Victor E. Jarosiewicz, Ph.D., CFA University of Missouri - Columbia (321) 223-7910 jarosiewiczv@missouri.edu Education 2017 (Summer) Doctor of Philosophy in Business Administration University of Florida Dissertation: Board Evolution after the IPO: Effects of Individual Directors and the Influence of Venture Capital. Committee: Dr. Gwen Lee (Chair) Dr. David Ross Dr. John Chen Dr. Joel Houston 2000 M.B.A. in Finance and International Business Rollins College 1997 B.S. in Mechanical Engineering University of Florida Academic Employment 2017-2018 Visiting Assistant Professor of Finance University of Missouri Columbia Teaching courses: 4010 Financial Management and 4020 Investments Essays from Dissertation Jarosiewicz, V. Effect of Venture Capital Director Departure on CEO Compensation. Research question: What effect does the departure of directors (in particular, harvester external VC- and PE- fund directors) who have served on the board since the firm s IPO have on CEO compensation, and how does it differ across departing directors? Main finding: In the difference-in-differences matched-sample regressions I find that departure of the last harvester has a negative marginal effect on equity compensation, but not direct (cash) compensation, in the year after departure. Jarosiewicz, V. & Ross, D. Revisiting Managerial Style : Testing the Replicability and Falsifiability of Manager Fixed Effects for Firm Policies. Main finding: Contrary to prior research (Bertrand & Schoar, QJE 2003) that found that public company top 5 managers (CEOs, CFOs, etc.) exhibit distinct managerial styles with incremental explanatory power with regards to firm policies, we find that randomized data fit at least as well as real data in identifying such managerial styles with regards to firm policies. Available on https://ssrn.com/author=1135558 Page 1 of 6
Jarosiewicz, V. & Ross, D. Directing with Style: The Preferences of Directors for Firm Policies. Main finding: Following prior research (Bertrand & Schoar, QJE 2003) that found that public company top 5 managers (CEOs, CFOs, etc.) exhibit distinct managerial styles with incremental explanatory power with regards to firm financial and corporate policies, we find similarly that directors exhibit significant individual heterogeneity concerning those firm policies. We also find that they are compensated differently according to their styles, and that such styles are only sometimes influenced by the presence of institutional investors. Jarosiewicz, V. & Lee, G. Venture Board Governance: Linking Director Departure to Post-IPO Stock Performance. Main finding: A matched sample regression of directors--present at IPO who depart within 5 years--shows a positive post-departure stock market average treatment effect for non-venture capital directors, but surprisingly shows the effect for the departure of venture capital directors is positively moderated by time since IPO. Conference Presentations Discussant at the Corporate Governance session of the 2017 Financial Management Association Annual Meeting in October 2017 in Boston, Massachusetts: Kini, O., Lee, & Shen, W. (2016). On the Alignment of Stakeholder Orientation between the Board and Managers (Session 249). Jarosiewicz, V. & Ross, D. Revisiting Managerial Style : Testing the Replicability and Falsifiability of Manager Fixed Effects for Firm Policies. Working paper accepted for presentation at the 2017 Academy of Management Annual Meeting in Atlanta, Georgia in August 2017. Working paper accepted for presentation at the Wharton People and Organizations Conference in Philadelphia, Pennsylvania in October 2017. Jarosiewicz, V. & Lee, G. Venture Board Governance: Linking Director Departure to Post-IPO Performance. Working paper presented at the 2016 Midwest Finance Association Annual Meeting in Atlanta, Georgia in March 2016. Working paper presented at the Strategic Management Society Annual Conference in Denver, Colorado in October 2015. Discussant at the Board of Directors session of the 2014 Midwest Finance Association Annual Meeting in Orlando, Florida: Drobetz, W., von Meyerinck, F., Oesch, D., & Schmid, M. (2014). Is Board Industry Experience a Corporate Governance Mechanism? (No. 1401). Page 2 of 6
