Dr. Kenneth R. Stanton
Robert G. Merrick School of Business
University of Baltimore
1420 N. Charles St., Baltimore MD 21201 -5779
Tel: 410-837-5669
Email: kstanton@ubalt.edu
Areas of Interest:
Efficiency, regulation, optimal scale, and the role of the inter net in the evolution of the
financial services industry, institutional effects on securities markets, financial innovations,
derivative securities, empirical finance, investments, terrorism and catastrophe insurance,
health insurance and the business effects of the obesity epidemic.
Education:
1998 Ph.D. (Finance), Schulich School of Business, York University, Toronto, Canada.
1994 Ph.D. candidate (Finance/Economics), School of Business, Queen's University, Kingston,
Canada.
1990 M.B.A. (Finance), William E. Simon Graduate School of Business Administration,
University of Rochester, Rochester, NY.
1988 B.A. Honors (Economics), University of Western Ontario, London, Canada.
Areas of Concentration:
Majored in Finance, Microeconomics and Econometrics.
Doctoral Dissertation:
Topic: "Efficiency issues in Banking: Reassessment in an Evolving Industry"
Thesis adviser: Dr. Gordon Roberts, CIBC Professor of Finance.
Honors:
2005
Listed in Who's Who Among America's Teachers
1996
York University, School of Graduate Studies Award for Academic Excellence
1991-94
Social Sciences and Humanities Research Council of Canada, Doctoral
Fellowship.
1990
Shell Scholarship, Dean's Award, Queen's University.
Elected to Beta Gamma Sigma in recognition of Scholastic Achievement,
Rochester.
1989, 1990
Dean's List, University of Rochester.
1989
Entrance Scholarship, University of Rochester.
1984-88
Dean's List University of Western Ontario.
Publications in refereed journals:
"The infrastructure of obesity and the obesity epidemic: Implica tions for public policy." Journal of
Applied Health Economics and Health Policy, Vol. 4, No. 3, pp. 139-146, 2005.
"Trends in Relationship Lending and Factors Affecting Relationship Lending Efficiency."
Journal of Banking and Finance, Vol. 26, No. 1, pp.127-152, 2002.
Refereed chapters in books:
"Tax solutions to the external costs of obesity" (with Julie Elston, Zoltan Acs and David
Levy). Chapter in Obesity, Business and Public Policy, Elgar Books, 2007 (In press).
"Keeping score: State policies to combat obesity" (with Ann Cotten and Zoltan Acs).
Chapter in Obesity, Business and Public Policy, Elgar Books, 2007 (In press).
"A policy framework to combat the obesity epidemic" (with Zoltan J. Acs, Alan Lyles,
Lenneal Henderson and David Levy). Chapter in Obesity, Business and Public Policy, Elgar
Books, 2007 (In press).
Publications in conference proceedings:
"Encouraging The Big Bath; Do Performance Based Incentive Packages Increase Cash Flow
Volatility?" proceedings of the Atlantic Schools of Business Conference - Finance Division,
Halifax, N.S., 1991.
Published book review:
Book review of The Banking and Financial Structure in the NAFTA Countries and Chile, G.
von Furstenberg, ed., North American Journal of Finance and Economics, September 1998.
Other publications not included above:
"UB Obesity Report Card", (with Zoltan Acs and Ann Cotten),
www.ubalt.edu/experts/obesity/ 2004, 2005, 2006.
"Obesity: Myth, or Serious?" (with Zoltan Acs), www.ubalt.edu/experts/obesity/ , 2004.
"A Primer On The Allfirst Scandal", home.ubalt.edu/ntsbstan/kstanton/f720/AllFirst.doc,
2003.
Opinions and editorials and other newspaper contributions:
Letter to editor: "New York bans trans fats", Baltimore Sun, p.11A,
Sep. 30, 2006
Letter to editor: "Employer mandates won't aid uninsured", Baltimore Sun, p.8A, Jan.
23, 2006
Letter to editor: "Regulating our food supply", Baltimore Sun, p.11A, Sep. 5, 2005
Opinion: "Soda companies are likely scapegoats for the obesity epidemic", The Baltimore
Daily Record, p. 11A, Oct. 15, 2004.
Opinion: "It's time to counteract the infrastructure of obesity", The Baltimore Daily Record, p.
11A, Feb. 6, 2004.
Opinion: "Education, ethics and sentences for Enronizing financial reports", The Baltimore
Daily Record, p. 11A,
April 5, 2003.
Unpublished research papers:
"Exiting the terrorism insurance impasse: Working towards a substitute for TRIA" (with G.
Andrea, & P. Athanasiou), 2006.
"Securitization as an alternative to the Terrorism Insurance Act of 2002" (with George
Andrea, Peter Athanasiou and Robert L. Siems). Manuscript, May 2003.
