ANIL K. MAKHIJAMarch 2013

842 Fisher Hall 2310 Hoxton CourtFisher College of Business Columbus, Ohio 43220The Ohio State University Tel: (614) 538-8549Columbus, Ohio 43210 Cell: (614) 537-4695Tel: (614) 292-1899 Makhija.1@osu.eduU.S. Citizen

ACADEMIC Corporate Finance (Capital Structure, Corporate Governance, and Valuation)

INTERESTS: and Public Utilities

POSITIONS: Fisher College of Business, The Ohio State University

Senior Associate Dean Jan. 2013 -- PresentAcademic Director,

National Center for the Middle Market Oct. 2011 -- PresentDean’s Distinguished Professorship Jan. 2011 -- PresentProfessor of Finance Oct. 1999 -- Present David A. Rismiller Professor of Finance Feb. 2005 – Dec. 2010Chair, Department of Finance Jul. 2002 – Dec. 2009Associate Dean (Executive Programs) Oct. 1999 – Sept. 2009Nationwide Faculty Fellow Jan. 2008 – Dec. 2008

Visiting Professor Jan. 1998 -- Aug. 1999

Katz Graduate School of Business, University of Pittsburgh

Associate Dean Sept. 1996 -- Dec. 1997Professor of Business Administration Sept.1998 -- Aug. 1999Coordinator (“Chair”), Finance & Economics Dept. Sept. 1992 -- Aug. 1994Academic Director, Executive MBA Sept. 1990 -- Aug. 1994Associate Professor of Business Administration Jan. 1989 -- Sept. 1998Assistant Professor of Business Administration Sept. 1985 -- Dec.

1988Assistant Professor of Business Administration Jan. 1981 -- Dec. 1983

School of Business, University of Wisconsin-Madison

Visiting Assistant Professor Jan. 1984 -- Aug. 1985

Short Visiting Faculty Appointments

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Chinese University of Hong Kong, Seoul National University (Korea), Universidad Catolica de Valparaiso (Chile), Universidad Santa Maria (Ecuador), Czech Management Center, and Asia GSB (India)

EDUCATION: Doctor of PhilosophyUniversity of Wisconsin-MadisonMajor: Finance; Internal Minor: Applied EconomicsExternal Minors: Statistics and Econometrics

Master of Business AdministrationTulane University, New OrleansMajor: Management Science(Dean’s List; Beta Gamma Sigma, Teagle Fellowship)

Bachelor of TechnologyIndian Institute of Technology, New DelhiMajor: Chemical Engineering(Dean’s List; Chief Editor, student magazine in English; debating awards)

Indian School Certificate of University of CambridgeSt. Xavier's School, New Delhi(Distinguished Student Award; President, Student Council)

RESEARCH:

Damaraju, Nagalakshmi, Jay Barney, and Anil K. Makhija, “Real Options in Divestment Alternatives,” Fourth round revise-and-resubmit (latest version, February, 2013), Strategic Management Journal, SSRN#157182.

Cronqvist, Henrik, Anil K. Makhija, and Scott Yonker, “Behavioral Consistency in Corporate Finance: CEO Personal and Corporate Leverage,” Journal of Financial Economics 103, January 2012, 20-40. Best Paper Award, Mitsui Conference, University of Michigan.

Davidoff, Steven M., Anil K. Makhija, and Rajesh P. Narayanan, “Fairness Opinions in Mergersand Acquisitions,” for Chapter 27, The Art of Capital Budgeting: Creating Shareholder Value through Mergers and Acquisitions, Edited by H. Kent Baker and Halil Kiymaz, John Wiley & Sons, Inc., 2011.

Goto, Mika and Anil K. Makhija, “The Impact of Deregulation and Corporate Structure on Productive Efficiency: The Case of the U.S. Electric Utility Industry, 1990-2004,” Advances in Financial Economics, Volume 13, 2009.

Ferris, Stephen P., Tomas Jandik, Robert Lawless, and Anil K. Makhija, “Derivative Suits as aForm of Corporate Governance,” Journal of Financial and Quantitative Analysis, Vol. 42 (1), March 2007, 143-166.

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Jandik, Tomas and Anil K. Makhija, “Can Diversification Create Value? Evidence from theElectric Utility Industry,” Financial Management, Vol. 34 (1), Spring 2005, 61-93

Jandik, Tomas and Anil K. Makhija, “Corporate Governance and Debt Structure after Unsuccessful Takeover Attempts,” Journal of Corporate Finance, Vol. 11, 2005, 882-914.

Jandik, Tomas and Anil K. Makhija, “Leverage and the Complexity of Takeovers,” Financial Review, Vol. 40, February 2005, 95-112.

Makhija, Anil K. and James M. Patton, “The Impact of Firm Ownership Structure on Voluntary Disclosure: Empirical Evidence from Czech Annual Reports,” Journal of Business, Vol.

77, No. 3, July 2004, 457-492.

