20080627Avera Exhibits 16-26.pdf

FINCAP, INC.
Financial Concepts and Applications
Economic and Financial Counsel
Exhibit 16
Page 1 of 6
WILLIAM E. AVERA
3907 Red River
Austin, Texas 78751
[phone]
FAX [phone]
fincap~texas.net
Summary of Qualifications
Ph.D. in economics and finance; Chartered Financial Analyst (CF A lID) designation; extensive expert
witness testimony before courts, alternative dispute resolution panels , regulatory agencies and
legislative committees; lectured in executive education programs around the world on ethics
investment analysis, and regulation; undergraduate and graduate teaching in business and economics;
appointed to leadership positions in government, industry, academia, and the military.
Employment
Principal
FINCAP, Inc.
(Sep. 1979 to present)
Director, Economic Research
Division
Public Utility Commission of Texas
(Dec. 1977 to Aug. 1979)
Manager, Financial Education
International Paper Company
New York City
(Feb. 1977 to Nov. 1977)
Financial, economic and policy consulting to business
and government. Perform business and public policy
research, costlbenefit analyses and financial modeling,
valuation of businesses (over 150 entities valued),
estimation of damages, statistical and industry studies.
Provide strategy advice and educational services in public
and private sectors, and serve as expert witness before
regulatory agencies, legislative committees, arbitration
panels , and courts.
Responsible for research and testimony preparation on
rate of return, rate structure, and econometric analysis
dealing with energy, telecommunications, water and
sewer utilities. Testified in major rate cases and appeared
before legislative committees and served as Chief
Economist for agency. Administered state and federal
grant funds. Communicated frequently with political
leaders and representatives from consumer groups
media, and investment community.
Directed corporate education programs in accounting,
finance, and economics. Developed course materials
recruited and trained instructors, liaison within the
company and with academic institutions. Prepared
operating budget and designed financial controls for
corporate professional development program.
Exhibit No. 16
Case No. IPC-O8-
W. Avera , IPC
Page 1 of 6
Lecturer in Finance
The University of Texas at Austin
(Sep. 1979 to May 1981)
Assistant Professor of Finance
(Sep. 1975 to May 1977)
Assistant Professor of Business
University of North Carolina at
Chapel Hill
(Sep. 1972 to Jut. 1975)
Education
Ph.D., Economics and Finance
University of North Carolina at
Chapel Hill
(Jan. 1969 to Aug. 1972)
, Economics
Emory University, Atlanta, Georgia
(Sep. 1961 to Jun. 1965)
Exhibit 16
Page 2 of 6
Taught graduate and undergraduate courses in financial
management and investment theory. Conducted research
in business and public policy. Named Outstanding
Graduate Business Professor and received various
administrative appointments.
Taught in BBA, MBA, and Ph.D. programs. Created
project course in finance, Financial Management for
Women, and participated in developing Small Business
Management sequence. Organized the North Carolina
Institute for Investment Research, a group of financial
institutions that supported academic research. Faculty
advisor to the Media Board, which funds student
publications and broadcast stations.
Elective courses included financial management, public
finance, monetary theory, and econometrics. Awarded
the Stonier Fellowship by the American Bankers
Association and University Teaching Fellowship. Taught
statistics, macroeconomics, and microeconomics.
Dissertation: The Geometric Mean Strategy as a
Theory of Multiperiod Portfolio Choice
Active in extracurricular activities, president of the
Barkley Forum (debate team), Emory Religious
Association, and Delta Tau Delta chapter. Individual
awards and team championships at national collegiate
debate tournaments.
Professional Associations
Received Chartered Financial Analyst (CF A) designation in 1977; Vice President for Membership,
Financial Management Association; President, Austin Chapter of Planning Executives Institute;
Board of Directors, North Carolina Society of Financial Analysts; Candidate Curriculum Committee
Association for Investment Management and Research; Executive Committee of Southern Finance
Association; Vice Chair, Staff Subcommittee on Economics and National Association of Regulatory
Utility Commissioners (NARUC); Appointed to NARUC Technical Subcommittee on the National
Energy Act.
Exhibit No. 16
Case No. IPC-O8-
W. Avera , IPC
Page 2 of 6
Exhibit 16
Page 3 of 6
Teaching in Executive Education Programs
University-Sponsored Programs:Central Michigan University, Duke University, Louisiana State
University, National Defense University, National University of Singapore, Texas A&M University,
University of Kansas, University of North Carolina, University of Texas.
