Joe K. Kiely, PhD.

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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

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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

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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

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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]

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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 21^st Century, 1997, 2^nd 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
	Barnes & Noble Breakfast & Learn	Greenville, NC
	Beaufort Civic Center	Washington, NC
	Carolina Inn	Chapel Hill, NC
	Civitan Club	New Bern, NC
	East Carolina Physician Extenders	Greenville, NC
	ECU Women’s Investment Club	Greenville, NC
	Financially Speaking	Greenville, NC
	Fleming Residence Hall	Greenville, NC
	Glaxo-Wellcome Medical Seminar	Harrisonburg, VA
	Glaxo-Wellcome Medical Seminar	Norfolk, VA
	Glaxo-Wellcome Medical Seminar	Rocky Mount, NC
	Glaxo-Wellcome Medical Seminar	Winchester, VA
	Glaxo-Wellcome Medical Seminar	Annapolis, MD
	Goldsboro Dental Society	Goldsboro, NC
	Grapevine Club	Greenville, NC
	Greenville Jaycee’s	Greenville, NC
	Greenville Kiwanis Club	Greenville, NC
	Greenville Lions Club	Greenville, NC
	Greenville Men’s Rotary Club	Greenville, NC
	Greenville Women’s Club	Greenville, NC
	Home Improvement Family Life Conference	Greenville, NC
	Ironwood Country Club	Greenville, NC
	Kinston Dental Society	Kinston, NC
	Mended Hearts	Greenville, NC
	Mint Club	Greenville, NC
	New Bern Dental Society	New Bern, NC
	New Bern Rotary	New Bern, NC
	Noon Lions Club	Greenville, NC
	Pitt Community College Faculty	Greenville, NC
	Pitt County Dental Society	Greenville, NC
	Pinehurst Rotary Club	Pinehurst, NC
	Rocky Mount Industrial Association	Rocky Mount, NC
	Rotary “Noon” Club	Greenville, NC
	Rotary Breakfast Club	Murfreesboro, NC
	North Carolina Student Government Association	Raleigh, NC
	Tarboro Kiwanis	Tarboro, NC
	Tarboro Lunch & Learn	Tarboro, NC
	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