Education Professional Academic Experience

Aaron P. Henrichsen

University of Northern Colorado Monfort College of Business (970) 351-2074

Email: aaron.henrichsen@unco.edu

Education

PhD, The Pennsylvania State University, 2017. Area of Study: Finance Dissertation/Thesis Title: Can Fund Flows Anticipate Market Movements: Evidence From Leveraged ETFs

MS, Arizona State University, 2012. Area of Study: Statistics

BS, Brigham Young University, 2005. Area of Study: Chemical Engineering, Statistics (Double Major)

Professional Academic Experience

Assistant Professor of Finance, University of Northern Colorado. (2018 - Present).

Visiting Assistant Professor of Finance, University of Northern Colorado. (2017 - 2018).

Adjunct Professor of Finance, Pepperdine University. (2017).

Ph.D. Student, Penn State University. (2012 - 2017).

Naval Science Instructor, United States Navy. (2010 - 2012).

Submarine Officer, United States Navy. (2005 - 2010).

Administrative Roles

Coordinator, (2019 - Present).

Licensures and Certifications

In progress (Passed Level I and II CFA Exam), CFA Institute. (June 2019 - Present).

RESEARCH, SCHOLARSHIP, AND CREATIVE WORKS

Professional Presentations

Invited

Juried

Henrichsen, A. (Author & Presenter), Southern Finance Association Annual Meeting 2019, "Can Leveraged ETF Fund Flows Anticipate Market Movements?," Southern Finance Association, Orlando, FL. (November 21, 2019).

Report Generated on December 23, 2020

Page 1 of 5

Henrichsen, A. (Author), Southwestern Finance Association Annual Meeting, "Board Expertise and Bankruptcy," Southwestern Finance Association, Houson, TX. (March 23, 2019).

Non-juried

Henrichsen, A., "Can Fund Flows Anticipate Market Movements: Evidence from Leveraged ETFs," Various. (2017).

Henrichsen, A., "Is it Worthwhile to Diversify into Commodities Anymore?," Penn State University. (May 2014).

Not Invited

Non-juried

Henrichsen, A., "Board of Director Expertise and Bankruptcy." (2019).

Henrichsen, A., "Diversification into Commodities During the Crisis." (2019).

Henrichsen, A., de la Torre, C., "M&M Teaching Note." (2019).

Henrichsen, A., None, "Leveraged ETF Fund Flows." (2019).

Media Contributions

Internet

. (February 18, 2019).

Research in Progress

"Board Expertise and Bankruptcy" (On-Going). This paper examines the associations of various types of director expertise on a distressed firm's ability to avoid bankruptcy. Since the advent of the Sarbanes Oxley Act of 2002 there have been significant increases in the percentage of board members with accounting, investment banking and legal expertise. In a study of US firms during the period between 1996 and 2011, I find that the percentages of bankers and lawyers on boards are associated with significant changes in the likelihood that a firm will enter bankruptcy. No similar effect is observed for other board member expertise. These results support the idea that board members can act as on-hand consultants to affect management's decisions during distress. Banker board members may aid distressed firms in renegotiating their debt, enabling them to avoid bankruptcy, while lawyer board members may steer the firm to resolve distress through legal proceedings such as bankruptcy.

"Commodity Futures and Equity Market Correlation Around the Financial Crisis" (On-Going). The correlation of commodity futures returns and equity returns peaked at unprecedentedly high levels during the 2008 financial crisis. Unlike previous economic downturns where equity returns dropped but commodity futures returns largely stayed positive, following the financial crisis equity and commodity futures returns showed much higher than normal levels of co-movement. Using mean-variance spanning tests, I find that though diversification from a portfolio of equities into a portfolio of equities and commodities generally improves an investor's efficient frontier, it did not yield any significant improvement from 2008 to 2010 and little to no improvement in 2007 and 2011. Frontiers post crisis starting in 2012 are again benefited from diversification into commodities. Using quality of predictive power for several factors, I find that the levels of global supply and demand, and to a lesser extent commodity

Report Generated on December 23, 2020

Page 2 of 5

relevant hedge fund assets under management, and market-wide levels of commodity index investment aid in predicting future commodity-equity correlation.

