J. Stuart Wood

Associate Professor of Finance

Address: 6363 St. Charles Avenue, Box 15
New Orleans, LA 70118
Phone: (504)864-7973
Fax: (504)864-7970
Email: jswood@loyno.edu
Office: Miller 316

• Education
• Academic/Industry Experience
• Research Interests
• Publications
• Personal Information

Education

• 1980: Ph. D., Economics and Finance (Two Fields), New York University Graduate School of Business Administration. Grade average: 3.86/4.00. Dissertation: Entrepreneurship and the Co-Ordination of Expectations in the Stock Market (Chairman: Prof. Israel M. Kirzner, Advisors: Prof. Ludwig M. Lachmann, Prof. Robert A. Kavesh, Prof. Martin J. Gruber, Prof. Gerald P. O'Driscoll, Jr.). Dissertation won the Alpha Kappa Psi Foundation for Education and Research in Business National Award for Academic Excellence as the Outstanding Dissertation in Economics in the United States in 1980. First Recipient of National Association of Business Economists Fellowship. Three-time recipient of C.W. Nichols Foundation Fellowship.
• 1978: Master of Philosophy in Economics and Finance , New York University Graduate School of Business Administration.
• 1975: Master of Business Administration with Distinction in Economics , New York University -Graduate School of Business Administration. First Recipient of National Association of Business Economists Fellowship. Beta Gamma Sigma business honor society. Thesis Research on economics of marketing. Grade average: 3.86/4.00.
• 1970: Master of Science, Aerospace Engineering , Princeton University , Department of Aerospace and Mechanical Sciences. Solar System mission analysis, rocket combustion research, and liquid propellant rocket engine design and combustion processes of different fuels. Thesis research was published by NASA. Graduate College Officer.
• 1966: Bachelor of Science, Mechanical Engineering , Tulane University , New Orleans , LA. Grade point average: 3.86/4.00, highest in class. Phi Eta Sigma Freshman Honor Society, Honors Chemistry Program, Physics Award, Louisiana Engineering Society Award, James Marshall Robert Award for Excellence in Academic Achievement and Leadership (awarded to Outstanding Graduating Senior), Convair Engineering Award, Tau Beta Pi Engineering Honor Society in junior year. Air Force Reserve Officer Training Corps Freshman Award and Detachment Commendations, Distinguished Military Student, Society of Military Engineers Award (twice), AFROTC Drum & Bugle Corps, Scabbard and Blade Military Honor Society. Alpha Chi Sigma Professional Chemistry Fraternity. Class officer.

Academic/Industry Experience

Academic:

• 1984-Present: Tenured Associate Professor of Economics and Finance , Loyola University College of Business Administration , New Orleans, Louisiana. COURSES TAUGHT: Graduate and undergraduate courses, both basic and advanced, in: Corporate Financial Management ; Advanced Corporate Financial Management; Cases in Financial Management; Advanced Cases in Finance ; Analysis of Financial Statements; Forecasting Financial Statements ; Business Valuation; Investments; Security Investment Analysis; Portfolio Analysis and Management; Entrepreneurship; Advanced Topics in Financial Management; Entrepreneurship, Expectations, and Equilibrium; Independent Studies in Investment Banking; Complex Capital Structures; Capital Investment Analysis; Honors Economic Philosophies and Public Policy; International Finance; Micro-Economics; Macro-Economics; Accounting; Financial Analysis; Petroleum Business Management; Business Forecasting; and Financial Markets and Institutions. Most of my Finance teaching involves forecasting of future pro-forma statements and cash flows for the forecasting of future income, dividends, and Free Cash Flows used to value equity, and the analysis of income results from specific decisions and events, including differential income resulting from unanticipated events. In Fall, 2005 I taught a graduate course on-line while in evacuation from Hurricane Katrina. My student course and faculty evaluation scores average 4.5 out of a possible total of 5.0.
• In 1998 I was named one of the Best Teachers in America in Who's Who Among America's Teachers .
• In 1993 I received the Loyola University Graduate School of Business "Top Gun" Award as the outstanding teacher in the Master of Business Administration Program.
• 1991: Visiting Professor of Finance, Tulane University Graduate School of Business. Financial Management.
• 1990: Lecturer in Tulane University Program for Managers professional development program.
• 1985: Visiting Professor of Finance, Tulane University Graduate School of Business. Evaluation of Securities and Portfolios.
• 1978-1984: Assistant Professor, Economics and Finance, Tulane University School of Business , New Orleans , Louisiana . Graduate and undergraduate courses, both basic and advanced, in Corporate Financial Management, Investment Analysis and Portfolio Management, Graduate Seminar in Financial Research, Business Mathematics, Calculus, Financial Mathematics.
• 1980-1981: Visiting Professor of Finance, New York University Graduate School of Business Administration, New York , New York . Advanced graduate courses in Corporate Financing Policy.
• 1976-1978: Instructor in Finance and Accounting, The University of Connecticut School of Business , Storrs , Connecticut . Courses in Corporate Financial Management, Financial Statement Analysis, and Financial Accounting.
• 1975-1976: Adjunct Professor, Economics and Finance, Pace University Graduate School of Business Administration , New York , New York . Advanced graduate courses in Economics and Corporate Financial Planning.

