RAFIQ BHUYAN, PH.D. Associate Professor of Finance Le Moyne College Madden School of Business 1419 Salt Springs Road, Syracuse, NY 13214-1399 Phone: 315.445.4750 Email: bhuyanr@lemoyne.edu EDUCATION Ph.D. (Economics), Concordia University, Montreal, CANADA, 2002 M.Sc. (Finance), University of Illinois at Urbana-Champaign, IL, USA, 1992 M.Com. (Banking), University of Dhaka, Dhaka, Bangladesh, 1986 B.Com. (Finance), University of Dhaka, Dhaka, Bangladesh, 1985 CERTIFICATIONS Post Graduate Certificate in Quantitative Methods Offered by Bangladesh Institute of Development Studies. (1987) AREAS OF EXPERTISE Investments and Portfolio Management, Financial Risk Management, Corporate Finance, and Financial Analysis and Valuation. ACADEMIC/TEACHING EXPERIENCE American University of Kuwait (2016-17- 2017-18) Professor of Finance American University of Kuwait (2014-15- 2015-16) Professor of Finance and Chair American University of Kuwait (2012-13 -2013-14) Professor of Finance and Program Lead California State University, San Bernardino, CA USA (2009-10-2011-12) Professor of Finance California State University, San Bernardino, CA USA (2007-08- 2009-10) Associate Professor of Finance California State University, Sacramento, CA USA (2005-06 - 2006-07) Assistant Professor of Finance Midwestern State University, Texas, USA (2003-04 -2004-05) Assistant Professor of Finance and Economics Thompson Rivers University, BC, Canada (1999-00- 2002-03) Assistant Professor of Finance and Economics Concordia University, Montreal, Canada. (1994-95- 1998-99) Instructor in Economics
Concordia University, Montreal, Canada. (1992-93- 1993-94) Teaching Assistant University of Dhaka, Bangladesh. (1987-88- 1989-90) Lecturer COLLEGE AND SCHOOL OF BUSINESS CONTRIBUTIONS 1. American University of Kuwait (2014-16) o Chair, Department of Finance Curriculum Committee Responsibilities include redesigning finance curriculum and creating innovative courses. Chair, Academic Policy and Procedure Committee (2014-15) Responsibilities include developing new policies, modifying existing policies and reviewing new policy needs. Chair, College Promotion Advisory Committee (2014-15) Responsibility includes reviewing candidates applying for promotion and making recommendations to the Dean. Chair, Founder s Award Committee (2014-15) Responsibility is to review applications to nominate one outstanding students for the most prestigious award of the university. Member, AACSB and ACBSP Accreditation Committee (2013-15) Serving in this committee to develop SAP report, tools for assessments and learning, faculty qualification standard, and to develop strategy for curriculum changes for raising standards. Member, Curriculum Committee (2013-15) Making changes in the college curriculum to improve the program structure. Member, Administrative Policy Committee (2014-15) Serving to develop, modify, and create new administrative policy for the faculty, staff, and students. Member, University Exit Survey Committee (2014-15) Serving to develop survey for the university graduating students. 2. California State University San Bernardino (2007-2012.) Chair, Curriculum Committee ( 2 years) Responsibilities include: Reviewing Finance course contents, course requirement, pre-requisite design, and program design for professional certification, and promoting new course development to include recent changes in finance industry. Chair, University Teaching Academy (2 Years) Responsibilities include, design best teaching practice resources for new and impact faculty. Developing strategies for effective learning guides for faculty using technology. Member, AACSB Re-affirmation Committee (2010-2012) Served as a member of the re-affirmation team in retaining AACSB accreditation. Member, Assessment of Learning Committee (2010-2012)
