|H. Gifford Fong
H. Gifford Fong
H. Gifford Fong is President of Gifford Fong Associates, a firm specializing in fixed income, derivative product and asset allocation analysis. Independent valuation, model validation and portfolio strategy analysis are areas of emphasis. He is a graduate of the University of California where he earned his B.S., M.B.A. and J.D. (law).
Mr. Fong is the editor of the Journal Of Investment Management (JOIM); founder of the JOIM Conference Series; member of the Corporation Visiting Committee for the MIT Sloan School of Management; member of the North American Executive Board of the MIT Sloan School; member of the Advisory Board of the Finance Faculty of the MIT Sloan School; founding sponsor, member of the Steering Committee of the Masters in Financial Engineering Program at the University of California at Berkeley; member, Haas Hall of Fame, Haas School of Business, University of California at Berkeley; member of the of the Academic Advisory Board of the Consortium for System Risk Analytics; former member of Advisory Board of the MIT Center for Finance and Policy; former member of the Board of Advisory Trustees, University of California, Berkeley Foundation; former editor of the Financial Analysts Journal; former member of the Board of Directors and Program Chairman of the Institute for Quantitative Research in Finance; former member of the Advisory Group of the University of California Regents Committee on Investments; former Vice Chair and member of the Research Committee of the Research Foundation of the CFA Institute and a contributor to a number of professional books and journals.
In addition, Mr. Fong is co-author of "Fixed-Income Portfolio Management," a book published by Dow Jones-Irwin, co-author of "Advanced Fixed Income Portfolio Management, The State of the Art," a book published by Probus Publishing, editor of “The Credit Market Handbook: Advanced Modeling Issues,” a book published by Wiley Finance, editor of “The World of Hedge Funds: Characteristics and Analysis” and “The World of Risk Management,” books published by World Scientific. He is also the author of numerous professional journal publications. Mr. Fong has received a number of honors, including the Institute for Quantitative Research in Finance Award and the Financial Analysts Journal Graham and Dodd Award of Excellence. He also is on a number of boards of directors of non-related companies and non-profit institutions.
Gifford Fong Associates
Gifford Fong Associates
|Sanjiv Ranjan Das
Sanjiv R. Das
Sanjiv Das is the William and Janice Terry Professor of Finance at Santa Clara University's Leavey School of Business. He previously held faculty appointments as Associate Professor at Harvard Business School and UC Berkeley. He holds post-graduate degrees in Finance (M.Phil and Ph.D. from New York University), Computer Science (M.S. from UC Berkeley), an MBA from the Indian Institute of Management, Ahmedabad, B.Com in Accounting and Economics (University of Bombay, Sydenham College), and is also a qualified Cost and Works Accountant. He is a senior editor of The Journal of Investment Management, co-editor of The Journal of Derivatives and The Journal of Financial Services Research, and Associate Editor of other academic journals. Prior to being an academic, he worked in the derivatives business in the Asia-Pacific region as a Vice-President at Citibank. His current research interests include: the modeling of default risk, machine learning, social networks, derivatives pricing models, portfolio theory, and venture capital. He has published over ninety articles in academic journals, and has won numerous awards for research and teaching. His recent book "Derivatives: Principles and Practice" was published in May 2010. He currently also serves as a Senior Fellow at the FDIC Center for Financial Research.
Surveys & Crossovers
Santa Clara University
MARK KRITZMAN, CFA is a Founding Partner and CEO of Windham Capital Management, LLC and the Chairman of Windham’s investment committee. He is responsible for managing research activities and investment advisory services. He is also a Founding Partner of State Street Associates, and he teaches a graduate finance course at the Massachusetts Institute of Technology. Mark served as a Founding Director of the International Securities Exchange and has served on several boards, including the Institute for Quantitative Research in Finance, The Investment Fund for Foundations, and State Street Associates. He is also a member of several advisory and editorial boards, including the Advisory Board of GIC, the Advisory Board of the MIT Sloan Finance Group, the Advisory Board of the Tobin School of Business, the Emerging Markets Review, the Financial Analysts Journal, the Journal of Alternative Investments, the Journal of Derivatives, the Journal of Investment Management, where he is Book Review Editor, and The Journal of Portfolio Management. He has written numerous articles for academic and professional journals and is the author or co-author of seven books including A Practitioner’s Guide to Asset Allocation, Puzzles of Finance, and The Portable Financial Analyst. Mark won Graham and Dodd scrolls in 1993 and 2002, the Research Prize from the Institute for Quantitative Investment Research in 1997, the Bernstein Fabozzi/Jacobs Levy Award nine times, the Roger F. Murray Prize from the Q-Group in 2012, and the Peter L. Bernstein Award in 2013 for Best Paper in an Institutional Investor Journal. In 2004, Mark was elected a Batten Fellow at the Darden Graduate School of Business Administration, University of Virginia. Mark has a BS in economics from St. John’s University, an MBA with distinction from New York University, and a CFA designation.
Windham Capital Management
|Tony D. Kao
Tony D. Kao
Tony is a Managing Principal and Co-Founder of SECOR Asset Management, LP and Chief Investment Officer of SECOR Investment Management, LP and SECOR Investment Advisors, LP. Prior to founding SECOR, Tony was the Chief Investment Officer of General Motors Asset Management, where his responsibility was the management of the $130 billion global employee benefit related plans primarily for General Motors and its affiliates. He currently serves on the Editorial Boards of Journal of Investment Management and Journal of Investment Consulting. In the past, he also served on the editorial board of Financial Analysts Journal. In 1991, he was the recipient of the R.L. Rosenthal Award for the Innovation in Investment Management/Corporate Finance in 1991. The yearly award is to recognize the contribution of under-35 years old professionals to the fields of literature, medicine, filmmaking and finance in the United States. He also received the National Asian-American Corporate Achievement Award in 1992. He earned his M.B.A. in Finance from New York University. His articles have been published extensively in various finance journals and books.
SECOR Asset Management, LP
David Leinweber heads the Lawrence Berkeley National Laboratory Computational Research Division's Center for Innovative Financial Technology, created to help build a bridge between the computational science and financial markets communities. Leinweber, author of "Nerds on Wall Street: Math, Machines and Wired Markets" (Wiley 2009) was Haas Fellow in Finance at the University of California, Berkeley from 2008-2010. His professional interests focus on how modern information technologies are best applied in trading and investing. As the founder of two financial technology companies, and a quantitative investment manager he is an active participant in today's transformation of markets.
Berkeley National Laboratory
Dr. Kim specializes in structured financial instruments, fixed-income pricing, the optimal restructuring of distressed debt, financial technology, and cryptocurrencies. She has provided expert consulting and litigation support regarding the structuring, management, and liquidation of various special purpose vehicles issuing collateralized debt obligations and asset-backed securities, as well as the standards applied to the assessment and rating of structured financial instruments. In addition, Dr. Kim is experienced in corporate governance issues pertaining to performance evaluation and incentive alignment, where much of her work is centered on the unintended byproducts of regulatory changes on board structure and executive compensation. Seoyoung Kim is an associate professor of finance and business analytics and teaches financial management in SCU's MBA program. She joined the Leavey School of Business in Fall 2012 as an assistant professor.
Santa Clara University
Cliff Asness, Ph.D., Managing and Founding Principal
Cliff is a Founder, Managing Principal and Chief Investment Officer at AQR Capital Management. He is an active researcher and has authored articles on a variety of financial topics for many publications, including The Journal of Portfolio Management, Financial Analysts Journal and The Journal of Finance. He has received five Bernstein Fabozzi/Jacobs Levy Awards from The Journal of Portfolio Management, in 2002, 2004, 2005, 2014 and 2015. Financial Analysts Journal has twice awarded him the Graham and Dodd Award for the year’s best paper, as well as a Graham and Dodd Excellence Award, the award for the best perspectives piece, and the Graham and Dodd Readers’ Choice Award. In 2006, CFA Institute presented Cliff with the James R. Vertin Award, which is periodically given to individuals who have produced a body of research notable for its relevance and enduring value to investment professionals. Prior to cofounding AQR Capital Management, he was a managing director and director of quantitative research for the Asset Management Division of Goldman, Sachs & Co. He is on the editorial board of The Journal of Portfolio Management, the governing board of the Courant Institute of Mathematical Finance at NYU, the board of directors of the Q-Group and the board of the International Rescue Committee. Cliff received a B.S. in economics from the Wharton School and a B.S. in engineering from the Moore School of Electrical Engineering at the University of Pennsylvania, graduating summa cum laude in both. He received an M.B.A. with high honors and a Ph.D. in finance from the University of Chicago, where he was Eugene Fama’s student and teaching assistant for two years (so he still feels guilty when trying to beat the market).
