Appendix A
L. D. BOOTH
Joseph L. Rotman Centre for Management
University of Toronto
105 St. George St,
Toronto, Ontario M5S 3E6
(416) 978-6311
Dr. Booth is currently Professor of Finance and the Newcourt Chair in Structured Finance in the
Rotman School of Management at the University of Toronto. He received his doctorate from the
School of Business at Indiana University in 1978, where he also received his MBA and his MA
in economics. He received a first class honours degree from the London School of Economics in
1971.
Dr. Booth's current teaching interests are in corporate finance and mergers and acquisitions. An
award winning teacher, he has taught MBA courses in corporate financing, financial
management, international finance, mergers and acquisitions, managerial economics, and
macroeconomics. He has also taught in RSM’s executive MBA and Ph.D programs. Professor
Booth has taught executive seminars on the money and foreign exchange markets, business
valuation, innovations in the capital markets, and financial risk management. For 1988-90 he was
a director of the Financial Management Association, and from 1987 until 1991 was the area coordinator for finance at the University of Toronto, a position that he has held again since 1993.
He is on the editorial board of several academic journals and is an active researcher.
Dr. Booth's consulting activities have been quite varied with assignments from several
government departments, including Treasury and Economics (Ontario), and Consumer and
Corporate Relations, Finance and Industry Canada (Federal), as well as private corporations.
Professor Booth has appeared as an expert witness before the Ontario Securities Commission, the
Ontario Energy Board, and the CRTC. Additionally with Professor Berkowitz he has appeared
before the CRTC, the National Energy Board, the Ontario Energy Board, the Public Utilities
Commission of British Columbia, the Alberta Energy and Utilities Board and the Public Utilities
Board of Manitoba. He is regularly quoted in the media and has been asked to give guest lectures
before a variety of professional associations including most recently the Canadian Institute of
Actuaries and the Canadian Institute of Chartered Business Valuators.
A full CV and copies of relevant papers can be downloaded from his web page at
http://mgmt.utoronto.ca/~booth
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MICHAEL K. BERKOWITZ
Department of Economics
University of Toronto
150 St. George Street
Toronto, Ontario M5S 3G7
Telephone/Fax (416) 978-2678
Dr. Berkowitz is Professor of Economics and Finance in the Department of Economics and
the Rotman School of Management at the University of Toronto and president of M.K. Berkowitz
& Associates. He is currently the director of the MA Program in Financial Economics and past
Associate Dean of the Faculty of Arts & Science at the University of Toronto. In July 2001, he will
begin a five year term as Chairman of the Department of Economics. Dr. Berkowitz received his
Ph.D. from the State University of New York at Buffalo in 1976. His thesis was titled "Pricing and
Production Decisions of Regulated Public Utilities".
Dr. Berkowitz has taught courses at the graduate and undergraduate levels in Security
Analysis and Portfolio Management, Corporate Finance, Financial Economics, Energy and Resource
Economics, Managerial Economics, Economics of Natural Resources, Accounting, MicroEconomics, and Investments. His research interests are in corporate capital structure and incentive
mechanisms for mutual fund managers. His research on mutual fund performance has been
published in academic journals and was also highlighted in the Globe and Mail, Canadian Business
Magazine and The Canadian Investment Review. For the last two years, he participated in the
weekly Toronto Star's Choice Portfolio series as an expert in mutual funds. Dr. Berkowitz has been
awarded a major three year grant by the Social Science and Humanities Research Council on a
project entitled, "An Analysis of Management Compensation on the Performance of Mutual Fund
Managers."
Dr. Berkowitz's consulting activities have been varied, ranging from the economic analysis
of competition in rail transport to cost of capital issues. He has appeared as an expert witness before
the Ontario Select Committee on Energy, the CRTC, the Ontario Energy Board, the Public Utilities
Commission of Manitoba, the British Columbia Public Utility Commission, the National Energy
Board, the Alberta Energy Utilities Board and the Regie du Gaz Naturel. He has also appeared as
an expert witness on inside trading before the Ontario Court's Provincial Division and has been
called upon to provide asset valuation expertise in a number of cases. His consulting assignments
have been with Scotia Securities, Consumer and Corporate Affairs Canada, the Consumer
Advocates's Office of Newfoundland, Economic Council of Canada, Royal Commission on
Passenger Transportation, Energy, Mines and Resources Canada, Union Gas, Canadian Association
of Petroleum Producers, Slater Steel, Industrial Power Consumers Association of Alberta, Industrial
Gas Users Association, National Anti-Poverty Association, Consumers Association of Canada,
Telesat Canada among others.
Relevant research publications include:
«Common Risk Factors in Explaining Canadian Equity Returns», W/P UT-ECIBA-BERK-00-01,
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September 2000.
«Investor Risk Evaluation in the Determination of Management Incentives in the Mutual Fund
Industry», with Y. Kotowitz, Journal of Financial Markets, 2000, pp. 365-387.
«Measuring Fund Performance», Adviser’s Guide to Financial Research, MacLean-Hunter, 1999,
pp.35-42.
«Investment Management Services», Canadian Investment Review, with Y. Kotowitz
Vol. 11, No. 1, pp 42-48, Winter 1998.
"Ex Post Production Flexibility, Asset Specificity and Financial Structure", with V. Aivazian,
Journal of Accounting, Auditing, and Finance, Winter 1998, pp. 1-20.
