
Joe K. Kiely, PhD.
Kiely Financial Services, Inc. | 4 Highland Place | Asheville, NC 28804 | (828) 350-8681 | jkiely@dev.thekielygroup.comthekielygroup.com
Corporate Educator | Personal Finance Lecturer | Asset Manager
Business Experience
Kiely Financial Services, Inc. Corporate Education & Asset Mgmt. 1996-present
George Hunter, Inc. Real Estate Management 2003-present
Retirement Educational Services Corporate 401k Plans 2006-2008
Beaucatcher, LLC Real Estate Development 2006-2008
Asheville Citizen Times Weekly Financial Columnist 2003-2004
K & D Selective Inc. Independent Insurance Agency 1999-2003
Kiely & Wood Property Real Estate Management 1997-2001
Daily Reflector Weekly Financial Columnist 1995-1998
Financial Planning Seminars Consultant/Instructor 1990-1996
Electronic Data Systems Systems Engineer/Quality Control 1984-1985
Business’ Sold / Spin-Offs
Carolina Wealth Management Asset Management Firm 2004
K & D Selective Inc. Independent Insurance Agency 2003
VERITAS Corporate 401k Consulting Firm 2003
Kiely & Wood Properties Real Estate Management Firm 2001
JAS Financial Services, LLC Asset Management Firm 1999
Honors/Awards/Grants/Boards
UNCA Athletic Advisory Board 2003-2005
Tiburon Strategic Advisory Board 2002-2005
TD Waterhouse Advisory Board 2002-2004
Rydex Mutual Funds Advisory Board 1999-2003
Pitt Community College Foundation, Board of Directors 1999-2003
Bloomberg Wealth Manager Magazine “Top 150” Wealth Managers Nationwide 2001
Bloomberg Wealth Manager Magazine “Top 2” Wealth Manager North Carolina 2001
North Carolina Association of CPA’s “Outstanding Conference Speaker” Award 2000
Worth magazine nomination for “Best Financial Advisors of 1999” 1999
Baptist State Convention Endowment 1999
Real Estate Research Institute Presentation Award 1997
American Real Estate Society Best Paper Award 1996
Real Estate Research Institute Academic Award 1996
ECU School of Business Summer Research Grant 1996
Prudential Academic Research Grant: REIT Research 1995
Campus-wide Teaching Award (Student voting) 1995
Real Estate Research Institute Presentation Award 1995
ECU University Faculty Computer Grant 1995
Real Estate Research Institute Research Grant 1994
ECU Endowment Advisory Board 1994-1995
ECU School of Business Summer Research Grant 1994
Distinguished TAMU Graduate Research Award Nomination 1993
Outstanding Doctoral Student Paper Award (SWFED Meetings) 1993
McDonalds Graduate Assistant Teaching Award 1992
College of Business Graduate Teaching Award (TAMU) 1991-1992
Honors Fellowship Award: Texas A&M University 1988-1990
Beta Gamma Sigma Award: University of South Florida 1987
Honors Scholarship Award: University of South Florida 1986-1987
Honors Scholarship Award: University of Tampa 1980-1984
Education
Texas A&M University Finance PhD 1988-1993
University of South Florida Finance MBA 1986-1988
University of Tampa Management BA 1980-1984
University of Tampa Mathematics BA 1980-1984
Academic Experience
UNC – Asheville Adjunct Professor 2008-present
[Corporate Finance]
California State University, Stanislaus Visiting Professor 2002-2003
[Corporate Finance, Investments, & Graduate Studies]
East Carolina University Assistant Professor 1993-1997
[Corporate Finance, Investments, & Graduate Studies]
Houston Executive MBA College Adjunct Professor 1992-1993
[Corporate Finance, Economics, & Statistics]
Texas A&M University Graduate Instructor 1988-1993
[Investments, & Money & Capital Markets]
University of South Florida Adjunct Professor 1987-1988
[Price Theory, Micro / Macroeconomics]
Publications
Journals
“A Re-examination of the Relationship Between Liquidity Premiums and the Level of Interest Rates” co-authored with J. Kolari and P. Rose, Quarterly Journal of Business and Economics, Fall, 1995
“An Investigation of the Market Microstructure of Real Estate Investment Trusts” co-authored with S. Below and W. McIntosh, Journal of Real Estate Research, Fall, 1995
“Real Estate Investment Trust Liquidity and Bid-Ask Spreads” co-authored with Vijay Bhasin and Rebel Cole, Journal of Real Estate Finance, Summer, 1996
“The Intraday Price and Volume Reaction to AMEX Club Meetings” co-authored with Scott Below and Sri Sundaram, American Business Review, Fall 1996
“REIT Underperformance: Should Investors be Concerned?” co-authored with Scott Below and Willard McIntosh, Journal of Real Estate Research Spring, 1997
“Changes in REIT Liquidity 1990-1994: Evidence of Intraday Transactions” co-authored with Rebel Cole and Vijay Bhasin, 1996, Real Estate Economics Summer, 1997
Books
Investment Strategies for the 21st Century, 1997, 2nd edition.