AQR Capital Management
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The Vanguard Group
Robert Engle, the Michael Armellino Professor of Finance at New York University Stern School of Business, was awarded the 2003 Nobel Prize in Economics for his research on the concept of autoregressive conditional heteroskedasticity (ARCH). He developed this method for statistical modeling of time-varying volatility and demonstrated that these techniques accurately capture the properties of many time series. Professor Engle shared the prize with Clive W. J. Granger of the University of California at San Diego.
Professor Engle is an expert in time series analysis with a long-standing interest in the analysis of financial markets. His ARCH model and its generalizations have become indispensable tools not only for researchers, but also for analysts of financial markets, who use them in asset pricing and in evaluating portfolio risk. His research has also produced such innovative statistical methods as cointegration, common features, autoregressive conditional duration (ACD), CAViaR and now dynamic conditional correlation (DCC) models.
He is currently the Director of the NYU Stern Volatility Institute and is the Co-Founding President of the Society for Financial Econometrics (SoFiE), a global non-profit organization housed at NYU. Before joining NYU Stern in 2000, Professor Engle was Chancellor’s Associates Professor and Economics Department Chair at the University of California, San Diego, and Associate Professor of Economics at the Massachusetts Institute of Technology.
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New York University
Dean LeBaron is an alumnus of Harvard University and a Baker Scholar graduate of the Harvard Business School. Dean is founder and former chairman of Batterymarch Financial Management.
An "investment futurist," Dean was one of the first to see the potential of quantitative investing, using computer-driven technology and modeling techniques at Batterymarch to systematically analyze data, implement trades, and manage investment portfolios. Under his leadership, Batterymarch pioneered Indexing as an investment strategy. An early adopter of a contrarian philosophy, Dean followed his own advice that "in the investment field, you should be where everyone else is not," leading Batterymarch to become one of the earliest (or first) institutional investors in Brazil, India, China, and other emerging market countries. His interest and work in Russia resulted from an invitation from the government of President Mikhail Gorbachev to help privatize the Soviet Union's military industrial complex.
Exploring the linkage of complex adaptive systems to dynamic social systems, including investments, Dean was the founding publisher of Complexity Digest in 1999 [www.comdig.com].
Dean is the author of numerous articles and books, most recently Mao, Marx, and the Market, an account of his investment and personal experiences in China and the former Soviet Union following the demise of their command economies. His website [www.deanlebaron.com] provides a platform for his musings, experiments with new technologies and financial innovations, video commentary, articles, and speeches.
Dean earned his CFA charter in 1967, and, in 2001, was the seventh recipient of the CFA Institute's highest honor, the Award for Professional Excellence. This award, first presented in 1991 to Sir John Templeton, was established to honor a member of the investment profession "whose exemplary achievement, excellence of practice, and true leadership have inspired and reflected honor" upon the profession.
Living in New England, Florida and Switzerland, Dean strives to be the scholar and gentleman envisioned by his parents and teachers.
|Martin L. Leibowitz
Martin L. Leibowitz
Martin L. Leibowitz is a Vice Chairman in Morgan Stanley’s Research Department. In addition to chairing the Global Research Quantitative Council, Dr. Leibowitz and his group produce studies on such topics as asset allocation, equity valuation, asset/liability management, and duration targeting. Prior to joining Morgan Stanley in 2004, Dr. Leibowitz was vice chairman and chief investment officer of TIAA-CREF from 1995 to 2004, with responsibility for the management of over $300 billion in equity, fixed income, and real estate assets. Previously, he had a 26-year association with Salomon Brothers, where he became director of global research, covering both fixed income and equities.
Dr. Leibowitz received both A.B. and M.S. degrees from The University of Chicago and a Ph.D. in mathematics from the Courant Institute of New York University.
He has written over 250 articles on various financial and investment topics and has been the most frequent author published in both the Financial Analysts Journal (FAJ) and the Journal of Portfolio Management (JPM). Ten of his FAJ articles have received the Graham and Dodd Award for excellence in financial writing, and in 2008, a JPM publication was voted the year’s best paper by the Journal’s readers.
Leibowitz has written several books with various coauthors. In 1972, his first book, “Inside the Yield Book”, coauthored with Sidney Homer, a distinguished scholar of financial history, became an early standard in the bond field and has gone through 21 re-printings. A 2nd edition was published in 2004 with a foreword by the noted economist Henry Kaufman. In 2013, his recent work on duration targeting and return convergence led to Bloomberg Press publishing a 3rd edition.
Leibowitz’s other books include “Investing”, a volume of his collected writings, published in 1992 with a foreword by William F. Sharpe. In 1996, his book “Return Targets and Shortfall Risks” was issued by Irwin Co. In 2004, John Wiley & Co. published “Franchise Value”, a series of studies describing a new approach to equity valuation. In 2008, Mr. Leibowitz co-authored a book “Modern Portfolio Management”, published by John Wiley & Co., which focused on active equity strategies. Another volume, “The Endowment Model of Investing”, co-authored with Anthony Bova and Brett Hammond of TIAA-CREF, was published in 2010 by John Wiley & Co., with Peking University Press then issuing a Mandarin edition in 2012.
In January 2015, Leibowitz was named “Financial Engineer of the Year” by the International Association for Quantitative Finance, joining a distinguished list of previous awardees such as Fischer Black, Myron Scholes, Robert Merton, and Jim Simons.
Leibowitz is also one of the very few recipients of three of the CFA Institute’s highest awards: the Nicholas Molodovsky Award in 1995, the James R. Vertin Award in 1998, and the Award for Professional Excellence in 2005. In November 1995, he became the first inductee into The Fixed Income Analyst Society’s Hall of Fame. He has received special Alumni Achievement Awards from The University of Chicago and New York University, and in 2003, he was elected a Fellow of the American Academy of Arts and Sciences.
Dr. Leibowitz serves on the Board of The Rockefeller Foundation and on the investment advisory committees of Singapore’s GIC, the Institute for Advanced Study in Princeton, NJ, the Carnegie Corporation, and the IMF pension system.
|Andrew W. Lo
Andrew W. Lo
Andrew W. Lo is the Charles E. and Susan T. Harris Professor at the MIT Sloan School of Management, the director of MIT’s Laboratory for Financial Engineering, a principal investigator at MIT’s Computer Science and Artificial Intelligence Lab, a core faculty member of MIT’s Institute for Data, Science, and Systems, and an affiliated faculty member of the MIT Department of Electrical Engineering and Computer Science. He received a B.A. in economics from Yale University in 1980, and an A.M. and Ph.D. in economics from Harvard University in 1984. Prior to joining MIT’s faculty in 1988, he taught at the University of Pennsylvania's Wharton School.
His most recent research focuses on systemic risk in the financial system, evolutionary models of investor behavior, and applying financial engineering to develop new funding models for biomedical innovation.
He has published extensively in academic journals (see http://alo.mit.edu), and has authored several books including The Econometrics of Financial Markets and, most recently, Adaptive Markets: Financial Evolution at the Speed of Thought. His awards include Alfred P. Sloan Foundation and Guggenheim Fellowships, the Paul A. Samuelson Award, the Harry M. Markowitz Award, the CFA Institute’s James R. Vertin Award, and election to Academia Sinica, the Econometric Society, the American Academy of Arts and Sciences, and Time Magazine’s 2012 list of the “100 most influential people in the world,” He has also received teaching awards from the University of Pennsylvania and MIT.
He is chairman and chief investment strategist of AlphaSimplex Group, a member of the Board of Overseers at Beth Israel Deaconess Medical Center, a board member of Roivant Sciences and the Whitehead Institute for Biomedical Research, an advisor to BridgeBio, and an advisory board member for the CFTC, New York Fed, and SEC.
Massachusetts Institute of Technology
|Harry M. Markowitz
Harry M. Markowitz
Dr. Markowitz has applied computer and mathematical techniques to various practical decision making areas. In finance: in an article in 1952 and a book in 1959 he presented what is now referred to as MPT, “modern portfolio theory.” This has become a standard topic in college courses and texts on investments, and is widely used by institutional investors and financial advisors for asset allocation, risk control and attribution analysis. In other areas: Dr. Markowitz developed “sparse matrix” techniques for solving very large mathematical optimization problems. These techniques are now standard in production software for optimization programs. Dr. Markowitz also designed and supervised the development of the SIMSCRIPT programming language. SIMSCRIPT has been widely used for programming computer simulations of systems like factories, transportation systems and communication networks.
In 1989 Dr. Markowitz received The John von Neumann Award from the Operations Research Society of America for his work in portfolio theory, sparse matrix techniques and SIMSCRIPT. In 1990 he shared The Nobel Prize in Economics for his work on portfolio theory. Dr. Markowitz is the principal of Harry Markowitz Company. He is also an adjunct professor at the Rady School of Management, UCSD.
