Viral V. Acharya is Professor of Finance at New York University Stern School of Business, Research Associate of the National Bureau of Economic Research (NBER) in Corporate Finance, Research Affiliate of the Center for Economic Policy Research (CEPR) in Financial Economics, Research Associate of the European Corporate Governance Institute (ECGI), and an Academic Advisor to the Federal Reserve Banks of Cleveland, New York and Philadelphia. He completed his Ph.D. in Finance from Stern School of Business and Bachelor of Technology in Computer Science and Engineering from Indian Institute of Technology, Mumbai. His research interests are in the regulation of banks and financial institutions, corporate finance, credit risk and valuation of corporate debt, and asset pricing with a focus on the effects of liquidity risk. He has published articles in the Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of Business, Rand Journal of Economics, Journal of Financial Intermediation, Journal of Money, Credit and Banking, and Financial Analysts Journal. He is editor of the Journal of Financial Intermediation and associate editor of several journals, especially on banking and financial intermediation. He is the recipient of Best Paper Award in Corporate Finance -Journal of Financial Economics, 2000, Best Paper Award in Equity Trading - Western Finance Association Meetings, 2003, Outstanding Referee Award for the Review of Financial Studies, 2003, the inaugural Lawrence G. Goldberg Prize for the Best Ph.D. in Financial Intermediation, Best Paper Award in Capital Markets and Asset Pricing - Journal of Financial Economics, 2005 (First Prize) and 2007 (Second Prize), the inaugural Rising Star in Finance (one of four) Award, 2008, European Corporate Governance Institute's Best Paper on Corporate Governance, 2008, Distinguished Referee Award for the Review of Financial Studies, 2009, III Jaime Fernandez de Araoz Award in Corporate Finance, 2009, Viz Risk Management Prize for the Best Paper on Energy Markets, Securities, and Prices at the European Finance Association Meetings, 2009 and Excellence in Refereeing Award for the American Economic Review, 2009. He was the Academic Director of the Coller Institute of Private Equity at London Business School during 2008-09 and a Senior Houblon-Normal Research Fellow at the Bank of England for Summer 2008. He has co-edited the book Restoring Financial Stability: How to Repair a Failed System, with Matthew Richardson, NYU-Stern and John Wiley and Sons, March 2009, and also co-edited the forthcoming Regulating Wall Street: The New Architecture of Global Finance, releasing May 2010.
EDWARD I. ALTMAN
Edward I. Altman is the Max L. Heine Professor of Finance at the Stern School of Business, New York University, and Director of the Credit and Fixed Income Research Program at the NYU Salomon Center. Dr. Altman has an international reputation as an expert on corporate bankruptcy, high yield bonds, distressed debt and credit risk analysis. He was named Laureate 1984 by the Hautes Etudes Commerciales Foundation in Paris for his accumulated works on corporate distress prediction models and procedures for firm financial rehabilitation and awarded the Graham & Dodd Scroll for 1985 by the Financial Analysts Federation for his work on Default Rates and High Yield Corporate Debt. He was inducted into the Fixed Income Analysts Society Hall of Fame in 2001 and elected President of the Financial Management Association (2003) and a Fellow of the FMA in 2004. In 2005, Dr. Altman was named one of the "100 Most Influential people in Finance" by Treasury & Risk, Management magazine. Dr. Altman is an advisor to many financial institutions including Citigroup, Concordia Advisors, Droege & Co., Miller-Mathis, Investcorp and the New York State Common Retirement Fund, as well as on the Board of the Franklin Mutual Series Funds, and Automated Trading Desk, Inc. He is also Chairman of the Academic Advisory Council to the Turnaround Management Association.
RICHARD CANTOR
Richard Cantor serves as Chief Risk Officer for Moody’s Corporation and Chief Credit Officer for Moody’s Investors Service.
Mr. Cantor was appointed Chief Risk Officer in January 2009. In this role he is responsible for identifying, evaluating and mitigating risk for the company. As the Chief Credit Officer, a position he has held since July 2008, Mr. Cantor heads the Credit Policy Group and chairs the Credit Policy Committee, both of which are responsible for the review and approval of rating methodologies. The Credit Policy Group also works with the rating groups to promote consistent rating practices and improve rating quality. It conducts default research, verifies and validates rating models, develops market-implied ratings, and publishes rating performance reports.
