Jonathan A. Scott, Ph.D.
Email: jonathan.scott@temple.edu
Educational Background
Purdue University
Ph.D., Economics, 1980
Purdue University
M.S. Economics, 1977
University
of Cincinnati, B.A., Economics, 1972, Magna Cum Laude
Dr.
Scott spent seven years at the Federal Home Loan Bank of Dallas from 1984
through 1990. At the Bank he managed all of the financial operations, was
responsible for the Bank's interest rate risk management, securities
safekeeping and credit underwriting. He
was Chief Financial Officer from 1987-88, which included monthly reports to the
board of directors on the bank’s financial status. During Dr. Scott's tenure, the Dallas Bank was an innovator in
measurement of the market value interest rate risk exposure and implementation
of hedging strategies to minimize this risk. Dr. Scott was directly involved in
planning and execution of innovative interest rate risk management strategies
using interest rate swaps and caps. In addition to the banking
responsibilities, he spent one year serving as a regulator for the Office of
Regulatory Activities (the predecessor to the Office of Thrift Supervision)
where he formed a regulatory support group to analyze thrift investment,
hedging activities and interest rate risk exposure. This group served as a
model for oversight of such activities in the other Federal Home
Loan Bank districts. After his regulatory assignment, Dr. Scott formed a
correspondent banking group responsible for marketing bank services to
commercial banks. Dr.
Scott has also served as a consultant to the Federal Deposit Insurance
Corporation, the Federal Housing Finance Board, the Federal Home Loan Bank of
Dallas, Causey, Demgen & Moore (certified public accountants).
Teaching Experience
Dr. Scott teaches in the undergraduate honors program, regular undergraduate
courses, MBA, and executive MBA programs in Philadelphia and Tokyo. Dr. Scott’s senior seminar is highly
regarded by former students for its focus on in-depth financial analysis and
hands-on valuation experiences. His MBA elective course on financing high
growth firms is continually oversubscribed.
Dr. Scott received the Outstanding SBM Honors Outstanding Teacher Award
in 1998, the Andrisani-Frank Outstanding Undergraduate Teaching Award in 1999,
and the Musser Award for Excellence in Teaching in 2000. Dr. Scott also frequently appears on WRTI
(Temple) radio to comment on current economic events and has taught in
executive programs at J.P. Morgan, Goldman Sachs, Marsh Inc. and Janney,
Montgomery Scott, LLC.
Dr. Scott's research in
over the past 25 years has focused on small firm access to credit markets, primarily
in collaboration with Dr. William C. Dunkelberg. Dr. Scott and Dunkelberg have conducted six surveys of the
membership of the National Federation of Independent Business since 1980, the
latest in the fall of 2001. These
surveys investigate small firm experience with credit availability, mergers and
competition, loan terms and banking relationships, and bank service
quality. Results from the 1995 and 2001
surveys have been presented at two Federal Reserve System conferences and a
Small Business Administration conference.
Dr. Scott has published in the Journal of Financial Economics, Journal
of Financial and Quantitative Analysis, Journal of Financial Services Research,
Journal of Money Credit and Banking, Journal of Banking and Finance, Journal of
Economics and Business, Financial Analysts Journal and Financial Review.
Academic Management
Experience
Dr. Scott came to Temple
in 1991 as associate dean and was acting dean from 1995 - 1996. Some major accomplishments during his tenure
in the Dean's Office include: 1) establishment of the International MBA Program
in Paris, the Executive MBA Program in Tokyo and the MBA program in Harrisburg;
2) the development of the first academic information technology plan and
faculty oversight committee; 3) the first marketing plan for the MBA program;
4) the first academic program cost analysis to assist in allocation of faculty
and administrative resources; 5) the creation of an Alumni Advisory Board whose
members included many very successful FSBM alumni who assisted with the
development of strategy for the School; and 6) the successful management of
re-accreditation of the school under the new mission- and process-based
American Assembly of Collegiate Schools of Business standards.