Anderson, Christopher W., Tomas Jandik, and Anil K. Makhija, “Determinants of Foreign Ownership in Newly Privatized Companies in Transition Economies,” Financial Review, Spring 2001.

Jandik, Tomas and Anil K. Makhija, “Diversification of Electric Utilities, Optimal Policies, and Efficiency of Regulation,” National Regulatory Research Institute Quarterly Bulletin, Spring 2001.

Jandik, Tomas and Anil K. Makhija, “Empirical Evidence on Determinants of Capital Structure,” Advances in Financial Economics, Vol. 6 (2001), 143-160.

Makhija, Anil K. and Michael S. Spiro, “Ownership Structure as a Determinant of Firm value: Evidence from Newly Privatized Czech Firms,” Financial Review 41 (August 2000), 1-22.

Anderson, Christopher W., and Anil K. Makhija, “Deregulation, Disintermediation, and Agency Costs of Debt: Evidence from Japan,” Journal of Financial Economics, Vol. 51, 2 (1999).

Hingorani, Archana, Kenneth Lehn, and Anil K. Makhija," Investor Behavior in Mass Privatization: The Case of the Czech Republic," Journal of Financial Economics, Vol. 44, No. 3 (June 1997), 349-396.

Ferris, Stephen P., Narayanan Jayaraman, and Anil K. Makhija, “The Response of Competitors to

Announcements of Bankruptcy," Journal of Corporate Finance, Vol. 3, No. 4 (December 1997).

Lehn, Kenneth and Anil K. Makhija, “EVA, Accounting Profits, and CEO Turnover,” Journal of Applied Corporate Finance, Fall 1997 issue.

Ferris, Stephen P., Narayanan Jayaraman, and Anil K. Makhija, “The Impact of Chapter 11 Filings on the Risk and Return of Securityholders, 1979-1989,” Advances in Financial

Economics, Vol. 2 (1996), pp. 93-118.

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Lawless, Robert M., Stephen P. Ferris, Narayanan Jayaraman, and Anil K. Makhija, "A Glimpse at Professional Fees and Other Direct Costs in Small Firm Bankruptcies,"

University of Illinois Law Review, Volume 1994, No. 4, pp. 847 - 888.

Ferris, Stephen P., Yash P. Joshi, and Anil K. Makhija, "Valuing an East European Company," International Journal of Strategic Management, Vol. 28, No. 6 (1995), pp. 48-60.

Hingorani, Archana N. and Anil K. Makhija, "Valuation in a Transitional Economy: The Case of Spolana Chemicals," in Firm Behavior in Emerging Market Economies, edited

by Daniel Fogel, Odyssey Press, Dover (N.H.), 1995.

Hingorani, Archana, Anil K. Makhija, and Kuldeep Shastri, "The Impact of Calls of Preferred on Shareholders' Wealth," Journal of Banking and Finance, Vol. 18 (1994), 1095 - 1111.

Jayaraman, Narayanan, Praveen Kumar, and Anil K. Makhija, "Product Market Innovations, Capital Structure and Financial Distress: Theory and Evidence," abstracted in

Journal of Finance, Vol. 49, No.3 (July 1994), p.1075.

Joshi, Yash P. and Anil K. Makhija, "Managerial Incentives for Undertaking Exchange Offers," Managerial and Decision Economics, Vol. 15, No. 4 (July/August 1994), pp. 369-381.

Joshi, Yash P. and Anil K. Makhija, "SEC Regulation of Public Utility Diversification," in Modernizing US Securities Regulations: Economic and Legal Perspectives,

Edited by Kenneth Lehn and Robert Kamphius, Business Irwin One (Homewood, Illinois), 1992, pp.313 - 332.

Agrawal, Anup, Anil K. Makhija, and Gershon N. Mandelker, "Executive Compensation and Corporate Performance in Electric and Gas Utilities," Financial Management,

(Winter 1991), pp. 113-124.

Makhija, Anil K. and Robert Nachtmann, "Variance Effects of Cross-Listing of NYSE Stocks in Tokyo," Pacific Basin Capital Markets Research, Vol. 1 (1990), pp. 215- 226.

Makhija, Anil K. and Michael H. Spiro, "Determinants of Earned Rates of Return on Equity of U.S. Electric Utilities," Economic Letters, 30 (1989), pp. 367-371.

Bhandari, Arvind, Theoharry Grammatikos, Anil K. Makhija and George Pappaioannou, "Risk and Return on Newly Listed Stocks: The Post-Listing Experience," Journal of

Financial Research, XII (September 1989), pp. 93-102.

DeBondt, Werner F. M. and Anil K. Makhija, "Throwing Good Money After Bad? Nuclear Power Plant Investment Decisions and the Relevance of Sunk Costs," Journal

of Economic Behavior and Organization, 10 (1988), pp. 173-199.

