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Ejara, Demissew (full)
Demissew
Diro
Ejara
Ph.D.
Associate Professor of Finance, Director of the Samuel S. Bergami Learning Center for Finance and Technology
Business
Finance
203-932-7150
Maxy 216
Maxcy Hall
About Me

    I conduct research in the areas of corporate finance, international finance, securities issuance and international financial markets.  I have published papers in the Journal of Corporate Finance, the Financial Review, Applied Financial Economics, and Journal of Multinational Financial Management, to mention a few.  I am also active in the finance profession as paper presenter and discussant.  I presented papers at annual meetings of the Financial Management Association, Eastern Finance Association, Midwest Finance Association, Global Finance Association and Northeast Business and Economics Association.

    As a result of my significant scholarly contributions, I am requested to review scholarly articles for journals.  I reviewed papers for Applied Financial Economics, Journal of Banking and Finance, The Financial Review, Journal of Corporate Finance, Eurasian Economic Review, Business and Politics and African Journal of Business Management.  I am also on the editorial board of American Journal of Economics and Business Administration.

    I use results of my scholarly activities in my teachings. I share with my students results of my research papers.  In my International Financial Management class, I share the results of my paper on European equity market integration following the adoption of the euro and the cross-country diversification opportunities within the euro countries.  In my equity market analysis class I share my research papers on various topics that involve analysis of company fundamentals and the influence of external economic factors on company performance. My students always beat the general market index in the performance of the student managed Charger Portfolio. 

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    Education

    PhD, University of Connecticut, 1998.
    Major: Finance

    MBA, University of Texas - Pan American, 1991.
    Major: Business Administration

    BA, Addis Ababa University, 1987.
    Major: Accounting

    Published Intellectual Contributions

    Book Chapters  

    Carter, T., Ejara, D. D., Reis, C., Carter, W. (2011). Customer Challenges in Times of Global Risk and Uncertainty. In Piotr Pachura (Ed.), The Economic Geography Globalization, Book 3 (pp. 39-62). InTech Open Access. http://www.intechopen.com/books/the-economic-geography-of-globalization

     

    Journal Articles

    Daniels, K., Ejara, D. D., Vijayakumar, J. (2010). Debt Maturity, Risk, and Information Asymmetry: The Case of Municipal Bonds. The Financial Review, 45(3), 603-626. 

    Daniels, K., Ejara, D. D. (2009, in press). Impact of Information Asymmetry on Municipal Bond Yields: An Empirical Analysis. To appear in American Journal of Economics and Business Administration, 1(1), 11-20.

     

    Refereed Journal Articles

    Ejara, D. D. (2013). After-Market Performance of ADR IPOs: The Role of Inter-Tranche Allocation, Use of Proceeds and Corporate Control. Advances in Management, 6(10), 46-54.

    Cakan, E., Ejara, D. D. (2013). On the Relationship between Exchange Rates and Stock Prices: Evidence from Emerging Markets. International Research Journal of Finance and Economics(111), 115-124.

    Upadhyaya, K. P., Ejara, D. D., Nag, R. (2012). Opinion Polls and the Stock Market: Evidence from the 2008 U.S. Presidential Election. Applied Financial Economics, 22, 437-443.

    Ejara, D. D., Gleason, K., Lee, C. (2010). An Empirical Analysis of European Stock Repurchases. Journal of Multinational Financial Management, 20, 114-125.

    Ejara, D. D. (2010). Price-Volume Relations in the ADR Market. Academy of Taiwan Business Management Review, 6(1), 51-60.

    Daniels, K., Ejara, D. D., Vijayakumar, J. (2009). An Empirical Analysis of the Determinants and Pricing of Corporate Bond IPO Clawbacks. Journal of Corporate Finance, 15(4), 431-446.

    Ejara, D. D., Nag, R. (2009). Mutual Fund Performance and Managerial Tenure: Evidence from Index Funds. Journal of Business & Economics Research, 7(5), 103-111.

    Carter, T., Ejara, D. D. (2008). Value Innovation Management and Discounted Cash Flow. Management Decision, 46(1), 58-76.

    Ejara, D. D. (2007). Syndicate Size in Global IPO Underwriting. International Business & Economics Research Journal, 6(3), 49-56.

    Ejara, D. D., Ghosh, C. (2004). Underpricing and Aftermarket Performance of American Depositary Receipts (ADR) IPOs. Journal of Banking & Finance, 28(12), 3151-3186.

    Ejara, D. D., Ghosh, C. (2004). Impact of American Depositary Receipt (ADR) Listing on the Trading Volume and Volatility in the Domestic Market. Multinational Finance Journal, 8 (3&4), 247-274.

    Presentations Given

    Ejara, D. D., Northeast Business and Economics Association, "Offshore Banking, Financial Crimes and Economic Performance," Northeast Business and Economic Association, Bretton Woods, New Hampshire. (November 7, 2013).

    Ejara, D. D., Academy of Financial Services Annual Meeting, "Evaluating Investments Using Higher Moments," Academy of Financial Services, Chicago, Illinois. (October 17, 2013).

