Hui-Ju Tsai Associate Professer of Finance Department of Business Management

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1 Office Address: Washington College 300 Washington Avenue, Chestertown, MD Phone: Hui-Ju Tsai Associate Professer of Finance Department of Business Management Washington College March 2016 Education Ph.D. in Finance, October 2010, Rutgers Business School-Newark & New Brunswick, Rutgers University, New Jersey, USA o Dissertation: Essays on Optimal Portfolio Decisions for Long-term Investors M.B.A., June 2003, National Taiwan University, Taiwan B.S. in Finance (minor in Accounting), June 2000, National Chengchi University, Taiwan Other Certification CFA charter Honors and Awards Faculty-Student Summer Collaboration Award ($2,000), Summer 2015 Christian A. Johnson Fellowship Junior Faculty Leave, Spring 2014 Membership, Beta, Gamma, Sigma Honor Society, 2011-present Graduate Fellowship, Rutgers University, September January 2010 Teaching Assistantship awarded by Rutgers University, September May 2009 Membership, Phi Tau Phi Scholastic Honor Society of Taiwan, awarded by National Taiwan University, June 2002 IEAT (Importers and Exporters Association of Taipei) Scholarship, June 2002 Membership, Phi Tau Phi Scholastic Honor Society of Taiwan, awarded by National Chengchi University, June 2000 Teaching Experience Current Position March 2016 present Associate Professor of Finance, Washington College 1

2 Previous Positions Aug March 2016 Assistant Professor of Finance, Washington College Jan May 2009 Teaching Assistant, Rutgers University o Asset Pricing (PhD level) o Financial Modeling (Master of Quantitative Finance program) Sep May 2008 Instructor (full responsibility), Rutgers University o Corporate Finance (course evaluation: 4.33/5) o Financial Institutions (course evaluation: 4.27/5) Sep May 2007 Teaching Assistant, Rutgers University o Corporate Finance Published Papers The Informational Efficiency of Bonds and Stocks: The Role of Institutional Sized Bond Trades, International Review of Economics and Finance 31 (2014), The Determination of Security Prices: An Interactive Experiment, Journal of the Academy of Business Education 15 (2014), Optimal Portfolio Choice for Investors with Industry-Specific Labor Income Risks (with Yangru Wu), Finance Research Letters 11 (2014), Optimal Portfolio Choice with Asset Return Predictability and Nontradable Labor Income (with Yangru Wu), Review of Quantitative Finance and Accounting 45 (2015), Bond and Stock Market Response to Unexpected Dividend Changes (with Yangru Wu), Journal of Empirical Finance 30 (2015), Performance of Foreign and Global Mutual Funds: The Role of Security Selection, Region-Shifting, and Style-shifting Abilities (with Yangru Wu), The Financial Review 50 (2015), Working Papers Portfolio Diversification and Investment Risk (with Zachary Revak and Kelly Sugalski), submitted and under review. Work in Progress Corporate Social Responsibility and Financial Performance: The Evidence during the Non-Crisis and Crisis Periods, December Optimal Asset Allocation in Defined Contribution Pension Plans, (with Yangru Wu), October

