Viral V. Acharya
Viral V. Acharya joined New York University Stern School of Business as a Professor of Finance in September 2008. Prior to joining NYU Stern, Professor Acharya was a Professor of Finance and Academic Director of the Private Equity Institute at the London Business School, a Research Affiliate of the Center for Economic Policy Research and an Academic Advisor to the Bank of England. He was appointed Senior Houblon-Normal Research Fellow at the Bank of England to conduct research on efficiency of the inter-bank lending markets for the summer of 2008.
Professor Acharya’s 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.
Professor Acharya has received numerous awards and recognition for his research. He received the Best Paper Award in Corporate Finance from the Journal of Financial Economics in 2000, Best Paper Award in Equity Trading at the Western Finance Association Meetings in 2003, Outstanding Referee Award for the Review of Financial Studies in 2003, the inaugural Lawrence G. Goldberg Prize for the Best Ph.D. in Financial Intermediation, Best Paper Award in Asset Pricing from the Journal of Financial Economics in 2005, and an inaugural Rising Star in Finance Award in 2008.
Professor Acharya earned a Bachelor of Technology in Computer Science and Engineering from the Indian Institute of Technology, Mumbai, and a Ph.D. in Finance from New York University Stern School of Business.
Viral V. Acharya joined New York University Stern School of Business as a Professor of Finance in September 2008. Prior to joining NYU Stern, Professor Acharya was a Professor of Finance and Academic Director of the Private Equity Institute at the London Business School, a Research Affiliate of the Center for Economic Policy Research and an Academic Advisor to the Bank of England. He was appointed Senior Houblon-Normal Research Fellow at the Bank of England to conduct research on efficiency of the inter-bank lending markets for the summer of 2008.
Professor Acharya’s 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.
Professor Acharya has received numerous awards and recognition for his research. He received the Best Paper Award in Corporate Finance from the Journal of Financial Economics in 2000, Best Paper Award in Equity Trading at the Western Finance Association Meetings in 2003, Outstanding Referee Award for the Review of Financial Studies in 2003, the inaugural Lawrence G. Goldberg Prize for the Best Ph.D. in Financial Intermediation, Best Paper Award in Asset Pricing from the Journal of Financial Economics in 2005, and an inaugural Rising Star in Finance Award in 2008.
Professor Acharya earned a Bachelor of Technology in Computer Science and Engineering from the Indian Institute of Technology, Mumbai, and a Ph.D. in Finance from New York University Stern School of Business.
Anat Admati
Anat Admati is the George G.C. Parker Professor of Finance and Economics at the Graduate School of Business, Stanford University. She has written extensively on information dissemination in financial markets, portfolio management, financial contracting, and most recently on corporate governance and banking. In the last year she has been active in the policy debates on financial regulation, particularly capital regulation.
Professor Admati received her BS in mathematics and statistics from the Hebrew University in Jerusalem in 1979, and her PhD from Yale University in 1983. She is the recipient of a Sloan Research Fellowship, a Batterymarch Fellowship, and multiple research grants, and she is a fellow of the Econometric Society. Professor Admati has served as a board member of the American Finance Association and in a number of editorial positions. She is involved with the Rock Center for Corporate Governance of the Stanford Law School.
Anat Admati is the George G.C. Parker Professor of Finance and Economics at the Graduate School of Business, Stanford University. She has written extensively on information dissemination in financial markets, portfolio management, financial contracting, and most recently on corporate governance and banking. In the last year she has been active in the policy debates on financial regulation, particularly capital regulation.
Professor Admati received her BS in mathematics and statistics from the Hebrew University in Jerusalem in 1979, and her PhD from Yale University in 1983. She is the recipient of a Sloan Research Fellowship, a Batterymarch Fellowship, and multiple research grants, and she is a fellow of the Econometric Society. Professor Admati has served as a board member of the American Finance Association and in a number of editorial positions. She is involved with the Rock Center for Corporate Governance of the Stanford Law School.
Lee C. Buchheit
Lee Buchheit is a senior partner in the Sovereign Practice Group at Cleary Gottlieb, based in New York. He regularly advises sovereign borrowers on their debt management activities. Mr. Buchheit has worked on the debt restructurings of Mexico, the Philippines, Guatemala, Ecuador, Russia, Liberia, Tanzania, Belize, Grenada, Dominica, Uruguay, Jamaica and Iraq. He is currently the lead negotiator for Iceland in its dispute with the United Kingdom and the Netherlands over the Icesave deposits.
Of particular relevance to our discussion, Mr. Buchheit has also served on the panel of experts advising the IMF in its Sovereign Debt Restructuring Mechanism proposal, as well as the G-10 on its Collective Action Clause proposal.
Lee Buchheit is a senior partner in the Sovereign Practice Group at Cleary Gottlieb, based in New York. He regularly advises sovereign borrowers on their debt management activities. Mr. Buchheit has worked on the debt restructurings of Mexico, the Philippines, Guatemala, Ecuador, Russia, Liberia, Tanzania, Belize, Grenada, Dominica, Uruguay, Jamaica and Iraq. He is currently the lead negotiator for Iceland in its dispute with the United Kingdom and the Netherlands over the Icesave deposits.
Of particular relevance to our discussion, Mr. Buchheit has also served on the panel of experts advising the IMF in its Sovereign Debt Restructuring Mechanism proposal, as well as the G-10 on its Collective Action Clause proposal.
Jeffrey Bohn, Ph.D.
Dr Bohn is co-founder, CEO and Head of Research of both Soliton Financial Analytics (SFA) in Hong Kong and Soliton Japan in Tokyo. SFA is a financial technology firm that offers products and services designed to improve the way banks manage risk, capital and business performance.
Formerly, he worked as Head, Portfolio Analytics and Economic Capital at Standard Chartered Bank in Singapore. At Standard Chartered, Dr. Bohn was responsible for the analytics used in bank-wide portfolio calculations and advised senior management, the risk group and the business lines on allocation of economic capital. His group managed the systems and models used to calculate the bank’s economic capital and to generate stress loss scenarios. He also conducted research in private and public firm risk assessment, correlation estimation, portfolio risk assessment, collateralized debt obligation risk assessment, credit instrument valuation, credit-trading strategies, bank funding strategies, bank capital management and management of financial institutions.
Prior to Standard Chartered, he led the Financial Strategies group at Shinsei Bank in Tokyo where he supervised implementation of best-practice risk and capital analytics to support capital management, active credit portfolio management, risk capital attribution, and performance management.
Before moving to Asia, he led Moody’s KMV’s (MKMV’s) Global Research group and MKMV’s Credit Strategies group out of their offices in San Francisco. During his time at MKMV, he also managed MKMV Asia. Dr. Bohn has been directly involved in developing several of the models and products currently sold by MKMV. His research group developed, maintained, and improved the models underlying MKMV’s product offerings.
Dr Bohn often conducts seminars on topics ranging from credit instrument valuation to active credit portfolio management. He has published widely in the area of credit risk. He co-authored with Roger Stein the book Active Credit Portfolio Management in Practice (Wiley, 2009). Dr. Bohn regularly teaches a credit risk modeling course in the Masters of Financial Engineering program at the University of California, Berkeley and at Tokyo University. Until recently, he served on the board for the International Association of Credit Portfolio Managers (IACPM).
He received his Ph.D. in Finance from the University of California, Berkeley. Dr. Bohn is fluent in Japanese.
Dr Bohn is co-founder, CEO and Head of Research of both Soliton Financial Analytics (SFA) in Hong Kong and Soliton Japan in Tokyo. SFA is a financial technology firm that offers products and services designed to improve the way banks manage risk, capital and business performance.
Formerly, he worked as Head, Portfolio Analytics and Economic Capital at Standard Chartered Bank in Singapore. At Standard Chartered, Dr. Bohn was responsible for the analytics used in bank-wide portfolio calculations and advised senior management, the risk group and the business lines on allocation of economic capital. His group managed the systems and models used to calculate the bank’s economic capital and to generate stress loss scenarios. He also conducted research in private and public firm risk assessment, correlation estimation, portfolio risk assessment, collateralized debt obligation risk assessment, credit instrument valuation, credit-trading strategies, bank funding strategies, bank capital management and management of financial institutions.