Harry Markowitz Co.
|Robert C. Merton
Robert C. Merton
Robert C. Merton is the School of Management Distinguished Professor of Finance at the MIT Sloan School of Management and John and Natty University Professor Emeritus at Harvard University since 2010. He was the George Fisher Baker Professor of Business Administration (1988–98) and the John and Natty McArthur University Professor (1998–2010) at Harvard Business School. After receiving a PhD in Economics from MIT in 1970, Merton served on the finance faculty of MIT's Sloan School of Management until 1988 at which time he was J.C. Penney Professor of Management. He is currently Resident Scientist at Dimensional Fund Advisors Inc., where he is the creator of Target Retirement Solution, a global integrated retirement-funding solution system.
Merton received the Alfred Nobel Memorial Prize in Economic Sciences in 1997 for a new method to determine the value of derivatives. He is past president of the American Finance Association, a member of the National Academy of Sciences, and a Fellow of the American Academy of Arts and Sciences.
Merton received the Robert A. Muh Award in the Humanities, Arts, and Social Sciences from MIT in 2009, and the 2017 Donald Sussman Award from MIT Sloan School of Management. Through the generosity of his former students, colleagues and friends, The Robert C. Merton (1970) Professorship in Financial Economics was endowed at MIT Sloan in 2005. Merton received the Michael I. Pupin Medal for Service to the Nation from Columbia University; the Kolmogorov Medal from University of London; the Hamilton Medal from the Royal Irish Academy and the Tjailing C. Koopmans Asset Award, Tilburg University
Merton has also been recognized for translating finance science into practice. He received the inaugural Financial Engineer of the Year Award from the International Association for Quantitative Finance (formerly International Association of Financial Engineers), which also elected him a Senior Fellow. He received the 2011 CME Group Melamed-Arditti Innovation Award and the 2013 WFE Award for Excellence from World Federation of Exchanges. A Distinguished Fellow of the Institute for Quantitative Research in Finance ('Q Group') and a Fellow of the Financial Management Association, Merton received the Nicholas Molodovsky Award from the CFA Institute. He is a member of the Halls of Fame of the Fixed Income Analyst Society, Risk, and Derivative Strategy magazines. Merton received Risk’s Lifetime Achievement Award for contributions to the field of risk management and the 2014 Lifetime Achievement Award from the Financial Intermediation Research Society. He received the 2017 Finance Diamond Prize from Fundación de Investigación IMEF.
Merton’s research focuses on finance theory, including lifecycle and retirement finance, optimal portfolio selection, capital asset pricing, pricing of derivative securities, credit risk, loan guarantees, financial innovation, the dynamics of institutional change, and improving the methods of measuring and managing macro-financial risk.
Merton received a BS in Engineering Mathematics from Columbia University, a MS in Applied Mathematics from California Institute of Technology, and a PhD in Economics from Massachusetts Institute of Technology and honorary degrees from eighteen universities. http://robertcmerton.com/
Massachusetts Institute of Technology
Mark Rubinstein is a Professor of Finance at the Haas School of Business at the University of California at Berkeley. He is a graduate of the Lakeside School in Seattle, Harvard University, Stanford University and the University of California at Los Angeles. Thereafter, starting in 1972, he has spent the remainder of academic career at Berkeley.
His early work between 1971-1976 concentrated on asset pricing. His doctoral dissertation and subsequent published paper in 1973 included the original extension of the mean-variance capital asset pricing model to include skewness as a measure of risk, an extension that has been resurrected recently and shown by several researchers to have predictive power in explaining realized security returns. His paper also included an independent and simultaneous derivation of the “Black” zero-beta version of the CAPM. A related published paper from his dissertation was also the first to express in discrete time the security risk premium in terms of general utility functions derived from a theorem in mathematics he developed concerning jointly normal random variables. In 1974, he published a paper developing simplified examples showing how differences among investors aggregate up to determine equilibrium security prices. In 1975, Rubinstein attacked the the problem of finding a useful way to give meaning to the idea of informationally efficient markets. In 1976, he developed an extensive example of multi-period security market equilibrium which significantly generalized earlier approaches but was nonetheless was characterized by closed-form explicit solutions to key variables. In particular, unlike earlier work which had taken the inter-temporal stochastic process of security returns as datum (usually assuming a random walk and constant interest rates), instead Rubinstein left this process to be determined in equilibrium and was thus able to derive conditions for the existence of random walks of risky securities prices and an unbiased term structure of interest rates. His was the first paper to show explicitly how and why in equilibrium investors would want to hold long-term bonds in their portfolios, and in particular would want to hold an annuity maturing at their death. In a paper published in 1976, Rubinstein is the first to make use of generalized stochastic discount factors which he shows follows from the general requirement that no riskless arbitrage opportunities exist. The paper also foreshadows several strands of subsequent research including the consumption-based inter-temporal asset pricing model and the risk premium puzzle. His is the first paper to develop the successor discrete-time multi-period equilibrium model to the single-period CAPM, the successor model widely used by academics during the next quarter century.
In that same year, Rubinstein turned from work on asset pricing to work on derivatives. He created the first course primarily concerned with options taught at a major business school in the United States. Also in his 1976 paper, he connected the continuous-time Black-Scholes work on options to the more traditional multi-period discrete time asset pricing theory. In particular, he showed how to derive the Black-Scholes formula in this latter context without assuming, as Black and Scholes did, that assets are continuously tradable with realized price paths that exclude price jumps. In 1979, working together with John Cox and Stephen Ross, he published the original paper developing the binomial option pricing model, now probably the most widely used model to value derivatives by professional traders (although credit for the development of this model is shared with William Sharpe, Richard Rendleman and Brit Bartter). Because of its simple mathematical context, the paper also opened access to option pricing theory to a much enlarged audience and was no doubt partially responsible for the subsequent growth of the use of derivatives around the world. In 1985, Cox and Rubinstein published their book, Options Markets, which for many years was regarded as the best book on options targeted toward MBA students and quantitatively oriented professionals. The book won the biennial award of the University of Chicago for the best work concerning any area of business written by professors teaching at a business school. In 1985, Rubinstein also published what is probably the most widely referenced empirical test of modern option pricing models, which was the first study in financial economics to take advantage of advances in computer technology to use vast quantities of trade and quote data.
During 1988, Rubinstein published a number of papers concerning portfolio insurance, an institutional trading strategy that together with Hayne Leland and John O’Brien, he pioneered in the “real world.” This controversial strategy was credited by some as being the key determinant of the 1987 stock market crash. In 1988, Rubinstein began work with Leland and O’Brien which led to the creation of the first exchange-traded fund, the SuperTrust, listed on the American Stock Exchange in 1992, and Rubinstein published an article examining alternative basket vehicles in 1989.
In 1991, Rubinstein published eight short articles in RISK Magazine dealing with several exotic options which encouraged the growth of this new market and popularized the term “exotic options.” In 1994, in preparation for his talk as President of the American Finance Association, Rubinstein published his last important paper on options, with follow-up papers in 1996 and 1998, in which he developed the idea of “implied binomial trees” and techniques for inferring risk-neutral probability distributions from options on the same underlying asset. This work was motivated by the evident failure of the Black-Scholes formula, which assumes lognormality, to explain observed prices of equity index options after the crash of 1987. The work provides the natural generalization of the standard binomial model to accommodate arbitrary expiration date risk-neutral probability distributions. That paper, along with two other papers independently conceived by Emanuel Derman and Bruno Dupire, spurred much of the new academic work on option pricing in the latter half of the 1990’s and found immediate application by numerous professionals. In 1998 and 1999, Rubinstein published a new text on derivatives, updating his earlier book as well as expanding its domain from calls and puts to derivatives more generally. The book also pioneered new ways to integrate computers as an aid to learning about derivatives.
In 1993, Rubinstein served as President of the American Finance Association. He is currently associate editor of eight journals. Many of his papers are frequently reprinted in survey publications, and he has won numerous prizes and awards for his research and writing on financial economics including International Financial Engineer of the Year for 1995. Most recently, he won the Graham and Dodd Award for 2002 for the best article published during the year 2001 (this dealt with the rationality or informational efficiency of financial markets in the context of recent challenges from behavioral finance) in the Financial Analysts Journal. Of all his awards, he is most proud of winning in 2003 the best teacher award in the new Masters of Financial Engineering Program at Berkeley. His current research concerns the history of the financial theory of investments.
University of California, Berkeley
|Myron S. Scholes
Myron S. Scholes
Myron S. Scholes is the Frank E. Buck Professor of Finance, Emeritus, at the Stanford University Graduate School of Business since 1996. He was called back to active duty in 2010. Each year, he teaches a course on "Managing Under Uncertainty".