Grammatikos, Theoharry, Anil K. Makhija and Howard E. Thompson, "Financing Corporate Takeovers by Individuals," Managerial and Decision Economics, Vol. 9, No. 3

(September 1988), pp. 227-235. Also abstracted in Journal of Economic

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Literature, Vol. XXVII, No. 1 (March 1989), p. 462.

Ferris, Stephen P., Robert A. Haugen and Anil K. Makhija, "Predicting Contemporary Volume with Historic Volume at Differential Price Levels: Evidence Supporting the

Disposition Effect," Journal of Finance, Vol. 43, No. 3 (1988), pp. 677-697.

Makhija, Anil K. and Howard E. Thompson, "The Ratepayer and Stockholder Under Alternative Regulatory Policies: A Reply," Land Economics, Vol. 63, No. 2 (May 1987),

pp. 206-208. Reply to comment on paper in Vol. 62, No. 2 (May 1986).

Makhija, Anil K. and H. E. Thompson, "Electric Utility Regulation and the Community: A Theoretical Analysis of Some Effects of Regulation on Community Welfare,"

Policy Studies Journal, Vol. 15, No. 4 (June 1987), pp. 694-717.

Ferris, Stephen P. and Anil K. Makhija, "The Impact of Regulation on the Riskiness of Electric Utilities," Economic Letters, 25 (1987), pp. 79-84.

Kumar, Raman and Anil K. Makhija, "Volatility of Stock Prices and Market Efficiency," Managerial and Decision Economics, Vol. 7, No. 2 (June 1986), pp.

119-122.

Makhija, Anil K. and Howard E. Thompson, "The Ratepayer and Stockholder under Alternative Regulatory Policies," Land Economics, Vol. 62, No. 2 (May 1986), pp. 119-133.

Also abstracted in Journal of Economic Literature, Vol. XXV, No. 1 (May 1987), p. 591.

Makhija, Anil K. and Howard E. Thompson, "Some Aspects of Equilibrium for a Cross-Section of Firms Signaling Profitability with Dividends," Journal of Finance, Vol. 41,

No. 1 (March 1986), pp. 249-253.

Makhija, Anil K. and Howard E. Thompson, "Capitalized Interest and the Cost of Money to Electric Utilities," Land Economics, Vol. 60, No. 3 (August 1984), pp. 278-291.

Also abstracted in Journal of Economic Literature, Vol. XXIII, No. 2 (June 1985), p. 1038.

Makhija, Anil K. and Howard E. Thompson, "Comparison of Alternative Models for Estimating the Cost of Equity Capital for Electric Utilities," Journal of Economics and

Business, 36 (1984), pp. 107-131.

WORKING PAPERS

Lim, Jongha, Anil K. Makhija, Oded Shenkar, In the Eye of the Beholder: The Asymmetric Impact of National Cultural Distance on Target Premiums for U.S. and Foreign Firms in Cross-Border M&As (November 18, 2012), Working Paper in process to be added to SSRN.

Georgieva, Dobrina, Tomas Jandik, and Anil Makhija, Adoptions and Eliminations of Economic

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Profit Plans and Internal Capital Markets Efficiency (March 1, 2013). Working Paper. Available at SSRN: http://ssrn.com/abstract=2227224

Damaraju, Nagalakshmi, Jay B. Barney, and Anil K. Makhija, Real Options in Divestment Alternatives (latest version, February, 2013), 4th round revise-and-resubmit, Strategic Management Journal. Available at SSRN: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1815124

Li, Xiaoyang, Low, Angie and Makhija, Anil K., Career Concerns and the Busy Life of the Young CEO (latest version, September 21, 2012). Fisher College of Business Working Paper No. 2011-03-004. Charles A. Dice Center Working Paper No. 2011-4. Available at SSRN: http://ssrn.com/abstract=1761523.

Loureiro, Gilberto Ramos, Makhija, Anil K. and Zhang, Dan, Why Do Some CEOS Work for a One Dollar Salary? (March 19, 2011). Charles A. Dice Center Working Paper No. 2011-7; Fisher College of Business Working Paper No. 2011-03-007. Charles A. Dice Center Working Paper No. 2011-7. Available at SSRN: http://ssrn.com/abstract=1571823.

Makhija, Anil K., Low, Angie and Sanders, Anthony B., The Impact of Shareholder Power on Bondholders: Evidence from Mergers and Acquisitions. Charles A. Dice Center Working Paper No. 2007-5. Available at SSRN: http://ssrn.com/abstract=891683.

RESEARCH IN PROGRESS

Damaraju, Naga Lakshmi, Anil K. Makhija, and Scott Yonker, “Caste in the Boardroom: The Origins of Indian CEOs.” Initial draft in circulation for comments (February, 2013).

Makhija, Anil K., “Debt and Non-Debt Tax Shields,” Theory completed, drafting paper.