"A simple algorithm for global optimization in linearly constrained optimization problems"
(with Hossein Arsham). Manuscript, February 2003.
Comment on Miller and Noulas (1996), "The technical efficiency of large bank production."
Submitted to Journal of Banking and Finance, August 2000.
"Data Envelopment Analysis and Efficiency Measurement Issues in Banking." Manuscript,
January 2000.
"A Trivariate GARCH Analysis of Stock Returns and the Equality of Equals in the Unilever
N.V./PLC Group." Manuscript, February 1993.
"Amplified Moral Hazard In a Subsidized Insurance Program." Manuscript, February 1988.
Presentations at Conferences and Other Contributions:
"Tax solutions to the external costs of obesity" (with Julie Elston, Zoltan Acs and
David Levy). Presented at Association for Public Policy and Management (APPAM)
meeting in Madison, Wisconsin on November 2, 2006.
"A policy framework to combat the obesity epidemic" (with Zoltan J. Acs, Alan Lyles, Lenneal
Henderson and David Levy). Revised version of Chapter in Obesity, Business and Public Policy,
Elgar Books, 2007, Association for Public Policy and Management (APPAM) meeting in Madison,
Wisconsin on November 2, 2006.
Panelist and participant at "Taking Action Against Obesity in Communities of Color" (MEE
Productions/Stedman Graham & Associates) a Baltimore Community Forum moderated by
Stedman Graham: Baltimore, MD, October 27, 2006.
Panelist at Congressional Black Caucus Foundation's Health Empowerment Tour Panel,
Baltimore, MD, October 2005.
Panelist at "The Black Family Reunion" on the National Mall, Washington, DC, for NBC 4 TV,
September 2005.
"A Market Solution to the Terrorism Insurance Impasse: Securitization as a Substitute for
TRIA", presented at Loyola University, Baltimore, MD, November 5, 2004.
Chaired Capital Markets Workshop, Morgan State University, Baltimore, MD, April 30, 2004
Discussant, Financial Management Association Annual Meeting, Seattle, WA, October 2000.
Presented "Trends in Relationship Lending and Factors Affecting Relationship Lending
Efficiency", Financial Management Association Annual Meeting, Orlando, FL, October 1999.
Discussant, Financial Management Association Annual Meeting, Orlando, FL, October 1999.
Discussant, Academy of Financial Services Annual Meeting, New Orleans, LA, October 1996.
Presented, "Efficiency Issues in Banking", Fields Institute Seminar on Financial Mathematics,
Toronto, Canada, September 1996.
Current projects and papers in process:
Invited to write a book on obesity policy for the Brookings Institution, Washington, DC.
Berkshire Hathaway: Ripple effects of Warren Buffet's philanthropy (with Rakesh Bharati).
Work in process.
"Tax solutions to the external costs of obesity" (with Julie Elston, Zoltan Acs and David Levy).
Revision of refereed book chapter presented at Association for Public Policy and Management
(APPAM) meeting in Madison, Wisconsin on November 2, 2006.
"A policy framework to combat the obesity epidemic" (with Zoltan J. Acs, Alan Lyles, Lenneal
Henderson and David Levy). Revised version of Chapter in Obesity, Business and Public Policy,
Elgar Books, 2007, Association for Public Policy and Management (APPAM) meeting in Madison,
Wisconsin on November 2, 2006.
"State policies to combat obesity" (with Ann Cotten and Zoltan Acs). Revised version of
Chapter in Obesity, Business and Public Policy, Elgar Books, 2007. In process.
"Enronization of financial reports, malfeasance, managerial compensation, and recessions",
(with Zoltan Acs. In process).
"Adverse selection and mortgage securitization" (with Chris Gadarowski. In process)
Experience:
Assistant Professor of Finance at University of Baltimore specializing in bank management,
investments, fixed income investment analysis, effects of terrorism on financial
institutions, linkages between unethical corporate management and recessions, obesity,
business and public policy, and time-series-analysis of financial data, 2001- present.
Taught undergraduate and graduate courses in financial institutions management, banking,
corporate finance, investments, derivative securities, international finance,
microeconomics, statistics, advanced econometrics, fixed income securities investment
analysis and fundamentals of finance.
Serving on Honors Program Advisory Committee.
Serving on Graduate Program Committee.
Served on Scholarship and Continuing Improvement Committee.
Served on Merrick School of Business Nominating Committee.
Supervised several student honors projects, one of which won the prestigious John and Edythe
Portz Award for the best honors project of the year in Maryland.
Served as the external examiner for a doctoral thesis (See Niazi, G.S.K., "Measuring Cost
Efficiency and Productivity Change of Commercial Banks in Pakistan, 1991-2000",
2004.
