|
George W. Fenn, Ph.D. is a founding partner of Cambridge Finance Partners, LLC. Dr. Fenn has 15 years of research and consulting experience in corporate finance, capital markets, financial institutions, and applied microeconomics. At Cambridge Finance Partners, Dr. Fenn has assisted a Fortune 100 energy company in its ongoing litigation in the California electricity market. He has worked closely with both the client and outside counsel to prepare testimony and economic analysis given before the Federal Energy Regulatory Commission, the California Public Utilities Commission, the California State Senate, and the California Attorney General's office. Dr. Fenn has also served as a consulting and testifying expert with the U.S. Department of Justice on tax cases involving leasing, securitization, and hedging transactions. In the area of business consulting, Dr. Fenn has worked with a major merchant power company to design and evaluate alternative risk management strategies. Prior to founding Cambridge Finance, Dr. Fenn served as a corporate finance consultant with Monitor Company, a global strategy-consulting firm headquartered in Cambridge, MA. At Monitor he directed a six-month valuation project for a top-10 U.S. life insurance company, developed a pilot value-based management system for a Dow 30 oil and gas client, and conducted internal and external workshops on corporate valuation. Dr. Fenn was an economist for over 8 years in the Capital Markets Group at the Federal Reserve Board in Washington, DC and a Senior Research Associate at the Milken Institute in Santa Monica, CA. At the Federal Reserve, Dr. Fenn carried out a range of responsibilities. He conducted routine briefings on capital market developments; provided in-depth analysis of special issues, including the life insurance industry insolvency crisis in the early 1990s and the growth in the corporate use of derivatives in the mid-1990s; provided economic analysis to support regulatory decisions on same-day check settlement, access to Fedwire, and daylight overdrafts; and worked on inter-agency task force initiatives on clearing and settlement in securities markets. While at the Federal Reserve, Dr. Fenn led a two-year study of private equity markets culminating in the publication of The Economics of the Private Equity Market. This comprehensive overview of private equity markets is widely used by market participants and assigned reading at leading business schools including Harvard, the University of Chicago, and Stanford. At the Milken Institute, Dr. Fenn's research focused on the rapid adoption of SEC Rule 144A for high-yield debt issuance, and on the growth of angel financing for start-up firms Dr. Fenn has published extensively. His research on, among other topics, share repurchases, stock options, high-yield bonds, and risk management, has appeared in leading academic finance journals. Areas of Expertise Corporate Finance Capital Markets Financial Institutions Risk Management Industry Expertise Energy Private Equity Venture Capital Education Ph.D., Economics, Stanford University, 1989 S.B., Economics, Massachusetts Institute of Technology, 1980 Professional Work Experience Managing Director, Cambridge Finance Partners, LLC, 2001 - present Partner, Bates White & Ballentine, LLC, 2001 Consultant, Monitor Company, 1999 - 2001 Senior Research Associate, Milken Institute, 1997 - 1999 Economist, Federal Reserve Board, 1989 - 1997 Testifying Experience International Chamber of Commerce Arbitration, In the Matter between Triplefine International Corp. and Stone and Webster Inc. Selected Publications and Papers Corporate Finance and Capital Markets Corporate Payout Policy and Managerial Stock Incentives (with Nellie Liang), Journal of Financial Economics, vol. 60, April 2001. Speed of Issuance and the Adequacy of Disclosure in the 144A High-Yield Debt Market , Journal of Financial Economics, vol. 56, June 2000. Does Corporate Risk Management Create Shareholder Value? A Survey of Economic Theory and Evidence (with Mitch Post and Steven Sharpe), in Financial Risk and the Corporate Treasury, (London: Risk Publications, 1997). Debt Maturity and the Use of Interest Rate Derivatives by Nonfinancial Firms (with Mitch Post and Steven Sharpe), working paper, August 1996. Entrepreneurial Finance and Private Equity The Private Equity Market (with Nellie Liang and Stephen Prowse), in Handbook of Modern Finance, 2002 Edition, eds. Dennis Logue and James Seward (New York, NY: WG&L/RIA Group, 2002). The Role of Angel Investors in Financing High-Tech Start-Ups (with Nellie Liang and Stephen Prowse), working paper, December 1998. New Resources and New Ideas: Private Equity for Small Businesses (with Nellie Liang), Journal of Banking and Finance, vol. 22, August 1998. The Private Equity Market: An Overview (with Nellie Liang and Stephen Prowse), Financial Markets, Institutions, and Instruments, vol.6, July 1997. The Economics of the Private Equity Market (with Nellie Liang and Stephen Prowse), Federal Reserve Board Staff Study No. 168, December 1995. Financial Intermediation and Institutions The Flight-to-Quality in Life Insurance Company Investments, in Restructuring Regulation and Financial Institutions, eds. James R. Barth and R. Dan Brumbaugh, Milken Institute Press, 2000. Announcements of Asset-Quality Problems and Contagion Effects in the Life Insurance Industry (with Rebel Cole), Journal of Financial Economics, vol.35, April 1994. Did Commercial Real Estate Lending Cause the Banking Crisis ? (with Rebel Cole), Real Estate Finance, vol.11, Fall 1994. GIC Alternatives: Contract Structure, Risk Sharing, and Asset Composition, Benefits Quarterly, vol.9, Spring 1993. Prudential Margin Policy in a Futures-Style Settlement System (with Paul Kupiec), Journal of Futures Markets, vol.13, June 1993. Selected Conference Presentations Regulatory Reform at the SEC: Lessons from the 144A High-Yield Debt Market, American Enterprise Institute, Washington D.C. December 1998 The Role of Angels in Financing High-Tech Startups, European Venture Capital Conference, Milan, Italy, November 1998 Good News and Bad News About Share Repurchases, American Finance Association meetings, Chicago, January 1998 Do Angel Investors Finance Innovation, Columbia University Law School Conference on Financing Innovation, New York, December 1997 Risk Management and Hedging, discussant, Western Finance Association Meetings, San Diego, June 1997 Risks in Derivatives Markets: Implications for the Insurance Industry, discussant, Conference on Risk Management in Insurance Firms, The Wharton Financial Institutions Center, May 1996 Why Nonfinancial Firms Use Derivatives, Conference on Corporate Risk Management, UCLA, March 1996 Professional Associations American Finance Association American Economic Association. |
