Curriculum Vita Jeffrey A. Clark ________________________________________________________________________ Jeffrey A. Clark Professor of Finance Florida State University Address:
Department of Finance College of Business Florida State University Tallahassee, FL 32306-1110
Telephone:
Office (850) 644-8211 Home (850) 893-1932
E-mail:
[email protected]
I.
EDUCATIONAL BACKGROUND Bachelor of Science Master of Science Doctor of Philosophy
II.
Miami University, 1974 University of Illinois, 1976 University of Illinois, 1980
PREVIOUS PROFESSIONAL EXPERIENCE Professor, Florida State University, 1997 - present Associate Professor, Florida State University, 1988 to 1997 Visiting Scholar, Federal Reserve Bank of Kansas City, January 1988 to August 1988, on leave from Florida State University Assistant Professor, Florida State University, 1983-1988 Assistant Professor, West Virginia University, 1979-1983 Instructor, Parkland College, 1978-1979 Research Assistant, Program in Law and Society, University of Illinois, 1977-1978 Teaching Assistant, University of Illinois, 1974-1979
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RESEARCH A.
Papers in Print
“Estimation of Economies of Scale in Banking Using a Generalized Functional Form,” Jeffrey A. Clark, Journal of Money, Credit, and Banking, 16 (1), (February 1984), 53-68. “Market Structure, Risk, and Profitability: The Quiet Life Hypothesis Revisited,” Jeffrey A. Clark, Quarterly Review of Economics and Finance, formerly the Quarterly Review of Economics and Business, 26 (1), (Spring 1986), 45-56. “Compensating Balance Requirements and the Firm’s Demand for Transactions Balances,” Jeffrey A. Clark and Paul J. Speaker, Journal of Banking and Finance, 10 (3), (August 1986), 411-429. “Single Equation, Multiple Regression: Is It An Appropriate Methodology for the Estimation of the Structure-Performance Relationship in Banking?” Jeffrey A. Clark, Journal of Monetary Economics, 18 (November 1986), 295-312. “The Efficient Structure Hypothesis: More Evidence From Banking,” Jeffrey A. Clark, Quarterly Review of Economics and Finance, formerly the Quarterly Review of Economics and Business, 27 (3), (Autumn 1987), 25-39. “Interest Rate Sensitivity and Maturity Gap (Mis)Management: A Critique,” Jeffrey A. Clark, William A. Christiansen, and Stewart S. Brown, The Review of Research in Banking and Finance, 3 (2), (Fall 1987), 18-28. “Economies of Scale and Scope at Financial Institutions: A Review of the Literature,” Jeffrey A. Clark, Economic Review, Federal Reserve Bank of Kansas City, (September/October 1988), 16-33. Reprinted in Readings on Financial Institutions and Markets, Fourth Edition, D. Frasier and P. Rose (Boston: Irwin Press, 1990); Commercial Bank Management Reader, R. Kolb (Miami: Kolb Publishing Co., 1993); also currently available through Primus, McGraw-Hill’s electronic, custom publishing system. “The Impact of Entry Barriers on the Concentration-Profitability Relationship in Banking,” Jeffrey A. Clark and Paul J. Speaker, Quarterly Review of Economics and Finance, formerly the Quarterly Review of Economics and Business, 32 (4) (Winter 1992), 4564. “The Value of Indirect Investment Advice: Stock Recommendations in Barron’s,” Gary A. Benesh and Jeffrey A. Clark, The Journal of Financial and Strategic Decisions, 7 (1), (Spring 1994), 35-48. “Economies of Scale and Scope in Banking: Evidence From A Generalized Translog Cost Function,” Jeffrey A. Clark and Paul J. Speaker, Quarterly Journal of Business and Economics, 33 (2), (Spring 1994), 3-25. “Bank Participation in LBO Financing: Not So Risky,” James S. Ang and Jeffrey A. Clark, Bankers Magazine, 177 (6), (November 1994), 26-34. “Economic Efficiency, Economies of Scale and Competitive Viability in Banking,” Jeffrey A. Clark, Journal of Money, Credit, and Banking, 28 (3), (August 1996), 342-364.
