Herman Manakyan Page 1 HERMAN MANAKYAN

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1 Herman Manakyan Page 1 Department of Economics and Finance Salisbury University 1101 Camden Ave. Salisbury, MD (410) hxmanakyan@salisbury.edu HERMAN MANAKYAN EDUCATION University of Alabama, PhD 1988 (Finance) MA 1987 (Finance) University of Kentucky, 1985 Berea College, Kentucky, BS 1984 (Bus. Adm.) BA 1984 (Math, Econ.) HONORS Academy of Finance McGraw Hill-Irwin Best Paper Award 2010 Honorary Inductee, Phi Eta Sigma, SU Chapter 2004 Honorary Inductee, Beta gamma Sigma, SU Chapter 2002 SU Perdue School of Business Summer Research Grant 2001 WKU College of Business, Faculty Research Award 1992 WKU College of Business, Faculty Research Award 1995 WKU Summer Research Grant 1992 WKU Summer Research Grant 1994 WKU Summer Research Grant 1996 WKU Summer Research Grant 1997 WKU Summer Research Grant 1999 Deloitte Haskins & Sells Academic Membership Chair Nashville FEI Chapter Doctoral Student Fellow, Financial Management Association 1987 Robert Hunt - Cochrane Graduate Fellow University of Alabama Outstanding Business Student, Berea College 1984 Dean's List, Berea College RESEARCH INTERESTS TEACHING INTERESTS EXPERIENCE Signaling theory, valuation effects of corporate dividend policy and capital structure, portfolio management, market efficiency and market anomalies, mutual fund performance, business education. Investments, Portfolio Management, Derivatives and Corporate Finance Professor of Finance, Department of Economics and Finance, Salisbury University (2012-present) Professor and Chair, Department of Economics and Finance, Salisbury University (1999-present). Associate Professor and Finance Chair, Department of Accounting and Finance, Western Kentucky University ( ).

2 Herman Manakyan Page 2 Associate Professor, Western Kentucky University. ( ) Assistant Professor, Western Kentucky University. ( ). Teaching experience includes courses in Business Finance, Investments, Derivatives, Portfolio Management, and the administration of Student Managed Investment Portfolios. Graduate Assistant, The University of Alabama. Taught courses in Business Finance, Intermediate Financial Management, and Money and Capital Markets. Coordinated summer instruction by Graduate Assistants. Served as research assistant for various projects. ( ) PUBLICATIONS Manakyan, H., D. Ervin and E. T. Claggett, Take the Money: Should You Draw Social Security Retirement Benefits Early?. The Retirement Management Journal, forthcoming. Huang, G.C,, K. Liano, H. Manakyan and M.S. Pan, Open-Market Stock Repurchases by Insurance Companies and Signaling. Risk Management and Insurance Review, 16(1) 2013, Claggett, E. T., H. Manakyan and D. Ervin, The Decision to Defer Social Security Retirement Benefits: A Straight-Forward Starting Point. The Retirement Management Journal, 2 (3) (2012), Smith, K. J., P. Derrick and H. Manakyan, A Re-evaluation and extension of the Motivation and Cheating Model. Global Perspectives on Accounting Education, 9 (2012), Huang, G.C,, K. Liano, H. Manakyan and M.S. Pan, The Information Content of Multiple Stock Splits. Financial Review, 43 (2008), Manakyan, H. and S. F. Reid, Establishing Linkages to an Introductory Finance Course in Real Estate Electives. Journal of Financial Education, 33 (2007), Liano, K, G.C. Huang and H. Manakyan, Market Reaction to Open Market Stock Repurchases and Industry Affiliation. Quarterly Journal of Business and Economics, 42 (1&2) (2003), Redman, A., J. Tanner and H. Manakyan, Corporate Real Estate Financing Methods: A Statistical Study of Corporations Choices. Journal of Corporate Real Estate, 4(2) (2002), Manakyan, H. and K. Liano, Performance of Focused Mutual Funds. Journal of Business and Economic Perspectives, 27(1) (Spring/Summer 2001), Manakyan, H., K. Liano and G. C. Huang, An Alternative Explanation of the Market Reaction to Dividend Changes. Advances in Financial Planning and Forecasting, 9 (2000),