Prior to joining Moody’s in 1997, Mr. Cantor worked at the Federal Reserve Bank of New York, where he held a variety of positions in the research group and was staff director at the discount window. Prior to joining the Fed, he taught economics at the University of California at Los Angeles and Ohio State University. Mr. Cantor also taught, on an adjunct basis, at the Leonard N. Stern School of Business at New York University and Columbia Business School.
Mr. Cantor received a BA from Tufts University and a Ph.D. in economics from The Johns Hopkins University.
HUI CHEN
Hui Chen joined MIT Sloan in 2007. His research interests are in asset pricing, and its connections with corporate finance. He is particularly interested in studying the interactions between the macro economy and corporate financing, investment, and risk management decisions. His recent research projects include applying business cycle models to explain corporate financing behavior and corporate bond pricing, and analyzing the effects of incomplete markets on entrepreneurial financing and investments.
PIERRE COLLIN-DUFRESNE
Pierre Collin-Dufresne, Carson Family Professor of Finance, Graduate School of Business, Columbia University. Prior to joining Columbia University in July 2008, Pierre worked three years as a senior portfolio manager responsible for fixed income and credit strategies in the Quantitative Strategies Group of Goldman Sachs Asset Management. Pierre joined GSAM in July 2005 from the Haas School of Business of U.C. Berkeley where he had been an Associate Professor of Finance since 2004. After obtaining his Ph.D. in 1998 from the HEC School of Management, Paris, France, he started as an Assistant Professor of Finance at the Graduate School of Industrial Administration of Carnegie Mellon University, where he became Associate Professor in 2003. Pierre’s teaching and research interests include Asset and Contingent Claim Pricing, Fixed Income Securities, Default Risk, Emerging Markets, International Finance, and Real Estate Economics. His research has been published in refereed journals such as Econometrica, Journal of Finance, and Journal of Derivatives. He is a Research Associate of the National Bureau of Economic Research (NBER) and a consultant to the Federal Reserve Bank of New-York. He has served on the Advisory Research Board of Moody's and of INQUIRE Europe, and has been an associate editor for the Journal of Quantitative Financial Analysis, Management Science, Finance and Stochastics, Mathematics and Financial Economics, The International Journal of Financial Banking, and The Review of Financial Studies.
KENT D. DANIEL
Kent Daniel is currently a visiting professor at the Graduate School of Business at Columbia University. From 1996 to 2006, Kent was at the at the Kellogg School of Management at Northwestern University, where he was the John and Helen Kellogg Distinguished Professor of Finance (on leave from 2004-2006). He also served on the faculty at the University of Chicago and the University of British Columbia. His work, both theoretical and empirical, has been primarily in the areas of asset pricing and behavioral finance. Between 2004 and 2010, Kent was with the Quantitative Investment Strategies group at Goldman Sachs Asset Management. In 2005, he became a managing director and head of equity research effort in 2005, and became a co-chief investment officer in 2009. In addition to other awards, his papers received the 1997 and 1999 Smith-Breeden awards for the best paper in the Journal of Finance. His papers have been reprinted in several books. He also received the Sidney J. Levy Teaching Award for 1996-1997 and 2000-2001 at the Kellogg School. Kent has served as a research associate and a faculty research fellow at the National Bureau of Economic Research, an associate editor for the Journal of Finance, and a director of both the American Finance Association and the Western Finance Association. Kent holds a B.S. with honors from the California Institute of Technology in 1981 and an M.B.A. from UCLA in 1987. He received his Ph.D. in Finance from UCLA in 1992.
STEPHEN FIGLEWSKI
Stephen Figlewski is a Professor of Finance at the New York University Leonard N. Stern School of Business, where he has been since 1976. He holds a B.A. in Economics from Princeton University and a Ph.D in Economics from the Massachusetts Institute of Technology. He has published extensively in academic journals, especially in the area of financial futures and options. He is the founding Editor of The Journal of Derivatives and he also edits the Financial Economics Network's two "Derivatives" series published over the Internet. He is the director of the NASDAQ OMX Derivatives Research Project, which is a research initiative at the Stern School that supports applied and theoretical research on derivatives and promotes intellectual interchange between academics and practitioners in derivatives, risk management, and financial engineering. Professor Figlewski has also worked on Wall Street. Recently he took a leave of absence to work on margin setting for credit-sensitive securities at Citigroup. Previously, he spent a year at the First Boston Corporation, in charge of research on equity derivative products, and was at one time a member of the New York Futures Exchange and a Competitive Options Trader at the New York Stock Exchange.