    Ejara, D. D., Global Finance Association Annual Conference, "Aftermarket Performance of ADR IPOs: The Role of Inter-Tranche Allocation, Use of Proceeds and Corporate Control," Global Finance Association, Monterey Bay, California. (May 20, 2013).

    Ejara, D. D., Daniels, K., Financial Management Association International (FMA) Annual Meeting, "The Impact of Private Equity Sponsors on Syndicated Loans," Denver, Colorado. (October 2011).

    Cakan, E. (Author), Ejara, D. D. (Author & Presenter), Middle Eastern Economic Association Meeting at ASSA Meeting, "Dynamic linkages between exchange rates and stock prices: Evidence from emerging markets," Middle Eastern Economic Association, Denver, Colorado. (January 2011).

    Cakan, E. (Author & Presenter), Ejara, D. D. (Author), Society for Studies of Emerging Markets (SSEM) Euro Conference, "Dynamic linkages between exchange rates and stock prices: Evidence from emerging markets," Society for Studies of Emerging Markets, Milas, Turkey. (June 28, 2010).

    Upadhyaya, K. P., Ejara, D. D., Nag, R., "Opinion Polls and the Stock Market: Evidence from the 2008 U.S. Presidential Election," Midwest Economic Association, Evanston, Illinois. (March 2010).

    Ejara, D. D., Academy of International Business (AIB) conference, "Price-Volume Relations in the ADR Markets," New York, New York. (2009).

    Ejara, D. D., Ghosh, C., Eastern Finance Association, "Inter-Tranche Allocation of ADR IPO Shares," Trade Winds, FL. (April 2008).

    Ejara, D. D., Daniels, K., Vijayakumar, J., Eastern Finance Association Meeting, "An Empirical Analysis of the Determinates and Pricing of Corporate Bond IPO Clawbacks," Trade Winds, Florida. (April 2008).

    Ejara, D. D. (Discussant), Daniels, K., "Impact of Information Asymmetry on Municipal Bond Yields: An Empirical Analysis," Midwest Finance Association, San Antonio, TX. (March 2008). 

    Ejara, D. D., Nag, R., International Business and Economics Research Conference, "Mutual Fund Performance and Managerial Tenure: Evidence from Index Funds," Las Vegas, Nevada. (October 2007).

    Ejara, D. D., 7th Annual Hawaiian International Conference on Business, "Offshore Banking, Financial Crimes & Economic Performance," Honolulu Hawaii. (May 24, 2007). 

    Ejara, D. D., Daniels, K., Vijayakumar, J., Eastern Finance Association Meeting, "Debt Maturity, Risk, and Information Asymmetry: The Case of Municipal Bonds," New Orleans, Louisiana. (April 2007).

    Ejara, D. D., Financial Management Association International Annual Meeting, "Price-Volume Relations in the ADR Market," Salt Lake City, UTAH. (October 2006).

    Ejara, D. D., 2006 Hawaiian International Conference on Business, "Price-Volume Relations in the ADR Market," Honolulu, Hawaii. (May 2006).

    Ejara, D. D., 2006 Hawaiian International Conference on Business, "Syndicate Size in Global IPO Underwriting," Honolulu, HI. (May 2006). 

    Ejara, D. D., Gleason, K., Lee, C., Eastern Finance Association, "An Empirical Analysis of European Stock Repurchases," Philadelphia, Pennsylvania. (April 2006).

    Ejara, D. D., Ghosh, C., Financial Management Association International Annual Meeting, "Inter-Tranche Allocation of ADR IPO Shares," Chicago, Illinois. (October 2005). 

    Ejara, D. D., "Federal Reserve Bank of New York’s “Central Banking Seminar," New York, NY. (January 13, 2005).

    Ejara, D. D. (Discussant), Eastern Finance Association, Mystic, CT. (April 2004).

    Ejara, D. D., Financial Management Association International annual meeting, "Comovement of European Equity Markets After Euro," Denver, CO. (October 2003).

    Ejara, D. D. (Discussant), Midwest Finance Association, St. Louis, MO. (March 2003). 

    Ejara, D. D., Midwest Finance Association Meeting, "Comovement of European Equity Markets After Euro," St. Louis, MO. (March 2003).

    Ejara, D. D. (Discussant), "In different cities and states each year," Financial Management Association (FMA) Annual Meeting. (2002).

    Ejara, D. D. (Discussant), Global Finance Association, Los Angeles, California. (April 2001).

    Ejara, D. D., Global Finance Association annual meeting, "Comovement of European Equity Markets After Euro," Los Angeles, CA. (April 2001).

    Ejara, D. D. (Discussant), "In different cities and states each year," Financial Management Association (FMA) Annual Meeting. (2000).

    Ejara, D. D., Ghosh, Nunn, Financial Management Association International Annual Meeting, "American Depositary Receipts Listing and Stock Market Development," Orlando, FL. (October 1999).

    Ejara, D. D., Ghosh, Nunn, European Finance Association Conference, "American Depositary Receipts Listing and Stock Market Development," Helsinki, Finland. (August 1999). 