Chair of the University of Baltimore Obesity Research Initiative, co founded with Zoltan Acs.
Appeared and/or quoted in over two hundred print, radio and television outlets in the
U.S., Canada, and the UK in relation to obesity research conducted with colleagues at the
University of Baltimore and other topics related to my areas of expertise. Our research
has been covered by national television networks—CNN, CBS Evening News and
CNBC.
Interviewed and quoted on many issues in a lengthy list of media outlets that include:
Newsweek, Forbes, LA Times, MSN Money, Salt Lake Tribune, Baltimore Sun,
Baltimore Examiner, Baltimore City Paper, Baltimore Daily Record, newspapers in
nearly every state, television appearances on many occasions on essentially all of the
Baltimore TV stations, plus radio appearances on WYPT, WERQ, WBAL, and a
multitude of out of state stations as far away as California. Topics ranged from banking and
insurance to education and the failed merger between Baltimore Gas and Electric and Florida
Light and Power.
Some examples of media presentations include appearances on: WJZ television as an expert on the
Allied Irish/Allfirst Bank trading debacle and other finance issues; Fox 45 News in relation to
ongoing research related to terrorism insurance issues, the Baltimore Gas and Electric rate
hike, obesity prevention and control policy, health insurance, Wal-Mart, and stock market
anomalies, and on Maryland Public Television in relation to Howard Bank.
Guest on WERQ in relation to health and obesity and the disproportionate impact on AfricanAmericans.
Interviewed by Voice of America concerning Maryland's proposed "Wal-Mart bill".
Interviewed on a wide number of topics by radio stations in Baltimore, and stations beyond our
state, from Boston to California on topics including banking, health insurance, finance and
insurance issues related to hurricane Katrina.
Guest on NPR radio discussing the financial aspects of the war in Iraq.
Guest on NPR to discuss the buyout of Mercantile Bank by PNC Financial Services.
Developed a partnership with WERQ radio to increase awareness of the obesity epidemic and to
develop solutions for obesity and other social problems within Baltimore and beyond.
Contributed to the passage of state level obesity legislation in Maryland, North Carolina and Texas.
Assisted North Carolina Lt. Governor Beverly Perdue, Texas Senator Eddie Lucio and
Maryland Senator Gwendolyn Britt.
Currently involved in an advisory capacity aiding Maryland Senator Britt in support of obesity
control legislation.
Presented expert testimony on obesity policy to state legislators in Annapolis, MD.
Member of Advisory Committee for Maryland Department of Health and Mental Hygiene's
Nutrition and Physical Activity Program.
Edited Obesity, Business and Public Policy, Elgar Books, in press, 2007.
Supervised Stock-Trak simulated trading competition for University of Baltimore's Finance
Society.
Assistant Professor of Finance at Southern Illinois University at Edwardsville specializing in financial
institutions management, corporate finance and time-series-analysis of financial data, 19982001. Taught financial institutions and markets, corporate finance, financial analysis and
strategy, research methods and microeconomics. Supervised independent
studies in finance. Supervisory committee member for Masters Students' senior research
projects. Served on civil engineering undergraduate program review committee.
Edited preparatory materials for Chartered Financial Analyst (CFA) examinations, 1999-2002.
Authored ancillary materials for 3rd edition of Financial Institutions Management: A Modern
Perspective, Anthony Saunders, Irwin-McGraw-Hill, 2000 and Financial Institutions
Management: A Risk Management Approach, 4 th and 5 th editions, Anthony Saunders and
Marcia Millon Cornett, Irwin-McGraw-Hill, 2003, 2006.
Served on consulting team for the Office of the Superintendent of Financial Institu tions, Canada,
1998.
Served on consulting team for Canadian Imperial Bank of Commerce, 1997-98.
Taught finance, M.B.A. and undergraduate programs, York University and University of
Waterloo, 1996-1997.
Referee for Journal of Financial Services Research, Educational Evaluation and Policy Analysis
Regularly referee for Journal of Banking and Finance.
Support team leader for revision of 2nd Canadian edition of Fundamentals of Corporate Finance, S.
Ross, B. Jordan, R. Westerfield and G. Roberts, Irwin, 1995.
Conducted significant portions of research related to the revision of Paul W. MacAvoy's book,
Government Regulation and Performance of the American Economy, 2nd edition, Norton
Books, 1992.
Aided in the revision of Economics, A. Blomqvist, R. Wonnacott and T. Wonnacott, 3rd
Canadian edition, McGraw-Hill Ryerson, 1989.
Extensive computing experience and diverse business management experience with several small
businesses and retail chain stores in all functional areas of accounting, marketing, staffing
and operations.