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College of Business and Public Administration
Finance

Ph.D., CPA
Associate Professor and Chairperson of Finance Department

Joined the college in 2000

Phone: 701.777.4690
Fax: 701.777.5099

EMail: nancy.beneda@und.nodak.edu



  VITA OF

Nancy L. Beneda, Ph.D., C.P.A.
Vaaler Insurance Fellow
Associate Professor of Finance

Degrees and Certifications:

  • Ph.D. in finance, Saint Louis University, August 6, 1999.
  • Dissertation title: Section 20 versus investment house underwriting of small equity initial public offerings.
  • Certified Public Accountant, Rhode Island, March 28, 1989, Certificate No. 2049.
  • Master of Business Administration, Accounting and Finance, Syracuse University, Syracuse, New York, December 1980
  • Bachelor of Science, Business/Economics, Bloomsburg University, Bloomsburg, Pennsylvania, May, 1977.

Awards, Fellowships and Grants:

  • Recipient of Vaaler Insurance Fellowship, three-year appointment, 2003-2006.
  • Meritorious Teaching, Research and Service Award, 2001-2002 and 2002-2003.
  • Credit Research Foundation Fellow, awarded April 2002.
  • Research Grants, College of Business & Public Administration, UND, 2000, 2001, 2002, 2003, 2004, and 2005.
  • Small Business Research Grant, College of Business & Public Administration, 2005
  • Travel Grants, Senate Scholarly Activities Committee, UND, Fall 2001, Fall 2002, Fall 2003, Fall 2004

COURSES CURRENTLY TEACHING

FIN 440 Financial Strategy and Corporate Valuation

FIN 475 Cases in Financial Management

FIN 340 Intermediate Financial Management

FIN 310 Principles of Financial Management

FIN 397/497 Cooperative Education in Finance/Internship in Finance

Academic Work History

Chairperson, Department of Finance, University of North Dakota, August 2006 to present.

Interim Chairperson, Department of Finance, University of North Dakota, November 2005 to May 2006.

Vaaler Insurance Fellow, Department of Finance, University of North Dakota, August 2002 to present.

Associate Professor, Department of Finance, University of North Dakota, August, 2004 to current.

Assistant Professor, Department of Finance, University of North Dakota, August 2000 to May 2004.

Assistant Professor, Business Department, Illinois College, Jacksonville, Illinois, August, 1998 to August, 2000.

Assistant Professor, Business Department, McKendree College, Lebanon, Illinois, August, 1993 to August, 1998.

Industry Work Experience

Six years in public accounting and industry, employed at Price Waterhouse, 1989 to 1991   

Publications

2005-2006 Academic Year

1.    Beneda, Nancy, “Technology Stocks, Systematic Risk, and Capital Market Efficiency,” Corporate Finance
       Review, ept-Oct 2005, pp. 11-18.

2.    Lee, Jeong and Nancy Beneda, “Futures Markets: Speculator Participation and Risk Premiums,”
       Management Research News, 2005, Vol. 28, No. 6, pp. 1-17.

3.    Beneda, Nancy, “Commercial Lending and Bankruptcy of New Public Companies,” Commercial
       Lending Review, forthcoming.

2004-2005 Academic Year

4.     Beneda, Nancy, “Optimal Hedging and Foreign Exchange Risk,” The credit and Financial Management
        Review, 4th Quarter, 2004, pp.27-385.

5.     Beneda, Nancy, “Managing an Asset Management Firm’s Risk Portfolio,” Journal of  Asset Management,
        January 2005, pp.

6.     Beneda, Nancy, “Speculative Excesses in Initial Pricing of IPOs in the Secondary Market,” Management
        Research News, December 2004, 27, 11, pp.94-114.

7.     Beneda, Nancy L. and Ik-Whan G. Kwon, “New Equity Markets and Bank Deregulation,” Bank Accounting
        and F inance, June 2004, 17, 4,  pp.3-9.

2003-2004 Academic Year

8.     Beneda, Nancy, “Using Simulation Modeling to Estimating Insured Losses,” Corporate Finance Review,
        May-June 2004, pp. 16-22.

9.     Beneda, Nancy, “Valuing Operating Assets in Place and Computing Economic Value Added,” CPA
         Journal, November 2004, pp.56-61.

10.    Beneda, Nancy L. and Ik-Whan G. Kwon, “Commercial Bank Entry into equity IPO Underwriting of IPOs:
         Modern Evidence,” Applied Financial Economics, March 2004, 14, 9 pp.421-428.

11.    Hammen, Jack, Beneda, Nancy, and Wilde, Harold, “Financial Websites as Financial Advisors: Using
         Internet Returns on Equity,” CPA Journal, forthcoming, December 2003.

12.     Beneda, Nancy L., “Estimating Free Cash Flows and Valuing a Growth Company,”  Journal of Asset 
          Management, December 2003, pp. 247-257.

2002-2003 Academic Year

13.      Beneda, Nancy L., Ik-Whan G. Kwon and Dane Listug-Lunde, “New Evidence on Underwriter Market
           Share and IPO Underpricing,” Journal of Business and Economic Perspectives, Spring/Summer 2003,
           29, 1, pp. 16-27.

14.       Beneda, Nancy and Theron Nelson, “Valuation of Strategic Financial Capability as a Real Option in
           Corporate Financial Management,” Corporate Finance Review, November 2003, pp. 5-12

15.       Gokstad, Petter and Nancy L. Beneda, “Sensitivty Analysis in Capital Budgeting Using Crystal Ball,” The
           Credit and Financial Management Review, 9, 3, October, 2003, pp. 27-42.

