Urbi Garay Professor at IESA’s Finance Center. Areas of expertise: Alternative Investments (Hedge funds, closed-end funds and real estate), Corporate Governance, Asset Pricing, and Emerging Markets.

Education Finance Ph.D University of Massachusetts, Amherst – 2000 Doctoral dissertation: “Essays on Closed-End Country Funds”. Chair: Hossein Kazemi, Committee Members: Thomas Schneeweis, Nikunj Kapadia, and Gerald Epstein. Award to the best dissertation proposal in Finance given jointly by the American Association of Individual Investors (AAII) and by the Financial Management Association (Plaque and US$ 6.000)

Master of Arts in Economics Yale University International Economist Universidad Católica Andrés Bello

Teaching Investments (Portfolio Management), Alternative Investments, Investment Strategies of Hedge Funds, Corporate Finance, Derivatives Products, Emerging Markets Finance, and International Finance.

Academic and administrative experience Full Professor of Finance at Instituto de Estudios Superiores de Administración (IESA), Caracas, Venezuela (since 2008). Associate Professor of Finance at Instituto de Estudios Superiores de Administración (IESA), Caracas, Venezuela (2003-2008). Assistant Professor of Finance at Instituto de Estudios Superiores de Administración (IESA), Caracas, Venezuela (2000-2003). Coordinator of the Finance Center at Instituto de Estudios Superiores de Administración (IESA), Caracas, Venezuela (2002-2005 and 2012-2013). Member of the Academic Council at Instituto de Estudios Superiores de Administración (IESA), Caracas, Venezuela (2002-2005, 2006-2007 and since 2011). Member of the Board of Directors (since 2007) and of the Nominations Committee (2007-2013) at Instituto de Estudios Superiores de Administración (IESA), Caracas, Venezuela. Research Associate at the Institute for Global Asset and Risk Management (INGARM), Amherst, Massachusetts, EEUU (since 2009). Visiting Professor at the Graduate School of Business at Universidad ESAN, Lima, Peru (since 2005), and at Universidad de los Andes, Bogotá, Colombia (since 2012).

Publications Books CAIA September 2012 Level I Workbook: Sample Questions and Exercises, Chartered Alternative Investment Association, Amherst, Massachusetts, EEUU, 2012.

CAIA March 2013 Level II Workbook: Sample Questions and Exercises, Chartered Alternative Investment Association, Amherst, Massachusetts, EEUU, 2012. CAIA Level II Advanced Core Topics in Alternative Investments (with Melissa Donohue, Ernest Jaffarian, Francois Lhabitant, Pierre-Yves Mathonet, Thomas Meyer, Richard Spurgin, and Simon Stevenson), John Wiley & Sons, 2009. Fundamentos de Finanzas con Aplicaciones al Mercado Venezolano (with Maximiliano González), Ediciones IESA, Caracas, Venezuela. First Edition 2005, first reprint 2006, second edition 2007, first reprint of the second edition, 2008, second reprint of the second edition 2009, third reprint of the second edition, 2011. Invertir a Largo Plazo (with Javier Llanos), Ediciones IESA, Caracas, Venezuela, 2007.

Book chapters Various exercises prepared for CAIA (Chartered Alternative Investment Analyst) Level II Current and Integrated Topics, CAIA Knowledge Series, Institutional Investor Inc., 2011. “Asset Allocation.” In CAIA Notes, September 2008 Exam, Level II, Institutional Investor Exam Prep, 2008, pp. 33-56. “Research Issues in Alternative Investments.” In CAIA Notes, September 2008 Exam, Level II, Institutional Investor Exam Prep, 2008, pp. 57-78. “CEO and Director Turnover in Venezuela” (with Maximiliano González). In López-de-Silanes, F. and Chong, A. Investor Protection and Corporate Governance –Firm Level Evidence Across Latin America, Chapter 8, Stanford University Press, 2007, pp. 483. “Inestabilidad Política Venezolana se Refleja en Elevado Riesgo-País,” chapter of the book En Esta Venezuela, Edited by Patricia Márquez and Ramón Piñango, Ediciones IESA, 2003, pp. 113-123.