3 Herman Manakyan Page 3 Redman, A., N. S. Gullett and H. Manakyan, The Performance of Global and International Mutual Funds. Journal of Financial and Strategic Decisions, 13 (1) (Spring 2000), Liano, Kartono, Kadir Liano and H. Manakyan, Presidential Administrations and the Day-of-the-Week Effect in Stock Returns. Review of Financial Economics, 8 (1999), Redman, A., H. Manakyan and J. Tanner, A Normalized Citation Analysis of Real Estate Journals. Real Estate Economics, 27(1) (1999), Redman, A., H. Manakyan and J. Tanner, The Ranking of Real Estate Journals: A Citation Approach. Financial Practice and Education, 8 (2) (Fall/Winter 1998), Manakyan, H., and K. Liano, Performance of Mutual Funds Before and After Closing to New Investors. Financial Services Review, 6(4) (1997), Redman, A., H. Manakyan and K. Liano, Real Estate Investment Trusts and Calendar Anomalies. Journal of Real Estate Research,14(1) (1997), Noser, T. C., H. Manakyan and J. Tanner, Research Productivity and Perceived Teaching Effectiveness: A Survey of Economics Faculty. Research in Higher Education, 37(3) (1996), Hotard, D., J. Tanner and H. Manakyan, Management Faculty Ratings of Journal Quality: The Factors and the Journals. Southern Business Review, 22(1) (Spring 1996), Redman, A. and H. Manakyan, Relationship Between Business Risk and Financial Leverage: An Empirical Study. The Journal of the Tennessee Economics Association, 1(1) (Spring 1996), Manakyan, H. Impact of Operation Desert Shield/Storm on the Oil Industry: Evidence From Security Returns and Financial Statements. Journal of Business and Economic Perspectives, 21(2) (Fall 1995), Manakyan, H., K. Liano and G. C. Huang, Economic Conditions and Dividend Announcements: A New Approach to Signaling Hypothesis. Advances in Financial Planning and Forecasting, 6 (1995), Holsapple, C., L. Johnson, H. Manakyan and J. Tanner, An Empirical Assessment and Categorization of Journals Relevant to DSS Research. Decision Support Systems, 14 (1995), Redman, A. and H. Manakyan, A Multivariate Analysis of REIT Performance by Financial and Real Asset Portfolio Characteristics. Journal of Real Estate Finance and Economics, 10(2) (March 1995), Manakyan, H. and J. Tanner, Research Productivity and Teaching Effectiveness: Accounting Faculty Perspective. Accounting Educators' Journal, 6(2) (Fall 1994), 1-21.

4 Herman Manakyan Page 4 Holsapple, C., L. Johnson, H. Manakyan and J. Tanner, Business Computing Research Journals: A Normalized Citation Analysis. Journal of Management Information Systems, 11(1) (Summer 1994), Holsapple, C., L. Johnson, H. Manakyan and J. Tanner, Business Computing System Research: Structuring the Field. OMEGA, International Journal of Management Science, 22(1) (1994), Holsapple, C., L. Johnson, H. Manakyan and J. Tanner, A Citation Analysis of Business Computing Research Journals. Information and Management, 25(5) (1993), Hotard, D., H. Manakyan and J. Tanner, Research Productivity, Perceived Teaching Effectiveness and Management Faculty Opinions: A Survey. Southwest Business Review, 3(1) (Spring 1993), Manakyan, H., K. Liano and G. C. Huang, The 1986 Tax Reform Act and Ex-Dividend Day Price and Volume Behavior: Evidence From Organized Exchanges and the OTC Market. Journal of Economics and Finance, 17(1) (Spring 1993), Liano, K., H. Manakyan and P. Marchand, Economic Cycles and the Monthly Effect in the OTC Market. Quarterly Journal of Business and Economics, 31(4) (Autumn 1992), Tanner, J., H. Manakyan and D. Hotard, Management Faculty Research Productivity and Perceived Teaching Effectiveness. Journal of Education for Business, 67(5) (May/June 1992), Manakyan, H. and J. Tanner, A Survey of Finance Faculty on the Relationship Between Research Productivity and Perceived Teaching Effectiveness. Journal of Financial Education, 20 (November 1991), Manakyan, H. and C. Carroll, Dividend Change Announcements and Structural Change. Quarterly Journal of Business and Economics, 30(1) (Winter 1991), Manakyan, H. and C. Carroll, An Empirical Examination of the Existence of a Signaling Value Function for Dividends. Journal of Financial Research, 13(3) (Fall 1990), Manakyan, H., A Re-Examination of the Ex-Dividend Day Behavior of Stock Prices. Southern Review of Political Economy, 5 (Spring 1987), PROCEEDINGS Smith, K., P. Derrick, H. Manakyan, An Assessment of the Contribution of Alienation to the Motivation and Cheating Model. Proceedings of Academy of Business Research, September 2011, Atlantic City, NJ. Huang, G.C., K. Liano, H. Manakyan and M.S. Pan, Liquidity Changes Subsequent to Reverse Stock Splits. Proceedings of the Academy of Finance, March 2010, in Chicago, IL