(The book can be purchased through Dr. Kiely’s web-site (www.kielyfinancial.com) or by calling Kiely Financial Services, Inc. – (252) 439-1888; cost:$19.95)
The Obvious Portfolio: Tools Your Broker Wishes You Never Knew, 2002.
(This book is still in the editing stages. Copies of Chapters can be obtained by e-mailing Dr. Kiely @ [email protected] or calling (252) 439-1888.)
Facility & Research Grants
Real Estate Research Institute Research Grant (1996)
“Growing Liquidity in the Market for REITs? New Evidence From Bid-Ask Spreads”
ECU Faculty 1996 Summer Research Grant (1996)
“Do Winners Repeat? An Analysis of Mutual Fund Managers and Return Behavior”
Prudential REIT Research Grant (1995)
“An Investigation of the Market Microstructure of Real Estate Investment Trusts”
East Carolina University Faculty Computer Grant (1995)
ECU Faculty 1994 Summer Research Grant (1995)
“An Investigation of Bid-Ask Spreads and their Determinants on the Ex-Dividend Day”
Real Estate Research Institute Research Grant (1994)
(Ranked #1 of over 50 research proposals nationwide.)
Working Papers
Does Rebalancing Really Work? Evidence from the Russell Style Indexes
Investigates rebalancing all 6 style indexes and compares the performance of rebalancing to cutoffs to an unrebalanced portfolio and to portfolios rebalanced quarterly and annually. The conclusion is that rebalancing to cutoffs is superior both in terms or return and total risk.
Why Do Small Cap Growth Indexes Underperform?
Examines the underperformance of small cap growth indexes from Wilshire, Russell and S&P/Barra and preliminary findings indicate the underperformance is a result of the way the indexes are constructed and managed. Conclusion based on these findings is that small cap growth indexes should be avoided by buy-and-hold investors.
Capturing the Fama/French Value and Size Premiums with Index Investing
This paper reviews the research relevant to the Fama/French three-factor model and then proposes a methodology (using equal-weight style index investing) to capture significantly more of the value and size premiums than can be captured by investing in the major market indexes. If the value and size premiums exist, as the literature overwhelmingly suggests, rebalancing equally-weighted style indexes will outperform the traditional cap-weighted major market indexing approach.
Diversification Benefits without Performance Reduction? An Examination of Value-Added Portfolio Management using Leveraged REIT Indexes.
Examines diversification benefits of combining leveraged REIT indexes with broad-market indexes (S&P 500, Russell 3000, Wilshire 5000) used as proxies for typical pension fund portfolios. Finds that correlation to the market remains unchanged as leveraged is applied to the REIT index, but returns are enhanced. Concludes that leverage REITs can provide significant diversification benefits without reducing the overall return of the portfolio.
Forecasting Style Index Performances: Is Style Rotation Predictable?