MARK J. FLANNERY
Mark J. Flannery is the BankAmerica Eminent Scholar in Finance at the University of Florida. Before joining UF in 1989, he served on the faculties at the University of North Carolina and the Wharton School. He holds economics degrees from Princeton and Yale Universities. Flannery has published extensively in academic and practitioners' finance and economics journals, primarily on issues relating to the management and regulation of financial institutions. He has also studied problems in information economics, capital structure, and asset market equilibrium. He was editor of the Journal of Money Credit and Banking for five years, and presently serves on the editorial boards of six academic journals.
In addition to his research activities, Flannery has consulted with private banks and government agencies, and is on leave for the 2009-10 academic year at the New York Federal Reserve Bank’s Research Department. With FDIC staff and others, he established the FDIC’s Center for Financial Research in 2003, and then served as Co-Director and Senior Adviser until 2008. Past service to the profession includes the American Finance Association’s Board of Directors (1999-2002), and a variety of executive positions with the Financial Management Association International (past-President; Chairman of the Board of Trustees). He is curently president of the Financial Intermediation Research Society.
GARY B. GORTON
Gary B. Gorton is Frederick Frank Class of 1954 Professor of Management and Finance at Yale School of Management. Prior to being at Yale Professor Gorton was the Robert Morris Professor of Banking and Finance at The Wharton School of the University of Pennsylvania, where he worked for 24 years starting in the fall of 1983. He was also Professor of Economics in the College of Arts and Sciences at the University of Pennsylvania, and is currently a Research Associate of the National Bureau of Economic Research. He is a former member of the Moody’s Investors Services Academic Advisory Panel. He is also the former Director of the Research Program on Banks and the Economy for the Federal Deposit Insurance Corporation. He has taught at the Graduate School of Business, University of Chicago, and previously worked as an economist and senior economist at the Federal Reserve Bank of Philadelphia. During 1994 he was the Houblon-Norman Fellow at the Bank of England. Dr. Gorton has done research in many areas of finance, including both theoretical and empirical work. Specific research has focused on the role of stock markets and banks, credit cycles, arbitrage pricing, commodity futures, bank capital, bank production of liquidity, loan sales, securitization, bank loan pricing, and bank regulation. Dr. Gorton also works on corporate control issues and asset pricing theory, including models of asset price bubbles and game theoretic models of trading and asset pricing. His research has been published in the American Economic Review, the Review of Economic Studies, the Review of Financial Studies, the Journal of Economic Theory, the Journal of Political Economy, the Journal of Finance, the Journal of Monetary Economics, the Journal of Business, and the Journal of Money, Credit, and Banking, among other places. Dr. Gorton is a member of the American Finance Association, the American Economic Association, and the Econometric Society. He was an editor of the Review of Economic Studies and the Review of Financial Studies. He is now, or has been in the past, on the editorial boards of many journals including Journal of Financial Services Research, the Journal of Financial Intermediation, the Journal of Financial Markets, the Journal of Money, Credit, and Banking, Advances in International Banking and Finance, Finance Letters, and the Economic Policy Review (of the Federal Reserve Bank of New York). He is the former editor of the Review of Financial Studies and a former director of the Western Finance Association. Dr. Gorton has consulted for the U.S. Board of Governors of the Federal Reserve System, various U.S. Federal Reserve Banks, the Bank of England, the Bank of Japan, and the Central Bank of Turkey. He has also consulted for a number of private firms. Dr. Gorton received his doctorate in Economics from the University of Rochester. In the field of Economics, he received Master's degrees in economics at the University of Rochester and Cleveland State University, and also received a Master's degree in Chinese Studies from the University of Michigan.