5 Herman Manakyan Page 5 Thapa, S. and H. Manakyan, Multinational Corporations vs. Domestic Corporation: Comparison of Financial Profiles. Proceedings of the Twentythird Annual Meeting of the Decision Sciences Institute, 1992, San Francisco, CA. Noser, T., H. Manakyan and J. Tanner, A Survey of Economics Faculty on the Relationship Between Research Productivity and Perceived Teaching Effectiveness. Proceedings of the Twenty-third Annual Meeting of the Decision Sciences Institute, 1992, San Francisco, CA. Holsapple, C., L. Johnson, H. Manakyan and J. Tanner, Surveying the Sites for Publishing MIS Research: A Citation Analysis of Books and Articles. Proceedings of the Twenty-third Annual Meeting of the Decision Sciences Institute, 1992, San Francisco, CA. Tanner, J., H. Manakyan and D. Hotard, The Impact of Research Productivity on Teaching Effectiveness: Management Faculty Perspectives. Proceedings of the Twenty-first Annual Meeting of the Western Decision Sciences Institute, 1992, Reno, NV. Tanner, J. and H. Manakyan, Research Productivity, Perceived Teaching Effectiveness and Finance Faculty Opinions. Proceedings of the Twentyfirst Annual Meeting of the Decision Sciences Institute, 1990, San Diego, CA. WORKING PAPERS Manakyan, H., Impact of Health Care Reform on Security Returns. Western Kentucky University Bowling Green College of Business Administration Working Paper Series, 1994, 13(1). Holsapple, C., L. Johnson, H. Manakyan and J. Tanner, An Empirical Assessment and Categorization of Journals Relevant to DSS Research. Kentucky Initiative for Knowledge Management, University of Kentucky, Lexington, Kentucky, 1994, Paper Number 65. Holsapple, C., L. Johnson, H. Manakyan and J. Tanner, Business Computing Research Journals: A Normalized Citation Analysis. Kentucky Initiative for Knowledge Management, University of Kentucky, Lexington, Kentucky, 1993, Paper Number 52. Holsapple, C., L. Johnson, H. Manakyan and J. Tanner, Business Computing System Research: Structuring the Field. Kentucky Initiative for Knowledge Management, University of Kentucky, Lexington, Kentucky, 1992, Paper Number 45. Holsapple, C., L. Johnson, H. Manakyan and J. Tanner, A Citation Analysis of Business Computing System Research, Kentucky Initiative for Knowledge Management, University of Kentucky, Lexington, Kentucky, 1992, Paper Number 44. Manakyan, H., Impact of Operation Desert Shield/Storm on the Oil Industry. Western Kentucky University Bowling Green College of Business Administration Working Paper Series, 1992, 11(3).

