Hu CV page 1 of 8. Bill Hu, Ph.D., CFA Associate Professor of Finance, Arkansas State University

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1 Hu CV page 1 of 8 Bill Hu, Ph.D., CFA xhu@astate.edu Associate Professor of Finance, Arkansas State University Dr. Hu has won several awards for his research and published articles in Journal of Financial Research (Outstanding Paper Award), Journal of Behavioral Finance, Journal of Business Finance and Accounting, Pacific-Basin Finance Journal, Applied Economics, and others. As a recipient of the Excellence in Teaching award from the College of Business at ASU, Dr. Hu keeps his classes current and relevant by reaching out to the finance industry with various training activities with Fortune 500 companies and small businesses. As one participant put it: This course was about 20x better [for me] than Dr. Hu helps entrepreneurs formulate business and financial strategies. He coaches the ASU student investment research team and is an active volunteer for the CFA Institute CFA Program. He served as an external consultant for the finance program at Nova Southeast University and as Treasurer on the Board of Directors of the Jonesboro Jets Aquatic Club. Prior to the study of finance, Dr. Hu worked in the industry as a nanotechnologist and had a variety of scholarly articles and patents in the field of chemistry.

2 Hu CV page 2 of 8 Curriculum Vitae of Bill Hu xhu@astate.edu EDUCATION CFA Finance CFA Institute September 2011 (charter awarded) Ph.D. Finance The University of Memphis August 2009 (GMAT: 750; GPA: 4.0) M.S. Materials Southern Illinois University August 2003 Chemistry Carbondale M.S. Polymer Science Zhongshan University, China June 2000 and Engineering B.S. Chemistry Zhongshan University, China June 1997 TEACHING EXPERIENCE Fall 2009 Arkansas State University present Associate Professor (since 2013). Capital Management (rated 4.76; college mean: 4.16); International Finance (MBA, rated 4.75; college mean: 4.20); Seminar in Finance (MBA, covers financial modeling and behavioral finance, rated 4.87); and other courses University of Memphis Instructor, Business Finance (rated 4.63; college mean: 4.30) AWARD, GRANT, AND CERTIFICATION Excellence in research award, College of Business, ASU, 2017 Faculty research grant ($4,600), Arkansas State University, Best paper award, Association of Collegiate Marketing Educators conference, Dallas, Second place, faculty advisor of the ASU team at the Mid-South CFA Global Investment Research Challenge, Memphis, Nominated for the You Made A Difference Award, ASU, 2012 and Excellence in teaching award, College of Business, ASU, 2013 Nominated for the Excellence of Teaching award at ASU, 2013 Semifinalist for Best Paper Awards, FMA Annual Conference, Atlanta, Excellence in research award, College of Business, Arkansas State University, Chartered Financial Analyst Program: passed Level III exam in June 2011, Charter awarded. Outstanding Article Award, Journal of Financial Research, April, Faculty research grant ($3,860), Arkansas State University, Summer research award, College of Business, Arkansas State University, Faculty development grants, College of Business, Arkansas State University,

3 Hu CV page 3 of 8 Stipend, "Online teaching workshop," Interactive Teaching & Technology Center, American Finance Association (AFA) Student Travel Award ($1,500), The University of Memphis, student travel grants, PUBLICATIONS Papers 1. Price clustering on the Shanghai Stock Exchange, with Christine Jiang, Thomas McInish, and Haigang Zhou, Applied Economics, 2017, 49(28): Thinking patterns: An exploratory investigation of student perceptions of costs and benefits of college loan debt and related financial and educational outcomes, with Sarath Nonis, Gail Hudson, and Melodie Philhours, Journal of Financial Education, 2015, 42(1): An empirical analysis of the impact of large changes in institutional ownership on CEO compensation risk, with Yixi Ning and Garza Gomez, Journal of Economics and Finance, 2015, 39(1): The impact of earnings guidance cessation on information asymmetry: Evidence from transaction data, with Joon Ho Hwang and Christine Jiang, Journal of Business Finance and Accounting, 2014, 41(1-2): Greed and fear in financial markets: The case of stock spam s, with Thomas McInish, Journal of Behavioral Finance, 2013, 14(2): Pricing and information content of block trades on the Shanghai Stock Exchange, with Longzhen Fan and Christine Jiang, Pacific-Basin Finance Journal, 2012, 20(3): Featured by CFA Digest, November 2012, Vol. 42, No. 4: The momentous ripple effects in the new investment environment, with Michael Chiao and Robert Kao, Journal of Accounting and Finance, 2012, 12(1): Gambling in penny stocks: The case of stock spam s, with Thomas McInish and Li Zeng, International Journal of Cyber Criminology, 2010, 4: Highlighted by the editor in the journal 9. Private benefits: Ownership vs. Control, with Joon Ho Hwang, Journal of Financial Research, 2009, 32(4): Outstanding Article Award ($2,000 cash prize), Journal of Financial Research, April 6, The CAN-SPAM Act of 2003 and stock spam s, with Thomas McInish and Li Zeng, Financial Services Review, 2009, 18: Highlighted by the editor in the journal 11. Perceived values of podcasting: Predicting the adoption of podcasting among nonadopters, with Lily Zeng and Xigen Li, Business Research Yearbook, 2009, 16,

