M. Mark Walker, PhD, CFA, CBA

University of Mississippi

237 Holman Hall

Box 1848

University, MS 38677-1848

Phone: (662) 915-7721

Fax: (662) 915-5821

E-Mail: mwalker@bus.olemiss.edu

Education

Ph.D. Michigan State University

Major Field: Finance

Minor Fields: Accounting, Statistics and Economics

MBA Pennsylvania State University

Major Area: Finance

B.S. North Carolina State University

Major: Civil Engineering

Professional Experience

Associate Professor, University of Mississippi, 1997 - current

Assistant Professor, University of Mississippi, 1988 - 1997

Awards and Honors

Best Business Appraisal Practice Article Award, June 2007

MBA Teacher-of-the-Year Award, Spring 1998

Beta Gamma Sigma, 1989

Memberships in Professional Organizations (Positions Held)

CFA Institute

Eastern Finance Association (Executive Director, April 2003 – April 2007)

Financial Executives International (Member, FERF Advisory Council)

(Memphis Chapter, Board of Directors, May 2002 – May 2007;

President, May 2005 – May 2006)

Financial Management Association

Institute of Business Appraisers

National Association of Forensic Economics

National Business Valuation Group, LLC

Selected Journal Publications

Walker, M. Mark, “Are the Public and Private Capital Markets Worlds Apart?” Business Appraisal

Practice, Winter 2007 / 2008, 8-20.

Walker, M. Mark and Chi-Sheng Hsu, “Strategic Objectives, Industry Structure, and the Long-Term

Stock Price Performance of Acquiring and Rival Firms.” Applied Financial Economics, 17 (15),

October 2007, 1233-1244.

Walker, M. Mark, “Studying Value / Valuing Study: Key Lessons from the Business Valuation

Literature.” Business Appraisal Practice, Winter 2006 / 2007, 31-39.

Walker, M. Mark and Bjoern A. Claassen, “What Drives Sell-Side Recommendation Announcement

Returns?” Financial Services Review, Vol. 15, No. 4, Winter 2006, 315-333.

Walker, M. Mark, “Using Acquisition Premiums to Estimate the Value of Control: What is the

Importance of Synergy and Relative Firm Size?” Business Appraisal Practice,

Summer / Fall 2005, 5-14.

Walker, M. Mark, “Explaining the Single-Period Capitalization Model: A Special Case of the

Discounted Cash Flow Model.” Business Appraisal Practice, Winter 2004 – 2005, 35-41.

Walker, M. Mark, "Corporate Takeovers, Strategic Objectives and Acquiring-Firm Shareholder

Wealth." Financial Management, Vol. 29, No. 1, Spring 2000, 53-66.

Walker, M. Mark, "Leveraged Recapitalizations, Operating Efficiency and Stockholder Wealth."

Financial Review, Vol. 33, No. 3, August 1998, 99-114.

Walker, M. Mark and Gay B. Hatfield, "Professional Stock Analysts' Recommendations:

Implications for Individual Investors." Financial Services Review, Vol. 5, 1996, 13-29.

Walker, M. Mark and Bryn R. Vaaler, "Negotiating Value / Valuing Negotiation: A Joint Case

Study for Business and Law Students." Journal of Financial Education, Vol. 22, Spring 1996,

101-107.

Walker, M. Mark, "On the Shareholder Wealth Maximization Objective of Corporate

Governance: The Case of Leveraged Recapitalizations." Managerial Finance, Vol. 22,

No. 4, 1996, 53-70.

Walker, M. Mark, "Determinants of Bondholder Wealth Following Corporate Takeovers

(1980-1988)." Quarterly Journal of Business and Economics, Vol. 33, No. 1, Winter 1994,

12-29.

Walker, M. Mark, "Leveraged Buyouts and Bondholder Wealth: The Role of Indenture

Covenants." Akron Business and Economic Review, Vol. 22, No. 4, Winter 1991, 121-131.

Business Valuation Speaking Engagements

· An Overview of Financial Contracting in the Public and Private Capital Markets,

presented at the SECIBA Business Valuation Conference, Atlanta, Georgia, Sep. 28, 2007.

· Buying, Selling, or Expanding a Business, presented at the Association of Consulting

Foresters Conference, Biloxi, MS, Feb. 22, 2007.

· Studying Value / Valuing Study: Key Lessons from the Business Valuation Literature,

presented at the SECIBA Business Valuation Conference, Atlanta, Georgia, Sep. 16, 2006.

· Using Acquisition Premiums to Estimate the Value of Control: What is the Importance

of Synergy and Relative Firm Size?, presented at the SECIBA Business Valuation

Conference, Atlanta, Georgia, Sep. 18, 2004.

Business Appraisal Education

· SECIBA Business Valuation Conference, Institute of Business Appraisers. Atlanta, GA,

September 28 – 29, 2007. (12 CPE credits)

· SECIBA Business Valuation Conference, Institute of Business Appraisers. Atlanta, GA,

September 15 – 16, 2006. (12 CPE credits)

· IBA Valuation Symposium, Institute of Business Appraisers. St. Louis, MO,

June 21 – 23, 2006. (24 CPE credits)

· SECIBA Business Valuation Conference, Institute of Business Appraisers. Atlanta, GA,

September 16 – 17, 2005. (12 CPE credits)

· SECIBA Business Valuation Conference, Institute of Business Appraisers. Atlanta, GA,

September 17 – 18, 2004. (12 CPE credits)

· IBA National Conference, Institute of Business Appraisers. Las Vegas, NV,

June 8 – 10, 2004. (25 CPE credits)

· SECIBA Business Valuation Conference, Institute of Business Appraisers. Atlanta, GA,

November 7 – 8, 2003. (12 CPE credits)

· Fractional Interest Premiums and Discounts: How to Develop & Defend Them,

Institute of Business Appraisers. Instructor: Paul Hyde, St. Louis, MO, July 10, 2003.

(8 CPE credits)

· Valuing ESOP’s, Institute of Business Appraisers. Instructor: Chris Best, St. Louis, MO,

July 7, 2003. (8 CPE credits)

· SECIBA Business Valuation Conference, Institute of Business Appraisers. Atlanta, GA,

November 1 – 2, 2002. (12 CPE credits)

· Preparing for the Certified Business Appraiser Written Exam, Institute of Business

Appraisers. Instructor: Rand Curtiss, Chicago, IL, July 29, 1999.