evaluation 4.47/5.00. Nominated for MBA Teaching Excellence Award (2007 – 2008, 2008 – 2009, 2009 – 2010, 2010 – 2011, 2012 – 2013, 2013 – 2014). Nominated for Undergraduate Business Teaching Award (2006 – 2007, 2012 – 2013, 2013 – 2014). Finalist for Undergraduate Business Teaching Award (2007 – 2008).

MIT Sloan School of Mgt Advanced Corporate Finance (MBA level) (Spring 2010). Nominated for school-wide Excellence in Teaching Award (2009 – 2010).

Michigan Business School Corporate Financial Policy (UG level) (Fall 2002). Evaluation: 4.61/5.00.

University of Amsterdam Corporate Finance (UG level) (Winter 2000).

Curriculum Vitae Christa H.S. Bouwman – p. 3 PROFESSIONAL SERVICES

Journal Editor: Associate Editor, Review of Finance (Jan. 2014 – now). Associate Editor, Journal of Banking and Finance (July 2013 – now).

Referee: American Economic Review; Czech National Bank Working Paper Series; Economic Journal; Economics Letters; European Financial Management; Finance Research Letters; Financial Review; Global Finance Journal; International Finance; International Review of Finance; Journal of Banking and Finance; Journal of Business Finance and Accounting; Journal of Corporate Finance; Journal of Economic Surveys; Journal of Empirical Finance; Journal of Finance; Journal of Financial Economics; Journal of Financial Intermediation; Journal of Financial & Quantitative Analysis; Journal of Financial Services Research; Journal of International Business Studies; Journal of International Money and Finance; Journal of Money, Credit, and Banking; Journal of Risk and Insurance; Management Science; Review of Corporate Finance Studies; Review of Finance; Review of Financial Studies; World Bank Economic Review.

Discussant: American Finance Association Meeting / ASSA (2015 (2 papers), 2013, 2012 (2 papers), 2010 (2 papers), 2008), Western

Finance Association Meeting (2013, 2008), Financial Intermediation Research Society Meeting (2013, 2012, 2011, 2010, 2009, 2006), CEPR / St. Gallen Conference on “Finance and the Real Economy” (2012), 18th Annual Conference on Financial Economics and Accounting (2007), Financial Management Association Meeting (2007, 2005, 2004), Western Economic Association International (2005, 2004), European Finance Association Meeting (2004, 1999), Financial Management Association European Meeting (2004), 11th Annual Global Finance Conference (2004), TMR Workshop at Pompeu Fabra (2000), Oxford Review of Economic Policy Conference on Financial Stability (1999).

Session Chair: Financial Intermediation Research Society Meeting (2013, 2011, 2010), American Finance Association Meeting (2010),

Financial Management Association Meeting (2007), European Finance Association Meeting (2007).

Program Committee: Financial Intermediation Research Society Meeting (2015, 2014, 2013, 2012, 2011, 2010), Western Finance Association

Meeting (2014, 2013, 2012, 2011, 2010, 2009), Financial Management Association Napa Conference (2015), Financial Management Association Meeting (2015, 2014, 2013, 2012, 2010, 2009, 2008, 2007, 2006), European Finance Association Meeting (2015, 2014, 2013, 2012, 2011, 2010, 2009, 2008, 2007), Midwest Finance Association (2014, 2013), American Finance Association Meeting (2010).

Competitive Paper Award Committee: Financial Management Association Meeting (2007).

Track Chair: Financial Institutions Track Chair – Financial Management Association Meeting (2015, 2010).

Ph.D. Committee: Diana Bonfim (Bank of Portugal) – graduating from the University of Groningen, The Netherlands (2014). CONFERENCE PRESENTATIONS (* presentation by a coauthor)

