Ioannis (Yianni) V. Floros

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1 Ioannis (Yianni) V. Floros Iowa State University Office Phone: (515) College of Business Cell Phone: (412) Gerdin business building Ames, IA Citizenship: U.S. CURRENT APPOINTMENTS currently Iowa State University, Dean s Faculty Fellow in Finance currently Iowa State University, Associate (tenured) Professor of Finance PAST APPOINTMENTS Iowa State University, Assistant (tenure track) Professor of Finance DePaul University, Visiting Assistant Professor of Finance U.S. Securities and Exchange Commission, Division of Economic and Risk Analysis, Visiting Scholar in Finance Rulemaking experience (type of involvement in the economic baseline development): The JOBS Act: Regulation A+ exemption (lead economist) The Exchange Act: Amendment of Rule 15c2-11 (economist) The Dodd-Frank Act: Asset backed securities-risk retention (economist) The Sarbanes-Oxley Act: Adoption Auditing Standard No. 16 (liaison with PCAOB) Lead delivery of white paper on alternative mechanisms to going public Participated in delivery of white paper on OTC market fraud EDUCATION University of Pittsburgh (Ph.D. in Business Administration) Dissertation Title: Two Essays on "Alternative mechanisms to going public" Committee: Kuldeep Shastri (Chair, deceased), Craig Dunbar, John H. Evans III, Frederik P. Schlingemann, Shawn E. Thomas and Chad J. Zutter Research Interests: Primary: Corporate Finance (empirical) Secondary: Security Offerings, Going Public Decisions, Small-cap financing, Financial Contracting, Disclosure University of Warwick (M.Sc. in Economics and Finance) 1997 Harvard University (Summer School Certificate) University of Piraeus (B.Sc. in Economics) RESEARCH Published papers: "At-The-Market offerings" Co-authors: Jon A. Garfinkel and Matthew T. Billett (Forthcoming at the Journal of Financial and Quantitative Analysis) Qualified residential mortgages and default risk Co-author: Joshua T. White (Journal of Banking and Finance, 70 (2016), ) Redacting information at the Initial Public Offering Co-authors: Audra L. Boone and Shane A. Johnson (Journal of Financial Economics, 120 (2016), )

2 Featured in the Harvard Law School Forum of Corporate Governance and Financial Regulation The influence of investor identity and contract terms on firm value: Evidence from PIPEs Co-authors: Matthew T. Billett and Redouane Elkamhi (Journal of Financial Intermediation, 24 (2015), ) "Why do so many firms issue private equity repeatedly? On the information content of repeated PIPE offerings" Co-author: Travis R.A. Sapp (Journal of Banking and Finance, 36 (2012), ) Private equity and real firm activity: Evidence from PIPEs Co-author: Jamie R. Brown (Journal of Corporate Finance 18 (2012), ) "Characterizing the risk of IPO initial returns: The impact of momentum, liquidity, skewness, and investment" Co-authors: Rick Carter, Rick Dark, and Travis R. A. Sapp (Financial Management, Winter 2011, ) Shell games: On the stock price performance of shell companies Co-author: Travis R. A. Sapp (Journal of Corporate Finance, 17 (2011) ) Papers under initial or later round review: The certification role of insider participation in private placement transactions Coauthors: Nandu J. Nagarajan and Shiva Sivaramakrishnan (Under 2 nd round revision at the Journal of Banking and Finance) Reducing uncertainty through a two-stage IPO: Evidence from U.S. exchange upgrades Co-authors: Rebel A. Cole and Vladimir I. Ivanov (Revise-and-resubmit at the Journal of Financial Intermediation) Working papers: Management forecast behavior of newly public firms with valuable proprietary information, Co-authors: Mei Feng, Shane A. Johnson and Zhejia Ling An Autopsy of a Total Stock Market Failure, Co-authors: Shane A. Johnson and David Florysiak Raising capital when the going gets tough: U.S. bank equity issuance from 2001 to 2014, Co-authors: Lamont Black and Rajdeep Sengupta Proprietary Cost Hypothesis New Evidence, Co-authors: Shiva Sivaramakrishnan and Rustam Zufarov Work-in-progress: Strategic private placements and information sharing, Co-authors: Matthew T. Billett and Xuan Tian Anatomy of OTC markets, Co-authors: Joshua T. White The impact of registration on the pricing of private placements, Co-authors: Ralf Elsas and David Florysiak