Case studies “Joan Roig: A Golden Retirement?” (with Jaime Sabal), European Case Clearinghouse, 2007, IESA y ESADE, 107-036-1. “Las Joyas de la Bolsa de Valores de Caracas” (with Sabatino Costanzo), Ediciones IESA, Caracas, Venezuela, Febrero, 2005. “Valeria Sanz: Diseñando Estrategias de Inversión en Ambientes de Alta Incertidumbre Política” (with Maximiliano González), Ediciones IESA, Caracas, Agosto, 2004. Papers published in refereed journals Belonging to the ISI-Thompson Database "The Public Bond Offering of Petróleos de Venezuela S.A." (with Carlos Molina), Journal of Business Research (forthcoming) “Market Segmentation: Venezuelan ADRs” (with Maximiliano González), Revista Innovar (forthcoming) “Expropriation Risk and Housing Prices: Evidence from an Emerging Market”, (with Cosme Betancourt, Víctor Contreras and Miguel Ángel Santos), Journal of Business Research. 2014, vol. 67, issue 5, pages 935-942 JBR special issue on BALAS 2012 Conference “Internet-Based Corporate Disclosure and Market Value: Evidence from Latin America”. Emerging Markets Review. 2013. Volume 17, Pages 150-168 “Las joyas de la Bolsa de Valores de Caracas” (with Sabatino Costanzo), Revista Latinoamericana de Administración (Academia), N. 49, 2012. “Determinants of Shareholders´ Returns Following Announcements of Asset Sales: Evidence from Latin America” (with Juan C. Fernández and Eduardo Pablo), Revista Latinoamericana de Administración (Academia), N. 45, 2010, pp. 40-58. “Corporate Governance and Firm Value: The Case of Venezuela” (with Maximiliano González) Corporate Governance: An International Review, 16, 3, pp. 194-209, May, 2008. “Firm Performance and CEO Reputation Costs: New Evidence from the Venezuelan Banking Crisis” (with Maximiliano González and Carlos Molina), Emerging Markets Finance and Trade, Vol. 43, 2007, pp. 17-35. This paper received the Sion Raveed Award to the best paper at the BALAS Annual Conference in 2004.

“Las Decisiones de Inversión de Luis Quintana” (with Javier Llanos), Revista Latinoamericana de Administración (Academia), N. 44, 2010, pp. 124136. “Valoración de Manufacturas de Papel S.A.C.A. (Manpa)” (with Marina Fioravanti, Leticia Level, and Eduardo Pablo), Revista Latinoamericana de Administración (Academia), N. 42, 2009, pp. 49-67.

Other Refered Journals “Real Estate and Private Equity: A Review of the Diversification Benefits and Some Recent Developments” (with Enrique ter Horst), The Journal of Alternative Investments, Spring, 2009, Vol. 11, N. 4, pp. 90-101. “Efecto de la Divulgación de Noticias sobre la Cotización de la Deuda Soberana de Mercados Emergentes: Evidencia de la Deuda Externa Venezolana” (with Adriana Figueroa and Nera Sorrentino), Revista Latinoamericana de Administración (Academia), 36, 2006, pp. 37-71. Note: Academia still did not belong to the ISI-Thompson database when this paper was published. “CEO and Director Turnover in Venezuela” (with Maximiliano González), Interamerican Development Bank, Research Network Working Paper #R-517, 2005, November. Also available in “CEO and Director Turnover in Venezuela” (with Maximiliano González). In López-de-Silanes, F. and Chong, A. Investor Protection and Corporate Governance –Firm Level Evidence Across Latin America, Chapter 8, Stanford University Press. “U.S.-U.K. Financial Integration and Investment Trusts Pricing: An Example,” Derivatives Use, Trading and Regulation, Vol. 10, N. 4, 2005, pp. 294303. “The Behavior of Emerging Closed-End Country Fund Discount/Premia Following the Asian Financial Crisis” (with Hossein Kazemi), International Journal of Finance, Vol. 16, N. 2, 2004, pp. 3027-3057. “A Test of Put-Call Parity on Futures Options on the S&P 500 Index” (with Maximiliano González and María Celina Ordoñez), Derivatives Use, Trading and Regulation, Vol. 9, N. 3, 2003, pp. 259-280.

