Our Faculty

Iuliana Ismailescu

Associate Professor

Lubin School of Business

Finance

Location
  • @New York City

Education


PhD , University of Massachusetts Amherst , Amherst, MA , 2008
Finance

MBA , Pace University , New York, NY , 2002
Financial Management

BS , University of Bucharest , Bucharest, Romania , 1990
Mathematics

Publications


Chollete, L., Ismailescu, I. & Lu, C. Dependence between Extreme Events in the Real and Financial Sectors.

Hegemann, S. & Ismailescu, I. The Effect of FASB Statement No. 123R on Stock Repurchases: An Empirical Examination of Management Incentives. Review of Pacific Basin Financial Markets and Policies.

Chollete, L. & Ismailescu, I. Income Inequality and Financial Crises.

Ismailescu, I. & Phillips, B. (2015, January (1st Quarter/Winter)). Credit Default Swaps and the Market for Sovereign Debt. Journal of Banking & Finance. Vol 52 , pages 43-61.

Ismailescu, I. & Morey, M. (2012, September). Redemption Fees and the Risk-Adjusted Performance of International Equity Mutual Funds. Journal of Investment Management. Vol 10 (Issue 3) , pages 21-33.

Ismailescu, I. & Kazemi, H. (2011, December). Contagion or Interdependence in Emerging Debt Markets?. Banking and Finance Review. Vol 3 (Issue 2) , pages 1-16. http://www.bankingandfinancereview.com/bfr/index.php/bfr

Ismailescu, I. & Chollete, L. The Effect of EMU Membership on Sovereign Borrowing Costs. .

Ismailescu, I. & Kazemi, H. Is There Any Contagion in Emerging Debt Markets?. Financial Contagion: The Viral Threat to the Wealth of Nations. John Wiley & Sons, Inc..

Ismailescu, I. & Phillips, B. Savior or Sinner? Credit Default Swaps and the Market for Sovereign Debt. Review of Financial Studies.

Ismailescu, I. Contagion and its Sources: Evidence from Emerging Debt Markets. .

PRESENTATIONS


Ismailescu, I. (2014, November). Southern Finance Conference. The Effect of FASB Statement No. 123R on Stock Repurchases: An Empirical Examination of Management Incentives. Key West, FL

Ismailescu, I. (2014, October). Financial Management Association Meetings. The Effect of FASB Statement No. 123R on Stock Repurchases: An Empirical Examination of Management Incentives. Nashville, TN

Ismailescu, I. (2014, July). World Finance Conference . The Effect of FASB Statement No. 123R on Stock Repurchases: An Empirical Examination of Management Incentives. Venice, Italy

Ismailescu, I. (2013, September 20). Academy of Business Research. Dependence between Extreme Events in the Real and Financial Sectors. San Antonio, TX

Ismailescu, I. (2013, April). Pace University-Wide Research Day. Dependence between Extreme Events in the Real and Financial Sectors. Pace University, NYC campus

Ismailescu, I. (2012, July). World Finance Conference . Savior or Sinner? Credit Default Swaps and the Market for Sovereign Debt. Rio de Janeiro, Brazil

Ismailescu, I. (2012, May). Financial Management Association Applied Finance Conference. Savior or Sinner? Credit Default Swaps and the Market for Sovereign Debt. FMA, New York

Grants, Contracts and Sponsored Research

Ismailescu, I. Does Income Inequality Lead to Worse Financial Crises?.
Pace University , $2,500.00 . Funded,Recent work by Piketty (2014) and Piketty and Saez (2003) emphasizes the importance of income and wealth inequality in economic systems. Other literature (Azzimonti et al, 2014) suggests that government instability can have real and financial effects. In this study we examine whether there is any link between inequality and government risk factors (such as government stability, democratic accountability, socioeconomic conditions, corruption, etc.) and the occurrence of severe market outcomes. We assemble a dataset of income inequality, government risk factors, and financial crises, for a panel of 54 developed and emerging markets from 1984 to 2010. We uncover a positive and relatively strong link between inequality and the severity of a crisis during the sample period. Moreover, government stability has a robust contemporaneous and predictive relation to the severity of a crisis. Our results are robust to the inclusion of other determinants of financial crises in the analysis.