Uses neutral nets, data mining, and traditional least squares regression techniques to forecast style index rotation. Examines whether predictive models can be used to outperform traditional naive investment approaches such as buy-and-hold and rebalancing to cutoffs.
Updating the Nova Study
The data analysis is complete and just needs to be added into the original whit paper. After adding data from 2000-01, the models are strengthened and Nova’s performance relative the S&P 500 is even better than indicated in the previous studies. The probability of outperforming the index increases for all holding periods.
Selected Corporate Seminar Presentations
Asheville Infectious Disease Asheville Dental Society Asheville Eye Associates AJ Ballard Tire & Oil Baptist State Convention Foundation |
Brown & Wood Automotive Carolina Internal Medicine |
Carver Machine Works Corporate Security Products CR Biskup Engineering Dupont |
East Carolina Farm Credit East Carolina Neurological Assoc East Carolina Medical Services |
ECU Annual CPA Tax Conference |
ECU Endowment Committee |
ECU Institutional Advancement Seminar |
ECU School of Medicine |
Eastern Radiologists, Inc. |
Farmville Chamber of Commerce Foss Auto Salvage Gaston Foot & Ankle Glaxo Smith Klein |
Glaxo-Welcome |
Greenville Psychiatric Association Greenville Chamber of Commerce Greenville Dental Society Hawkins Hamilton |
Heritage Hospital |
Hite & Associates |
IDS Financial Investment Strategies Seminar |
International Broadcasting Bureau |
J. A. Farrior, Inc. Steel Works |
KMV Enterprises |
Lewis-Gale Foundation National Independent Investment Advisors |
NC Association of CPA’s |
NC Association of Nurse Anesthetists NC Dental Society NC Municipal Conference NC City Managers Conference New Bern Dental Society Pamlico Orthopedic Piedmont Podiatry |
Pitt-Greenville Chamber of Commerce |
Pitt County Government |
Pitt/Greenville Association of Realtors |
Proctor-Silex |
Pungo Hospital |
Real Estate Research Institute, Chicago Regional Cardiology Consultants |
Rocky Mount Industrial Association Softbase Management Surf & Sun Containers |
RSM McGladrey Employee Benefit Conf. |
TAP Pharmaceutical Tarboro Lunch & Learn Tiburon Strategic CEO Summit UNCA Lunch & Learn Viking Cruises |
Washington Family Medicine |
Washington Pediatrics Washington Urological |
Waterhouse Securities National Conference Western Carolina Retinal Associates Western Carolina Dental Association |
University/College Sponsored Seminars
Spring 2005 Spring 2005 Fall 2004 Fall 2004 Spring 2004 |
“Investment Strategies for the 21st Century” “Investment Strategies for the 21st Century” “Investment Strategies for the 21st Century” “Investment Strategies for the 21st Century” “Investment Strategies for the 21st Century” |
University of Georgia UNC – Asheville Western Carolina University UNC – Asheville UNC – Asheville |
Spring 2002 Spring 2002 |
“Investment Strategies for the 21st Century” “Investment Strategies for the 21st Century” |
Sandhills Community College University of Richmond |
Spring 2002 |
“Investment Strategies for the 21st Century” |
Wayne Community College |
Fall 2001 |
“Investment Strategies for the 21st Century” |
Sandhills Community College |
Fall 2001 |
“Investment Strategies for the 21st Century” |
Craven Community College |
Spring 2001 |
“Investment Strategies for the 21st Century” |
Pitt Community College |
Spring 2001 |
“Investment Strategies for the 21st Century” |
Carteret Community College |
Spring 2001 |
“Investment Strategies for the 21st Century” |
Craven Community College |
Spring 2001 |
“Investment Strategies for the 21st Century” |
Lenoir Community College |
Fall 2000 |
“Investment Strategies for the 21st Century” |
Craven Community College |
Spring 2000 |
“Investment Strategies for the 21st Century” |
Pitt Community College |
Spring 2000 |
“Investment Strategies for the 21st Century” |
Craven Community College |
Fall 1999 |
“Investment Strategies for the 21st Century” |
Pitt Community College |
Fall 1999 |
“Investment Strategies for the 21st Century” |
Craven Community College |
Spring 1999 |
“Investment Strategies for the 21st Century” |
Pitt Community College |
Spring 1999 |