"Do Large Investors Anticipate Market Movements?" (On-Going). Can fund flows be used to predict future market returns? Existing literature using longhorizon returns and flows concludes that they cannot; but using daily data, I find that flows to leveraged ETFs predict subsequent benchmark index returns. These results remain significant to a lesser extent at the weekly level, but disappear for monthly returns. Separating ETFs into commodity, debt, domestic equity, foreign equity, and real estate sectors, I find that out-of-sample predictability is limited to foreign equity and junk bonds. This suggests that although flows do not predict most market sectors, flows can anticipate movements in markets where there are higher transaction costs or less efficiency.

"Mnemonics, M&Ms and Capital Structure: A Teaching Note" (Writing Results). A teaching note relating the arbitrage in Miller & Modigliani's paper to chocolate, peanuts, and M&Ms.

"Time Varying Closed-End Fund Manager Skill and Fund Characteristics" (Planning). Investigate empirically the theoretical predictions of a time-varying skill model for closed-end fund managers.

TEACHING

Teaching Experience

University of Northern Colorado

Courses Taught:

BAFN 240, Introduction to Personal Financial Planning, 9 courses. 3.00 credit hours.

BAFN 302, Essentials of Business Finance, 1 course. 3.00 credit hours.

BAFN 305, Intermediate Business Statistics, 1 course. 3.00 credit hours.

BAFN 370, Business Finance, 10 courses. 3.00 credit hours.

BAFN 379, Investments, 1 course. 3.00 credit hours.

Penn State University Courses Taught: FIN 305W, Corporate Finance, 2 courses. FIN 410, Derivative Markets, 1 course.

Pepperdine University Courses Taught: BA 321, Financial Management, 1 course.

Academic Advising

Fall 2019: 17 undergraduate students advised, 0 graduate students advised, approximately 10 hours spent per year.

Spring 2019: 6 undergraduate students advised, approximately 1 hours spent per year.

Report Generated on December 23, 2020

Page 3 of 5

SERVICE University Service

Faculty Advisor, UNCO Undergraduate Commencement Banner Bearer. (2019). Faculty Advisor, UNCO Convocation Banner Bearer. (2018).

College Service

Committee Chair, Student Affairs Committee. (August 2019 - Present). Faculty Club Advisor, Investments Club. (November 1, 2017 - Present). Committee Member, Student Affairs Committee. (August 2017 - August 2019).

Professional Service

Reviewer, Book, University of Northern Colorado Open Educational Resoruces, Greeley, CO. (September 2019 - December 2019).

Session Chair, Southwestern Finance Association, Houston, TX. (March 2019).

Public/Community Service

Guest Speaker, Weld County School District, Greeley, CO. (2017 - Present). Cub Scout Webelos Den Leader, Boy Scouts of America, Greeley, CO. (2017 - 2019).

AWARDS AND HONORS

Leadership Navy Commendation Achievement Medal, United States Navy. (2012). Navy & Marine Corps Achievement Medal, United States Navy. (2010). Navy & Marine Corps Achievement Medal, United States Navy. (2008).

Scholarship/Research The Frank P. and Mary Jean Smeal Endowment Fund Scholarship, Smeal College of Business. (2013). Penn State University Graduate Fellowship, Penn State University. (2012). The Frank P. and Mary Jean Smeal Endowment Fund Scholarship, Smeal College of Business. (2012). BYU Statistics Department Quality Science Scholarship, BYU Statistics Department. (2004). Bingham High School Alumni Scholarship, Bingham High School. (1998). Brigham Young University National Merit Scholarship, Brigham Young University. (1998).

Report Generated on December 23, 2020

Page 4 of 5

PROFESSIONAL MEMBERSHIPS

Southern Finance Association. (March 2019 - Present). Southwestern Finance Association. (October 30, 2018 - Present). American Finance Association. (2015 - Present). Financial Management Association. (2015 - Present).

Report Generated on December 23, 2020

Page 5 of 5

 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download