STEVEN V. LE, Ph.D B.S., Iowa State University, Ames, Iowa Major: Engineering

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1 STEVEN V. LE, Ph.D. Dr. Steven Le has many years of experience in the areas of financial analysis, portfolio management and securities analysis, including investment management of complex portfolios, such as pension funds & trusts, and their risk management in international financial markets. Dr. Le was a key member of a corporate strategic planning team for a multi-billion-dollar asset NYSE company, Director of Economics at the State of Maryland (USA), and Managing Director of a national economic consulting firm in Washington, DC. As the Chief Economic Advisor for the United Nations, Dr. Le led a team of experts to provide assistance in the privatization process of state owned companies and stimulate the economic growth in Asia. Dr. Le is currently the Director of Graduate Program in Finance at the College of Business Administration, California State University, Long Beach. Since 1985, Dr. Le has served as Professor of Finance and was the Chair of the Department of Finance, Real Estate and Law ( ) ( ). He served on the graduate faculty of economics and finance at a number of universities including Virginia Tech and University of Baltimore (Maryland). EDUCATION 1973 B.S., Iowa State University, Ames, Iowa Major: Engineering 1975 Master, Iowa State University, Ames, Iowa Major: Management Science 1977 Ph.D., Iowa State University, Ames, Iowa Major: Valuation/Finance Post-Graduate: Harvard University, Cambridge, Massachusetts Finance and Investment Decisions ACADEMIC EXPERIENCE Director, Graduate Program in Finance, California State University, Long Beach, California (CSULB) Director, Asian Educational Development Program, California State University, Long Beach, California (CSULB) Chair and Professor of Finance, California State University, Long Beach, California (CSULB) Professor of Finance, California State University, Long Beach, California (CSULB) Chair and Associate Professor of Finance, Dept. of Finance, Real Estate & Law, California State University, Long Beach, (CSULB) 1

2 Associate Professor of Finance, California State University, Long Beach, California (CSULB) Assistant Professor of Finance, Virginia Polytechnic Institute and State University (Virginia Tech), Blacksburg, Virginia Assistant Professor of Finance, University of Baltimore (University of Maryland System), Baltimore, Maryland BUSINESS PROFESSIONAL EXPERIENCES Lubow, McKay, Stevens & Lewis, Overland Park, Kansas (a national financial and economic consulting firm) Managing Director of Economic & Finance Troupe Kehoe Whiteaker & Kent, Maryland, Missouri, Arizona, California, Iowa (a national financial and economic consulting firm) Managing Director of Economics & Finance State of Maryland, Baltimore, Maryland (Regulation of Public Utility Companies such as Electric, Gas, Telecommunications and Transportation) Director of Economic Kansas City Power & Light Co., Kansas City, Missouri Corporate Planner and Financial Economist, Associated Engineers Inc., Fort Dodge, Iowa Management and Engineering Consultant Wallace-Holland-Kastler-Schmitz & Co., Iowa; Minnesota Management and Engineering Consultant Published Research Articles in Refereed Academic Journals Pre-Event Trading Based on Value Line s Weekly Rank Change Announcements, by Ying Zhang, Hongfei Tang, Wikrom Prombutr, and Steven V. Le, Journal of Trading, Summer 2016 Investor Response to Online Value Line Rank Changes: Foreign versus Local Stocks, by Ying Zhang, Steven V. Le, Jimmy Lockwood, and Wikrom Prombutr, Global Finance Journal,