JOHN HULL
John Hull is the Maple Financial Group Professor of Derivatives and Risk Management in the Joseph L. Rotman School of Management at the University of Toronto. He is an internationally recognized authority on derivatives and risk management and has many publications in those areas. Recently his research has been concerned with credit risk, executive stock options, volatility surfaces, market risk, and interest rate derivatives. He was, with Alan White, one of the winners of the Nikko-LOR research competition for his work on the Hull-White interest rate model. He has acted as consultant to many North American, Japanese, and European financial institutions. He has written three books “Risk Management and Financial Institutions” (first published in 2006), "Options, Futures, and Other Derivatives" (seventh edition just published) and "Fundamentals of Futures and Options Markets" (now in its sixth edition). The books have been translated into many languages and are widely used in trading rooms throughout the world. He has won many teaching awards, including University of Toronto's prestigious Northrop Frye award, and was voted Financial Engineer of the Year in 1999 by the International Association of Financial Engineers. In addition to the University of Toronto, Dr. Hull has taught at York University, University of British Columbia, New York University, Cranfield University, and London Business School. Earlier in his career he worked as a corporate planning analyst with British Shoe Corporation. He is an Associate Editor of eight academic journals.
VICTORIA IVASHINA
Victoria Ivashina joined the Finance Unit of Harvard Business School as an Assistant Professor in July 2006. She currently teaches the required finance course in the first-year MBA program. Her research interests are in the area of corporate finance with a focus on credit markets. Professor Ivashina holds a Ph.D. in Finance from the Leonard N. Stern School of Business, New York University and a B.A. in Economics from Pontificia Universidad Catolica del Lima, Peru. Prior to receiving her Ph.D., she worked as an Associate in the research department of the Superintendency of Banking and Insurance, a Peruvian government agency with regulatory functions similar to those of the U.S. Federal Reserve Bank, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency.
WEI JIANG
Wei Jiang is Associate Professor of Finance and Economics at Columbia Business School. She received her Ph.D. in economics from the University of Chicago in 2001 and joined Columbia Business School in the same year. She has since taught in the MBA or EMBA programs at Columbia, Wharton, and Berkeley. She was an investment banking associate at Prudential Securities (Shanghai) before pursuing her Ph.D. degree. Professor Jiang’s main research interest lies in the strategies of institutional investors and their role in corporate decisions and financial markets. Her research has been featured in major media, including the Wall Street Journal, Economist, Institutional Investors, Money, Fortune, Business Week, New York Times and Financial Times. She received the Smith-Breeden Distinguished Paper Prize from the Journal of Finance, Best Paper Prizes from the Chicago Quantitative Alliance, UK Inquire, and the Q-Group, and the Wharton School Terker Family Prize in Investment Research. Jiang has taught various courses in corporate finance and is the recipient of multiple teaching excellence awards at Columbia Business School.
JAKUB W. JUREK
Jakub W. Jurek joined the faculty at the Department of Economics at Princeton University in July 2008, and teaches courses on fixed income and asset pricing. His research focuses on theoretical and empirical finance, and emphasizes the role of market structure in price formation. Jakub’s recent research develops option-based methods for the valuation of collateralized debt obligations (CDOs) and models of market liquidity.
Jakub holds an undergraduate degree in Applied Mathematics and a Ph.D. in Business Economics, both from Harvard University. Prior to entering graduate school, he worked in the quantitative equity strategy groups at Goldman Sachs and AQR Capital Management, LLC. He has also served as a consultant to Grantham, Mayo, van Otterloo, LLC, a Boston-based investment management company, and the Harvard Management Company.
FRANCIS A. LONGSTAFF
Francis A. Longstaff is the The Allstate Professor of Insurance and Finance at the Anderson School at UCLA and the current Finance Area Chair. He received his Ph.D. in Finance from the Graduate School of Business at the University of Chicago. He is a Certified Public Accountant (CPA) and a Chartered Financial Analyst (CFA). From 1995 to 1998, Professor Longstaff was head of Fixed Income Derivative Research at Salomon Brothers Inc. in New York. Professor Longstaff has also worked in the research department of the Chicago Board of Trade and for Deloitte and Touche as a management consultant.