Dr. Scott served as the
co-chair of the University’s Teaching Learning Technology Roundtable Academic
Planning Committee from 1998-2000. This faculty committee had the
responsibility for developing yearly recommendations to the Provost and
Vice-President for Computing and Information Services to set priorities for
academic information technology investment.
Refereed Publications
“Small
Business and the Value of Community Financial Institutions,” Journal of
Financial Services Research, forthcoming, 2004.
"Bank
Mergers and Small Firm Financing,” (with W.C. Dunkelberg), December 2003,
Journal of Money, Credit and Banking.
“A
Note on Trade Credit Demand and Credit Rationing” (with M. Danielson), October
2003. Third review, Financial Review.
"Finance
and Strategy: Expanding the Scope of Valuation Instruction," (with M.
Danielson), Financial Practice and Education, 2001.
"The
Incidence of Secured Debt: Evidence from the Small Business Community,"
(with John D. Leeth) The Journal of Financial and Quantitative Analysis, Volume
24 (September 1989).
"The
Effect of the Bankruptcy Reform Act of 1978 on Small Business Loan
Pricing" (with T.C. Smith) Journal of Financial Economics, Volume 16
(1986).
"The
AT&T Divestiture: Effect of Rating Changes on Bond Returns," (with
J.W. Peavy) Journal of Economics and Business, Volume 38 (1986).
"The
Effect of Stock-for-Debt Swaps on Security Returns," (with J.W. Peavy) The
Financial Review, Volume 20 (November 1985).
"A
Closer Look at Stock-for-Debt Swaps," (with J.W. Peavy) Financial Analysts
Journal, 1985.
"The
Effect of Stock-for-Debt Swaps on Bank Holding Companies," (with J.W.
Peavy and G. Hempel) Journal of Banking and Finance, Volume 9 (1985).
"Rural
versus Urban Bank Performance: An Analysis of Market Competition for Small
business Loans," (with W.C. Dunkelberg) Journal of Bank Research, Volume
15 (Autumn 1984).
"Small
Business and the Value of Bank-Customer Relationships," (with W.C.
Dunkelberg) Journal of Bank Research, (Winter 1984).
"Capital
Market Influences on Trade Credit Policy," (with W.G. Lewellen and J.J.
McConnell) Journal of Financial Research, Volume 3 (Fall 1980).
“Entrepreneurial Firms and Community Banks: Complementary or Conflicting Interests in Banking Relationships?” with Bruce D. Phillips, November 2003, submitted to Small Business Economics.
"Soft Information, Loan
Officers and Small Firm Credit Availability," November 2003, submitted to
Journal of Small Business Management.
“Forecasting Employment and
Inflation Using Small Business Data,” with William C. Dunkelberg, November
2003, submitted to Business Economics.
“A Note on Loan Search and
Banking Relationships,” with W. C. Dunkelberg and M. Leeds, presented at
Eastern Finance Association Annual Meeting, August 2003.
“A Note on Competition and
Small Firm Credit Market Outcomes,” with W.C. Dunkelberg, presented at Eastern
Finance Association Annual Meeting, April 2001.
“Estimating Terminal
Values,” January 2003, mimeo.
“Discrimination, Small Firm
Credit Market Outcomes and Type I Error,” with W.C. Dunkelberg, July 1999.
“Small Business Indicators
of Macroeconomic Activity,” (with W.C. Dunkelberg and William J. Dennis, Jr.),
NFIB Research Foundation, October, 2003.
“Credit, Banks and Small
business – The New Century,” (with W.C. Dunkelberg and W.J. Dennis), NFIB
Research Foundation, January, 2003.
“Bank Consolidation and
Small Business Lending: A Small Firm Perspective,” (with W. C. Dunkelberg),
Proceedings of a Federal Reserve System Research Conference on Business Access
to Capital and Credit, 1999
"Branch Banking, Market Concentration and the Competition for Small Firm Business," (with J.D. Leeth and W.C. Dunkelberg) Proceedings of a Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago, 1987.
