Jay Ritter's Vita

JAY R. RITTER

Address: Department of Finance, Insurance, and Real Estate
327 Stuzin Hall
P.O. Box 117168
University of Florida
Gainesville FL 32611-7168

Telephone: (352) 846-2837 office
(352) 392-0301 fax
jay.ritter@warrington.ufl.edu e-mail

Education

University of Chicago, B.A., M.A. (Economics), 1976.
University of Chicago, Ph.D. (Economics and Finance), 1981.

Non-academic Position Held

Senior Economic Analyst, Amoco International Oil Co., 1976-77. Prepared evaluations of foreign investment proposals.

Academic Positions Held

Wharton School of the University of Pennsylvania
Lecturer, 1980-81
Assistant Professor of Finance, 1981-85
School of Business Administration, University of Michigan
Assistant Professor of Finance, 1985-89
College of Commerce and Business Administration, University of Illinois
Associate Professor of Finance, 1989-92
Professor of Finance, 1992-94
Fred S. Bailey Memorial Professor of Finance, 1994-96
Sloan School of Management, Massachusetts Institute of Technology
Visiting Professor of Finance, 1995-96
Warrington College of Business Administration, University of Florida
Joe B. Cordell Eminent Scholar, 1996-present

Published Articles

"Innovation and Communication: Signaling with Partial Disclosure," Sudipto Bhattacharya and Jay R. Ritter, Review of Economic Studies, Vol. 50 (April 1983), pp. 331-46.
"The 'Hot Issue' Market of 1980," The Journal of Business, Vol. 57, No. 2 (April 1984), pp. 215-40.

"Signaling and the Valuation of Unseasoned New Issues: A Comment," Journal of Finance, Vol. 39, No. 4 (September 1984), pp. 1231-37.

"Investment Banking, Reputation, and the Underpricing of Initial Public Offerings," Randolph Beatty and Jay R. Ritter, Journal of Financial Economics, Vol. 15, No. 1/2 (Jan./Feb.1986), pp. 213-32.
- Reprinted in The Modern Theory of Corporate Finance, edited by Smith, Clifford W. Jr., New York: McGraw Hill, 1989 (second edition).

"The Costs of Going Public," Journal of Financial Economics, Vol. 19, No. 2 (December 1987), pp. 269-81.

"The Buying and Selling Behavior of Individual Investors at the Turn of the Year," Journal of Finance, Vol.43, No. 3 (July 1988), pp. 701-17.
- Abstracted in The CFA Digest, Vol. 19, No. 1 (Winter 1989), pp. 6-7.
- Reprinted in Behavioral Finance, edited by Hersh Shefrin, Cheltenham, UK: Edward Elgar Publishing.

"Initial Public Offerings," Roger G. Ibbotson, Jody L. Sindelar, and Jay R. Ritter, Journal of Applied Corporate Finance, Vol. 1, No. 2 (Summer 1988), pp. 37-45.
- Reprinted in New Developments in Commercial Banking, edited by Donald Chew, Cambridge, MA:Blackwell Publishers, 1991.
- Reprinted in The New Corporate Finance: Where Theory Meets Practice, edited by Donald Chew, New York: McGraw-Hill, 1992.

"Portfolio Rebalancing and the Turn-of-the-Year Effect," Jay R. Ritter and Navin Chopra, Journal of Finance, Vol. 44, No. 1 (March 1989), pp. 149-166.

"The Long-Run Performance of Initial Public Offerings,"Journal of Finance, Vol. 46, No. 1 (March 1991), pp. 3-27.
- Abstracted in The CFA Digest, Vol. 21, No. 3 (Summer 1991).
- Reprinted in Advances in Behavioral Finance, edited by Richard Thaler, New York: Russell Sage Foundation, 1993.
- To be reprinted in The International Library of Politics and Comparitive Government, edited by Elroy Dimson and Massoud Mussavain, UK: Dartmouth Publishing Co.
- Winner of the Smith Breeden Prize for the best article in the Journal of Finance, 1991.

"Measuring Abnormal Performance: Do Stocks Overreact?" Navin Chopra, Josef Lakonishok, and Jay R. Ritter, Journal of Financial Economics, Vol. 31, No. 2 (April 1992), pp. 235-268.
- Abstracted in The CFA Digest, Vol. 22, No. 4 (Fall 1992), pp. 33-35.
- Reprinted in Advances in Behavioral Finance, edited by Richard Thaler, New York:Russell Sage Foundation, 1993.
- Reprinted in Market Efficiency: Stock Market Behaviour in Theory and Practice, edited by Andrew Lo, Cheltenham, UK: Edward Elgar Publishing, 1997.

" The Market's Problems with the Pricing of Initial Public Offerings ," Roger G. Ibbotson, Jody L. Sindelar, and Jay R. Ritter, Journal of Applied Corporate Finance, Vol. 7,No.1 (Spring 1994), pp. 66-74.
- To be reprinted in The Investments Reader, Second Edition, edited by Robert W.Kolb.

" Initial Public Offerings: International Insights," Tim Loughran, Jay R. Ritter, and Kristian Rydqvist, Pacific-Basin Finance Journal, Vol. 2, No. 2-3. (June 1994), pp. 165-199.
    2013 Update Table 1
    2012 Update of (graph) Average First-Day Returns
Winner of the Chicago Board of Trade Competitive Research Award at the 1993 Pacific Basin Finance Conference.