His current research interests include the following:
1. Fixed income markets and term structure theory.
2. Derivative markets and valuation theory.
3. Credit risk.
4. Computational Finance.
5. Liquidity and its effects on prices and markets.
6. The role of arbitrage in financial markets.
Several of his recent term structure papers have focused on the expectations hypothesis. Recent papers in the area of derivatives have focused on the valuation of American options by simulation and on the valuation of interest rate derivatives in string models of the term structure. Other recent papers provide upper bounds on the size of discounts for lack of liquidity that can be sustained in financial markets and also examine the risk/return relationship for hedge funds investing in pure arbitrage opportunities when there are margin constraints. He has published nearly 40 articles in academic and practitioner journals. Many of his valuation models have been used widely on Wall Street and throughout the global financial markets. He has extensive experience as a consultant for many Wall Street firms, mutual funds, hedge funds, commercial banks and other financial institutions, software developers and risk management firms, as well as in litigation support. He is a frequent speaker at practitioner seminars and conferences.
ANDREW W. LO
Andrew W. Lo is the Harris & Harris Group Professor of Finance at the MIT Sloan School of Management and the director of MIT’s Laboratory for Financial Engineering. He received his Ph.D. in economics from Harvard University in 1984, and taught at the University of Pennsylvania's Wharton School from 1984 to 1988. He has published numerous articles in finance and economics journals, and has authored several books including The Econometrics of Financial Markets, A Non-Random Walk Down Wall Street, and Hedge Funds: An Analytic Perspective. He is currently a co-editor of the Annual Review of Financial Economics and an associate editor of the Financial Analysts Journal, the Journal of Portfolio Management, and the Journal of Computational Finance. He is also a research associate of the National Bureau of Economic Research, a member of FINRA’s Economic Advisory Board, and founder and chief investment strategist of AlphaSimplex Group, LLC, an investment advisory firm based in Cambridge, Massachusetts
JUSTIN MURFIN
Justin Murfin will be joining the faculty of Yale University’s School of Management in July 2010. Prior to attending Duke University for his PhD in finance, he covered Latin American borrowers working for Barclays Capital’s global loans team in New York, Miami, and Bogotá, Colombia. His research interests are related to financial intermediation and issues in financial contracting. His research has received support from the FDIC Center for Financial Research and recently shared the SAC Capital PhD Candidate Award for Outstanding Research. He received is AB in Public Policy from Princeton University.
DANIEL PARAVISINI
Daniel Paravisini has a Ph.D. in economics from the Massachusetts Institute of Technology and is an Associate Professor of Finance at the Graduate School of Business of Columbia University. He conducts research in empirical corporate finance and financial intermediation. He has devoted particular attention to the role of financial intermediaries in the propagation and amplification of real shocks, and to the incentives of agents inside financial institutions.
LASSE H. PEDERSEN
Lasse H. Pedersen is the John A. Paulson Professor of Finance and Alternative Investments at the Stern School of Business at NYU, a research associate at CEPR and NBER, associate editor at The Journal of Finance and Journal of Economic Theory, and a part of the Liquidity Working Group at the Federal Reserve Bank of New York. Professor Pedersen received his Ph.D. from the Stanford Graduate School of Business, and his B.S. and M.S. in Mathematics-Economics from University of Copenhagen. His research focuses on liquidity risk and systemic liquidity crisis. He studies the origins of liquidity risk and its effects on asset prices, margins, portfolio choice, shortselling, risk management, and monetary policy. His research suggests that liquidity risk can help explain the return patterns of equities, bonds, OTC securities, options, currency crashes, the failure of the Law of One Price, and the value of the Fed’s lending programs. His academic awards include the Fama/DFA Prize for the best paper in the JFE.
