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  • 1. Elinda Fishman Kiss p. 1 ELINDA FISHMAN KISS 3593 Corn Crib Lane Huntingdon Valley, PA 19006 215-938-8860 (h) EFKiss@aol.com 215-962-9071 (cell) WORK EXPERIENCE UNIVERSITY OF MARYLAND- RH Smith School of Business; College Park, MD Tyser Teaching Fellow, Teaching Professor- Finance 2003-present Krowe Teaching Excellence Award, Wikler Teaching Excellence Award RUTGERS UNIVERSITY –Rutgers Business School: Newark and New Brunswick Associate Professor- Finance and Economics; Accounting and Information Systems 1998-2003 Thomas H. Mott award for excellence in Teaching CUSTOM EQUIPMENT MANUFACTURING, INC., Hatboro, PA 1996-1998 Treasurer RESOLUTION TRUST CORPORATION (RTC), 1990-1995 Managing Agent - Acting Chief Financial Officer and Treasurer - City Federal Savings Bank, Somerset, NJ Financial Instruments Coordinator - Department Head - Asset Marketing, Somerset, NJ and Washington, DC Oversight Manager - Asset Specialist - Contractors and Subsidiaries, Valley Forge, PA TEMPLE UNIVERSITY Adjunct Professor- Finance 1987-1998 Dean's Appointment - Associate Professor - Finance 1990
  • 2. Elinda Fishman Kiss p. 2 PENN STATE UNIVERSITY-Great Valley – Master’s in Management program Adjunct Professor- Finance 1996 MERITOR SAVINGS BANK (PSFS), Philadelphia, PA 1986-1989 Vice President-Capital Markets Vice President-Analysis and Financial Planning CITICORP INVESTMENT BANK, New York, NY 1983-1986 Assistant Vice President - Capital Markets FIRST PENNSYLVANIA BANK, Philadelphia, PA 1981-1982 Commercial Lending - Regional Department THE WHARTON SCHOOL, University of Pennsylvania Lecturer - Finance 1975-1980 WELLESLEY COLLEGE, Instructor- Economics 1973-1974 EDUCATION UNIVERSITY OF ROCHESTER, Rochester, NY Ph.D. - Economics 1983 Dissertation: "Effects of Devaluation and Long-Term Commodity Contracts on a Small Open Economy: Case Study of Fiji and Sugar" M.A. - Economics 1972 WASHINGTON UNIVERSITY, St. Louis, MO 1969 B.A. - Cum Laude in Economics and Mathematics
  • 3. Elinda Fishman Kiss p. 3 COURSES TAUGHT at Maryland, Rutgers, Temple, Wharton, Pennsylvania State, Wellesley, The College of New Jersey, Drexel, West Chester University University of Maryland Advanced Financial Management Banking and Financial Institutions Management International Financial Management Financial Services Fellows Honors Program Teach in Undergraduate and MBA programs Rutgers Financial Management Investment Analysis and Management Financial Institutions and Markets Financial Markets and Instruments Financial Statement Analysis Corporate Finance Advanced Corporate Finance International Banking and Capital Markets International Corporate Finance Accounting for Managers Introduction to Accounting Financial Accounting Managerial Economic Analysis Finance for Non-Business Majors Taught in Undergraduate, MBA, Executive MBA and International Executive MBA programs.
