Tobias J. Moskowitz. Positions Held. Associate Professor of Finance, University of Chicago, Graduate School of Business, 2002-present.

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1 Tobias J. Moskowitz Graduate School of Business Phone: (773) University of Chicago Fax: (773) East 58th Street Chicago, IL Website: gsbwww.uchicago.edu/fac/tobias.moskowitz Positions Held Associate Professor of Finance, University of Chicago, Graduate School of Business, 2002-present. Assistant Professor of Finance, University of Chicago, Graduate School of Business, Courses taught: Financial Theory and Investments (M.B.A.); Financial Theory and Empirical Asset Pricing (Ph.D.). Faculty Research Fellow, National Bureau of Economic Research, 2001-present. Education Ph.D.inFinance, June 1998, University of California at Los Angeles, the Anderson School. M.S. in Management (Finance), May 1994, Purdue University, Krannert Graduate School of Management. B.S. in Industrial Management/Industrial Engineering, with Distinction, May 1993, Purdue University. Honors and Fellowships First Prize 2000 Smith-Breeden Award for Best Paper Published in the Journal of Finance Faculty Research Fellow, National Bureau of Economic Research 2001-present. Associate Program Director, Western Finance Association James S. Kemper Foundation Scholar Dimensional Fund Advisors Scholar Anderson Fellowship Outstanding Research Paper Award Krannert Scholar (Most Outstanding Student) Peterson-Lawrence Fellowship Omega Rho, Phi Beta Kappa, Beta Gamma Sigma, Phi Kappa Phi, Golden Key.

2 Publications 1. Do Industries Explain Momentum?, 1999, (with Mark Grinblatt), Journal of Finance, 54, Home Bias at Home: Local Equity Preference in Domestic Portfolios, 1999, (with Joshua Coval), Journal of Finance, 54, *Winner First Prize 2000 Smith-Breeden Award for Best Paper Published in the Journal of Finance 3. Discussion of Mutual Fund Performance: An Empirical Decomposition into Stock- Picking Talent, Style, Transactions Costs, and Expenses, 2000, Journal of Finance, 55, The Geography of Investment: Informed Trading and Asset Prices, 2001, (with Joshua Coval), Journal of Political Economy No. 4, Vol. 109, The Returns to Entrepreneurial Investment: A Private Equity Premium Puzzle?, 2002, (with Annette Vissing-Jørgensen), American Economic Review, Vol. 92 No. 4, An Analysis of Covariance Risk and Pricing Anomalies, 2003, Review of Financial Studies, Vol. 16 No. 2, Informal Financial Networks: Theory and Evidence, 2003, (with Mark Garmaise), Review of Financial Studies, Vol. 16 No. 4, Confronting Information Asymmetries: Evidence from Real Estate Markets, 2003, (with Mark Garmaise), forthcoming Review of Financial Studies. 9. Predicting Stock Price Movements from Past Returns: The Role of Consistency and Tax-Loss Selling, 2003, (with Mark Grinblatt), forthcoming Journal of Financial Economics. Working Papers Testing Agency Theory With Entrepreneur Effort and Wealth, 2003, (with Marianne Bitler and Annette Vissing-Jørgensen), CRSP Working Paper, University of Chicago. Market Frictions, Price Delay, and the Cross-Section of Expected Returns, 2003, (with Kewei Hou), CRSP Working Paper, University of Chicago. More Banks, Less Crime? The Real and Social Effects of Bank Competition, 2003, (with Mark Garmaise), Working Paper, University of Chicago. Research Interests Asset Pricing, Investments, Behavioral Finance, Empirical Methods, Information Economics, Real Estate Finance, Stock Market Anomalies.