Professor Scholes is widely known for his seminal work in options pricing, capital market equilibrium, tax policies and the financial services industry. He is widely published in academic journals. He is co-originator of the Black-Scholes options pricing model, which is the basis of the pricing and risk-management technology that is used to value and to manage the risk of options contained in instruments around the world. For his work on "a new theory to value derivatives.", he (along with Robert Merton) was awarded the Alfred Nobel Memorial Prize in Economic Sciences in 1997.
He was the Frank E. Buck Professor of Finance at the Stanford University Graduate School of Business from 1983 to 1996, and a Senior Research Fellow at the Hoover Institution from 1987 to 1996. He received a Ph.D. in 1970 from the University of Chicago where he served as the Edward Eagle Brown Professor of Finance in the Graduate School of Business from 1974 - 1983 and where he was the Director of the Center for Research in Security Prices from 1976 - 1983. He was an Assistant and Associate Professor of Finance at Massachusetts Institute of Technology Sloan School of Management from 1969 to 1974.
Professor Scholes has lectured widely around the world including China where he has given lectures in many Universities in Beijing, Nanjing, Hangzhou, Xiamen, and Shanghai.
Professor Scholes is a member of the Econometric Society and served as President of the American Finance Association in 1990. Professor Scholes has honorary doctorate degrees from the University of Paris, France, McMaster University, Canada, Louvain University, Belgium and Wilfred Laurier University, Canada. He has an honorary Professorships from Nanjing University, Nanjing Audit University and Xiamen University. He was award the Innovator of the Year Award from the Chicago Mercantile Exchange and The Lifetime Achievement Award from the Derivatives Association.
He is a member of American Academy of Arts and Sciences.
Professor Scholes has consulted widely with many financial institutions, corporations and exchanges and continues to lecture for many academic groups and other organizations around the world. Professor Scholes is a past Director of the Chicago Mercantile Exchange, and a current director of Dimensional Fund Advisors and American Century (Mountain View) mutual funds and several private companies. Professor Scholes has served as an advisor to the Guangdong Provincial Government and the Jiangsu Provincial Government. He is Chairman of the Board of Economic Advisors of Stamos Capital Management.
|William F. Sharpe
William F. Sharpe
William F. Sharpe is the STANCO 25 Professor of Finance, Emeritus at Stanford University's Graduate School of Business. He joined the Stanford faculty in 1970, having previously taught at the University of Washington and the University of California at Irvine.
He was one of the originators of the Capital Asset Pricing Model, developed the Sharpe Ratio for investment performance analysis, the binomial method for the valuation of options, the gradient method for asset allocation optimization, and returns-based style analysis for evaluating the style and performance of investment funds. Dr. Sharpe has published articles in a number of professional journals, including Management Science, The Journal of Business, The Journal of Finance, The Journal of Financial Economics, The Journal of Financial and Quantitative Analysis, The Journal of Portfolio Management, and The Financial Analysts' Journal.
He has also written seven books, including Portfolio Theory and Capital Markets (McGraw-Hill, 1970 and 2000), Asset Allocation Tools (Scientific Press, 1987), Fundamentals of Investments (with Gordon J. Alexander and Jeffrey Bailey, Prentice-Hall, 2000), Investments (with Gordon J. Alexander and Jeffrey Bailey, Prentice-Hall, 1999) and Investors and Markets: Portfolio Choices, Asset Prices and Investment Advice (Princeton University Press, 2007).
Dr. Sharpe is past President of the American Finance Association. In 1990 he received the Nobel Prize in Economic Sciences. He received his Ph.D., M.A. and B.A. in Economics from the University of California at Los Angeles. He is also the recipient of a Doctor of Humane Letters, Honoris Causa from DePaul University, a Doctor Honoris Causa from the University of Alicante (Spain), a Doctor Honoris Causa from the University of Vienna (Austria), a Doctor of Science, Economics, Honoris Causa from the London Business School and the UCLA Medal, UCLA's highest honor.
Zvi Bodie is an independent financial consultant and educator. His main professional interest is to firmly establish finance as an applied science built on the principles explained in his books and websites. He is Professor Emeritus at Boston University, where he taught from 1973 to 2016. He holds a PhD from the Massachusetts Institute of Technology and has served on the finance faculty at the Harvard Business School and MIT's Sloan School of Management. His textbook, Investments, coauthored by Alex Kane and Alan Marcus, now in its eleventh edition, is the market leader. His other textbook Financial Economics coauthored by Nobel-Prize winning economist Robert C. Merton has been translated into 9 languages. In addition to his textbooks, Bodie has coauthored two books for the mass market: Risk Less and Prosper: Your Guide to Safer Investing and Worry-Free Investing A Safe Approach to Achieving Your Lifetime Financial Goals. In 2007 the Retirement Income Industry Association gave him their Lifetime Achievement Award for applied research. He has authored and edited many books and articles on pensions and investing for retirement. With the support of the Research Foundation of the CFA Institute, he organized a series of 3 conferences on the theory and practice of life-cycle finance. Currently he serves as senior advisor to the Investments and Wealth Institute and consults for a number of financial firms including Dimensional Fund Advisors.
|Keith C. Brown
Keith C. Brown
Keith Brown currently holds the positions of University Distinguished Teaching Professor and Fayez Sarofim Fellow in the Department of Finance at the McCombs School of Business, University of Texas at Austin. He received his M.S. and Ph.D. in Financial Economics from the Krannert Graduate School of Management at Purdue University. Since leaving school in 1981, he has specialized in teaching Investment Management, Portfolio Management and Security Analysis, Capital Markets, and Derivatives courses and has received eighteen awards for teaching innovation and excellence. In 2006, he was elected to the University’s prestigious Academy of Distinguished Teachers. Keith's publications have appeared in such journals as Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of Financial and Quantitative Analysis, Review of Economics and Statistics, Financial Management, Journal of Financial Markets, Financial Analysts Journal, Journal of Portfolio Management, Journal of Investment Management, Journal of Fixed Income, Journal of Applied Corporate Finance, and Advances in Futures and Options Research. He received a Graham and Dodd Award from the Financial Analysts Federation as a co-author of one of the best articles published by Financial Analysts Journal in 1990, a Smith-Breeden Prize from Journal of Finance in 1996, and a Harry M. Markowitz Special Distinction Award from Journal of Investment Management in 2016. Keith is also a co-author of two textbooks, Interest Rate and Currency Swaps: A Tutorial (with Donald J. Smith) and Investment Analysis and Portfolio Management, 10e (with Frank K. Reilly).
Keith is the co-founder and Senior Partner of Fulcrum Financial Group, a portfolio management, business valuation, and investment advisory firm located in Austin, Texas. For more than 16 years, he served as President and Chief Executive Officer of The MBA Investment Fund, LLC, a private capital appreciation fund managed by students at the University of Texas and also was the Director of the Department’s Hicks, Muse, Tate & Furst Center for Private Equity Finance. From May 1987 to August 1988 Keith was based in New York as a Senior Consultant to the Corporate Professional Development Department at Manufacturers Hanover Trust Company. He has also lectured extensively in the global Executive Development programs for companies such as Fidelity Investments, Commonfund Institute, JP Morgan Chase Bank, Merrill Lynch, Lehman Brothers, Chase Securities, Union Bank of Switzerland, Chemical Bank, Chase Bank of Texas, USAA Investment Management, Security Commission of Malaysia, Motorola, Halliburton, and spent thirteen months as a senior planner with a San Diego, California-based financial planning firm. In August of 1988, Keith received his charter from the CFA Institute. He currently serves as Advisor to the Board of Trustees of Teacher Retirement System of Texas and the Board of Directors of University of Texas Investment Management Company and as Associate Editor for Journal of Investment Management and Journal of Behavioral Finance. For five years he held the position of Research Director for the Research Foundation of the CFA Institute.
University of Texas, Austin
|Margaret S. Stumpp
Margaret S. Stumpp
Margaret S. Stumpp is Senior Advisor to Quantitative Investment Management Associates (QMA), where she was co-founder in and Chief Investment Officer until 2014.
Margaret holds a BA with distinction in Economics from Boston University as well as MA and PhD degrees in Economics from Brown University. She is a frequent presenter on quantitative investment management in both domestic and international conferences, and she has numerous publications in a variety of popular publications as well as peer-reviewed finance journals. Current areas of research include ESG investing; investor skewness preferences, and the performance of short-selling.
Quantitative Investment Management Associates (QMA)
Kent Daniel is the William von Mueffling Professor of Business in the Finance and Economics Division at the Graduate School of Business at Columbia University. From 1996 to 2006, Kent was 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). Previously, he served on the faculties of the University of Chicago and the University of British Columbia.
