Seeking Alphas from Underperforming Stocks: The Corporate Governance Perspective, with Weishen Wang. (2014) Journal of Investing, 23 (3),

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1 Mark K. Pyles, Ph.D. Curriculum Vitae School of Business Phone: (843) College of Charleston Fax: (843) Liberty Street, Suite 400 pylesm@cofc.edu Charleston, SC Academic Experience Associate Professor, College of Charleston, August present. Director, SB Investment Program, College of Charleston, January 2013 present. Assistant Professor, College of Charleston, August August Lecturer, University of Kentucky, June May Education Doctor of Philosophy, Finance, University of Kentucky, August 2005 Dissertation: Three Essays in Financial Institutions and Investments Advisor: Dr. Donald J. Mullineaux Master of Science, Economics, University of Kentucky, May Bachelor of Business Administration, Finance, Eastern Kentucky University, December 2001 Journal Publications Financial Constraint and Cash Holdings in the REIT Industry, with Hinh Khieu. Journal of Real Estate Portfolio Management, forthcoming. The Impact of Market Conditions on Voting Results in Student-Managed Funds, with Ariel Benton and Daniel Huerta-Sanchez. (2018) The Journal of Trading, 13 (1), The Influence of a Credit Rating Change on Dividend and Investment Policy Interactions, with Hinh Khieu. (2016) The Financial Review 51 (4), Cultural Influences on Risk Tolerance and Portfolio Creation, with Yongping Li, Shifang Wu, and Steven D. Dolvin. (2016) Journal of Behavioral and Experimental Finance, 9, Seeking Alphas from Underperforming Stocks: The Corporate Governance Perspective, with Weishen Wang. (2014) Journal of Investing, 23 (3), How Entrenched Managers Beat Earnings Expectations Before and After SOX, with Weishen Wang, Rachel Graefe-Anderson, and Dongnyoung Kim. (2014) Quarterly Review of Economics and Finance, 54 (1), Large Investment, Financial Constraint, and Capital Structure, with Hinh D. Khieu and Manfen W. Chen. (2014) Quarterly Journal of Finance and Acccounting, 51 (3/4),

2 Mark K. Pyles - Page 2 Rewards to Meet Market Expectations: Evidence of Stock Market Sophistication, with Weishen Wang and Rachel Graefe-Anderson. (2014) The Journal of Accounting and Finance, 14 (1), The Influence of a Credit Rating Change on Corporate Cash Holdings and Their Marginal Value, with Hinh Khieu. (2012) The Financial Review, 47 (2), Sale Price, Time on Market, and Limited Service Listings: The Influence of Home Value and Market Conditions, with Justin Benefield and Anne Gleason. (2011) Journal of Real Estate Research, 33 (4), The Influence of Simulation Performance on Student Interest, with Steven D. Dolvin. (2011) Journal of Economics and Economic Education Research, 12 (3), Education Expenditures and the Cost of Performance, with Caroliniana Sandifer. (2011) Southern Business and Economics Journal, 33 (1/2). Bank Marketing Investments and Bank Performance, with Donald J. Mullineaux. (2010) Journal of Financial Economic Policy, 2 (4), Further Examination of Equity Returns and Seasonal Depression, with Steve Dolvin and Qun Wu. (2010) Journal of Financial and Economic Practice, 10 (1), Analysts Get SAD Too: The Effect of Seasonal Affective Disorder on Stock Market Analysts Earnings Forecasts, with Steven D. Dolvin and Qun Wu. (2009) Journal of Behavioral Finance, 10 (4), Chosen to be included in a Virtual Special Issue of Behavioural Finance, published by Routledge Taylor and Francis Group. REIT IPOs and the Cost of Going Public, with Steven D. Dolvin. (2009) Journal of Real Estate Finance and Economics, 39 (1), Antitakeover Techniques and Corporate Ownership Structure, with Jocelyn Evans and Hyuntai Choo. (2009) Managerial Finance, 35 (1), Daily Stock Returns: Momentum, Reversal, or Both, with Steve D. Dolvin. (2009) Financial Decisions, 21 (2), Article 1. Ringing the Bell on the NYSE: Does it Matter and Why? with Steve D. Dolvin and Hinh Khieu. (2009) Global Business and Finance Review, 14 (2), The Influence of Seasonal Depression on Equity Returns: Further Evidence from Real Estate Investment Trusts, (2009) Quarterly Journal of Finance and Accounting, 48 (2), Internally versus Externally Advised Non-Brokerage Real Estate Firms, with Justin Benefield. (2009) Journal of Alternative Investments, 12 (1),

