Murad Hasan Kamel Harasheh Address: Ramallah, Palestine

CV
Name: Murad Hasan Kamel Harasheh
Address: Ramallah, Palestine
Mobile: 00970-599-220-801
E-mail: [email protected]
: [email protected]
Education
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Experience
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Birzeit University (BZU), Palestine, Master of Business
Administration (MBA). Honor graduate, summer 2008. With
cumulative average 92%.
(BZU), Palestine: Honor graduate with a BA degree in Finance &
Banking in 2005/2006.
Major average: (90%)
accumulative average: (86%)
The Tawjeheh average: (92%), scientific branch: (Quffine Secondary
School, Quffine-Tulkarm).
From Sep 2008 to present, working as an instructor of finance in the
department of finance at Birzeit University, Palestine.
From Aug 2007 to present, working in Pal-Fortune Company for
financial analysis & investment consulting.
From Sep 2006 to Sep 2008, working as a research & teaching
assistant in the Finance department at Birzeit University.
From 1/6/2006 to 25/12/2006, worked as chief dealer in Track
Investment Company for Forex trading in Ramallah.
From 25/3/2006 to 25/6/2006, I worked in the commercial bank of
Palestine in the department of credit facilities in Ramallah.
I finished a feasibility study for a projected community newspaper; my
task was mainly focused on preparing projected financial statements
and the investment requirements. (Part time).
Publications
My research paper about institutional investors is published in the journal of
business and policy research in July issue, 2010.
Achievements
• 31/7 – 1/8/2010: attending the 4th academic colloquium in Palestine, under the
theme "Building partnership in teaching excellence".
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16/17 April, 2009: participated in "10th International Business Research
Conference" in Dubai, with the following achievements,
1- Presented a research paper of my master thesis.
2- Participated as discussant and provide comments.
3- Acted as panel member of the best paper award committee.
4- I was awarded the best research paper in the finance area.
5- I was awarded a fellowship certificate for the "World Business Institute" in
Australia.
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During the second semester, 2009, I served as a coordinator of the academic
committee for developing the Finance program and some taught courses, the
task was finished successfully that included:
1- Shaping the goals of the Department of Finance.
2- Forming he attributes of Finance graduates.
3- Developing Intended Learning Outcomes "ILOs" for some courses and
develops them in contents and learning approaches.
During 2008, I conducted a master thesis about "The impact of institutional
investors on the performance of companies listed at the PSE". The study is
one of the unique studies concerning corporate governance issues and
institutional investors in Palestine.
Teaching advance courses in the finance department like Finn 433 (financial
markets), Finn 330 (intermediate managerial finance), Finn 432
(international financial management), and Finn 336 (credit analysis).
From 17 – 19 of October, giving a training course in financial management for
the internal control staff of the Ministry of Health.
March & April 2007, giving training course in forex trade at BZU, the training
was concentrated on technical & fundamental analysis for investments.
Training
• From Sep 5 to Oct 24, 2010 (7 weeks), finished a multi-disciplinary course in
six Italian universities (Siena, Bologna, Milano, Pavia, Palermo, and Rome),
we were exposed to many different topics, in which each university was
specialized in a certain topic.
• 7-9/ March, 2009: Finished a workshop about “Intended Learning Outcomes,
ILOs”, at Birzeit University, the trainer was Dr. Robert Schofield who is a
British academic & education specialist.
Skills
• Very good in using software for Forex & stocks trading, and conducting
technical analysis.
• Very good in computer skills (MS office, internet, & SPSS).
• Excellent in English language & translation.
• Communication skills & team work spirit.
• Creative & flexible to work under pressure.
References
• Dr. Munther Nijim
• Dr. Nidal Sabri
• Mr. Naser Tahboub
economy).
0599-673876
0599-221288
0599-356356
(Birzeit university).
(Birzeit university)
(Deputy minister of national
Thank you
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Applicant: Murad Harasheh
Research Proposal
Under-pricing and Performance of IPOs
Overview:
Under-pricing: is defined as the difference between the after market price and the offer price,
and its said that underricing is the major opportunity lost by the issuer when going public.
Underpricing should be measured by the difference between the offer price and the average
long-term price of the IPO, not with the after market price. Because if the issuer recognized
the amount of underpricing, they would have issued the offer with a price much higher than
what it actually offered the security, as a result, the offer wouldn't have been as hot as it was
with the actual offer. For example, if the offer price of an IPO was $10, the after market price
was $20, then the underpricing would be (20 – 10) = $10. These $10 are considered money
lost on table by the issuer, actually this not the case because,
First of all, most investors involved in the IPO are institutional investors who are
sophisticated enough to have a better valuation of the offer, and they can determine whether
the offer is undervalued, as a result they intensively involved in that offer, and the higher the
underpricing, the more involvement by institutional investors and the hotter the offer. Then
the security is bought at the offer price by the investors and sold immediately in the after
market and investors gain the underpricing lost by the issuer.