6 Herman Manakyan Page 6 Noser, T., H. Manakyan, and J. Tanner, A Survey of Economics Faculty on the Relationship Between Research Productivity and Perceived Teaching Effectiveness. Western Kentucky University Bowling Green College of Business Administration Working Paper Series, 1992, 11(1). PARTICIPATION IN PROFESSIONAL MEETINGS Webinar Presentation, Retirement Income Industry Association, March 5, 2014 Take the Money: Should you Draw Social Security Benefits Early? Co-Authored with D. Ervin and E. T. Claggett. (also presented at PSB Faculty Research Colloquium, Feb. 28, 2014) Paper Presentation, Academy of Business Research, September 2011 in Atlantic City, NJ An Assessment of the Contribution of Alienation to the Motivation and Cheating Model. Co-Authored with K. Smith and P. Derrick. Paper Presentation, Academy of Finance, March 2010, in Chicago, IL Liquidity Changes Subsequent to Reverse Stock Splits. Co-authored with G.C. Huang, K. Liano and M.S. Pan. Won conference Best Paper award Paper Presentation, Southern Finance Association meeting, November 2006 in Destin, FL. Establishing Linkages to an Introductory Finance Course in Real Estate Electives. Co-authored with S. Reid. Paper Presentation, Southern Finance Association meeting, November 2005 in Key West, FL. Another Look at the Stock Split Puzzle: Frequency of Splits as an Explanation of the Motivation to Split. Co-authored with G.C. Huang, K. Liano and M.S. Pan in Chicago, IL. The Information Content of Multiple Stock Splits. Co-authored with G.C. Huang, K. Liano and M.S. Pan. Paper Presentation, Southern Finance Association meeting, November 2001in Destin, FL. Market reaction to Open Market Stock Repurchases and Industry Affiliation. Co-authored with K. Liano and G. Huang. Paper Presentation, American Real Estate Society meeting, March 2000 in Santa Barbara, CA. Capital Structure and Financing Methods in Corporate Real Estate. Co-authored with A. Redman, J. Tanner and S. Lambert. Paper Presentation, Southern Finance Association meeting, November 1999 in Key West, FL. Comparative Performance of Focused Mutual Funds. Co-authored with K. Liano in Honolulu, Hawaii. Does Good News Follow Bad News? The Case of Dividends. Co-authored with C. Carroll and J. L. Silver.

7 Herman Manakyan Page in Honolulu, Hawaii. Industry Affiliation and Market Reaction to Dividend Signals. Co-authored with K. Liano and G.C. Huang. Paper Presentation, Southern Finance Association meeting, November 1997 in Baltimore, MD. Economic Value Added as a Determinant of Stock Market Returns. Co-Authored with A. Redman and N. Gullet. Paper Presentation, American Society of Business and Behavioral Sciences meeting, February 1997 in Las Vegas, NV. The Dividend-Earnings Relationship in the Presence of Non-Dividend Information. Co-authored with C. Carroll and J. L. Silver. Paper Presentation, Southern Finance Association meeting, November 1996 in Key West, FL. An examination of Mutual Funds Closed to New Investments. Co-Authored with K. Liano. Paper Presentation, American Real Estate Society meeting, March 1996 in Lake Tahoe, CA. Optimal Prepayment of Fixed Rate Residential Mortgages: An Empirical Analysis. Co-authored with L. Johnson and J. Philhours. (Abstract published in Journal of Financial Abstracts: Series E Real Estate, Working Paper Series, 1(20) (Aug 23, 1996) Paper Presentation, American Real Estate Society meeting, March 1996 in Lake Tahoe, CA. The Ranking of Real Estate Journals: A Citation Analysis Approach. Co-authored with A. Redman and J. Tanner.(Abstract published in Journal of Financial Abstracts: Series E Real Estate, Working Paper Series, 1(15) (June 7, 1996) Paper Presentation, Southern Finance Association meeting, November 1995 in Sarasota, FL. An Empirical Analysis of Global and International Mutual Fund Performance: Co-authored with A. Redman and N. Gullet. Paper Presentation, Southern Finance Association meeting, November 1995 In Sarasota, FL. A Re-examination of the Dividend Signaling Hypothesis: Evidence of Industry Effects. Co-authored with K. Liano and G.C. Huang. Poster Session, Midwest Finance Association meeting, March 1995 in Cincinnati, OH. Impact of Healthcare Reform on Insurance, Healthcare And Related Industries: Evidence From Financial Markets. Paper Presentation, American Real Estate Society meeting, March 1995 in Hilton Head, SC. Real Estate Investment Trusts and Calendar Anomalies. Co-authored with A. Redman and K. Liano. Paper Presentation, Tennessee Economic Association Meeting, March 1995 in Nashville, TN. The Relationship Between Business Risk and Financial Leverage: An Empirical Study. Co-Authored with A. Redman. Paper Presentation, Southern Finance Association meeting, November 1993 in New Orleans, LA. Capital Structure of REITs: The Impact of Business Risk. Co-authored with A. Redman.