Between 2004 and 2010, Kent was with the Quantitative Investment Strategies group at Goldman Sachs Asset Management. He became a managing director and head of the QIS equity research effort in 2005, and a co-chief investment officer in 2009.
Kent's academic research, both theoretical and empirical, has been primarily in the areas of behavioral finance and asset pricing. In addition to other awards, his academic 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 received 2016 Dean's Award for teaching excellence at Columbia Business School, and the Sidney J. Levy Teaching Award for 1996-1997 and 2000-2001 at the Kellogg School.
Kent is a research associate at the National Bureau of Economic Research. He has served as an associate editor for the Journal of Finance, as a director of the American Finance Association, and as a director of the Western Finance Association. Kent received a B.S. with honors in Physics 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.
Elroy Dimson is Professor of Finance and Chairman of the Centre for Endowment Asset Management at Cambridge Judge Business School. He is also Emeritus Professor of Finance at London Business School. His publications include Triumph of the Optimists, Endowment Asset Management, Financial Market History, and the Global Investment Returns Yearbook. He is on the council of Financial Analysts Journal, and has been an Associate Editor of Journal of Finance, Review of Finance and other journals. He and been President of the European Finance Association, and is Fellow or Honorary Fellow of the CFA Society of the UK, Institute of Actuaries, Royal Historical Society, and the Risk Institute. He has received the James Vertin, Graham and Dodd, FIR/PRI, Bernstein Fabozzi/Jacobs Levy, and Moskowitz awards. A co-designer of the FTSE 100 index, Elroy chairs FTSE Russell’s Policy Advisory Board and Academic Advisory Board. Until 2016, he chaired the Strategy Council for the Norwegian Government Pension Fund, and served on the investment committees of Guy's & St Thomas' Charity and the Foundation for Social Entrepreneurs.
Cambridge Judge Business School
|Martin S. Fridson
Martin S. Fridson
Martin Fridson is “perhaps the most well-known figure in the high yield world,” according to Investment Dealers’ Digest. At brokerage firms including Salomon Brothers, Morgan Stanley, and Merrill Lynch, he became known for his innovative work in credit analysis and investment strategy. For nine consecutive years he was ranked number one in high yield strategy in the Institutional Investor All America Research Survey.
Fridson received his B.A. cum laude in history from Harvard College and his M.B.A. from Harvard Business School. He has served as president of the Fixed Income Analysts Society, governor of the CFA Institute, director of the New York Society of Security Analysts, and consultant to the Federal Reserve Board of Governors.
The Financial Management Association International named Fridson the Financial Executive of the Year in 2002. In 2000, he became the youngest person inducted up to that time in the Fixed Income Analysts Society Hall of Fame. A study based on 16 core journals ranked Fridson among the ten most widely published authors in finance in the period 1990-2001. In 2013 Fridson served as Special Assistant to the Director for Deferred Compensation, Office of Management and the Budget, The City of New York.
In 2000, The Green Magazine called Fridson’s Financial Statement Analysis “one of the most useful investment books ever.” The Boston Globe said his 2006 book, Unwarranted Intrusions: The Case Against Government Intervention in the Marketplace, should be short-listed for best business book of the decade.
Fridson’s commentary on economics and financial markets can be found on forbes.com
Lehmann, Livian, Fridson Advisors
Bob Goldstein is the C. Arthur Williams Minnesota Insurance Industry Professor at the University of Minnesota. He has published articles in a number of professional journals. He received his Ph.D in physics from the University of Illinois, and a Ph.D in finance from the University of California at Berkeley.
University of Minnesota
Campbell R. Harvey is Professor of Finance at the Fuqua School of Business, Duke University and a Research Associate of the National Bureau of Economic Research in Cambridge, Massachusetts. He served as President of the American Finance Association in 2016.
Professor Harvey obtained his doctorate at the University of Chicago in business finance. He is a Fellow of the American Finance Association.
Harvey has received eight Graham and Dodd Awards/Scrolls for excellence in financial writing from the CFA Institute. He also won the 2016 and 2015 Best Paper Awards from The Journal of Portfolio Management for his research on distinguishing luck from skill. He has published over 125 scholarly articles on topics spanning investment finance, emerging markets, corporate finance, behavioral finance, financial econometrics and computer science.
Harvey is a Founding Director of the Duke-CFO Survey. This widely watched quarterly survey polls over 1,500 CFOs worldwide.
Harvey serves as the Investment Strategy Advisor to the Man Group plc and is Partner and Senior Advisor to Research Affiliates, LLC.
Harvey edited The Journal of Finance from 2006-2012.
Over the past five years, Professor Harvey has taught "Innovation and Cryptoventures" at Duke University. The course focuses on blockchain technology covering both the mechanics of blockchains as well as practical applications of both public and private implementations.
His publications can be found at http://people.duke.edu/~charvey/research.htm
Follow him on Twitter @camharvey
Duke University and Man Group, plc
Dr. Sharon Hill is the head of Macquarie Investment Management’s Quantitative Equity Team in the Americas. Her responsibilities include leading a research team that works with fundamental managers at the firm, managing equity and asset allocation portfolios, and working on key initiatives across the organization. Dr. Hill joined Delaware Investments in 2000 as a senior programmer/analyst within the IT department, and then moved to the equity group as a quantitative analyst before assuming her current position. Before joining the firm, she worked as a professor of mathematics at Rowan University, and as a software developer for Bloomberg where she focused on fixed income applications. Dr. Hill holds a bachelor's degree, with honors, in mathematics from the City University of New York at Brooklyn College, as well as a master's degree and Ph.D. in mathematics from the University of Connecticut. Her academic publications include work on water waves, complex spring systems, and global investments. She is a member of the Society of Quantitative Analysts and a member of the program committee of the Journal of Investment Management.
Macquarie Investment Management
|Thomas S. Y. Ho
Thomas S. Y. Ho
President of Thomas Ho Company Ltd (THC), a New York based financial engineering company. THC licenses portfolio and risk systems and provides professional services in risk management. THC is the sole provider of the risk system to Office of Thrift Supervision (OTS), the US federal bank regulator, supervising over 800 banks. THC is also retained as a retained consultant to OTS. THC and Cantor Fitzgerald Market Data have formed a global alliance to provide risk and valuation systems globally.
Professor in finance, Owen School of Business, Vanderbilt University.
Consultant to major financial institutions including AIG from 1999-2005. As retained consultant to the enterprise risk management group, Tom reported to the CEO, Mr. Greenberg. He designed the global risk management system, ALM processes for the life companies, and risk monitoring processes for derivatives.
Prior to July 1999, he was an Executive Vice President of BARRA, Inc., where he headed the Research Group in New York City. He integrated the fixed-income systems with the equity systems.
He joined BARRA when the firm merged with Global Advanced Technology (GAT) in June 1997. When Tom founded GAT in 1987, he developed cutting edge technology for delivering innovative solutions to 250 major global institutional clients. Clients include Metropolitan Life, Prudential Life, New York Life and many others. Out of the top 10 largest life insurance companies then, nine of them were GAT clients. GAT formed an alliance with Tillinghast and the alliance was the first to introduce an economic value based asset and liability management process.
Tom received his Ph.D. in Mathematics in 1978 from the University of Pennsylvania. He joined New York University's Stern School of Business as Professor of Finance from 1978 until 1990. He became a full professor in 1985.
Tom continues his extensive consulting and research in risk management, financial modeling, financial institutions' liability modeling and investment processes. Tom has published extensively.
Named one of the most prolific authors in finance based on a study by Cooley and Heck, Journal of Finance (2003). The Ho-Lee model is the first arbitrage-free interest rate model. The paper is ranked 17th of most cited papers in 20 years by Risk Magazine. Author of key rate durations (the widely used interest rate risk measure). 2 chapters of the Oxford Guide to Financial Modeling and other papers included in the readings for the actuarial examinations.
Thomas Ho Company, Ltd
|David A. Hsieh
David A. Hsieh
David A. Hsieh is Bank of America Professor of Finance at the Fuqua School of Business, Duke University. Professor Hsieh obtained his B.S. in Economics and Mathematics from Yale University and a Ph.D. in Economics from the Massachusetts Institute of Technology. He taught at the Graduate School of Business, University of Chicago from 1981 to 1989. He joined the Fuqua Faculty in 1989. Professor Hsieh's current research focuses on the style, risk, and performance evaluation of hedge funds. This research has been featured in the Review of Financial Studies, Journal of Empirical Finance, Journal of Fixed Income, Financial Analysts Journal and the Journal of Portfolio Management. He has been invited to give presentations on hedge funds to academics, regulators, and institutional investors.
