Steven Ferraro

Steven R. Ferraro is a professor of finance at Pepperdine University. Courses taught include Corporate Finance, Mergers and Acquisitions, Valuation, and Financial Statement Analysis, all at the MBA level. His research has appeared in the Journal of Financial Economics, Advances in Financial Economics, Managerial Finance, The Journal of Global Business Issues, and the Graziadio Business Report as well as other practitioner and trade oriented publications. He is also a recent recipient of the Howard A. White teaching award.

Dr. Ferraro has over 16 years of financial consulting experience. Currently he is owner and principal of The Center for Valuation Studies, a provider of valuation, financial advisory services, and expert witness services to entrepreneurs, business owners, investors, and those who advise them (valuationstudies.com). He is also the owner and principal of Ferraro Capital Management, a value-based capital management firm providing its clients with investment and capital management services in segregated accounts (ferrarocapital.com).

Dr. Ferraro holds a Ph.D. from Louisiana State University, an MBA from Brigham Young University, and a B.A. from the University of Utah. Professional designations earned include Chartered Financial Analyst (CFA) granted through the CFA Institute and Certified Cash Manager (CCM) granted through the Treasury Management Association. He is also a registered real estate broker in the state of California.

Education

Louisiana State University

Doctor of Philosophy

Brigham Young University

Master of Business Administration

University of Utah

Bachelor of the Arts

Curriculum Vitae

Education

Louisiana State University

Doctor of Philosophy

Brigham Young University

Master of Business Administration

University of Utah

Bachelor of the Arts

CURRENT POSITION

Associate Professor of Finance: MBA introductory finance courses and electives in mergers and acquisitions, business valuation, and portfolio management comprise current teaching duties. Past teaching experience includes introductory finance courses for undergraduates and financial statement analysis, working capital management, strategic financial management and banking courses for MBA students.

Owner and Principal – Ferraro Capital Management (FCM): FCM is a value-based capital management firm providing its clients with investment and capital management services in segregated accounts. (ferrarocapital.com)

Owner and Principal – Center for Valuation Studies (CFVS): CFVS provides valuation, financial advisory services, and expert witness services to entrepreneurs, business owners, investors, and those who advise them. (valuationstudies.com)

PUBLICATIONS (in refereed journals)

“An Initial Examination of Seasonality in Foreign Exchange Markets” The Journal of Global Business Issues, Vol.3 Issue 2, August/September 2009 With R.W. Powell

“Applicability of Rosenberg’s Beta Factor Decomposition Analysis to the Construction of a Growth Stock Portfolio within the Standard & Poor’s 1500 Index” The Journal of Global Business Issues, Vol.1, Issue 2, Summer 2007 with D.J. Stanley and M. D. Kinsman

“The Investment Value of Analysts’ Recommendations: Evidence from the Dartboard Contest,” Managerial Finance 2000, Vol. 26, No. 6 with D. J. Stanley

“Asset Sales: Restructuring, Financing, or an Agency Problem,” Advances In Financial Economics, Vol. 4, Privatization: Financial Perspectives 1999, with M. B. Slovin and M. E. Sushka

"A Comparison of the Information Conveyed by Equity Carve-outs, Spin-offs, and Asset Sell-offs," Journal of Financial Economics 37 (1995) 89-104, with M. B. Slovin and M. E. Sushka.

PUBLICATIONS (in practitioner oriented publications)

“The Buffett Approach to Valuing Stocks” Graziadio Business Report, Vol. 12 No. 3, 2009

“Investing for Income in a Down Economy” Graziadio Business Report, Vol. 12 No. 2, 2009

“Recognize the True Cost of Compensation: Expensing Options Increases Transparency in Financial Reporting” Graziadio Business Report, Vol. 6 No. 1, 2003

“Who is Driving American Firms? Directors Facing New Responsibilities” Graziadio Business Report, Summer 2002 with Linnea McCord

