FULL CURRICULUM VITAE (1-30-2002)

I. Arthur L. Houston Jr.

II. EDUCATION

University of Washington 1977-1985 Ph.D. Business AdministrationPepperdine University 1975-1976 MBAU.S. Naval Postgraduate School 1965-1967 BSEE Electronics EngineeringMiami University 1958-1961 BA Mathematics

Dissertation: The Default Risk and Interest Rate Risk of the Price Level Adjusted Mortgage Compared to the Standard Fixed Payment Mortgage

III. TEACHING POSITIONS AND RANKS HELD

San Diego State University Associate Professor 1991-present FinanceSan Diego State University Assistant Professor 1986-1991 FinancePortland State University Assistant Professor 1981-1986 Finance & Real EstateUniversity of Washington Teaching Assistant 1979-1981 Macro Economics

Other Experience

Career Officer; U.S. Marine Corps, 1957-1977

IV. TEACHING EFFECTIVENESS

Curriculum Development and Teaching Innovations

Created a new course: Fin-617, Financial Management II.

Teaching Awards

SDSU, Outstanding Finance Faculty Award 1990 SDSU, Outstanding Finance Faculty Award 1989 SDSU, Outstanding Finance Faculty Award 1988

V. PROFESSIONAL GROWTH

Articles in Refereed Journals

“Taxes and the Choice of Issuing Preferred Stock Versus Debt,” Journal of the American Taxation Association, with Carol Olson Houston and David Ely [accepted for publication in the Spring 2002 issue].

“An Improved Proxy for Taxes Paid”, Journal of Business and Behavioral Sciences, Volume 7, Number 1, Fall 2000, with Carol Olson Houston.

"Can Financial Markets Discipline Banks? Evidence From the Markets for Preferred Stock" Journal of Applied Business Research, Winter 1995-1996, with David Ely and Carol Olson Houston.

“Inflation Risk, Payment Tilt, and the Design of Partially-Indexed Affordable Mortgages," Journal of the American Real Estate and Urban Economics Association, May 1993,with William Scott and A. Quang Do.

"The Changing Uses of Preferred Stock," Management Accounting, December 1991, with Carol Olson Houston.

"Preferred Stock Financing: Trends in the 80s," Journal of Applied Business Research, Summer 1991, with Carol Olson Houston.

"Financing with Preferred Stock," Financial Management, Autumn 1990, with Carol Olson Houston.

"Relocation Opportunities and Mortgage Default." Journal of the American Real Estate and Urban Economics Association, Spring 1989, with S. Michael Giliberto.

"Borrower Choice: Converting a Mortgage," Housing Finance Review, Summer 1989, with Antony C. Cherin.

"A Comparison of the Reinvestment Risk of the Price Level Adjusted Mortgage and the Standard Fixed Payment Mortgage," Journal of the American Real Estate and Urban Economics Association, Spring 1988.

"The Tax Reform Act of 1986: Is It All Bad?" The Real Estate Finance Journal, Spring 1987, with Carol Olson Houston.

Unpublished, Refereed papers Before Professional Conferences

“Improved Proxies for Taxes Paid,” with C. Houston, Annual Meeting of the American Society of Business and Behavioral Sciences, Las Vegas NV, February 19, 2000.

“Empirical Results—Characteristics of Industrial Firms That Issue Preferred Stock,” with C. Houston, Annual Meeting of the American Society of Business and Behavioral Sciences, Las Vegas NV, February 18, 2000.

“The Choice of Preferred Stock by Banks,” with D. Ely and C. Houston, The Academy of Financial Services, San Francisco, October 1992.

"Inflation Risk, Payment Tilt, and the Design of Partially-Indexed Affordable Mortgages," with W. Scott and A. Q. Do, Financial Management Association annual meeting, Chicago, October 1991.

"Empirical Results - Characteristics of Firms Issuing Preferred Stock," with C. Houston, Western Decision Sciences Institute annual meeting, Lihue, Kauai, March 1991.

"Characteristics of Firms Using Preferred Stock: An Empirical Examination," with C. Houston, Financial Management Association annual meeting, Boston, October 1989.

"Non-neutral Inflation and the Relative Default Risk of Indexed Mortgages" American Real Estate and Urban Economics Association, New York, December 1988.

"Financing With Preferred Stock: Trends in the 1980's," with C. Houston, annual meeting of the Financial Management Association, New Orleans, Louisiana, October 1988.

"When Should Homeowners Convert Their Convertible Adjustable Rate Mortgages?," with A. Cherin, annual meeting of the American Real Estate Society, San Francisco, California, April 1988.

"Monte Carlo Simulation Estimates of the Effect of Borrower Relocation Opportunities on Mortgage Default Rates," with S. Giliberto, annual meeting of the Western Decision Sciences Institute, March 1988.

"A Theory of Morgage Default and Residential Mobility," with S. Giliberto, annual meeting of the American Real Estate and Urban Economics Association, Chicago, December 1987.

"The Price Risk and Reinvestment Risk of the Price Level Adjusted Mortgage Compared to the Standard Fixed Rate Mortgage" annual meeting of the American Real Estate Society, Denver, Colorado, October 1985.

Reprints

“Financing with Preferred Stock,” in Advances in Business Financial Management: A Collection of Readings, 2nd ed., P. Cooley, editor: Dryden Press, 1996, with C. Houston.

“How CFOs Use Preferred Stock,” Bowne Review for CFOs & Investment Bankers, Vol 3 No. 4 (February, 1992). Abridged reprint based on “The Changing Uses of Preferred Stock,” Management Accounting, December 1991, with C. Houston.

Research Monographs

“Mobile Home Study: Washington,” Federal Home Loan Bank of Seattle, 1978, with J. Lessinger.

“Mobile Home Study: Idaho,” Federal Home Loan Bank of Seattle, 1978, with J. Lessinger.

“Mobile Home Study: Oregon,” Federal Home Loan Bank of Seattle, 1979, with J. Lessinger).

Publications In Process

“The New Economy: Industry Usage of Preferred Stock in the Late 1990s,” with D. Ely and C. Houston, data collected and analyzed, initial draft in process.

Scholarly Awards

Best Finance Paper, Western Decision Sciences Institute, March 1991, with C. Houston.

Meritorious Performance and Professional Promise Award, San Diego State University, March 1989.

Professional memberships

American Finance Association, American Real Estate and Urban Economics Association, Financial Management Association, Western Finance Association, American Real Estate Society.

Conferences attended

American Society of Behavioral Sciences, 2000American Finance Association, 1980–1997American Real Estate and Urban Economics Association, 1980–1996Financial Management Association, 1980–1993American Real Estate Society, 1986-1991Western Decision Sciences Institute, 1986–1992, 1994, 1995Academy of Financial Services, 1992

VI. SERVICE FOR THE UNIVERSITY AND THE COMMUNITY Committee Assignments

Member, Senate Committee for Academic Resources and Planning, Spring 2001-present. Member, Campus Development Committee, 1991–1995. Member, College Steering Committee, 1993–1995. Member, College Ad Hoc Faculty Governance Committee, 1991–1992. Chair, College Graduate Programs Committee, 1992–1993. Member, Department of Finance Retention, Tenure and Promotion Committee (continuing) Member, Department of Finance Planning Committee (continuing)

Reviewer for

Real Estate EconomicsFinancial ManagementJournal of Banking and FinanceDecision Sciences