Ismailescu, I. The Effect of FASB Statement No. 123R on Stock Repurchases: An Empirical Examination of Management Incentives.
Pace University , $2,500.00 . Funded,This study examines management's response to the change in accounting for the stock option-based compensation imposed by SFAS No. 123R. SFAS 123R mandates the valuation and expense of employee stock options based on their fair market value. As a consequence, its implementation is expected to reduce reported income. To cope with this impact, management may be motivated to decrease the use of stock options as part of compensating employees and engage in stock repurchases in an attempt to increase the value of outstanding employee stock options. Our findings demonstrate a significant decrease in the number of stock options issued and a significant increase in the number of options vested and shares repurchased for all industries in the S&P 500 following SFAS 123R implementation. For industries that made extensive use of employee stock options in their compensation schemes, there is a contemporaneous increase in repurchases and leverage in the post SFAS 123R period, which may suggest that some of the buybacks may have been funded with debt. The results highlight changes in management incentives to repurchase stock in order to influence share prices and the unintended consequences of accounting rule changes.

Ismailescu, I. (2012). The Likelihood of Crises in the Real and Financial Sectors.
Pace University , $2,500.00 . Funded,

PROFESSIONAL MEMBERSHIPS

  • Financial Management Association 2007
  • Beta Gamma Sigma 2001
  • Omicron Delta Epsilon 2000
  • Southern Finance Association 2014
  • American Finance Association 2012
  • European Finance Association 2011