Ben-Zion, Uri, Rosit Rosenboim, and Anil K. Makhija, “Rethinking the Bonding Hypothesis: Board Characteristics of Israeli Firms and their Decision to List in the US.” Preliminary draft done with expanded analysis underway.

RESEARCH PRESENTATIONS (last 4 years)

Conferences: Korean Capital Markets Conf. (keynote, Nov. 2012)European Finance Association MeetingsNational Bureau of Economic Research Western Finance Association Meetings University of Michigan’s Mitsui Conference European Financial Management Association MeetingsDePaul University’s Behavioral Finance ConferenceFinancial Management Association Meetings Eastern Finance Association Meetings

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Academy of International Business Meetings Strategic Management Society Meetings California Corporate Finance Conference European Summer Symposium in Gerzensee International Finance and Governance Conference

Universities: Chinese University of Hong KongSeoul National University, KoreaOSU Winter CollegeBaruch CollegeQueen’s University, CanadaFlorida State UniversityKorean Advanced Institute of Technology, KoreaOhio State UniversityNanyang Technological UniversitySKKU, KoreaInstituto Empresa, SpainUniversity of Monho, PortugalIndian School of Business, IndiaBen Gurion University, IsraelUniversity of ArkansasUniversity of CincinnatiKorean Advanced Institute of Technology, KoreaSeoul National University, Korea

DOCTORAL DISSERTATIONS CHAIRED

Stephen P. Ferris, 1984, "Corporate Capital Investment under Inflation." Yash P. Joshi, 1989, "Exchange Offers: A Re-examination, (Essay One), and, The

Impact on Stock Prices of the Tax Reform Act of 1986 (Essay Two)."

Archana Hingorani, 1993,"The Impact of Capital Expenditures Announcements on Securityholders."

Christopher Anderson, 1995, "Deregulation, Disintermediation, and Agency Costs of Debt: Evidence from Japan."

Gurmeet Bhabra, 1996, "Effect of Acquisition Programs on Shareholders of Acquiring and Potential Target Firms: Empirical Evidence, 1966-1992.”

Vijay Gondhalekar, 1997,”The Hubris Hypothesis: Empirical Evidence from Takeovers.”

Tomas Jandik, 2000, ”Leverage Changes Surrounding Mergers and Acquisitions.”Stanko Racic, 2005, “Does the Identity of the Bidder Matter? Japanese Acquisitions in

US.”Low, Angie, 2007, “Managerial Risk-Taking and Equity-Based Compensation.”Gilberto Loureiro, 2007, “The Reputation of Underwriters, the Bonding Hypothesis, and the Impact on the Information Environment of U.S. Cross-listed Firms.”(Co-

chair, Andrew Karolyi).Silvestrini, Francesca, “Social CEOs,” in progress.

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Rosit Levy Rosenboim (Ben-Gurion University, Israel), “Dual Listed Israeli Stocks,” in progress (Co-chair with Prof. Uri Ben-Zion,).

EDITORIAL POSITIONS:

Co-editor with Steve Ferris and Kose John, Advances in Financial Economics, 2010 – present.Editorial Board, Pacific Basin Finance Journal, 2006 – present.Editorial Board, Asian Journal of Finance and Accounting, 2007 – present.Editorial Board, Journal of Multinational Financial Management, 2007 – present.Co-editor with Kose John & Mark Hirschey, Advances in Financial Economics, 1999 – 2009.Associate Editor, Financial Review, 1997- 2009.Editorial Board, Journal of Applied Business Research, 1994 – 2000.

AD HOC REVIEWER:

American Economic Review, Journal of Financial Economics, Journal of Finance, Review of Financial Studies, Journal of Financial and Quantitative Analysis, Journal of Corporate Finance, Journal of Risk and Insurance, Financial Management, Journal of Economic Behavior and Organization, Journal of Comparative Economics, Journal of International Business Studies, Managerial and Decision Economics, Journal of Applied Business Research, Advances in Financial Economics, Financial Review, Journal of Economics and Business, Financial Practice and Education, The Journal of Financial Research, Pacific-Basin Finance Journal, Multinational Finance Journal, Journal of Applied Finance, Global Finance, European Finance Journal, European Financial Management, Journal of Banking and Finance, International Review of Finance, etc.

TEACHING:

Teaching Experience

Fisher College of Business, The Ohio State UniversityUndergraduate Program -Business FinanceMBA, Full-time Program -Financial Management

-Advanced Corporate Finance

MBA, Executive Program -Financial Management-Mergers and Acquisitions

MBA, Evening Program -Financial Decision-MakingDoctoral Program -Corporate Finance Seminar

Katz Graduate School of Business, University of PittsburghUndergraduate -Introduction to Finance

-Investment Analysis

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MBA, Full-time Program - Introduction to Finance-Short Term Finance-Corporate Finance-Investments-Capital Markets

MBA, Evening Program -Investments -Capital Markets -Advanced Financial Management

MBA, Executive Program -Management of Fin. Resources -Investments

- Capital MarketsDoctoral Seminars -Corporate Finance -Empirical Methods in Finance, -Theory of Finance

Teaching Awards

University-Wide Awards

University Alumni Award for Distinguished Teaching, February 2006, Ohio State University, highest teaching award at OSU from among thousands of faculty members.