American Finance Association Meeting / ASSA (2015*, 2014, 2011, 2010 (2 papers)), Federal Reserve Bank of Chicago’s Bank Structure Conference (2014*, 2005), Financial Management Association Meeting (2013, 2009, 2007, 2006, 2005, 2004, 2003), Financial Intermediation Research Society Conference (2013, 2012, 2011 (2 papers), FDIC / JFSR Conference on “Performance of Financial Services in the Current Environment” (2012)*, 2010 (2 papers), 2009, 2006), 12th Symposium on Banking, Finance, and Insurance in Karlsruhe (2011)*, Macro and Financial Econometrics Conference in Heidelberg (2011)*, FDIC / JFSR Conference on Risk Management (2011), 3rd Financial Stability Conference in Tilburg (2011)*, Liquidity Conference at the European Central Bank in Frankfurt (2010), Systemic Risk and Incentives Conference at the Centre for European Economic Research (ZEW) in Mannheim (2010), Conference on Information, Liquidity and Trust in Incomplete Financial Markets in Freiburg (2010)*, Conference on “Liquidity and Liquidity Risks” at the Deutsche Bundesbank in Frankfurt (2010)*, European Finance Association Meeting in Frankfurt (2010)*, European Economic Association Meeting in Glasgow (2010)*, Royal Economic Society Conference in Guildford (2010)*, CREI / JFI / CEPR Conference on Financial Crises at Pompeu Fabra (2009), Unicredit conference in Vienna (2008), ISB Hyderabad Summer Research Conference in Finance (2008), University of Kansas Southwind Finance Conference (2008), FDIC / JFSR Conference on Liquidity and Liquidity Risk (2007), European Finance Association Meeting (2007, 2004), Midwest Finance

Curriculum Vitae Christa H.S. Bouwman – p. 4

Association Annual Meeting (2006), WFA (2005), Western Economic Association International (2005, 2004), FDIC / JFSR Conference on Risk Transfer and Governance (2004), Financial Management Association: European Meeting (2004), 11th Annual Global Finance Conference (2004), Estes Park Finance Conference (2002).

SEMINAR PRESENTATIONS

Pomona College (2014), Cleveland Federal Reserve (2014, 2008, 2006), Dutch Central Bank (2014), University of Groningen (2014, 2004), Texas A&M University (2013), University of Arizona (2013), University of South Carolina (2013, 2005), University of Miami (2013), Drexel University (2013), Penn State University (2012), Case Western Reserve University (2012, 2011, 2008 (2 papers), 2007, 2006, 2005), University of Virginia – McIntire (2011), University of Vienna (2011), Tulane Unversity (2010), Office of the Comptroller of the Currency (2010), Boston University (2010), Boston College (2010), Boston Federal Reserve (2010 (2x)), MIT Sloan (2010, 2009), UT Dallas (2009), Bank of International Settlements – Basel (2009), University of Venice (2009), European School of Management and Technology – Berlin (2009), McGill University (2009), Philadelphia Federal Reserve (2009), IMF (2008), Erasmus University (2008), Binghamton University (2008), Yale School of Management (2008), Tilburg University (2008, 2004), Case Western Reserve University – Economics (2008), Stockholm School of Economics (2007), Sveriges Riksbank (2007), ESCP-EAP – European School of Management – Paris (2007), Ohio State University (2006), Norwegian Central Bank (2005), Federal Reserve Board (2005, 2004), University of Washington (2005), University of Virginia – Darden (2005), Louisiana State University (2005), University of Minnesota (2005), Charles River Associates (2005), University of Calgary (2005), University of Connecticut (2005), University of Pittsburgh (2005), University of Kentucky (2005), Wake Forest University (2005), Chicago Federal Reserve (2004), European Central Bank (2004), University of Cincinnati (2004), Lehigh University (2004), University of Amsterdam (2004), University of Michigan (2004).

HONORS AND AWARDS

Fellow of the Wharton Financial Institutions Center – University of Pennsylvania (2008 – now). Research Grant, Weatherhead School of Management (2013 – 2014). Nominated for the MBA Teaching Excellence Award – Case Western Reserve University (2007 – 2008, 2008 – 2009, 2009 –

2010, 2010 – 2011, 2012 – 2013). Nominated for Undergraduate Business Teaching Award – Case Western Reserve University (2006 – 2007, 2012 – 2013) Nominated for the school-wide Excellence in Teaching Award – MIT Sloan School of Management (2009 – 2010). Lewis-Progressive Professorship – Case Western Reserve University. Awarded every Three Years to an Untenured Faculty