BUSINESS EXPERIENCE: 

• 1976-Present: Full-time College Professor and Consulting Economist.
• 1974-1976: Senior Investment Analyst, Consultant to Common Stock Department, Prudential Insurance Company, Newark , New Jersey . Security analysis, fundamental business and financial analysis, financial modeling, cash flow modeling, and investment research on aerospace and other high-technology firms. Technological forecasting, U.S. Military and NASA budget forecasting and business effects.
• 1969-1974: Operations Research and Economic Analyst, Grumman Aerospace Corporation, Bethpage , New York .
  • Economist, Electric Power Generation market studies. Proposal Manager, Earth Observatory Satellite Proposal. Tiger Team member, space program strategic planning. Corporate expert, space program cost analysis. Developer of methodology to select optimum system from alternative candidates to meet various mission goals and parameters.
  • Operations research, space program design, integration, and cost analysis, economic research and analysis, strategic planning, system effectiveness analysis and quantification, corporate financial decisions, business marketing planning, long-range corporate planning and investment analysis, space program mission planning, space program mission strategy and sequences, planning future integrated space programs and missions, space program cost and economic analysis, analysis of NASA budget and economic effects, satellite design and mission analysis, satellite mission and hardware effectiveness analysis, Large Space Telescope mission effectiveness analysis, High-Energy Astronomy Observatory mission effectiveness analysis, Earth Observatory Satellite mission effectiveness analysis and proposal manager, developed new method of assessing mission effectiveness for NASA, telescopic sensing of space and ground targets, identifying targets on starry background and through aurora and airglow, star-pattern recognition, Space Shuttle design and mission analysis, energy economics, economics of electricity generation and transmission, forecasting of electricity supply and demand, fossil-fuel reserves and extraction costs, construction costs of electric-generation plants, marketing surveys and plans for energy-saving home heating devices and alternative sources of electric power, Satellite Solar Power Satellite design, mission, and cost analysis.
• Summer, 1964: Materials Tester and Laboratory Analyst, Service Foundry, New Orleans , Louisiana . Performed destructive and non-destructive strength and metallurgical tests on metal castings and forgings to determine if they met specifications. Tests of composition, tensile strength, distortion, and torsion.
• Summer, 1963. Research on Bio-engineering study of neck whiplash injury causes and effects; study conducted jointly by Tulane Medical School and Tulane School of Engineering for U.S. Department of Health, Education, and Welfare.
  

CONSULTING AND ADVISING:

I am frequently interviewed by the local news media regarding economic, finance, and banking matters, especially the Savings and Loan situation and Stock Market movements. I have appeared on WWL-TV several times discussing current economic and financial events, with particular reference to Louisiana economic matters and the Stock Market. I was interviewed several times by WWL-TV in 1986 regarding the Challenger Space Shuttle disaster. I have been interviewed by WWL Radio regarding the stock market declines of October 19, 1987 and October 13, 1989. I have given TV interviews regarding astronomical matters.