COLLEGE SERVICE

  • DPS - Finance Concentration [Faculty Advisor]
    Desc: My main responsibilities are 1) to meet with the Finance students early in the program to present them the Finance concentration and approve their academic schedules; 2) to provide guidance to students to successfully complete the degree; 3) teach one of the two doctoral seminars in Finance; 4) be one of the two examiners for the written and oral components of the doctoral exams in Finance.
  • LFC - Academic Standards - Graduate [Committee Member]
  • LFC - Doctoral Education [Committee Member]
  • Lubin Conversion Initiative []
    Desc: In December 2015 I participated in the Lubin Conversion initiative, for which I called the 4 assigned students to congratulate them and welcome them to Lubin.
  • DPS - Finance Concentration [Faculty Advisor]
    Desc: 1) to meet with the Finance students early in the program to present them the Finance concentration and approve their academic schedules 2) to provide guidance to students to successfully complete the degree
  • LFC - Academic Standards - Graduate [Committee Member]
    Desc: We did not meet during the Fall 2014 semester. In the Spring 2015 semester, I helped the committee select the 2015 graduate award recipients, a process that requires extensive review of student applications, fairness and consensus building.
  • LFC - Doctoral Education [Committee Member]
    Desc: In the Fall 2014 semester we discussed 1) Requirements for resuming studies in the DPS program; 2) Length and process of oral/written examination; 3) Publishing Tutorials; 4) Accounting Major in the DPS Program; 5) Introducing a PhD in Business. The committee did not meet in the Spring 2015 semester.
    Committee's Key Accomplishments: Not much
  • Pace Equity Research Competition [Committee Chair]
    Desc: In Spring 2015, I organized the Pace Equity Research Competition, which is a Pace stock valuation competition.
    Committee's Key Accomplishments: I have dedicated approximately 15 hours to advertising the competition, participating in the orientation session for PERC, responding participating students' e-mails and reading and evaluating their valuation reports.
  • Admitted Student Saturday Event [Other]
    Desc: In April 2015 I represented the Finance department in the Admitted Student Saturday event on the NYC campus, where I was one of the five panelists to address students and their parents, present them the school and the Finance programs and answer their questions (1 hour).
  • Pace Equity Research Competition [Committee Chair]
    Desc: In Spring 2014, I organized the Pace Equity Research Competition, which is a Pace stock valuation competition. The main reason for PERC was to select the Pace team for the CFA Institute Research Challenge, which takes place mostly during Spring 2015 semester. At the beginning of the 2014 Fall semester I interviewed all students who participated in the PERC to assess their presentation skills. Based on the quality of their PERC report and their presentation skills, I selected the best 3 students to represent Pace in the 2015 CFA Challenge. I selected two more students working with Professors Lew Altfest and Kaustav Sen.
    Committee's Key Accomplishments: Selected the team to represent Pace University in the next year CFA Challenge.
  • Lubin Conversion Initiative []
    Desc: In August 2014 I participated in the Lubin Conversion initiative, for which I called approximately 15 accepted graduate students to congratulate them and convince them to join Lubin
  • LFC - Academic Standards - Graduate [Committee Member]
    Desc: We had one meeting in the Fall 2013 semester when we discussed several graduate student dismissals. We had another meeting during the Spring 2014 semester to select student award recipients.
  • LFC - Doctoral Education [Committee Member]
    Desc: We did not meet during the Fall 2013 or Spring 2014 semesters.
  • LFC - Faculty Scholarship [Committee Member]
    Desc: We did not meet during the Fall 2013 or Spring 2014 semesters.
  • LFC - Service Credits Task Force [Committee Member]
    Desc: The committee was mandated to come up with a point system for faculty service.
    Committee's Key Accomplishments: The committee has discussed several approaches of how to allocate points to different types of service activities (I proposed one of them), but we have not reached a consensus yet.