Business and Government-Sponsored Programs:Advanced Seminar on Earnings Regulation
American Public Welfare Association, Association for Investment Management and Research
Congressional Fellows Program, Cost of Capital Workshop, Electricity Consumers Resource
Council, Financial Analysts Association of Indonesia, Financial Analysts Review, Financial Analysts
Seminar at Northwestern University, Governor s Executive Development Program of Texas
Louisiana Association of Business and Industry, National Association of Purchasing Management
National Association of Tire Dealers, Planning Executives Institute, School of Banking of the South
State of Wisconsin Investment Board, Stock Exchange of Thailand, Texas Association of State
Sponsored Computer Centers, Texas Bankers' Association, Texas Bar Association, Texas Savings
and Loan League, Texas Society of CPAs, Tokyo Association of Foreign Banks, Union Bank of
Switzerland, U.S. Department of State, U.S. Navy, u.S. Veterans Administration, in addition to
Texas state agencies and major corporations.
Presented papers for Mills B. Lane Lecture Series at the University of Georgia and Heubner Lectures
at the University of Pennsylvania. Taught graduate courses in finance and economics in evening
program at St. Edward's University in Austin from January 1979 through 1998.
Expert Witness Testimony
Testified in over 260 cases before regulatory agencies addressing cost of capital, regulatory policy,
rate design, and other economic and financial issues.
Federal Agencies:Federal Communications Commission, Federal Energy Regulatory Commission
Surface Transportation Board Interstate Commerce Commission, and the Canadian
Radio-Television and Telecommunications Commission.
State Regulatorv Agencies:Alaska, Arizona, Arkansas, California, Colorado, Connecticut
Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Kansas, Maryland, Michigan
Missouri, Nevada, New Mexico, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, South
Carolina, South Dakota, Texas, Utah, Virginia, Washington, West Virginia, Wisconsin, and
Wyoming.
Testified in 42 cases before federal and state courts, arbitration panels, and alternative dispute
tribunals (86 depositions given) regarding damages, valuation, antitrust liability, fiduciary duties, and
other economic and financial issues.
Board Positions and Other Professional Activities
Audit Committee and Outside Director, Georgia System Operations Corporation (electric system
operator for member-owned electric cooperatives in Georgia); Chairman, Board of Print Depot, Inc.
and FIN CAP, Inc.; Co-chair, Synchronous Interconnection Committee, appointed by Public Utility
Commission of Texas and approved by governor; Appointed by Hays County Commission to
Citizens Advisory Committee of Habitat Conservation Plan, Operator of AAA Ranch, a certified
organic producer of agricultural products; Appointed to Organic Livestock Advisory Committee by
Exhibit No. 16
Case No. IPC-O8-
W. Avera , IPC
Page 3 of 6
Exhibi t 16
Page 4 of 6
Texas Agricultural Commissioner Susan Combs; Appointed by Texas Railroad Commissioners to
study group for The UP/SP Merger: An Assessment of the Impacts on the State of Texas; Appointed
by Hawaii Public Utilities Commission to team reviewing affiliate relationships of Hawaiian Electric
Industries; Chairman, Energy Task Force, Greater Austin-San Antonio Corridor Council; Consultant
to Public Utility Commission of Texas on cogeneration policy and other matters; Consultant to
Public Service Commission of New Mexico on cogeneration policy; Evaluator of Energy Research
Grant Proposals for Texas Higher Education Coordinating Board.
Community Activities
Board Member, Sustainable Food Center; Chair, Board of Deacons, Finance Committee, and Elder
Central Presbyterian Church of Austin; Founding Member, Orange-Chatham County (N.) Legal
Aid Screening Committee.
Military
Captain, U.S. Naval Reserve (retired after 28 years service); Commanding Officer, Naval Special
Warfare El)gineering Support Unit; Officer-ill-charge of SWIFT patrol boat in Vietnam; Enlisted
service as weather analyst (advanced to second class petty officer).