Member based on Research and Teaching (2006 – 2009). Mather Spotlight Prize for Women’s Scholarship – Case Western Reserve University. Awarded Annually to Eight Women at

the University based on Research Excellence (2008). Finalist for Undergraduate Business Teaching Award – Case Western Reserve University (2007 – 2008). Jentz Fellowship Award from the Graduate School of Banking in Colorado (July 2007). Rodkey Fellowship – Michigan Business School (2001 – 2005). Best Student Paper Award – 11th Annual Global Finance Conference (2004). Allan D. Gilmour Fellowship – Michigan Business School. Awarded Annually to one Ph.D.-student in Finance based on

Academic Achievement (2004). TMR Grant from the European Union for visiting Pompeu Fabra (2001). Fulbright Scholarship for visiting the University of Michigan (awarded, but not accepted) (2000). SIR-Grant from the Dutch National Foundation of Science for visiting Cornell University (1999). First Prize in Essay Contest among Ph.D.-students in Business – 'Maandblad voor Accountancy & Bedrijfseconomie' (1999). Dow Jones Award – Johnson School, Cornell University. Received for Exceptional Contribution to the School (1993). A Winner of the Essay Contest of McKinsey & Company and the International Students' Committee – St. Gallen (1993). Conference Travel Grant – Johnson School, Cornell University (1993). Merit Scholarship – Johnson School, Cornell University (1992 – 1993). Merit Scholarship – Hendrik Muller Vaderlandsch Fonds (awarded two years in a row) (1991 – 1993). PROFESSIONAL EXPERIENCE – OTHER

U.S. Department of Justice Litigative Consultant (2001 – 2003). Provided research assistance to the expert witness on five Winstar-related litigation cases involving the U.S. government and financial institutions. (Actual contracts were with the U.S. Department of Justice (2x); Value Integration Associates (2x); and Navigant Consulting (1x).)

Curriculum Vitae Christa H.S. Bouwman – p. 5

ABN AMRO Bank Capital Structure Advisory (1997 – 1999). - Advised firms in Central and Eastern Europe on how to improve their balance sheets. - Investigated a loan default in the Czech Republic. Project Finance Advisory (1996 – 1997). - Advised a U.S.-Polish Joint Venture on financing a greenfield power plant in Poland. - Advised a U.S. firm on an LNG project in Qatar. - Investigated securitization of ABN AMRO Bank’s project finance loan portfolio. Venture Capital (1994 – 1996).

- Provided equity financing to Dutch private firms. - Managed ABN AMRO Bank’s own shareholdings in Dutch listed firms. Management Trainee, Investment Banking & Global Clients (1994). - Included internship in Corporate Finance Emerging Markets.

Procter & Gamble Financial Analyst (Summer 1992). SERVICE AT UNIVERSITY

Texas A&M University: MBA Graduate Instruction Curriculum Committee (2014 – now). PhD Program Committee (2014 – now). Recruiting Committee (2014 – now). Conference Committee (2014 – now). Research Committee Co-Chair (2014 – 2015).

Case Western Reserve University: Theodore Alfred Distinguished Service Award Committee Member (2013). Master of Finance Committee Member, Weatherhead School of Management (2012 – now). Faculty Council Member, Weatherhead School of Management (Spring 2009, 2011 – now). Finance Seminar Series Organizer, Weatherhead School of Management (2008 – now). Recruitment Committee, Department of Banking and Finance (2005 – 2006 (Member), 2010 – 2011 (Co-chair), 2011 –

2012 (Chair), 2013 – 2014 (Chair)). Interdepartmental Seminar Series Organizer, Weatherhead School of Management (2008 – 2009). Faculty Advisor, Alpha Kappa Psi Business Fraternity (2007 – 2009). Observer on the Appointments Committee, Weatherhead School of Management (2006 – 2007). Dean Search Committee Member, Weatherhead School of Management (2006).

OTHER ACTIVITIES

Cornell University Founder and V.P. of the Cornell Alumni Association of the Netherlands (1996 – 2001). Organizer of the Johnson School European Alumni Conference (1995). Member of the European Advisory Council of the Johnson School (1994 – 1999).

University of Groningen Member of the Executive Board of the Dept. of Economics and Business (1990 – 1991). Coordinator - Tutorial System for Students in Economics and Business (1990 – 1991). Member of the Supervisory Board of the Dept. of Economics and Business (1989 – 1990). NON-ACADEMIC INTERESTS

Traveling (travelled extensively through over 45 countries), hockey (played in the business school team of Cornell), singing, languages, Reiki practitioner (level II), and weight lifting.