VITA
WM. STEVEN SMITH
OFFICE ADDRESS HOME ADDRESS
Department of Finance 5326 West Maple Avenue
P.O. Box 7096 Grand Forks, ND 58203
University of North Dakota Home ph: (701) 775-0201
Grand Forks, ND 58202 Office ph: (701) 777-2318
E-mail: wm.smith@und.edu
AREAS OF INTEREST
Teaching: Investments, Derivatives, Corporate Finance, and Real Estate
Finance and Investment
Research: Assessment of Investment Risk, Capital Structure, Leasing, Real
Estate Finance, and applications of Option Pricing Theory
Other: Engineering Mathematics, Electrostatics, Electrodynamics, and
Electromagnetic phenomena
EDUCATION
Ph.D., Business Administration, Dec. 1988, University of Alabama,
Tuscaloosa, AL.
M.A., Finance, June 1986, The Ohio State University, Columbus, OH.
M.B.A., Real Estate, Aug. 1981, University of Georgia, Athens, GA.
B.S., Forest Resources, June 1973, University of Georgia, Athens, GA.
RECENT EMPLOYMENT EXPERIENCE (References available upon request)
2002- : Associate Professor of Finance (tenured), University of North Dakota,
Grand Forks, ND.
1998-02: Associate Professor of Finance, North Dakota State University,
Fargo, ND.
1992-98: Associate Professor of Finance (tenured), Bloomsburg University,
Bloomsburg, PA.
1991-92: Visiting Assistant Professor of Finance and Real Estate, Univer-
sity of Wisconsin - Milwaukee, Milwaukee, WI.
1988-91: Assistant Professor of Finance and Real Estate, University of
North Texas, Denton, TX.
Academic Courses Taught: Advanced Corporate Finance (graduate), Theory of
Investment (Ph.D), Investments and Portfolio Theory (graduate and under-
graduate), Investment Fundamentals (undergraduate), Options and Futures
(undergraduate), Financial Management (graduate and undergraduate), and
Real Estate Finance and Investment (graduate and undergraduate)
PUBLICATIONS: MAJOR ACADEMIC
"Effect of Distribution Method on Optimal Choice of IRA Plan," forthcoming
in Advances in Financial Planning and Forecasting, New Series 3 (2008);
Cheng-few Lee, editor.
"A Theoretic Analysis of Extent of Lender Participation in a Participating
Mortgage," co-authored with Jaime Alvayay and Charles Harter. Review of
Quantitative Finance and Accounting, Volume 25, Number 4 (December 2005).
“Bond Selection for Managed Portfolios.” Journal of Business Finance &
Accounting, Volume 32, Numbers 1 & 2 (January/March 2005).
“An Empirical Investigation of the Option-adjusted Realized Return (ORR),”
co-authored with Charles Harter. Review of Quantitative Finance and
Accounting, Volume 19, Number 4 (December 2002).
"Measuring Investment Risk Based on Tail Thickness," co-authored with Reza
Noubary. Review of Quantitative Finance and Accounting, Volume 16, Num-
ber 1 (January 2001).
"An Option-Based Approach to Portfolio Performance Evaluation," co-authored
with Stephen Kokoska. Advances in Investment Analysis and Portfolio
Management Volume 5 (1998); Cheng-few Lee and Son N. Chen, editors; JAI
Press.
"An Option-Based Analysis of Income-Equity Participation Loans." Research
in Finance, Volume 15 (1997); Andrew Chen, editor; JAI Press.
"Tax Rules and the Sale and Leaseback of Corporate Real Estate," co-
authored with Jaime Alvayay and Ronald Rutherford. Real Estate Econo-
mics (formerly AREUEA Journal), Volume 23 (Summer 1995).
"Risk and the Miller Equilibrium: Capital Structure Choice With Risk
Averse Investors," co-authored with James Conover. Review of Quantita-
tive Finance and Accounting, Volume 3 (September 1993).
"The Default Risk Structure of Interest Rates: The Case of Coupon Debt,"
co-authored with Leonard V. Zumpano. Advances in Futures and Options
Research, Volume 6 (1993); Don Chance and Robert Trippi, editors; JAI
Press.
PUBLICATIONS: OTHER
"An Analysis of the Factors Affecting a Lender's Contingent Interest in
Participating Mortgages," co-authored with Jaime Alvayay. Paper summary
appears in Proceedings of Annual Meeting of Western Decision Sciences
Institute (WDSI), April 2000, pp. 422-424.
Articles of pedagogical orientation have appeared in Southern Review of
Political Economy (1987), New York Economic Review (1992), and Journal
of Retail Banking (1992).
SELECTED UNPUBLISHED RESEARCH
“A Simple Option-Theoretic Approach to the Lease versus Purchase Decision.”
Currently under review at Journal of Derivatives.
“Effects of Sale/Leaseback and Purchase Options on Financial Lease versus Purchase Decisions.”
Research in progress.
SELECTED RECENT PROFESSIONAL DEVELOPMENT ACTIVITIES, AWARDS, ETC.
Paper entitled “An Empirical Investigation of the Option-adjusted Realized
Return (ORR)” presented at annual meeting of Financial Management Asso-
ciation (FMA), International, October 2001, Toronto, Canada.
Paper entitled "A Theoretic Analysis of Extent of Lender Participation in a
Participating Mortgage" presented at annual meeting of American Real
Estate Society (ARES), April 2003, Monterey, CA.
Working paper entitled “Personal Tax Rates and Risk-adjusted Discounting”
presented at annual conference of European Real Estate Society (ERES),
June 2003, Helsinki, Finland.
Paper entitled "A Theoretic Analysis of Extent of Lender Participation in a
Participating Mortgage" presented at annual meeting of FMA Interna-
tional, October 2003, Denver, Colorado.
Paper entitled “Personal Tax Rates and Risk-adjusted Discounting" presented at
annual meeting of FMA, October 2004, New Orleans, Louisiana.
Other current professional development and service activity: Member of FMA
International; Ad hoc referee for Review of Quantitative Finance and
Accounting, 2004