Biblioaraphv
Monographs
Ethics and the Investment Professional (video, workbook, and instructor s guide) and Ethics
Challenge Today (video), Association for Investment Management and Research (1995)
Definition of Industry Ethics and Development of a Code" and "Applying Ethics in the Real
World " in Good Ethics: The Essential Element of a Firm s Success Association for Investment
Management and Research (1994)
On the Use of Security Analysts' Growth Projections in the DCF Model " with Bruce H. Fairchild
in Earnings Regulation Under Inflation J. R. Foster and S. R. Holmberg, eds. Institute for Study
of Regulation (1982)
An Examination of the Concept of Using Relative Customer Class Risk to Set Target Rates of Return
in Electric Cost-of-Service Studies with Bruce H. Fairchild, Electricity Consumers Resource
Council (ELCON) (1981); portions reprinted in Public Utilities Fortnightly (Nov. 11, 1982)
Usefulness of Current Values to Investors and Creditors Research Study on Current-Value
Accounting Measurements and Utility, George M. Scott, ed., Touche Ross Foundation (1978)
The Geometric Mean Strategy and Common Stock Investment Management," with Henry A.
Latane in Life Insurance Investment Policies David Cummins, ed. (1977)
Investment Companies: Analysis of Current Operations and Future Prospects with J. Finley Lee
and Glenn 1. Wood, American College of Life Underwriters (1975)
Articles
Should Analysts Own the Stocks they Cover?" The Financial Journalist (March 2002)
Liquidity, Exchange Listing, and Common Stock Performance " with John C. Groth and Kerry
Cooper Journal of Economics and Business (Spring 1985); reprinted by National Association of
Security Dealers
Exhibit No. 16
Case No. IPC-O8-
W. Avera , IPC
Page 4 of 6
Exhibit 16
Page 5 of 6
The Energy Crisis and the Homeowner: The Grief Process Texas Business Review (Jan.Feb.
1980); reprinted in The Energy Picture: Problems and Prospects, J. E. Pluta, ed., Bureau of
Business Research (1980)
Use ofIFPS at the Public Utility Commission of Texas Proceedings of the IFPS Users Group
Annual Meeting (1979)
Production Capacity Allocation: Conversion, CWIP, and One-Armed Economics Proceedings of
the NARUC Biennial Regulatory Information Conference (1978)
Some Thoughts on the Rate of Return to Public Utility Companies " with Bruce H. Fairchild in
Proceedings of the NARUC Biennial Regulatory Information Conference (1978)
A New Capital Budgeting Measure: The Integration of Time, Liquidity, and Uncertainty," with
David Cordell in Proceedings of the Southwestern Finance Association (1977)
Usefulness of Current Values to Investors and Creditors " in Inflation Accounting/Indexing and
Stock Behavior (1977)
Consumer Expectations and the Economy,Texas Business Review (Nov. 1976)
Portfolio Performance Evaluation and Long-run Capital Growth " with Henry A. Latane in
Proceedings of the Eastern Finance Association (1973)
Book reviews in Journal of Finance and Financial Review. Abstracts for CFA Digest. Articles in
Carolina Financial Times.
Selected Papers and Presentations
The Who, What, When, How, and Why of Ethics , San Antonio Financial Analysts Society (Jan.
2002). Similar presentation given to the Austin Society of Financial Analysts (Jan. 17 2002)
Ethics for Financial Analysts " Sponsored by Canadian Council of Financial Analysts: delivered in
Calgary, Edmonton, Regina, and Winnipeg, June 1997. Similar presentations given to Austin
Society of Financial Analysts (Mar. 1994), San Antonio Society of Financial Analysts (Nov.
1985), and S1. Louis Society of Financial Analysts (Feb. 1986)
Cost of Capital for Multi-Divisional Corporations " Financial Management Association, New
Orleans, Louisiana (Oct. 1996)
Ethics and the Treasury Function " Government Treasurers Organization of Texas, Corpus Christi
Texas (Jun. 1996)
A Cooperative Future " Iowa Association of Electric Cooperatives, Des Moines (December 1995).