  • 4. Elinda Fishman Kiss p. 4 Temple Financial Management of Business Financial Markets and Instruments Investments Managerial Finance Management of Financial Institutions Money and Credit University of Pennsylvania (Wharton) Economic Policy Analysis Financial Analysis International Finance International Trade Macroeconomic Analysis and Public Policy Advanced Study Project in Finance West Chester University Corporate Finance Microeconomics Economic Statistics Drexel University Risk Management The College of New Jersey Principles of Finance
  • 5. Elinda Fishman Kiss p. 5 Wellesley College Econometrics International Economics Intermediate Macroeconomics Mathematical Economics Principles of Macroeconomics Principles of Microeconomics BUSINESS EXPERIENCE CUSTOM EQUIPMENT MANUFACTURING, INC. Directed: economic and financial analysis, portfolio strategies, and contracting. Managed: accounting, bank relations, investments, leasing, pension plan. RESOLUTION TRUST CORPORATION Managed sale of $7 billion in loans, securities, derivatives and real estate in liquidation of savings and loan associations for the RTC, while achieving maximum value for U.S. taxpayers. Sold $500 million Home Equity Portfolio at $35 million profit. Directed investments and sales in $3.5 billion portfolio of mortgage-backed, corporate and municipal securities. Managed derivative securities, including: CMOs, IOs, POs, REMICs and swap-options. Chaired Asset/Liability Management Committee; determined deposit rates; developed and executed strategic plan to operate thrift to protect franchise value while achieving maximum asset sales prices. Managed operations half of bank, which had 200 employees; allocated and evaluated personnel and financial resources with $300 million budget. Coordinated "swaps" of $1 billion mortgage loans into FNMA, FHLMC, and RTC-MBS securities. Designed and implemented policies for marketing loans and unwinding complex securities transactions. Chaired Asset Sales Management Committee and served on Credit Review Committee. Managed department of 25 professionals and six clerical, with budget of $12 million.
  • 6. Elinda Fishman Kiss p. 6 Co-wrote policy manual for selling securities by Capital Markets Group. Directed 35 contractors who managed and sold 1700 assets and subsidiaries ($1 billion) owned by RTC Savings and Loan Associations. Supervised 70 accountants in reconciling $1 billion remaining securities portfolio. Served as Board member of Trust Company, Mortgage Bank, Savings and Loan and Special Purpose Finance Subsidiaries; directed marketing strategy of the subsidiaries. Completed sale of $2 billion Trust Company at $6.7 million profit. RTC closed one year early and $13 billion under budget. MERITOR SAVINGS BANK (PSFS) Protected value of bank's assets through management and trading of $2.5 billion portfolio of interest rate swaps, caps, floors, options and financial futures. Hedged CD issuance, mortgage pipeline and $6 billion MBS portfolio. Increased bank income by $2 million in 1987, $5 million in 1988 and $15 million in 1989 through interest rate cap and swap transactions. Managed investment in derivative mortgage securities, including IOs, POs, REMICs. Developed and presented training seminars on Capital Markets. Wrote and edited The Fixed Income Monitor - a newsletter distributed to customers and senior management. Directed strategic and tactical financial planning, forecasting and analysis. Analyzed potential investments and divestitures. Managed bank's interest sensitive gap. Chaired committee to restructure bank's assets, resulting in reduced interest expense and less interest rate risk exposure. Forecasted key interest rates and economic data to determine opportunities for investment. Designed financial planning regression model to simulate corporate restructuring. Implementation of plan caused capital infusion of $75 million and an increase in regulatory capital to 6.89%. Served as Acting Economist and member of Asset/Liability Committee.