"The New Issues Puzzle," Tim Loughran and Jay R. Ritter, Journal of Finance, Vol. 50, No. 1 (March 1995), pp. 23-51.
Long-run Returns on IPOs from 1970-2008.pdf
- Abstracted in The Bowne Review for CFOs & Investment Bankers, Vol. 6, No. 8 (June 1995).
- Reprinted in Behavioral Finance, edited by Hersh Shefrin, Cheltenham, UK: Edward Elgar Publishing.
- Reprinted in Empirical Corporate Finance, edited by Michael Brennan, Cheltenham, UK: Edward Elgar Publishing.

"The Costs of Raising Capital", Inmoo Lee, Scott Lochhead, Jay R. Ritter, and Quanshui Zhao, Journal of Financial Research,Vol. XIX, No. 1, (Spring 1996), pp. 59-74.
- Abstracted in the Financial Management Collection, Vol. 11, No. 2 (Spring/Summer 1996).
- Winner of the Outstanding Paper award for the best article in the Journal of Financial Research, 1996.

"Long-Term Market Overreaction: The Effect of Low-Priced Stocks," Tim Loughran and Jay R. Ritter, Journal of Finance,Vol. 51, No. 5 (December 1996), pp. 1959-1970.
- Reprinted in Behavioral Finance, edited by Hersh Shefrin, Cheltenham, UK: Edward Elgar Publishing.

"How I Helped to Make Fischer Black Wealthier," Jay R. Ritter, Financial Management, Vol 25, No. 4 (Winter 1996), pp. 104-107.
- Reprinted in Behavioral Finance, edited by Hersh Shefrin, Cheltenham, UK: Edward Elgar Publishing.

"The Operating Performance of Firms Conducting Seasoned Equity Offerings," Tim Loughran and Jay R. Ritter, Journal of Finance, Vol. 52, No. 5 (December 1997), pp. 1823-1850.
- Abstracted in the Contemporary Financial Digest, Vol. 2, No. 1 (Spring 1998).
- Abstracted in the CFA Digest, Vol. 28, No. 3 (Summer 1998).
- Reprinted in Empirical Corporate Finance, edited by Michael Brennan, Cheltenham, UK: Edward Elgar Publishing.

"Valuing IPOs," Moonchul Kim and Jay R. Ritter, Journal of Financial Economics, Vol. 53, No. 3 (September 1999), pp. 409-437.

"Uniformly Least Powerful Tests of Market Efficiency, " Tim Loughran and Jay R. Ritter, Journal of Financial Economics, Vol. 55, No. 3 (March 2000), pp. 361-389.
- Purged and unpurged Fama-French monthly factor returns from 1973-2003, updated, from the Loughran-Ritter 2000 JFE article "Uniformly Least Powerful Tests of Market Efficiency"
- Replication, Update, and Extension of Loughran and Ritter's 2000 Journal of Financial Economics article "Uniformly Least Powerful Tests of Market Efficiency"

"The Seven Percent Solution," Hsuan-Chi Chen and Jay R. Ritter, Journal of Finance, Vol. 55, No. 3 (June 2000), pp.1105-1131.
Gross Spread Patterns: 1980-2012.pdf

"Institutional Affiliation and the Role of Venture Capital: Evidence from Initial Public Offerings in Japan," Yasushi Hamao, Frank Packer, and Jay Ritter, Pacific-Basin Finance Journal, Vol. 8, No.5 (October 2000), pp. 529-558.

"Why Don't Issuers Get Upset About Leaving Money on the Table in IPOs?," Tim Loughran and Jay R. Ritter, Review of Financial Studies, Vol.15, No. 2, (2002), pp. 413-443.
- Abstracted in the CFA Digest, Vol. 32, No. 3 (August 2002).
- To be reprinted in Recent Developments in Corporate Finance, edited by Jay R. Ritter, Cheltenham, UK: Edward Elgar Publishing.

"The Decline of Inflation and the Bull Market of 1982 to 1999," Jay R. Ritter and Richard Warr, Journal of Financial and Quantitative Analysis, Vol. 37, No. 1 (March 2002), pp. 29-61.

"The Biggest Mistakes We Teach," Jay R. Ritter, Journal of Financial Research, Vol. 25, pp. 159-168 (Summer 2002).

"A Review of IPO Activity, Pricing, and Allocations," Jay R. Ritter and Ivo Welch, Journal of Finance, Vol. 57, No. 4 (August 2002), pp. 1795-1828.

"The Quiet Period Goes Out With a Bang" with Dan Bradley and Brad Jordan, Journal of Finance, Vol. 58, No. 1 (February 2003), pp. 1-36.
- Winner of the Best Paper in Corporate Finance Award at the 2002 FMA meetings, McGraw-Hill.

"Behavioral Finance", Jay R. Ritter, Pacific-Basin Finance Journal, Vol. 11, No. 4 (September 2003) pp. 429-437. (If you are not authorized to download from North-Holland's website, please click on "Behavioral Finance".)

Differences between European and American IPO Markets" European Financial Management, Vol. 9, No. 4 (December 2003), pp. 421-434.

"The IPO Quiet Period Revisited," with Daniel J. Bradley, Bradford D. Jordan, and Jack G. Wolf, Journal of Investment Management, Vol. 2, No. 3 (Third Quarter 2004,) pp. 3-13.