"Estimating the Market Risk for Non-Traded Securities: An Application to Canadian Public Utilities,
International Review of Financial Analysis, 1998, Vol. 7, No. 2, pp 171-179.
"Incentives and Efficiency in the Market for Management Services: A Study of Canadian Mutual
Funds", with Y. Kotowitz, Canadian Journal of Economics, Vol 26, November 1993, pp.
850-866.
"Promotions as Work Incentives", with Y. Kotowitz, Economic Inquiry, Vol. 31, July 1993, pp. 342353.
"Precommitment and Financial Structure: An Analysis of the Effect of Taxes", with V. Aivazian,
Economica, Vol. 59, February 1992, pp. 93-106.
"The Market for Investment Management Services: Is it Rational?", with Y. Kotowitz, Canadian
Investment Review, Vol. IV, No. 1, Spring 1991, pp.69-76.
"Disaggregate Analysis of the Demand for Gasoline," Canadian Journal of Economics, with N.
Gallini, E. Miller, and R. Wolfe, Vol. 23, No. 2, May 1990, pp.253-275.
"Forecasting Vehicle Holdings and Usage with a Disaggregate Choice Model," with N. Gallini, E.
Miller, and R. Wolfe, Journal of Forecasting, Vol. 6, No. 4, Oct-Dec 1987, pp. 249-269
"A Disaggregate Model of Residential Heating Mode Choice: A Multinomial Probit Modelling
Approach", with G.H. Haines, Journal of Applied Economics, Vol. 19, No. 5, May 1987, pp.
581-596.
"The Relationship Between Attributes, Relative Preferences, and Market Share: The Case of Solar
Energy in Canada", with G.H. Haines, Journal of Consumer Research, Vol. 11, No. 3,
December 1984, pp. 754-762.
"Vehicle Ownership and Usage in Canada: Data Issues and Collection", with R.A. Wolfe, E.J.
Miller, R. Rideout and N. Gallini, Transportation Forum, Vol. 1-2, September 1984, pp. 4048.
«Forecasting Future Canadian Residential Heating Demand: An Illustration of Forecasting with
Aggregate and Disaggregate Data," with G. H. Haines, Journal of Forecasting, Vol. 3, No. 2,
April-June 1984, pp. 217-227.
"Financing and Investment Behavior of the Regulated Firm Under Uncertainty", with E. Cosgrove,
in Economic Analysis of Telecommunications: Theory and Applications, L. Courville,A. de
Fontenay, and R. Dobell (eds.), North Holland, 1983, pp.383-396.
"Patent Policy in an Open Economy", with Y. Kotowitz, Canadian Journal of Economics, Vol. 15,
No. l, February 1982, pp. 1-l7.
"Predicting Demand for Residential Solar Heating: An Attribute Approach", with G.H. Haines,
Management Science, Vol. 28, No. 7, July 1982, pp. 717-727.
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"A Multi Attribute Analysis of Consumer Attitudes Toward Alternative Space Heating Modes", with
G. Haines, in Consumers and Energy Conservation, edit by J.D. Claxton, et al., Praeger
Press, 1981, pp. 108-114.
"A Review of Canadian and U.S. Solar Energy Policies", Canadian Public Policy-Analyse de
Politiques, 2, Spring 1979, pp. 257-62.
"Incentive Schemes for Encouraging Solar Heating Applications in Canada", Journal of Business
Administration, Vol. 10, Nos. 1 and 2, Fall 1978/ Spring 1979, pp. 373-82.
"Power Grid Economics in a Peak-Load Pricing Framework", Canadian Journal of Economics, X,
No. 4, November 1977, pp. 621-36.
"A Note on Production Inefficiency in the Peak-Load Pricing Model", co-author F.C. Jen, Southern
Economic Journal, 44, No. 2, October 1977, pp. 374-79.
Relevant technical reports include:
"The Potential for Competition in Rail Carriage", report submitted to the Royal Commission on
National Passenger Transportation, July 1991.
"The Hidden Costs of Electricity Usage in Ontario", report submitted to Ontario Select Committee
on Energy, April 1986.
"Advertising Pre-clearance: Assessment of Alternatives", report submitted to Consumer and
Corporate Affairs Canada, March 1986.
"The Organization and Control of Public Corporations", report submitted to Economic Council of
Canada, March 1985.
Rate of return testimony before the CRTC, PUB Manitoba, British Columbia Utility
Commission, Alberta Energy Utilities Board, Ontario Energy Board and Regie du Gaz Naturel.
Companies include Bell Canada, BC Tel, AGT, Consumers Gas, Union Gas, Island Tel, MT&T,
NB Tel, Newfoundland Tel, Centra Gas Manitoba, Centra Gas Ontario, Nova Gas Transmission,
Northwestel, Ontario Hydro, Pacific Northern Gas, BC Gas, West Kootenay Power, TransCanada
Pipelines, Westcoast Energy, Trans Mountain Pipelines, Trans Northern Pipelines, Foothills
Pipelines, Alberta Natural Gas, Interprovincial Pipe Lines, Trans Quebec & Maritimes, Gaz
Metropolitain, TransAlta, Edmonton Power and ATCO Electric.
Web page: http://www.economics.utoronto.ca/berk/
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