3 Mark K. Pyles - Page 3 Constraints on Loan Sales and the Price of Liquidity, with Donald J. Mullineaux. (2008) Journal of Financial Services Research, 33 (1), The Influence of University Investment Education on Asset Allocation, with Steven D. Dolvin and John G. Gonas. (2008) Journal of Economics and Finance Education, 7 (1), Market Efficiency at the Derby: A Real Horse Race, with Steven D. Dolvin. (2008) Journal of Applied Economics and Policy, 27 (1), The Effect of Resale Constraints on Abnormal Returns of Borrowers in Syndicated Loans, with Steven D. Dolvin and B. Perry Woodside. (2007) Academy of Banking Studies Journal, 6 (2), Prior Debt and the Cost of Going Public, with Steven D. Dolvin. (2007) Quarterly Journal of Finance and Accounting (formerly Quarterly Journal of Business and Economics), 46 (2), Seasonal Affective Disorder and the Pricing of IPOs, with Steven D. Dolvin. (2007) Review of Accounting and Finance, 6 (2), The Impact of Bank Venture Capital on Initial Public Offerings, with Steven D. Dolvin and Donald J. Mullineaux. (2007) Venture Capital: An International Journal of Entrepreneurial Finance, 9 (2), The Effect of Instructional Technologies on the Finance Classroom, with Steven D. Dolvin and J. Michael Morgan. (2006) Journal of Economics and Finance Education, 5 (2), Venture Capitalist Quality and IPO Certification, with Steven D. Dolvin. (2006) Venture Capital: An International Journal of Entrepreneurial Finance, 8(4), IPO Long-Run Returns: A New Approach, with Steven D. Dolvin. (2006) Financial Decisions, 18 (1), Article 4. Other Peer-Reviewed Publications Economic Effects of Smoke-free Laws on Rural and Urban Counties in Kentucky and Ohio, with Ellen J. Hahn. (2012) Nicotine and Tobacco Research, 14(1), Economic Effects of Ohio s Smoke-free Law on Kentucky and Ohio Border Counties, with Ellen J. Hahn. (2011) Tobacco Control, 20(1), Smoke-free Legislation and Charitable Gaming in Kentucky, with Ellen J. Hahn. (2009) Tobacco Control, 18(1), Economic Impact of a Smoke-Free Law in a Tobacco Growing Community, with Donald J. Mullineaux, Chizimuzo T.C. Okoli, and Ellen J. Hahn. (2007) Tobacco Control, 16 (1),

4 Mark K. Pyles - Page 4 More than Just the Ryder Cup: An Examination of Relevant Personal Characteristics in Professional Golf, (2007) The Sport Journal, 10 (3), Summer. Book Publications Applied Corporate Finance: Questions, Problems, and Making Decisions in the Real World. (2014) New York: Springer Texts in Business and Economics. Hardcover ISBN: ; E-book ISBN: Research in Progress Equity versus Asset Acquisitions in the REIT Market, with Daniel Huerta-Sanchez and Thanh Ngo. Third revision requested at the Journal of Real Estate Research. The Role of Institutional Ownership in REIT Acquisitions, with Daniel Huerta- Sanchez and Thanh Ngo. A Closer Examination of Seasonality in Equity Returns, with Hinh Kheiu. Conference Participation Paper Presentations Constraints on Loan Sales and the Price of Liquidity FMA Annual Meeting. October The Impact of Bank Venture Capital on Initial Public Offerings FMA Annual Meeting. October The Influence of University Investment Education on Asset Allocation Academy of Business Education Annual Meeting. September Cash Holdings and Investment Behavior Following a Change in Credit Ratings FMA Annual Meeting. October 2010 (coauthor present). The Appropriateness of National Park Appropriations Southern Political Science Conference. January 2011 (coauthor present). The Influence of Simulation Performance on Student Interest Allied Academies Spring International Conference. April The Earnings Game and its Rewards: Does Entrenchment Matter? Academy of Economics and Finance. February (coauthor present) Seeking Alphas from Underperforming Stocks - The Role of Corporate Governance Financial Management Association. October (coauthor present) The Earnings Game and its Rewards: Does Entrenchment Matter? Southern Finance Association Conference. November (coauthor present) The Influence of a Credit Rating Change on Dividend and Investment Policy Interactions Midwest Finance Association Conference. March 2014 Cultural Influences on Risk Tolerance and Portfolio Creation Financial Management Association Annual Meeting. October 2015 An Examination of the Interconnected Influences of Financial Constraint, Cash Holdings, and the Market Value of REITs Financial Management Associate Annual Meeting. October 2016