  • 7. Elinda Fishman Kiss p. 7 CITICORP INVESTMENT BANK Sold bonds, money-market instruments and mortgage-backed securities to financial institutions and money managers. Top salesperson (of 173) in Citicorp products. Designed new hedging and mortgage products. FIRST PENNSYLVANIA BANK Participated in management of $150 million commercial loan portfolio. ECONOMIC CONSULTING EXPERIENCE CITY OF PHILADELPHIA, OFFICE of the DIRECTOR OF FINANCE 1977-1980 Saved City of Philadelphia $10 million by recommending advance refunding of specific maturities of outstanding serial bonds. BOARD of GOVERNORS of the FEDERAL RESERVE SYSTEM, DC 1970-1976 UNITED STATES TREASURY DEPARTMENT, Washington, DC 1972,1976,1980 PUBLICATIONS ACADEMIC "The Friedman-Meiselman CMC Paper: New Evidence on a Seven-Year Old Controversy," Econometrica, July 1971 (co-author with William Poole) "The Friedman-Meiselman CMC Paper: New Evidence on an Old Controversy," American Economic Review, December 1973 (co-author with William Poole) “Optimum Currency Area: Euro As A Practical Paradigm?”, Chapter 14 in GOBAL FINANCIAL MARKETS: ISSUES AND STRATEGIES, Edited by Dilip K. Ghosh and Mohamed Ariff, Praeger Press (Greenwood Publishing) , 2004 DISCUSSION PAPERS "The Relative Stability of Monetary Velocity and the Keynesian Multiplier," University of Rochester Department of Economics Discussion Paper, September 1971 "IMF World Trade Model and Realignment Effects on LDCS," Department of Treasury Working Paper, September 1972 "Some Effects of Devaluation on a Small Open Economy - An Analysis Applicable to the Fiji 1967 Experience," Wellesley Economics Paper #8, June 1974
  • 8. Elinda Fishman Kiss p. 8 "Import Substitution Following a Devaluation," Wellesley Economics Paper #12, October 1974 "Wage Rate, Prices and Production Changes in Fiji", Wellesley Economics Paper #13, November 1974 "The Monetary Approach to the Balance of Payments and the Fiji Islands," University of Pennsylvania Department of Economics Discussion Paper, February 1975 "Some Effects of the 1967 Sterling Devaluation on Fiji", University of Pennsylvania Finance Department Discussion Paper, August 1976 "Some Effects of a Devaluation on Factor Prices," University of Pennsylvania Finance Department Discussion Paper, November 1976 "Some Effects of the 1967 Sterling Devaluation on Jamaica," Rodney White Foundation Occasional Paper, September 1977 "Export and Import Functions of Fiji," University of Pennsylvania Finance Department Discussion Paper, December 1977 "Nontraded Goods and Tariff Distortion," University of Pennsylvania Finance Department Discussion Paper, August 1978 "Monetary and Real Aspects of a Terms of Trade Change on the Fiji Economy," University of Pennsylvania Finance Department Discussion Paper, November 1978 "Stability of Money Demand and the Brown-Durbin Test," University of Pennsylvania Finance Department Discussion Paper, February 1979 "Fiji, Subsistence and Market, Combined", Rodney White Foundation Paper 1980 "The Commonwealth Sugar Agreement and the Fiji Islands" 1999 "Sugar, Long-Term Contracts and Changes in the Terms of Trade" 1999 "Measuring Liquidity Premium in Off-the-Run U.S. Treasury Bonds" 1999 “Conducting Monetary Policy with No Treasury Securities,” 2002 NON-ACADEMIC "Energy Source is What We All Need," Philadelphia Evening Bulletin, February 1979 "Senate Bill # 199 - Why It Benefits Philadelphia," Office of the Director of Finance, City of Philadelphia, Occasional Paper, April 1979 "T.L.C. for Your Money," Working Woman Magazine, May 1980 "Treasury and Agency Securities: Issuance and Distribution, 1970-1983," Citicorp Money Markets Division Occasional Paper, June 1983
  • 9. Elinda Fishman Kiss p. 9 "The Savings and Loan Industry -- Investment Profile, 1970-1983," Citicorp Money Markets Division Occasional Paper, September 1983 "Unit Investment Trusts -- Investment Profile," Citicorp Money Markets Division Occasional Paper, November 1983 Guide to Fixed Income Securities, published by Citicorp North American Investment Bank, March 1984 A Primer on Municipal Securities, Citicorp Investment Bank, 1984 "Hedging Exchange Rate Risk with Forward Protection Agreements, Citicorp Investment Bank Capital Markets Analysis, May 1986 "Interest Rate Risk Management Primer," Meritor Financial Markets Research Paper, September 1986 Hedging Policy Manual, Meritor Financial Group, December 1986 "A Primer on Fixed Income Securities", Meritor Savings Bank Occasional Papers, 1986 "Hedging the Mortgage Pipeline", Meritor Savings Bank Occasional Papers, 1987 "What Happens When the Loan is Prepaid but the Hedge Stays: the Peril of Hedging Mortgage Loans with Interest Rate Swaps", Meritor Savings Bank Occasional Papers, 1987 "FDIC Income Maintenance Agreement, Hedge Value, Replacement and Closing of Interest Sensitive Gap", Meritor Financial Group Capital Markets Research Paper, September 1987 "Hedging Commercial Real Estate," Meritor Financial Group Capital Markets Research Paper, October 1987 "Structured Asset Liability Transactions Hedged with Interest Rate Caps," Meritor Financial Group Capital Markets Research Paper, October 1987 "REMICs and CMOs," Meritor Financial Group, Capital Markets Research Paper, November 1987 "I0s and POs: Stripped Mortgage Backed Securities," Meritor Financial Group Capital Markets Research Paper, December 1987 The Fixed Income Monitor, weekly publication on the credit and mortgage markets distributed internally and externally; wrote Credit Markets and Economic Analysis columns; edited Money Markets, Mortgage Markets and Special Studies, Meritor Financial Group Capital Markets, March 1987-May 1988 Weekly Economic Report, Interest Rate Forecast, Asset Liability Analyses; Meritor Financial Group, January- May 1989 "Interest Rate Swaps, Caps and Other Derivatives," Meritor Savings Bank Occasional Papers, 1988
  • 10. Elinda Fishman Kiss p. 10 "SALT: Structured Transactions to Hedge Mortgage Securities", Meritor Savings Bank Occasional Papers, 1988 "Advanced Interest Rate Swaps," American Bankers Association School of Bank Investments, June 1988 "Managing and Measuring the Interest Sensitive Gap," Meritor Financial Group, March 1989 Capital Markets Branch Procedures Manual, Resolution Trust Corporation, September 1991 "Commercial and Multifamily Mortgage Loan Sales", Resolution Trust Corporation, March 1992 Capital Markets Intervention Assistance Kit for Securities, Resolution Trust Corporation, June 1992 "Agency Swaps," Resolution Trust Corporation, July 1992 "Resolution Trust Corporation Series 1992 HEL-1, Junior Mortgage Lien Portfolio with a Combination of Fixed and Adjustable Loan Terms, Resolution Trust Corporation, October 1992 Trust Department Procedures, Resolution Trust Corporation, January 1993 Case Presentations to Credit Committee, Resolution Trust Corporation, 1990-1995 Power Point transparency masters for Fabozzi and Modigliani, Capital Markets- Institutions and Instruments, 1998 Power Point transparency masters for Hughes and MacDonald, International Banking: Text and Cases, 2002 PAPERS PRESENTED AT PROFESSIONAL MEETINGS Econometric Society, "The Friedman-Meiselman CMC Paper: New Evidence on a Seven- Year Old Controversy," (co-author with William Poole), 1970 Brookings Institution, "Alternate Paths to Monetary Stability," 1971 Seminars at Board of Governors (1973,1976); Harvard University (1974); Massachusetts Institute of Technology (1974) Econometric Society, "Some Effects of the 1967 Sterling Devaluation on Fiji," 1976 Western Economic Association, "Stability of Money Demand and the Brown-Durbin Test for Constancy of Regression Relationships," 1980 Midwest Finance Association, "Bank Reactions to Changes in the Discount Rate," 1985 First International Conference on Banking and Finance, Kuala Lumpur, Malaysia, “Optimum Currency Area: Euro as a Practical Paradigm?”, 2000
  • 11. Elinda Fishman Kiss p. 11 First International Conference on Banking and Finance, Kuala Lumpur, Malaysia, “Estimating Economic Profits of a Bank and Its Market Value”, 2000 “Should the United Kingdom Join the EMU?”, Second International Conference on Banking and Finance, Crete, 2002 “Immediate Impact of the Events of September 11, 2001, on the Bond Market,” Second International Conference on Banking and Finance, Crete, 2002 “US and EMU: Interest Rate Reaction to Releases of Foreign Economic Data,” Inaugural International Conference on Business, Banking and Finance, Port of Spain, Trinidad, April, 2004 Discussant, session chair: Econometric Society, Atlantic City, 1976 Midwest Finance Association, Cincinnati, 1985 First International Conference on Banking and Finance, Kuala Lumpur, 2001 Pacific Basin Economics Conference, New Brunswick, September, 2001 Financial Management Association, San Antonio, October,2002 Financial Management Association, Denver, October, 2003 Inaugural International Conference on Business, Banking and Finance, Port of Spain, Trinidad, April, 2004 Financial Management Association, New Orleans, October, 2004 Financial Management Association, Chicago, October, 2005 Financial Management Association, Salt Lake City, October, 2006 Financial Management Association, Orlando, October, 2007 JOURNAL EDITORSHIPS Business Economics, 1999-present Pacific Basin Financial Markets and Policies, 2000 OTHER PRESENTATIONS Citicorp/Bell Investments Seminar, "Introduction to the Credit Markets," 1983 Meritor Financial Group, "Interest Rate Risk Management," 1986 Euromoney Seminars, "One Bank's Experience With Interest Rate Swaps," 1986