3 INVITED BOOK CHAPTERS Anatomy of Alternative Mechanisms to going public, Co-authors: Joseph J. Cecala for the Handbook of IPOs, edited by Douglas Cumming and Sofia Johan, Oxford University Press, May 2017 AD-HOC REFEREE SERVICE Management Science, Journal of Financial and Qualitative Analysis, Journal of Corporate Finance, Journal of Banking and Finance, Journal of Financial Stability, Journal of Business Venturing, Journal of Business Finance and Accounting, European Journal of Finance, Finance Research Letters TEACHING Capital Markets (undergraduate) University of Pittsburgh, Fall 2006 Investment Management (undergraduate) University of Pittsburgh, Spring 2007 Introduction to Finance (undergraduate) University of Pittsburgh, Spring 2006 Financial Management (graduate) University of Pittsburgh, Fall 2007 Introduction to Derivatives (graduate) University of Pittsburgh, Fall 2007 Efficiency of Capital Markets (undergraduate) University of Pittsburgh Financial Futures and Options (undergraduate) Iowa State University, Fall 2008, Spring 2009, Fall 2009 (average teaching valuations: 4.2/5.0) Security Analysis and Portfolio Management (undergraduate) Iowa State University, Fall 2008, Spring 2009, Fall 2009 (average teaching valuations: 4.4/5.0) Principles of Finance (undergraduate) Iowa State University, Fall 2012, Spring 2013, Fall 2013, Spring 2014, Fall 2014, Fall 2015, Spring 2016, Fall 2016, Spring 2017, Fall 2017 (average teaching valuations: 4.10/5.0) Principles and Advanced Corporate Finance (graduate) Zurich Elite Business School, Summer and Fall 2012, (average teaching valuation: 4.3/5.0) Advanced Corporate Finance-Case methods (graduate) DePaul University, Spring 2015, (teaching valuation: 4.1/5.0) Corporate Financial Policy Problems (graduate) DePaul University, Spring 2015, (average teaching valuation: 3.9/5.0) Financial Management (graduate) DePaul University, Summer 2015-three sections, (average teaching valuation: 4.2/5.0) Investment Finance (undergraduate)-university of Wisconsin-Milwaukee, Summer 2017 (average teaching evaluation: 4.5/5.0) INVITED PRESENTATIONS A comparison of penny stock Initial Public Offerings and reverse mergers as alternate mechanisms to going public, Cornerstone Research, 2008, RSM Erasmus University, 2008, Baruch College, 2008, University of Hawaii at Manoa, 2008, Iowa State University, 2008, Seton Hall University, 2008, Indian School of Business, 2008, University of Piraeus, 2008 Shell games: On the stock price performance of shell companies, Iowa State University, 2009, University of Iowa, 2009, Paris December 2009 Finance International Meeting, 2009, Eastern Finance Association Meetings, 2010 Why Do So Many Firms Issue Private Equity Repeatedly? On the Information Content of Repeated PIPE Offerings, Iowa State University, 2010, Stockholm School of Economics, 2010, University of Nebraska-Lincoln, 2010, Eastern Finance Association Meetings, 2010, European Financial Management Symposium on Entrepreneurial Finance and Venture Capital Markets, Cirano Montreal, 2010

4 Do Investor Identity and Contract Terms Interact? Evidence from the Wealth Effects of Private Placements, Financial Research Association, 2011, Cornerstone Research, 2011, University of South Carolina, 2011, U.S. Securities and Exchange Commission, 2012, University of Florida, 2012, University of Miami, 2012, DePaul University, 2013 Redacting information at the Initial Public Offering, U.S. Securities and Exchange Commission, Finance Down Under 2014 Conference, 2014 European Center for Corporate Control Studies, Texas Tech University, 2014, University of Georgia, 2014, University of Cincinnati, 2014, Miami University of Ohio 2014, Iowa State University, 2014, Arizona State University 2015, Southern Methodist University 2015 The certification role of insider participation in PIPE transactions, 2014 Asian Finance Association, National University of Singapore, 2014, University of Iowa, 2014, Iowa State University, 2014, DePaul University, 2015, 2015 Midwest Finance Association Qualified Residential Mortgages and default risk, 2014 Financial Innovations and Bank Regulation conference at Xiamen University (WISE Institute) Reducing uncertainty through a two-stage IPO: Evidence from U.S. exchange upgrades, American University, University of Texas at Arlington, University of Memphis, the U.S. Securities and Exchange Commission, 2015 Financial Management Association, 2016 European Financial Management Association, 2016 University of Nebraska-Lincoln, University of Delaware), 2017 Midwest Finance Association, 2017 FMA Europe At-The-Market offerings, 2015 Midwest Finance Association, University of Mississippi, 2017 FMA Europe, 2017 Ludwig Maximilian University of Munich Raising Capital when the going gets tough: U.S. bank equity issuance from 2001 to 2014, 2016 Federal Reserve Bank of Kansas City, 2017 FMA Annual Meeting (scheduled) Management forecast behavior of newly public firms with valuable proprietary information, 2017 Iowa State University, 2017 University of Pittsburgh, 2017 Hong Kong University of Science and Technology, 2018 University of Nebraska-Lincoln An Autopsy of a Total Stock Market Failure, 2017 Hong Kong University of Science and Technology, 2017 University of Salzburg, 2018 WHU-Otto Beisheim School of Management, 2018 FMA Europe in Norway (scheduled), 2018 AFFI Conference in France (scheduled) OTHER WORK EXPERIENCE 2013-current Expansion Funding Partners Partner and Director of Research and Economic Analysis Contributed to the creation of the private, secondary exchange business plan Revised private placement memorandum Delivered first and second white paper on Over-The-Counter market operations 2011-current Zurich Elite Business School Member of the Academic Board and Adjunct Professor of Corporate Finance