Professor Hsieh has also worked in the area of statistical modeling of high frequency financial data, especially volatility clustering in stocks, bonds, and foreign exchange. The results have been published in the Journal of Business, the Journal of Business and Economic Statistics and the Journal of Finance, and the Journal of International Economics. The statistical theory and empirical results are summarized in a book entitled Nonlinear Dynamics, Chaos and Instability: Statistical Theory Dynamics, which is coauthored with Professors William Brock and Blake LeBaron and published by the MIT press.
Professor Hsieh won the Smith-Breeden First Prize for the bestpaper in the Journal of Finance in 1990 with Nobel Laureate Merton Miller, and the Fischer Black Memorial Foundation's 1999 Robert J. Schwartz Memorial Prize for the best paper on hedge funds with William Fung. In 2004, he received a CFA Institute's Graham and Dodd Award of Excellence for his paper with co-author Willimg Fung on hedge fund benchmarks published in the Financial Analysts Journal.
Professor Hsieh teaches Global Financial Management, Fixec Income Securities & Risk Management, International Corporate Finance, and Investments & Portfolio Management. Along with Professor Ernst Maug, he won the Teaching Award from the Cross-Continent Executive MBA Class of 2002. He also won the Bank of America Faculty Award in 2002.
|John C. Hull
John C. Hull
John Hull is the Maple Financial Professor of Derivatives and Risk Management at Rotman. His current teaching and research interests are in the area of risk management, regulation of financial institutions, and machine learning. He is best known for his books Risk Management and Financial Institutions (now in its 5th edition), Options, Futures, and Other Derivatives (now in its 10th edition), and Fundamentals of Futures and Options Markets (now in its 9th edition). His books have been translated into many languages and are widely used in trading rooms throughout the world, as well as in the classroom.
He studied Mathematics at Cambridge University (B.A. & M.A.), and holds an M.A. in Operational Research from Lancaster University and a Ph.D. in Finance from Cranfield University.
University of Toronto
Jason Hsu, a co-founder of Research Affiliates, is CEO and Chairman of Rayliant Global Advisors, based in Hong Kong. Rayliant Global Advisors is an Asia-focused investment firm focused on smart beta strategies tailored to the Asian markets as well as Chinese equity strategies targeted at foreign institutional investors. Jason continues to serve in a non-executive capacity at Research Affiliates as Vice Chairman. He is a strong advocate for investor education and products that add value by systematically exploiting known sources of excess returns and delivering them in low-cost and transparent index chassis.
Jason is at the forefront of the smart beta revolution and is a recognized thought leader in the space. Building on his pioneering work on the RAFI™ Fundamental Index™ approach to investing with Rob Arnott in 2005, he has published numerous articles on the topic, notably including “A Survey of Alternative Equity Index Strategies,” which won a 2011 Graham and Dodd Scroll and the Readers’ Choice Award from CFA Institute and "The Surprising Alpha from Malkiel's Monkey and Upside-Down Strategies," which won the 2013 Bernstein Fabozzi/Jacobs Levy Award for Outstanding Paper in the Journal of Portfolio Management. In 2005 and 2013, he received the William F. Sharpe Award for Best New Index Research, which is awarded by Institutional Investor Journals, for his research on smart beta.
Jason is a member of the board of directors at the Anderson School of Management at UCLA, as well as an adjunct professor in finance. For his service to UCLA’s Anderson School, Jason received the 2009 Outstanding Service Award. Jason is also a visiting professor in international finance at the Taiwan National University of Political Science.
Jason has authored more than 40 peer-reviewed articles. He is an associate editor of the Journal of Investment Management and serves on the editorial board of the Financial Analysts Journal, the Journal of Index Investing, the Journal of Investment Consulting, and the Journal of Investment Management.
Jason graduated with a BS (summa cum laude) in physics from the California Institute of Technology, was awarded an MS in finance from Stanford University, and earned his Ph.D. in finance from UCLA, where he conducted research on the equity premium, business cycles, and portfolio allocations
Rayliant Global Advisors / UCLA
Frank J. Jones Ph.D. is a Professor in the Accounting and Finance Department in the College of Business at San Jose State University. He teaches investments, business valuation, and corporate finance on the undergraduate and graduate levels. He is also the Chairman of the Investment Committee at Private Ocean Wealth Management in San Rafael, CA. Dr. Jones is also on the Board of Directors of the International Securities Exchange (ISE) where he is on the Executive Committee and the Finance and Audit Committee; he was previously the Chairman of the Board and the Chairman of the Compensation Committee of ISE. Dr. Jones has a Ph.D. from Stanford University, a M.S. in nuclear engineering from Cornell University and B.S. and B.A. degrees from the University of Notre Dame.
San Jose State University
Steven Kaplan is the Neubauer Family Distinguished Service Professor of Entrepreneurship and Finance
at the University of Chicago Booth School of Business and the Thomas Cole Distinguished Visiting
Professor Chair at the University of Chicago Law School. Professor Kaplan is also the faculty director of
the University of Chicago’s Polsky Center for Entrepreneurship and Innovation.
Professor Kaplan earned his PhD in Business Economics from Harvard University. He received his AB,
summa cum laude, in Applied Mathematics and Economics from Harvard College.
Professor Kaplan is one of the world’s foremost researchers on private equity, venture capital, corporate
governance, executive talent and income inequality. His papers on private equity and venture capital are
the standard references in the field. He has testified to U.S. Senate and U.S. House Committees about his
research. He ranks among the top 60 in paper downloads and in paper citations (out of over 280,000
authors) on SSRN (Social Science Research Network). He is the co-creator of the Kaplan-Schoar PME
(Public Market Equivalent) private equity benchmarking approach. A Fortune Magazine article referred
to him as "probably the foremost private equity scholar in the galaxy.” A JP Morgan report called him
“the patron saint of private equity research.” His findings and opinions regularly appear in the business
media. Professor Kaplan is a Research Associate at the National Bureau of Economic Research.
Professor Kaplan teaches advanced MBA, law and executive courses in entrepreneurial finance and
private equity, corporate financial management, corporate governance, and wealth management. His
course in entrepreneurial finance and private equity is consistently among the most popular in the school.
BusinessWeek named him one of the top twelve business school teachers in the country and one of the top
four teachers of entrepreneurship.
Professor Kaplan co-founded the entrepreneurship program at Booth. With his students, he helped start
Booth’s business plan competition, the New Venture Challenge (NVC), which has spawned over one
hundred companies. The companies have raised over $500 million from investors (including Accel,
Andreesen Horowitz, Benchmark, Index and Sequoia) and they have created over $4 billion in market
value. Companies include GrubHub (market cap $3+ billion), Braintree/Venmo (sold to eBay for $800
million), Base CRM, Bump (sold to Google), MedSpeed, Rise Interactive and Simple Mills. The NVC
was rated the top university accelerator program in the U.S. as well as one of the top eight accelerators of
any kind in the U.S. in 2015, 2016 and 2017. He also helped start Hyde Park Angels which was named
one of the top ten angel groups in the U.S.
He has been awarded the Phoenix Award four times and the Arthur Kelly Prize twice for exhibiting
exceptional dedication to his students outside of the classroom.
Professor Kaplan serves on the boards of Morningstar (MORN) and Zayo Group (ZAYO).
Chicago Booth, University of Chicago
Bob Kopprasch retired in 2016 as a Managing Director at The Yield Book (at the time, a unit of Citigroup). For many years, he was head of Customer Service and ran the Yield Book’s successful broker-dealer business. Bob was also involved in analytics, the Citigroup fixed-income index business, and customer and internal education. Bob spent a total of 13 years on the buy-side (Hyperion, Alliance, and Smith Barney- Citi), managing primarily MBS. Before that he headed fixed income research at Goldman, and led the Hedge Group at Salomon Brothers’ Bond Portfolio Analysis group. He began his career as an Assistant Professor at American University, teaching graduate and undergraduate finance and investment courses. Bob has published extensively on a variety of fixed income topics. His articles have appeared in numerous investment texts, as well as the Financial Analysts’ Journal, the Journal of Portfolio Management, the Journal of Performance Measurement, the Journal of Applied Finance, Derivatives Quarterly, and the Journal of Futures Markets. Bob was on the Editorial Board of the Financial Analysts Journal for 15 years.
Bob earned BS, MS and Ph.D. degrees from the business school at Rensselaer Polytechnic Institute, and is a Chartered Financial Analyst.
| Paul Kupiec
Paul Kupiec is an Associate Director in the Division of Insurance and Research, where he manages a branch of financial economists who examine bank risk measurement models and provide technical support for regulatory policy development, including Basel III issues. His research interests focus on risk measurement, capital allocation models, and the management and regulation of financial institutions. He has worked at the International Monetary Fund, Freddie Mac, J.P. Morgan, the Federal Reserve Board, the Bank for International Settlements, and North Carolina State University. He also served as a consultant on financial market issues for the Organization for Economic Cooperation and Development. Kupiec is an editor of the Journal of Financial Services Research and an associate editor of the Journal of Risk and the Journal of Risk Management in Financial Institutions. He is widely published in academic journals.
