University of Missouri
About Us  |  FRI Team  |  What's New
FRI - Financial Research Institute, University of Missouri

2005 Symposium Program


We acknowledge the generous support

of the following  FRI  contributors:


Ameren Corporation  

Aquila , Incorporated  

Arkansas Western Gas  

CenterPoint Energy  

The Empire District Electric Co.  

Kansas City Power and Light Co.  

Laclede Gas Company  

Missouri American Water Co.  

SBC Missouri


The Missouri Bar has approved the 2004 FRI Utility Symposium  for 5.5  MCLE credits.  CPAs may submit the program to their State Board of Accountancy for appropriate Continuing Education credit.






Future of State Regulation

in an Increasingly Inter-state

(Federalized?) Environment





Financial Research Institute

404 Cornell Hall

College of Business

University of Missouri - Columbia



October 5, 2005


The Financial Research Institute was established in 1988 within the college of Business at the University of Missouri to promote education, research and service across various areas of finance.  Supported by private contributions, the FRI seeks to increase public understanding of the many business challenges that modern corporations must address.  Presently the FRI operates only the Public Utilities Division which focuses on regulatory issues facing state regulated public utilities.  In the future, the FRI envisions expanding  into other areas of finance.



As part of its activities, the FRI sponsors an annual public utilities symposium which brings regulators, students, corporate managers and other academics to campus to discuss current issues facing regulated industries.  Under the leadership of Dr. Steve Ferris, Director, the FRI has established linkages with other MU research centers and with other academic public utility centers around the country. 



Keynote Speaker

“How Do We Get There and Who Pays?”    

Commissioner Stan Wise  

Georgia Public Service Commission

2004 President NARUC

National Association of

Regulatory Utility Commissioners


Stan Wise won re-election to his second six-year term on the Georgia Public Service Commission in November 2000. He served as Commission Chairman in 1997 and 1999.  He was first elected to public office as a Cobb County Commissioner in 1990 and had previously served as a member of the Cobb County Planning Commission and the Board of Zoning Appeals. Wise was a Board Member of the ten-county Atlanta Regional Commission 1992-1994. 


Commissioner Wise is currently President of the National Association of Regulatory Utility Commissioners (NARUC).  Wise is a past President of the Southeastern Association of Regulatory Utility Commissioners (SEARUC) and serves on the International Relations Committee  and   Gas  Committee of  NARUC.   He is a member  of the

U.S. Department of Energy State Energy Advisory Board.  He currently

serves on the Cobb County Public Schools Foundation, Inc.


He has also served on the Board of Directors of the Cobb YMCA, the Boys Club of Cobb County and the Advisory Board of the North Georgia Law Enforcement Academy.  He owned and operated an insurance business in Cobb County for twenty years.  Wise was awarded his B.S. in Business Management from the Charleston Southern University in 1974.  He and his wife Denise have two grown children.

Luncheon Speaker

“Back to Basics, Stratagem or Strategy?”

Mr. James Haines, Jr.  

President and Chief Executive Officer

Westar Energy, Topeka, Kansas   

After a six-year absence from the company, James Haines joined Westar Energy as director, chief executive officer and president in December 2002.  During his first months at the helm of Westar Energy, Haines has built a new senior management team, stepped up corporate governance, overseen development and implementation of a debt reduction and restructuring plan and improved company relations with regulators, investors, employees and customers.

Prior to his return to Westar Energy, Haines was adjunct professor and Skov Professor of Business Ethics in the College of Business Administration, The University of Texas at El Paso. Haines retired from El Paso Electric Company in November 2001, after serving nearly six years as a director and the CEO and President of the company.  During Haines' tenure, El Paso Electric reduced debt and preferred stock obligations by more than $500 million and regained its investment grade credit rating; achieved the highest service reliability rating among major electric utilities in Texas; and won numerous awards for its involvement in civic and charitable affairs.

Haines, a 1975 graduate of the University of Missouri-Columbia Law School, began his career as an assistant attorney general for the state of Missouri. He served nearly four years as a lawyer for the Missouri PSC.  Haines joined the legal department of KGE in 1980. He served as vice president-regulatory affairs in 1984 and as KGE group vice president 1985-1992.  He was executive vice president and chief accounting officer of Westar Energy prior to joining El Paso Electric.