4 Hu CV page 4 of 8 Proceedings 12. Stock spam s and psychological factors, with Thomas McInish, Proceedings of the 2011 Annual Meeting of the Academy of Behavioral Finance and Economics, 2011, An exploratory investigation of how student feelings (affect) about the costs and benefits of debt influence important student outcomes, with Sarath Nonis, Gail Hudson, and Melodie Philhours, 2011 Society for Marketing Advances Proceedings ( edited by William J. Kehoe and Linda K. Whitten, Content of stock spam s and market reactions, with Thomas McInish and Li Zeng, Proceedings of the 2010 Annual Meeting of the Academy of Behavioral Finance and Economics, 2010, WORKING PAPERS 1. Dynamics of market liquidity and funding liquidity during financial crisis, its resolution, and after the Dodd-Frank Act, with Chinmay Jain and Pankaj Jain, working paper. 2. Confirming the Masters hypothesis: Blowing bubbles in commodities futures, with Will Johnson and Hwagyun Kim, working paper. 3. The liquidity effects of earnings restatements, with Christine Jiang and Thomas McInish, working paper. 4. Agricultural commodity price spikes since 2006: A new Look at the Efficiency of U.S. Futures Markets, with Velmurugan P. Shanmugam, working paper. PRESENTATIONS 1. Price Clustering of Chinese IPOs, with Christine Jiang, Thomas McInish, and Yixi Ning, Presented at Financial Management Association Annual Conference, October 2017, Boston, MA. 2. Stock Price Clustering: Evidence from the Shanghai Stock Exchange at the 12th Global Business and Social Science Research Conference, August 26-28, 2016, Beijing, China. 3. Value in Higher Education, with Jeff Pittman, April, 2016, Southern Academy of Legal Studies in Business, San Antonio, Texas. 4. Advanced cash flow forecasting, Pre-conference workshop at the AFP Annual Conference, Denver (2015), Orlando (2016). 5. Financial modeling: Fundamental techniques and best practices, Pre-conference workshop at the AFP Annual Conference, Denver (2015), Orlando (2016). 6. Price clustering on the Shanghai Stock Exchange, with Christine Jiang, Thomas McInish, and Haigang Zhou. Presented at the Annual Meeting of the Academy of Behavioral Finance and Economics, September 2015, Philadelphia, PA. 7. Advanced Excel Spreadsheet Analytics: VBA Programming, Webinar for finance professionals, March 2015.

5 Hu CV page 5 of 8 8. Technical analysis: A way to teach basic excel VBA programming skills, Presented at the 2014 Annual Conference of Academy of Financial Services, October 2014, Nashville, TN. 9. Project-based learning, Presented at Arkansas State University T&L (Teaching and Learning) Talk, ITTC Faculty Center, October 2014, Jonesboro, AR. 10. The impact of single commodity ETF inceptions on futures trading, with Will Johnson and Hwagyun Kim. Presented at the Annual Meeting of the Academy of Behavioral Finance and Economics, September 2014, Los Angeles, CA. 11. Dynamics of market liquidity and funding liquidity during the crisis, its resolution, and the Volcker Rule, with Chinmay Jain and Pankaj Jain. o CoB faculty research seminar, ASU, September, 2014, Jonesboro, AR. o Midwest Finance Association Annual Conference (MFA), March, 2014, Orlando, FL. o Eastern Finance Association Annual Conference (EFA), April, 2014, Pittsburg, PA. 12. Decision-making style, college student debt, and credit card misuse, with Sarath Nonis, Gail Hudson, and Melodie Philours. Presented at the Association of Collegiate Marketing Educators (ACME) Conference, March 14, 2014, Dallas, TX. 13. Enhancing the student experience through projects, Presented at the College of Business Faculty Development Workshop, February, 2014, Jonesboro, AR. 14. Online courses and student evaluations, Presented at the Global Teaching Conference, March, 2013, Jonesboro, AR. 15. Dynamics of market liquidity and funding liquidity during financial crisis and its resolution, with Chinmay Jain and Pankaj Jain. o Financial Management Association Annual Conference, October 2012, Atlanta, GA. o Midwest Finance Association Annual Conference, February 2012, New Orleans, LA; o 2011 Southern Finance Association Annual Conference, November 2011, Key West, FL. 16. Agricultural commodity price spikes since 2006: A new look at the efficiency of U.S. futures markets, with Velmurugan P. Shanmugam and Cheng-Huei Chiao. International Conference on Banking and Finance 2012, August 2012, Bangalore, India. 17. An exploratory investigation of how student feelings (affect) about the costs and benefits of debt influence important student outcomes, with Sarath Nonis, Gail Hudson, and Melodie Philours Society for Marketing Advances Annual Conference, November 2011, Memphis, TN. 18. Greed and fear in financial markets: The case of stock spam s, with Thomas McInish. Annual Meeting of the Academy of Behavioral Finance and Economics, September 2011, Los Angeles, CA. 19. The liquidity effects of earnings restatements, with Thomas McInish and Christine Jiang. o Southwestern Finance Association Annual Conference, March 2011, Houston, TX; o Invited presentation at University of Memphis, May 2011, Memphis, TN.