After a while, the trade price would perform poorly after the heavy sell in after market,
meaning that many IPO offers were overvalued not undervalued. If the issuer would have
issued the IPO with a price higher than the price they actually issued, the offer would not be
hot enough to attract large investors, and the issue would have lost the amount of unsold
securities that would be offset by the actual underpricing. What I would like to say is that
there is no opportunity cost for issuing a security on its actual price.
It is not easy to judge that such an IPO is underpriced just because there is a difference
between after market price and offer price. The performance should be evaluated on the basis
of (long-term performance and offer price) not (aftermarket and offer price). If the
underpricing is ($20 - $10) = $10, if the issuer originally offered the IPO on $20, the IPO
would not be attractive and the issuer would have born the cost of unsold securities, this cost
may be the same as the actual underpricing.
This may put a doubt on book-building approach in pricing IPOs because institutional
investors are the main players in book-building method.
Research question:
This research attempts to answer the following question regarding IPOs.
Is under-pricing of IPOs considered a true opportunity lost by the issuing corporation?
Methodology:
The research will depend on gathering data for IPOs, calculating the under-pricing and the
long-term performance of those IPOs, then and then we will show the results by empirical
testing using regression analysis.
Its also important to develop a simulation model showing if the issuing corporation increased
its issuing price to offer market price to see what will happen to the attractiveness of the IPO.
References:
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Benninga, S., Helmantel, M., Sarig, O. (2003). The timing of initial public offerings, Journal
of Financial Economics, 75(1), 115-132
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Bierman, H. (2003). Private Equity: transforming stock to create value. Hoboken: John Wiley
& Sons, Inc.
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Lowry, M. (2001). Why does IPO volume fluctuate so much, Journal of Financial Economics,
67(1), 3-40
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Wiggenhorn, J. & Madura, J. (2005). Impact of liquidity and information on the mispricing of
newly public firms, Journal of Economics and Finance, 29(2), 203-221
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Aharony, J., Lin, C-J. and Loeb, P. M (1993), “Initial Public Offerings, Accounting Choices,
and Earnings Management”, Contemporary Accounting Research, Vol 10 No.1, 61-81
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Benveniste, L. and Spindt, P. (1989) “How Investment Bankers Determine the Offer Price and
the Allocation of New Issues”, Journal of Financial Economics, 15, 213-232
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Beatty, R.P. and Ritter, J.R. (1986) “Investment Banking, Reputation and the Underpricing of
Initial Public Offerings”, Journal of Financial Economics, 15, 213-232
A statement of motivations and interests
Dear Sir/ Madam,
I wish to apply for PhD program in Finance, starting fall, 2011. This degree would
assist me to start my career as a researcher and academic, preparing to work in a team
as well as to carry on my independent research work.
1- Academic path and PhD Program in Finance?
First of all, I would like to mention my personal background and academic
path; I have a bachelor degree in finance and banking, and a master degree in business
administration with emphasis in finance. I continued my education in same field of
finance and I like to continue my PhD in finance, I would like to be an in-depth
researcher for phenomenon concerning finance issues. In addition There are several
reasons why I choose research as my career: (1) the process of exercising my
reasoning ability to understand and explain complex phenomena gives me satisfaction
(2) the mental and physical hard work which is undergone in this process to achieve
something new is always fascinating, and pushes me to strive for more. My way of
contributing to the research field need not necessarily be something new, but should
be useful to the scientific community and mankind. I would like to mention here that
PhD in finance will give me a great knowledge and way of thinking that could assist
me in my teaching path in a well known business school.
2- Main research interests?
Obviously, I enjoyed my days of master thesis, it really opened my mined to
things that I was not consider, my master thesis was one of the unique studies
concerning one of the corporate governance dimensions in Palestine, it was about "the
impact of institutional investors on the performance of companies in which they
invest" for companies listed at the Palestine Securities Exchange (PSE). I would like
to continue research in the same field. And it is published in the journal of business
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and policy research. Another field that I like to explore is “performance and under
pricing of IPOs” and its proposal is attached.
3- Research interests and the project of the thesis.
Some questions concerning the Initial Public Offerings "IPOs", about their
under-pricing and long term performance, also how we really calculate the underpricing, and is it really a true cost lost by the issuing corporation.
4- Long-term professional goals
My long-tern professional goals falls into two dimensions and both of them
depends heavily on getting the PhD in finance. The one is the research path
concerning finance, economic, and corporate governance issues, second is the
academic teaching path in a known business school. Both paths would be enhanced by
getting the PhD in finance. In this manner, I would like to say that I'm now working
as a financial analyst in Pal-Fortune Company in Palestine, and getting the finance
PhD will widen my thinking and consideration regarding how to analyze economy,
industry or individual stock.
Applicant: Murad Harasheh
Birzeit University, Palestine.
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