American Enterprise Institute
David Lando is professor of finance at The Copenhagen Business School’s Department of Finance. 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 modeling and risk management. He has been a visiting scholar at among other places Princeton University, the Federal Reserve Board in Washington, The Federal Reserve Bank of New York, and he is currently director of the Center for Financial Frictions (FRIC) – a Center of Excellence sponsored by the Danish National Research Foundation. He was appointed chairman of the board of the Danish FSA in 2018 after having served as a vice chairman since 2014.
Copenhagen Business School
Bing Liang is the Charles P. McQuaid Professor of Finance at the Isenberg School of Management. He was a visiting scholar at the London School of Economics and a visiting professor at Yale University as well as Shanghai Advanced Institute of Finance. He received his M.S. in Statistics from the Chinese Academy of Science and has a Ph.D. in Finance from the University of Iowa. His research interests include capital market efficiency, mutual funds and hedge funds, risk management, and empirical methods in finance. He has taught undergraduate, MBA, MF, MS, EMBA, EDP, DBA, and PhD students at a number of institutions.
Professor Liang has published numerous articles in leading academic and practitioner journals. His papers have been cited by the Wall Street Journal, Financial Times, The Economist, Business Week, Forbes, and Barron's. He is a panelist for the SEC's Roundtable on Hedge Funds. He served as the Senior Risk Advisor for Entrust Capital Inc. and as an expert for Analysis Group.
University of Massachusetts-Amherst
Dr. Mazumdar specializes in securities and finance. His litigation consulting focuses on capital markets, valuation, commercial damages, and tax controversies. Dr. Mazumdar has addressed class certification, materiality, and loss causation issues in some of the largest securities fraud class actions. He has also analyzed liability and damages issues related to trading strategies, mutual fund market timing, complex derivatives, structured products, intellectual property, illiquid assets, and breach of contract. Dr. Mazumdar's research on corporate finance, capital markets, and securities law has been cited by The Wall Street Journal, The Economist, Reuters, Bloomberg, Forbes, and the US Supreme Court. Since 1996, he has been a member of the finance faculty at the University of California, Berkeley's Haas School of Business. Dr. Mazumdar has also taught at McGill and York Universities and served as visiting scholar at the US Federal Reserve Bank, San Francisco.
Analysis Group/ Haas School of Business, University of California Berkeley
| Yu (Ben) Meng
Yu (Ben) Meng
Dr. Yu(Ben) Meng serves as the deputy chief investment officer at the State Administration of Foreign Exchange (SAFE) in Beijing, China. Before joining SAFE, Dr. Meng was the Investment Director of Asset Allocation at CalPERS, the largest U.S. pension fund. He served on the Portfolio Allocation Sub-committee, as well as a voting member on Private Equity Investment Committee and Real Assets Investment Committee. He was the only person to simultaneously serve on all three investment committees.
Prior to CalPERS, Dr. Meng was Senior Portfolio Manager at former Barclays Global Investors (BGI) in San Francisco, risk officer at Lehman Brothers in New York, and bond trader at Morgan Stanley in New York.
In his spare time, he teaches at the Haas School of Business at UC Berkeley (2014 recipient of Cheit Award of Excellence in Teaching) and the Graduate School of Management at the UC Davis. He is on the editorial board of the Journal of Investment Management.
Dr. Meng holds a Master of Financial Engineering degree from Haas School of Business at UC Berkeley and a Ph.D. in Civil Engineering from UC Davis.
|Richard O. Michaud
Richard O. Michaud
Richard O. Michaud is President and Chief Investment Officer of New Frontier Advisors LLC. Dr. Michaud's research and consulting has focused on portfolio optimization, asset allocation, investment strategies, global equity management, stock valuation technology, statistical methods in finance, financial planning theory, behavioral finance, portfolio analysis and trading costs. He has a Ph.D. in mathematics from Boston University and has taught investment management at Columbia University.
Dr. Michaud is co-inventor (with Robert O. Michaud) (U.S. patent, December 1999, October 2005 and Israeli patent, November 2005) of an optimization and portfolio rebalancing method for improving the investment value of equity portfolios and asset allocations in practice. Worldwide patents pending. New Frontier Advisors has exclusive worldwide rights. Prior professional positions include: Director, Research and Development, Acadian Asset Management; Director, Research and New Product Development, State Street Bank and Trust Co.; Head, Equity Analytics, Merrill Lynch; Director, Quantitative Investment Services, Prudential Securities.
He is a Graham and Dodd Scroll winner for his work on optimization, a former Director of the "Q" Group and an Editorial Board member of the Financial Analysts Journal and Journal of Investment Management (JOIM). He has published a number of papers in academic and professional journals and two books: Efficient Asset Management: A Practical Guide to Stock Portfolio Optimization and Asset Allocation, Oxford University Press 1998; Investment Styles, Market Anomalies, and Global Stock Selection, Association for Investment Management Research (AIMR) 1999.
New Frontier Advisors, LLC
Terrance Odean is the Rudd Family Foundation Professor of Finance Group at the Haas School of Business at the University of California, Berkeley. He is a member of the Journal of Investment Consulting editorial advisory board, of the Russell Sage Behavioral Economics Roundtable, of the WU Gutmann Center Academic Advisory Board at the Vienna University of Economics and Business and is a Wall Street Journal Expert Panelist. He received the James R Vertin Award from the CFA Institute in 2016. He has been an editor and an associate editor of the Review of Financial Studies, an associate editor of the Journal of Finance, a co-editor of a special issue of Management Science, an associate editor at the Journal of Behavioral Finance, a director of UC Berkeley’s Experimental Social Science Laboratory, a member of the Russell Investments Academic Advisory Board, a visiting professor at the University of Stavanger, Norway, and the Willis H. Booth Professor of Finance and Banking. As an undergraduate at Berkeley, Odean studied Judgment and Decision Making with the 2002 Nobel Laureate in Economics, Daniel Kahneman.
University of California, Berkeley
|Sanjay K. Nawalkha
Sanjay K. Nawalkha
Sanjay K. Nawalkha is Associate Professor of Finance at the University of Massachusetts, Amherst, and President of Global Institutional Finance, Inc., a firm specializing in continuing online education of finance professionals. He holds an MBA (finance) and a PhD (finance) from the University of Massachusetts-Amherst, and has an undergraduate degree in mathematics from St. Xavier's College, Mumbai University. He has published many books/monographs in the fixed income area, and his latest book, Dynamic Term Structure Modeling, was released in June 2007. He has also authored numerous scholarly articles in the areas of interest rate risk modeling, dynamic term structure modeling, asset pricing, and financial derivatives. His current research interests are in the areas of modeling expected risk-return relations of corporate bonds, credit risk modeling, fixed income derivatives, equity derivatives, and asset pricing.
University of Massachusetts – Amherst
Bruno Solnik is Emeritus Professor of Finance, HKUST, Hong Kong and Distinguished Emeritus Professor, HEC-Paris. He holds an Engineer degree from Ecole Polytechnique and a PhD from the Massachusetts Institute of Technology. His textbook, Global Investments, coauthored by Dennis McLeavey is market leader in the field.
Hong Kong University of Science & Technology
|Roger M. Stein
Roger M. Stein
Roger M. Stein is a Senior Lecturer in Finance at MIT and holds the position of Research Affiliate at the Laboratory for Financial Engineering at MIT.
He has written two full-length textbooks on finance and analytics and his has written over fifty academic and industry research papers on a variety of areas relating to risk, statistical methods and decision theory. His current research interests are in the areas of systemic risk, model risk and validation, biomedical funding, and the interface between data mining and financial theory.
Dr. Stein serves on the editorial boards of several finance journals (including JOIM). He the founder and president of the Consortium for Systemic Risk Analytics; a member of the Advisory Council of the Museum of Mathematics; and on the board of PlaNet Finance USA.
In addition to his academic work, Dr. Stein has also held a number of senior positions in industry. He is the former Chief Analytics Officer at State Street Global Exchange. Prior to this, he was managing director of Research and Academic Relations globally for Moody's Corporation, president of Moody's Research Labs (MRL), co-head of research at Moody's KMV, and head of the managed funds group at MIS.