I am consulted by potential buyers and sellers of closely-held firms to appraise the value of the business. I am consulted in connection with valuation of Employee Stock-Ownership Plans, the valuation of stock for estate and gift-tax purposes, economic impact studies, business feasibility studies, evaluation of business proposals, valuation of businesses in connection with purchases or sales.

I am often consulted concerning the value of personal income lost due to injuries suffered in personal injury, loss of income due to discriminatory dismissal, loss of business income and value, and the value of support to survivors lost due to individual death, and I perform about two hundred such analyses each year. I have computed worklife expectancies of divers and welders, and I have computed statistical analyses showing the likelihood of racial, sexual, and age discrimination, about two such statistical analyses each year. I am often consulted to determine the value of business income lost due to contract breach, accident, or tort, and I am often consulted to determine the lost value of businesses which were destroyed or interrupted; I perform about twenty such analyses each year. I was consulted to assist in the evaluation of economic loss arising out of the crash of Pan Am Flight 729 in 1982 at Moisant Airport ; this work required the evaluation of several different family businesses. I have been consulted regarding the valuation of lost earnings and lost support, business analysis and valuation, bankruptcy forecasting, value of patents, evidence of discrimination by race or sex, financial market conditions and procedures, bank loan practices, savings and loan institutions, offshore transportation, business conditions, construction, investments, security analysis, professional incomes, statistical methods, antitrust issues, contracts, projection of changes in medical care costs, economic forecasting. I provide assistance to the Loyola Small Business Development Center and local banks and other firms, in the form of group seminars or individual advice. I am often asked to speak about the economic condition of the Gulf South Region and its future prospects, and I speak to Bar Associations and groups of attorneys and paralegals regarding economic analysis, use of economists, business interruption losses, cross-examination of economists, and the valuation of unestablished businesses.

Research Interests

Publications, Proceedings and Papers

Published Refereed Articles:

• "Chemical Kinetic Influences," Nonlinear Aspects of Combustion Instability in Liquid Propellant Rocket Motors . NASA Contractor Report No. 72426, June, 1968 .
• "Chemical Kinetic Influences in Liquid Propellant Rocket Combustion Instability," NATO Interagency Chemical Rocket Propulsion Group, September, 1969 .
• Chemical Kinetic Influences in Liquid Propellant Rocket Combustion Instability . Princeton University , Department of Aerospace and Mechanical Sciences, 1970 .
• "Effectiveness Evaluation of Orbital Observatories," Proceedings 1975 Annual Reliability and Maintainability Symposium , January, 1975 (IEEE, 345 E. 47th St. , New York , New York 10017 ), pp. 549-557. (With Joseph R. Fragola)
• The Economic Foundations of Marketing and the Early Development of Economic Theories Fundamental to Marketing . Master's Thesis, New York University , Graduate School of Business Administration, 1975 .
• "Heterogeneous Expectations and Security Price Distributions: Random Movements, Fat Tails, and Unstable Beta's." Proceedings of the Fourteenth Annual Meeting (ed. Bruce D. Fielitz), Eastern Finance Association, Summer 1978 , pp. 144-145.
• Entrepreneurship and the Co-Ordination of Expectations in the Stock Market . New York University , Graduate School of Business Administration, 1980.
• Entrepreneurship and the Co-Ordination of Expectations in the Stock Market . Ann Arbor , Michigan : University Microfilms International, 1980 and 1982.
• "Some Refinements in Austrian Trade-cycle Theory." Managerial and Decision Economics , September, 1984 , Volume 5 , No. 3, pp. 141-149.
• "Capital Formation Problems in the United States and the Question of a 'Capital Shortage'," Money in Crisis: The Federal Reserve, The Economy, and Monetary Reform (ed. Barry N. Siegel), Pacific Institute for Public Policy Research, Ballinger Books, 1984 , pages 33-47.
• "Valuation of Closely-Held Companies and Professional Practices by Experts," William G. Elliott, Editor: Selected Papers of the American Business Law Association National Refereed Proceedings , Volume 18 , American Business Law Association, 1989 , pp. 748-767. (With Dr. Michael A. Dalton and Dr. Robert I. Glover)
• "Methodologies for Valuation of Closely-Held Companies," Refereed Proceedings , Academy of Financial Services, 1989 . (With Dr. Michael A. Dalton and Dr. Robert I. Glover)
• The Business Cycle: Theories and Evidence , edited by Michael T. Belongia and Michelle R. Garfinkel. Boston , Kluwer Academic Publishers, 1992. Book review published in Southern Economic Journal , October, 1994 , pp. 566-568.
• "Real Value of Damage Caps for Medical Malpractice in Louisiana", Proceedings of the Academy for Studies in Business Law , Volume I , Allied Academies International Conference, October 16, 1997 , Allied Academies, Inc., Cullowhee, NC 28723, pp. 19-23 (with Dr. Michael A. Dalton).
• "Business Cycle Theory", The Encyclopedia of Keynesian Economics , edited by Professor Thomas Cate of Northern Kentucky University , published by Edward Elgar Publishing Company, August, 1997 , ISBN 1-85898-145-X, pages 68-84. This article, of about 10,000 words, is an invited and refereed survey article. In addition to describing the various theories, the article shows their relationships and assesses their strengths and weaknesses, and it relates the theories to empirical observations.
• "Austrian Economics, Neoclassical Economics, Marketing, and Finance," The Quarterly Journal of Austrian Economics , Vol. 5 , No. 2 (Summer, 2002 ), pp. 51-66 (with Dr. Walter Block and Dr. William Barnett II).
• "Three Entrepreneurs in the Stock Market: A Preliminary Theoretical Development," Refereed Proceedings , European Applied Business Research Conference, Venice , Italy , July, 2003 .
• "Interactions of Corporate Financing and Investment Decisions: The Financing Present Value ("FPV") Approach to Evaluating Investment Projects that Change Capital Structure," Managerial Finance , Volume 30 ,Number 5, May, 2004 ,pp.16-37.
• “The Finance of Katrina,” 2008 .

Personal

COLLEGE OF BUSINESS COMMITTEES :

• Faculty Recruitment for Finance and Economics
• Student Recruitment Team
• Graduate Education Task Force
• Entrepreneurship Task Force
• Curriculum Committee, 1985-1988; 1990-(Overall Curriculum Review and restructure, MBA course design)
• Advising Committee, Chairman, 1986-87
• MBA Curriculum Task Force, 1990-91
• CBA By-Laws and Elections Committee.

UNIVERSITY COMMITTEES:

• Elected to University Senate, 1986-1998.
• University Senate Parking Committee, 1986-87
• Faculty Academic Affairs Budget Committee, 1986-1989; 1989-1992. The Provost restructured the Committee's work flow and the budgeting method in accordance with my analysis and suggestions for improvement.
• "Blue Ribbon" Task Force for the Library's Academic Future, 1986-87.
• University Senate Designatee to the Finance Committee of the Board of Trustees: 1991-92, 1992-93. This Committee advises the Board regarding proposed University borrowings, the unified budget, and other financial matters.
• Advisor to Endowment Committee of the Board of Trustees: 1991-1993. This Committee oversees the investment policy for the University's endowment portfolio.

MEMBERSHIPS:

• American Economic Association
• American Finance Association
• Western Economic Association
• Western Finance Association
• Southern Economic Association
• Southern Finance Association
• Eastern Finance Association
• Southwestern Social Sciences Association
• Operations Research Society of America -The Institute of Management Science
• Director, Operation New Start, Inc., non-profit organization providing housing for homeless families.
• Finance Committee Chairman and member of Executive Board, Short-Fern Street Neighborhood Association.
• Member, Board of Directors, Benjamin Franklin High School Alumni Association.
• Lector and Eucharistic Minister, St. Thomas More University Parish, Tulane University .