3 Professional Services Associate Program Director, Western Finance Association Meetings, Program Committee and Session Chair, American Finance Association Meetings, Program Committee and Session Chair, Western Finance Association Meetings, Program Organizer and Session Chair, NBER Asset Markets and Real Estate Summer Institute Meetings, Dissertation committee Chair for Kewei Hou (Finance), University of Chicago, GSB, Dissertation committee member for: Yubo Wang (Finance), Arthur Kraft (Accounting), Peter Hecht (Finance), Reto Bachman (Finance), Karl Diether (Finance), Christopher Malloy (Finance), Ilan Cooper (Economics), Aaron Lebovitz (Finance), Jeffrey Meli (Finance), Xia Chen (Accounting), Lan Shi (Economics), Referee for the Journal of Finance, Review of Financial Studies, Journal of Financial Economics, Journal of Political Economy, American Economic Review, Journal of Business, Journal of International Economics, andinternational Review of Economics and Finance, 1998-present. Member: American Finance Association, Western Finance Association, American Economic Association, 1997-present. Academic Conferences Conference Presentations and Discussions UCLA Behavioral Finance Conference (discussion), April 1998, Los Angeles, CA. Western Finance Association, June 1998, Monterey, CA. NBER Asset Pricing Conference, October 1998, Chicago, IL.

4 American Finance Association, January 1999, New York, NY. Western Finance Association (discussion), June 1999, Santa Monica, CA. American Finance Association (presentation and discussion), January 2000, Boston, MA. Western Finance Association, June 2000, Sun Valley, ID. NBER Public Policy and Real Estate Summer Institute, August 2000, Boston, MA. Econometric Society, August 2000, Seattle, WA. American Finance Association (discussion), January 2001, New Orleans, LA. Berkeley Program in Finance, March 2001, Lake Tahoe, CA. Texas Finance Festival (presentation), April 2001, San Antonio, TX. Western Finance Association (presentation and discussion), June 2001, Tucson, AZ. NBER Asset Markets and Real Estate Summer Institute, July 2001, Boston, MA. American Finance Association (discussion), January 2002, Atlanta, GA. NBER Public Policy and Real Estate Summer Institute, (discussion) July NBER Entrepreneurship Meetings, Jan Invited Presentations 1998: UCLA, Yale, Harvard (business), MIT (Sloan), Rochester, Ohio State, Wharton, Columbia, Duke, University of Colorado at Boulder, University of Texas at Austin, University of Chicago, Northwestern, Michigan. 1999: University of Chicago, Purdue. 2000: Maryland University, University of Illinois at Urbana-Champaign, Wharton, Wisconsin (Madison), UCLA, Arizona State, Stanford, Berkeley, McGill. 2001: Stockholm School of Economics, Ohio State, Wisconsin (Milwaukee), University of British Columbia, Harvard Business School, Chicago. 2002: UCLA, USC, Rochester, Columbia, Notre Dame, University of Texas (Dallas). Practitioner Morningstar Annual Conference, April 1999, Chicago, IL. Undiscovered Managers, June 1999, Chicago, IL.

5 Media Citations Money Magazine, November, 1997 profiled Home Bias at Home. The New York Times, February 1, 1998 profiled The Geography of Investment. Dow Jones Asset Magazine, October, 1998 profiled Do Industries Explain Momentum? and interviewed about stock price momentum and sector allocation. The Hartford Courant, March 6, 1999 interviewed about momentum and sector allocation. American Banker, May 26, 1999 interviewed about price momentum in the banking sector. Dow Jones News Service, May 4, 1999 interviewed about stock momentum and the equity premium. Wall Street Journal, September 7, 1999 interviewed about stock momentum and year-end tax-loss selling. The Street.Com, December 8, 1999 interviewed about stock momentum and mutual fund investing. U.S. News and World Report, December, 1999 interviewed about stock price momentum. Money Magazine, January 20, 2000 interviewed about popular financial web sites. Forbes Online, January 20, 2000 interviewed about the increase in buying stock on margin and its impact on the market. Money Magazine, December, 2000 interviewed about the January effect, tax-loss selling, and momentum investing. References Professor Mark Grinblatt, The Anderson School at UCLA, 110 Westwood Plaza, Los Angeles, CA , Phone: (310) , Professor Richard Roll, The Anderson School at UCLA, 110 Westwood Plaza, Los Angeles, CA , Phone: (310) , Professor John Cochrane, Sigmund E. Edelstone Professor of Finance, University of Chicago and NBER, 1101 East 58th Street, Chicago, IL Professor Eugene Fama, Robert McCormick Distinguished Service Professor of Finance, University of Chicago, 1101 East 58th Street, Chicago, IL