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________________________________________________________________________ “The Economic Impact of Client Losses on OTC Bank Derivative Dealers: Evidence From the Capital Market,” Jeffrey A. Clark and Steven Perfect, Journal of Money, Credit, and Banking, 28 (3), (August 1996), 527-545. Abstract published in Contemporary Finance Digest 1 (1), 59-60. “The Market Valuation of Bank Shares: With Implications for the Value Additivity Principle,” James S. Ang and Jeffrey A. Clark, Financial Markets, Institutions, and Instruments, 6 (5), (December 1997), 1-22. “Rethinking Bank Efficiency and Regulation: How Off-Balance-Sheet Activities Make a Difference,” Jeffrey A. Clark and Thomas F. Siems. Financial Industry Studies, Federal Reserve Bank of Dallas, December 1997, 1-12. “Economic Outlook,” Blue Print: Strategies for Business, NationsBank, Spring 1998. "Cost and Profit Efficiency: The View from Beyond the Balance Sheet," Jeffrey A. Clark and Thomas F. Siems. Journal of Lending and Credit Risk Management, May 1999. "Predicting Bank Under-performance: A Comparison of Neural Networks, Discriminant Analysis, and Professional Human Judgement," Philip Swicegood and Jeffrey A. Clark. International Journal of Intelligent Systems in Accounting, Finance and Management, Vol. 10, (2001), 169-186. “X-Efficiency in Banking: Looking Beyond the Balance Sheet,” Jeffrey A. Clark and Thomas F. Siems. Journal of Money, Credit, and Banking, 34 (4) (November 2002), 987-1013. B.
Published Working Papers
“Entry Barriers, Market Concentration, and Bank Profitability: Evidence from a Switching Regression Model,” Jeffrey A. Clark, Research Working Paper RWP 88-12, Federal Reserve Bank of Kansas City, December 1988. “Competitive Viability in Banking: Looking Beyond the Balance Sheet,” Jeffrey A. Clark and Thomas F. Siems. Research Working Paper, Federal Reserve Bank of Dallas, 1998. C.
Current Research
"Issues in Executive Turnover and Executive Compensation," Jeffrey A. Clark and Yingmei Cheng. “Stock Returns and Political Contributions: Evidence From the 2004 Presidential Election,” Yingmei Cheng and Jeffrey A. Clark “Bank Risk and Implied Volatility,” Jeffrey A. Clark and James Doran IV.
PAPER PRESENTATONS A.
Papers Presented at Meetings 1.
International Meetings
“The Impact of Client Derivative Losses on Bank Derivative Dealers: New Evidence From the Capital Market,” Jeffrey A. Clark and Steven Perfect, Conference on Derivatives and Intermediation, sponsored by the Federal Reserve Bank on Cleveland and the Journal of Money, Credit, and Banking, November 2-3, 1995, Cleveland, OH.
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National Meetings
“Bank Runs, Liquidity, and Portfolio Management,” William Christiansen and Jeffrey A. Clark, Financial Management Association Meetings, New York NY, October 1986. “Entry Barriers, Market Concentration and Bank Profitability,” Jeffrey A. Clark and Paul J. Speaker, Financial Management Association Meetings, Las Vegas NV, October 1987. “A Hybrid, Generalized Translog Cost Function for Commercial Banks,” Jeffrey A. Clark, American Finance Association Meetings, Atlanta GA, December 1989. “Economies of Scale and Scope in Banking: Evidence From a Generalized Translog Cost Function,” Jeffrey A. Clark and Paul J. Speaker, Financial Management Association Meetings, San Francisco CA, October 1992. “Economic Efficiency, Scale Economies, and Competitive Viability in Banking,” Jeffrey A. Clark, Financial Management Association Meetings, St. Louis MO, October 1994. “Competitive Viability in Banking: On and Off the Balance Sheet," Jeffrey A. Clark and Thomas F. Siems, Financial Management Association Meetings, Honolulu, HI, October 1997. "Strategies for Successful Research," The PhD Project, in conjunction with the Financial Management Association Meetings, Orlando, FL, October 1999. 3.
Regional Meetings
“Compensating Balance Requirements and the Firm’s Demand for Transactions Balances,” Jeffrey A. Clark and Paul J. Speaker, Eastern Finance Association Meetings, Orlando FL, April 1984. “Compensating Balance Requirements as a Form of Risk Reduction,” Jeffrey A. Clark and Paul J. Speaker, Eastern Finance Association Meetings, Williamsburg VA, April 1985. “Who Will Be Rationed?: Bank Credit Rationing Revisited,” Jeffrey A. Clark and Paul J. Speaker, Eastern Finance Association Meetings, Nashville TN, April 1986. “Impact of Entry Barriers on Bank Profitability,” Jeffrey A. Clark and Paul J. Speaker, Eastern Finance Association Meetings, Baltimore MD, April 1987. “Entry Barriers, Market Concentration and Bank Profitability: Is There Evidence of Growing Market Contestability?” Jeffrey A. Clark and Paul J. Speaker, Eastern Finance Association Meetings, Bal Harbor FL, April 1988. “On the Economic Value of Investment Recommendations in Barron’s,” Gary Benesh and Jeffrey A. Clark, Eastern Finance Association Meetings, Greenbrier WV, April 1991. “The Market Valuation of Bank Shares: With Implications for the Value Additivity Principle,” James S. Ang and Jeffrey A. Clark, Eastern Finance Association Meetings, Panama City, FL, April 1997.
