Mark D. Simmons Associate Professor curriculum vitae five Year Data as of August 31, 2012 professional address



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Mark D. Simmons

Associate Professor


CURRICULUM VITAE

Five Year Data as of August 31, 2012

PROFESSIONAL ADDRESS
Stephen F. Austin State University

Economics and Finance

Business 392 E

Nacogdoches, TX 75962

Department Telephone: (936) 468-4301

Office Telephone: (936) 468-1687

Fax: (936) 468-1447

Email: gsimmons@sfasu.edu


EDUCATION
PHD, 1987.

Institution: Texas A&M University

Specialization/Major: Finance

Dissertation: Dissertation Title: "The Interior Optimum Capital Structure: An Empirical Analysis of Equity for Debt Exchanges."


MBA, 1978.

Institution: Sam Houston State University

Specialization/Major: Business Administration
BBA, 1977.

Institution: Sam Houston State University

Specialization/Major: Accounting
PROFESSIONAL EMPLOYMENT
Associate Professor

Stephen F. Austin State University, September 1, 1987 - Present

Position Description:

Currently I serve on the Economics & Finance faculty at Stephen F. Austin State University as an Associate Professor of Finance. I joined the faculty in 1987 after finishing my graduate work at Texas A&M.


Visiting Assistant Professor

Texas A&M University, September 1986 - August 1987

Position Description:

I taught and served as the coordinator for the financial management course required of all business majors


Assistant Professor

Sam Houston State University, September 1983 - August 1986

Position Description:

I taught financial management and investments.


Lecturer in Finance

Texas A&M University, January 1982 - August 1983

Position Description:

I taught financial management, the required course for all undergraduate business majors.


Lecturer in Business Administration

Sam Houston State University, January 1980 - December 1981

Position Description:

I taught courses in financial management.


Capital Budget Analyst

Shell Oil Company, March 1979 - January 1980

Position Description:

I Audited Pipeline Operations in California and Measured (Controlled) Capital Expenditures for Pipeline Operations In North America.


TEACHING & RESEARCH INTERESTS
Teaching Interests:

My most common preparations in the last 10 years or so have been Financial Statement Analysis, Option & Futures Pricing, and Statistics.


A common thread runs through all of these courses even though on the surface the may seem somewhat different. In each of these courses a methodology is used in an attempt to know reality, what is actual reality and what is potential reality. It pleases me to study and to use logical and empirical methods to get at the problems faced by decision makers as they are called upon to render judgments based on whatever evidence they have been able to amass about the present and about possible future states of nature. The largest part of what I do in my scholarship and in my teaching it is sitting in judgment upon the methodologies themselves. I enjoy most taking pricing models and evaluating them, for the challenge here is to explain how different investors with different forecasts of the future can agree upon a single price in the present. I take the high road with my studies. Every working day, I try to learn everything that I can, and teach everything that I know.
Each of these courses above require extensive preparation on my part, and each are often found to be challenging to many of my students. When I was in college I found mathematics, accounting and finance very difficult, and so it is not hard for me to put myself and the place of a student who is unprepared and afraid of not doing well. It is my desire to teach my students to master very difficult material. In doing so I seek to encourage all of my students in the same way that I would want college professors to encourage my own children in their hard classes. But encouragement must never lead to a lack of rigor. The material is difficult and so it does require extensive effort to master. Students above all want a college degree that has significant value in the labor market. In addition to teaching, it is my duty to protect and increase the market value of an SFA degree. To that end and for that reason I insist that grading reflect student performance.

Nevertheless, my teaching evaluations suggest that my efforts in the classroom are very well received by my students.

Research Interests:

In terms of published research, I have produced four refereed journal articles, three book reviews, and an article published in a proceedings. See below for descriptions concerning these publications. With regard to the journals that I have published in refereed articles, Cabell’s reports that the acceptance rate for the Central Business Review is in the range of 11 to 20 percent, that of the European Business Review is 50 percent, and that of the Journal of Finance Case Research is 25 percent.