    Ejara, D. D., Ghosh, Nunn, European Finance Association Conference, "IPO Underpricing and Aftermarket Performance: A Comparison of American Depositary Receipts (ADRs) IPOs and US IPOs," Helsinki Finland. (August 1999).

    Ejara, D. D., Ghosh, Nunn, Eastern Finance Association annual meeting, "IPO Underpricing and Aftermarket Performance: A Comparison of American Depositary Receipts (ADRs) IPOs and US IPOs," Miami, FL. (April 1999). 

    Ejara, D. D., Ghosh, Nunn, Financial Management Association International Annual Meeting, "IPO Underpricing and Aftermarket Performance: A comparison of American Depositary Receipts (ADRs) IPOs and US IPOs.," Miami, Florida. (October 1998).

    Ejara, D. D. (Discussant), Southern Finance Association, Baltimore, Maryland. (November 1997).

    Ejara, D. D. (Discussant), "In different cities and states each year," Financial Management Association (FMA) Annual Meeting. (1996).

    Professional Positions

    Academic

    Associate Professor of Finance, University of New Haven. (September 2006 - Present).

    Director of Samuel S. Bergami, Jr. Learning Center for Finance and Technology, University of New Haven. (September 2006 - Present).

    Associate Professor of Finance, William Paterson University of New Jersey. (September 2004 - August 2006).

    Adjunct Faculty of Finance, Suffolk University. (May 2004 - August 2004).

    Assistant Professor of Finance, University of Massachusetts Boston. (September 1999 - August 2004).

    Lecturer, University of Connecticut. (September 1998 - June 1999). 

    Visiting Assistant Professor of Finance, Central Connecticut State University. (January 1998 - May 1998). 

    Assistant Lecturer, Addis Ababa University. (September 1987 - August 1989).

    Professional

    Chief Accountant and Management Analyst, Global Logistical Support, Inc. (GLS) and Sister Companies. (November 1991 - May 1993).

    Revenue Auditor, Glacier Park, Inc. (May 1991 - August 1991).
    Summer Job

    Professional Service

    Reviewer of Faculty File for Tenure & Promotion Case, SUNY College at Old Westbury, New York. (October 24, 2013 - November 20, 2013).
    Reviewed a faculty application packet for tenure and promotion for SUNY College at Old Westbury

    Reviewer, Journal Article, American Journal of Economics and Business Administration (AJEBA). (November 18, 2013).
    Reviewed article for journal publication

    Conference-Related, Global Finance Association. (May 20, 2013 - May 22, 2013).
    Discussed a paper presented at the annual conference

    Reviewer, Journal Article, Applied Financial Economics. (March 18, 2013).
    Reviewed article for journal publication

    Reviewer, Ad Hoc Reviewer, Journal of Banking and Finance. (2001 - 2012).

    Reviewer, Ad Hoc Reviewer, Journal of Corporate Finance. (2010).

    Editorial Review Board Member, American Journal of Economics and Business Administration. (2009).

    Reviewer, Ad Hoc Reviewer, Journal of International Financial Markets, Institutions and Money. (2008).

    Conference-Related, Midwest Finance Association, San Antonio, Texas. (2008).

    Reviewer, Conference Paper, Midwest Finance Association. (2008).

    Reviewer, Conference Paper, Eastern Finance Association, Trade Winds, FL. (April 2008).
    Discussant 

    Reviewer, Ad Hoc Reviewer, Applied Financial Economics. (2007).

    Reviewer, Conference Paper, Eastern Finance Association, New Orleans, Louisiana. (2007 - April 2007). 

    Conference-Related, Eastern Finance Association, Philadelphia, PA. (April 2006). 

    Reviewer, Textbook, Corporate Finance, by Ross, Westerfield and Jaffe, McGraw-Hill/Irwin. (2005).

    Reviewer, Textbook, Introduction to Corporate Finance, by Megginson and Smart. (2005).

    Reviewer, Textbook, Money, Banking, and Financial Markets, by Cecchetti. (2005).

    Reviewer, Conference Paper, Eastern Finance Association, Mystic, CT. (April 2004).
    Discussant 

    Conference-Related, Financial Management Association (FMA) Annual Meeting, San Antonio, Texas. (2002).

    Conference-Related, Global Finance Association, Los Angeles, California. (2001).

    Media Contributions

    Newspaper

    New Haven Register. Quoted for comments on consumer confidence, recession and unemployment situation. (July 1, 2009).

    The Record. Quoted for comments given on fair tax proposal in The Record, a Bergen County, New Jersey, news paper. (May 29, 2005).

     

    Teaching Experience

    University of New Haven

    FINC 1123, Personal Finance, 1 course.

    FINC 3345, Financial Inst & Markets, 2 courses.

    FINC 6601, Financial Management, 1 course.

    FINC 6610, Capital Market Theory, 2 courses.

    FINC 6611, Equity Market Valuation and Analysis, 1 course.

    FINC 6632, International Financial Management, 1 course.