Prior to Standard Chartered, he led the Financial Strategies group at Shinsei Bank in Tokyo where he supervised implementation of best-practice risk and capital analytics to support capital management, active credit portfolio management, risk capital attribution, and performance management.
Before moving to Asia, he led Moody’s KMV’s (MKMV’s) Global Research group and MKMV’s Credit Strategies group out of their offices in San Francisco. During his time at MKMV, he also managed MKMV Asia. Dr. Bohn has been directly involved in developing several of the models and products currently sold by MKMV. His research group developed, maintained, and improved the models underlying MKMV’s product offerings.
Dr Bohn often conducts seminars on topics ranging from credit instrument valuation to active credit portfolio management. He has published widely in the area of credit risk. He co-authored with Roger Stein the book Active Credit Portfolio Management in Practice (Wiley, 2009). Dr. Bohn regularly teaches a credit risk modeling course in the Masters of Financial Engineering program at the University of California, Berkeley and at Tokyo University. Until recently, he served on the board for the International Association of Credit Portfolio Managers (IACPM).
He received his Ph.D. in Finance from the University of California, Berkeley. Dr. Bohn is fluent in Japanese.
Darrell Duffie
Darrell Duffie is the Dean Witter Distinguished Professor of Finance at the Graduate School of Business, Stanford University. He is a member of the Financial Advisory Round Table of the New York Federal Reserve Bank, a Fellow and member of the Council of the Econometric Society, a Research Fellow of the National Bureau of Economic Research, a Fellow of the American Academy of Arts and Sciences, a member of the board of directors of Moody's Corporation since 2008, and the 2009 president of the American Finance Association. Duffie's research focuses on valuation and risk in financial markets. He is the author, most recently, of How Big Banks Fail -- And What to Do About It, a co-author of The Squam Lake Report -- Fixing the Financial System (both published by Princeton University Press in 2010), and the author of Measuring Corporate Default Risk (Oxford University Press, 2011).
Darrell Duffie is the Dean Witter Distinguished Professor of Finance at the Graduate School of Business, Stanford University. He is a member of the Financial Advisory Round Table of the New York Federal Reserve Bank, a Fellow and member of the Council of the Econometric Society, a Research Fellow of the National Bureau of Economic Research, a Fellow of the American Academy of Arts and Sciences, a member of the board of directors of Moody's Corporation since 2008, and the 2009 president of the American Finance Association. Duffie's research focuses on valuation and risk in financial markets. He is the author, most recently, of How Big Banks Fail -- And What to Do About It, a co-author of The Squam Lake Report -- Fixing the Financial System (both published by Princeton University Press in 2010), and the author of Measuring Corporate Default Risk (Oxford University Press, 2011).
Doyne Farmer
J. Doyne Farmer is a professor at the Santa Fe Institute. He has broad interests in complex systems, and has done research in dynamical systems theory, time series analysis and theoretical biology. At present his main interest is in developing quantitative theories for social evolution, in particular for financial markets (which provide an accurate record of decision making in a complex environment) and the evolution of technologies (whose performance through time provides a quantitative record of one component of progress). He was a founder of Prediction Company, a quantitative trading firm that was recently sold to the United Bank of Switzerland, and was their chief scientist from 1991 - 1999. During the eighties he worked at Los Alamos National Laboratory, where he was an Oppenheimer Fellow, founding the Complex Systems Group in the theoretical division. He began his career as part of the U.C. Santa Cruz Dynamical Systems Collective, a group of physics graduate students who did early research in what later came to be called "chaos theory". In his spare time during graduate school he led a group that designed and built the first wearable digital computers (which were used to beat the game of roulette). For popular press see The Newtonian Casino by Thomas Bass, Chaos by Jim Gleick, Complexity by Mitch Waldrup, and The Predictors by Thomas Bass.
J. Doyne Farmer is a professor at the Santa Fe Institute. He has broad interests in complex systems, and has done research in dynamical systems theory, time series analysis and theoretical biology. At present his main interest is in developing quantitative theories for social evolution, in particular for financial markets (which provide an accurate record of decision making in a complex environment) and the evolution of technologies (whose performance through time provides a quantitative record of one component of progress). He was a founder of Prediction Company, a quantitative trading firm that was recently sold to the United Bank of Switzerland, and was their chief scientist from 1991 - 1999. During the eighties he worked at Los Alamos National Laboratory, where he was an Oppenheimer Fellow, founding the Complex Systems Group in the theoretical division. He began his career as part of the U.C. Santa Cruz Dynamical Systems Collective, a group of physics graduate students who did early research in what later came to be called "chaos theory". In his spare time during graduate school he led a group that designed and built the first wearable digital computers (which were used to beat the game of roulette). For popular press see The Newtonian Casino by Thomas Bass, Chaos by Jim Gleick, Complexity by Mitch Waldrup, and The Predictors by Thomas Bass.
Mark D. Flood
Dr. Flood did his undergraduate work at Indiana University in Bloomington, where he majored in finance (B.S., 1982), and German and economics (B.A., 1983). In 1990, he received his Ph.D. in finance from the Graduate School of Business at the University of North Carolina at Chapel Hill. He has taught finance and business at universities in the U.S. and Canada, and worked as an Economist and Financial Economist on issues of regulatory policy and risk management at the Federal Reserve Bank of St. Louis, the Office of Thrift Supervision, the Federal Housing Finance Board, and the Federal Housing Finance Agency. He is currently a Senior Policy Advisor in the U.S. Treasury, working for the Office of Financial Research. His research has appeared in a number of journals, including the Review of Financial Studies, Quantitative Finance, the Journal of International Money and Finance, and the St. Louis Fed's Review.
Dr. Flood did his undergraduate work at Indiana University in Bloomington, where he majored in finance (B.S., 1982), and German and economics (B.A., 1983). In 1990, he received his Ph.D. in finance from the Graduate School of Business at the University of North Carolina at Chapel Hill. He has taught finance and business at universities in the U.S. and Canada, and worked as an Economist and Financial Economist on issues of regulatory policy and risk management at the Federal Reserve Bank of St. Louis, the Office of Thrift Supervision, the Federal Housing Finance Board, and the Federal Housing Finance Agency. He is currently a Senior Policy Advisor in the U.S. Treasury, working for the Office of Financial Research. His research has appeared in a number of journals, including the Review of Financial Studies, Quantitative Finance, the Journal of International Money and Finance, and the St. Louis Fed's Review.
Charles Goodhart
Charles Goodhart, CBE, FBA is a member of the Financial Markets Group at the London School of Economics, having previously, 1987-2005, been its Deputy Director. Until his retirement in 2002, he had been the Norman Sosnow Professor of Banking and Finance at LSE since 1985. Before then, he had worked at the Bank of England for seventeen years as a monetary adviser, becoming a Chief Adviser in 1980. In 1997 he was appointed one of the outside independent members of the Bank of England's new Monetary Policy Committee until May 2000. Earlier he had taught at Cambridge and LSE. Besides numerous articles, he has written a couple of books on monetary history; a graduate monetary textbook, Money, Information and Uncertainty (2nd Ed. 1989); two collections of papers on monetary policy, Monetary Theory and Practice (1984) and The Central Bank and The Financial System(1995); and a number of books and articles on Financial Stability, on which subject he was Adviser to the Governor of the Bank of England, 2002-2004, and numerous other studies relating to financial markets and to monetary policy and history. In his spare time he is a sheep farmer (loss-making).
Charles Goodhart, CBE, FBA is a member of the Financial Markets Group at the London School of Economics, having previously, 1987-2005, been its Deputy Director. Until his retirement in 2002, he had been the Norman Sosnow Professor of Banking and Finance at LSE since 1985. Before then, he had worked at the Bank of England for seventeen years as a monetary adviser, becoming a Chief Adviser in 1980. In 1997 he was appointed one of the outside independent members of the Bank of England's new Monetary Policy Committee until May 2000. Earlier he had taught at Cambridge and LSE. Besides numerous articles, he has written a couple of books on monetary history; a graduate monetary textbook, Money, Information and Uncertainty (2nd Ed. 1989); two collections of papers on monetary policy, Monetary Theory and Practice (1984) and The Central Bank and The Financial System(1995); and a number of books and articles on Financial Stability, on which subject he was Adviser to the Governor of the Bank of England, 2002-2004, and numerous other studies relating to financial markets and to monetary policy and history. In his spare time he is a sheep farmer (loss-making).