"Why Has IPO Underpricing Changed Over Time?," with Tim Loughran. Financial Management, Vol. 33, No. 3 (Autumn 2004), pp 5-37. Founding dates for 9,598 (updated March 31, 2013) firms going public in the U.S. during 1975-2012, as described in Appendix A, can be downloaded here. The underwriter reputation rankings used in this paper (see Appendix C in the paper for description) can be downloaded here. A list of internet IPOs as described in Appendix D (updated through April 2012) is available here . A list of IPOs from 1980-April 2012 with multiple share classes outstanding as described in Appendix B can be downloaded through here. Copyright © 2004 Financial Management Association International, an affiliate of the Finman Corporation. Composed and printed by Dartmouth Printing Company, Hanover, NH. Printed in the U.S.A.

"Economic Growth and Equity Returns", Jay R. Ritter, Pacific-Basin Finance Journal, Vol. 13, No. 5 (November 2005) pp. 489-503.

"Short Interest, Institutional Ownership, and Stock Returns" with Paul Asquith and Parag A. Pathak, Journal of Financial Economics, Vol. 78, No. 2 (November 2005), pp. 243-276.

"Do Today's Trades Affect Tomorrow's IPO Allocation?" with M. Nimalendran and Donghang Zhang, Journal of Financial Economics, Vol. 84, No. 1 (April 2007), pp. 87-109.

"Affiliated Mutual Funds and the Allocation of Initial Public Offerings", with Donghang Zhang, Journal of Financial Economics, Vol. 86, No. 2 (November 2007), pp. 337-368.
Allocation data (with names of institutional investors, indications of interest, and actual allocations) for 11 bookbuilding IPOs from 1997-2000 used in Table 7.

"Analyst Behavior Following IPOs: The 'Bubble Period' Evidence" with D. Bradley and B. Jordan, Review of Financial Studies, Vol. 21, No. 1 (January 2008), pp. 101-133.

"Forensic Finance", Journal of Economic Perspectives, Vol. 22, No. 3, (Summer 2008) pp. 127-147.

Pre-print if the link does not work.
Harry Markopolos's famous 2005 memo to the U.S. SEC alerting the regulators to the Madoff Ponzi scheme.
"Testing Theories of Capital Structure and Estimating the Speed of Adjustment" with Rongbing Huang, Journal of Financial and Quantitative Analysis, Vol. 44, No. 2 (April 2009) pp. 237-271. Cambridge University Press. "Copyright, University of Washington Foster School of Business".
- Winner of the William F. Sharpe Prize for the best article in the Journal of Financial and Quantitative Analysis, 2009.

"The Economic Consequences of IPO Spinning", with Xiaoding Liu, Review of Financial Studies, Vol. 23, No. 5 (May 2010), pp. 2024-2059.

        Excel file with information for analyst coverage by lead underwriters and spinning dummies for IPOs from 1993-2009 (including updates and

        corrected data items).

        Internet Appendix tables IA-1 and IA-2.

        Randall Smith's 2010 book Frank Quattrone The Prince of Silicon Valley.
"The Marketing of Seasoned Equity Offerings." with Xiaohui Gao, Journal of Financial Economics, Vol. 97, No. 1 (July 2010), pp. 33-52.

Appendix B describing Nasdaq Volume Adjustment Algorithm

Gao-Ritter (2011) Adjustment Factor for Nasdaq Volume Applied to IPO First-day Returns, 1983-2011.
- Winner of the Jensen Prize for the best paper in Corporate Finance in the Journal of Financial Economics, 2010.
"Local Underwriter Oligopolies and IPO Underpricing", with Xiaoding Liu, Journal of Financial Economics. Vol. 102, No. 3, (December 2011), pp. 579-601.
Internet Appendix
Excel file with information for analyst coverage by lead underwriters and spinning dummies for IPOs from 1993-2009 (including updates and corrected data items).

"Equilibrium in the Initial Public Offerings Market", Annual Review of Financial Economics, Vol. 3 (2011), pp. 347-374.

"Europe's Second Markets for Small Companies", with Silvio Vismara and Stefano Paleari, European Financial Management, Vol. 18, No. 3 (June 2012), pp. 352-388.

"Is Economic Growth Good for Investors?" Journal of Applied Corporate Finance, Vol.24, No. 3 (Summer 2012), pp. 8-18.

Book Chapters and Essays

"The Turn-of-the-Year Effect," pp. 705-706 in The New Palgrave Dictionary of Money and Finance, edited by J. Eatwell, M. Milgate, and P. Newman, London: MacMillan, 1992.
"Going Public," Kathleen Weiss Hanley and Jay R. Ritter, pp. 248-255 in The New Palgrave Dictionary of Money and Finance, edited by J. Eatwell, M. Milgate, and P. Newman, London: MacMillan,1992.
"Racetrack Betting--An Example of a Market with Efficient Arbitrage," pp. 431-441 in Efficiency of Racetrack Betting, edited by D. B. Hausch, Victor S. Y. Lo, and W. T. Ziemba, San Diego:Academic Press, 1994.
"Initial Public Offerings," Roger G. Ibbotson and Jay R. Ritter, Chapter 30 (pp. 993-1016) in Handbooks of Operations Research and Management Science: Finance edited by R. Jarrow, V. Maksimovic, and W. Ziemba, Amsterdam: North-Holland, 1995.
"Initial Public Offerings," in Warren, Gorham, and Lamont Handbook of Modern Finance edited by Dennis Logue and James Seward, Boston and New York: WGL/RIA 1998.
- Reprinted (with modifications) in Vol. 2, Contemporary Finance Digest, (Spring 1998) No. 1, pp. 5-30.
"Investing Rules on IPOs" in The Book of Investing Rules edited by Stephen Eckett, London: Global Investor, 2001.
"The Future of the New Issues Market," Published as pp. 293-308 of Brookings-Wharton Papers on Financial Services 2002.
"Investment Banking and Securities Issuance," Chapter 5 (pp. 255-306) of Handbook of the Economics of Finance edited by George Constantinides, Milton Harris, and René Stulz, Amsterdam: North-Holland, (2003).
"Introduction to Recent Developments in Corporate Finance" May 2005, RitterFlyer.pdf
"Post-IPO Employment and Revenue Growth for U.S. IPOs, June 1996-2010", with Martin Kenney and Donald Patton, Kauffman Foundation Report, May 2012.