Similar presentations given to National G & T Conference, Irving, Texas (June 1995), Kentucky
Associatiqn of Electric Cooperatives Annual Meeting, Louisville (Nov. 1994), Virginia
Maryland, and Delaware Association of Electric Cooperatives Annual Meeting, Richmond (July
1994), and Carolina Electric Cooperatives Annual Meeting, Raleigh (Mar. 1994)
Information Superhighway Warnings: Speed Bumps on Wall Street and Detours from the
Economy," Texas Society of Certified Public Accountants Natural Gas, Telecommunications and
Electric Industries Conference, Austin (Apr. 1995)
Economic/Wall Street Outlook " Carolinas Council of the Institute of Management Accountants
Myrtle Beach, South Carolina (May 1994). Similar presentation given to Bell Operating Company
Accounting Witness Conference, Santa Fe, New Mexico (Apr. 1993)
Exhibit No. 16
Case No. IPC-O8-
W. Avera , IPC
Page 5 of 6
Exhibi t 16
Page 6 of 6
Regulatory Developments in Telecommunications," Regional Holding Company Financial and
Accounting Conference, San Antonio (Sep. 1993)
Estimating the Cost of Capital During the 1990s: Issues and Directions," The National Society of
Rate of Return Analysts, Washington, D.c. (May 1992)
Making Utility Regulation Work at the Public Utility Commission of Texas " Center for Legal and
Regulatory Studies, University of Texas, Austin (June 1991)
Can Regulation Compete for the Hearts and Minds ofIndustrial Customers " Emerging Issues of
Competition in the Electric Utility Industry Conference, Austin (May 1988)
The Role of Utilities in Fostering New Energy Technologies," Emerging Energy Technologies in
Texas Conference, Austin (Mar. 1988)
The Regulators' Perspective " Bellcore Economic Analysis Conference, San Antonio (Nov. 1987)
Public Utility Commissions and the Nuclear Plant Contractor," Construction Litigation
Superconference, Laguna Beach, California (Dec. 1986)
Development of Cogeneration Policies in Texas," University of Georgia Fifth Annual Public
Utilities Conference, Atlanta (Sep. 1985)
Wheeling for Power Sales," Energy Bureau Cogeneration Conference, Houston (Nov. 1985).
Asymmetric Discounting of Information and Relative Liquidity: Some Empirical Evidence for
Common Stocks II (with John Groth and Kerry Cooper), Southern Finance Association, New
Orleans (Nov. 1982)
Used and Useful Planning Models," Planning Executive Institute, 27th Corporate Planning
Conference, Los Angeles (Nov. 1979)
II Staff Input to Commission Rate of Return Decisions," The National Society of Rate of Return
Analysts, New York (Oct. 1979)
Electric Rate Design in Texas," Southwestern Economics Association, Fort Worth (Mar. 1979)
Discounted Cash Life: A New Measure of the Time Dimension in Capital Budgeting," with David
Cordell, Southern Finance Association, New Orleans (Nov. 1978)
The Relative Value of Statistics of Ex Post Common Stock Distributions to Explain Variance,"
with Charles G. Martin, Southern Finance Association, Atlanta (Nov. 1977)
An ANOV A Representation of Common Stock Returns as a Framework for the Allocation of
Portfolio Management Effort," with Charles G. Martin, Financial Management Association
Montreal (Oct. 1976)
A Growth-Optimal Portfolio Selection Model with Finite Horizon," with Henry A. Latane
American Finance Association, San Francisco (Dec. 1974)
An Optimal Approach to the Finance Decision," with Henry A. Latane, Southern Finance
Association, Atlanta (Nov. 1974)
A Pragmatic Approach to the Capital Structure Decision Based on Long-Run Growth," with Henry
A. Latane, Financial Management Association, San Diego (Oct. 1974)
Multi-period Wealth Distributions and Portfolio Theory," Southern Finance Association, Houston
(Nov. 1973)
Growth Rates, Expected Returns, and Variance in Portfolio Selection and Performance
Evaluation," with Henry A. Latane, Econometric Society, Oslo, Norway (Aug. 1973)
Exhibit No. 16
Case No. IPC-O8-
W. Avera , IPC
Page 6 of 6
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FORWARD-LOOKING CAPM Exhibit 21
Page 1 of 1
UTILITY PROXY GRQ
Market Rate of Return
Dividend Yield (a)
Growth Rate (b)10.
Market Return (c)12.
Less: Risk-Free Rate (d)
Long-term Treasury Bond Yield
Market Risk Premium (e)
Proxy Group Beta (f)
Proxy Group Risk Premium (g)
Plus: Risk-free Rate (d)
Long-term Treasury Bond Yield
Implied Cost of Equity (h)11.
(a) Weighted average dividend yield for the dividend paying firms in the S&P 500 from
www.valueline.com (RetreivedJune 6, 2008).