Selected Participant 13th Annual Doctoral Workshop at the 2016 Strategic Management Society (SMS) Conference in Berlin, Germany. SMS Conference fee waived due to selection. Business Policy and Strategy (BPS) Doctoral Consortium at the 2016 Academy of Management Annual Conference in Anaheim, California. 2nd Annual Strategic Research Initiative PhD Bootcamp, held at IESE New York in June 2015. Academic Experience University of Florida (PhD student): Research Assistant (research focus: boards of directors) 2016-2017, 2014-2015, Prof. Gwen Lee 2015-2016, Prof. David Ross Teaching Assistant in the UF South Florida MBA program ENT6416 Venture Finance, Prof. James Parrino, 2016 MAN6637 Global Strategic Management, Prof. Gwen Lee, 2016 FIN6930 Mergers & Acquisitions, Prof. James Parrino, 2013, 2014, 2015 FIN6425 Corporate Finance, Prof. James Parrino, 2014 Tutor to Scholar-Athletes, University of Florida Athletic Association, 2012-2014 FIN4414 Financial Management FIN4504 Equity & Capital Markets Teaching Experience Course Instructor (PhD student), MAN4723 Strategic Management, Fall 2015 (instructor evaluation 4.3 vs. course mean 3.9 vs. department mean 4.1; 5.0 scale) Co-Instructor, American Society of Appraisers, Principles of Business Valuation BV202 (http://www.appraisers.org/education/view-course?courseid=470) June 2013, Herndon, VA January 2011, Manhattan Beach, CA Professional Work Experience Abstractor, CFA Digest, 2012-present (recurring independent contractor role) Director of Valuations, PCE Valuations, LLC (affiliated with PCE Investment Bankers, Inc.), 2003-2012 (recurring independent contractor role thereafter) Trained, mentored and directed (in aggregate) 40 MBA-level analysts and interns. Founder/Principal, Space Coast Business Valuations, LLC, 2003 Business Valuation Analyst, Hoyman, Dobson & Company, P.A., 2000-2003 Page 3 of 6
Strategic Development Analyst, GoCo-Op, Inc., 2000 Due diligence site visits (in native Spanish) of a South American merger target. Abstracts / Reviews of Published Articles 1 The Joint Determinants of Cash Holdings and Debt Maturity: The Case for Financial Constraints. Ivan Brick and Rose Liao, Review of Quantitative Finance and Accounting, April 2017, Vol. 48, No. 3: 597-641. Summarized by Victor E. Jarosiewicz, CFA. CFA Digest, August 2017, Vol. 47, No. 8. http://www.cfapubs.org/doi/full/10.2469/dig.v47.n8.7 Taxes and Capital Structure. Mara Faccio and Jin Xu, Journal of Financial and Quantitative Analysis, June 2015, Vol. 50, No. 3: 277-300. Summarized by Victor E. Jarosiewicz, CFA. CFA Digest, February 2016, Vol. 46, No. 2. http://www.cfapubs.org/doi/abs/10.2469/dig.v46.n2.2 Private Equity Asset Allocation: How to Recommit? Adrian Oberli, CFA. Journal of Private Equity, Spring 2015, Vol. 18, No. 2: 9-22. Summarized by Victor E. Jarosiewicz, CFA. CFA Digest, June 2015, Vol. 45, No. 6. http://www.cfapubs.org/doi/full/10.2469/dig.v45.n6.17 Trading Income and Bank Charter Value during the Financial Crisis: Does Derivative Dealer Designation Matter? Peter V. Egly and Jun Sun. Quantitative Review of Economics and Finance, 2014, Vol. 54, No. 3: 355-370. Summarized by Victor E. Jarosiewicz, CFA. CFA Digest, September 2014, Vol. 44, No. 9. http://www.cfapubs.org/doi/full/10.2469/dig.v44.n9.5 How Do CEOs Matter? The Effect of Industry Expertise on Acquisition Returns. Cláudia Custódio and Daniel Metzger. Review of Financial Studies, August 2013, Vol. 26, No. 8: 2008-2047. Summarized by Victor E. Jarosiewicz, CFA. CFA Digest, January 2014, Vol. 44, No. 1. http://www.cfapubs.org/doi/full/10.2469/dig.v44.n1.4 A Paper Tiger? An Empirical Analysis of Majority Voting. Jay Cai, Jacqueline L. Garner, and Ralph A. Walkling. Journal of Corporate Finance, June 2013, Vol. 21: 119-135. Summarized by Victor E. Jarosiewicz, CFA. CFA Digest, November 2013, Vol. 43, No. 4. http://www.cfapubs.org/doi/full/10.2469/dig.v43.n4.31 1 The CFA Digest distills selected current industry research into short, easy-to-read summaries. (http://www.cfapubs.org/loi/dig) Please see http://www.cfapubs.org/action/dosearch?allfield=jarosiewicz. Page 4 of 6