16.       Beneda, Nancy L., “Estimating Cost of Capital Using Bottom-up Betas for a Growth Company,” The
           CPA Journal, April, 2003, pp.66-73.

2001-2002 Academic Year

17.       Beneda, Nancy L., “Forecasting Operating Capital Requirements for a Growth Company,” Credit and
            Financial Management Review, 8, 4, October, 2002, pp. 44-52.

18.       Beneda, Nancy L., “Section 20 versus Investment House Underwriting of Small Equity IPOs in the USA,”   
             Journal  of Financial Regulation and Compliance, 10, 3, November, 2002, pp. 372-384.

19.       Beneda, Nancy L., “Investing in Growth Stocks May Not Pay Off,” CPA Journal, September, 2002,
            pp.70-71.

20.       Beneda, Nancy L. 2002, “Growth Stocks Outperform Value Stocks Over Long    Term,” Journal of
            Asset Management, September, 2002, pp. 112-123.

2000-2001 Academic Year

21.       Beneda, Nancy L. and Lee,  Jeong, “The Cost of Equity Capital Using the Constant Dividend Growth
            Model: A Simple Application,” The Credit and FinancialManagement Review, April, 2002, pp. 41-52.

Refereed Paper Presentations at Professional Conferences

1.         Beneda, Nancy, Commercial Lending and Bankruptcy of New Public Companies, 2005 Academy of
            Finance and Accounting Conference, December 2005, St. Pete Beach, Florida.

2.         Beneda, Nancy, Performance and Distress Indicators of New Public Companies, Academy of Economics
and Finance, Houston, February 2006.

3.         Beneda, Nancy and Jeong Lee, Futures Markets: Speculator Participation and Risk Premiums, Midwest
            Finance Association Conference, Milwaukie, March 2005.

4.         Beneda, Nancy, Speculative profits in IPO Markets, Academy of Financial Services Conference, New
Orleans, October 2004.

5.         Swanson, Zane and Nancy Beneda, The Shifting Relevance of Financial Statement Information According
            to PE Ratios and Firm Size Affects, Financial Management Association Conference, Denver, October, 2004.

6.         Beneda, Nancy, and Jeong Lee, Foreign Exchange Risk, Crystal Ball and Real Option Valuation, Academy
            of Financial Services Conference, Denver, October, 2003.

7.         Beneda, Nancy, Market-based EVA and Market-based ROIC for Growth Companies, Academy of 
            Financial Services Conference, Denver, October, 2003.

8.         Beneda, Nancy, Do prestigious Underwriters Underprice More?, Midwest Finance Association
Conference, St. Louis March 2003.

9.         Beneda, Nancy, Growth Stocks Outperform Value Stocks, Academy of Financial Services Conference,
San Antonio, October, 2002.  

10.        Benda, Nancy and Jeong Lee, The Cost of Equity Capital Using the Constant Dividend Growth Model: A
Simple Application, Midwest Finance Association Conference, Chicago, March, 2002.

11.       Beneda, Nancy and Zane Swanson, Relevance of Financial Statement Data According to PE Ratio,
Midwest Finance Association Conference, Chicago, March, 2002.

12.        Beneda, Nancy and Ik-Whan Kwon. Commercial Bank Entry into Equity IPO Underwriting: Modern,
Midwest Finance Association Conference, Chicago, March, 2002.

13.        Kendig, Nancy, Bank Participation in Small to Medium Sized Equity IPO’s, Financial Management
Association Conference, Toronto, October 2001.

14.        Kendig, Nancy and Ik-Whan Kwon, Equity IPO Underwriting by Section 20 Subsidiaries of Commercial
Banks, Midwest Financial Association Conference, Cleveland, March  2001.

15.        Kendig, Nancy, Price – Earnings ratio Captures Cross-Sectional Variation of Earnings Response
             Coefficients, Midwest Financial Association Conference, Cleveland, March  2001.

16.        Kendig, Nancy and Ik-Whan Kwon, Implications for Competition of Bank Participation in Equity IPO
Underwriting, Eastern Finance Association Conference, , Charleston, April 25-28, 2001.

17.        Kendig, Nancy, Earnings Response Coefficients and the price-earnings Ratio, Eastern Finance Association Conference, , Charleston, April 25-28, 2001.

Courses Developed

FIN 491 Senior Topics: Insurance, Risk Management and Corporate Valuation

Course involves use of these software packages: Crystal Ball, Crystal Ball OptQuest,

Crystal Ball Predictor, Real Options Toolkit, Excel, and SPSS.

FIN 440 Financial Strategy and Corporate Valuation

Other Instructional Activites

Internship and Educational Coop Coordinator, Fall 2001 to present Alice T. Clark Mentoring Program, 200/2001 academic year.

Service Activites

National/Other

Midwest Finance Association Track Chair

International Exchange Professor to China (December 2004)

Serve as discussant and session chair at conferences

Speaker to Credit Professionals Group (three times, 2003-2005)

Campus-wide

Campus Climate Committee

Subcommittee on Work Environment and Communication

College

Assessment

Hultberg Lectureship Committee

Vaaler Fellowship

Department

FMA National Honor Society, President

Internship Coordinator

Advisor to Peer Credit-counseling