Panel I

Panel Moderator: Commissioner Stan Wise

“Traditional and Alternative Methods for

Determining Return on Investment”

Jeff Cloud

Oklahoma Corporation Commission

Commissioner Jeff Cloud was elected to the Oklahoma   Corporation Commission in November 2002. Cloud worked as a petroleum landman before being hired by Henry Bellmon to be his personal assistant during Bellmon’s successful 1986 run for governor.  Cloud  served in the Bellmon administration until 1989. Cloud then worked for Congressman Mickey Edwards before joining the General Counsel’s staff at the Oklahoma Corporation Commission.  J.C. Watts, who was a Corporation Commissioner at that time, tapped Cloud to be his top aide.  After Watts’ election to Congress in 1994, Cloud served as Congressman Watts’ District Director and managed his successful re-election campaign in 1996.  In 1998, Cloud went to the Oklahoma City Mayor Kirk Humphreys’ office to serve as the Mayor’s chief of staff.

Commissioner Cloud holds a degree in Petroleum Land Management from the University of Oklahoma and a law degree from Oklahoma City University.  He resides in Oklahoma City with his wife and three children. 



Mr. Adam Gatewood

Kansas Corporation Commission


Adam Gatewood is a Managing Fiscal Analyst with sixteen years of experience at the Kansas Corporation Commission. He has testified in more than 40 cases on rate of return and financial issues involving electric, natural gas, pipeline and telephone utilities. 

He graduated from Washburn University with an MBA and a B.A. in Economics. 


Mr. Mike Gorman

Brubaker and Associates

Mike Gorman  is  a  Principal  at  Brubaker  and  Associates,   Inc. He has been in consulting practice since 1990, and in the energy business since 1983.

Mr. Gorman   was  formerly   employed   by   the  Illinois   Commerce Commission    and,   over    a   six-year    period,  he    held    positions including   Director  of  the  Financial  Analysis  Department,   Senior Analyst,  Planning  Analyst and  Utility  Engineer.   His  responsibilities included  cost  of  capital  studies,  financial  integrity   studies,  security issuance oversight, strategic modeling of public utilities, production cost evaluations and marginal cost studies. Mr. Gorman was also employed  by  Merrill  Lynch  as a Financial   Consultant.  In this position, he performed cash management and investment evaluations.

Mr. Gorman holds a B.S. in Electrical Engineering from Southern Illinois University at Carbondale and an M.B.A. from the University of Illinois at Springfield, as well as extensive graduate studies in Financial Economics. He earned the designation Chartered Financial Analyst (CFA) from the Association for Investment Management and Research.


Mr. Stephen G. Hill

Hill Associates


Stephen G. Hill is a rate of return analyst doing business as Hill Associates from his office in Hurricane, West Virginia. He has testified in more than 220 regulatory proceedings over the past twenty years on the subject of cost of capital and financial/economic issues related to regulated industries. Mr. Hill has provided testimony on financial, economic and corporate governance issues in electric, gas, telephone and water utility rate proceedings as well as in proceedings related to utility diversification, deregulation, and financial management policy. In addition, he has testified on cost of capital issues in auto, homeowners and workers’ compensation insurance rate proceedings.  He has been an advisor to the Arizona Corporation Commission on matters of utility finance in bankruptcy proceedings.


Johannes Pfeifenberger

Principal, The Brattle Group

Johannes Pfeifenberger specializes in industry restructuring, network   access, ratemaking and incentive regulation, analysis and mitigation of market power, financial evaluation, and litigation support. As an expert economist in the areas of regulated industries and finance with a strong engineering background, Mr. Pfeifenberger focuses on the energy and telecommunications industries in the U.S. and Europe. He has published widely; assisted clients in the formulation of business and regulatory strategy; submitted testimony to the U.S. Congress, courts, and regulators; presented to antitrust and government agencies, and provided analytical support in mediation and stakeholder processes.

On behalf of his clients, Mr. Pfeifenberger recently addressed the economic implications of restructuring policies, the causes and mitigation of pricing anomalies in electric power markets, the benefits of alternative regulation, the desirability of settlement proposals, the effects of proposed mergers, commercial damages, and the need for regulatory and legislative actions in the context of evolving market conditions.

Program of Events  

“Future of State Regulation in an Increasingly Inter-state (Federalized?) Environment”


Reynolds Alumni Center


Welcome                                                   9:30    

Dr. Stephen Ferris                                        

Director, FRI


Keynote Address                           9:45-10:20


“How Do We Get There and Who Pays?” Commissioner Stan Wise

Georgia Public Service Commission

President  NARUC


Panel Discussion I                        10:30-11:45

“Traditional and Alternative Methods for

Determining Return on Investment”

Commissioner Stan Wise, Moderator

Commissioner Jeff Cloud

Oklahoma Corporation Commission

Mr. Adam Gatewood,
Kansas Corporation Comm.