“NYCB: An Illustration of Value Creation” The Bridge (a publication of H. Roark Investment Bank – circulation approximately 1000 small and micro cap publicly traded companies), Vol. II No. 2 March-April 2002

“Strategic Options in the Commercial Banking Industry” The Bridge (a publication of H. Roark Investment Bank – circulation approximately 1000 small and micro cap publicly traded companies), Vol. I No. 4 October 2001

“Nonfinancial Performance: Research Shows “The Story” Can Mean More than the Numbers” The Bridge (a publication of H. Roark Investment Bank – circulation approximately 1000 small and micro cap publicly traded companies), Vol. I No. 3 September 2001 (The lead article)

“The Information Gap: How “Asymmetric Information” Keeps Your Company Valued at Less Than it’s Worth” The Bridge (a publication of H. Roark Investment Bank – circulation approximately 1000 small and micro cap publicly traded companies), Vol. I No. 2 August 2001 (The lead article)

“Does Size Matter? It Does for Small Firms! The Bridge (a publication of H. Roark Investment Bank – circulation approximately 1000 small and micro cap publicly traded companies), Vol. I No. 1 July 2001 (The lead article)

“Managing Earnings...Or Cooking the Books: How Firms Make the Numbers with Creative Accounting” Graziadio Business Report, Summer 2000 with Chuck McPeak

“Conversation with Wayne “Buzz” Knyal Graziadio Business Report, Spring 1999 with D.J Stanley

“Retirement Call to Action: Responsibility Rests on Baby Boomers” Graziadio Business Report, Fall 1998 with D.J Stanley and Owen P. Hall

PUBLICATIONS (Educational Market)

“Financial Statement Analysis” (Text book used in the CFA review courses taught by the Schweser Institute) Published by The Schweser Institute, 2004 Contributing Author CFA (Charted Financial Analyst) Review Texts – Kaplan Schweser, 2002 – 2005.

Notes were created and edited for Level 1, Level 2, and Level 3 topics including but not limited to: Ethics and professional standards, macro economics, micro economics, financial statement analysis, corporate finance, asset valuation, capital markets, portfolio management, derivative securities, industry analysis, and fixed income investing. CFA (Charted Financial Analyst) Review Texts – Allen Resources, 2000 – 2002.

Notes were created and edited for Level 1 topics including but not limited to: Ethics and professional standards, macro economics, micro economics, financial statement analysis, corporate finance, asset valuation, capital markets and portfolio management.

PROCEEDINGS

"The Long-run Return to Equity Carve-outs," Western Decision Sciences Institute - 28th Annual Meeting, Puerto Vallarta, Mexico April 1999. Co-author: D.J. Stanley

"Investor''s Business Daily and the Efficient Market Hypothesis,"Western Decision Sciences Institute - 28th Annual Meeting, Puerto Vallarta, Mexico, April 1999. Co-author: D.J. Stanley

"The New DJIA and Component Price Momentum" Western Decision Sciences Institute - 27th Annual Meeting, Reno, NV, April 1998. Co-author: D.J. Stanley

"The Relationship of Share Repurchases and Stock Price Performance" Western Decision Sciences Institute - 27th Annual Meeting, Reno, NV, April 1998. Co-author: D.J. Stanley

"Personal Financial Literacy: A Multi-Discipline Approach”, Society of Educators and Scholars - 21st Annual Meeting, LA, CA, March 1998. Co-authors: O. P. Hall, Jr., and D.J. Stanley

PAPERS IN PROGRESS

“The Use of Takeover Defenses by Real Estate Investment Trusts (REITS),” Co-authors: J. Broussard and A. Park

“The Risk Management Practices of Real Estate Investment Trusts (REITS),”

“Sector Concentration, Geographic Concentration, and Capital Structure Choices in Real Estate Investment Trusts (REITS),”

"Asset Sales and Purchases as a Takeover Defense," Co-author: J. Broussard

PAPERS PRESENTED IN PROFESSIONAL FORUMS

“Discounts Applied to the Valuation Process,” Wealth Strategies Counsel Boot Camp, Irvine, CA, June 2008