“Investment Strategies for the 21st Century” |
Craven Community College |
Spring 1999 |
“Investment Strategies for the 21st Century” |
Fayetteville Technical Institute |
Fall 1998 |
“Investment Strategies for the 21st Century” |
Pitt Community College |
Fall 1998 |
“Investment Strategies for the 21st Century” |
Craven Community College |
Fall 1998 |
“Investment Strategies for the 21st Century” |
Beaufort Community College |
Fall 1998 |
“Investment Strategies for the 21st Century” |
Edgecombe Community College |
Spring 1998 |
“Investment Strategies for the 21st Century” |
Pitt Community College |
Spring 1998 |
“Investment Strategies for the 21st Century” |
Edgecombe Community College |
Spring 1998 |
“Investment Strategies for the 21st Century” |
Beaufort Community College |
Fall 1997 |
“Investment Strategies for the 21st Century” |
Pitt Community College |
Fall 1997 |
“Investment Strategies for the 21st Century” |
Edgecombe Community College |
Fall 1997 |
“Investment Strategies for the 21st Century” |
Beaufort Community College |
Summer 1997 |
“Investment Strategies for the 21st Century” |
Pitt Community College |
Summer 1997 |
“Investment Strategies for the 21st Century” |
Beaufort Community College |
Spring 1997 |
“Investment Strategies for the 21st Century” |
East Carolina University |
Fall 1996 |
“Investment Strategies for the 21st Century” |
East Carolina University |
Selected Community Seminars/Presentations
Asheville Dental Society |
Asheville, NC |
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Barnes & Noble Breakfast & Learn |
Greenville, NC |
|
Beaufort Civic Center |
Washington, NC |
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Carolina Inn |
Chapel Hill, NC |
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Civitan Club |
New Bern, NC |
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East Carolina Physician Extenders |
Greenville, NC |
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ECU Women’s Investment Club |
Greenville, NC |
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Financially Speaking |
Greenville, NC |
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Fleming Residence Hall |
Greenville, NC |
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Glaxo-Wellcome Medical Seminar |
Harrisonburg, VA |
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Glaxo-Wellcome Medical Seminar |
Norfolk, VA |
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Glaxo-Wellcome Medical Seminar |
Rocky Mount, NC |
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Glaxo-Wellcome Medical Seminar |
Winchester, VA |
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Glaxo-Wellcome Medical Seminar |
Annapolis, MD |
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Goldsboro Dental Society |
Goldsboro, NC |
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Grapevine Club |
Greenville, NC |
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Greenville Jaycee’s |
Greenville, NC |
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Greenville Kiwanis Club |
Greenville, NC |
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Greenville Lions Club |
Greenville, NC |
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Greenville Men’s Rotary Club |
Greenville, NC |
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Greenville Women’s Club |
Greenville, NC |
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Home Improvement Family Life Conference |
Greenville, NC |
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Ironwood Country Club |
Greenville, NC |
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Kinston Dental Society |
Kinston, NC |
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Mended Hearts |
Greenville, NC |
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Mint Club |
Greenville, NC |
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New Bern Dental Society |
New Bern, NC |
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New Bern Rotary |
New Bern, NC |
|
Noon Lions Club |
Greenville, NC |
|
Pitt Community College Faculty |
Greenville, NC |
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Pitt County Dental Society |
