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 debt & equity valuation model via capital conversion approach.

Qualifications Broad skills of security valuations, quantitative modeling and forecasting

Solid knowledge of various investment styles

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

Good understandings of corporate bankruptcy, restructuring and reorg equity

Work Experience R. W. PRESSPRICH & CO., INC, New York, NY

Managing Director, 1998 – 2005, 2008 – 2015

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.

Credit Research

Initiated research coverage on corporate bankruptcy and reorg equity at Pressprich

Conducted fundamental research on high yield and distressed credits

Worked closely with various 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

Equity Research

Led research coverage for corporate spin-offs at Pressprich (2010 – 2015)

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

Provided timely security 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 and Equity Products Developed

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

Reorg Equity: a monthly report providing information on current bankruptcy proceedings and related security valuations (pre- or post-petition debt and equity);

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;

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.

KELLOGG CAPITAL GROUP, New York, NY

Portfolio Manager / Trader, 2007

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).

HSBC ASSET MANAGEMENT, New York, NY

Portfolio Manager, HSBC Multi-Strategy Arbitrage Fund, 2005 - 2007

Portfolio Manager with investment focus in Fixed Income Arbitrage and Equity Long/Short; Developed and implemented a value based equity long-short strategy.

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

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 2002

PRINCETON UNIVERSITY Princeton, NJ

Ph.D., Civil Engineering and Operation Research

UNIVERSITY OF DELAWARE Newark, DE

Master of Science, Civil Engineering

TONGJI UNIVERSITY Shanghai, PRC

Bachelor of Science, Engineering Mechanics

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