Geographic Dispersion and Stock Returns. Diego García and Øyvind Norli. Journal of Financial Economics, December 2012, Vol. 106, No. 3: 547-565. Summarized by Victor E. Jarosiewicz, CFA. CFA Digest, February 2013, Vol. 43, No. 1:1-3. http://www.cfapubs.org/doi/full/10.2469/dig.v43.n1.49 Finance Needs Stewards, Not Toll Collectors. John Kay. Financial Times, 22 July 2012. Summarized by Victor E. Jarosiewicz, CFA. CFA Digest, November 2012, Vol. 42, No. 4:32-33. http://www.cfapubs.org/doi/full/10.2469/dig.v42.n4.38 Professional Associations and Accreditations Academy of Management, Business Policy and Strategy Division and Entrepreneurship Division Strategic Management Society American Finance Association Financial Management Association Midwest Finance Association CFA Institute, CFA charter earned 2003 American Society of Appraisers, Accredited Senior Appraiser designation earned 2007 CAIA (Chartered Alternative Investment Analyst) Association, passed CAIA Level 1 exam 2012 Other Professional Service CFA Program Volunteer, CFA Institute, June 2012, June-July 2014, 2015, 2016, 2017 Reviewed conference submissions for Business Policy and Strategy and for Entrepreneurship divisions for the 2016 Academy of Management Annual Meeting and for the Business Policy and Strategy division for the 2017 Academy of Management Annual Meeting Member, American Society of Appraisers (ASA) Business Valuation Education Committee, which rewrote BV203 Principles of Valuation course and exam, 2011 Member, ASA Business Valuation Investment Policy Committee overseeing long-term investment portfolio, 2011-2012 Member, CFA Institute, Society Governance Project Team 4, 2010, collaborated on best practices model for CFA Institute society governance Member, ASA Business Valuation Strategic Planning Task Force, advisor to the Business Valuation Committee, 2007-2012 Member, ASA-CICBV Miami 2010 Advanced Business Valuation Conference Committee (approx. 600 attendees), 2009-2010, collaborated on conference planning and on securing speakers Director, Rollins College Crummer Graduate Business School Alumni Board, 2007-2010 Co-Chair, CFA Institute s Orlando 2009 Annual Conference Planning Committee (approx. 800 attendees), 2008-2009, collaborated on conference planning and on securing local sponsors Director, CFA Society of Orlando, 2006-2010 and Membership Chair 2006-2008 Page 5 of 6
Personal Naturalized U.S. Citizen (Birthplace: Buenos Aires, Argentina) Other Languages: Ukrainian (first language; native speaking proficiency) Spanish (second language; native speaking proficiency) References Dr. Gwendolyn K. Lee Chester C. Holloway Professor Associate Professor Department of Management (Strategic Management) PO Box 117165 211I STZ Gainesville, Florida 32611-7165 gwendolyn.lee@warrington.ufl.edu 352.846.2694 Dr. David G. Ross Associate Professor Department of Management (Strategic Management) PO Box 117165 223 STZ Gainesville, Florida 32611-7165 david.ross@warrington.ufl.edu 352.294.3931 Dr. Joel F. Houston John B. Hall Chair Full Professor Department of Finance, Insurance & Real Estate PO Box 117168 303D STZ Gainesville, Florida 32611-7168 joel.houston@warrington.ufl.edu 352.392.7546 Dr. James D. Parrino Senior Lecturer Department of Finance, Insurance & Real Estate PO Box 117168 301E STZ Gainesville, Florida 32611-7168 james.parrino@warrington.ufl.edu 352.273.4968 Page 6 of 6