Francis Gross
Francis Gross, Head of the External Statistics Division, European Central Bank. Francis' Division is responsible for external statistics (BoP, FDI, etc) of the euro area, for the Centralised Securities Database (CSDB) and for the procurement of all market data services for the ECB. The CSDB's micro-data (7 Mio securities) serves the production of macro-economic statistics. Francis joined the ECB in 2001 as Head of Organisational Planning and moved to his current position in 2006. He started his career in the automotive industry in 1986, with roles in materials research, strategic alliances and globalisation projects, mainly in Asia, and post-merger integration. An engineering graduate of Ecole Centrale des Arts et Manufactures, Paris, Francis also holds an MBA from Henley Management College, UK.
Francis Gross, Head of the External Statistics Division, European Central Bank. Francis' Division is responsible for external statistics (BoP, FDI, etc) of the euro area, for the Centralised Securities Database (CSDB) and for the procurement of all market data services for the ECB. The CSDB's micro-data (7 Mio securities) serves the production of macro-economic statistics. Francis joined the ECB in 2001 as Head of Organisational Planning and moved to his current position in 2006. He started his career in the automotive industry in 1986, with roles in materials research, strategic alliances and globalisation projects, mainly in Asia, and post-merger integration. An engineering graduate of Ecole Centrale des Arts et Manufactures, Paris, Francis also holds an MBA from Henley Management College, UK.
Mitu Gulati
Mitu Gulati is on the faculty at the Duke University Law School. His current research is on the historical evolution of contract terms in sovereign debt instruments and the optimal design of restructuring mechanisms. He is also working on the design of appropriate judicial mechanisms to resolve disputes over terms in standard-form agreements, such as derviatives contracts. He previously taught at the University of California at Los Angeles.
Mitu Gulati is on the faculty at the Duke University Law School. His current research is on the historical evolution of contract terms in sovereign debt instruments and the optimal design of restructuring mechanisms. He is also working on the design of appropriate judicial mechanisms to resolve disputes over terms in standard-form agreements, such as derviatives contracts. He previously taught at the University of California at Los Angeles.
Christopher Hennessy
Christopher Hennessy is Professor of Finance at London Business School, formerly Associate Professor and Finance Area Chair at the Walter A. Haas School of Business at University of California, Berkeley. He holds a Master of Public Affairs and Ph.D. in Economics from Princeton University. Hennessy's research focuses on corporate finance, securitization, securities valuation, and information economics. His work has been published in the Journal of Finance, Journal of Financial Economics, and Review of Financial Studies. He is a three time winner of the Brattle Prize for outstanding corporate finance research published in Journal of Finance, and was recently named a “Rising Star” in financial economics. Hennessy is currently Editor at Review of Corporate Finance Studies, and Associate Editor of Review of Finance, Finance Research Letters, and Management Science. He is currently a Research Fellow at the Centre for Economic Policy Research in London and the European Corporate Governance Institute. Hennessy has ongoing visiting positions at the Vienna Graduate School of Finance and University of Paris-Dauphine. He was formerly Senior Associate at KPMG Peat Marwick and research analyst at the United States Treasury Office of Tax Analysis. Hennessy formerly chaired the academic advisory board at Acumen Global Partners, a London-based derivatives advisory boutique, and Benchmark Metrics.
Christopher Hennessy is Professor of Finance at London Business School, formerly Associate Professor and Finance Area Chair at the Walter A. Haas School of Business at University of California, Berkeley. He holds a Master of Public Affairs and Ph.D. in Economics from Princeton University. Hennessy's research focuses on corporate finance, securitization, securities valuation, and information economics. His work has been published in the Journal of Finance, Journal of Financial Economics, and Review of Financial Studies. He is a three time winner of the Brattle Prize for outstanding corporate finance research published in Journal of Finance, and was recently named a “Rising Star” in financial economics. Hennessy is currently Editor at Review of Corporate Finance Studies, and Associate Editor of Review of Finance, Finance Research Letters, and Management Science. He is currently a Research Fellow at the Centre for Economic Policy Research in London and the European Corporate Governance Institute. Hennessy has ongoing visiting positions at the Vienna Graduate School of Finance and University of Paris-Dauphine. He was formerly Senior Associate at KPMG Peat Marwick and research analyst at the United States Treasury Office of Tax Analysis. Hennessy formerly chaired the academic advisory board at Acumen Global Partners, a London-based derivatives advisory boutique, and Benchmark Metrics.
Henry T. C. Hu
Henry T. C. Hu holds the Allan Shivers Chair in the Law of Banking and Finance at the University of Texas Law School. In September 2009, Securities and Exchange Commission Chairman Mary L. Schapiro appointed Professor Hu the inaugural Director of the Division of Risk, Strategy, and Financial Innovation. The first new Division in 37 years, “Risk Fin” was created to provide sophisticated, interdisciplinary analysis across the entire spectrum of SEC activities, including policymaking, rulemaking, enforcement, and examinations. He returned to academia in January 2011.
As an academic, he is best known for recent articles on “decoupling” and early articles on the systemic and other risks posed by derivatives. His decoupling articles coined terms such as “empty creditor,” “empty voter,” and “hidden (morphable) ownership,” terms that have come into use worldwide. The decoupling research has attracted attention, including a lead front-page story in The Wall Street Journal and stories in The Economist, The Financial Times, and The New York Times. A 1993 Yale Law Journal article that is receiving renewed attention in the wake of the global financial crisis showed how cognitive bias, compensation structure, financial “science,” and other factors can cause major institutions to make mistakes as to derivatives. In 2010, the National Association of Corporate Directors named him as one of the 100 most influential people in corporate governance. He holds a B.S. (Molecular Biophysics & Biochemistry), M.A. (Economics), and J.D., all from Yale.
Henry T. C. Hu holds the Allan Shivers Chair in the Law of Banking and Finance at the University of Texas Law School. In September 2009, Securities and Exchange Commission Chairman Mary L. Schapiro appointed Professor Hu the inaugural Director of the Division of Risk, Strategy, and Financial Innovation. The first new Division in 37 years, “Risk Fin” was created to provide sophisticated, interdisciplinary analysis across the entire spectrum of SEC activities, including policymaking, rulemaking, enforcement, and examinations. He returned to academia in January 2011.
As an academic, he is best known for recent articles on “decoupling” and early articles on the systemic and other risks posed by derivatives. His decoupling articles coined terms such as “empty creditor,” “empty voter,” and “hidden (morphable) ownership,” terms that have come into use worldwide. The decoupling research has attracted attention, including a lead front-page story in The Wall Street Journal and stories in The Economist, The Financial Times, and The New York Times. A 1993 Yale Law Journal article that is receiving renewed attention in the wake of the global financial crisis showed how cognitive bias, compensation structure, financial “science,” and other factors can cause major institutions to make mistakes as to derivatives. In 2010, the National Association of Corporate Directors named him as one of the 100 most influential people in corporate governance. He holds a B.S. (Molecular Biophysics & Biochemistry), M.A. (Economics), and J.D., all from Yale.
John Hull
John Hull is the Maple Financial Professor of Derivatives and Risk Management at the Joseph L. Rotman School of Management, University of Toronto. He is an internationally recognized authority on derivatives and risk management. 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 and was in 1999 voted Financial Engineer of the Year by the International Association of Financial Engineers. He has acted as consultant to many North American, Japanese, and European financial institutions.
He has written three books “Risk Management and Financial Institutions” (now in its second edition), "Options, Futures, and Other Derivatives" (now in its eighth edition) and "Fundamentals of Futures and Options Markets" (now in its seventh edition). The books have been translated into many languages and are widely used in trading rooms throughout the world, as well as in the classroom. He has won many teaching awards, including University of Toronto's prestigious Northrop Frye award.