“The Relationship Between Options Moneyness and Liquidity: Evidence from Options on Futures on S&P 500 Index” (with Roxana Justiniano and Michele López), Derivatives Use, Trading and Regulation, Vol. 8, N. 4, 2003, pp. 305-323. “The Asian Financial Crisis of 1997-98 and the Behavior of Asian Stock Markets” Business Quest Journal, University of West Georgia, 2003. “Risk Premia and Closed-End Country Funds Returns,” The Journal of Alternative Investments, Fall, 2000, Vol. 3, N. 2, pp. 21-36 “The Closed-End Fund Discount Puzzle: A Review” (with Philip Russel), The Journal of Alternative Investments, Winter, 1999, Vol. 2, N. 3., pp. 23-44. “Estudio del Movimiento del Precio de las Acciones de la Electricidad de Caracas Durante el Anuncio de la Oferta Pública de Adquisición por Parte de la Corporación AES (2000)” (with Javier Gosende and Alejandro Mota), Temas de Coyuntura, Vol. 46, pp. 39-58, IIES-UCAB, 2003. “Oferta Pública para la Toma de Control en Venezuela: Estudio de Eventos para el Caso Banco de Venezuela-Banco Caracas” (with Javier Gosende, Alejandro Mota, and Maximiliano González), Revista Latinoamericana de Administración (Academia), 29, formerly Revista Academia, 2003, pp. 29-44. Note: Academia still did not belong to the ISI-Thompson database when this paper was published. “Explicaciones Racionales de la Anomalía del Descuento de los Fondos Mutuales Cerrados: Aplicación al Caso de los Mercados Emergentes,” Revista Latinoamericana de Administración (Academia), N. 24, 2000, pp. 39-50. Note: Academia still did not belong to the ISI-Thompson database when this paper was published. “Un Nuevo Enfoque para Medir la Integración Internacional de los Mercados Financieros,” Temas de Coyuntura, 1999, IIES-UCAB, Caracas, Venezuela, pp. 85-109. “El Modelo de Fijación de Precio de los Activos de Capital (CAPM): Teoría y Evidencia Empírica en Venezuela,” Temas de Coyuntura, 1993, IIES-UCAB, N. 28, pp. 95-115.

Other publications Articles in Debates IESA (a practitioners journal): “La Teoría Moderna de Portafolios: Nuevos Desafíos y Oportunidades” (forthcoming), “Mitos y Realidades de las inversiones en mercados emergentes”, Vol. XV, N. 3, JulioSeptiembre 2010, pp. 62-65; “La crisis inmobiliaria: ¿qué pasó? ¿Qué se espera?”, 2008; “Rinden mas las Acciones de las Empresas Pequeñas?” (with Vanessa Febres-Cordero, Mireille Guzmán-Blanco and Eduardo Pablo); “Las Ventajas Financieras de Divulgar Información”, Vol. XI, N. 4, Octubre-Diciembre 2006, pp. 26-28; “Del Presente al Futuro de las Finanzas” (with Eduardo Pablo), Vol. XI, N. 1, Enero-Marzo 2006, pp. 31-35; “Diez Principios para el Manejo de las Finanzas Personales” (with Carlos Jaramillo), Vol. X, N. 2, Enero-Marzo 2005, pp. 17-20; “El Menú del Inversionista ¿Qué da más? ¿Por cuánto riesgo?” (with Javier Llanos), Vol. X, N. 2, Enero-Marzo 2005, pp. 21-25; “Todo lo que Usted Quería Saber sobre…Riesgo y Retorno de la Inversión: La Experiencia de las Últimas Décadas” (with José Malavé), Vol. X, N. 2, Enero-Marzo 2005, pp. 37-42; "Estrategias de Inversión: Tres Escuelas de Pensamiento" (with Maximiliano González), Vol. X, N. 1,Octubre-Diciembre de 2004, pp. 68-72; “Inmuebles: Una Inversión Atractiva en Venezuela?” (with Ana C. Borga y Leticia Guzmán), Vol. IX, No. 3, Abril-Junio 2004, pp. 43-48; “¿Le Temen los Inversionistas a las Pérdidas?” (with Eduardo Pablo), Vol. IX, N. 1, Octubre-Diciembre 2003, pp. 57- 60; “Una Guía para Entender los Contratos a Plazo y a Futuro,” (with Maximiliano González), Vol. VIII, N. 3, Abril-Junio 2003, pp. 42-47; “Los Contratos de Opciones Financieras: ¿Qué Son y Para Qué Sirven?” (with Maximiliano González) Vol. VIII (2), Octubre-Diciembre 2002, pp. 58-61;