Served as a member to development assessment of learning tools and measure learning quality for AACSB purpose. 3. California State University Sacramento (2005-2007) Member AACSB sub Committee (2006-2007) Served in AACSB s committee for re-affirmation of AACSB accreditation. 4. Mid-Western State University (2004-2005) o Internship Coordinator (1 year) Responsibilities include: Gathering internship sponsors, placing students for internship in different organization, and promoting internship opportunities among students, advising intern students in their work responsibilities, and supervising their internship reports. Member, AACAB Accreditation Committee (2004-2005) Served as a member of the strategic committee to earn AACSB accreditation. 5. Thompson Rivers University (2000-2003) o Member Curriculum Committee (2 years) Responsibilities include: curriculum design and improvement, new course development, advising Finance major students, developing the finance major in the BBA program, and in collaboration with other finance committee members, design the program such a way that it will serve as a bridge for CFA designation for our graduates. Member, MBA Program Development Committee (1year) Responsibilities include: reviewing MBA program on various North American, European and Australian Universities to design a brand new MBA program, course development, and curriculum design. HONORS AND AWARDS Outstanding Research Award 2009, California State University San Bernardino Outstanding Research Award 2006, California State University Sacramento Concordia University Graduate Awards 1994-1997, Canada Fulbright US Government Scholarship 1990-1992, USA University Grants Commission Award 1987-1988, Bangladesh President's Chancellor Award, 1987, Bangladesh Talent pool Scholarship 1980-1984, Bangladesh PROFESSIONAL EXPERIENCE American University of Kuwait (2013-2016) 1. Chair, Department of Finance (2 years: 2015-2016): Responsibilities include scheduling classes, hiring part-time and full time faculty, redesigning finance curriculum,
accreditation, engage college curriculum and assessment activities, student advising, and faculty evaluation and mentoring. 2. Finance Area Program Lead (2 years: 2013-2014): Responsibilities include scheduling classes, hiring part-time faculty, redesigning finance curriculum, and engage college curriculum and assessment activities. California State University San Bernardino (2008-2009.) California State University San Bernardino, CA (2007-2013) 1. Internship Coordinator ( 2 years: 2009-2010): Responsibilities include: Gathering internship sponsors, placing students for internship in different organization, and promoting internship opportunities among students, advising intern students in their work responsibilities, and supervising their internship reports. Thompson Rivers University (1999-2003) 1. Area Coordinator (2 years: 2001-2003): Responsibilities include scheduling classes, redesigning finance curriculum, accreditation, engage college curriculum and assessment activities and student advising. PROFESSIONAL AFFILIATIONS Member, FMA International since 2002 Member, MWFA 2006-08 SCHOLARSHIP Peer-Reviewed Journals 1."Hidden Cost of Trading and Portfolio Performance: A Short Note on Implementation Shortfall, (with Khandoker), Forthcoming, Journal of Investing (USA), Fall 2018. 2. Role of Focus and Managerial Ownership in Financial Performance of REITs: An Empirical Examination (with Sbeiti and Al-Shimmiri), Review of Economic Analysis (USA), vol. 9, pp 81-105, 2017. 3. Implementation Shortfall in Transaction Cost Analysis: A Further Extension" (with Khandoker and Sing), Journal of Trading (USA), vol 11, pp 5-22, Winter, 2017. 4. Examining Bank Non-Performing Loans in Emerging Markets: A Case of Bangladesh (with Khandoker, Kayser, and Fukasawa), Journal of Business Finance and Research, vol., pp., 2017.