The article, Trust in Business Relationships, has as its foundation the problem of ethical behavior in a market place characterized by both asymmetric information and risk aversion. The central problem of the article, Variable Costs and Process Design: Critical Issues for Restructuring, Emerging and Transition Economies, is to recover from accounting data descriptions of marginal cost relationships important in investment decisions of whether or not to modify a given manufacturing process or to scrap the process and create another from scratch. The article, “ABC Sporting Goods,” is a cash budgeting case that drew upon my consulting experience. The key problem concerns owner financing of in the sale of a small business. A cash budget determines feasible sales prices and terms such that the seller is satisfied and the buyer is not latter forced into default. The article, “A Problem of Not Enough Money,” is a case that drew upon my consulting experience. The key problem in this case is to discover why a profitable business can no longer generate cash flows to the owner. The research that I am proudest of is not yet published. I have listed these ongoing projects below.
Simmons, Garland. Saving the CAPM. This paper derives a simple pricing model consistent with the Capital asset pricing model but with fewer assumptions. This paper was submitted to the Journal of Finance where it was immediately rejected. Work continues.
Simmons, Garland. Metaphysical Finance. This paper describes the problems associated with empirical finance. This paper was submitted to the Journal of Finance where it was immediately rejected. It was then extensively modified and then submitted to the Journal of Financial Education where it was again rejected. Work continues.


PUBLICATIONS
Simmons, G. D., Tinsley, D. B. (2011). Financial Elements of Business Resilience -- A Systematic Approach to Financial Staying Power (2th ed., vol. 14, pp. 5). Los Angeles, California: Graziadio Business Review. gbr.pepperdine.edu

Abstract: Managers who employ Real Option Theory can evaluate capital investment opportunities in terms of their flexibility, favoring capital commitments that do not put the future of the organization in jeopardy. Traditional capital budgeting methods will not help managers do this work.


Tinsley, D. B., Simmons, G. D. (2011). Strategic Resilience Factors for Small Business (vol. 18, pp. 14-19). Springfield, Mass: American International College Journal of Business.

Notes: Accepted May 2010 for 2010 publication


Simmons, G. D. (2011). Why One Should Not Rely Upon the Coefficient of Determination to Evaluate the Capital Asset Pricing Model (CAPM) (vol. 2, pp. 18-22). Hunstville, Texas: Sam Houston State University Third Annual General Business Conference.

Notes: Peer-reviewed conference proceedings.


Simmons, G. D. (2010). Defending the CAPM (2010th ed., pp. 16). Dallas, Texas: Decision Sciences Institute Southwest Region. swdsi.org

Abstract: The Capital Asset Pricing Model (CAPM) cannot be rejected on the basis of an inefficient proxy choice for the Market Portfolio.

Notes: Peer-reviewed conference proceedings.
Simmons, G. D. "Beta, Delta, and the Risk of Ruin" (pp. 16).

Abstract: The problem of this paper is to value exploratory ventures such as oil and gas prospecting, satellite launches, and political campaigns. In these ventures success or failure depend upon achieving goals that are not necessarily correlated with the future value of the market portfolio.

Notes: This paper, once rejected for publication, is being re-written (once again) to include a more general proof of the proposition that the probability of the risk of ruin is both implicit and recoverable from time series data of security price returns. Three years ago I devised a logical proof which shows that linearity of investment returns in factor prices is a sufficient condition for describing levered beta and delta as a function of the risk of ruin, such that ruin probability is interpreted correctly by risk averse investors. Two years ago I devised a second proof that extends these results to applications where technological risk is paramount. Additional work waits for the completion of “Saving the CAPM” and “Metaphysical Finance.” (not accepted)
Simmons, G. D. "How and Why Financial Economists Read and Do Proofs" (pp. 26).

Abstract: Finance is essentially a collection of logical arguments. An understanding of these arguments, how they are crafted, their purposes, their limitations, and whether or not one should believe their conclusions, is impossible without an understanding of the logical principles which make these arguments coherent.


Explaining how and why prices for risky assets are established in capital markets is a difficult task. There is a reason for this. So far as scholars can tell, price is a function of an uncertain future value. The price of an asset at some point in time today is a fact, but the uncertain future value that investors may be thinking about as they establish a price is not easily measured in the present. Investors may not agree about what they think about the future and even if they do, they could all be wrong. Describing price as a function of something that has not yet been realized is not easy.
So how does one go about describing price as a function of uncertain future value? Such a question is a specific example of the more general question -- How does a thing work? Under some conditions logical tools can be employed to give a reliable answer. Indeed, scholars have used logical arguments to answer questions about how things work, how they should work and why for more that 2300 years.
Unfortunately, many American students pursuing a Bachelor’s of Business Administration (BBA) degree or in some cases even a Ph.D. in finance are unequipped to understand the how and why of logical methods which have produced pricing models and other arguments central to our discipline.
What follows here is a primer for these bright, capable, but unprepared students. This small book is designed so that finance professors can teach the disbelieving and unprepared some of the logical arguments that describe what is known about finance.
Notes: This essay presented in its original form at a scholarly meeting is being transformed into a longer manuscript which I hope will become a textbook. (in preparation)
Groth, J. C., Simmons, G. D. "Maximizing Geometric Mean Return" (pp. 29).