Dr. Hull is co-director of Rotman’s Master of Finance program. 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.
John Hull is the Maple Financial Professor of Derivatives and Risk Management at the Joseph L. Rotman School of Management, University of Toronto. He is an internationally recognized authority on derivatives and risk management. 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 and was in 1999 voted Financial Engineer of the Year by the International Association of Financial Engineers. He has acted as consultant to many North American, Japanese, and European financial institutions.
He has written three books “Risk Management and Financial Institutions” (now in its second edition), "Options, Futures, and Other Derivatives" (now in its eighth edition) and "Fundamentals of Futures and Options Markets" (now in its seventh edition). The books have been translated into many languages and are widely used in trading rooms throughout the world, as well as in the classroom. He has won many teaching awards, including University of Toronto's prestigious Northrop Frye award.
Dr. Hull is co-director of Rotman’s Master of Finance program. 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.
David Lando
David Lando is professor of finance and head of the finance department at Copenhagen Business School. He holds a Masters degree from the joint mathematics-economics program at the University of Copenhagen and a Ph.D. in statistics from Cornell University. His main area of research in finance is credit risk modelling and risk management and some of his work has appeared in Econometrica, Journal of Financial Economics and Review of Financial Studies. He is currently chairman of Moody's Academic and Advisory Research Committee. Before joining the Copenhagen Business School, he was a professor at the Department of Applied Mathematics and Statistics at the University of Copenhagen.
David Lando is professor of finance and head of the finance department at Copenhagen Business School. He holds a Masters degree from the joint mathematics-economics program at the University of Copenhagen and a Ph.D. in statistics from Cornell University. His main area of research in finance is credit risk modelling and risk management and some of his work has appeared in Econometrica, Journal of Financial Economics and Review of Financial Studies. He is currently chairman of Moody's Academic and Advisory Research Committee. Before joining the Copenhagen Business School, he was a professor at the Department of Applied Mathematics and Statistics at the University of Copenhagen.
Joseph Langsam
Dr. Joseph Langsam is a former Managing Director of Morgan Stanley who recently retired from the firm after a career of 25 years. While at the firm, he was responsible for the analytic integrity of the valuation and risk reporting models for sales and trading within the Firm. Morgan Stanley has modeling operations in New York, Budapest, and Mumbai. He currently is a senior co-editor together with Jean-Pierre Fouque for a Handbook on Systemic Risk to be published by The Cambridge University Press.
Joe joined Morgan Stanley in 1985 in the Fixed Income Research Group. Throughout his time at Morgan Stanley, he has been responsible for valuation and risk reporting modeling. Joe became head of the Fixed Income Division's modeling efforts in 1998, and head of the Fixed Income Division's model control effort in 2004. In 2007, Joe began managing the Institutional Securities Group's Model Control and Market Modeling Groups. These groups are responsible for the models used to value and hedge the derivative products traded by the Institutional Securities Division. In addition to his Division specific responsibilities, Joe has been a strong force in the campus recruiting space, responsible for recruiting at various universities to ensure a top talent pipeline into Morgan Stanley.
Prior to joining Morgan Stanley, Dr. Langsam was a member of the mathematics faculty at Case Western Reserve University. His degrees include a Ph.D. in Urban Studies and Economics from MIT, a Ph.D. in Mathematics from the University of Michigan, and an Sc.B. degree from MIT. Dr. Langsam worked in the anti-poverty program in the late 60”s and early 70’s. He received support from the Office of Economic Opportunity to provide manpower training services in the Commonwealth of Massachusetts.
Dr. Langsam serves on the Advisory Board for the Department of Mathematics at Carnegie Mellon University and is on the advisory panel for the University of California, Berkeley Masters in Finance Program.
Dr. Joseph Langsam is a former Managing Director of Morgan Stanley who recently retired from the firm after a career of 25 years. While at the firm, he was responsible for the analytic integrity of the valuation and risk reporting models for sales and trading within the Firm. Morgan Stanley has modeling operations in New York, Budapest, and Mumbai. He currently is a senior co-editor together with Jean-Pierre Fouque for a Handbook on Systemic Risk to be published by The Cambridge University Press.
Joe joined Morgan Stanley in 1985 in the Fixed Income Research Group. Throughout his time at Morgan Stanley, he has been responsible for valuation and risk reporting modeling. Joe became head of the Fixed Income Division's modeling efforts in 1998, and head of the Fixed Income Division's model control effort in 2004. In 2007, Joe began managing the Institutional Securities Group's Model Control and Market Modeling Groups. These groups are responsible for the models used to value and hedge the derivative products traded by the Institutional Securities Division. In addition to his Division specific responsibilities, Joe has been a strong force in the campus recruiting space, responsible for recruiting at various universities to ensure a top talent pipeline into Morgan Stanley.
Prior to joining Morgan Stanley, Dr. Langsam was a member of the mathematics faculty at Case Western Reserve University. His degrees include a Ph.D. in Urban Studies and Economics from MIT, a Ph.D. in Mathematics from the University of Michigan, and an Sc.B. degree from MIT. Dr. Langsam worked in the anti-poverty program in the late 60”s and early 70’s. He received support from the Office of Economic Opportunity to provide manpower training services in the Commonwealth of Massachusetts.
Dr. Langsam serves on the Advisory Board for the Department of Mathematics at Carnegie Mellon University and is on the advisory panel for the University of California, Berkeley Masters in Finance Program.
Andrew Likierman
Professor Sir Andrew Likierman is Dean of the London Business School. He is also non-executive Chairman of the National Audit Office and a non-executive Director of Barclays Bank Plc.
Andrew was Founding Director of the Executive MBA programme and has been a Professor at the School for many years, lecturing on all the major executive and degree programmes. His research interests are in the field of the measurement of performance.
Andrew’s career has spanned work in the public and private sectors, as well as in professional life. Andrew has run a textile plant in Germany, been Head of the Government Accountancy Service and was a Managing Director of the UK Treasury. Previous non-executive posts include Chairman of the Economists’ Bookshop Group and of the market research firm MORI. He has also been a non-executive Director of the Bank of England and is a Past President of the Chartered Institute of Management Accountants.
Professor Sir Andrew Likierman is Dean of the London Business School. He is also non-executive Chairman of the National Audit Office and a non-executive Director of Barclays Bank Plc.
Andrew was Founding Director of the Executive MBA programme and has been a Professor at the School for many years, lecturing on all the major executive and degree programmes. His research interests are in the field of the measurement of performance.
Andrew’s career has spanned work in the public and private sectors, as well as in professional life. Andrew has run a textile plant in Germany, been Head of the Government Accountancy Service and was a Managing Director of the UK Treasury. Previous non-executive posts include Chairman of the Economists’ Bookshop Group and of the market research firm MORI. He has also been a non-executive Director of the Bank of England and is a Past President of the Chartered Institute of Management Accountants.
Raymond W. McDaniel, Jr.
Raymond W. McDaniel, Jr. is Chairman and Chief Executive Officer of Moody’s Corporation. In this role, Mr. McDaniel is responsible for all activities of the corporation and its two operating divisions: Moody’s Investors Service, the credit rating agency; and Moody’s Analytics.
Mr. McDaniel has held a variety of positions since joining the firm in 1987. He was named President of Moody’s Investors Service in November 2001. He was promoted to Executive Vice President of the corporation and was elected to its Board of Directors in April 2003. Mr. McDaniel was appointed Chief Operating Officer of Moody’s Corporation in January 2004, and was named President of the corporation in October 2004. He assumed responsibility of Chairman and Chief Executive Officer in April 2005.
Raymond W. McDaniel, Jr. is Chairman and Chief Executive Officer of Moody’s Corporation. In this role, Mr. McDaniel is responsible for all activities of the corporation and its two operating divisions: Moody’s Investors Service, the credit rating agency; and Moody’s Analytics.
Mr. McDaniel has held a variety of positions since joining the firm in 1987. He was named President of Moody’s Investors Service in November 2001. He was promoted to Executive Vice President of the corporation and was elected to its Board of Directors in April 2003. Mr. McDaniel was appointed Chief Operating Officer of Moody’s Corporation in January 2004, and was named President of the corporation in October 2004. He assumed responsibility of Chairman and Chief Executive Officer in April 2005.