Chancellor's Distinguished Teaching Award, 1993, highest teaching award at University of Pittsburgh from among thousands of faculty members.

Other Teaching Awards

Pace Setter’s Teaching Award, 2000, highest teaching award at Fisher College, Ohio State University.

10 Outstanding Faculty Awards, Executive MBA class for each of the ten years, 2002, 2003, 2004, 2005, 2006, 2007, 2008, 2009, 2011 and 2012, Fisher College, Ohio State University.

Full-time and Evening MBA classes of 1999 and 2000, Outstanding Teacher (core course), Fisher College, Ohio State University.

MBA Finance Association Teacher Award, 1999, Fisher College, Ohio State University.

Teacher Par Excellence, Management Program for Executives, 1995 class, University of Pittsburgh.

Distinguished Teacher Award, 1994, Flex (Executive) -MBA class, University of Pittsburgh.

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Best MBA Teacher, Class of 1992, Czechoslovak Management Center, Prague.

Richard D. Irwin Scholar Nominee for Beta of Pennsylvania Chapter of Beta Gamma Sigma, 1991, University of Pittsburgh.

Business Week recognition for being among the best teachers, multiple years.

Teacher of the Year Award, Class of 1989, University of Pittsburgh.

Lilly Endowment Fellowship for Development of Teaching, 1986-1987.

Apple for the Teacher Citation, undergraduate teaching, University of Pittsburgh, 1981.

ADMINISTRATIVE ACTIVITIES:

Senior Associate Dean, Fisher College of Business, OSU Jan. 2013 – Present

Responsibilities: Coordinate with department chairs to address faculty issues such as recruitment, promotion and tenure processes, annual reviews, and the handling of a variety of other faculty personnel issues including compensation, research, and support. Also provide oversight, in coordination with the Associate Dean of Executive Programs, for activities of Fisher’s Executive Education Center. Responsibilities include the oversight of Fisher’s centers of excellence and International Programs Office.

Academic Director, National Center for the Middle Market, Fisher College of Business, OSU

October 2011- present (~1 ½ years to-date)

The Center is sponsored by GE Capital with a $10+ million 5-year grant. Its mission is to enhance the capabilities of middle market firms (defined as firms with revenue in the range, $10 m. to $1 b.). The Center undertakes (a) academic research, (b) corporate outreach, and (c) student activities: www.MiddleMarketCenter.Org. Took active role in securing grant, with lead role by Dean.

Academic Research: First round: Funded 14 research proposals for 2012 from across all departments in College, creating 31 Fellows of the Center, from annual $1 million research budget. Targeting top tier journals only. Process underway to translate research into executive summaries for middle market executives.

Second round: In 2013, inviting proposals from researchers across the world, as part of the open source model of the Center.

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Corporate Outreach: (i) Created quarterly survey of ~1,000 senior executives for Middle Market

Indicator, (received 100+ million impressions in media, according to NY PR firm, Edelman). In discussion with Bloomberg to also create stock portfolio based middle market index.

(ii) CEO Series : Video, white paper, and webinar available at web site on Talent Management/Management Culture.

(iii) Held first Middle Market Job Fair, May 8, 2012. Next fair in April 2013.(iv) Executive Education Program customized for Middle Market executives

delivered in June 2012 and Feb 2013. (v) White Papers on Middle Market issues available on Center’s website.

Student Activities: (i) Job Fair for Middle Markets, May 8, 2012. Next fair in April 2013.(ii) Big 10 Case Competition on live Middle Market firm (Ethan Allen) sponsored

by Center, April 14, 2012. Next competition planned for April 2013 on another prominent middle market firm (name to be disclosed at competition).

(iii) Six student internships.

Getting the Word Out: Policy-makers: Met with Ohio Senator Rob Portman, Ohio Gov. Kasich & his staff, and Senator Sherrod Brown’s staff.

Media: Personally or Center featured in The Economist, Bloomberg Businessweek, Fortune, Wall Street Journal, The Huffington Post, NPR, CFO, CNN, CNN Money, Politico, Yahoo Finance, Business News Daily, Washington Post, ONN TV Columbus, CBS TV Columbus, UBM Channel, Business First, Columbus Dispatch, CFO Magazine, CNBC, TheStreet.com, Business News Daily, Reuters, MSN Money, SmartMoney, CEO and President Magazine, MarketWatch, Business Insider, Miami Herald, etc.

Think-tanks: Met with Heritage Foundation, American Action Forum, Brookings, Bipartisan Policy Center, etc. (Collaborative projects under discussion with Bipartisan Policy Center, and Brookings).