Abstract: This paper takes all New York Stock Exchange Socks and divides them into ten different portfolios based on the R-Square statistic of common stock betas. The null hypothesis under study is that R-Square is uncorrelated with returns.

Notes: Work is halted awaiting the re-establishment of CRSP tape access. (in preparation)
Simmons, G. D. "Metaphysical Finance" (pp. 28).

Abstract: This paper argues that it makes sense to abandon demands for empirical proof of the CAPM. The first section provides background to the problem of providing a convincing empirical proof of the CAPM by surveying of some of the well-known measurement problems encountered in testing CAPM.


Section II reports on the controversy generated by Fama and French (1992, 1996) as they call for abandoning the CAPM.
In Section III reasons are given why Fama and French are wrong to abandon the CAPM on empirical grounds. It is first demonstrated with theorem-and-proof that the firm-specific variables Fama and French (1992) use to replace beta could be functionally related to beta. Second, it is argued that the well known and often lamented low R-square statistics which attend the time-series estimates of betas for common stocks are consistent with CAPM theory: a low R-square statistic is consistent with the notion that the quantity of unsystematic risk is a substantial portion of the quantity of total risk for a common stock investment.

Notes: This paper describes the problems associated with empirical finance. This paper was submitted to the Journal of Finance where it was immediately rejected. It was then extensively modified and then submitted to the Journal of Financial Education where it was again rejected. Work continues. (revising to resubmit)

Simmons, G. D. "Saving the CAPM" (pp. 28).

Abstract: The Sharpe (1964) Lintner (1965) Mossin (1966) Black (1972) capital asset pricing model, CAPM, predicts that high-beta stocks are more risky than low-beta stocks but that these high-beta stocks also have higher expected returns than do low-beta stocks and vice versa. Is this really so? Those of the academy are now divided in their answers to this question. The right answer, Roll (1977) and Fama and French (1996) notwithstanding, is not that we cannot know. We can know if the CAPM works as a matter of logical necessity. This logical necessity trumps empirical uncertainty.

Notes: This paper derives a simple pricing model consistent with the Capital asset pricing model but with fewer assumptions. This paper was submitted to the Journal of Finance where it was immediately rejected. Work continues. (revising to resubmit)
CONFERENCE PRESENTATIONS
Simmons, G. D. (Presenter & Author), General Business Conference, "Teaching Methods of Theorem and Proof to Students of Finance", Sam Houston State University, Huntsville, Texas. (April 14, 2012).

Abstract: The first problem in teaching methods of theorem and proof is to understand the nature of necessity. The second problem is to lean how to prove that a statement is necessarily true.


Simmons, G. D. (Presenter & Author), General Business Conference, "Why One Should Not Rely Upon the Coefficient of Determination to Evaluate the Empirical Fit of the Capital Asset Pricing Model (CAPM)", Sam Houston State University, Huntsville, Texas. (April 15, 2011).

Abstract: The theory of the Capital Asset Pricing Model (CAPM) predicts that R-Square statistics will be low. But empirical proof of the CAPM is successful only to the degree that R-square is high.


Simmons, G. D. (Presenter & Author), Decision Sciences Institute Southwest Region, "Defending the CAPM", Decision Sciences Institute Southwest Region, Dallas, Texas. (March 4, 2010).

Abstract: Methodology of Research in Capital Markets

Notes: (discipline-based)
Simmons, G. D. (Presenter & Author), General Business Conference, "Saving the CAPM", Sam Houston State University, Huntsville, Texas. (April 17, 2009).

Abstract: Professor Richard Roll's critique of the capital asset pricing model requires either measurement of the market portfolio or recasting the CAPM via subsets of the market portfolio.

Notes: (contributions to practice)
CONSULTING
The Bright Foundation, Nacogdoches, Texas, approximately 20 hours spent for the year. (February 2010 - Present).

I wrote the first investment policy for this foundation. I currently serve as their portfolio manager.


The A.T. Mast, Jr. Families, Texas. (January 1, 2000 - Present).

I serve as a senior advisor to owners of equity portfolios. In the equity portfolios I employ quantitative optimization models original with Markowitz investment theory.