8 Herman Manakyan Page 8 Paper Presentation, Southern Finance Association meeting, November 1993 in New Orleans, LA. Impact of the Gulf Crisis on U.S. Oil Firms. Paper Presentation, Southern Finance Association meeting, November 1993 in New Orleans, LA. The Market Response to Dividend Change Announcements: The Impact of the Business Cycle. Co-authored with K. Liano and G.C. Huang in Toronto, Canada. Business Risk and Capital Structure: A Comparative Analysis of REITs, Real Estate Corporations and Industrial Firms. Co-authored with A. Redman. Paper Presentation, Decision Sciences Institute meeting, November 1992 in San Francisco, CA. Multinational Corporations vs. Domestic Corporations: Comparison of Financial Profiles. Co-authored with S. Thapa. Paper Presentation, Decision Sciences Institute meeting, November 1992 in San Francisco, CA. A Survey of Economics Faculty on the Relationship Between Research Productivity and Perceived Teaching Effectiveness. Coauthored with T. Noser and J. Tanner. Paper Presentation, Decision Sciences Institute meeting, November 1992 in San Francisco, CA. Surveying the Sites for Publishing MIS Research: A Citation Analysis of Books and Articles. Co-authored with C. Holsapple, L. Johnson, and J. Tanner. Paper Presentation, Southern Finance Association meeting, November 1992 in Jacksonville, FL. Further Evidence on the Determinants of Capital Structures: Regulated vs. Unregulated Firms. Co-authored with S. Kim and S. Thapa in San Francisco, CA. A Multivariate Analysis of REIT Performance by Financial and Real Asset Portfolio Characteristics. Co-authored with A. Redman. Paper Presentation, Western Decision Sciences Institute meeting, March 1992 in Reno, NV. The Impact of Research Productivity on Teaching Effectiveness: Management Faculty Perspectives. Co-authored with J. Tanner and D. Hotard. Paper Presentation, Southern Finance Association meeting, November 1991 in Key West, FL. Economic Conditions and the Monthly Effect in the OTC Market. Co-authored with K. Liano and P. Marchand. Paper Presentation, Southern Finance Association meeting, November 1991 in Key West, FL. The 1986 Tax Reform Act and Ex-Dividend Day Price and Volume Behavior in the OTC Market. Co-authored with K. Liano and G.C. Huang.

9 Herman Manakyan Page 9 Paper Presentation, Southern Finance Association meeting, November 1991 in Key West, FL. Shareholder Wealth Effects of Antitakeover Amendments. Co-authored with D. Shull. Paper Presentation, Decision Sciences Institute meeting, November 1990 in San Diego, CA. Research Productivity, Perceived Teaching Effectiveness and Finance Faculty Opinions. Co-authored with J. Tanner. Paper Presentation, Southern Finance Association meeting, November 1990 in Savannah, GA. An Empirical Study of the Determinants of Capital Structure: A New Approach. Co-authored with S. Thapa. Paper Presentation, Southern Finance Association meeting, November 1990 in Savannah, GA. The 1986 Tax Reform Act and Behavior of Stock Prices and Trading Volume on the Ex-Dividend Day. Co-authored with K. Liano and G.C. Huang. Paper Presentation, Southern Finance Association meeting, November 1990 in Savannah, GA. Multinational Corporations vs. Domestic Corporations: The Differences in Financial Profiles. Co-authored with S. Thapa. Paper Presentation, Southern Finance Association meeting, November 1989 in Orlando, FL. Dividend Signals as Predictors of Post-Announcement Performance. Co-authored with C. Carroll. Paper Presentation, Southern Finance Association meeting, November 1989 in Orlando, FL. Merger and Acquisition Rates of Firms With Anti- Takeover Amendments. Co-authored with D. Shull in Boston, MA. Market Determined Dividend Signals and Subsequent Earnings Performance. Co-authored with C. Carroll. Paper Presentation, Southern Finance Association meeting, November 1988 in San Antonio, TX. An Empirical Examination of the Existence of a Signaling Value Function for Dividends. Co-authored with C. Carroll. Presenter, Financial Management Association, Doctoral Student Seminar, October 1987 in Las Vegas, NV. Session Chair, Financial Management Association, October 1994 in St. Louis, MO. Session Chair, Southern Finance Assoc., Nov 1999 in Key West, FL. Discussant, Southern Finance Association meeting, November 2005 in Key West, FL, November 2002 in Key West, FL, November 1999 in Key West, FL, November 1995 in Sarasota, FL, November 1993 in New Orleans, LA. Discussant, Financial Management Association, October 1994 in St. Louis, MO., and October 1988 in New Orleans, LA. Discussant, Academy Of Finance, March 2010 in Chicago, IL