Trade Associations: GE Works, keynote speaker at Association for Corporate Growth’s national conference, Cleveland Partnership Summit, ACG Columbus, Business Roundtable, etc. (Collaborative project our discussion with National Association of Manufacturers.)

Annual Summit:Delivered middle market research presentation to 500+ C-level executives in inaugural summit in October 2011. Other speakers included Jeff Immelt (GE), Roger Penske Penske Corp.), Fred Smith (Fedex), Marc Benioff (SalesForce.com), Ohio Governor John Kasich, and Fisher Dean Christine Poon.

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2nd Summit in October 2012: Delivered speech on middle market research update to 1,000+ C-level executives. Other speakers included Warren Buffet, Jeff Immelt, Mike Neal, Dean Christine Poon, Gov. John Kasich, Douglas Holtz-Eakin, Walter Isaacson, Sammy Hagar, Roger Godell, Paul Keckley, James Carville, and Mary Matalin.

Recognition:Finalist for “Middle Market Thought Leader of the Year, 2012,” by Alliance of Merger & Acquisition Advisors in partnership with Grant Thornton LLP.

Chair, Department of Finance, Fisher College of Business, OSU July 2002 – Dec. 2009

Appointed by Dean following unanimous votes of finance department faculty (twice).

Routine Activities: Managing the department budget, department level promotion and tenure assessments, annual review of faculty and workload assignments, compensation recommendations to dean, course scheduling for undergraduate, graduate and doctoral courses, support of department workshop series, hiring of adjunct faculty and recruitment of doctoral students.

Department Rankings: 8th in the world for faculty research productivity, according to ASU 2010 rankings http://wpcarey.asu.edu/fin-rankings/rankings/results.cfm, 11th and 23rd, respectively, for undergraduate and MBA programs in Finance, according to US News and World Report 2011, and 8th among U.S. Ph.D. programs, http://fisher.osu.edu/fin/PhDprogram/trackrec.htm.

Faculty Recruitment and Retention: Attracted multiple senior internationally renowned scholars to OSU, engaged in continuous recruitment of top junior faculty.

Curriculum Development: Created first new MBA major in Finance department in decades – Risk Management track. Ongoing revision of elective offerings, such as sequence of coursework in private finance (Entrepreneurial Finance, Private Equity, and Venture Capital) Added collaborative coursework with industry, e.g., Applied Enterprise Risk Management (co-taught by faculty with executives from Nationwide Insurance, American Electric Power, Limited, etc.).

Engagement with Industry: Started Finance Advisory Committee consisting of Finance faculty and Ohio CEOs and CFOs. Held sponsored periodic joint seminars, one faculty member and one executive, on current topics. Sponsors include Shackelford Foundation, Fifth Third Bank, Nationwide Insurance, Dice Center, National City Bank, Diamond Hill Investments, and OSU Treasurer Office. Topics include: Recent Financial Crisis, Terrorism and the Stock Market, Role of Financial Intermediaries, Corporate Governance, Student Managed Investment Funds, Behavioral Finance, Lessons from Recent Financial Crisis, and Enterprise Risk Management.

Fund-raising: Took lead in attracting a $1+ million gift from Nationwide Insurance

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directly to department to support curriculum enhancement and joint seminars. Active in current efforts in formation of The Risk Institute, with funding commitments from Battelle, Nationwide and Huntington Bank corporations.

International Programs: Significantly grew KAIST-OSU program with top Korean university, KAIST, which provides additional resources to department. Also, frequently brought visiting scholars from abroad. Other college-wide international activities listed below.

Faculty Support: Added department support to take faculty research budgets to market competitive levels. Created funding reserve to ensure that research productive faculty will have ongoing summer support.

Doctoral Program: To attract best students and support their research, reduced teaching load to one course in program, and raised stipends to market competitive levels, resulting in good placements http://fisher.osu.edu/fin/PhDprogram/trackrec.htm.

Student Managed Funds: Provided oversight to student managed fund, which reached the $25 million mark during tenure as department chair.

Associate Dean, Executive Programs, Fisher College of Business, OSU Oct. 1999 – Sept. 2009

Routine Activities: Responsibilities include being part of the dean’s team, serving on college executive committee, oversight of Exec Ed budget, personnel management, selection of academic directors of programs from faculty, marketing, assessment of Fisher-wide faculty in annual reviews.

Rankings: Executive MBA program ranked 15th best in the world by Business Week in 2009. The Wall Street Journal gave the Fisher EMBA 3rd place based on ROI rankings in 2008. In 2006, The Economist’s Intelligence Unit gave the 2nd highest score to non-degree customized programs at Fisher.

Fisher EMBA: Started a brand new Executive MBA program at Fisher. Developed a new hybrid delivery format for the EMBA program that extended Fisher’s geographical reach through web technology. Student attendance on-campus is limited to three days per month, with “commodity” type learning shifted to web during interims between on-campus sessions. On-campus sessions designed for interactive learning, e.g., case discussions, problem-solving, and teamwork. All courses in curriculum redesigned for new delivery format. Took class on field trips to China and Japan. Created company-specific EMBA program.