Yaacov Mutnikas
Yaacov Mutnikas joined the Financial Services Authority (FSA) from Algorithmics, a global financial risk technology firm, now a part of the Fitch Group. During his 13 years tenure at Algorithmics, Yaacov was Chief Technology Officer, responsible for all aspects of product creation, including research, financial architecture, software engineering, product management/product architecture and research. Since joining Algorithmics in 1995, Yaacov also held various parallel positions during his tenure. Prior to joining Algorithmics Yaacov was Managing Director at two South African financial services technology companies, where he was responsible for business functions as well as financial engineering, research, development and product architecture.
Yaacov Mutnikas joined the Financial Services Authority (FSA) from Algorithmics, a global financial risk technology firm, now a part of the Fitch Group. During his 13 years tenure at Algorithmics, Yaacov was Chief Technology Officer, responsible for all aspects of product creation, including research, financial architecture, software engineering, product management/product architecture and research. Since joining Algorithmics in 1995, Yaacov also held various parallel positions during his tenure. Prior to joining Algorithmics Yaacov was Managing Director at two South African financial services technology companies, where he was responsible for business functions as well as financial engineering, research, development and product architecture.
Martin Oehmke
Martin Oehmke is an Assistant Professor of Finance at Columbia Business School. He holds a BA from Oxford, an MSc from the London School of Economics, and received his PhD from Princeton University. His research interests are in financial economics, asset pricing and financial intermediation.
Martin Oehmke is an Assistant Professor of Finance at Columbia Business School. He holds a BA from Oxford, an MSc from the London School of Economics, and received his PhD from Princeton University. His research interests are in financial economics, asset pricing and financial intermediation.
Henri Pagès
Henri Pagès is Scientific Adviser at Banque de France’s Directorate General Research and International Relations. His research interests include financial intermediation and stochastic finance, in particular the interplay between moral hazard in banking and securitization. He was formerly Treasurer and Secretary of Banque de France’s Foundation from 2000 to 2008, which he helped establish as a sponsor of research in the international community.
Henri Pagès holds a PhD in Economics from the Massachusetts Institute of Technology in Cambridge, USA, and a Master in Science from Ecole Nationale des Mines de Paris, France. He has published articles in refereed journals such as Mathematical Finance, Economic Theory and The Annals of Applied Probability.
Henri Pagès is Scientific Adviser at Banque de France’s Directorate General Research and International Relations. His research interests include financial intermediation and stochastic finance, in particular the interplay between moral hazard in banking and securitization. He was formerly Treasurer and Secretary of Banque de France’s Foundation from 2000 to 2008, which he helped establish as a sponsor of research in the international community.
Henri Pagès holds a PhD in Economics from the Massachusetts Institute of Technology in Cambridge, USA, and a Master in Science from Ecole Nationale des Mines de Paris, France. He has published articles in refereed journals such as Mathematical Finance, Economic Theory and The Annals of Applied Probability.
Anna Pavlova
Anna Pavlova is Associate Professor of Finance at London Business School. She is also Research Affiliate of the Centre for Economic Policy Research in London, Panel Member for European Research Council Starting Grants and Editor of Annals of Finance. Previously to joining London Business School, she was Ford Foundation International Career Development Assistant Professor of Finance at the Sloan School of Management, Massachusetts Institute of Technology. She holds a PhD in Economics from the University of Pennsylvania. Her research interests include incentives of mutual fund managers, implications of risk management constraints for asset prices, international capital markets and finance theory. Anna Pavlova has published extensively in finance and economics journals. She has received a number of prestigious awards for her teaching and research. Her latest award is a Starting Grant from the European Research Council that will buy down her teaching and fund her research over the next five years.
Anna Pavlova is Associate Professor of Finance at London Business School. She is also Research Affiliate of the Centre for Economic Policy Research in London, Panel Member for European Research Council Starting Grants and Editor of Annals of Finance. Previously to joining London Business School, she was Ford Foundation International Career Development Assistant Professor of Finance at the Sloan School of Management, Massachusetts Institute of Technology. She holds a PhD in Economics from the University of Pennsylvania. Her research interests include incentives of mutual fund managers, implications of risk management constraints for asset prices, international capital markets and finance theory. Anna Pavlova has published extensively in finance and economics journals. She has received a number of prestigious awards for her teaching and research. Her latest award is a Starting Grant from the European Research Council that will buy down her teaching and fund her research over the next five years.
Mitchell Petersen
Professor Mitchell Petersen is the Chair of the Finance Department and the Director of the Heizer Center for Private Equity and Venture Capital at the Kellogg School of Management at 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. He was awarded the Smith-Breeden Prize for Outstanding Paper in the Journal of Finance in 1995 (for his paper "The Benefits of Lending Relationships: Evidence from Small Business Data") and the Michael Brennan Award for Best Paper in the Review of Financial Studies in 1998 (for his paper "Trade Credit: Theories and Evidence"). He was runner-up for the Brennan Award in 2008 (for his paper “Does the Source of Capital Affect Capital Structure”) and 2010 (for his paper “Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches”).
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, 2008, and 2010 and was voted the Kellogg Professor of the Year in 2000, the Executive MBA Outstanding Professor in 2008 and 2010, and Kellogg Alumni Professor of the Year in 2010. He received his Ph.D. in Economics from the Massachusetts Institute of Technology.
Professor Mitchell Petersen is the Chair of the Finance Department and the Director of the Heizer Center for Private Equity and Venture Capital at the Kellogg School of Management at 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. He was awarded the Smith-Breeden Prize for Outstanding Paper in the Journal of Finance in 1995 (for his paper "The Benefits of Lending Relationships: Evidence from Small Business Data") and the Michael Brennan Award for Best Paper in the Review of Financial Studies in 1998 (for his paper "Trade Credit: Theories and Evidence"). He was runner-up for the Brennan Award in 2008 (for his paper “Does the Source of Capital Affect Capital Structure”) and 2010 (for his paper “Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches”).
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, 2008, and 2010 and was voted the Kellogg Professor of the Year in 2000, the Executive MBA Outstanding Professor in 2008 and 2010, and Kellogg Alumni Professor of the Year in 2010. He received his Ph.D. in Economics from the Massachusetts Institute of Technology.
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 for the Study of Financial Institutions which is a leading financial research center. Prior to being at NYU, Professor Richardson was an assistant professor of finance at The Wharton School of the University of Pennsylvania. In addition, he is a Research Associate of the National Bureau of Economic Research.
Professor Richardson has done research in many areas of finance, including both theoretical and empirical work. His research has been published in the American Economic Review, the Journal of Finance, the Review of Financial Studies, and the Journal of Financial Economics, among other places. He was an associate editor of the Journal of Finance, Review of Financial Studies and Journal of Financial and Quantiative Analysis. He recently co-edited two books on the financial crisis titled “Restoring Financial Stability: How to Repair a Failed System” (Wiley, 2009) and “Regulating Wall Street: The Dodd-Frank Act and the New Architecture of Global Finance” (Wiley, November 2010), and is a co-author of "Guaranteed to Fail: Fannie Mae, Freddie Mac and the Debacle of Mortgage Finance" (Princeton University Press, March 2011).
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.
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 for the Study of Financial Institutions which is a leading financial research center. Prior to being at NYU, Professor Richardson was an assistant professor of finance at The Wharton School of the University of Pennsylvania. In addition, he is a Research Associate of the National Bureau of Economic Research.
Professor Richardson has done research in many areas of finance, including both theoretical and empirical work. His research has been published in the American Economic Review, the Journal of Finance, the Review of Financial Studies, and the Journal of Financial Economics, among other places. He was an associate editor of the Journal of Finance, Review of Financial Studies and Journal of Financial and Quantiative Analysis. He recently co-edited two books on the financial crisis titled “Restoring Financial Stability: How to Repair a Failed System” (Wiley, 2009) and “Regulating Wall Street: The Dodd-Frank Act and the New Architecture of Global Finance” (Wiley, November 2010), and is a co-author of "Guaranteed to Fail: Fannie Mae, Freddie Mac and the Debacle of Mortgage Finance" (Princeton University Press, March 2011).
