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Laurence  Booth CIT Chair in Structured Finance, Professor of Finance   Degrees   D.B.A., Indiana University M.B.A., Indiana University M.A., Indiana University B.Sc(Econ)., London School of Economics Email   Phone   416-978-6311 Personal Web Site   http://www.rotman.utoronto.ca/~booth/

Positions Held Academic Positions 1987-Present   Professor of Finance, Rotman School of Management, University of Toronto 1999-Present   CIT Chair in Structured Finance, Rotman School of Management, University of Toronto

Selected Articles and Papers "Formulating retirement targets and the impact of time horizon," Financial Services Review, Spring, 2004, 13-1 "What to do with Executive Stock Options," Canadian Investment Review, Summer, 2003, 12-18 "Discounting expected values with parameter uncertainty," Journal of Corporate Finance, Spring, 2003, 505-519 "Equity risk premiums in the US and Canada," Canadian Investment Review (Forthcoming), Spring, 2003 "Do emerging market firms follow different dividend policies from those in the US?," with S. Cleary and V Aivazian, Journal of Financial Research (forthcoming), September, 2003, 371-387 "Dividend policy and the organisation of capital markets," with S. Cleary and V Aivazian, Journal of Multinational Financial Management, April, 2003, 101-121 "The MBA International Finance course: a course whose time has come and gone," Research in Global Strategic Management, June, 2003 "How to find value when none exists: pitfalls in using APV and FTE," Journal of Applied Corporate Finance, Spring, 2002, 95-105 "Capital structures in developing countries," with V. Aivazian, V. Maxsimovic and A. Demirgic Kunt, Journal of Finance, March, 2001, 87-130 "The CAPM, Equity Risk Premiums and the Privately Held Business," Journal of Business Valuation, 1999, 87-114 "Estimating the Equity Risk Premium and Equity Costs: New Ways of Looking at Old Data," Journal of Applied Corporate Finance, Spring, 1999, 85-95 "Time to Pass the Old Maid," Canadian Investment Review, Spring, 1999 "The Case Against Foreign Bonds in Canadian Fixed Income Portfolios," Canadian Investment Review, Spring, 1998 "A New Model for Estimating Risk Premiums (Along with Evidence of their Decline)," Journal of Applied Corporate Finance, Spring, 1998 "The Importance of Market to Book Ratios in Regulation," Quarterly Bulletin, National Regulatory Research Institute, Winter, 1997 "Great Lakes Forest Products," with Professor W.Rotenberg, Accounting Education, 5 (Winter), 1996 "Making Capital Budgeting Decisions in Multi-national Corporations," Managerial Finance, Spring, 1996 "On the Nature of Foreign Exchange Exposure," Journal of Multi-national Financial Management, Spring, 1996 "Lessons from Canadian Capital Market History," Canadian Investment Review, Spring, 1995 "The Cost of Equity Capital of a Non-traded Canadian Entity," Canadian Journal of Administrative Sciences, June, 1993 "Peoples Acquisition of Zale: An application of Valuation Principles," in Canadian Investment Banking Review, (R.Rupert, Editor), McGraw Hill Ryerson, 1992 "Evidence on Corporate Preferences for Foreign Currency Accounting Standards," with W. Rotenberg, Journal of International Financial Management and Accounting, Summer, 1991 "The Influence of Production Technology on Risk and the Cost of Capital," Journal of Financial and Quantitative Analysis, March, 1991 "Assessing Foreign Exchange Exposure: Theory and Application Using Canadian Firms," with W. Rotenberg, Journal of International Financial Management and Accounting, Spring, 1990 "The Dividend Tax Credit and Canadian Ownership Objectives," Canadian Journal of Economics, May, 1987 "Bid-Ask Spreads in the Market for Foreign Exchange," Journal of International Money and Finance, August, 1984 "The Ex-Dividend Day Behaviour of Canadian Stock Prices: Tax Changes and Clientele Effects," Journal of Finance, June, 1984 "Empirical Tests of the Monetary Approach to Exchange Rate Determination," with R. Vander Kraats, Journal of International Money and Finance, December, 1983 "Correct Procedures for Discounting Risky Cash Outflows," Journal of Financial and Quantitative Analysis, June, 1982 Books/Chapters Regulation of Transmission and Distribution Activities of Ontario Hydro, in R. Daniels, Editor, Ontario Hydro at the Millenium: Has Monopoly's Moment Passed? McGill-Queens University Press (with P. Halpern) Fall, 1996 Competition and Profitability in the Financial Services Industry in Canada, in Putting Canadians First (J. Mintz & J. Pesando Ed) C.D. Howe Institute (September), 1996 Taxes, Funds Positioning and the Cost of Capital, in R. Aggarwal (Ed) Advances in Financial Planning and Forecasting, JAI Press, 1990 International Business, with A. Rugman and D. Lecraw, McGraw Hill, 1985

Academic/Professional Service 1998-Present Director at large and Editorial Board Member, Multinational Finance Journal 1992-2002 Editorial Board, Journal of International Business Studies 1989-Present Editorial Board, Journal of Multinational Financial Management 1986-Present Editorial Board, Canadian Journal of Administrative Sciences Oct 1993 Program Committee Member, Financial Management Association meetings 1992 Co-Chair, Northern Finance Association Meetings 1987-1991, 1994-Present Finance Area Coordinator 1982-1987 Editorial Board, Journal of Economics & Business 1982-1987 Finance Editor, Canadian Journal of Administrative Sciences

Honors/Awards 1988-1990 Director of Financial Management Association 1990 ASAC (Administrative Sciences Association of Canada) Distinguished Professor Address 1999 Best Corporate Finance Paper, Southern Finance Association Annual Conference 1996, 1998, 2000 Graduate Business Council MBA (2nd year) Teaching Award 2002 CBV, CICBV 2003 Leader in Management Education, Financial Post

Research and Teaching Interests Main interest is teaching domestic and international corporate finance. Research interests centre on the cost of capital, empirical corporate finance and capital market theory.