PERSONAL DATA SHEET
FRED
R. KAEN
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Business Address: |
Home Address: |
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Whittemore
School of |
22 Toon Lane |
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Business and Economics |
Lee, N.H. 03824 |
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University
of New Hampshire |
USA |
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Durham,
New Hampshire 03824 |
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USA |
Telephone: (603) 659-2205 |
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Telephone:
(603) 862-3354 |
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Fax: (603) 862-3383 |
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email:
frk@christa.unh.edu http://www.unh.edu/wsbe/faculty/frk/ |
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PROFESSIONAL INTERESTS:
International
finance, financial management and policy; corporate governance
EDUCATION:
B.S.
Lehigh University,
1963 (Economics)
M.B.A. University of Michigan, 1967 (Finance)
Ph.D. University of Michigan, 1972 (Finance and International Business)
Dissertation: Eurocurrency
and National Money Market
Integration: An Appraisal.
PROFESSIONAL ASSOCIATIONS:
Financial
Management Association
Eastern
Finance Association
European
Finance Association
PROFESSIONAL EXPERIENCE:
Co-Director, International Private
Enterprise Center
Professor of Finance,
University of New Hampshire: 1983 -
Visiting Professor of
Finance, Budapest University of Economic Sciences: August 2002 – December 2002
Visiting Professor of Finance,
Universität Hamburg, Hamburg, Germany: April 1995 - July 1995.
Visiting Professor of
Finance, Norwegian School of Management, Oslo, Norway: April 1992-June 1992.
Visiting Professor of
Finance, Norwegian School of Economics and Business, Bergen, Norway: 1988 -
1989.
Associate Professor,
University of New Hampshire: 1976 - 1983.
Visiting Associate Professor
of Finance, University of Oregon: 1981 - l982.
Assistant Professor,
University of New Hampshire: 1973 - 1976.
Assistant Professor, Northeastern
University: 197l - 1973.
Financial Analyst, Ford Motor
Company (Lincoln-Mercury Division): 1963 - 1966.
RECENT UNIVERSITY SERVICE:
Center
for International Education, UNH: 1998-
University
Senate: 1998-2000
University
Graduate Dean Search Committee: 1997
Whittemore School College
Promotion and Tenure Committee: 1991 -
1993, 1995 – 1996, 2002 - 2004
RECENT PROFESSIONALLY RELATED POSITIONS
Program Committee: 2000
Eastern Finance Association Meetings
Program Committee: 1999
Eastern Finance Association Meetings
Program Committee, 1996
European Finance Association Meetings
Associate Editor, Journal of Multinational Financial
Management: 1989 -
Associate Editor, Multinational Finance Journal
1995 -
PUBLICATIONS
"Reflections on the
Economic Performance of Suppliers," Rivista
Internazionale di Scienze Economiche e Commerciali, (Summer, 1971). (w. S. Suffrin)
Eurocurrency
and National Money Market Integration: An Appraisal, Ph.D. Dissertation, The University of
Michigan, l972. Ann Arbor, Michigan:
University Microfilms, 1972.
"The Rejection of
Commercial and Industrial Loans: The
New Hampshire Experience," New
England Journal of Business and Economics, (Fall, l975).
The
Behavior of Foreign Exchange Spot Prices. University of
Rhode Island Working Paper Series.
College of Business Administration.
(w. J. Burt and and G. Booth)
"Portfolio
Characteristics of New Hampshire Mutual Savings Banks." The
New Hampshire Review, February, 1976.
"Foreign Exchange Market
Efficiency Under Flexible Exchange Rates." The Journal of Finance. (September, 1977) (w. J. Burt and G. Booth)
Forecasting
New Hampshire Liquor Revenues. Center for Industrial and Institutional
Development, University of New Hampshire.
1976 (w. J. Burt)
"Potential Information
Flows Among Large Commercial Banks and Industrial Corporations." Business
and Economic Perspectives, Spring 1976.
(w. G. Booth)
"Foreign Exchange Market
Efficiency Under Flexible Exchange Rates:
A Reply." Journal of Finance. (June, 1979) (w. J. Burt and G. Booth)
Gold and Silver Spot Prices
and Market Information Efficiency."
