ELINDA
FISHMAN KISS
215-938-8860
(h) EFKiss@aol.com 215-962-9071 (cell)
WORK
EXPERIENCE
Teaching
Professor- Finance 2003-present
Visiting Associate
Professor- Finance and Economics; Accounting and Information Systems 1998-2003
Thomas
H. Mott award for excellence in Teaching
CUSTOM
EQUIPMENT MANUFACTURING, INC.,
Treasurer
RESOLUTION
TRUST CORPORATION (RTC), 1990-1995
Managing Agent
- Acting Chief Financial Officer and Treasurer - City Federal Savings Bank,
Financial
Instruments Coordinator - Department Head - Asset Marketing,
Oversight
Manager - Asset Specialist - Contractors and Subsidiaries,
Adjunct
Professor- Finance 1987-1998
Dean's
Appointment - Associate Professor - Finance 1990
Adjunct
Professor- Finance 1996
MERITOR
SAVINGS BANK (PSFS),
Vice
President-Capital Markets
Vice
President-Analysis and Financial Planning
CITICORP
INVESTMENT BANK,
Assistant Vice
President - Capital Markets
FIRST
PENNSYLVANIA BANK,
Commercial
Lending - Regional Department
THE
Lecturer -
Finance 1975-1980
Instructor-
Economics 1973-1974
EDUCATION
Ph.D. -
Economics 1983
Dissertation: "Effects
of Devaluation and Long-Term Commodity Contracts on a Small Open Economy: Case
Study of
M.A. -
Economics 1972
B.A. - Cum
Laude in Economics and Mathematics
COURSES TAUGHT
at
Corporate Financial Management
Financial Institutions Management
Teach in Undergraduate
and MBA programs
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
Teach in
Undergraduate, MBA, Executive MBA and International Executive MBA programs.
Financial
Management of Business
Financial
Markets and Instruments
Investments
Managerial
Finance
Management
of Financial Institutions
Money
and Credit
Economic
Policy Analysis
Financial
Analysis
International
Finance
International
Trade
Macroeconomic
Analysis and Public Policy
Advanced
Study Project in Finance
Corporate
Finance
Microeconomics
Economic
Statistics
Risk Management
The
Principles
of Finance
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
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.
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.
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.
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
Saved
City of
BOARD
of GOVERNORS of the FEDERAL RESERVE SYSTEM,
DC 1970-1976
UNITED
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
(
DISCUSSION
PAPERS
"The
Relative Stability of Monetary Velocity and the Keynesian Multiplier,"
"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
"Import
Substitution Following Devaluation,"
"Wage
Rate, Prices and Production Changes in
"The
Monetary Approach to the Balance of Payments and the
"Some
Effects of the 1967
"Some
Effects of a Devaluation on Factor Prices," University of Pennsylvania Finance Department Discussion Paper,
November 1976
"Some
Effects of the 1967
"Export
and Import Functions of
"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
"Stability
of Money Demand and the Brown-Durbin Test," University of Pennsylvania Finance Department Discussion Paper, February
1979
"
"The
Commonwealth Sugar Agreement and the
"Sugar,
Long-Term Contracts and Changes in the Terms of Trade" 1999
"Measuring
Liquidity Premium in Off-the-Run
“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
"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
"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
"SALT:
Structured Transactions to Hedge Mortgage Securities", Meritor Savings
Bank Occasional Papers, 1988
"Advanced
Interest Rate Swaps,"
"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);
Econometric
Society, "Some Effects of the 1967
Western
Economic Association, "Stability of Money Demand and the Brown-Durbin Test
for Constancy of Regression Relationships," 1980
First
International Conference on Banking and Finance,
First
International Conference on Banking and Finance,
“Should
the
“Immediate Impact of the Events of
“US
and EMU: Interest Rate Reaction to Releases of Foreign Economic Data,”
Inaugural International Conference on Business, Banking and Finance,
Discussant,
session chair:
Econometric
Society,
First
International Conference on Banking and Finance,
Financial
Management Association,
Financial
Management Association,
Inaugural International Conference on Business,
Banking and Finance,
ELINDA FISHMAN KISS, page 12
JOURNAL
EDITORSHIPS
Business
Economics, 1999-present
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
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
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,
Session
Chair, National Association for Business Economics,
Annual
Meeting Co-Chair, National Association for Business Economics,
OTHER
TEACHING ACTIVITIES
New
York Institute of Finance - prepare students for CFA exam
Morgan
Stanley – teach Financial Statements
Forecasting for students from
American
Bankers Association,
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
Advisor – FBIS (Financial Banking & Investment Society), 2003-2004
Member, Undergraduate Curriculum Committee, 2003-2004
Member, Executive Education Committee, 2003-2004
Member, “Wikler” Task Force, 2003-2004
Judge, MBA Case Competition,
2004
OTHER
ACTIVITIES and Community Service
Board
of Directors, Financial Management Association
Board
of Directors, National Association for Business Economics
Chair,
Co-Chair,
Annual Meeting, National Association for Business Economics
President,
Board
of Directors, The Valley Club; Women
in Transition 1995-1997
Women for Greater
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
AWARDS,
HONORS and FELLOWSIHPS
Omicron
Delta Epsilon - Economics Honorary 1969
Deans
List 1966-1969
Bachelor
of Arts - Cum Laude -
University
Fellowships, Research Assistantships/Teaching Assistantships,
University
Fellowship, Rodney White Fellowship 1977
Recipient
of the Thomas H. Mott award for Excellence in Teaching 2000
Nominated
for Krowe Teaching Award 2003
ADDITIONAL
TRAINING
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, QuickBooks,
PowerPoint, Fortran, SAS, TSP and Basic.
Home pages: http://www.rhsmith.umd.edu/finance/elinda-kiss
http://www.elinda-kiss.rutgers.edu
cell: 215-962-9071