  • DPS - Finance Concentration [Faculty Advisor]
    Desc: Starting Jan 2013 I became the Faculty Advisor of the DPS Finance students. My main responsibilities are 1) to meet with the Finance students early in the program to present them the Finance concentration and approve their academic schedules 2) to provide guidance to students to successfully complete the degree.
  • Doctoral Research Seminar []
    Desc: In Fall 2013 I presented a research paper to our DPS students, and provided advise on how to successfully complete a doctoral dissertation.
  • PwC Challenge Competition [Faculty Mentor]
    Desc: I guided students with their analysis and preparing their presentation.
  • Pace Equity Research Competition [Committee Chair]
    Desc: In Spring 2013, I organized the Pace Equity Research Competition, which is a stock valuation competition. The main reason for PERC is to select the Pace team for the CFA Institute Research Challenge, which takes place during the Spring 2014 semester. At the beginning of the 2013 Fall semester I interviewed all students who participated in the PERC to assess their presentation skills. Based on the quality of their PERC report and their presentation skills, I selected the best 5 students to represent Pace in the CFA Challenge.
  • LFC - Academic Standards - Graduate [Committee Chair]
    Desc: As Chair of the Lubin Faculty Council (LFC) Graduate Academic Standards Committee I led the committee in making critical decisions regarding student dismissals, standings, and related appeals. Based on student self-nominations and faculty recommendations, I also guided the committee in selecting the annual graduate student award recipients.
    Committee's Key Accomplishments: The committee made critical decisions regarding student dismissals, standings, and related appeals. It also selected the annual graduate student award recipients.
  • LFC - Doctoral Education [Committee Member]
  • LFC - Faculty Scholarship [Committee Member]
    Desc: In response to the AACSB accreditation team's suggestions regarding Lubin faculty research, in AY 2012/2013 the Faculty Scholarship Committee (FSC) continued to work on the A-B journal lists. Our biggest challenge was to make journal ranking comparable across departments (I believe I was one of the most critical members of the committee in this aspect). As disagreements ran deep, especially with the Tax and Legal Studies department, the meetings extended through the summer of 2013. Overall, I have spent about 15 hours in the Fall 2012 semester and 10 hours in the Spring 2013 semester working on this committee.
  • JP Morgan Chase Networking Event Reception [Attendee, Meeting]
    Committee's Key Accomplishments: In June 2013 I attended the JP Morgan Chase Networking Event Reception where I reconnected with some of my former students and met other Lubin alumni.
  • Spirit of Pace Awards Dinner [Attendee, Meeting]
    Committee's Key Accomplishments: In June 2013 I attended the Spirit of Pace Awards Dinner, where I networked with many Pace alumni.
  • Lubin Conversion Initiative []
    Desc: In April 2013 I called approximately 20 accepted undergraduate students to congratulate them and convince them to join Lubin.
  • Doctoral Examinations []
    Desc: In the Spring of 2012 I assessed the performance on the written and oral components of the doctoral examination of several DPS students.
  • Faculty Advisor/Mentor [Faculty Advisor]
    Desc: Throughout 2012, I provided constant academic and professional advice to my advisees and other graduate and undergraduate students, and wrote many letters of reference for jobs and graduate studies.
  • Doctoral Research Seminar []
    Desc: In Fall 2012 I presented a research paper to our DPS students, and provided advise on how to successfully complete a doctoral dissertation.
  • Pace Equity Research Competition []
    Desc: In Spring 2012, I organized the Pace Equity Research Competition to select the Pace team for the CFA/NYSSA Global Investment Research Challenge, which takes place during the Spring 2013 semester.
  • Lubin Conversion Initiative []
    Desc: In August 2012 I called approximately 25 accepted graduate students to congratulate them and convince them to join Lubin.