Greenville, NC |
|
Pinehurst Rotary Club |
Pinehurst, NC |
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Rocky Mount Industrial Association |
Rocky Mount, NC |
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Rotary “Noon” Club |
Greenville, NC |
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Rotary Breakfast Club |
Murfreesboro, NC |
|
North Carolina Student Government Association |
Raleigh, NC |
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Tarboro Kiwanis |
Tarboro, NC |
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Tarboro Lunch & Learn |
Tarboro, NC |
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Tarboro Rotary Club |
Tarboro, NC |
|
UNC Dental Society |
Chapel Hill, NC |
|
Washington Kiwanis |
Washington, NC |
|
Washington Rotary |
Washington, NC |
|
Wilson Country Club |
Wilson, NC |
|
Women’s Jockey Club |
Greenville, NC |
Selected Academic Presentations
Eastern Finance Association (97′)
“REIT Underperformance: Should Investors Still Be Concerned?” co-authored with S. Below and W. McIntosh, Panama City, FL April, 1997
Southern Finance Association (96’)
“University Endowments: Why Not 100% Indexing” Co-authored with Ernest Uhr, Key West, FL, November 1996
Financial Management Association (96’)
“Changes in REIT Liquidity 1990-94: Evidence from Intraday Transactions” Co-authored with Rebel Cole and Vijay Bhasin, New Orleans, LA, October 1996
Association of Real Estate Societies (96′)
“Growing Liquidity in the Market for REITs? New Evidence From Bid-Ask Spreads” co-authored with Rebel Cole, Lake Tahoe, NV, April 1996
Southern Finance Association (95′)
“An Intraday Examination of Corporate Presentations to Societies of the Financial Analyst Federation” co-authored with S. Below and S. Sundaram, Sarasota FL, Nov. 1995
“An Empirical Investigation of the Effects of NYSE Trading Rules on Ex-Dividend Day Returns”, co-authored with D. Dubofsky, 1995, Sarasota, FL, Nov. 1995
Financial Management Association (95′)
“A Reinvestigation of the Market Microstructure of Real Estate Investment Trusts” co-authored with S. Below and W. McIntosh, New York NY, Oct. 1995
Association of Real Estate Societies (95′)
“An Examination of the Latent Assets Explanation for the Underperformance of REIT’s” co-authored with S. Below and W. McIntosh, Hilton Head, SC. April 1995
Eastern Finance Association (95′)
“An Intraday Examination of Real Estate Investment Institutions” co-authored with S. Below and W. McIntosh, Hilton Head, SC. April 1995
Southern Finance Association (94′)
“An Investigation of the Market Microstructure of Real Estate Investment Trusts” co-authored with S. Below and W. McIntosh, Charleston, SC. Nov. 1994
“Ex-Day Bid-Ask Spread Patterns and Dividend Yields”, co-authored with D. Dubofsky, Charleston, SC. Nov. 1994
Financial Management Association (94′)
“An Examination of Bid-ask Spreads and their Determinants on the Ex-Dividend Day” co-authored with D. Dubofsky, St. Louis, MO. Oct., 1994
“An Investigation of the Market Microstructure of Real Estate Investment Trusts” co-authored with S. Below and W. McIntosh, St. Louis, MO. Oct., 1994
Eastern Finance Association (94′)
“Ex-Day Bid-Ask Spread Patterns and Dividend Yields”, co-authored with D. Dubofsky, Boston, MA. March, 1994
“A Re-examination of the Relationship Between Liquidity Premiums and the Level of Interest Rates” co-authored with J. Kolari and P. Rose, Boston, MA. March 1994
Southern Finance Association (93′)
“An Examination of Bid-ask Spreads and their Determinants on the Ex-Dividend Day” co-authored with D. Dubofsky, New Orleans, LA. November 1993
Southwest Finance Association (93′)
“An Intraday Investigation of Returns and Bid-Ask Spreads on the Ex-Dividend Day” Outstanding Doctoral Student Paper Award, New Orleans, LA. March 1993
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Corporate Headquarters
P.O. Box 756
Oak Ridge, NC 27310
Phone: 252-439-1888 -
Mountain Branch
4 Highland Place
Asheville, NC 28804
Phone: 828-350-8681 -
Greenville Branch
901 Forest Hill Circle
Greenville, NC 27858 -
Coastal Branch
1207 Earnley Cove
Leland, NC 28451
Phone: 910-579-8075 -
New York Branch
8305 Decoy Run
Manlius, NY 13104