3 Yes, the Value Line Enigma Is Still Alive: Evidence from Online Timeliness Rank Changes", by Ying Zhang, Giao X. Nguyen and Steven V. Le, The Financial Review, Vol. 45, No. 2, pp , May Divisional Cost of Capital, An Alternative to Pure-Play Approach, By Steven V. Le Journal of Financial and Economic Practice, pp 35-44, Spring Asset Allocation: An Application of the Analytic Hierarchy Process Model (AHP), By Steven V. Le, Journal of Business and Economic Research, Vol. 6, No. 9, pp , September "International Investment Diversification: Before and After the October 1987 Stock Market Crisis," Journal of Business Research, Vol. 22, No. 4, pp , June, "Regulatory Risk and Valuation of Regulated Firm: An Implication to the Utility Companies' Fair Rate of Return in Light of the 1989 Supreme Court's Duquesne Opinion," Mid-Atlantic Journal of Business, Vol. 27, No. 23, December "The Loan/Deposit Forecasting Model: Financial Modeling in Corporate Management, J. W. Bryant, 2nd Ed., published by John Wiley & Son, pp , "The Corporate Planning Process of the Regulated Utility Companies." Published in OMEGA: International Journal of Management Science, Vol. 15, No. 4, pp , Articles in Refereed Conference Proceedings Abnormal Returns and Stock Price Reactions to Corporate Insiders Trades, Published in the Refereed Proceedings of the Western Decision Sciences Institute, (Kauai, Hawaii), April The Relationships between the Chicago Board Options Exchange (CBOE) Volatility Index (VIX) and Firm Valuation: A Statistical Analysis, Published in the Refereed Proceedings of the Western Decision Sciences Institute, (Vancouver, Canada), April Institutional Ownership and Firm Valuation: A Multi-factors Statistical Analysis, Published in the Refereed Proceedings of the Western Decision Sciences Institute, (Las Vegas), April CEO Turnover and Valuation of the Firms, Published in the Refereed Proceedings of the Western Decision Sciences Institute, (Maui, Hawaii), April

4 International Investment Diversification Before and After the 2008 Financial Crisis, Published in the Refereed Proceedings of the Western Decision Sciences Institute, (Maui, Hawaii), April The Abnormal Returns and Stock Price Reaction to Barron s Buy/Sell Recommendations, Published in the Refereed Proceedings of the Western Decision Sciences Institute, (Napa, CA), April The September Effect and the Emerging Equity Markets, Published in the Refereed Proceedings of the Western Decision Sciences Institute, April Historical Returns and Investors Perception of Risks and Future Returns, Published in the Refereed Proceedings of the Western Decision Sciences Institute, April International Equity Market: Returns, Risks and Correlations Before and During the 2008 Global Financial Crisis, Published in the Refereed Proceedings of the Western Decision Sciences Institute, April 2011 (Portland, Oregon). Insider Holdings and Stock Valuation-A Statistical Analysis Published in the Refereed Proceedings of the Northeast Decision Sciences Institute, March 2008 (New York). The Effect of Earnings Announcement on Stock Prices, Finance Section, Refereed Proceedings of the Northeast Decision Sciences Institute, March 30, 2007 (Baltimore, Maryland) The Effect of Product Announcement on Stock Prices, Finance Section, Refereed Proceedings of the Northeast Decision Sciences Institute, March 30, 2007 (Baltimore, Maryland) The Relationships between the Chicago Board Options Exchange (CBOE) Volatility Index (VIX) and Stock Prices: A Statistical Analysis, Finance Section, Refereed Proceedings of the Western Decision Science Institute, April 2006 Internal Restructuring and Firm Valuation: A Statistical Analysis, Finance Section, Refereed Proceedings of the Western Decision Science Institute, April 2006 Insider Ownership and Firm Valuation: A Statistical Analysis, Finance Section, Refereed Proceedings of the Western Decision Science Institute, April 2005 Exchange Traded Funds vs. Index Funds, Risks, Returns and Expenses Ratios, Finance Section, Refereed Proceedings of the Western Decision Science Institute, April 2005 The Relationships between the Fed Funds Futures Rates and the Fed Funds Rates, Finance Section, Refereed Proceedings of the Western Decision Science Institute, April