5 Mark K. Pyles - Page 5 Paper Discussant Abnormal Returns in the Vicinity of Insider Transactions: Unbiased Estimates from Germany by M. Klinge, U. Siefert, and R. Stehle. Financial Management Association Conference. October 2006 New Firms, Job Creation, and Access to Local Finance by Kristle Romero Cortes. Midwest Finance Association Conference. March Bad Loan Externalities: Evidence from the Syndicated Loan Market by Christina Zhang. Financial Management Association Annual Meeting. October 2016 Session Chair Southern Finance Association Conference, November 2007 Midwest Finance Association Conference. March 2014 Financial Management Association. October Courses Taught Financial Modeling (MBA) Applied Portfolio Management Private Equity Analysis Investment Analysis Intermediate Business Finance Business Finance (traditional and online) Awards and Recognitions Student Activism and Leadership Achievement (SALA) Award Winner: Advisor of the Year ( ) Awarded Distinguished Research Award for The Influence of Simulation Performance on Student Interest as best paper in area at the 2011 Allied Academies Annual Conference. Emerald Literati Awards for Excellence, Highly Commendable Award Winner for Bank Marketing Investments and Bank Performance as a top paper published in the Journal of Financial Economic Policy during Howard F. Rudd, Jr. Faculty Member of the Year, Research Grants Summer Research Grant, School of Business, College of Charleston, Summer 2006 Real Estate Research Grant, Carter Center for Real Estate, School of Business, College of Charleston, Spring 2007 Summer Research Grant, School of Business, College of Charleston, Summer 2007

6 Mark K. Pyles - Page 6 Real Estate Research Grant, Carter Center for Real Estate, School of Business, College of Charleston, Summer 2008 Real Estate Research Grant, Carter Center for Real Estate, School of Business, College of Charleston, Summer 2009 Economic Impact of Smoke-free Laws, University of Kentucky Research Foundation, Summer 2009 Summer Research Grant, School of Business, College of Charleston, Summer Knox Funds International Study Research Grant, College of Charleston, Fall Academic Service College Level Faculty Honor Board, Fall Spring Faculty Library Committee, Fall 2008 Spring Faculty Senate, Spring 2009 Spring Faculty Compensation Committee, Fall 2016 Spring 2017 Faculty Compensation Committee, Chair, Fall present Advisory Committee to the President, Fall 2017 present School Level Faculty Advisor to Student Finance and Investment Club, Fall 2005 to Spring Student Development Committee, Fall 2006 to Spring MBA Committee, Fall 2010 to Spring Committee on Program Excellence, Fall 2010 to Spring Technology Committee, Fall 2013-Spring Assurance of Learning Committee, Fall 2014 present. Department Level Library Liaison, Fall Spring Finance Faculty Search Committee, Fall 2009, Fall 2010, Fall 2013, Fall 2016 Finance Assessment Coordinator, Fall 2008 present. Bachelor s Essays Supervision Kaley Ruebush, Stock Market Automation, Spring 2007 Fall Shannon Spillane, The Effect of Global Warming on Stock Market Anomalies, Spring 2008 Fall Jordan Kinkaid, Player Development: Leveraging Production to Increase Efficiency, Fall 2008 Spring Ben Coffey, The Rise of High Frequency Stock Trading, Fall 2010 Spring 2011.

7 Mark K. Pyles - Page 7 Gabriel Henderson, Application of Neural Networks to Emerging Markets, Fall 2015 Spring Will Dube, The State of Private Equity in Flyover States, Fall 2016 present Service to the Profession Ad Hoc Reviewer Financial Services Review, Journal of Banking and Finance, Financial Review, Quarterly Review of Economics and Finance, Journal of Housing Research, Journal of Economics and Finance Education, Journal of Economics and International Finance, Journal of Small Business Management, Journal of Real Estate Economics and Finance, Quarterly Journal of Finance and Accounting, Journal of Behavioral Finance, Journal of Investing, Journal of Financial Economic Policy, Southern Journal of Business and Economics, Global Business and Finance Review, Tobacco Control, UNLV Gaming Research & Review Textbook Development Technical Proofreader: Fundamentals of Corporate Finance, 6 th Edition, Irwin/McGraw-Hill (2004), S.A. Ross, R.W. Westerfield, and B.D. Jordan. Technical Editor: Fundamentals of Corporate Finance, 7 th Edition, Irwin/Mcgraw-Hill (2005), S.A. Ross, R.W. Westerfield, and B.D. Jordan. Reviewer: Fundamentals of Corporate Finance, 1 st Edition, Pearson/Prentice Hall (2008), J. Berk, P. DeMarzo, and J. Harford. Reviewer: Fundamentals of Investments, 4 th Edition, Irwin/McGraw-Hill (2007), B.D. Jordan and T.W. Miller. Reviewer: Fundamentals of Investing, 11 th Edition, Pearson Addison-Wesley (2008), L.J Gitman and M.D. Joehnk. Reviewer: Financial Management, 11 th Edition, Pearson Addison-Wesley (2009), S. Titman, A. Keown, and J. Martin. Professional Memberships Financial Management Association 2006 present American Finance Association Academy of Commercial Banking and Finance Academy of Business Education Southern Finance Association Southwestern Finance Association Academy of Economics and Economic Education Research Midwest Finance Association