The University of Wisconsin, Superior Curriculum Vitae for David Koslowsky. Date: October, 2017

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1 The University of Wisconsin, Superior Curriculum Vitae for David Koslowsky Date: October, SURNAME: Koslowsky FIRST NAME: David 2. DEPARTMENT/SCHOOL: School of Business and Economics 3. PRESENT RANK: Assistant Professor SINCE: September, POST-SECONDARY EDUCATION University or Institution Degree Subject Area Dates University of Manitoba Ph.D. Finance 2009 University of Manitoba M.B.A. Finance 1996 University of Manitoba B.Sc. Electrical Engineering 1980 Title of Dissertation and Name of Supervisor Title: Supervisor: The Relation between Capital Structure and Expected Returns Dr. Charles Mossman Associate Dean University of Manitoba Special Professional Qualifications CMA: Certified Management Accountant P. Eng.: Professional Engineer 5. EMPLOYMENT RECORD Prior to coming to UW Superior University, Company or Organization Rank or Title Dates University of British Columbia Assistant Professor University of Manitoba Lecturer (term) Investors Group Financial Planner Manitoba Treasury Board Analyst Health Sciences Centre Director of Maintenance Manitoba Government Services Manager, Tech. Services Intract Consulting Electrical Engineer TEACHING Areas of special interest and accomplishments Areas of Interest: Accomplishments: Corporate Finance Introduced MGMT 439C Entrepreneurial Finance to the curriculum of FOM Introduced MGMT 439E Intermediate Finance to the curriculum of FOM

2 Page 2/6 Maintained good student teaching ratings Lecturer at the University of Manitoba in the MBA program Instructor at Red River College Courses Taught at UBC Session Course Class Number Size Winter 2008 MGMT Winter 2008 MGMT Winter 2008 MGMT Winter 2009 MGMT Winter 2009 MGMT Winter 2009 MGMT Winter 2010 MGMT Winter 2010 MGMT Winter 2010 MGMT Winter 2010 MGMT 439B 25 Winter 2010 MGMT 439C 32 Winter 2011 MGMT Winter 2011 MGMT Winter 2011 MGMT Winter 2011 MGMT 439B 25 Winter 2011 MGMT 439C 47 Winter 2011 MGMT Winter 2012 MGMT Winter 2012 MGMT Winter 2012 MGMT 439A 36 Winter 2012 MGMT Winter 2013 MGMT 439E 27 Winter 2013 MGMT Winter 2013 MGMT Spring 2014 MGMT 439E 53 Winter 2014 MGMT 419N 52 Winter 2014 MGMT Winter 2014 MGMT Winter 2014 MGMT 439E 72 Winter 2015 MGMT Winter 2015 MGMT Winter 2015 MGMT 439E 72 (c) Courses taught at UW Superior Session Course Class Number Size Fall 2016 FIN Fall 2016 FIN Fall 2016 FIN Spring 2017 FIN Spring 2017 FIN Spring 2017 FIN

3 Page 3/6 Spring 2017 FIN Fall 2017 FIN Fall 2017 FIN Fall 2017 FIN 320 P01 17 Fall 2017 FIN Fall 2017 ACCT (d) Graduate Students Supervised and/or Co-Supervised Student Name Program Type Year Principal Co-Supervisor(s) Start Finish Supervisor Christoph Himmelstein PhD Yosef Bonaparte G. Pandher Christoph Himmelstein PhD 2014 David Koslowsky Bonaparte, Pandher Zhi Qio M.Sc David Koslowsky 7. SCHOLARLY AND PROFESSIONAL ACTIVITIES Areas of special interest and accomplishments Special interests: Corporate Governance theoretical and empirical Executive Compensation theoretical and empirical Capital Structure theoretical and empirical Behavioral Finance empirical My approach to scholarly and professional activities is a balance between research and teaching. I believe that scholars in the management sciences contribute to society in two main ways: by advancing management science through high quality academic research and, by developing students to be the business leaders of tomorrow. The proxy for the quality of research is publication in respected academic journals. The measure of success in teaching and developing students is job placement after graduation and long term career success. To achieve research that is relevant and high impact, I examine current research questions raised in the best journals. I co-author with senior scholars who have a record of achievement. My co-authors and I only work on research projects that we believe will meet the standards for acceptance at high ranked journals. I take my teaching seriously, and give of my time to students. Beyond teaching, I mentor and develop students through extra-curricular activities such as the annual CFA Research Challenge and the student run Portfolio Management Group such extra-curricular activities help students to obtain job placements or admission to graduate school. Research or equivalent grants (indicate under COMP whether grants were obtained competitively (C) or non-competitively (NC))