5. ''Capital Structure Design and Agency Conflicts in Financial Performance of REITs" (with Sbeiti, Al-Shimmiri, and Khandoker), Southwest Business and Economics Journal (USA), Vol 23, pp 29-48, 2016. 6. Information Transmission and Dynamics of Stock Price Movements: An Empirical Analysis of BRICS and US Stock Markets (with Robbani, Talukdar, and Jain), International Review of Economics and Finance (USA), vol 46, pp 180-195, 2016 7. Creating Value through Strategic Corporate Integration: A Comparative Review (with Robbani and Russell), Global Review of Accounting and Finance, vol 7, 2, pp 57-67, 2016. 8. Prospect of Sukuk in the Fixed Income Market: A Case Study on Kuwait Financial Market (with Trad). International Journal of Financial Research, vol 6, no 4, pp 175-186, 2015. 9. Portfolio Diversification Benefits Using REITs An Experiment with US Common Stocks, EREITs, and MREITs (with Kuhle, Al Deehani, and Mahmud), International Journal of Economics and Financial Issues, vol 5 (4), 922-928, 2015. 10. Role of Investments in Industrialization Process for Sustained Economic Growth: A Comparative Analysis of MENA Region with World Economies (with Chemeike) European Economics Letters (EU), vol 4, pp 37-42, 2015 11. Return and Volatility Linkages among G-7 and Selected Emerging Markets, (with Elian, Bagnied and Al-Deehani), International Journal of Economics and Finance, vol 7, pp 153-165, 2015. 12. Optimal Portfolio Allocation among REITs, Stocks, and Long-term Bonds: An Empirical Analysis of U.S. Financial Markets (with Kuhle, Ikranov, Chemieke) The Journal of Mathematical Finance (USA), vol 4, pp 104-112, 2014. 13. The Effect of Financial Sector Development on Economic Growth: Evidence from the GCC Countries (with Sbeitie and Cader) Journal of Business Administration and Management Sciences Research, vol 4, pp 919-202, Sep 2013. 14. On the Dynamics of Volatility Transmission: An Empirical Investigation on G- 8 Countries (with Robbani, Sbeiti), Journal of Investment Management and Financial Innovation, vol 12, pp 119-134, 2013. Books Peer-Reviewed Paper Presentations
LAIBSRC 2016, Los Angeles, USA Financial Performance of REITs for Strategic Focus and Managerial Ownership Structure March 5-7, 2016 ICABE 2015, Los Angeles, USA Return and Volatility Linkages among G-7 and Selected Emerging Markets. April 11-14, 2015. International Business Research Conference, Ryerson University, CANADA Portfolio Diversification and Return Benefits-Common Stock vs. Real Estate Trusts (REITs) Revisited, June 14-17 2014. RESEARCH GRANTS American University of Kuwait research Continuation and Completion Grant 2014-2016, CBPA Graduate Research Award, CSUSB, 2010, University Mini Grant, California State University, San Bernardino, 2008, University TRC Grant, California State University, San Bernardino, 2008. University Summer Research Grant, CSUSB, 2008. University summer stipend, California State University, Sacramento, 2006. University Research Grants, Midwestern State University, 2004-2005. Other THESIS SUPERVISION AND EXTERNAL EXAMINATION Midwestern State University, Texas, USA (MBA thesis 2004-2005), California State University San Bernardino, CA (MBA thesis 2008-2012), California State University Sacramento, CA (MBA thesis 2005-2006), University of Dhaka, Bangladesh (External Examiner for PhD thesis 2006), National University of Singapore (External Examiner for PhD thesis, 2010), University of Brunei (External Examiner for PhD thesis, 2013, 2016). UNDERGRADUATE RESEARCH SUPERVISION Thompson Rivers University, BC, CANADA (2000-2003), Midwestern State University, Texas (2003-2005). California State University Sacramento (2005-2007). California State University San Bernardino (2007-2013.) STUDENT ADVISING AND INTERNSHIP SUPERVISION
Midwestern State University, TX, USA (student advising and internship from 2003-2005), California State University San Bernardino, CA USA (student advising from 2007-2012), American University of Kuwait, Kuwait (Student advising from 2013-2017) EXTERNAL REVIEWER IN FACULTY PROMOTION American University of Beirut (2013) Canadian University, Dubai, (2016, 2018) PROFESSIONAL SERVICES (As a Reviewer and Associate Editor) International Journal of Accounting and Finance (2012-14), International Business and Economics Research (2012-13), Applied Financial Economics (2005-2010), Financial Management (2005-2010), Southwest Business and Economics Journal (2004-2009), Journal of Developing Areas (2013). Southwest Business and Economics (Associate Editor 2005-2009), Global Economy and Finance Journal (Associate Editor, 2014-cntd) BOOK REVIEW Reviewed Financial Management: Core Concepts, by Ray Brooks, Pearson Higher Education, 2009. New Book. Reviewed the newly designed Fundamentals of Corporate Finance, by Ross, et.al. 2003. Canadian Edition. Reviewed the newly designed Fundamentals of Corporate Finance, by Ross, et.al. 2003. US edition. Reviewed Derivatives Market, By McDonald, 2004. CONSULTING Private Investors group, Montreal Canada (1994-2006): Selecting securities and rebalancing portfolio over time for the investment funds. TACT (2003-04 to 2004-05): Served in the advisory committee to design optional retirement plan and to design contract for Texas Association of College Teachers (TACT) with optional retirement plan vendors.