  • 12. Elinda Fishman Kiss p. 12 Meritor Financial Group Capital Markets Seminars: 1987 Series, "Terminology of the Credit Markets," 1987 Merrill Lynch Interest Rate Risk Management Seminars, "Risk-Controlled Arbitrage With Interest Rate Caps," 1987 Meritor Financial Group Capital Markets Seminars: 1987 Series, "Structured Asset Liability Transactions - the Hedge Component," 1987 Meritor Financial Group Capital Markets Seminars: 1987 Series, "New Developments in Capital Markets -- REMICs with Commercial Mortgages," 1987 American Bankers Association Schools of Bank Investments and Financial and Funds Management, "Interest Rate Swaps," 1988 Willow Grove Chamber of Commerce, "The Economic Outlook for 1989," 1988 American Bankers Association National and Graduate School of Bank Investments, "Advanced Off-Balance Sheet Vehicles," 1989 WEFA, "Derivative Securities and Interest Rate Forecasts", 1996 Chair, Washington Policy Conference, National Association for Business Economics, Washington DC, 2001 Session Chair, National Association for Business Economics, Atlanta, GA, 2003 Annual Meeting Co-Chair, National Association for Business Economics, Philadelphia, PA, 2004 OTHER TEACHING ACTIVITIES New York Institute of Finance - prepared students for CFA exam Morgan Stanley – taught Financial Statements Forecasting for students from Beijing, China American Bankers Association, School of Bank Investments - taught courses in off-balance sheet vehicles and hedging techniques University of Pennsylvania - taught "Money, Power and Politics" UNIVERSITY COMMITTEES Junior Faculty Representative to University Council 1978-1980 Dean selection to Committee on State and Local Government and Tax Policy, 2000 The Trading Room Committee, 2001-2002
  • 13. Elinda Fishman Kiss p. 13 Advisor, FBIS (Financial Banking & Investment Society), 2003-present Member, Undergraduate Curriculum Committee, 2003-present Member, Executive Education Committee, 2003-present Member, “Wikler” Task Force, 2003-present Judge, MBA Case Competition, 2004 Advisor, FMA Honor Society, 2004-present Financial Fellows Program, 2007- present OTHER ACTIVITIES and Community Service Board of Directors, Financial Management Association Board of Directors, National Association for Business Economics Chair, Washington Policy Conference, National Association for Business Economics Co-Chair, Annual Meeting, National Association for Business Economics President, Philadelphia Council for Business Economics Board of Directors, The Valley Club; Women in Transition 1995-1997 Philadelphia Finance Association 1986-1990 Women for Greater Philadelphia 1986-1989 Admissions Interviewer Washington University in St. Louis President Philadelphia Women's Political Caucus 1979-1981 Vice President Philadelphia Committee on City Policy 1978-1981 Vice President Somerton Civic Association 1986-1988 Commentator on "Speaking of Your Money," Radio Station WCAU 1978-1980 Panelist KYW-TV and WPHL-TV 1978-1980
  • 14. Elinda Fishman Kiss p. 14 AWARDS, HONORS and FELLOWSHIPS Omicron Delta Epsilon - Economics Honorary 1969 Deans List 1966-1969 Bachelor of Arts - Cum Laude - Washington University 1969 University Fellowships, Research Assistantships/Teaching Assistantships, University of Rochester 1970-1973 University Fellowship, Rodney White Fellowship 1977 Recipient of the Thomas H. Mott award for Excellence in Teaching 2000 Finalist for Faculty Service Award, 2005 Krowe Teaching Excellence Award ,2007 Joseph M. Wikler Teaching Excellence Award, 2007 ADDITIONAL TRAINING WHARTON SCHOOL, UNIVERSITY of PENNSYLVANIA, Philadelphia, PA Advanced graduate studies in Accounting, Finance, Marketing, Planning and Law Registered Securities Representative (Series 3, 7, 63) Computer training in Excel, Lotus, Access, Paradox, WordPerfect, Word, QuickBook, PowerPoint, Fortran, SAS, TSP and Basic. Home page: http://www.smith.umd.edu/faculty/elinda-kiss cell: 215-962-9071