5 The Federal Funds Rates and Their Effect on The Portfolio of Homebuilding Securities, Finance Section, Refereed Proceedings of the Western Decision Science Institute, April 2004 The Effects of Earnings Surprise On Stock Returns Finance Section, Refereed Proceedings of the Western Decision Science Institute, April The Effects of Analysts Ratings on Stock Price Finance Section, Refereed Proceedings of the Western Decision Science Institute, April Abnormal Returns and Stock Split: An Empirical Analysis, Finance Section, Refereed Proceedings of the Western Decision Science Institute, April Risks, Returns, and Correlations of Foreign Stock Markets and the U.S. Market: The Last Five Years, Finance Section, Refereed Proceedings of the Western Decision Science Institute, April The Multi-Currency Collateral Loan: An International Investment Technique, Finance Section, refereed Proceedings of the Western Decision Science Institute, April How Mutual Fund Managers Value Stocks, Finance Section, refereed Proceedings of the Western Decision Science Institute, April The Behavior of IPO Stock Prices, Finance: the Behavior of Stock Prices Section refereed Proceedings of the Western Decision Science Institute, Investments in Distressed Corporate Securities, Finance: Investments and Efficient Markets Section, refereed Proceeding of the Western Decision Science Institute, The Application of Analytic Hierarchy Process (AHP) Model to Portfolio Management, Portfolio Management Section, Proceedings of the Western Decision Science Institute, The Effects of Options Expiration (Triple Witching) on New York Stock Exchange (NYSE) Volume and Prices, Finance Section, Proceedings of the Western Decision Sciences Institute, April, Application of Option Pricing Theory to Real Asset Investment Valuation, Investment Track, Proceedings of the Midwest Decision Sciences Institute, April, Investing with Expert Systems, Finance Section, Proceedings of the Western Decision Sciences Institute, March, International Investment Diversification: The Pacific Rim Stock Markets, Finance Section, Proceedings of the Southwest Decision Sciences Institute, March,

6 - An Evaluation of the Consequences of Privatization: A Case Study of Argentina, Proceedings of the Southeast Decision Sciences Institute, February 26, Lessons from the Financial Crisis in the United States, South America and Asia, China Economic Times, December, Divisional Cost of Capital: An Alternative to Pure-play Approach, Proceedings of Decision Science Institute, Finance Section, March Is It Possible to Takeover Target Firms? Proceedings of Decision Science Institute, Finance Section, March "Regulatory Risk and Valuation of Regulated Firm," Corporate Finance Section, Proceedings of the Decision Sciences Institute Twentieth Annual Meeting, pp , March, "An Analysis of the International Investment Diversification." Corporate Finance Section, Proceedings of the National Conference Decision Science Institute, November, "Application of Multiple Discriminant Analysis to Prediction of Electric Utility Bond Ratings," Corporate Finance Section, Proceedings of the Decision Sciences Institute of America, pp , "Capital Investment Decisions in Capacity Expansion Planning of an Electrical System: A Stochastic Programming Approach: Proceedings of The American Institute for Decision Sciences, Fourteenth Annual Meeting, Arizona, pp , "An Econometric Approach to Peak Load Forecasting." Proceedings of the Symposium on Computer Analysis of Electric Load Forecasting and Generating Capacity Expansion, The National Regulatory Research Institute, Ohio State University, Columbus, Ohio, "Load Management as an Approach to Improving Load Factor and Reducing Generating Capacity Requirements: Proceedings of the Symposium on Computer Analysis of Electric Load Forecasting and Generating Capacity Expansion, The National Regulatory Research Institute, Ohio State University, Ohio, "The Impact of Load Management Upon Demand Forecasting, Capacity Planning, Revenue Requirements, Electricity Price and Financial Health of an Electric Utility Company: A Case Study." Electric Ratemaking, Vol. 1, No. 3, June, "An Econometric Forecasting Model for Patient-Days, Bed Requirements and Long-Range Planning of Hospital Expansion." Proceedings of the 1978 National Conference of the American Institute for Decision Sciences. - "Financial Planning: A Mathematical Model for Financial Planning, Capital Budgeting and Long-Range Planning of the Electrical Energy Systems." Report #77338 of the Engineering Research Institute, ERA Project #4608, Iowa State University, pp , May,

