College of Commerce and Financewest Chester, PA 19380

SHAWN D. HOWTON

Department of Finance1706 Clocktower Drive

College of Commerce and FinanceWest Chester, PA 19380

Villanova University(610) 344-9359

Villanova, PA 19085

(610) 519-5638--Office

(610) 519-6881--Fax

email:

Areas of Interest

Teaching: Corporate Finance, Investments, Derivatives, and Financial Institutions

Research: Security Issuance, Agency Costs, Corporate Control, and Corporate Derivative Usage

Education

Florida State UniversityMajor:Finance1992-1997Ph.D.

Southern Illinois University1990-1992M.B.A.

Southern Illinois UniversityMajor: Finance1986-1990B.S.

Professional Experience

Villanova University2003- present Associate Professor

Villanova University 1999- 2003 Assistant professor

Drexel University 1997-1999 Assistant professor

RESEARCH

Published Intellectual Contributions

Book Chapters

Howton, S., Howton, S., McWilliams, V. (2005). Management, Governance and Corporate Responsibility (pp. 243 - 258). Handbook on Responsible Leadership and Governance in Global Business.

Refereed Journal Articles

Howton, S., Howton, S. W. (2006). The Corporate Response to the 2003 Dividend Tax Cut. Journal of Applied Finance, 16 (1), 62-71.

Howton, S., Howton, S. W. (2005). An Analysis of the Effect of Pay Frequency on Retirement Savings. CUPA-HR Journal, 56(2), 31-34.

Howton, S., Howton, S., McWilliams, V. (2004). Managerial Ownership, Board Control Structure and the Initial Day Returns to IPOs. Financial Decisions, 16(1), 1 - 16.

Higgins, E. J., Howton, S., Howton, S. W. (2004). Shareholder Wealth Effects of Private Placements of Debt Made By REITs. Breifings in Real Estate Finance, 3(4), 305-314.

Howton, S., Howton, S., McWilliams, V. (2003). Determinants of the Security Issue Decision in Real Estate Investment Trusts. Briefings in Real Estate Finance, 3(3), 147 - 157.

Higgins, E. J., Howton, S., Howton, S. W. (2003). An Analysis of Closed-End Fund Seasoned Equity Offerings. Journal of Financial Research, 26(2), 243-257.

Howton, S., Howton, S. W., Higgins, E. J. (2002). Information Transfers across Same-Sector Funds when Closed End Funds Issue Equity. Financial Review, 37(4), 551-561.

Howton, S., Howton, S. W., Olson, G. (2002). The Effects of Exchange Listing on Initial and Aftermarket Performance of IPOs. Financial Planning and Counciling, 13(1), 75-85.

Howton, S., Howton, S. W. (2001). The Wealth Effects of REIT Straight Debt Offerings. Journal of Real Estate Portfolio Management, 7(2), 151-157.

Howton, S., Howton, S. W. (2001). Board ownership and IPO Returns. Journal of Economics and Finance, 25(1), 100-114.

Friday, H. S., Howton, S., Howton, S. W. (2000). Long Run Underperformance in REITs Following Seasoned Equity Offerings. Journal of Real Estate Portfolio Management, 6(4), 76-87.

Friday, H. S., Howton, S., Howton, S. W. (2000). Anomalous Evidence on Operating Performance Following Seasoned Equity Offerings: The Case of REITS. Financial Management, 29(2), 76-87.

Howton, S., Higgins, E. J., Biggart, T. (2000). The Information Content of Just-in-Time Inventory Adoption Annoncement. Journal of Business, Finance, and Accounting, 27(5/6), 711-733.

Howton, S., Howton, S. W., Perfect, S. B. (1998). The Market Reaction to Straight Debt Issues: The Effects of Free Cash Flow. Journal of Financial Research, 21(2), 219-228.

Howton, S., Perfect, S. B. (1998). Currency and Interest Derivative Usage in U.S. Firms: An Empirical Analysis. Financial Management, 27(4), 111-121.

Howton, S., Perfect, S. B. (1998). Managerial Compensation and Firm Derivative Usage: An Empirical analysis. Journal of Derivatives, 6(2), 53-65.

Conference Proceedings

Howton, S., Howton, S., Pearce, J. (2004). SME Performance Post-IPO: Consequences of Governance Structure and Stock Ownership. San Juan, Puerto Rico: Strategic Management Society Proceedings.

Presentations Given

McWilliams, V., Howton, S. (Author Only), Howton, S. (Author Only), Decision Sciences Institute 2006 Annual Meeting, "Firms Attempting to Rescind Takeover Defenses", Decision Sciences Institute, San Antonio, TX. (November 2006).

Howton, S. (Presenter & Author), Howton, S. (Author Only), McWilliams, V. (Author Only), Villanova University Finance Seminar Series, "The market reaction to an institutional endorsement of social responsibility", Villanova University. (November 2006).

Howton, S. (Author Only), Howton, S. (Author Only), Pearce, J. (Presenter & Author), Strategic Management Society annual meeting, "Governance Correlates of IPO Success for an SME: The importance of Founder-CEOs and their Allies", SMS, Vienna, Austria. (October 2006).

Howton, S. (Author), Howton, S. W. (Author), Higgins, E. J.(Author) , Kong, S. (Presenter & Author), Eastern

Finance Association Annual Meetings, "Do Information Asymmetries Exist for Closed-End Mutual Funds? An

Examination of Seasoned Offerings", EFA, Philadelphia, PA. (April 2006).

Howton, S. (Presenter & Author), Howton, S. W. (Presenter & Author), Financial Education Association Annual Meeting, "Using Ibbotoson Encorr Software in Portfolio Management", FEA, Orlando, FL. (April 2005).

