Manager Civil Engineering

LIYANG ZHANG, CFA

** **. ******** *******

Livingston, NJ 07039

Tel: 862-***-**** (M) E-mail: ********@*****.***

Fundamental Research Analyst with experience in equity and fixed income research. Managed portfolio of credit default swaps, cash bonds, stocks and options. Developed and implemented a scalable & portable equity valuation model via capital conversion approach.

Qualifications: Broad skills of security valuations and modeling

Current on recent corporate spin-offs and M&A transactions

Strong working knowledge of U.S. high yield and distressed credits

Good understandings of corporate bankruptcy, restructuring and reorg equity

2008 – 2015 R. W. PRESSPRICH & CO., INC New York, NY

1998 – 2005 Managing Director, Equity & Fixed Income Research

Research Analyst with fundamental research focus on corporate spin-offs, distressed credits and corporate bankruptcy; Responsible for generating investment ideas; Maintained and upgraded credit based corporate bond valuation systems.

Equity Research

-Established research coverage for all major corporate spin-offs at Pressprich (2011 – 2015)

-Originated reorg equity research at Pressprich (2008 – 2010)

-Provided timely equity valuation and trading range opinions on when-issued shares

-Developed a fundamental-driven debt and equity valuation model using capital conversion (capital structure analysis) approach

Credit Research

-Conducted fundamental research on high yield and distressed credits

-Initiated systematic research coverage on corporate bankruptcy and reorg equity

-Worked closely with different desks to generate capital structure arbitrage trading ideas

-Developed and maintained a convertible database and valuation system which provides debt prospective in the valuation of convertible issues (bond and preferred stocks)

Credit & Equity Products Developed

-Spin-off Monitor: a monthly report providing information on spin-off pipeline and performance;

-Reorg Equity: a monthly report providing information on current bankruptcy proceedings;

-Distressed Debt/Equity Model: a capital-conversion based valuation methodology incorporating an issuer’s balance sheet, income statement and cash flow statement information to identify mis-valued stocks and over-priced debt;

-LBO Risk Screen: a methodology providing a systematic and reverse-engineering approach in identifying companies vulnerable to LBO risk;

-Quality-of-Earnings Report: a systematic approach in diagnosis of a company’s earnings quality with respect to its working capital vs. sales, DA/EBITDA, Capex vs. EBITDA, cash flow vs. net income, etc.;

-Convertible Valuation System: a convertible valuation platform which incorporates RWP credit analysis process into convertible valuation thus providing credit/debt perspective to convertible valuation and research. The system covers approximately 400 convertible bond issues and 75 convertible preferred stock issues.

-P-Line: a proprietary corporate bond rating and valuation system covering 700+ U.S. investment grade and 500+ high yield issuers.

2007 KELLOGG CAPITAL GROUP New York, NY

Portfolio Manager / Trader

In charge of building a credit desk for the group; Implemented a value-based equity long/short strategy (Achieved pro forma ROA [un-leveraged] of 9.5% between April – Sept).

2005 – 2007 HSBC ASSET MANAGEMENT New York, NY

Portfolio Manager, HSBC Multi-Strategy Arbitrage Fund

Portfolio Manager with investment focus in Fixed Income Arbitrage and Equity Long/Short; Developed and implemented a value based equity long-short strategy; Coordinated with other portfolio managers within the team to create risk and convertible arbitrage trade and hedge ideas; Multi-Strategy Fund earned 9.75% net in 2006.

Capital Structure / Event-Driven Arbitrage

-Managed a portion of the fund portfolio, performed investment research, generated ideas and executed trades

-Produced annualized un-leveraged return on asset of 9%

Equity Long-Short Strategy

-Created and enhanced an equity valuation model based on capital conversion theory

-Researched strategies for equity long/short, 130-30 and long-only investing

-Implemented an equity long-short strategy which resulted in annualized return of 13%

Skills: Financial Skills: fixed income analytics, derivatives (swaps, options, etc.), credit/equity analysis, valuation methodologies (DCF, NPV, multiples, etc.), portfolio theory.

Quantitative Skills: binomial tree, Monte Carlo simulation, regression analysis, time series, statistical analysis (principal component, factor analysis).

Computer Skills: Visual Basic, C, Fortran, Splus, Matlab, Excel, Factset, CapitalIQ.

Other Language: Mandarin.

Education: NEW YORK UNIVERSITY New York, NY

Leonard N. Stern School of Business

MBA in Finance, May 2000

PRINCETON UNIVERSITY Princeton, NJ

Ph.D., Civil Engineering and Operation Research, January 1996

UNIVERSITY OF DELAWARE Newark, DE

Master of Science, Civil Engineering, May 1992

TONGJI UNIVERSITY Shanghai, PRC

Bachelor of Science, Engineering Mechanics, July 1986

Reference available upon request.

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