Financial Review. (Spring, 1979). (w. G. Booth)
"Foreign Exchange Market
Behavior: 1975-1978." Rivista
Internazionale Di Scienze Economiche E Commerciali. (April, 1981) (w. G. Booth and P. Koveos)
"Currency
Interdependence in Foreign Exchange Markets." Financial Review (Fall,
l980). (w. G. Booth and P. Koveos)
"Persistent Dependence
in Gold Prices." Journal of Financial Research. (Spring,
l982). (w. G. Booth and P. Koveos)
"R/S Analysis of Foreign
Exchange Rates Under Two International Monetary Regimes." Journal
of Monetary Economics. (December,
l982) (w. G. Booth and P. Koveos)
"Eurocurrency and
National Money Market Interest Rates:
An Empirical Investigation of Causality." Journal of Money, Credit
and Banking (August, l983) (w. G. Hachey)
"The Integration of
Eurodollar and U.S. Money Market Interest Rates in the Futures Market." Weltwirtschaftliches
Archiv (December, 1983) (w. G. Booth and B. P. Helms)
"Memory in Commodity
Futures Markets." The Journal of Futures Markets, (Winter,
1984). (w. B. P. Helms and R. Rosenman)
"The Response of Forward
Exchange Rates to Interest Rate Forecasting Errors," The Journal of Financial Research, (December, l984), (w. G. Hachey
and E. Simos)
"An Empirical Test of
Overshooting and Undershooting in the Foreign Exchange Markets," Midwestern Journal of Business and Economics,
(Spring, l985) (w. G. Hachey and R. Rosenman).
"A Value Based Theory
for Management Compensation," Gestion
Cientifica, (w. J. Horrigan).
"Predictable Behavior in
Financial Markets: Some Evidence in
Support of Heiner's Hypothesis, American
Economic Review (March l986), (w. R. Rosenman).
"The Work of
Managers: A View from Finance," American Business Review, (w. A.
Kaufman).
"American Political
Values and Agency Theory: A
Perspective," Journal of Business
Ethics (December 1988) (with A.
Kaufman and L. Zacharias).
"New Hampshire Bank
Mergers: The Returns to Acquiring Bank
Shareholders" in Bank Mergers: Current Issues and Perspectives. Kluewer Academic Publishers (1989) (with H. Tehranian).
"A Term Structure
Monetary Model of Exchange Rate Determination", Economic Notes (2, 1988) (w. E. Simos and J. Triantis)
"Financial Agency
Theory, Mergers and Acquisitions", Praktisk
Okonomi, 1989.
"Information Effects in
Financial Distress: The Case of Seabrook Station", The Journal of Financial Economics, 26(July 1990) 143-71.. (with H.
Tehranian)
“Review of Beale’s ‘Trading
in Gold Futures’ and Clubley’s “Trading in Oil Futures”, Business Library Review 16(1990) 52-54.
“Introduction:
Wealth Creation in Eastern Europe: Financial Management Issues and Strategies”
in Wealth Creation in Eastern Europe:
Financial Management Issues and Strategies, The Haworth Press, New York
(1992) co editor with Ike Mathur.
“German
Banks and German Corporate Governance,” Tokyo
Club Papers No. 7 1994, Tokyo Club Foundations for Global Studies (with
Heidemarie C. Sherman)
“Behavior
and Thinking of the Bundesbank During the Period,” in European Monetary Upheavals
edited by Cobhan, Manchester University Press, 1994. (with Heidemarie C. Sherman)
“European
Union Equity Market Reactions to the 1992-93 ERM Crisis,” in The Global Structure of Financial Markets,
Routledge,1997.
“The Effects of the Norwegian
Banking Crisis on Bank and Non Bank Stocks,” Journal of Multinational Financial Management, 7, (1997) pp.
83-112. (with Dag Michalsen)
“The Effects of Bundesbank
Discount and Lombard Rate Changes on German Bank Stocks,” Journal of Multinational Financial Management, 7 pp 1-26. (1997)
(with Hassan Tehranian and Heidemarie Sherman)
Die
deutschen Banken und ihr Einfluss auf Unternehmensentscheidungen, ifo Institut, Sonderdruck aus ifo
Schnelldienst Nr. 23., August 1997 (with Heidemarie Sherman)
"Going Public: A
Corporate Governance Perspective," in Comparative
Corporate Governance: The State of the Art and Emerging Research, edited by
Klaus Hopt, Mark J. Roe and Eddy Wymeersch, Oxford University Press, 1998.