Working Papers

"Big IPO Runups of 1975-2012," April 2012.
"Money Left on the Table in IPOs - by Firm," April 2012
"IPO Statistics for 2012 and Earlier Years," April 2013.

+ IPOs 2012 Underpricing

+ IPOs 2012 Age

+ IPOs 2012 Price Revision

+ IPOs 2012 Sales

+ IPOs 2012 Underwriting

+ IPOs 2012 Foreign

+ IPOs 2011 Long run Returns

+ IPOs 2012 VC-backed IPOs

+ IPOs 2011 Turnover

"Multiple Bookrunners in IPOs", with Wendy Y. Hu, December 2007.
"Where Have All the IPOs Gone?", with Xiaohui Gao and Zhongyan Zhu, March 2013.
"Private Equity Firms' Reputational Concerns and the Costs of Debt Financing," with Rongbing Huang and Donghang Zhang, January 2013.
"Reenergizing the IPO Market", December 2012.
"Economies of scope and IPO activity in Europe", with Andrea Signori and Silvio Vismara, October 2012.

Grants, Prizes, Fellowships, Short-term visiting positions, etc.

Institute for Quantitative Research in Finance, 1987, for "The Long Run Performance of Initial Public Offerings"
MBA Faculty Fellowship, 1990
Smith Breeden Prize for the best article in the Journal of Finance, 1991
MBA Professor of the Year (elective courses), 1992
Commerce Alumni Association Graduate Excellence-in-Teaching Award, 1993
Chicago Board of Trade Competitive Research Award, 1993
Hooker Distinguished Visiting Professor, McMaster University, March 1994
Outstanding Paper Award for the best article in the Journal of Financial Research, 1996.
Visiting Professor, Chinese University of Hong Kong, April 1998, October 2009, June 2010
MBA Professor of the Year (elective courses), 2000
Distinguished Scholar Award, Southern Finance Association, 2001
University of Florida Research Foundation professorship award, 2002-2004
McGraw-Hill Best Paper in Corporate Finance prize, 2002 FMA meetings
UOB Visiting Professor, Nanyang Tech (Singapore), May-June 2003
Bertil Danielsson Visiting Professor, Sweden, April-May 2004
Visiting Professor, INSEAD (Singapore), April 2005
Visiting Scholar, Indiana University, September 2006
Visiting Scholar, Rensselaer Polytechnic Institute, September 2006
Visiting Scholar, Singapore Management University, July 2007
Yu-Ziang Advanced Workshop in Finance and Economics, Yuan Ze University, July 2007
Visiting Professor, Aarhus Business School, Denmark, April 2008
Distinguished Lecturer, KAIST (Seoul, Korea), September 2008
Distinguished Scholar Award, Eastern Finance Association, 2009
Winner of the William F. Sharpe Prize for the best article in the Journal of Financial and Quantitative Analysis, 2009.
Visiting Scholar, University of Bergamo, May 2010
Winner of the Jensen Prize for the best paper in Corporate Finance in the Journal of Financial Economics, 2010.
Visiting Professor, CEMS, Louvain-La-Neuve, Belgium, November 2010
Visiting Professor, University of Hong Kong, March 2011
Visiting Professor, FIRN, Brisbane, Australia, June 2011
Visiting Professor, The Chinese University of Hong Kong, November 2011

Associate Editorships

Associate Editor, European Financial Management, 2008-present
Associate Editor, Financial Management, 1990-1993, 2000-present
Associate Editor, Journal of Finance, 1991-2000
Associate Editor, Journal of Financial Economics, 1993-present
Associate Editor, Journal of Financial Research, 1993-1999
Associate Editor, Pacific-Basin Finance Journal, 1997-present
Associate Editor, Journal of Behavioral Finance, 2000-present
Associate Editor, Journal of Financial and Quantitative Analysis, 2001-present
Associate Editor, Review of Financial Studies, 2003-2006
Associate Editor, Critical Finance Review, 2012-present