Mr. Mike Gorman,
Brubaker and Associates

Mr. Stephen Hill,
Hill Associates

Mr. Johannes Pfiefenberger,
The Brattle Group

    Luncheon                                   12:00-1:10

Benton Bingham Ballroom

Luncheon Address: 

“Back to Basics, Stratagem or Strategy?”           Mr. James Haines

President and Chief Executive Officer                          Westar Energy, Topeka, Kansas


Panel Discussion II                     1:15-2:30                  

“Utility Capital Structure, Capital Market

Access and Creditworthiness”

Mr. James Haines, Moderator

Commissioner Randy Bynum, Arkansas PSC

Ms. Denise Furey, Fitch Ratings

Mr. Lee Nickloy, Ameren Corporation

Mr. Brian M. Youngberg,
Edward Jones


Panel Discussion III                   2:45-3:30

Wrap-up and Synthesis

Commissioner Robert Clayton, Moderator

Missouri Public Service Commission

Mr. William Downey, KC Power and Light

Mr. Mike Gorman, Brubaker and Associates

Mr. Johannes Pfiefenberger, The Brattle Group

Mr. Brian Youngberg, Edward Jones


Closing Comments                             3:30

Dr. Stephen P. Ferris


Reception                                             3:45

Benton Bingham Ballroom

Afternoon Panels

Panel II  Moderator:  James Haines


“Utility Capital Structure, Capital Market

 Access & Creditworthiness”



Randy Bynum

Arkansas Public Service Commission


Commissioner Bynum joined the Arkansas Public Service Commission in 2003, to fill a term that will expire in 2007.  Randy has been in private law practice in Washington D.C. and Little Rock, Arkansas since 1989.  During the period from 1995 to 2000, Randy served as president of Bynum Furniture Group, Inc.  He received a law degree with high honors from the George Washington University in 1989 and a bachelor’s degree with honors in 1982 from the University of Arkansas.  Commissioner Bynum is licensed to practice law in Arkansas and the District of Columbia and holds a Certified Public Accountant certificate (inactive) in Arkansas.

Randy currently resides in Little Rock, Arkansas with his wife Anne and three children.


Denise Furey

        Fitch Ratings


Denise Furey is the senior director of Fitch Ratings’ global power group.  Her responsibilities include the analysis and ratings of electric utilities, energy marketers, and wholesale electric generators.  Prior to joining Fitch in 2002,  Denise was senior director of Enron Corp.Her responsibilities included counterparty analysis of the company’s large retail energy customers.  She also worked in commercial banking and bond insurance most recently with MBIA analyzing energy companies and structured finance transactions.

Denise Furey earned a BSFS in international politics from Georgetown University and an MBA in finance from New York University.


Lee R. Nickloy

      Ameren Corporation


Lee R. Nickloy became Assistant Treasurer in 2000 after joining Ameren’s Treasurer’s organization in 1998.  In his current position, he is responsible for capital raising and financing activities, banking, short-term liquidity and borrowing facilities, cost of capital, credit risk management and investor services.

Before joining Ameren, Mr. Nickloy managed credit risk and domestic trade finance activities for TransCanada Energy USA Inc., the Houston, TX-based energy, refined products, and oil and gas trading and marketing subsidiary of TransCanada Pipelines Ltd.  He held this position from 1995 until 2000 when he went to Ameren.

Prior to joining TransCanada, Mr. Nickloy was employed in various financial positions at Enjet, Inc., a privately held crude oil refining and products trading company based in Houston, TX, and the refined products organization of Shell Oil Company in Houston, TX and Chicago, IL.

Mr. Nickloy graduated Magna Cum Laude with a Bachelor of Science degree from Christian Brothers University in Memphis, Tennessee in 1989, with a triple concentration in the Economics/Finance, Management, and Marketing programs of study.

Brian M. Youngberg

Edward Jones


Brian Youngberg is a senior utilities analyst for Edward Jones.   He has worked with companies in the electric and gas sector for several years, performing equity research, assigning credit ratings and providing corporate banking services.

Prior to joining Edward Jones in mid-2000, Youngberg was a vice president with Duff & Phelps Credit Rating Co. in Chicago, where he worked in the Global Power Group.  Before joining Duff & Phelps in 1996, he was a corporate banking officer with two major banks, where he called on Fortune 500 firms across the Midwest.  At Edward Jones, he earned the Wall Street Journal’s “Best on the Street” honors for 2001 and 2002, earning the top ranking in the utilities sector in 2001.