"The Listing of German
Firms on the New York Stock Exchange: A Corporate Governance Perspective, Tokyo Club Papers No 12, 1999 (with
Heidemarie Sherman)
“Bundesbank Intervention Effects
Through Interest Rate Policy”, Journal of
International Financial Markets, December, 2000 (with G Geoffrey Booth and
Heidemarie Sherman)
“Risk Management: A Corporate
Governance Perspective,” in Risk:
Challenge and Opportunity, edited by Markus Rudolf, Springer, 2000.
“Corporate Governance And
Shareholder Value: How Did We Get Here And Where Are We Going?” CESifo Forum,
forthcoming, November 2002.
“A Framework for
Evaluating State-Assisted Financing Programs,” Public Finance and Management
, vol 3, number 3, 2003 (with Ross Gittell)
PAPERS AND PROCEEDINGS
Performance
Issues of the Automobile Industry,
Working Paper No. 5, Bureau of Business Research, Graduate School of Business
Administration. The University of
Michigan, September, 1970. (w. S.
Suffrin)
"Role of the Business
School in Regional Economic Development."
Presented to the 1973 Annual Meeting of the New England Conference on
Business Administration, Newport, Rhode Island, October 15-16, 1974.
"International Industry
and Market Factors in Stock Price Behavior." Proceedings of the Eastern
Finance Association, Pittsburgh, 1974.
(w. S. Novak)
"The Impact of
Commercial Bank Size and Location on Specific Loan Category Yields." Proceedings
of the Eastern Finance Association.
Pittsburgh, 1974. (w. G. Booth)
"A Comparative
Mean-Variance Analysis of Financial Institution Equities." Proceedings
of the Eastern Finance Association.
Pittsburgh, 1974. (w. G. Booth)
"The Asset and Liability
Structure of Rhode Island Commercial Banks." Proceedings of the Eastern
Economic Association, Albany, 1974.
(w. G. Booth)
Editor, Proceedings of the 1974 New England Business and Economic Development
Conference, Durham, New Hampshire:
Whittemore School of Business and Economics, the University of New
Hampshire, 1974.
"On the Behavior of New
Hampshire Mutual Savings Banks." Proceedings of the Eastern Finance
Association, Columbia, South Carolina, 1975. (w. G. Booth)
"Unsystematic Risk and
the Financial Structure of the Firm."
Proceedings of the Eastern Finance
Association, Boston, Massachusetts.
(w. J. Horrigan and N. Krafft)
"Gold and Silver Price
Movements and the Efficient Market Model." Proceedings of the Eastern Finance Association, Atlanta, GA,
1978. (w. G. Booth)
"Efficient Market
Model: Precious Metals." Jewelry
Industry Study Paper. 3rd International
Precious Metals Conference.
Chicago, Ill. 1979. (w. G. Booth and P. Koveos)
"The Commonality of
Non-Market Risk Across Securities of the Same Company." Northeast AIDS Proceedings. (1979)
"Efficiency Tests and
Foreign Exchange Markets." Proceedings of the Eastern Finance
Association. Washington, D.C.,
1979. (w. G. Booth and P. Koveos)
"Time Series Properties
of Financial Ratios." Proceedings of the Eastern Finance
Association. Washington, D.C.,
1979. (w. J. Horrigan)
"Persistent Dependence
in Gold Prices." Presented at Financial Management Association 1980
Meeting. (October, 1980) (w. P.
Koveos and G. Booth)
"Eurodollar and U.S.
Money Market Interest Rate Patterns:
Future Contracts." Financial Management Association 1982
Meeting. (October, 1982) (w. B.
Helms and G. Booth)
"A Multiple Time Series
Test for Granger Causality in The Internal and External U.S. Dollar
Markets." 1983 Eastern Finance Association Meeting (w. R. Rosenman)
"Memory in Commodity
Futures Markets." Presented at Financial Management Association 1983 Meeting (October, 1983)
(w. B. P. Helms and R. Rosenman)
"The New Hampshire
Economy and U.S. Trade Policy: Myths
and Realities." Occasional Paper
#1, Whittemore School of Business and Economics, University of New Hampshire (1984) (w. S. Schlobohm)
"Moral Hazard,
Informational Asymmetries and the Term Structure of Default Free Government
Obligations." Western Finance Association Meetings, Vancouver, B.C., 1984 (w. R.
Rosenman)
"Foreign and Spot
Exchange Rates and Central Bank Intervention," l986 Joint Statistical Meetings, Chicago. (w. D. C. Cheng and B. P.
Helms).