4 Page 4/6 Granting Subject COMP $ Year Principal Co-Investigator(s) Agency Per Year Investigator UBCO Start-up grant NC $5, David Koslowsky UBCO Faculty of Mgmt grant NC $17, David Koslowsky Ian Stuart (c) Presentations Research papers presented: The Persistence of SEO Market Timing Northern Finance Association, 2008 The Persistence of SEO Market Timing Financial Management Association 2008 A Missing Piece of the Equity Premium Puzzle: A Model of Fiduciary Agents Northern Finance Association, 2004 (d) Conference Participation (Organizer, Keynote Speaker, etc.) Discussant: FMA, 2008 The Evolution of Aggregate Stock Ownership: A Unified Explanation, authors Kristian Rydquist, Joshua Spizman, Ilya Streubelaev NFA, 2008 Private Placements and Equity, authors Ari Pandes and Elizabeth Maynes FMA, 2007 Interest Rate Clustering in UK Financial Services, authors John Ashton and Robert Hudson NFA, 2007 Optimal House Tenure and Portfolio Choices with Housing as a Hedging Asset, author Yu (Frank) Zhang NFA, 2004 SEOs, Real Options, and Risk Dynamics: Empirical Evidence, authors Murray Carlson, Adlai Fisher, and Ron Giammarino NFA, 2011 The Effect of Executive Confidence, Ability, and Private Beliefs on the Valuation of Executive Stock Options authors Don Chance, Tung-Hsiao Yang NFA, 2011 Barriers to Portfolio Flows, Short Sales Constraints and International Asset Pricing: Theory and Evidence authors Hai Ta, Vihang Errunza FMA 2013 Investor Sentiment and Aggregate Volatility Pricing authors Chiraz Labidi and Soumaya Yaakoubi NFA 2014 CEO Job Security and Risk-Taking Authors Peter Cziraki and Moqi Xu Other: NFA, 2011 Chair, session on International Asset Pricing FMA, 2014 Chair, session on Cross Section of Returns 8. SERVICE TO THE UNIVERSITY Memberships on committees, including offices held and dates 2010: recruitment committee for professor in Entrepreneurship 2011: recruitment committee for professor in Entrepreneurship

5 Page 5/6 2011: IGS Awards Committee 2012: recruitment committee for professor in Finance 2012: dean search committee 2014: UBCO Senate Other service, including dates 2011: Faculty advisor to UBCO Investment Club 2011: Faculty advisor for CFA International Research Competition 3 rd place finish 2011: Faculty advisor to National Investment Banking Competition 2011: JDC West: tutor for finance team, judging of mock competitions 2012: Faculty advisor to UBCO Investment Club 2012: Faculty advisor for CFA International Research Competition 2012: Faculty advisor to National Investment Banking Competition 2012: JDC West: tutor for finance team, judging of mock competitions 2013: Faculty advisor for CFA International Research Competition 2 nd place finish 2013: JDC West: tutor for finance team, judging of mock competitions 2014: Faculty advisor for CFA International Research Competition 3 rd place finish 2014: Faculty advisor for UBCO Investment Group 2015: Faculty advisor for CFA International Research Competition 3 rd place finish 2015: Faculty advisor for UBCO Investment Group 2016: Faculty advisor for UWS Financial Management student group 2016: Faculty mentor for UWS student team in CFA Research Challenge competition 9. SERVICE TO THE COMMUNITY Membership on other Societies 2014: Okanagan CFA Society Reviewer (journal, agency, etc. including dates) 2011: Reviewer for ASAC, March : Reviewer for ASAC, March : Reviewer for ASAC, March : Reviewer for Entropy Journal, February : Reviewer for Journal of Quantitative Finance 2014: Reviewer for Financial Review 2015: Reviewer for The Economic Journal 2016: Reviewer for Journal of Quantitative Finace 10. AWARDS AND DISTINCTIONS Awards for Scholarship (indicate name of award, awarding organizations, date) Asper School of Business, Ph.D. Fellowship, Asper School of Business Travel Grant, 2007 Asper School of Business Travel Grant, 2004 AFA Conference Travel Grant, 2005

6 Page 6/6 11. OTHER RELEVANT INFORMATION (Maximum 0ne Page) Completed my PhD dissertation, and graduated in October / Summer 2010: Supervised undergraduate RA (Devin Crisanti) for empirical work on research coauthored with Ian Stuart, funded by faculty grant. Summer 2012: Supervised undergraduate RA (Maxime Walker) for empirical work on research coauthored with Ian Stuart, funded by my personal research account. 12. PUBLICATIONS RECORD The table below summarizes my research activity: Research Activity Summary Title Status Role Household Portfolio Choice Post-Bankruptcy (with Yosef Bonaparte and Frank Fabozzi) When do Outside Directorships Benefit Performance? (with Ian Stuart and Max Walker) Papers under review Under review at JAF Oct/2017 Under review at JQF Sept/2017 Other working papers Political Partisanship: Stock Market Volatility First draft at 90% (with Yosef Bonaparte and Rohan Christie) CEO Cash and Equity Incentives: Agency Under revision prior to Alignment to Firm Business Risk & Equity Market submitting to next Risk. (with Gurupdesh Pandher and Martin Conyon journal A Model of Information Diffusion with Under revision prior to Asymmetry and Confidence Effects in Financial submitting to next Markets. (with Haijun Yang and Zhou Zhang) journal Republic or Parliament: Volatility or Return First draft complete Sole Author The Persistence of CEO Market Timing First draft complete Sole author The Value of Debt and the Capitalization Rate First draft complete Sole author How Does Changing Culture affect Financial Markets (with Yosef Bonaparte) First draft ongoing Primary author responsible for empirical analysis and the first draft Primary author responsible for research design and the first draft analysis and editing analysis analysis and editing analysis and editing