3 Referee for Professional Journals Asia Pacific Review of Financial Studies, 2013 The Financial Review, 2013, 2014 North American Journal of Economics and Finance, 2014 Emerging Markets Finance and Trade, 2015 Journal of International & Interdisciplinary Business Research, 2015 Managerial Finance, 2015 Journal of Economics and Business, 2015 The European Journal of Finance, 2015 (2) Finance Research Letters, 2015 International Review of Economics and Finance, 2016 Conference Presentations Optimal Consumption and Portfolio Choice for Long-Horizon Investors with Nontradable Labor Income When Asset Returns Are Predictable o FMA International Annual Meeting, Reno, October 2009 o Midwest Finance Association Annual Meeting, New Orleans, February 2012 o Southwestern Finance Association Annual Conference, New Orleans, March 2012 o The National Business and Economics Society Annual Conference, Maui, March 2012 o Southern Finance Association Annual Conference, Charleston, November 2012 Optimal Portfolio Choice for Investors with Industry-Specific Labor Income Risks o FMA International Annual Meeting, Chicago, October 2013 o Southern Finance Association Annual Conference, Puerto Rico, November 2013 o Midwest Finance Association Annual Meeting, Orlando, March 2014 Optimal Asset Allocation in Defined Contribution Pension Plans o Eastern Finance Association Annual Conference, St. Pete Beach, Florida, April 2013 o Southwestern Finance Association Annual Conference, Albuquerque, New Mexico, March 2013 o FMA International Annual Meeting, Nashville, Tennessee, October 2014 Performance of Foreign and Global Mutual Funds o Southwestern Finance Association Annual Conference, Houston, Texas, March 2015 o FMA International Annual Meeting, Orlando, Florida, October

4 Bond and Stock Market Response to Unexpected Dividend Changes o Eastern Finance Association Annual Conference, New Orleans, Louisiana, April 2015 Corporate Goodness and Financial Performance o Midwest Finance Association Annual Conference, Atlanta, Georgia, March 2016 o Southwestern Finance Association Annual Conference, Oklahoma City, Oklahoma, March 2016 Conference Discussant Southwestern Finance Association Annual Conference, Oklahoma City, March 2016 Midwest Finance Association Annual Conference, Atlanta, March 2016 FMA International Annual Meeting, Orlando, October 2015 Eastern Finance Association Annual Conference, New Orleans, April 2015 Southwestern Finance Association Annual Conference, Houston, March 2015 FMA International Annual Meeting, Nashville, October 2014 Midwest Finance Association Annual Meeting, Orlando, March 2014 Southern Finance Association Annual Conference, Puerto Rico, November 2013 FMA International Annual Meeting, Chicago, October 2013 Eastern Finance Association Annual Conference, St. Pete Beach, Florida, April 2013 Southwestern Finance Association Annual Conference, Albuquerque, New Mexico, March 2013 Southern Finance Association Annual Conference, Charleston, November 2012 FMA International Annual Meeting, Atlanta, October 2012 Midwest Finance Association Annual Meeting, New Orleans, February 2012 FMA International Annual Meeting, Denver, October 2011 FMA International Annual Meeting, New York, October 2010 FMA International Annual Meeting, Reno, October 2009 Other Conference Participation WFA 46 th Annual Conference, 2011 NYSE Euronext, Teachers Workshop, 2011 AFA International Annual Meeting, 2010, 2011 The 21 st Annual Conference on Financial Economics and Accounting, 2010 NYU Stern Five-Star Conference on Research in Finance, 2008,

5 Professional Services 2014 FMA International Annual Meeting Program Committee 2014 Southern Finance Association Annual Meeting Program Committee 2015 Eastern Finance Association Annual Meeting Program Committee 2016 FMA Asia Pacific Annual Meeting Program Committee 2016 FMA Annual Meeting Program Committee Professional Affiliations Financial Management Association International Midwest Finance Association Southwestern Finance Association Eastern Finance Association College Services Assessment Committee, Fall 2015-present. Board member of Brown Advisory Investment Program, Fall 2010-present. Enactus (formerly known as SIFE) Business Advisory Board member, Fall 2010-present. Assistant Professor of Marketing Search Committee, Fall present. Summer-Term/J-Term Working Group, Fall 2014-Fall Assistant Professor of Strategic Management Search Committee, Fall 2014-Fall Admissions and Financial Aid Committee Member, Fall 2011-Fall 2013 (Chair, Fall 2012-Fall 2013). Teaching Interests Investments, Corporate Finance, Financial Derivatives, Personal Finance Research Interests Consumption and Portfolio Decisions, Pension Plans, Market Microstructure, Corporate Bonds 5