"The Effects of Lead
Company Security Rating Changes on Project Partner Common Stock Prices: The Case of Seabrook Station." (1989)
(with Hassan Tehranian).
"Informational
Asymmetries, Moral Hazard and the Determination of Foreign Exchange
Rates." Washington State
University, Dept. of Economics Working Paper Series 1083-2.
“The Effects of Central Bank
Discount Rate Announcements on Exchange Rate Volatility,” presented at First International Decision Sciences
Institute Meeting, Brussels (June 1991)
“Time-Dependent Variance in
the Foreign Exchange Market,” presented at Euro/Tims
Joint International Conference, Helsinki, Finland (June 1992)
“German Banks and German
Corporate Governance,” presented at 1993
Tokyo Club Meetings, Tokyo, Japan.
(with Heidemarie C. Sherman)
“The Norwegian Banking Crises
and Bank Equity Returns,” 1993 European Finance Association Meetings,
Copenhagen, Denmark. (with Dag
Michalsen)
“The Stakeholder Role of German Banks in German Firms,” presented
at the International Workshop on the
Market for Corporate Control, Tilburg, The Netherlands, September
1993. (with Heidemarie Sherman)
“Investor Behavior and the Norwegian Banking Crisis: Prediction and
Contagion Effects,” 1993 Australasian
Finance and Banking Conference, Sydney, Australia. (with Dag Michalsen)
“European Union Equity
Markets and the 1992-93 ERM Crisis,”
presented at the 1994 International
Trade and Finance Association Fourth International Conference, Reading,
England. (with Ahmad Etebari)
“Currency Market Reactions to
Bundesbank interest Rate Policies During the 1992-93 ERM Crisis: What
Happened?” presented at the 1994 Decision Sciences Institute Meetings,
Honolulu, Hawaii. (with Hassan Tehranian)
The Effects of the Norwegian
Banking Crisis on Bank and Non Bank Stocks, presented at the 31st Annual Conference on Bank Structure and
Competition, Federal Reserve Bank of Chicago, May, 1995.
“The Effects of Bundesbank
Discount and Lombard Rate Changes on German Bank Stocks,” presented at the 1994 European Financial Management Meetings, Maastricht, Netherlands and at the European Finance Association Meetings,
Milan, Italy, 1995. (with Hassan Tehranian)
“Going Public: A Corporate
Governance Perspective,” presented at the Max Planck Institutute Conference on
Comparative Corporate Governance, Hamburg, Germany, May 1997. (with Wolfgang
Bessler and Heidemaire Sherman)
"State-Assisted
Financing Programs: Policies and
Strategies for New Hampshire," mimeo, March, 1998. (with Ross Gittell)
"The Listing of German
Firms on the New York Stock Exchange: A Corporate Governance Perspective,"
presented at the 1998 Tokyo Club Meetings,
Brookings Institution, Washington, D.C., October, 1998 and at 1999 German
Banking and Finance Conference, Karslruhe, Germany.
“Firm Size, Employees and
Profitability in U.S. Manufacturing Industries,” Working paper, UNH Whittemore
School, September 2003.
“Firm Size, Employees and
Profitability in U.S. Manufacturing Industries,” presented at the 2003
Multinational Finance Association Conference, July 2003, Montreal.
“Post Deregulation
Restructuring of the Electric Power Industry: Value Creation or Value
Destruction?” Financial Management International Conference, June
2004. (with John Becker-Blease and
Lawrence Goldberg)
BOOKS, MONOGRAPHS, FUNDED RESEARCH REPORTS AND CASES
Corporate
Investment and Financial Management, American Management Association, Watertown,
MA. (1990).
International
Financial Management,
American Management Association, Watertown, MA. (1992).
Wealth
Creation in Eastern Europe: Financial Management Issues and Strategies, The Haworth Press, New York (1992) co
editor with Ike Mathur.
Financial
Risk Management,
American Management Association, Watertown, MA (1993), revised (1999)
Corporate
Finance: Theories and Policies,
Basil Blackwell, Cambridge, MA (1995)
Pfeiffer
Vacuum: Strategic Financial Management in Global Financial Markets, Case study, March, 2000
Corporate
Governance: A Managerial Perspective,
American Management Association, Watertown, MA, 2001.
Firm Size, Employees and Profitability: A
Manufacturing Industry Specific Inquiry, H.B.
Services Partners, L.L.C., May, 2002.
A
Blueprint for Corporate Governance, AMACOM Books, American
Management Association, 2003.