6 Hu CV page 6 of Investors ripple effects in the restructured financial environment with Cheng-Huei Chiao and Robert Kao. o Academy of Finance meeting of MBAA International 2011 conference, March, 2011, Chicago, IL; o Academy of Economics and Finance conference, February, 2011, Jacksonville, Florida. 21. Block trades on Shanghai Stock Exchange, with Longzhen Fan and Christine Jiang, presented at the 2010 FMA conference, October 2010, New York, NY. 22. Content of stock spam s and market reactions, with Thomas McInish and Li Zeng, Presented at the 2010 Annual Meeting of the Academy of Behavioral Finance and Economics, September 2010, Chicago, IL. 23. Risk of CEO compensation and institutional holdings, with Yixi Ning and Xavier Garza Gomez, presented at the 2010 MFA conference, March 2010, Las Vegas, NV. 24. Private benefits: Ownership vs. control, with Joon Ho Hwang, presented at the 2009 FMA meeting, October 2009, Reno, NV. 25. The impact of earnings guidance cessation on information asymmetry, with Christine Jiang, presented at the 2009 FMA meeting, Reno, October 2009, NV. 26. The CAN-SPAM Act of 2003 and stock spam s, with Thomas McInish and Li Zeng, presented at the 2009 International Academy of Business Disciplines conference, April 2009, St. Louis, MO. 27. Similar earnings news, different investor sentiment, presented at the 2007 International Academy of Business Disciplines conference, April 2007, Orlando, FL. SERVICE At Arkansas State University University finance committee, 2017 present. University academic budget committee, 2015 present. Chair, Faculty development committee, College of Business, 2015 present. Curriculum committee (undergraduate and MBA levels), College of Business, 2015 present Chair, Technology Committees, College of Business, University library committee, , (chair) Faculty advisor, ASU investment team in 2014 CFA Institute Investment Research Challenge (Won the 2 nd place at the Mid-South regional competition). Faculty advisor, Chinese Student Organization, ASU, 2013-present. Faculty advisor, ASU investment team in 2013 CFA Institute Investment Research Challenge. Arkansas Commercialization Retreat, July 2012

7 Hu CV page 7 of 8 Advisor, visiting Fulbright scholar, Veimurugan Palanlyappa Shanmugan, November, 2011 June, 2012; Visiting scholar, Ruihong Qiao, August 2010 January Judge for the Business Plan Competition, College of Business (CoB), ASU TV, Cultural Perspectives: College Student Spending Habits, October, 2011 Undergraduate student advising (100+ advisees) and new student orientations, 2010 present Internship, Technology, and Leadership/Teamwork committees, CoB, Invitation of guest speakers (fixed income investment): Joseph Inger and Bob Bradecamp from FTN Financial, Memphis, October, 2011 Academic Advisor/Coordinator search committee, CoB, Summer, 2011 Service for the profession Active volunteer for the CFA program, 2017 External Consultant, Nova Southeast University, Evaluation of its finance program, Doctoral dissertation committee, Department of Finance, Cleveland State University, Treasurer, Board of Directors of the Jonesboro Jets Aquatic Club, Tenure external reviewer, Cheng-Huei Chiao, Missouri University, Reviewer/program committee: FMA 2017 conference (reviewed 6 papers); FMA 2017 program committee. FMA 2016 conference (reviewed 6 papers); FMA 2016 program committee. MFA 2015 conference (reviewed 6 papers); MFA 2015 program committee. Applied Economics (2016); Journal of Banking and Finance (2012); Financial Review (2011); Pacific Basin Journal of Finance (2010); etc. Global Investments by Prentice Hall (2010); M: Finance textbook by McGraw Hill (2011); Managerial Finance by Bridgepoint Education (2012) FMA 2012 conference (reviewed 11 papers); FMA 2012 best paper committee. Ad Hoc Reviewer for Applied Optics and Journal of American Optical Society. Session chairman or discussant at professional meetings Chair and discussant, 12th Global Business and Social Sciences Research Conference, Beijing, China, August, 2016 Program committee & Best Paper Award Committee, FMA Conference, Atlanta, October, 2012 Program committee, SocialMedia Conference, Los Angeles, June, 2010 Chair, 2009 FMA annual meeting Session 019: Corporate Governance and Firm Performance

8 Hu CV page 8 of 8 Chair, 2009 International Academy of Business Disciplines Finance Track Discussant for 2011 Annual Meeting of the Academy of Behavioral Finance and Economics, September 2011, Los Angeles, CA; 2010 FMA annual meeting (sessions: Insider Trading 1, Volatility, & Trading); 2009 FMA annual meeting (sessions: Corporate Bond Pricing & Information and Trading ML) Judge, Mid-south CFA Global Investment Research Competition, February Coordinator, Finance Seminar Series, the University of Memphis, Database and webpage management Administrator, Institute for the Study of Security Markets, 2008.