Service Since 1989

Various Department Committees, including:
- Section leader, campus charitable fund drive, 1990
- Corporate Finance Ph.D. Prelim committee, (1990-96)
- Investments Ph.D. Prelim committee (1990-95)
- Department of Finance Executive Committee (1990-92, 1994-95)
- Teaching Performance Committee (1993-95)
- Graduate Standards Committee (1993-94)
- Seminar Coordinator (1997-present)
Various College committees, including:
- Ad hoc Financial Database Advisory Committee, (1991-94)
- College of Commerce Executive Committee (1991-92, 1993-94)
- Commerce '95 Steering Committee (1990-93)
- Executive Education Committee (1989-92)
- Affirmative Action Committee (1994-95)
- MBA Educational Policy Committee (1990-91)
- Chairman, BEBR Research Programmer Search Committee, 1990
- Chairman, Associate Director of Placement Search Committee, 1993
- Assistant Director of Development Search Committee, 1995
- Research Committee, (chairman 1997-2001, 2007-present; chairman 1997-98 and 2000-01)
- Promotion and Tenure Committee, (2000-2006 and 2009-2009; chairman 2001-2002 and 2005-06 and 2008-09)
- Dean's Advisory Committee (2005-2007)
University committees:
- Promotion and Tenure Committee, (1993-95; chairman, 1994-95)
- University of Florida Foundation Investments Committee, Special Advisor (1999-2003)
- Florida Tomorrow Fundraising Campaign, Co-chair of Faculty/Staff Orange, Blue and You (2009-Present)
American Finance Association:
- Director (1993-95)
- Membership Chairman (1996-1997)
- Journal of Finance editor search committee, (2010-2011)
Financial Management Association:
- Awards Committee
- Doctoral Consortium (participant, 1999; coordinator, 2001)
- Long-range Financial Planning Committee, 2007
- Chairman, Publications Committee (2007-2010)
- Vice President for 2012 program (Atlanta meetings)
Program Committee, Western Finance Association meetings (1989-95,1997-98,2000-04)
Program Committee, Asian Pacific Finance Assoc. meetings, (1995, 2002-2003)
External reviewer, University of Iowa Finance Department, 1994
NASD-NYSE Blue Ribbon Committee on IPO Regulations, (2002-03)
Letters of recommendation: About 10 per year for promotion and tenure cases at other schools
U.S. Senate Banking Committee Testimony, March 6, 2012

Teaching Since 2000

2000-01 Ph.D. course in corporate finance (Finance 7808): 1 section, rating of 4.7
MBA financial decision-making (Finance 6429): 2 sections, ratings of 4.5 and 4.5

2001-02 MBA financial decision-making (Finance 6429): 2 sections, ratings of 4.5 and 4.8

2002-03 Ph.D. course in corporate finance (Finance 7808): 1 section, rating of 5.0

2003-04 Ph.D. course in corporate finance (Finance 7446): 1 section, rating of 5.0
Ph.D. course in corporate finance (Finance 7808): 1 section, rating of 5.0

2004-05 Ph.D. course in corporate finance (Finance 7446): 1 section, rating of 4.8
Ph.D. course in corporate finance (Finance 7808): 1 section, rating of 5.0

2005-06 Undergrad financial management (Finance 4414): 3 sections, ratings of 4.2, 4.4, and 4.7

2006-07 Ph.D. course in corporate finance (Finance 7446): 1 section, rating of 5.0

2007-08 Ph.D. course in corporate finance (Finance 7446): 1 section, rating of 5.0
Ph.D. course in corporate finance (Finance 7808): 1 section, rating of 5.0

2008-09 MBA financial decision-making (Finance 6429): 2 sections, ratings of 3.3 and 4.2
MBA private equity (Finance 6434): 1 section, rating of 4.6

2009-10 Ph.D. course in corporate finance (Finance 7447): 1 section, rating of 4.9

2010-11 Ph.D. advanced corporate finance (Finance7808): 1 section, autumn 4.8
Undergrad financial management (Finance 4414): 2 sections, ratings of 4.5 and 4.6

2011-12 Ph.D. corporate finance (Finance 7447): 1 section, rating of 5.0

2012-13 Ph.D. corporate finance (Finance 7447): 1 section, rating of 5.0
Undergrad financial management (Finance 4414): 2 sections, ratings of 4.6 and 4.9
(note: response rates of only 8 out of 32 and 9 out of 33, typical of on-line evaluations)

Note: All teaching ratings are on a 1-5 basis, with 5 being the highest.