V.
RESEARCH GRANTS
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________________________________________________________________________ A.
Competitive Research Grants Received 1.
University
“An Application of the Multivariate Logit Model in the Estimation of Structure-Performance Models for the Commercial Banking Industry,” University Senate Research Grant, West Virginia University, Summer 1981. “Estimation of Structure-Performance Models for Multiple Product and Multiple Objective Firms: Evidence From Banking,” Committee on Faculty Research Support, Florida State University, Summer 1984. “Empirical Testing of the Agency Problem: Evidence From the S&L Industry,” Foundation Grants Advisory Committee, Florida State University, 1986. “Deregulation and the Competitive Viability of Commercial Banking Institutions: Evidence From Economies of Scale and Scope,” Committee on Faculty Research Support, Summer 1989. 2.
College
“Compensating Balance Requirements as a Technique for Risk Management,” College of Business Research Grant, Florida State University, Summer 1985. “Entry Barriers, Market Concentration and Bank Profitability,” College of Business Research Grant, Florida State University, Summer 1987. “Scale and Scope Economies at Commercial Banks: Evidence From A Generalized, Hybrid Cost Function,” College of Business Research Grant, Florida State University, Summer 1990. “Economic Efficiency, Scale Economies and Competitive Viability in Banking,” College of Business Research Grant, Florida State University, Summer 1994. “An Evaluation of the Economic Impact of Large Derivative Losses on Bank Stock Returns,” College of Business Research Grant, Summer 1995. “ Competitive Viability in Banking: On and Off the Balance Sheet,” College of Business Research Grant, Florida State University, Summer 1996. “The Motives Behind Recent Bank Mergers: Evidence From the Capital Market,” College of Business Research Grant, Florida State University, Summer 1997. "Corporate Governance in Banking: The Relationship Between Board Composition and Profit and Cost Inefficiencies," College of Business Research Grant, Florida State University, Summer 1998. 3.
Department
“Efficient Structure Hypothesis: More Evidence From Banking,” Center for Banking and Financial Institutions Research Grant, Florida State University, Summer 1986. “An Analysis of the Role of Banks in the Financing of Major Corporate Acquisitions,” Department of Finance, Florida State University, Summer 1993.
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________________________________________________________________________ 4.
Other Grants and Support
Summer 2001 Electronic Campus Initiative, Florida State University, Summer 2001.
VI.
UNIVERSITY SERVICE A.
University Service
Course Coordinator: FIN 3244, Fundamentals of Investments and Financial Markets, 1988 to the present. Member: College of Business Space Utilization Committee, 1983 to 1987. Member: Ad Hoc Committee, Ph. D. Seminar for International Finance and Financial Institutions, Spring 1986. Member: Undergraduate Curriculum Committee, Department of Finance, 1983 to 1988. Member: College of Business Space Utilization Committee, 1987 to 1988. Basic Studies Advisor: College of Business, 1988 to the present. Member: MBA Policy Committee, College of Business, 1988 to 1992. Member: Graduate Policy Committee, College of Business, 1989 to 1992. Member: Ad Hoc Committee, Strategic Plan, College of Business and Department of Finance, 1992. Member: Ad Hoc Committee, Southern Association of Colleges and Schools (SACS) Self Study, 1992. Member: MBA Admissions Committee, College of Business, 1993. Member: Promotion and Tenure Committee, Department of Finance, 1993 to 1995. Member: Committee on Salary Compression and Inversion, College of Business, 1994. Chairman: Promotion and Tenure Committee, Department of Finance, 1994 to 1995. Member: Promotion and Tenure Committee, College of Business, 1994-95, 1997-1999. Member: Graduate Admissions Appeals Committee, College of Business, 1994 to the present. Chairman: Ad Hoc Committee, MBA Specialization Development Committee, Department of Finance, 1995 to 1996. Member: University Promotion and Tenure Committee, 1997-98. Member: Faculty Recruiting Committee, Department of Finance, 1997-98. Member: Ad Hoc Committee to Assemble a Custom Published Textbook for the FIN 3244, Fundamentals of Investments and Markets course, 1997-99. Chairman: Faculty Recruiting Committee, Department of Finance, 1998-99. Member: Corporate Finance, Ph.D. Comprehensive Examination Committee, 1997-00, 20012002. Member: Corporate Finance, Ph.D., Support Area Examination Committee, 1997-present. Member: Library Committee, College of Business, 2000-01. Chairman: College of Business Promotion and Tenure Committee, 2000-01. Member: University Promotion and Tenure Committee, 2000-01. Chairman: Corporate Finance, Ph. D. Comprehensive Examination Committee, 2000-01. Member: Faculty Recruiting Committee, Department of Finance, 2000-01. Member: Undergraduate Admissions Appeals Committee, 2001-2002. Chairman: Finance Recruiting Committee, Department of Finance, 2003-2005. Member: College of Business Promotion and Tenure Committee, 2003-2005. Member: Promotion and Tenure Committee, Department of Finance, 2003-2005.