10 Herman Manakyan Page 10 Member, Southern Finance Association Program Committee, 1991, 1992, 1993, 1994, 1995, 1996, 1997, 1998, 1999, 2001, Member, Financial Management Association Program Committee, OTHER SCHOLARLY ACTIVITIES Participated in the Council on Economic Education Seminar on teaching effectiveness conducted by Michael Salemi, University of North Carolina, and Stephen Buckles, University of Missouri (1988). Participated in the AACSB Undergraduate Program Seminar, February 19-22, 2000 in Atlanta, GA. Participated in the AACSB Accreditation Seminar, April 21-23, 2002 in Orlando, FL. COMMITTEES AND SERVICE Member of Editorial Board, Journal of Economics and Finance Ad-Hoc Reviewer, Financial Management Ad-Hoc Reviewer, Quarterly Journal of Business and Economics Ad-Hoc Reviewer, Review of Financial Economics Ad-Hoc Reviewer, Journal of Multinational Financial Management Ad-Hoc Reviewer, IEEE Transactions on Engineering Management Ad-Hoc Reviewer, Kentucky Journal of Economics and Business Ad-Hoc Reviewer, Journal of Economic Education Financial Management Association, Program Committee, 1992 Southern Finance Association Program Committee, , 2001, 2004 Nashville FEI Chapter, Academic Relations Committee, 1989, 1990 SU Perdue School MBA Advisory Team, 2003 SU Perdue School ABLE Advisory Team, 2003 SU Perdue School Leadership Team, SU Perdue School Management Council, SU Provost Search Committee, , SU Associate Provost Search Committee 2005 SU Faculty Welfare Committee, 2001, 2012-present SU Curriculum Change Committee, Chair, Finance faculty search committee, , multiple searches Chair, Economics faculty search committee, , multiple searches Member, Accounting faculty search committee, SU Perdue School Dean Search Committee, WKU Faculty Research Committee, WKU Faculty Senate, WKU Faculty Senate, Fiscal Affairs Subcommittee, WKU Graduate Council, WKU Graduate Council, Graduate Student Research Subcomm., WKU Graduate Council, Graduate Faculty Subcommittee, WKU Faculty Development Committee, 1993 WKU Probation Committee,

11 Herman Manakyan Page 11 WKU College of Business MBA Admissions Appeal Committee, WKU College of Business AACSB Self Study Steering Committee, Chair, AACSB Self Study Curriculum Content and Review Comm., Chair, WKU College of Business Sabbatical Leave Review Comm., WKU College of Business Sabbatical Leave Review Committee, 1993 WKU College of Business Curriculum Committee, , WKU College of Business Academic Complaint Committee, WKU College of Business Professional Development Committee, 1991, 97 WKU College of Business Professional Development Committee, WKU College of Business Scholarship Committee, Finance Discipline faculty recruiting committee, 1996, 1997 Chair, Department of Finance/CIS Tenure and Promotion Committee, 1994 Chair, Department of Finance/MIS faculty recruiting committee, 1989