Selected External Activities (non-academic, compensated) Since 1993

Law firm of Petersen and Houpt, 1994

Roslyn Savings Bank IPO, 1996

Harris and Harris Corp., 1997

Catalyst Institute, 1998

BMC Software, 1999

U.S. Securities and Exchange Commission, 1999-2001

Law firm of Wolf Haldenstein Adler Freeman & Herz LLP, 2002-present

Office of the Attorney General of the State of NY, 2004-2006

Research Independence Council of the Independent Research Network, 2006-2007

U.S. Chamber of Commerce, 2006-2007

Vericimetry, Board of Trustees, 2011-present

Law firm of Joel M. Weissman, P.A., 2011

Kauffman Foundation, 2011-2012

Seminar and Professional Meetings Presentations Since 1989

Western Finance Association: June 1989, 1991, 1992, 1994, 1995, 1997, 1998, 1999, 2000, 2002, 2003, 2004, 2005, 2006
American Finance Association: December 1989 and 1990; January 1993, 1994, 1995, 1996, 1997, 2000, 2002, 2003, 2004, 2005, 2007, 2008, 2009, 2011
Financial Management Association: October 1999, 2001, 2003, 2004, 2007
European meetings of the FMA: May 2007, June 2012
EVI (Entrepreneurship, VC, and IPOs) Conference: April 2002, June 2004, December 2006
Notre Dame: November 1992, October 2004
University of Chicago: December 1993, October 2004
University of Illinois: April 1991, October 1993, April 1995, September 2001
University of Iowa: November 1992, September 2001
Vanderbilt University: March 1989, September 1997.
Garn Institute of Finance Conference: September 1989
CRSP Seminar on the Analysis of Securities Prices: November 1989, May 1993
Institute for Quantitative Research in Finance: October 1990
Southern Methodist University: October 1990
NBER: January 1991, July 1991 and 1992, March 1993, December 1994, August 1995, April 1996, July 1998, November 2000, May 2001, April 2002, May 2007, July 2011
University of Florida: February 1991, November 1995, December 1999
Georgetown University: March 1991, March 1996
University of Rochester: May 1991
University of Wisconsin Johnson Symposium: August 1991
Columbia University: October 1991
Virginia Tech: October 1991, March 2003
Loyola of Chicago: March 1992
Midwest Finance Association: March 1992
Purdue University: September 1992
Indiana University: October 1992, September 2001, September 2006
Boston College: October 1992, October 1995, October 1998, September 2001
MIT: October 1992, October 1995
Pennsylvania State University: October 1992, October 2002
Texas Christian University: January 1993
University of Missouri: January 1993
University of Oklahoma: January 1993
Ohio State University: February 1993, May 2000; May2012
Harvard University: February 1993, July 1996; May 2012
EIASM, Brussels: March 1993
London Business School: April 1993
London School of Economics: April 1993
UC-Irvine: June 1993, September 2007
UCLA: June 1993, April 1999
Pacific Basin Finance Conference: June 1993, July 2002
Asian Finance Association: July 2004, July 2007, July 2008, July 2010
Hong Kong U of Science & Technology: June 1993, May 2001
National Taiwan University: June 1993
Korea University: July 1993, May 2001
Michigan State University: September 1993, October 2002
Cornell University: October 1993, November 1998, April 2004
University of Colorado: October 1993, September 2001, September 2007
Tulane University: January 1994, April 1999
Berkeley Program in Finance: March 1994
University of Washington: May 1994
Northwestern University: September 1994
Dartmouth College Conferences: May 1993, October 1995, May 1997, June 2004
Yale University: December 1995
Milken Institute: December 1995
Boston University: April 1996
Humboldt University, Berlin, Germany IPO conference: September 1996
Stockholm School of Economics: September 1996, May 2004
Emory University: April 1997
University of Texas: April 1997
New York Fed: June 1997
University of Miami: October 1997
University of Central Florida: April 1998
City University (Hong Kong): April 1998, May 2001
Chinese University of Hong Kong: April 1998, September 2008, October 2009, June 2010, November 2011
Norwegian School of Management: April 1998, May 2008
Copenhagen Business School: April 1998, May 2008
U of North Carolina Tax Conference: May 1998
Georgia Tech International Finance Conference: May 1998
Australasian Banking and Finance Conference: December 1998, December 2003, December 2007
University of Auckland: December 1998
Duke University: February 1999
University of Maryland: March 1999
University of Arizona: April 1999
Arizona State University: April 1999
University of Waterloo: May 1999
University of Georgia: November 1999
NYSE Conferences: December 1999, March 2003
Society of Financial Studies Conference: April 2000