“Dos Décadas de Política Cambiaria en Venezuela,” Vol. VIII, N. 1, Julioseptiembre 2002, pp. 58-63; “El Riesgo-País de Venezuela: ¿Qué Significa? ¿Por qué es tan alto?,” Vol. VII, N. 4, Abril-Junio 2002, pp.58-63; “Siete Mandamientos para Evitar que el Dinero nos Maneje” (with Carlos Jaramillo), Vol. VII, N. 2 y 3, Octubre 2001-Marzo 2002, pp. 38-45; “Guía para Entender las Fusiones y Adquisiciones Bancarias,” Vol. VI, N. 5, Julio-Septiembre 2001, pp. 29-32; “Presente y Perspectivas del Mercado Bursátil Venezolano,” Vol. VI, N. 3 Enero-Marzo 2001, pp. 48-50. “Análisis de los Beneficios de la Diversificación Internacional en los Mercados Europeos” (with Adali Morales and Paola Pileggi), (Notas de Estudio, N. 22, 2005, pp. 1-20, Ediciones IESA, Caracas, Venezuela). “Los Mercados de Capitales con Aplicaciones al Mercado Venezolano” (Notas de Estudio, N. 11, 2005, pp. 1-16, Ediciones IESA, Caracas, Venezuela).

“Securities Liquidity Shocks and Dividend Payments: The case of Emerging Markets” (with Maximiliano González) (Estudios IESA, N. 10, pp 1-16, Ediciones IESA, Caracas, Venezuela). “Firm Performance and CEO Reputation Costs: New Evidence from Venezuelan Banks” (with Maximiliano González and Carlos Molina) (Estudios IESA, N. 17, 2004, pp 1-17, Ediciones IESA, Caracas, Venezuela). “The Predictive Power of Implied vs. Historical Volatility: A Study on Individual Stocks,” Notas de Estudio, N° 10, Ediciones IESA, 2003, pp. 1-19.

Work in progress “Internet-Based Corporate Disclosure and Market Value: Evidence from Latin America” (with Maximiliano González, Alexander Guzmán and Andrea Trujillo). “Bayesian Nonparametric Measurement of Hedge Fund Returns (with Germán Molina, Abel Rodríguez, and Enrique ter Horst)

“Cultural Distance and its Effect on Cross-Border Entry Mode: Latin American Evidence” (with Eduardo Pablo and Maximiliano González).

Teaching courses Attended the Colloquium on Participant Centered Learning (CPCL), Harvard Business School, Summer, 2003.

Honors and scholarships IESA Foundation Award to the best professor (first place) 2002, 2005, 2007, 2009, 2010 and 2011 IESA Foundation Award to the best professor (second place) 2003, 2004 Cargill Award for Research (first place) 2002, 2004, 2005 and 2009 Cargill Award for Research (second place) 2003 and 2008 Award to the best teaching case (IESA, “The Jewels of the CSE”) 2005 CANTV Award to the best five professors at IESA 2005 Sion Raveed Award to the best paper presented at BALAS Conference 2004 University of Massachusetts, Amherst, Scholarship for graduates 95-99 LASPAU-Gran Mariscal de Ayacucho Fellowship 93-99

Other experience Research Associate. Institute for Global Asset and Risk Management (INGARM), Amherst, Massachusetts, USA (Since 2009) Visiting Researcher. Center for International Securities and Derivatives Markets (CISDM), at the University of Massachusetts, Amherst, USA (2007-08) Visiting professor of the MBA and Master in Finance Programs. Escuela de Administración de Negocios para Graduados (ESAN University), Lima, Peru (2005)

Visiting Professor at the Graduate School of Business, professor of master’s and doctoral courses. Universidad de los Andes, Bogotá, Colombia (2012 and 2013).

Visiting Professor, undergraduate course Corporate Finance. University of Massachusetts, Amherst, Isenberg School of Management, USA (Fall 2007 and Spring 2008) Visiting professor for the course Investments, Escuela de Negocios del Instituto Tecnológico de Monterrey (EGADE), Monterrey, México (2003) Instructor, full responsibility for the course Investment Analysis (1993) Research Associate and Research Assistant (1990 and 1993) Universidad Católica Andrés Bello, Economics Department and Instituto de Investigaciones Económicas, Caracas, Venezuela. Instructor, full responsibility for the two courses: Macroeconomics and Finance and Investment Analysis. Instituto Venezolano de Mercados de Capitales (IVMC) of the Bolsa de Valores de Caracas (1993)