GEORGE G.PENNACCHI
George G. Pennacchi is Professor of Finance and a co-director of the Office for Banking Research at the University of Illinois at Urbana-Champaign. He is also a Research Associate at the Federal Reserve Bank of Cleveland and the Program Coordinator for Deposit Insurance at the Federal Deposit Insurance Corporation’s Center for Financial Research. His research focuses on financial intermediaries and the valuation of fixed-income securities and government guarantees. Currently, he is the managing editor of the Journal of Financial Intermediation and an associate editor of the Journal of Financial and Quantitative Analysis, the Journal of Financial Services Research, and the Journal of Money, Credit and Banking. Previously, he was an associate editor for the Journal of Banking and Finance, the Journal of Finance, the Review of Financial Studies, and Management Science, and a co-editor of Advances in Futures and Options Research. His consulting experience includes work for the U.S. Office of Management and Budget, the World Bank, and the International Monetary Fund. He has been a visiting professor at Università Bocconi in Milan, Italy, and was a member of the finance faculty at the Wharton School of the University of Pennsylvania. Mr. Pennacchi received a Sc.B. degree in applied mathematics from Brown University in 1977 and a Ph.D. in economics from the Massachusetts Institute of Technology in 1984.
MITCHELL PETERSEN
Mitchell Petersen is the Glen Vasel Professor of Finance and Director of Heizer Center for Private Equity and Venture Capital, Kellogg School of Management, Northwestern University. He has published widely in finance and economics. Professor Petersen's research is in the area of empirical corporate finance-the questions of how firms evaluate potential investment projects and how they fund such projects. His recent writing focuses on the funding of small firms and how such funding has been altered by technology and changes in the financial (banking) market. His paper "The Benefits of Lending Relationships: Evidence from Small Business Data" received the Smith-Breeden Prize for outstanding paper in the Journal of Finance in in 1995. His paper "Trade Credit: Theories and Evidence" received the Michael Brennan Award for Best Paper in the Review of Financial Studies in 1998. He has been a member of the editorial board of various journals, including the Journal of Finance, Financial Management, Review of Financial Studies and the Journal of Financial Intermediation. He is also a research associate with the National Bureau of Economic Research (NBER) and is a member of the Moody's Academic Advisory and Research Committee and served on the Board of Directors of L.R. Nelson. Professor Petersen was awarded the Sidney J. Levy Teaching Award in 1996, 1999, 2001, 2003, 2006, and 2008 and was honored as Kellogg Professor of the Year in 2000 and the Executive MBA top Professor Award in 2008. He received his Ph.D. in Economics from the Massachusetts Institute of Technology. Prior to joining Kellogg Professor Petersen taught at the University of Chicago.
RAGHURAM RAJAN
Raghuram Rajan is the Eric J. Gleacher Distinguished Service Professor of Finance at the University of Chicago’s Booth School of Business. Dr. Rajan is also currently an economic advisor to the Prime Minister of India. Prior to resuming teaching in 2007, Dr. Rajan was the Economic Counselor and Director of Research (in plain English, the Chief Economist) at the International Monetary Fund (from 2003). Since then, he has chaired the Indian government’s Committee on Financial Sector Reforms, which submitted its report in September 2008. Dr. Rajan’s research interests are in banking, corporate finance, and economic development, especially the role finance plays in it. His papers have been published in all the top economics and finance journals, and he has served on the editorial board of the American Economic Review and the Journal of Finance. He has also written a book with Luigi Zingales entitled Saving Capitalism from the Capitalists. He is currently at work on a book entitled Fault Lines: How Hidden Cracks Still Threaten the World Economy. Dr. Rajan is a senior advisor to Booz and Co, on the academic advisory board of Moodys, and on the international advisory board of Bank Itau-Unibanco. He is a director of the Chicago Council on Global Affairs and on the Comptroller General of the United State’s Advisory Council. Dr. Rajan is the current Vice President of the American Finance Association and a member of the American Academy of Arts and Sciences. In January 2003, the American Finance Association awarded Dr. Rajan the inaugural Fischer Black Prize, given every two years to the financial economist under age 40 who has made the most significant contribution to the theory and practice of finance.
MATTHEW RICHARDSON
Matthew Richardson is the Charles E. Simon Professor of Applied Economics in the Finance Department at the Leonard N. Stern School of Business at New York University. He currently holds the position of the Sidney Homer Director of the Salomon Center which is a leading financial research center. In addition, he is a Research Associate of the National Bureau of Economic Research.
Professor Richardson teaches classes at the MBA, executive and PhD level. His MBA classes cover the area of Fixed Income. He is serving or has served as associate editor for the Review of Financial Studies, Journal of Finance and Journal of Financial and Quantitative Analysis. He has published papers in a variety of top academic journals, including, among others, Journal of Finance, Journal of Financial Economics, Review of Financial Studies, and the American Economic Review. He has coedited a book on the financial crisis titled “Restoring Stability: How to Repair a Failed System.”