5 Taught at the Executive MBA level: Corporate Finance I/Principles, Advanced Corporate Finance (Case studies methodology) Accenture S.A. Senior Financial Analyst Projects: Implementation of integrated treasury systems, Assessment of Banking Software Packages, Asset & Liability Management AWARDS 2016 Iowa State University- Awarded with the 2016 Summer Research Grant 2014 Iowa State University- Awarded with the 2014 Summer Research Grant 2010,2011 Iowa State University- Nominated the Best Junior Researcher and Best Junior Teacher of the Department of Finance 2010,2011 Iowa State University- Krause Challenge Contest: ISU class (academic years 2010, 2011) won the annual competition (competing against: the University of Iowa, The University of Northern Iowa and Drake University) 2014 Social Science Research Network- "Redacting Information at the Initial Public Offering" listed first among the Top Ten most downloaded papers in Information Asymmetry Models 2011 Social Science Research Network- "Do Investor Identity and Contract Terms Interact? Evidence from the Wealth Effects of Private Placements" listed first among the Top Ten most downloaded papers in a) Information Asymmetry Models b) Economics of Contract Theory 2011 Social Science Research Network- "Why Do So Many Firms Issue Private Equity Repeatedly? On the Information Content of Repeated PIPE Offerings" listed first among the Top Ten most downloaded papers in Other Corporate Governance: Acquisitions, Mergers, Contests for Control, & Activism 2010 Social Science Research Network- "Shell Games: On the Stock Price Performance of Shell Companies" listed first among the Top Ten most downloaded papers in Mergers and Acquisitions 2009 Iowa State University- College of Business $1,500 Research Grant for Shell Games: On the Stock Price Performance of Shell Companies National Scholarship Foundation Scholarship for outstanding undergraduate academic performance 1998 University of Piraeus Graduated 4th from the Department of Economics Harvard Extension School Ranked 1st in the course: Money, Financial Institutions and Markets COMPUTER SKILLS Development: C++, SAS, MATLAB, STATA, Python LANGUAGES Greek (native), English (fluent), German (fluent) REFERENCES Matthew T. Billett Richard E. Jacobs Chair in Finance Professor of Finance Kelley School of Business Indiana University 1309 E 10th Street, Room 468 Bloomington, IN Jon A. Garfinkel Henry B. Tippie Research Fellow Professor of Finance 108 PBB, S262 Henry B. Tippie College of Business University of Iowa Iowa City, IA 52242

6 Phone: (812) Shane A. Johnson Leland Memorial Chair in Finance, Wells Fargo / Heep Foundation Professor of Finance, Director, Ph.D. Program in Finance Department of Finance, MS 4218 Mays Business School Texas A&M University College Station, TX Telephone:(979) shane@mays.tamu.edu Phone: (319) jon-garfinkel@uiowa.edu Shiva Sivaramakrishnan Henry Gardiner Symonds Professor in Accounting Jesse H. Jones Graduate School of Business Rice University P.O. Box 2932-MS 531 Houston, TX Phone: (713) kshiva@rice.edu

EDUCATION AND PROFESSIONAL CERTIFICATION

EDUCATION AND PROFESSIONAL CERTIFICATION July 2018 David P. Weber Arthur Andersen Professor and Associate Professor of Accounting University of Connecticut Department of Accounting 2100 Hillside Road Unit 1041 Storrs, CT 06269 (860) 486-2573