UNIVERSITY SERVICE

  • NYFC Scholarly Research Committee [Committee Member]
    Desc: In the Fall of 2015, together with other members of the NYFC Scholarly Research Committee I reviewed the committee's old Policy Statement, Guidelines, and Procedures and the Application Form for Research Related Expenses and Released Time and provided suggestions for improvement. We then met to approve the changes. I devoted approximately 2.5 hours to this committee.
  • NYSSA Pace Chapter [Student Org Advisor (Professional Org)]
    Desc: My responsibilities are to 1) organize the Pace Equity Research Competition; 2) serve as Faculty Adviser for the CFA Challenge Pace team; 3) support the Chapter (student) President in organizing student events; and 4) process students' NYSSA membership applications.
  • CDFPT Appeals Committee [Committee Chair]
    Desc: In the Spring of 2015, as Chair of the I CDFPT Appeals Committee led the committee in making recommendations to the President on the two appeals the committee received. Reading the appeals, participating in the meeting with Pace University's legal representatives and the committee's deliberations took approximately 6 hours.
  • Freshmen Orientation Luncheon [Attendee, Orientation]
    Desc: In August 2015, I hosted a table at the Freshmen Orientation Luncheon to meet and greet our incoming business students (1 hour).
  • Grievances Committee [Committee Chair]
    Desc: In the Spring 2015 semester, I organized the meeting in which the committee discussed and made a recommendation regarding a racial discrimination.
  • NYC Undergraduate Commencement [Attendee, Graduation]
    Desc: In May 2015 I participated in the NYC Undergraduate Commencement (2.5 - 3 hours).
  • Pace-wide Research Day Organizing Committee [Committee Member]
    Desc: As a member of this committee I was mandated by the Provost Office with finding Lubin reviewers for the research presentations on both campuses, PLV and NYC.
    Committee's Key Accomplishments: Finding reviewers and discussing the details with them took me approximately 1 hour.
  • CFA Institute Research Challenge [Faculty Advisor]
    Desc: My role is to guide students in doing their stock valuation analysis, writing the report and making a presentation of their findings in front of a panel of industry experts.
    Committee's Key Accomplishments: The 25 hours were divided as follows: 10 hours for the Fall 2014 semester and 15 hours for the Spring 2015 semester.
  • NYSSA Pace Chapter [Student Org Advisor (Professional Org)]
    Desc: My responsibilities are to 1) organize the Pace Equity Research Competition; 2) serve as Faculty Adviser for the CFA Challenge Pace team; 3) support the Chapter (student) President in organizing student events; and 4) process students' NYSSA membership applications.
  • Open House - NYC campus [Finance department representative]
    Desc: I interacted with students and their parents, presented them the school and the Finance programs and answered their questions
  • Budget Committee [Committee Member]
    Desc: 1) Discussed and approved some aspects of the school 2014 budget and 2) Discussed other budget-related issues presented by different sub-committees
  • Grievances Committee [Committee Chair]
    Desc: At the beginning of the 2013/2014 academic year HR implemented important policy changes regarding certain types of grievances, such as discrimination, harassment and retaliation. In September 2013 I organized the meeting with HR to inform the members of the Grievance Committee about these changes, and to elect the Faculty Review Committee, the faculty body mandated to review discrimination, harassment and retaliation cases. Subsequently, I organized the first meetings of the Faculty Review Committee when new discrimination, harassment and retaliation grievances were filed.
  • Pace-wide Research Day Organizing Committee [Committee Member]
    Desc: As a member of the Pace-wide Research Day Organizing Committee I was mandated by the Provost Office with finding Lubin reviewers for the research presentations on both campuses, PLV and NYC.
    Committee's Key Accomplishments: Richard Kraus graciously agreed to serve as the reviewer in PLV and I volunteered to review the presentations in NYC.
  • Pace-wide Research Day Organizing Committee [Reviewer of research presentations in NYC]
    Desc: Reviewed of research presentations in NYC.
  • CFA Institute Research Challenge [Faculty Advisor]
    Desc: During the 2013/2014 academic year I was the faculty advisor for the CFA Institute Research Challenge (former CFA/NYSSA Global Investment Research Challenge). My role is to guide students in doing their stock valuation analysis, writing the report and making a presentation of their findings in front of a panel of industry experts. My contribution was light during the Fall semester (approximately 10 hours). The biggest part of my work will be in January and February 2014.
  • Open House - NYC campus [Finance department representative]
    Desc: I interacted with students and their parents, presented them the school and the Finance programs and answered their questions
  • NYSSA Pace Chapter [Student Org Advisor (Professional Org)]
    Desc: 1) Supported the Chapter President in organizing a visit to the Gold Vault of the Federal Reserve Bank of NY(Spring 2013) and a networking event (Fall 2013). 2) Processed students' NYSSA membership applications.
  • Open House - NYC campus [Faculty Representative]
    Desc: I interacted with students and their parents, presented them the school and Finance department and answered their questions. To students who seemed seriously interested in joining Pace I extended the invitation to attend one of my FIN 260 classes.
    Committee's Key Accomplishments: One student has already taken up on my invitation and attended my FIN 260 at the end of the Fall semester (Dec 2013).
  • Undergraduate Student Commencement [Reader]
    Desc: In May 2013 I was a Reader at the Undergraduate Student Commencement, at Radio City Hall.
  • Pace-wide Research Day Organizing Committee [Committee Member]
    Desc: The committee was mandated by the Provost Office with figuring out the best format for a university-wide research event. To maximize participation we suggested two different dates for the PLV and NYC campuses. We also provided other ideas to improve the organization of the research day (research presentation format, awards, etc).
    Committee's Key Accomplishments: As a result of my suggestion, a best paper award was given to a representative of each school, as opposed to one award for the entire university, as it had been initially proposed. With 163 abstracts submitted and 187 attendees on both campuses, the first university-wide research event was successful .
  • CFA/NYSSA Global Investment Research Challenge [Faculty Advisor]
    Desc: During the 2012/2013 academic year I was the faculty advisor for the CFA/NYSSA Global Investment Research Challenge. My role was to guide students in doing their stock valuation analysis, writing the report and making a presentation of their findings in front of a panel of industry experts. My contribution was lighter during the Fall semester (approximately 10 hours) and much heavier from January through March 2013 (approximately 25 hours).
    Committee's Key Accomplishments: Our team of five students proudly represented Pace University in the first two rounds of the competition (February and March 2013). In the first round our team ranked in the top four of the 19 schools enrolled in the competition. In the second round, in spite of a very good written report and hours spent on their presentation, the pressure of the competition took a big toll on our students and they did not advance to the next level.
  • NYSSA Pace Chapter [Student Org Advisor (Professional Org)]
    Desc: As a faculty advisor for NYSSA, I advise the Pace student team that participates in the CFA Global IRC Challenge and process NYSSA student membership applications.
  • Freshman Orientation Luncheon [Attendee, Orientation]
    Desc: In Aug 2012 I represented the Finance department at the Freshman Orientation Luncheon. I introduced myself to the newly admitted students and their parents, presented Lubin and its Finance undergraduate programs and answered students' questions.
  • Lubin Undergraduate Students Orientation [Attendee, Orientation]
    Desc: I introduced myself to the newly admitted students, presented Lubin and its undergraduate programs in Finance and answered students and parents' questions.
  • ODE Induction Ceremony [Attendee, Meeting]
    Desc: In Apr 2012 I participated at the ODE Induction Ceremony, which recognizes Lubin's best students.
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