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.
Stephen Schaefer
Stephen Schaefer is Professor of Finance at London Business School. Formerly on the faculty of the Graduate School of Business at Stanford University, he has also been a visiting professor at the Universities of British Columbia, California (Berkeley), Cape Town, Chicago and Venice.
He has published widely on fixed income markets, risk management, credit risk and financial regulation. Much of his current research is devoted to understanding the pricing of credit risky instruments and, in particular, disentangling the impact of the default risk and market frictions. This includes an empirical study of the performance of credit pricing models as predictors of hedge ratios, a clinical study of the events surrounding the downgrade of Ford and GM to junk status in 2005 and a study of corporate default in the US over the past 150 years.
Outside academic life, Stephen Schaefer is a member of Moody’s Academic Research and Advisory Committee, a Non-Executive Director of Leo Fund Management and is the co-author of two major reports for the Norwegian Ministry of Finance on the management of the Norwegian Government Pension Fund (the “Oil Fund”). He was formerly an Independent Board Member of the Securities and Futures Authority, a Senior Research Advisor to Moody’s KMV and a Trustee-Director.
Stephen Schaefer is Professor of Finance at London Business School. Formerly on the faculty of the Graduate School of Business at Stanford University, he has also been a visiting professor at the Universities of British Columbia, California (Berkeley), Cape Town, Chicago and Venice.
He has published widely on fixed income markets, risk management, credit risk and financial regulation. Much of his current research is devoted to understanding the pricing of credit risky instruments and, in particular, disentangling the impact of the default risk and market frictions. This includes an empirical study of the performance of credit pricing models as predictors of hedge ratios, a clinical study of the events surrounding the downgrade of Ford and GM to junk status in 2005 and a study of corporate default in the US over the past 150 years.
Outside academic life, Stephen Schaefer is a member of Moody’s Academic Research and Advisory Committee, a Non-Executive Director of Leo Fund Management and is the co-author of two major reports for the Norwegian Ministry of Finance on the management of the Norwegian Government Pension Fund (the “Oil Fund”). He was formerly an Independent Board Member of the Securities and Futures Authority, a Senior Research Advisor to Moody’s KMV and a Trustee-Director.
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.
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.
Chester Spatt
Chester Spatt is the Pamela R. and Kenneth B. Dunn Professor of Finance at the Tepper School of Business at Carnegie Mellon University and Director of its Center for Financial Markets, where he has taught since 1979. He served as Chief Economist of the U.S. Securities and Exchange Commission and Director of its Office of Economic Analysis from July 2004 through July 2007. He earned his Ph.D. in economics from the University of Pennsylvania and received his undergraduate degree from Princeton University.
Professor Spatt is a well-known scholar studying financial economics with broad interests in financial markets. He has analyzed extensively market structure, pricing and valuation, and the impact of information in the marketplace. For example, he has been a leading expert on the design of security markets in various settings, mortgage valuation, and taxation and investment strategy. His co-authored 2004 paper in the Journal of Finance on asset location won TIAA-CREF’s Paul Samuelson Award for the Best Publication on Lifelong Financial Security. He has served as Executive Editor and one of the founding editors of the Review of Financial Studies, President and a member of the Founding Committee of the Society for Financial Studies, President of the Western Finance Association, and is currently an Associate Editor of several finance journals. He also is currently a Research Associate of the National Bureau of Economic Research, Senior Economic Adviser to Kalorama Partners, a Member of the Shadow Financial Regulatory Committee as well as the Financial Economists Roundtable and a Fellow of the TIAA—CREF Institute.
Chester Spatt is the Pamela R. and Kenneth B. Dunn Professor of Finance at the Tepper School of Business at Carnegie Mellon University and Director of its Center for Financial Markets, where he has taught since 1979. He served as Chief Economist of the U.S. Securities and Exchange Commission and Director of its Office of Economic Analysis from July 2004 through July 2007. He earned his Ph.D. in economics from the University of Pennsylvania and received his undergraduate degree from Princeton University.
Professor Spatt is a well-known scholar studying financial economics with broad interests in financial markets. He has analyzed extensively market structure, pricing and valuation, and the impact of information in the marketplace. For example, he has been a leading expert on the design of security markets in various settings, mortgage valuation, and taxation and investment strategy. His co-authored 2004 paper in the Journal of Finance on asset location won TIAA-CREF’s Paul Samuelson Award for the Best Publication on Lifelong Financial Security. He has served as Executive Editor and one of the founding editors of the Review of Financial Studies, President and a member of the Founding Committee of the Society for Financial Studies, President of the Western Finance Association, and is currently an Associate Editor of several finance journals. He also is currently a Research Associate of the National Bureau of Economic Research, Senior Economic Adviser to Kalorama Partners, a Member of the Shadow Financial Regulatory Committee as well as the Financial Economists Roundtable and a Fellow of the TIAA—CREF Institute.
Roger M. Stein
Roger M. Stein is the president of Moody’s Research Labs in New York. He has been actively engaged in developing new approaches to applied credit risk modeling for over 20 years. As the co-head of Moody’s KMV’s research and product development Dr. Stein led the development of commercial risk management tools (including RiskCalc™ and LossCalc™) that have been adopted widely by hundreds of major financial institutions globally and has worked extensively on developing techniques for model validation. Before that he led Moody’s Risk Management Services’ research group. He has authored dozens of professional and academic articles and serves on the editorial boards of several finance-related journals. Dr. Stein’s most recent book is Active Credit Portfolio Management in Practice (Wiley), in which he and his co-author, Jeffery R. Bohn, provide a handbook for practitioners on applied corporate credit risk management. Dr. Stein has a PhD and Masters degree from the Stern School of Business, New York University, and a Bachelor degree in Mathematics and Japanese Studies from the State University of New York at Binghamton.
Roger M. Stein is the president of Moody’s Research Labs in New York. He has been actively engaged in developing new approaches to applied credit risk modeling for over 20 years. As the co-head of Moody’s KMV’s research and product development Dr. Stein led the development of commercial risk management tools (including RiskCalc™ and LossCalc™) that have been adopted widely by hundreds of major financial institutions globally and has worked extensively on developing techniques for model validation. Before that he led Moody’s Risk Management Services’ research group. He has authored dozens of professional and academic articles and serves on the editorial boards of several finance-related journals. Dr. Stein’s most recent book is Active Credit Portfolio Management in Practice (Wiley), in which he and his co-author, Jeffery R. Bohn, provide a handbook for practitioners on applied corporate credit risk management. Dr. Stein has a PhD and Masters degree from the Stern School of Business, New York University, and a Bachelor degree in Mathematics and Japanese Studies from the State University of New York at Binghamton.
Raghu Sundaram
Rangarajan K. (``Raghu'') Sundaram is Professor of Finance at New York University's Stern School of Business. He was formerly a member of the economics faculty at the University of Rochester (1988-96). Raghu has an undergraduate in economics from Loyola College, University of Madras, India; an MBA from the Indian Institute of Management, Ahmedabad, India; and a Master's and PhD in economics from Cornell University. He was Co-Editor of the Journal of Derivatives from 2002-2008, and is or has been a member of several other editorial boards including the Journal of Economic Theory from 1993-2002. His research in finance covers a range of areas including agency problems, executive compensation, derivatives pricing, credit risk and credit derivatives, and corporate finance. He has also published extensively in mathematical economics, decision theory, and game theory. His research has appeared in all leading academic journals in finance and economic theory. The recipient of the Jensen Award and a finalist for the Brattle Prize for his research, Raghu has also won several teaching awards including, in 2007, the inaugural Distinguished Teaching Award from the Stern School of Business. He is the author of two books, A First Course in Optimization Theory (Cambridge University Press, 1996) and Derivatives: Principles & Practice (McGraw-Hill, 2010).