Professor Richardson completed both his bachelor and master degrees in economics concurrently at the University of California at Los Angeles. He received his doctor of philosophy in finance from the Graduate School of Business at Stanford University.
DAN ROSEN
Dr. Dan Rosen is the CEO and co-founder of R2 Financial Technologies and acts as an advisor to institutions in Europe, North America, and Latin America on derivatives valuation, risk management, economic and regulatory capital. In addition, he is a visiting fellow at the Fields Institute for Research in Mathematical Sciences and an adjunct professor at the University of Toronto's Masters program in Mathematical Finance. Dr. Rosen lectures extensively around the world on financial engineering, enterprise risk and capital management, credit risk and market risk. He has authored numerous papers on quantitative methods in risk management, applied mathematics, operations research, and has coauthored two books and various chapters in risk management books (including two chapters of PRMIA’s Professional Risk Manger Handbook). In addition, Dr. Rosen is a member of the Industrial Advisory Boards of the Fields Institute and the Center for Advanced Financial Studies at the University of Waterloo, the Academic Advisory Board of Fitch, the Advisory Board, Educational and Credit Risk Steering Committees of the IAFE (International Association of Financial Engineers), the regional director in Toronto of PRMIA (Professional Risk Management International Association), and a member of the Oliver Wyman Institute. He is also one of the founders of RiskLab, an international network of research centers in Financial Engineering and Risk Management, initiated at the University of Toronto. Up to July 2005, Dr. Rosen had a successful ten-year career at Algorithmics Inc., where he held senior management roles in strategy and business development, research and financial engineering, and product marketing. In these roles, he was responsible for setting the strategic direction of its solutions, new initiatives and strategic alliances, as well as heading up the design and positioning of credit risk and capital management solutions, market risk management tools, operational risk, and advanced simulation and optimization techniques, as well as their application to several industrial settings. He holds an M.A.Sc. and Ph.D. in Chemical Engineering from the University of Toronto.
TIL SCHUERMANN
Til Schuermann is a Senior Vice President in the Financial Intermediation Function at the Federal Reserve Bank of New York. His research focuses on risk measurement and management in financial institutions and capital markets, and he has published in a variety of journals including the Journal of Financial Economics and the Review of Financial Studies. He is also a Sloan Research Fellow at the Wharton Financial Institution Center and an associate editor for the Journal of Financial Services Research and the Journal of Risk. Prior to joining the New York Fed, he was a Director and Head of Research at the management consulting firm Oliver, Wyman & Company. From 1993 to 1996 he was at Bell Laboratories.
AMIT SERU
Amit Seru is an Assistant Professor of Finance at the University of Chicago, Booth School of Business. He received a PhD in finance from the University of Michigan in 2007 before joining the University of Chicago. He was a senior consultant at Accenture before pursuing his Ph.D. His research interests are related to issues of intermediation and regulation, interaction of internal organization of firms with financing and investment, and incentive provision in firms. His research has been featured in major media, including the Wall Street Journal, the Financial Times and the Economist. He has taught in the University of Michigan besides teaching at the Booth School of Business.
KENNETH SINGLETON
Kenneth Singleton is the Adams Distinguished Professor of Management at the Graduate School of Business, Stanford University.
He previously taught in the Economics Department at the University of Virginia and the Graduate School of Industrial Administration at Carnegie Mellon, and held short-term visiting positions at the University of Chicago and University of Tokyo. While on leave from Stanford, in 1991-92, he was a vice president in the Fixed Income Research Department of Goldman Sachs and Co. His research interests are in econometric methods for estimation and testing of dynamic asset pricing models; modeling of term structures of government and defaultable bond yields; measuring and managing market, credit and liquidity risks; and debt financing in emerging economies.
His professional awards include the Smith-Breeden Distinguished Paper Prize from the Journal of Finance, the Frisch Prize from the Econometric Society and the Irving Fisher Dissertation Award. He was named fellow of the Econometric Society in 1988 and of the Journal of Econometrics in 1998, and has been a research associate at the National Bureau of Economic Research since 1982.