Non-Degree Programs: Raised number of short programs from a few to 80-90 per year. Shifted strategy from open enrollment programs and a few custom-designed programs to predominantly custom-designed programs for 50+ organizations http://fisher.osu.edu/executive-education/index.php?page=PastCustomPrograms.

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International programs: Developed joint dual degree programs with SKKU and Korea University in Korea. Co-developed agreement for Fisher involvement in Asia GSB’s program in Hyderabad, India. Chaired taskforce to Saudi Arabia, leading to initial activities with King Abdullah Institute. Member of delegation to United Arab Emirates to explore joint programming with Abu Dhabi government. Led effort to develop joint EMBA program with top Chinese university. Effort underway for joint activities with Chilean university.

Board Member of the Blackwell: Member of oversight board for Fisher’s 151-room luxury hotel, designed for executive program participants as well as commercial operations, 2001 – 2009. www.theblackwell.com.

Selected Other Fisher/OSU Service

President’s and Provost’s Council on Strategic Internationalization, Feb. 2013 - presentOSU Senate Fiscal Committee, June 2012 –May 2015. (OSU President Gee’s Nominee).Elected College-wide to College Executive Committee, May 2012 – August 2014.Elected College-wide to College Personnel Committee, Promotion/ Tenure, 2010 – 2012.Chair, Faculty Appeals and Investigations Committee, Fisher College, 2012 - presentSemester conversion committee, 2011- present. MBA Policy Committee, October, 1999 – to present.Academic Director, National Center for the Middle Market, 2011-presentAcademy of Teaching, OSU, 2006 – present.Host, multiple OSU alumni receptions in U. S. and abroadCollege Executive Committee, October 1999 – Dec. 2009.Search Committee for Dean, Fisher College of Business, OSU, 2008.Search Committee for Chief Investment Officer, OSU, 2008.Search Committee for Chief Financial Officer, OSU, 2009.Selection Committee for Alumni Teaching Award, OSU, 2007- 2008.Task Force for new Executive MBA Program, Spring and Summer 1998. MBA Evening Task Force for revising curriculum, Feb. 1, 2000 – 2001.

Katz Graduate School of Business, University of Pittsburgh

Associate Dean, 1996 – 1997: One of two associate deans at Katz. Responsibilities covered faculty affairs (including annual faculty reviews/ interviews), and executive education (degree and non-degree programs).

Academic Director, Executive MBA Program (Flex), founding director, 1990-1994. Early application of distance-learning methods. Conducted class with fieldtrips to Paris, Prague, and Brussels.

Coordinator (“Chairman”), Finance & Economics Faculty, 1992-1994.Chairman, Planning and Budget Committee, School of Business, 1993-94.College Executive Committee, 1992- 1997.Faculty Appointment Committee (promotion / tenure), 1992-1997.President, Beta Gamma Sigma Honors Society, 1993-1996.Doctoral Admissions Committee, 1986-1988.Chairman, Physical Plant Committee, 1988-1990.

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Faculty Advisor, Finance Club, 1981-1983, 1985-1988.Committee on Creativity and Innovation, 1990-1991.Advisory Committee, Center for Latin American Studies, 1986-1990.

CONSULTING/EXECUTIVE DEVELOPMENT:

Nationwide, American Electric Power, OCLC, Owens-Corning, Banc One, Mellon Bank, Westinghouse, Weirton Steel, GKN (in USA, Spain, U.K. and Australia), Universidad del Pacifico (Lima, Peru), Universidad Santa Maria (Guayaquil, Ecuador), BARNA (Dominican Republic), Thrift (J.C. Penney), POSCO (in Pittsburgh for Korean steel company), EXPEX ( program for growing companies), Ryder Corporation, Young Presidents’ Organization, Medical Center (OSU), Emory University, Fisher’s Management Certificate Program and its Management Program for Athletics, Affiliated Business Services, Casey Equipment, Czech Management Center (near Prague), Univ. of Pittsburgh Management Development Program, Aeroquip/Trinova Corporation, American Gas Association, OSU Law School, Duquesne Light Company, Universidad Catolica de Valparaiso (Valparaiso, Chile), Chilectra (Electric Utility, Santiago, Chile), Wisconsin Electric Consumers Association, Endesa, (Electric Utility, Santiago, Chile), New Sabina, Textron (Bell Helicopters, Cessna), Limited Brands, Life Style Communities, King Abdullah Institute of King Saud University (Riyadh), Huntington Bank, Bricker and Eckler, Dubrovnik Banking and Finance Series (Croatia), RG Barry, Scotts Miracle Grow, Alliance Data, Bob Evans, Grief, Cardinal Health, etc.