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________________________________________________________________________ B.
Professional Service
Member: Program Committee, Silver Anniversary, Eastern Finance Association Meetings, 1989. Referee for the Following Journals: Financial Management Journal of Finance Journal of Money, Credit, and Banking Journal of Economics and Business Southern Economics Journal Journal of Banking and Finance Journal of Productivity Analysis Financial Review Journal of Macroeconomics Journal of Financial Services Research Quarterly Review of Economics and Finance Quarterly Journal of Economics and Business Journal of Transition Economics International Journal of Intelligent Systems in Accounting, Finance and Management Journal of the Japanese and International Economies Member of the Following Professional Associations: American Finance Association Financial Management Association American Economics Association Eastern Finance Association Midwestern Economics and Finance Association Expert Witness: Kerzell vs. Bank of America, a case involving banking policy and compliance and control procedures in providing trust services. VII.
AWARDS AND DISTINCTIONS Beta Gamma Sigma Phi Kappa Phi Omicron Delta Epsilon Sigma Iota Epsilon Delta Sigma Pi Visiting Scholar, Federal Reserve Bank of Kansas City, 1988. Teaching Incentive Program Award Recipient, Florida State University, 1998-99.
VIII.
DISSERTATION COMMITTEES Member: Reinhold Lamb, “Institutional Trading Behavior Around Significant Corporate Restructuring Announcements: The Case of Life Insurance Companies Around Mergers and Leverage Buyouts.” Completed 1990. Member: Stephen Dukas, “Macroeconomics Factor Test of the Arbitrage Pricing Theory.” Completed 1990. Member: Jong Man Kang, “Information Theory and Dividend Announcements.” Completed 1990.
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________________________________________________________________________ Member: Gary Smith, “Stock Price Duration.” ABD, 1991. Member: Nell Adkins, “Security Market Impact of Tax Law Changes Related to the Core Deposit Intangible, Goodwill, and Other Acquired Intangibles of Financial Institutions.” Completed, Summer 1995. Member: Shawn D. Howton, “The Determinants of Hedging Policies in Publicly Held Corporations: An Empirical Analysis.” Completed, Spring 1997. Member: Ninon Kohers, “Two Essays on Mergers and Acquisitions,” Completed, Summer 1998. Co-Chairman: Philip Swicegood, “The Subtleties of Success: Why Some Banks Are More Profitable Than Others, An Application Of Neural Networks,” Completed, Summer 1998. Member: James Brau, “Three Essays on the Going Public Process,” Completed, Spring 1999. Member: Bruce Costa, Completed, Summer 2000. Member: Susan Flaherty, Proposal Defense, Summer 2003. Member: Nejat Capar, Strategic Management, Completed, Spring 2003. Member: Alison Riley, Accounting, "Agency, Corporate Governance and the Relation with Aggressive Accounting Practices," Expected Completion, Summer 2005. Chairman: James Teague, The Importance of Corporate Governance in Economic Downturns," expected completion, Summer 2005. IX.
Honors Theses Member: Steven Anton, "The Prediction of Recidivism in Juvenile Sex Offenders," completion, Summer 1997.
X.
Courses Taught A.
Ph. D. FIN 6808: Foundations of Financial Theory 1 - first seminar in the Finance PhD curriculum - addresses topics in Financial Theory and Corporate Finance Two course seminar in Monetary and Financial Economics
B.
Masters FIN 5314: Administration of Financial Institutions ECP 5706: Economic Analysis for Management
C.
Undergraduate FIN 4324: Commercial Bank Administration FIN 3244: Fundamentals of Investments and Financial Markets FIN 3244: Financial Institutions, Financial Markets and International Finance Intermediate Monetary and Financial Economics
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________________________________________________________________________ Principles of Micro Economics Principles of Macro Economics Money and Banking Introductory Statistics