Massachusetts Institute of Technology
Meir Statman is the Glenn Klimek Professor of Finance at Santa Clara University. His research focuses on behavioral finance. He attempts to understand how investors and managers make financial decisions and how these decisions are reflected in financial markets. His most recent book is “Finance for Normal People: How Investors and Markets Behave,” published by Oxford University Press.Meir Statman is the Glenn Klimek Professor of Finance at Santa Clara University. His research focuses on behavioral finance. He attempts to understand how investors and managers make financial decisions and how these decisions are reflected in financial markets. His most recent book is “Finance for Normal People: How Investors and Markets Behave,” published by Oxford University Press. The questions he addresses in his research include: What are investors’ wants and how can we help investors balance them? What are investors’ cognitive and emotional shortcuts and how can we help them overcome cognitive and emotional errors? How are wants, shortcuts and errors reflected in choices of saving, spending, and portfolio construction? How are they reflected in asset pricing and market efficiency? Meir’s research has been published in the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, the Journal of Financial and Quantitative Analysis, the Financial Analysts Journal, the Journal of Portfolio Management, and many other journals. The research has been supported by the National Science Foundation, the Research Foundation of the CFA Institute, and the Investment Management Consultants Association (IMCA).
Meir is a member of the Advisory Board of the Journal of Portfolio Management, the Journal of Wealth Management, the Journal of Retirement, the Journal of Investment Consulting, and the Journal of Behavioral and Experimental Finance, an Associate Editor of the Journal of Behavioral Finance, and the Journal of Investment Management and a recipient of a Batterymarch Fellowship, a William F. Sharpe Best Paper Award, a Bernstein Fabozzi/Jacobs Levy Outstanding Article Award, a Davis Ethics Award, a Moskowitz Prize for best paper on socially responsible investing, a Matthew R. McArthur Industry Pioneer Award, three Baker IMCA Journal Awards, and three Graham and Dodd Awards. Meir was named as one of the 25 most influential people by Investment Advisor. He consults with many investment companies and presents his work to academics and professionals in many forums in the U.S. and abroad. Meir received his Ph.D. from Columbia University and his B.A. and M.B.A. from the Hebrew University of Jerusalem.
Santa Clara University
Brett Trueman taught at UCLA Anderson in the accounting area from 1981 to 1988. He subsequently joined the Haas School at UC-Berkeley, where he was chair of the accounting group for seven years. He also established the Center for Financial Reporting and Management, and was its first faculty director. While at the Haas School he won an award for excellence in teaching in the MBA program. Professor Trueman rejoined UCLA Anderson in 2003 and has been the chair of the accounting group for the last several years. Prof. Trueman has published widely in accounting and finance. He has served as an associate editor for The Accounting Review, and is currently on the editorial board of the Journal of Investment Management. Professor Trueman has served as an expert witness on issues related to the quality of security analysts’ research reports and the valuation of high-tech companies.
University of California, Los Angeles
Peter Tufano was appointed Peter Moores Dean and Professor of Finance at Saïd Business School on 1 July 2011 and is a Professorial Fellow at Balliol College, University of Oxford. He is a prolific scholar and course developer, a seasoned administrator and manager, a social entrepreneur, and an advisor to business and government leaders.
The last decade of Tufano’s research has focused primarily on consumer finance. He has been at the forefront of advancing this academic field and bringing ideas from research into practice by working directly with businesses and policymakers. His work is credited with influencing two US policy initiatives and a new class of American savings products. His other streams of research deal with risk management, financial engineering and mutual funds.
At Oxford Tufano has launched a variety of new programmes and initiatives, including the 1+1 MBA Programme and the Pre-Internship Programme (PIP).
In 2000 he founded an innovative non-profit called the Doorways to Dreams Fund that works with partner organisations to test and promote innovations that serve the financial needs of low income households.
Prior to joining Oxford, Tufano was a faculty member at the Harvard Business School for 22 years. During this time, Tufano assumed a number of leadership roles, serving as department chair, course head, and Senior Associate Dean. He oversaw the school’s tenure and promotion processes, its campus planning, and he advised the University on financial and real estate matters. He was also the founding co-chair of the Harvard innovation lab (i-lab), a cross-university initiative to foster entrepreneurship.
Tufano earned his AB in economics (summa cum laude), MBA (with high distinction) and PhD in Business Economics at Harvard University.
University of Oxford
|Alan D. White
Alan D. White
Alan White is the Peter L. Mitchelson/SIT Investment Associates Foundation Chair in Investment Strategy and Professor of Finance. He 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. He teaches courses in Corporate Finance, Financial Management, Business Finance, Derivative Securities, Options, Futures, Money Markets and Foreign Exchange Management. He is the Associate Editor of Journal of Financial and Quantitative Analysis and the Journal of Derivatives.
PhD, University of Toronto
MBA, McMaster University
BEng, McGill University
University of Toronto
|René M. Stulz
René M. Stulz
René M. Stulz is the Everett D. Reese Chair of Banking and Monetary Economics and the Director of the Dice Center for Research in Financial Economics at the Ohio State University. He has also taught at the Massachusetts Institute of Technology, the University of Chicago, and the University of Rochester. He received his Ph.D. from the Massachusetts Institute of Technology. He was awarded a Marvin Bower Fellowship from the Harvard Business School, a Doctorat Honoris Causa from the University of Neuchâtel, and the 1999 Eastern Finance Association Distinguished Scholar Award. In 2004, the magazine Treasury and Risk Management named him one of the 100 most influential people in finance. He is a past president of the American Finance Association and of the Western Finance Association, and a fellow of the American Finance Association, of the Financial Management Association, and of the European Corporate Governance Institute.
René M. Stulz was the editor of the Journal of Finance, the leading academic publication in the field of finance, for twelve years. He is on the editorial board of more than ten academic and practitioner journals. Further, he is a member of the Asset Pricing and Corporate Finance Programs and the director of the Risk of Financial Institutions Group of the National Bureau of Economic Research.
He has published more than sixty papers in finance and economics journals, including the Journal of Political Economy, the Journal of Financial Economics, the Journal of Finance, and the Review of Financial Studies. His published research deals with topics such as the valuation discount of conglomerates, the gains from acquisitions, the benefits and costs of leverage, spinoffs and asset sales, the determinants of liquid asset holdings of firms, secured debt, bank loans, the pricing of exotic options, credit risks, the cost of capital, managerial ownership, the market for corporate control, corporate governance, the performance of firms issuing debt and equity, the determinants of firm capital structures and liquid asset holdings, the use of derivatives in risk management, capital flows, and financial globalization. He is the author of a textbook titled Risk Management and Derivatives and has edited several books, including the Handbook of the Economics of Finance.
René M. Stulz has taught in executive development programs in the U.S., Europe, and Asia. He has consulted for major corporations, law firms, the New York Stock Exchange, the IMF, and the World Bank. He is a director of several companies, the president of the Gamma Foundation, and a trustee of the Global Association of Risk Professionals.
Ohio State University
Dr. Ravi Jagannathan is the Chicago Mercantile Exchange/John F. Sandner Professor of Finance at Northwestern University's Kellogg School of Management and Co-Director of the Financial Institutions and Markets Research Center at the Kellogg School (1997 - present). He has previously held positions as Piper Jaffray Professor of Finance (1993 - 1997) and Associate Professor of Finance (1989 - 1993) at the University of Minnesota's Carlson School of Management, Assistant Professor of finance at Northwestern University's Kellogg School (1983 - 1989), and as a Distinguished Visiting Professor at the Hong Kong University of Science and Technology (1994 - 1995), and has appointments as Special Terms professor at Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University (2012+) and the Indian School of Business (2012-2014) and the Area Leader for Finance, Economics, and Public Policy at the Indian School of Business (2014-2018).
Ravi received a Ph.D. in Financial Economics (1983) and an M.S. in Financial Economics (1981) from Carnegie Mellon University, an M.B.A. from the Indian Institute of Management at Ahmedabad (1972), and a B.E. in Mechanical Engineering from the University of Madras (1970). His Ph.D dissertation received the Alexander Henderson award for excellence in economics.
Ravi has served on the editorial boards of leading academic journals, and is a former executive editor of the Review of Financial Studies. He has served as a member of the Board of Directors of the American Finance Association and the Western Finance Association and is a past President of the Western Finance Association, the Society of Financial Studies, the Financial Intermediation Research Society, and the Society for Financial Econometrics. He is a research associate of the National Bureau of Economic Research, a fellow of the Society for Financial Econometrics, and a member of the Board of Directors of the Financial Management Association.
Ravi's research interests include asset pricing, capital markets, portfolio performance appraisal, and financial institutions. His articles have appeared in leading academic journals, including the Journal of Political Economy, Journal of Financial Economics, Journal of Finance, and Review of Financial Studies and in several graduate level text books. He is recognized internationally for the Hansen-Jagannathan bound, Hansen-Jagannathan distance, TGARCH/GJR volatility model, and the use of portfolio weight constraints in estimating large covariance matrices with precision. He received the 2014 Graham & Dodd, Murray, Greenwald Prize for Value Investing
Kellogg School of Management