EXPERT TESTIMONY AND FILINGS

Makhija, Anil K. On the application of Ohio Senate Bill 221 regarding the SignificantlyExcessive Earnings Test, Expert Direct Testimony on behalf of American Electric Power before the Public Utility Commission of Ohio, January, 2012.

Makhija, Anil K. On the application of Ohio Senate Bill 221 regarding the SignificantlyExcessive Earnings Test, Expert Direct Testimony on behalf of American Electric Power before the Public Utility Commission of Ohio, November, 2010.

Makhija, Anil K. On the application of Ohio Senate Bill 221 regarding the SignificantlyExcessive Earnings Test, Expert Rebuttal Testimony on behalf of American Electric Power before the Public Utility Commission of Ohio, November, 2009.

Makhija, Anil K. On the application of Ohio Senate Bill 221 regarding the SignificantlyExcessive Earnings Test, Expert Direct Testimony on behalf of American Electric Power before the Public Utility Commission of Ohio, November, 2008.

Makhija, Anil K. On the application of Ohio Senate Bill 221 regarding the SignificantlyExcessive Earnings Test, Expert Rebuttal Testimony on behalf of American Electric Power before the Public Utility Commission of Ohio, December, 2008.

Makhija, Anil K. On valuation and dividend policy before Pennsylvania Court, 1995.

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Makhija, Anil K. "Position Paper on the Amendment of Financial Accounting Standards Board Statement No. 71 for Accounting of Phase-in Plans, Abandonments, and

Disallowances of Plant Costs for Regulated Enterprises," FASB Documents, Expert Witness before FASB, Stamford, Connecticut (June 1986).

Makhija, Anil K. and Howard E. Thompson, "A Generic Determination of Rate of Return on Common Equity." Federal Energy Regulatory Commission, Docket No.

RM80 - 36 - 000 (January 1983).

AWARDS AND HONORS Finalist, “Middle Market Thought Leader of the Year, 2012,” by Alliance of Merger &

Acquisition Advisors in partnership with Grant Thornton LLP.Best Paper Award, Mitsui Conference, University of Michigan, May 2010. Cronqvist, Henrik,

Anil K. Makhija, and Scott Yonker, “Behavioral Consistency in Corporate Finance: CEO Personal and Corporate Leverage,”

Fellow of Dice Center, Fisher College of Business, The Ohio State University, 1999-present.Census Bureau Grant for plant-level data, 2009 – present.Research recently featured in New York Times, Wall Street Journal, Fox Business News TV, US

News and World Report blog, Chicago Tribune, The Motley Fool, Columbus Dispatch, Saint Louis Dispatch, Business First, UBM Channels, CBS Columbus TV, ONN TV Columbus, CFO Magazine, President and CEO Magazine, WOSU, etc.

External Examiner for Various Doctoral Theses, School of Management, University of Malaya, 2006 – 2011.

External Examiner for Doctoral Thesis, Indian Institute of Science, Bangalore, India, June 2010.

Research grants from CIBER at FCOB, Ohio State U., 2004 and 2005 to study effect of nationalculture on mergers and acquisitions.

Grants from CIBER at FCOB, Ohio State U., to study Chilean social security funds, 2000-2001.Summer Support, Dice Center, Fisher College of Business, The Ohio State University, Summer

Quarter 1998.Paper selected among best five for presentation at American Accounting Association’s

International Conference, sponsored by KPMG Peat Marwick, Montvale, New Jersey, March 1997.

Grant from Institute for Industrial Competitiveness (KGSB) to study ownership structure of newly privatized firms in Czech Republic, 1996.

Grant from International Business Center, CIBER (KGSB), for Japanese data to study Japanese acquisitions of U.S. firms, 1995. PACAP data acquired.

Grant from International Business Center, CIBER (KGSB), to support research on foreign ownership of Czech firms, 1994. Paper presented in IBC conference.

Competitive Paper Award, First Annual Pacific-Basin Finance Conference. Paper published in Pacific - Basin Capital Markets Research , 1990.

Central Research Development Fund, University of Pittsburgh, Category I Award, for research on managerial compensation in regulated firms, 1986-1987 and 1987-1988.

Graduate School of Business Faculty Research Grant, University of Pittsburgh, Fall 1980, one term in 1982, 1985-1997.

Tinker Foundation Field Research Grant to observe trading on the Bolsa de Comercio

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Santiago, Chile, August 1986.Teagle Fellowship, Tulane University, 1974-1976.Beta Gamma Sigma Honor Society, Tulane University, 1976.Dean's List, Tulane University, New Orleans.Dean's List, Indian Institute of Technology, New Delhi.Distinguished Student Award, St. Xavier's School, Delhi.

PERSONAL

Married to OSU Professor of International Business, Mona V. Makhija; two sonsHobbies: Trekking (favorites: Kapawi (Amazon), Rohtang La (Himalayas))

Philately: British India issues, 1852 - 1947 (missing only Scinde Dak issues)

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