Youngberg, a Chartered Financial Analyst, is a graduate of the University of Nebraska and has an M.B.A. from Washington University in St. Louis.  He has been quoted on energy topics in various publications including The Wall Street Journal, Time, Business Week, the Los Angeles Times, the Chicago Tribune, the Washington Post, the San Francisco Chronicle, and the Houston Chronicle. 


    Panel III

    Moderator:  Commissioner Robert Clayton 

Missouri Public Service Commission

“Wrap-up and Synthesis”


William Downey

Kansas City Power & Light Company

William Downey is  President  and  Chief  Executive  Officer  of Kansas City Power & Light.  He joined the company in 2000 after 28 years of electric utility experience, including 20 years in executive positions with Commonwealth Edison in Chicago.  Prior to joining the Company, Mr. Downey served as vice president of Commonwealth Edison and president of Unicom Energy Services Company, Inc., an unregulated energy marketing and services company operating throughout the Midwest.  In October 2003, he was named to his current position and also was elected as a Director of Great Plains Energy.

He holds a Bachelor of Science degree from Boston University, a Master of Science degree from Columbia University and a Master of Business Administration degree from the University of Chicago.



Mike Gorman, Brubaker & Associates  

Johannes Pfeifenberger, The Brattle Group  

Brian M. Youngberg, Edward Jones






The FRI Advisory Board was established in 1988 simultaneously  with  the  creation of   the  Financial  Research Institute.  The board consists of regulators and industry executives who provide assistance and professional advice to the FRI. The board supports the Mission of the FRI to increase public understanding of the challenges and issues facing regulated industry.

Since January 2003, the board has adopted a new structure to function more efficiently with the election of a board chair and vice chair, each serving one-year terms.  Under the direction of Chairman Mill, Advisory Board responsibilities have been  divided   into  two   working    committees,  the Governance Committee and the Planning & Outreach Committee.



Randy Bynum

Arkansas Public Service Commission


Jeff Cloud, Vice Chair

Oklahoma Corporation Commission


John Coffman

MO Office of Public Counsel


Barry Cooper

Laclede Gas Company


Jon Empson

Aquila, Inc.


Steve Gaw

MO Public Service Commission


William L. Gipson

The Empire District Electric Co.


Charles Harder

CenterPoint Energy Arkla


Kenneth McClure

City Utilities of Springfield


Robert Mill, Chair



Tim Rush

Kansas City Power & Light Co.


Craig Unruh

SBC Missouri


Dr. Steve Ferris , Professor of Finance and James Harvey Rogers Chair of Money, Credit and Banking, was appointed by the Dean of the College of Business as the Director of the FRI in December, 2002.  Dr. Ferris first arrived at the University of Missouri in 1993 to assume the position of chairman of the Department of Finance. Previous to his appointment at MU, he was a member of the finance faculty at Virginia Tech.  Steve has also held visiting appointments at Duquesne University, the University of Memphis and the University of Pittsburgh.  Dr. Ferris received his undergraduate degree from Duquesne University and his M.B.A. and Ph. D. from the University of Pittsburgh. Steve serves as a Commander in the U.S. Navy Reserve.


Dr. Sandra Klein is Assistant Director of the Financial Research Institute as well as Visiting Assistant Professor in the University of Missouri’s Department of Economics.  Previously, she has taught economics and finance at the University of Georgia, the Copenhagen Business School, and Auburn University. Klein holds a Ph.D. in economics from Auburn University and has published in several academic journals. Her research focuses on corporate structure and performance.


Mrs. Charlotte Butler ,       Financial       Research        Institute Administrative Assistant, holds a B.S. in education from Southwest Missouri State University.  Charlotte is a native of the Show Me State  who  has lived  throughout Missouri and the U.S.  She has had opportunities to work in a  variety of  settings as  she  has  followed her  husband’s career  for more than thirty years.  She brings extensive experience in office administration to  the FRI in addition to practical and human relations   skills  finely  tuned  while  working  with   young   children,     parents,  and  preschool  staff  in   the  field  of early childhood education.



Faculty of the Department of Finance  

 Dr. Paul Brockman

Dr. Stephen P. Ferris

Dr. Dan W. French

Dr. Manu Gupta

Dr. John S. Howe

Dr. Cynthia G. McDonald

Dr. Sandra Mortal

Dr. John J. Stansfield

Dr. David A. West

Dr. H. Douglas Witte

Dr. Xuemin (Sterling) Yan

Add To Favorites  Add To Favorites