“Capital Structure Decisions for Start-up Firms,” Finnish Entrepreneurs, West Los Angeles, CA May 2002

"The Long-run Return to Equity Carve-outs," Western Decision Sciences Institute, April 1999

"The Relationship of Share Repurchases and Stock Price Performance," Western Decision Sciences Institute, April 1998

"Personal Financial Literacy: A Multi-Discipline Approach," Society of Educators and Scholars, March 1998

"Asset Sales and Purchases as a Takeover Defense,"Brigham Young University, January 1998

"The Valuation Effects of Large Asset Sales," Presented at Brigham Young University, July 1996

"Capital Markets, the Business Cycle, and Merger Activity." Presented at Pepperdine University, May 1996

"Corporate Restructuring and the Information Hypothesis: An Empirical Analysis," Louisiana State University, March 1993

"The Signal Content of Going Public Decisions," Pepperdine University, November 1992

"The Signal Content of Going Public Decisions," Financial Management Association, October 1992

ADMINISTRATION

| Personnel Committee | 1999-present | | Howard A. White Teaching Award Search Committee | 2008 | | Dean’s Search Committee | 2001 - 2002 | | MBA Curriculum Committee | 1998-2000 | | Malibu Policy Committee | 1997-2000 | | Malibu Curriculum Committee | 1996-2000 | | BSM/MBA Admissions Committee | 1993-1998 | | Electronic Journal Committee | 1997-1998 | | Library Committee | 1997-1998 | | AACSB Intellectual Contributions Committee | 1995-1999 | | Malibu Curriculum Committee - Discipline Liaison | Spring 1996 | | Director Advisory Committee | 1995-1997 | | Petitions Committee | 1995-1996 | | Business Management Simulation Committee | 1993-1995 |

PROFESSIONAL SERVICE

| Ad Hoc Review | Graziadio Business Report | 1998 - present | | Education Chair | Orange County Society of Investment Managers (OCSIM) BOD | 2001-2003 | | Ad Hoc Reviewer | Financial Management (FMA) | 1998 | | Discussant | Western Decision Sciences Institute | 1998 | | Ad Hoc Reviewer | Journal of Business and Management | 1997 | | Discussant | Financial Management Association | 1996 | | Ad Hoc Reviewer | Midwest Finance Association | 1995 |

EXPERIENCE

| Ferraro Capital Management |   | 2008-present | | The Center for Valuation Studies |   | 2007-present | | H. Roark Investment Bank (Principal) |   | 2001-2002 | | Consultant |   | 1988-2007 | | Associate Professor of Finance | Pepperdine University | 2000 - present | | Assistant Professor of Finance | Pepperdine University | 1993- 2000 | | Research Assistant to Prof. Myron Slovin | Louisiana State University | 1991-1993 | | Research Assistant to Prof. Marie Sushka | Arizona State University | 1989-1991 |

HONORS AND AWARDS

Howard A. White Teaching Award Winner 2007

Howard A. White Teaching Award – Finalist 2006

Howard A. White Teaching Award – Finalist 2005

Current member, Golden Key National Honor Society

Academic Scholarship - Arizona State University 1989-1991

Academic Scholarship - Brigham Young University 1988-1989

Graduated Cum Laude - University of Utah 1986

Honors at Entrance Scholarship - University of Utah 1984-1985

REFERENCES

| Professor Myron B. Slovin
Premier Bank/Chuck McCoy Distinguished
Professor of Financial Institutions
Department of Finance
College of Business Administration
Louisiana State University
Baton Rouge, La. 70803-6308
(504) 388-6260 | Professor John L. Glascock
Department of Finance and Real Estate
College of Business
University of Cincinnati
402 Carl H. Lindner Hall
2925 Campus Green Drive
PO Box 210195
Cincinnati, Ohio 45221-0195
(513) 556-7070 | | Professor Marie Sushka
Department of Finance, College of Business
Arizona State University
Tempe, Arizona 85287
(602) 965-6581 |   |