Rangarajan K. (``Raghu'') Sundaram is Professor of Finance at New York University's Stern School of Business. He was formerly a member of the economics faculty at the University of Rochester (1988-96). Raghu has an undergraduate in economics from Loyola College, University of Madras, India; an MBA from the Indian Institute of Management, Ahmedabad, India; and a Master's and PhD in economics from Cornell University. He was Co-Editor of the Journal of Derivatives from 2002-2008, and is or has been a member of several other editorial boards including the Journal of Economic Theory from 1993-2002. His research in finance covers a range of areas including agency problems, executive compensation, derivatives pricing, credit risk and credit derivatives, and corporate finance. He has also published extensively in mathematical economics, decision theory, and game theory. His research has appeared in all leading academic journals in finance and economic theory. The recipient of the Jensen Award and a finalist for the Brattle Prize for his research, Raghu has also won several teaching awards including, in 2007, the inaugural Distinguished Teaching Award from the Stern School of Business. He is the author of two books, A First Course in Optimization Theory (Cambridge University Press, 1996) and Derivatives: Principles & Practice (McGraw-Hill, 2010).
Bruce Tuckman
Bruce Tuckman is the Director of Financial Markets Research at the Center for Financial Stability, a think tank based in New York. Prior to this, Bruce was a Managing Director at Barclays Capital, Head of Quantitative Research for Prime Services and a member of the executive committee of that division. After receiving his Ph.D. in economics from M.I.T., Bruce was a professor of finance at New York University’s Stern School of Business and a visiting professor of finance at UCLA’s Anderson Graduate School of Management. He began his Wall Street career in 1994 at Salomon Brothers’ Fixed Income Proprietary Trading Group. Since then he managed several research functions in the fixed income, financing, and prime brokerage areas, including his tenure at Lehman Brothers from 2002. Bruce is the author of many academic and industry articles and of the book Fixed Income Securities, 2nd Edition published by John Wiley & Sons. The 3rd edition will appear in fall 2011.
Bruce Tuckman is the Director of Financial Markets Research at the Center for Financial Stability, a think tank based in New York. Prior to this, Bruce was a Managing Director at Barclays Capital, Head of Quantitative Research for Prime Services and a member of the executive committee of that division. After receiving his Ph.D. in economics from M.I.T., Bruce was a professor of finance at New York University’s Stern School of Business and a visiting professor of finance at UCLA’s Anderson Graduate School of Management. He began his Wall Street career in 1994 at Salomon Brothers’ Fixed Income Proprietary Trading Group. Since then he managed several research functions in the fixed income, financing, and prime brokerage areas, including his tenure at Lehman Brothers from 2002. Bruce is the author of many academic and industry articles and of the book Fixed Income Securities, 2nd Edition published by John Wiley & Sons. The 3rd edition will appear in fall 2011.
Dimitri Vayanos
Dimitri Vayanos is Professor of Finance at the London School of Economics. He received his undergraduate degree from Ecole Polytechique in Paris and his PhD from MIT in 1993. Prior to joining the LSE, he was faculty member at Stanford and MIT. Vayanos has published in a number of leading finance and economics journals on topics such as: liquidity and asset pricing, delegated portfolio management, information in markets and organizations, market microstructure, and behavioral economics. He is the Director of LSE’s Paul Woolley Centre for the Study of Capital Market Dysfunctionality, the Director of the CEPR Financial Economics program, a Research Associate at NBER, and current or past Associate Editor in a number of journals including the Review of Financial Studies and the Review of Economic Studies.
Dimitri Vayanos is Professor of Finance at the London School of Economics. He received his undergraduate degree from Ecole Polytechique in Paris and his PhD from MIT in 1993. Prior to joining the LSE, he was faculty member at Stanford and MIT. Vayanos has published in a number of leading finance and economics journals on topics such as: liquidity and asset pricing, delegated portfolio management, information in markets and organizations, market microstructure, and behavioral economics. He is the Director of LSE’s Paul Woolley Centre for the Study of Capital Market Dysfunctionality, the Director of the CEPR Financial Economics program, a Research Associate at NBER, and current or past Associate Editor in a number of journals including the Review of Financial Studies and the Review of Economic Studies.
Adrien Verdelhan
Adrien Verdelhan's research focuses on measures of systematic risk in financial markets, particularly in currency and sovereign bond markets. His previous work shows when and why exchange rates are risky, thus shedding light on the most well-known and puzzling currency trading strategy: the carry trade. In his most recent work, he estimates the compensation for default risk embedded in sovereign bond markets. He shows that sovereign bond prices reflect not only default probabilities but also the timing of bond payoffs. He received his PhD in economics from the University of Chicago in 2005. He is currently a Research Fellow at the National Bureau of Economic Research and an assistant professor at the MIT Sloan School of Management.
Adrien Verdelhan's research focuses on measures of systematic risk in financial markets, particularly in currency and sovereign bond markets. His previous work shows when and why exchange rates are risky, thus shedding light on the most well-known and puzzling currency trading strategy: the carry trade. In his most recent work, he estimates the compensation for default risk embedded in sovereign bond markets. He shows that sovereign bond prices reflect not only default probabilities but also the timing of bond payoffs. He received his PhD in economics from the University of Chicago in 2005. He is currently a Research Fellow at the National Bureau of Economic Research and an assistant professor at the MIT Sloan School of Management.
Vikrant Vig
Vikrant Vig is an Associate Professor of Finance at London Business School. He received his PhD from Columbia Business School and holds a MS in Engineering and Finance from the University of Illinois at Urbana-Champaign. His research interests lie in the area of financial contracting and include: financial intermediation, firm’s choice of optimal debt structure, corporate governance, and law and finance. His current research focuses on the sub-prime mortgage market in the United States where he investigates how securitization affects the incentives of different market participants. Vikrant has won several awards for his research on Securitization. In 2008, his paper titled “Did Securitization Lead to Lax Screening: Evidence from Subprime Loans,” won the best paper award at the European Finance Association meetings. In addition, the paper also won several other awards, such at the Mitsui Best Paper Award at the University of Michigan conference. His research on securitization was cited in a number of congressional hearings in the US on the optimal policy response to the current housing crisis. More recently, his paper on the effect of Labor regulations on Capital Structure, won the best paper award at the European Finance Association 2010 meetings. At the London Business School, Vikrant teaches the core Investments course to the full-time MIF students and a PhD course in Financial Economics to the PhD students. In 2009, Vikrant was the runner-up award for the Best teaching award in the MIF program. He was also recently awarded a Chair at London Business School and he is now a Chaired Associate Professor of Finance.
Vikrant Vig is an Associate Professor of Finance at London Business School. He received his PhD from Columbia Business School and holds a MS in Engineering and Finance from the University of Illinois at Urbana-Champaign. His research interests lie in the area of financial contracting and include: financial intermediation, firm’s choice of optimal debt structure, corporate governance, and law and finance. His current research focuses on the sub-prime mortgage market in the United States where he investigates how securitization affects the incentives of different market participants. Vikrant has won several awards for his research on Securitization. In 2008, his paper titled “Did Securitization Lead to Lax Screening: Evidence from Subprime Loans,” won the best paper award at the European Finance Association meetings. In addition, the paper also won several other awards, such at the Mitsui Best Paper Award at the University of Michigan conference. His research on securitization was cited in a number of congressional hearings in the US on the optimal policy response to the current housing crisis. More recently, his paper on the effect of Labor regulations on Capital Structure, won the best paper award at the European Finance Association 2010 meetings. At the London Business School, Vikrant teaches the core Investments course to the full-time MIF students and a PhD course in Financial Economics to the PhD students. In 2009, Vikrant was the runner-up award for the Best teaching award in the MIF program. He was also recently awarded a Chair at London Business School and he is now a Chaired Associate Professor of Finance.