Singleton received his bachelor's degree from Reed College, and his master's degree and doctorate in economics from the University of Wisconsin.
ROGER M. STEIN
Roger M. Stein, PhD is Group Managing Director at Moody’s in New York where he leads the newly formed Quantitative Research and Analytics group. After Moody’s acquired KMV, he co-headed MKMV’s research and product development. Prior to that he led Moody’s Risk Management Services’ Research Group. Stein has authored numerous professional and academic articles and serves on the editorial boards of several finance-related journals. He has been working in the field of credit professionally since 1989.
Dr. Stein has a Bachelor's degree from the State University of New York at Binghamton in Mathematics and Japanese Studies and a Masters degree and a Ph. D. from New York University. He is a frequent lecturer at the New York University Stern School of Business, has authored numerous academic and professional articles on quantitative finance and credit, and is the co-author of Seven Methods for Transforming Corporate Data into Business Intelligence (Prentice Hall) and Co-author of Active Credit Portfolio Management in Practice (Wiley).
SURESH M. SUNDARESAN
Suresh Sundaresan is the Chase Manhattan Bank Professor of Economics and Finance at the Graduate School of Business, Columbia University. His current research interests are: credit risk, risk management of hedge funds, bank capital design, open market auctions of the Fed, Swaps, and liquidity facilities. He has published in Journal of Finance, Review of Financial Studies, Journal of Financial Economics, Journal of Political Economy, European Economic Review, and the American Economic Review. He has served as a visiting scholar at the IMF, resident scholar at the New York Fed, and has been a member of the Treasury’s Bond Market Advisory Group. He has worked at Lehman Brothers, Morgan Stanley Asset Management and Capula Investment Management on matters relating to Fixed Income Capital Markets. He is the author of “Fixed Income Markets and Their Derivatives”, (Third Edition), Academic Press.
PAOLO F. VOLPIN
Paolo F. Volpin is Associate Professor of Finance and the JP Morgan Chase Research Fellow at London Business School. He holds a Ph.D. in Economics from Harvard University. His field of research is Corporate Finance. Currently, his interests focus on International Corporate Finance, Corporate Governance and Political Economy of Corporate Finance. Some of his work has been published on the Journal of Financial Economics and the Oxford Review of Economic Policy.
ALAN WHITE
Alan White, Professor of Finance, is the Peter L. Mitchelson/SIT Foundation Chair in Investment Strategy. Professor White’s current research is predominantly in the analysis of credit risk and the valuation of credit derivatives. He is a member of the Moody's academic advisory panel. The purpose of this panel is to allow practitioners within Moody's, who have access to the world's largest relevant data-sets, to exchange ideas with some of the leading academic researchers in the field. Professor White has taken advantage of his access to this research and data on credit to examine the predictive powers of credit spreads. Professor White also conducts research on the valuation of a wide range of other derivative products. Prof. White has made numerous contributions to the academic community publishing in both academic and practitioner journals. At the Rotman School he teaches in the MBA program, has served as the supervisor of the Finance Ph.D. program and is Finance Area Coordinator.
MARK ZANDI
Mark Zandi is chief economist of Moody's Analytics, where he directs research and consulting. Moody's Analytics, a subsidiary of Moody's Corporation, is a leading provider of economic research, data and analytical tools.
Mark's research interests include macroeconomics, financial markets and public policy. His recent research has focused on the determinants of mortgage foreclosure and personal bankruptcy, analyzed the economic impact of various tax and government spending policies, and assessed the appropriate policy response to bubbles in asset markets. Mark also conducts regular briefings on the economy. He is often quoted in national and global publications and interviewed by major news media outlets and is the author of Financial Shock, an exposé of the financial crisis. His forthcoming book, Paying the Price, provides a roadmap for meeting the nation's daunting fiscal challenges.
A trusted adviser to policymakers and an influential source of economic analysis for businesses, journalists and the public, Mark has frequently testified before Congress and has advised the Obama administration as well as Senator John McCain's presidential campaign.
Dr. Zandi received his PhD at the University of Pennsylvania, where he did his research with Gerard Adams and Nobel laureate Lawrence Klein, and received his B.S. from the Wharton School at the University of Pennsylvania.