Commercial Bank of Texas, N.A., Nacogdoches, Texas. (June 1, 1997 - Present).

I serve as consultant to the Commercial Bank of Texas, N.A. In this capacity I have prepared economic forecasts and managed equity and bond portfolios for trusts and pension funds.
James LoStracco, Jr., Attorney-at-law, approximately 50 hours spent for the year. (August 1, 2011 - November 28, 2011).

Cause No. C1127112; In the Matter of the Marriage of Cary Macjohn Cantu and Colleen Renee Cantu and In the Interest of Monica Elizabeth Cantu and Carlie Marie Cantu, Children; In the County Court at Law of Nacogdoches County, Texas

In the case above I estimated the economic value of a day-care center.
The County Court at Law -- Nacogdoches County, Texas, Nacogdoches, Texas, approximately 8 hours spent for the year. (August 1, 2010 - September 7, 2010).

Appointed by Judge Sinz as Master/Auditor under TRCP 166(n) in the matter of Jack McKinney, Tom McKinney and Laura McKinney Vs. Mary Ann Bussa, Individually and as Independent Executrix of the estate of Claudine Woodward McKinney, Deceased, Ann Westerfeld and Claudine Duggar.


Travis Clardy, Attorney-at-law, Nacogdoches, Texas, approximately 60 hours spent for the year. (February 28, 2009 - April 30, 2010).

The problem is to value a clinic and a laboratory -- Nacogdoches Heart Clinic, P.A. and Prabhakar R. Guniganti, M.D. v. Vijay R. Pokala, M.D. d/b/a Nacogdoches Cardiac Center; in the 145th Judicial District Court of Nacogdoches County, Texas


Lindsey Whisenhant, Attorney-at-law, approximately 20 hours spent for the year. (August 1, 2009 - September 1, 2009).

My task was to estimate the present value of lost earnings for Sheri Rae Womack


Lindsey Whisenhant, Attorney-at-law, approximately 20 hours spent for the year. (July 1, 2009 - August 1, 2009).

My task was to estimate the lost earnings capacity of John Cockerham


Edward Benchoff, Attorney-at-law, approximately 20 hours spent for the year. (June 1, 2009 - August 1, 2009).

Commercial Bank of Texas, N.A. as Successor Trustee of .... vs. ... Trustee of the G.M. Jackson Trust. 145th Judicial Court of Nacogdoches, Texas


Darren Bertin, Attorney-at-law, approximately 20 hours spent for the year. (July 1, 2009 - July 31, 2009).

My task was to develop a cash flow model for a law firm.


Forrest G. "Duke" Braselton, Attorney-at-law, approximately 20 hours spent for the year. (April 20, 2009 - May 20, 2009).

Cause No. CO8-573; In the Matter of the Marriage of Jackie Marvin Hilton and Judy Lea Samford Hilton; In the 420th Judicial Court of Nacogdoches, Texas


Mr. Tom Rorie, Attorney-at-law, approximately 20 hours spent for the year. (March 1, 2009 - April 1, 2009).

Cause no. C23,930-2007; In the Matter of the Marriage of Drake Mitchell Wolf and Alicia Gomez Wolf... In the 420th District Court of Nacogdoches, Texas


Thomas Rorie, Attorney-at-law, Texas. (October 1, 2007 - November 29, 2008).

Re: Cause No. C17,695-2001; In the Matter of the Marriage of David L. Duke, III, and Ellen Stoetzner Duke; In the District Court of Nacogdoches County, Texas, 145th Judicial District


Darren Bertin, Attorney-at-law. (April 1, 2007 - September 1, 2008).

Cause No. cv71926; Troy Roberts vs. Gaeke Construction, Inc., Gabby's Crane and Rigging, Inc., Brookshire Brothers Ltd. In the District Court of Liberty County, Texas 75th Judicial District Court.


Woolley Inc (An Oilfield Service Firm), Texas. (July 1, 2007 - March 1, 2008).

The problem was to value a seventy-year old oilfield business of the East Texas Oil Field.


Darren Bertin, Attorney-at-law, approximately 20 hours spent for the year. (January 1, 2008 - February 1, 2008).

My task was to estimate the value of lost compensation for Ms. Lisa Hearn Yarberry.


Lindsey Whisenhant, Attorney-at-law, Texas. (April 1, 2007 - September 30, 2007).

Misty Lynn Williams and Tonya Pilgrim vs. Toby Pilgrim and Richard Pilgrim; Cause No. 2006-2309-CCL2; In the County Court at Law, Number Two, Gregg County, Texas, (August 2007).