Howton, S. (Author Only), Howton, S. W. (Author Only), Pearce, J. A. (Presenter & Author), Strategic Management Society Annual Meeting, "Performance and CEO Survival after an IPO", SMS, San Juan, PR. (May 2004).

Howton, S. (Presenter & Author), Howton, S. W. (Presenter & Author), Financial Education Association, "The Effect of Pay Frequency on Retirement Savings", FEA, Baltimore, MD. (April 2004).

Howton, S. (Presenter & Author), Howton, S. W. (Presenter & Author), Financial Education Association Annual Meeting, "Semester Project for Portfolio Management Project", FEA, Orlando, FL. (April 2003).

Howton, S. (Presenter & Author), Howton, S. W. (Presenter & Author), McWilliams, V. (Presenter & Author), Financial Management Association Annual Meeting, "The Determinants of the Security Issue Decision for REITS", FMA, San Antonio, TX. (October 2002).

McWilliams, V. (Presenter & Author), Howton, S. (Presenter & Author), Howton, S. (Presenter & Author), Financial Management Association Conference, "Determinants of the Security Issue Decision in Real Estate Investment Trusts", Financial Management Association, San Antonio, TX. (October 2002).

Howton, S. (Presenter & Author), Howton, S. W. (Presenter & Author), McWilliams, V. (Presenter & Author), Southern Finance Association Annual Meeting, "Managerial Ownership, Board Control Structure, and the initial day returns to IPOs", SFA, Key West, FL. (October 2002).

Howton, S. (Presenter & Author), Howton, S. W. (Presenter & Author), Higgins, E. J. (Presenter & Author), Eastern Finance Association Annual Meetings, "Information Transfers Across Same-Sector Funds when Closed-End Funds Issue Equity", EFA, Baltimore, MD. (April 2002).

McWilliams, V. (Presenter & Author), Howton, S. (Presenter & Author), Howton, S. (Presenter & Author), Southern Finance Association Conference, "Managerial Ownership, Board Control Structure and the Initial Day Returns to IPOs", Southern Finance Association, Key West, FL. (April 2002).

Howton, S. (Presenter & Author), Howton, S. W. (Presenter & Author), Financial Management Association Annual Meeting, "IPOs, Boards of Directors, and Firm Operating Performance", FMA, Toronto, Ontario, Canada. (October 2001).

Howton, S. (Presenter & Author), Howton, S. W. (Presenter & Author), Friday, H. S. (Author Only), Financial Management Association Annual Meetin, "Long Run Underperformance in REITs following Seasoned Equity Offerings", FMA, Seattle, WA. (October 2000).

Howton, S. (Presenter & Author), Howton, S. W. (Presenter & Author), Higgins, E. J. (Presenter & Author), Eastern Finance Association Annual Meetings, "Information Asymmetries in the Seasoned Equity Offerings of Closed-End Funds", EFA, Myrtle Beach, SC. (April 2000).

Howton, S. (Presenter & Author), Howton, S. W. (Presenter & Author), Olson, G. (Presenter & Author), Southern Finance Association Annual Meeting, "Board Structure and IPO Returns", SFA, Key West, FL. (November 1999).

Howton, S. (Presenter & Author), Howton, S. W. (Presenter & Author), Southern Finance Association Annual Meeting, "Chasing Buffett: Can Individual Investors Earn Abnormal Returns Mimicking the Trades of Warren Buffett?", SFA, Key West, FL. (November 1999).

Howton, S. (Presenter & Author), Howton, S. W. (Presenter & Author), Olson, G. (Presenter & Author), Southern Finance Association Annual Meeting, "The Role of Exchange Listing on the Initial and Aftermarket Performance of IPOs", SFA, Marco Island, FL. (November 1998).

Howton, S. (Presenter & Author), Perfect, S. B. (Author Only), Financial Management Association Annual Meeting, "Currency and Interest Rate Derivative Usage In U.S. Firms: An Empirical Analysis", FMA, Chicago, IL. (October 1998).

Howton, S. (Presenter & Author), Higgins, E. J. (Presenter & Author), Biggart, T. (Author Only), Southern Finance Association Annual Meeting, "The Effect of Just-in-Time Inventory System Adoption on Firm Value and Earnings Expectations", SFA, Marco Island, FL. (April 1998).

Howton, S. (Presenter & Author), Howton, S. W. (Presenter & Author), Perfect, S. B. (Author Only), Southern Finance Association Annual Meeting, "The Market Reaction to Straight Debt Issues: The Effects of Free Cash Flow.", SFA, Williamsburg, VA. (April 1998).

Howton, S. (Presenter & Author), Higgins, E. J. (Presenter & Author), Southern Finance Association Annual Meeting, "The Impact of Using a Three Factor Expected Return Generating Model in Event Studies.", SFA, Baltimore, MD. (November 1997).

Howton, S. (Author Only), Perfect, S. B. (Presenter & Author), Financial Management Association Annual Meeting, "Managerial Compensation and Firm Derivative Usage: An Empirical Analysis.", FMA, Honolulu, HI. (October 1997).

Howton, S. (Presenter & Author), Friday, H. S. (Author Only), Southern Finance Association Annual Meeting, "Market Valuation of REITs: The Case of Liquidating Dividends", Southern Finance Association, Key West, FL. (November 1996).

Awards and Honors

Research Excellence Award, Center for Responsible Leadership and Governance. (March 2004).

Summer Research Fellowship, Villanova University. (May 2003).

Summer Research Fellowship, Villanova University. (May 2000).

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