(b) Weighted average ofmES, Zacks, and Value Line growth rates for the dividend paying firms in
the S&P 500 based on data from Thomson Financial Company in Context Report (June 10, 2008),
www.zacks.com (retrieved June 11,2008), and www.valueline.com (retrieved June 6, 2008).(c) (a) + (b)
(d) Average yield on 20-year Treasury bonds for May 2008 from the Federal Reserve Board at
http://www.federalreserve.gov/releases/h15/ data/Monthly /HIS - TCMNOM- Y20. txt.
(e) (c)-(d).
(f) The Value Line Investment Survey (Mar. 28, May 9, & May 30 2008).
(g)
(e) x (f).
(h) (d)
+ (g).
Exhibit No. 21
Case No. IPC-08-
W. Avera , IPC
Page 1 of 1
FOR W ARD- LOOKIN G CAPM Exhibit 22
Page 1 of 1
NON-UTILITY PROXY GROUP
Market Rate of Return
Dividend Yield (a)2.4%
Growth Rate (b)10.
MarketReturn (c)12.
Less: Risk-Free Rate (d)
Long-term Treasury Bond Yield
Market Risk Premium (e)
Proxy Group Beta (f)
Proxy Group Risk Premium (g)
Plus: Risk-free Rate (d)
Long-term Treasury Bond Yield
Implied Cost of Equity (h)11.
(a) Weighted average dividend yield for the dividend paying firms in the S&P 500 from
www.valueline.com (Retreived June 6, 2008).
(b) Weighted average of IBES, Zacks, and Value Line growth rates for the dividend paying firms in
the S&P 500 based on data from Thomson Financial Company in Context Report (June 10, 2008),
www.zacks.com (retrieved June 11, 2008), and www.valueline.com (retrieved June 6, 2008).
(c) (a) + (b)
(d) Average yield on 20-year Treasury bonds for May 2008 from the Federal Reserve Board at
http://www.federaireserve.gov /releases/h15/data/Monthly /H15 - TCMNOM- Y20.txt.
(e) (c) - (d).
(f) www.valueline.com (retrieved June 4,2008).
(g)
(e) x (f).
(h) (d) +
(g).
Exhibit No. 22
Case No. IPC-08-
W. Avera , IPC
Page 1 of 1
HISTORICAL CAPM
UTILITY PROXY GROUP
Market Risk Premium
Long-Horizon Equity Risk Premium (a)
Proxy Group Beta (b)
Proxy Group Risk Premium (c)
Plus: Risk-free Rate (d)
Long-tenn Treasury Bond Yield
Implied Cost of Equity (e)10.
(a) Arithmetic mean risk premium on Large Company Stocks from 1926-2007 reported by
Ibbotson Associates Stocks, Bonds, Bills, and Inflation, Valuation Edition, 2008 Yearbook,
Appendix C, Table C-, p. 262.
(b) The Value Line Investment Survey (Mar. 28, May 9, & May 30, 2008).
(c) (a) x (b).
(d) Average yield on 20-year Treasury bonds for May 2008 from the Federal Reserve Board at
http://www.federalreserve.gov/releaseslhlS/ data/Monthly /HIS - TCMNOM- Y20. txt.
(e) (c) + (d).
Exhibit 23
Page 1 of 1
Exhibit No. 23
Case No. IPC-08-
W. Avera , IPC
Page 1 of 1
HISTORICAL CAPM Exhibit 24
Page 1 of 1
NON-UTILITY PROXY GROUP
Market Risk Premium
Long-Horizon Equity Risk Premium (a)
Proxy Group Beta (b)
Proxy Group Risk Premium (c)
Plus: Risk~free Rate (d)
Long-tenn Treasury Bond Yield
Implied Cost of Equity (e)10.
(a) Arithmetic mean risk premium on Large Company Stocks from 1926-2007 reported by
Ibbotson Associates Stocks, Bonds, Bills, and Inflation, Valuation Edition, 2008 Yearbook,
Appendix C Table C-, p. 262.
(b) www.valuellne.com (retrieved June 4 2008).
(c) (a) x (b).
(d) Average yield on 20-year Treasury bonds for May 2008 from the Federal Reserve Board at
http://www.federalreserve.gov/releases!hI5/data/Monthl y /HI53CMNOM- Y20. txt.
(e) (c) + (d).
Exhibit No. 24
Case No. IPC-08-
W. Avera , IPC
Page 1 of 1
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