Bangkok Accounting, Econ, and Finance Conference: June 2000
Australasian consortium of universities teleseminar: June 2000
Amsterdam ABN AMRO IPO Conference: July 2000
Atlanta Fed Asset Pricing Conference: September 2000
Chicago Quantitative Alliance: September 2000
INSEAD: March 2001
Politecnica University (Milan, Italy): March 2001
Banknord SIM Conference (Milan, Italy): March 2001
Clemson University: May 2001
Korea Stock Exchange: May 2001
Chung-Ang University (Korea): May 2001
University of California-Davis: May 2001
University of Pennsylvania: September 2001
University of Houston: September 2001
Brooking Institution: January 2002
New York University: March 2002
Asian Institute of Corporate Governance Conference: May 2002; May 2003
Yuan Ze University (Taiwan): May 2002
National Taiwan University Conference: May 2002
Global Finance Conference (Beijing): May 2002
Tsinghua University: May 2002
Peking University: May 2002
APFA/PACAP/FMA Tokyo Conference: July 2002
Brazilian Finance Association, Rio de Janeiro: July 2002
Latin American Meetings of the Econometric Society: July 2002
University of Alabama: September 2002
University of Southern California: March 2003
Stanford: March 2003
University of California, Berkeley: March 2003
University of South Carolina: April 2003
Vanderbilt Financial Markets Research Center Conference: April 2003
Texas A&M: April 2003
University of New Mexico: April 2003
Nanyang Tech (Singapore): May 2003, November 2009
Barclays Global Investors: October 2003
University of North Carolina: November 2003
Center for Financial Studies, Frankfurt: January 2004
Iowa State: March 2004
University of Dayton: April 2004
University of Pittsburgh: April 2004
Carnegie-Mellon University: April 2004
Gothenburg University: April 2004
Stockholm Institute for Financial Research: May 2004
Bundesbank Spring Conference: May 2004
BARRA Conference: May 2004
Taiwan Stock Exchange: July 2004
University of Virginia: September 2004
University of Michigan: November 2004
Ohio State conference on Conflicts of Interest: December 2004
European Finance Association: August 2005
National University of Singapore: April 2005, November 2009
Singapore Management University: April 2005, July 2007, November 2009
U of Alberta/U of Calgary Conference: April 2005
Bank for International Settlements: August 2005
University of Utah: September 2005
University of Toronto: September 2005
York University: September 2005
Florida State University: January 2007
University of Maryland Conference: March 2007
Citigroup Quantitative Conference, Cannes: June 2007
CUHK Conference (Hong Kong): July 2007, July 2010
NUS (Singapore) Summer Conference: July 2007, July 2010
Brigham Young University: September 2007
European FMA Symposium on IPOs, April 2008
Helsinki School of Economics: May 2008
University of Amsterdam: May 2008
KAIST (Seoul): September 2008
George Washington University Law School Conference: April 2009
Ceasarea Conference (Herzliya, Israel,): May 2009
First Paris Spring Corporate Finance Conference: May 2009
University of Lausanne: June 2009
University of Lugano: June 2009
Tilburg University: June 2009
Koc University: October 2009
University of Hong Kong: October 2009
Chulalongkorn Conference (Bangkok): November 2009
Financial Intermediation Research Society: June 2010, June 2011
Asian Meeting of the FMA: July 2010
State University of Jakarta: July 2010
University of Bergamo: June 2010
ESSEC Private Equity Conference: June 2010
State University of Jakarta: July 2010
Shanghai Advanced Institute of Finance: September 2010
KCMI Conference on the Future of the Financial Services Industry (Seoul): September 2010
MarketsMedia NY Conference: December 2010
Fudan University: March 2011
European Financial Management Association: June 2011
Kauffman Entrepreneurship Conference: June 2011
Louisiana State University: October 2011
University of Kansas: October 2011
Asia Pacific Finance Association: December 2011
KAIST CEO Forum: December 2011
University of South Florida: March 2012
Cyprus University of Technology: June 2012
NasdaqOMX (Stockholm): June 2012
European Endowment Asset Management Conference: June 2012
University of Cambridge: June 2012
University of Warwick: June 2012
Kauffman Legal Institute Conference: July 2012
TAPMI International Conference, Bangalore: August 2012
Monash University: August 2012
University of Melbourne: August 2012
University of New South Wales: August 2012
University of Wollongong: August 2012
Australian National University: August 2012
S.E.C. Advisory Committee on Small and Emerging Companies: September 2012
Northwestern University Conference: November 2012.