“WorldGate
Communications, Inc. (case study), November, 1999
"Sink
or Swim for the Federal Home Loan Banks," (with Charlotte Chamberlain)
Legal Times, September 16, 1991.
"Can
Undervalued Securities Be Identified," (with R. Lucchesi), Federal Home
Loan Bank Of Dallas Quarterly, Volume
7 (Winter 1989).
"Prepayment
Risk Throw an Arbitrage Off Track," (with T.C. Smith) Savings Institutions,
March 1988.
"Synthetic
Mortgage Swaps," (with T. Smith) Federal Home Loan Bank Of Dallas
Quarterly, Volume 7 (Summer 1988).
"PRAM:
A New Advance Program," (with M.L. Ochmann) Federal Home Loan Bank Of
Dallas Quarterly, Volume 7 (Spring 1988).
"Rebalancing:
The Final Leap in Risk Controlled Arbitrage," (with T. Smith) Federal Home
Loan Bank Of Dallas Quarterly, Volume 6 (Fall 1987).
"Standby
Letters of Credit Complement Interest Rate Swaps," Federal Home Loan Bank
Of Dallas Quarterly, Volume 3 (Winter
1985).
"Bank
Performance in the Emerging Recovery: A Changing Risk-Return Environment,"
(with G.H. Hempel), Bankers Magazine, January/February 1984.
"Small
Business and the Value of Bank-Customer Relationships," (with W.C.
Dunkelberg) Journal of Bank Research, (Winter 1984).
"Interest
Rate Swaps: Choosing the Appropriate Index," Federal Home Loan Bank Of
Dallas Quarterly, Volume 3 (Fall
1984).
"Interest
Rate Swaps: Matching Assets with Liabilities," Federal Home Loan Bank Of
Dallas Quarterly, Volume 3 (Summer
1984).
"Small
Business Evaluates its Relationship with Commercial Banks," (with W.C.
Dunkelberg) Bankers Magazine, November/December 1983.
“A Note on Loan Search and
Banking Relationships,” Eastern Finance Association Annual Meeting, Baltimore
MD, April 2002
“Bank Performance and
Competition: A Small Firm Perspective,” Eastern Finance Association Annual
Meeting, Charleston SC, April 2001
“Consolidation and Small
Firm Financing,” Small Business Administration Research Conference, Washington,
DC, June 2000.
“Bank Consolidation and
Small Business Lending: A Small Firm Perspective,” Business Access to Capital
and Credit, A Federal Reserve System Research Conference, March 1999.
“Banking Relationships,
Capital Markets and Small Firms,” Financial Management Association, Chicago,
IL, October 1998
“Banking Relationships,
Capital Markets and Small Firms,” Eastern Finance Association Annual Meeting,
Williamsburg, VA, April 1998
National Federation of
Independent Business (with W.C. Dunkelberg), 2001, $10,000
U.S. Department of
Agriculture, 1994.
Center for Eastern European
Studies banking seminars with Croatian and Bosnian bank regulators (1999-2002)
KWY radio interview on First
Union/Wachovia merger, April, 2001
WRIT interview, stock market
and the economy, March 2001
Letter to editor in response
to editorial on macroeconomic policy, February 2001
Sunday Live with Wally
Kennedy, The Fed and the economy, January 2001
Daily News interview about state
of the economy, October 2000
WRTI interview, Russian debt
crisis, August 1998
LA Times interview about
Japanese banking crisis, August 1998
Channel 10 interview about
Japanese banking crisis, July 1998
Channel 10 interview on
market volatility, January 1998
Fox interview on financial
planning, December 1997
WRTI interview on First
Union/Core States, November 1997
WHYY, discussion of First
Union/Core States merger, November 1997
Speech to Philadelphia
Bankers, January 1997