TEACHING EXPERIENCE (Two-year)
Stephen F. Austin State University, Summer 2012

ECO 339 101, Applied Statistics

FIN 333 101, Intro Finl Mgmt
Stephen F. Austin State University, Spring 2012

FIN 333 1, Intro Finl Mgmt

FIN 333 2, Intro Finl Mgmt

FIN 410 1, Speculative Markets


Stephen F. Austin State University, Fall 2011

ECO 339 2, Applied Statistics

ECO 339 3, Applied Statistics

FIN 401 1, Financial Statement Analysis


Stephen F. Austin State University, Summer 2011

ECO 339 101, Applied Statistics

FIN 333 101, Intro Finl Mgmt
Stephen F. Austin State University, Spring 2011

FIN 333 1, Intro Finl Mgmt

FIN 333 2, Intro Finl Mgmt

FIN 410 1, Speculative Markets


Stephen F. Austin State University, Fall 2010

ECO 339 1, Applied Statistics

ECO 339 2, Applied Statistics

FIN 504 22, Financial Management

FIN 401 1, Financial Statement Analysis
Stephen F. Austin State University, Summer 1 2010

ECO 339 1, APPLIED STATISTICS

ECO 339 2, APPLIED STATISTICS
Stephen F. Austin State University, Spring 2010

ECO 339 1, APPLIED STATISTICS

ECO 339 2, APPLIED STATISTICS

FIN 410 1, SPECULATIVE MKTS


Stephen F. Austin State University, Fall 2009

ECO 339 1, APPLIED STATISTICS

ECO 339 2, APPLIED STATISTICS

FIN 401 1, FIN STMT ANALYSIS

FIN 373 2, INTERMED FIN MGMT
Stephen F. Austin State University, Summer 1 2009

ECO 339 1, APPLIED STATISTICS

ECO 339 2, APPLIED STATISTICS
Stephen F. Austin State University, Spring 2009

ECO 339 1, APPLIED STATISTICS

ECO 339 2, APPLIED STATISTICS

FIN 410 1, SPECULATIVE MKTS


Stephen F. Austin State University, Fall 2008

ECO 339 1, APPLIED STATISTICS

ECO 339 2, APPLIED STATISTICS

FIN 401 1, FIN STMT ANALYSIS


Stephen F. Austin State University, Summer 1 2008

ECO 339 1, APPLIED STATISTICS

ECO 339 2, APPLIED STATISTICS
Stephen F. Austin State University, Spring 2008

ECO 339 1, APPLIED STATISTICS

ECO 339 2, APPLIED STATISTICS

FIN 410 1, SPECULATIVE MKTS


Stephen F. Austin State University, Fall 2007

ECO 339 1, APPLIED STATISTICS

ECO 339 2, APPLIED STATISTICS

FIN 401 1, FIN STMT ANALYSIS


PROFESSIONAL SERVICE OR VOLUNTEER WORK
Steen Library Committee, Member. (August 2007 - September 2010).
Core Curriculum Committee, Co-chairperson, approximately 40 hours spent for the year. (August 2006 - August 2008).

Activity Description


Recruitment and Marketing, Member. (September 1, 2010 - Present).
Reputation and Planning, Member. (September 1, 2010 - Present).
Beta Gamma Sigma Scholarship Committee. (August 2002 - Present).
Finance Curriculum Coordinator, Coordinator, approximately 40 hours spent for the year. (January 24, 2011 - Present).
Summer Teaching Pay For Economics and Finance Faculty, Chairperson, approximately 8 hours spent for the year. (December 2006 - October 2007).

Activity Description

To recommend a policy that allocates summer teaching assignments

A committee recommendation has been provided to the chair and faculty members within the Department of Economics and Finance.


Pineywoods Home Team Affordable Housing, Inc., Nacogdoches, Texas. Board of Directors, approximately 72 hours spent for the year, (March 20, 2012 - Present).

Activity Description

I am working on the problem of renegotiating mortgage contracts with public sector lenders so that this organization can survive.

This organization helps to provides housing to poor people so that they can have a place to call home.


General Business Conference. Workshop/Track Organizer, (April 17, 2009 - April 18, 2009).

Activity Description

Moderator for a session where papers were given in International Finance at Sam Houston State University
Journal of Finance Case Research. Reviewer, approximately 10 hours spent for the year, (October 2005 - August 2008).

Activity Description



I have reviewed cases that require experience in portfolio management and in lease analysis.



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