Selected Quotes and References in Newspapers and Magazines Since 1989

Wall Street Journal: June 19, 1989; October 9, 1989; May 10, 1991; June 24, 1991; March 2, 1992; September 7, 1993; March 17, 1994; March 8, 1995; February 13, 1997; March 6,1997; April 10,1997; February 24, 1999; April 5,1999; April 19, 1999; May 3, 1999; May 4, 1999; May 25, 1999; June 21, 1999; August 6, 1999; September 3, 1999; September 28, 1999; September 29, 1999; October 4, 1999; November 1, 1999; November 3, 1999;November 15, 1999; November 17, 1999; December 9, 1999; December 13, 1999; December 20, 1999 (two stories); December 29, 1999; February 28, 2000; March 10, 2000; April 19, 2000; April 19, 2000 (Florida edition); April 26, 2000; June 26, 2000; July 28, 2000; October 2, 2000; December 13, 2000; January 2, 2001; January 29, 2001; March 7, 2001; April 9, 2001; April 16, 2001; May 25, 2001; May 29, 2001; July 9, 2001; September 4, 2001; September 27, 2001; November 12, 2001; November 28, 2001; January 28, 2002; March 5, 2002; April 4, 2002; June 6, 2002; July 8, 2002; September 23, 2002; September 30, 2002; January 27, 2003; May 12, 2003; July 15, 2003; Sept. 15, 2003; November 11, 2003; April 30, 2004; July 27, 2004; August 19, 2004; November 29, 2004; March 21, 2005; May 9, 2005; May 31, 2005; July 6, 2005; August 18, 2005; August 22, 2005; September 6, 2005; December 14, 2005; December 19, 2005; January 3, 2006; February 15, 2006; April 8, 2006; April 20, 2006; July 17, 2006; May 14, 2007; May 24, 2007; September 4, 2007; October 15, 2007; February 26, 2008; March 20, 2008; June 23, 2008; October 13, 2008; October 22, 2008; October 27, 2008; November 8, 2008; November 21, 2008 (two articles); January 14, 2009; January 29, 2009; May 4, 2009; July 25, 2009; August 17, 2009; October 7, 2009; October 10, 2009; May 24, 2010; June 7, 2010; November 1, 2010; January 8, 2011; January 14, 2011; February 22, 2011; March 17, 2011; May 26, 2011; June 11, 2011; June 22, 2011; October 29, 2011; October 31, 201l; December 13, 2011; December 21, 2011; January 5, 2012; February 4, 2012; April 27, 2012, May 12, 2012, May 18, 2012, May 22, 2012; July 11, 2012; August 24, 2012; November 5, 2012; November 9, 2012; December 31, 2012; March 7, 2013; March 28, 2013; May 18, 2013
Forbes: June 24, 1991; June 22, 1992; August 15, 1994; November 7, 1994; April 24, 1995; June 17, 1996; June 2, 1997; August 9, 1999; November 29, 1999 (Forbes ASAP); May 15, 2000; March 31, 2003; June 5, 2006; April 9, 2012
Fortune: November 4, 1991; October 18, 1993; August 2, 1999; April 17, 2000; May 14, 2001; January 7, 2002, June 24, 2002 (two articles); August 16, 2010
Business Week: April 4, 1994; March 27, 1995; December 18, 1995; November 9, 1998; December 21, 1998; April 19, 1999; November 22, 1999; April 3, 2000; January 15, 2001; March 19, 2001; April 16, 2001; April 30, 2001; May 13, 2002; September 9, 2002; September 23, 2002; February 10, 2003; June 16, 2003; March 29, 2004; May 24, 2004; July 5, 2004; July 12, 2004; August 2, 2004; February 27, 2006 (2 stories); November 29, 2010; January 10, 2011
Money: June 1992; July 1995; January 1997; February 2000; May 2002; September 2011
New York Times: February 28, 1993; June 12, 1993; September 24, 1995; June 9, 1996; July 20, 1997; January 2, 2000; February 4, 2001; February 8, 2001; March 18, 2001; May 2, 2001; May 19, 2002; October 4, 2002; December 15, 2002; May 1, 2003; August 31, 2003; February 22, 2004; September 12, 2004; November 15, 2004; January 9, 2005; August 7, 2005; July 30, 2006; February 11, 2007; May 23, 2011; February 3, 2012; February 5, 2012; May 18, 2012; May 31, 2012
Economist: May 29, 1993; April 23, 1994; November 15, 1997; May 15, 1999; May 17, 2000; December 23, 2000; May 26, 2001; December 15, 2001; January 26, 2002; May 18, 2002; June 8, 2002; March 1, 2003; March 18, 2004; May 13, 2006; February 11, 2007; November 27, 2009; June 25, 2010; May 20, 2011; March 31, 2012; May 19, 2012 (two articles); May 26, 2012
Washington Post: July 23, 1993; June 22, 1994; July 23, 1997; August 12, 1999; February 27, 2000; June 17, 2001; June 19, 2002; October 14, 2004; November 14, 2006; July 6, 2011; August 27, 2011; October 6, 2011; March 29, 2013
Time: August 2, 1993; February 19, 1996
Newsweek: April 29, 1996; February 14, 2000; April 3, 2000, July 1, 2002
U.S. News and World Report: November 1, 1999; February 28, 2000; March 6, 2000; June 25, 2001
USA Today: June 24, 1991; October 25, 1993; November 11,1993; February 14, 1994; March 1, 1996; September 17, 1998; September 29, 1998; November 12, 1998; January 13, 1999; February 9, 1999; February 16, 1999; March 3, 1999; May 17, 1999; May 28, 1999; July 22, 1999; November 5, 1999; November 22, 1999; December 8, 1999; December 9, 1999; January 28, 2000; February 7, 2000; May 3, 2000; August 7, 2000; August 14, 2000; November 7, 2000; December 12, 2001; July 30, 2002; August 14, 2002; October 3, 2002 (two articles); November 13, 2002; November 26, 2002; December 19, 2002; April 24, 2003; June 27, 2003; December 4, 2003; April 28, 2004; May 6, 2004; October 14, 2004; October 26, 2004; December 16, 2004; February 17, 2005; July 15, 2005; August 4, 2005; August 8, 2005; September 15, 2005; February 2, 2006; June 2, 2006; August 2, 2006; March 28, 2007; June 25, 2007; February 26, 2008; March 20, 2008; December 23, 2008; January 19, 2009; July 20, 2009; March 17, 2010; August 27, 2010; September 29, 2010; November 17, 2010; December 9, 2010; January 4, 2011; January 7, 2011; January 27, 2011; April 15, 2011; May 20, 2011; July 21, 2011; December 14, 2011; February 2, 2012; April 20, 2012; May 10, 2012; May 16, 2012; May 25, 2012; May 31, 2012; August 3, 2012; September 4, 2012; September 11, 2012; November 13, 2012; November 14, 2012; November 31, 2012; January 15, 2013; March 17, 2013; May 17, 2013
CNBC: August 16, 1999; August 19, 1999; October 29, 1999; November 17, 1999; November 23, 1999; May 18, 2000; February 5, 2001; April 4, 2001; June 13, 2001; June 27, 2001; May 17, 2004; August 3, 2010; August 9, 2010; September 3, 2010; November 17, 2010; November 18, 2010; May 17, 2012; August 24, 2012
CNNfn: March 28, 2003
Bloomberg TV: May 18, 2000; May 19, 2000; April 23, 2001; December 24, 2002; December 10, 2003; July 13, 2006; January 3, 2011; May 18, 2011; May 25, 2011; July 5, 2011; December 12, 2011; February 1, 2012; May 18, 2012; March 6, 2013
Barron's: December 13, 1999; May 26, 2012
Kiplinger's: January 2005
Others: Occasional references in articles from the Associated Press and Reuters, Los Angeles Times, Chicago Tribune, San Francisco Chronicle, San Jose Mercury-News, Gainesville Sun, SmartMoney, Worth, Industry Standard, Red Herring, Upside, CFO, Vanity Fair, Dow-Jones Newswire, CNNfn, Bloomberg, theStreet.com, CBS Marketwatch, Voice of America, Nightly Business Report, OnlineInvestor, Institutional Investor, Canada's National Post, etc.

Last updated: May 2013

Jay R. Ritter

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