Jiang Wang
Jiang Wang is the Mizuho Financial Group Professor at the Sloan School of Management, MIT. His work is mainly in the area of asset pricing, investment and risk management, and international finance. He has published extensively in leading professional journals. His current research focuses on asset pricing and management under market imperfections, market liquidity and stability, and optimal trading strategies. He is the recipient of the Smith Breeden Prize in 2006, the FAME Research Prize in 2004, the Leo Melamed Prize in 1997, and the Batterymarch Fellowship in 1995, among other scholarly awards. He has served on the editorial boards of the Journal of Financial Markets, Operations Research, Quantitative Finance, Review of the Financial Studies and other professional journals. He is a Research Associate of the National Bureau of Economic Research. He has served as a member of the Financial Advisory Roundtable of the Federal Reserve Bank of New York and a director of the American Finance Association. He currently serves on the Economic Advisory Board of Nasdaq Stock Market, Inc., the Academic Advisory Board of FTSE and the Western Finance Association. He is also the Director of the China Finance Research Center at Tsinghua University and the Chair of Academic Council of the Shanghai Advanced Institute of Finance.
Jiang Wang is the Mizuho Financial Group Professor at the Sloan School of Management, MIT. His work is mainly in the area of asset pricing, investment and risk management, and international finance. He has published extensively in leading professional journals. His current research focuses on asset pricing and management under market imperfections, market liquidity and stability, and optimal trading strategies. He is the recipient of the Smith Breeden Prize in 2006, the FAME Research Prize in 2004, the Leo Melamed Prize in 1997, and the Batterymarch Fellowship in 1995, among other scholarly awards. He has served on the editorial boards of the Journal of Financial Markets, Operations Research, Quantitative Finance, Review of the Financial Studies and other professional journals. He is a Research Associate of the National Bureau of Economic Research. He has served as a member of the Financial Advisory Roundtable of the Federal Reserve Bank of New York and a director of the American Finance Association. He currently serves on the Economic Advisory Board of Nasdaq Stock Market, Inc., the Academic Advisory Board of FTSE and the Western Finance Association. He is also the Director of the China Finance Research Center at Tsinghua University and the Chair of Academic Council of the Shanghai Advanced Institute of Finance.
Zhenyu Wang
Zhenyu Wang is a vice president and the head of Financial Intermediation Function at the Federal Reserve Bank of New York. He designed pricing models for payment services, discount window collaterals, and the capital assistance program in the Federal Reserve System. He has published research papers on stock markets, fixed income markets, investment management and financial econometrics. He is on the editorial boards of several journals including Management Science and the Journal of Empirical Finance. Before joining the Fed, he was on the faculty of business schools in Columbia University and UT Austin for ten years.
Zhenyu Wang is a vice president and the head of Financial Intermediation Function at the Federal Reserve Bank of New York. He designed pricing models for payment services, discount window collaterals, and the capital assistance program in the Federal Reserve System. He has published research papers on stock markets, fixed income markets, investment management and financial econometrics. He is on the editorial boards of several journals including Management Science and the Journal of Empirical Finance. Before joining the Fed, he was on the faculty of business schools in Columbia University and UT Austin for ten years.
Bruce Weber
Bruce Weber is Professor of Information Management and Chair of the Management Science & Operations subject area at the London Business School. He specialises in information technology management, notably in the financial services sector, and teaches on MBA, Masters, and Executive Education Programmes. His courses include ‘IT for Business Value’, ‘Decision Models’, ‘Trading & Financial Market Structure’, and ‘Financial Information Systems’. He has an AB in Applied Mathematics from Harvard University and was awarded his MA and PhD in Decision Sciences from the Wharton School at the University of Pennsylvania. Before joining the London Business School in 2003, he was a member of faculty at the Stern School of Business at New York University, where he was NYU’s 1995 nominee for the NSF Presidential Faculty Fellows award, and received the 1998 Excellence in Teaching prize. At the Zicklin School of Business at Baruch College, City University of New York, he was founding director of the Subotnick Financial Services Center, an instructional facility for capital markets and financial technology education. His research on IT strategy, financial sector computerization, and compliance has been published in leading academic journals and has been cited in the Wall Street Journal and the Financial Times. His most recent books are 'The Equity Trader Course' (with R. Schwartz, R. Francioni), and 'Mastering Equity Trading through SImulation' (with R. Schwartz, G. Sipress). Together with R. Schwartz, he is co-developer of the trading simulation used in Nasdaq’s ‘HeadTrader’, and in TraderEx (www.etraderex.com), a markets education platform in use in 15 leading business schools
Bruce Weber is Professor of Information Management and Chair of the Management Science & Operations subject area at the London Business School. He specialises in information technology management, notably in the financial services sector, and teaches on MBA, Masters, and Executive Education Programmes. His courses include ‘IT for Business Value’, ‘Decision Models’, ‘Trading & Financial Market Structure’, and ‘Financial Information Systems’. He has an AB in Applied Mathematics from Harvard University and was awarded his MA and PhD in Decision Sciences from the Wharton School at the University of Pennsylvania. Before joining the London Business School in 2003, he was a member of faculty at the Stern School of Business at New York University, where he was NYU’s 1995 nominee for the NSF Presidential Faculty Fellows award, and received the 1998 Excellence in Teaching prize. At the Zicklin School of Business at Baruch College, City University of New York, he was founding director of the Subotnick Financial Services Center, an instructional facility for capital markets and financial technology education. His research on IT strategy, financial sector computerization, and compliance has been published in leading academic journals and has been cited in the Wall Street Journal and the Financial Times. His most recent books are 'The Equity Trader Course' (with R. Schwartz, R. Francioni), and 'Mastering Equity Trading through SImulation' (with R. Schwartz, G. Sipress). Together with R. Schwartz, he is co-developer of the trading simulation used in Nasdaq’s ‘HeadTrader’, and in TraderEx (www.etraderex.com), a markets education platform in use in 15 leading business schools
Alan White
Alan White is an internationally recognized authority on financial engineering. He is well known for his work with Rotman Professor John Hull concerning the development of the Hull-White interest rate model and associated numerical procedures. This model is widely used by financial engineers in trading rooms around the world to value nonstandard interest rate derivatives. His research is principally in the area of derivative securities, their pricing and their use by financial institutions for risk management. Recently his research has been focused on the pricing and management of credit risk.
Professor White has made numerous contributions to the academic community publishing in both academic and practitioner journals. At the Rotman School he has taught at the graduate level and served as the supervisor of the Finance Ph.D. program. Professor White was appointed as the first holder of the Peter L. Mitchelson / Sit Investment Associates Foundation Chair in Investment Strategy. He is currently the Finance Area Coordinator at Rotman.
Alan White is an internationally recognized authority on financial engineering. He is well known for his work with Rotman Professor John Hull concerning the development of the Hull-White interest rate model and associated numerical procedures. This model is widely used by financial engineers in trading rooms around the world to value nonstandard interest rate derivatives. His research is principally in the area of derivative securities, their pricing and their use by financial institutions for risk management. Recently his research has been focused on the pricing and management of credit risk.
Professor White has made numerous contributions to the academic community publishing in both academic and practitioner journals. At the Rotman School he has taught at the graduate level and served as the supervisor of the Finance Ph.D. program. Professor White was appointed as the first holder of the Peter L. Mitchelson / Sit Investment Associates Foundation Chair in Investment Strategy. He is currently the Finance Area Coordinator at Rotman.
Jeromin Zettelmeyer
Jeromin Zettelmeyer is Deputy Chief Economist and Director of Research at EBRD. From 1994 until mid 2008, he worked at the International Monetary Fund, mainly in the Research Department. His research and policy interests include financial crises, international financial architecture, and economics of transition. He is co-author, together with Federico Sturzenegger, of Debt Defaults and Lessons from a Decade of Crises (MIT Press, 2007), an account of the sovereign debt crises between 1996 and 2006.
He is a German citizen, born in Spain in 1964, graduated from the University of Bonn in 1990, and holds a Ph.D. from MIT (1995).
Jeromin Zettelmeyer is Deputy Chief Economist and Director of Research at EBRD. From 1994 until mid 2008, he worked at the International Monetary Fund, mainly in the Research Department. His research and policy interests include financial crises, international financial architecture, and economics of transition. He is co-author, together with Federico Sturzenegger, of Debt Defaults and Lessons from a Decade of Crises (MIT Press, 2007), an account of the sovereign debt crises between 1996 and 2006.
He is a German citizen, born in Spain in 1964, graduated from the University of Bonn in 1990, and holds a Ph.D. from MIT (1995).