7 - "An Economic Study of Capital Shortages: A Mathematical Model for Decision Making of the Public Administration Policy in the Bridge Improvement Programs of the United States." Proceedings of the 8th Annual Conference of the American Institute for Decision Sciences, November, A Special Study for the United Nations: Privatization of State Owned Enterprises: Valuation and Financial Settlements (July 2001) Presentations delivered to scholarly organizations - Discussed a Research Study Titled Returns, Risks and Correlations of Emerging Stock Markets at Thammasat University, Bangkok, Thailand, January 20, Discussed a Research Study Titled Privatization of State Owned Enterprises (SOEs): Valuation and Financial Settlement, United Nations (UNDP), July Discussed a paper titled Dividends and Equity Acquisition in Banking, Finance: Banking and Real Estate Section, Annual Meeting of Western Decision Sciences Institute, Discussed a paper titled Risk and Return of Closed-End Funds: Does Manager Tenure Matter? Finance Section, Annual Meeting of Western Decision Sciences Institute, Discussed a paper titled Do Actively-managed Funds Really Outperform the Index Funds? Finance Section, Annual Meeting of Western Decision Sciences Institute, April, Discussed a paper titled Investment-related Tax Shields and Financial Leverage, Finance section, Annual Meeting of Western Decision Sciences Institute, March, Discussed a paper titled "An Analysis of Stock Index-Linked CDS," Finance Section, Annual Meeting of the Decision Sciences Institute, November, "Regulatory Risk and Valuation of Regulated Firms, Corporate Finance Section, Decision Sciences Institute Conference, Discussed a paper titled "Dividend Changes and New Equity Issues: Leverage and Signaling" at the Decision Sciences Institute Annual Meeting, Finance Section, March Discussed a paper entitled "The 1987 Market Crash: A Regression Study of Differential Stock Price Declines and Recoveries" at The Decision Sciences Institute 21st Annual Meeting, Finance Session, November, "An Analysis of the International Investment Diversification," National Conference of Decision Sciences Institute, Investment Session,

8 - Discussed a paper titled "The Sources of Merger Gain: An Empirical Analysis," National Conference of Decision Sciences Institute, Finance Session, New Orleans, "Application of Multiple Discriminate Analysis to Prediction of Electric Utility Bond Ratings," Decision Sciences Institute, Finance Session, Western Regional Conference, Capital Investment Decisions in Capacity Expansion Planning of an Electrical System: A Stochastic Programming Approach," American Institute for Decision Sciences, Western Regional Conference, "Earned cash flow vs. actual cash flow," Discussant, The International Society of Statistical Science Conference, California, August 18-20, "An Econometric Approach to Peak Load Forecasting," National Regulatory Research Institute, Ohio State University, "Load Management as an Approach to Improving Load Factor and Reducing Generating Capacity Requirements," National Regulatory Research Institute, Ohio State University, "An Econometric Forecasting Model for Patient-Days, Bed Requirements and Long-Range Planning of Hospital Expansion." National Conference of the American Institute for Decision Sciences, "An Econometric Study of Capital Shortage: A Mathematical Model for Decision Making of the Public Administration Policy in the Bridge Improvement Programs of the United States." Annual Conference of the American Institute for Decision Sciences, Economic & Financial Consulting (International Projects) - Under a United Nations Development Program (UNDP), ( ), As Chief Advisor to the United Nations (UNDP), led a team of experts to provided assistance to the Vietnamese Ministry of Finance to develop policies in the privatization of state owned companies, which includes valuation, shares issuance, financial settlement and the stimulation of economic growth in Asia. Member, Board of Advisor, SAIGON ASSET MANAGEMENT (An Institutional Investment Management Company with public Investment Fund traded on the Frankfurt Stock Exchange, Germany). Member, Board of Advisor, VINA CAPITAL (An Institutional Investment Management Company with public Investment Fund traded on the London AIM Exchange). - Discuss the Asian financial crisis at the Financial and Economic Conference held in Beijing, China, December 1997 (Sponsored by the United Nations). 8

9 - Session Chair, "Assessing International Risk" (International Issues), Decision Sciences Institute's Annual Meeting, Was invited by the Russian Ministry of Finance and Academy of Science and The Hoover Institute (Stanford University) to visit Russia and Ukraine to assess the economic development and the process by which these countries are moving toward a free market economy, Invited as a guest speaker on international investment issues. Business Radio XKEAM, 950 AM Los Angeles, CA, June 28, Invited as a guest speaker on international economic and investment issues. Rotary International, Fullerton, CA, Invited as a guest speaker on international economic and invest issues. Rotary International, Lake Forest/El Toro, CA, April 10, Invited as a guest speaker on economic and investment issues. KWHY T.V. Channel 22, Los Angeles, CA, August 4, Economic & Financial Consulting (Testified as expert economic/financial witness, Projects in the United States) Project No & T-01051B T-01051B State Arizona Arizona Company Sierra Pacific Power Company Power Company U S West Communications Inc. U S West Communications Inc. Sierra Pacific Resources Sierra Pacific Resources GTE- Central Telephone Company- (Sprint) Central Telephone Company (Sprint) Power Company 9

10 California Superior Court of California PUD Oklahoma Arkansas Louisiana Gas Company Southwest Gas Corporation Southwest Gas Corporation Valuation Analysis California Banana Boat of California PUD California Arkansas Oklahoma Gas Corporation Sierra Pacific Power Co Sierra Pacific Power Co. PUD Oklahoma Oklahoma Natural Gas Company 912 Washington D.C. Potomac Electric Power Company Power Company Central Telephone Co California Pacific Bell and GTE California Pacific Bell and GTEC 65A Maine Central Maine Power Co Maine Central Maine Power Co Maine Bangor Hydro-Electric Co Oklahoma Lone Star Gas Company U8358 Alaska Alascom Inc Sierra Pacific Power Co Sierra Pacific Power Co Sierra Pacific Power Co. 843 Washington D.C. Potomac Electric Power Company The Bell Telephone Co Southwest Gas Corporation Sierra Pacific Power Co. 10

11 Sierra Pacific Power Co New Mexico General Telephone Company of the Southwest Southwest Gas Corporation Indiana Northern India Public Service Company E Arizona Mountain Bell/U S West Power Company 7597 Maryland Potomac Electric Power Company 7427 Maryland Delmarva Power & Light Company 7529 Maryland Potomac Edison Company 7574 Maryland Baltimore Gas and Electric Company 757 Maryland Delmarva Power & Light Company 7589 Maryland Conowingo Power Co Maryland Washington Gas 7339 Maryland Potomac Edison Company 7397 Maryland Baltimore Gas and Electric Company 7384 Maryland Potomac Electric Power Company PROFESSIONAL ASSOCIATIONS CFA Institute (CFA) (Chartered Financial Analyst) EXECUTIVE TRAINING Faculty member of the executive training programs sponsored by California State University (CSULB), International Training Programs (CCPE). These programs promoted understanding of American financial & economic system among executives from Russia and the People's Republic of China,

12 TEACHING INTERESTS Investment Management: Asset Allocation, Portfolio Management, Valuation of Securities, Derivative Securities. Corporate Finance: Cost of Capital, Capital Budgeting, Valuation, Financial & Investment Analysis RESEARCH INTERESTS Cost of Capital, Valuation, Multi-factors Valuation & Investment Model, Abnormal Returns, International Investments, Speculative Markets, Global Financial & Economic Outlook. COURSES TAUGHT - Business Finance - Investment Principles - Applied Portfolio Management - Seminar in Business Finance (MBA) - Seminar in Investments (MBA) - Economics - Integrated Business Functions Issues 12