Andrew W. Lo, MIT Sloan School of Management, Keynote
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, and a principal investigator at MIT’s Computer Science and Artificial Intelligence Lab. 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.
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 his most recent book is Adaptive Markets: Financial Evolution at the Speed of Thought. His awards include Sloan 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 American Academy of Arts and Sciences, the Econometric Society, 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, LLC, a member of the Board of Overseers for Beth Israel Deaconess Medical Center, a board member of Roivant Sciences and the MIT Whitehead Institute for Biomedical Research, and an advisory board member for the CFTC, New York Fed, and SEC.
Donald G. Bennyhoff, Vanguard
Donald G. Bennyhoff is a senior investment strategist for Vanguard Investment Strategy Group. He is a member of the group responsible for capital markets research and the asset allocations used in Vanguard’s fund-of-fund solutions, such as the Target Retirement Funds. The group is also responsible for maintaining and enhancing the investment methodology used for advice-based relationships with high-net-worth and institutional clients. In addition, Mr. Bennyhoff has authored a number of research papers on topics of concern for institutional and ultra-high-net-worth audiences. He earned a bachelor’s degree from Furman University, has been in the financial services industry since 1991, and is a CFA charterholder.
Colin Camerer, CalTech
Colin Camerer is the Robert Kirby Professor of Behavioral Economics. He earned a Ph.D. from the University of Chicago in 1981, worked at Northwestern, Penn, and Chicago, and came to Caltech in 1994. He has been the past president of the Economic Science Association (experimental economics) and the Society for Neuroeconomics, was elected a member of the American Academy of Arts and Sciences, and was named a MacArthur Fellow in 2013. He has published more than 180 peer-reviewed articles and book chapters and authored or edited four books.
The Camerer group uses a wide variety of lab and field methods to study computations made in goal-directed economic and social decisions, including strategic interaction and market trading. fMRI projects have isolated self-control in choosing tempting foods, emotional regulation of financial losses, reward and memory for curiosity-provoking information, and neural circuitry underlying stock market bubbles. Their group have also used TMS to causally influence choice, eyetracking to measure attention, behavior of lesion patients, and competitive touch experiments with chimpanzees. Besides creating lab experiments, Camerer’s group tests theories from neuroscience and psychology using field data on work decisions, strategic naivete in moviegoer judgments of movie reviews, and habits in consumer choice.
Vineer Bhansali, LongTail Alpha
Vineer’s 24-year investment career started at Citibank, where he founded and managed the Exotic and Hybrid Options Trading Desk. He later joined Salomon Brothers in its Fixed Income Arbitrage Group, followed by the CSFB Proprietary Trading Group. Dr. Bhansali was at PIMCO for 16 years, serving the last eight years as MD and Head of the Quantitative Portfolios Team, which he founded in 2008. Dr. Bhansali also managed all of PIMCO’s analytics from 2000 to 2010. Among other responsibilities, he was the lead PM for the PIMCO TRENDS Managed Futures Strategy Fund, the PIMCO Tail Risk Hedging Funds, PIMCO RealRetirement and RealPath Funds, and PIMCO’s indexed ETFS. He was also co-PM of the PIMCO Global Multi-Asset Fund, PIMCO Global Relative Value Fund and PIMCO Distressed Senior Credit Opportunities Fund. He has written four books on finance: “Pricing and Managing Exotic and Hybrid Options”; “Fixed Income Finance: A Quantitative Approach”; “Bond Portfolio Investing and Risk Management”; and his most recent, “Tail Risk Hedging”, and authored over 25 refereed papers on topics as varied as option pricing, fixed income, tail hedging, asset allocation and economics in leading Journals that include the Journal of Finance, Financial Analysts’ Journal, Journal of Portfolio Management, and Journal of Risk.
He has received numerous awards, including the Graham and Dodd Scroll Award and TIME magazine’s college achievement award. Under Bhansali’s leadership, PIMCO received the Risk Manager of the Year Award in the asset-management category in 2002 from Risk Magazine. In its announcement of the award, PIMCO cited “a proprietary system developed in-house by PIMCO’s Vineer Bhansali, PhD. and his team.”
Dr. Bhansali received his Ph.D. in Theoretical Physics from Harvard University in 1992 and M.S. and B.S. degrees in Physics from Caltech in 1987.
Sharon Hill, Macquarie Investment Management
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.
Jason Hsu, Rayliant Global Advisors
Jason Hsu is the founder and chairman of Rayliant Global Advisors. Throughout his accomplished career, Jason’s commitment to academic rigor and investor advocacy have led him to research, develop, and bring to market investment strategies that create significant value for investors. At Rayliant, Jason is continuing that commitment by educating investors and offering products to transform the investment ecosystem in Asia and beyond. Prior to his current role, Jason was the co-founder and vice chairman of Research Affiliates.
Jason is at the forefront of the smart beta revolution and is one the world’s most recognized thought leaders in that 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 his articles “A Survey of Alternative Equity Index Strategies,” which won a 2011 Graham and Dodd Scroll Award 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 2015, Jason received the Bernstein Fabozzi/Jacobs Levy Outstanding Article Award for “A Study of Low-Volatility Portfolio Construction Methods” published in the Journal of Portfolio Management. He has twice received the William F. Sharpe Award for Best New Index Research (2005 and 2013), which is awarded by Institutional Investor Journals.
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, he received the 2009 Outstanding Service Award. He has also held visiting professorships at UC Irvine Merage Business School, Taiwan National Chengchi University and Kyoto University. He 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 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.
Juhani Linnainmaa, University of Southern California
Juhani Linnainmaa received his PhD from UCLA in 2006, and he is an Associate Professor of Finance at USC Marshall School of Business. His research is on asset pricing, investments, and household finance. Linnainmaa was on the faculty of University of Chicago from 2006 to 2016, and he is a Research Associate at the National Bureau of Economic Research. His recent publications include “Retail financial advice: Does one size fit all?” in Journal of Finance (2017) and “The history of the cross section of stock returns” in Review of Financial Studies (2017). He was awarded the CFA Society & Hillsdale Canadian Investment Research Award in 2015 and the Marshall E. Blume Prize in 2016
Hersh Shefrin, Santa Clara University
Hersh Shefrin is the Mario L. Belotti Professor of Finance at Santa Clara University. He is one of the pioneers in the behavioral approach to economics and finance. The January 2001 issue of CFO magazine lists him among the academic stars of finance. A 2003 article in the American Economic Review listed him as one of the top fifteen economic theorists to have influenced empirical work. In 2009, his behavioral finance book Beyond Greed and Fear was recognized by J.P. Morgan Chase as one of the top ten books published since 2000. He received his Ph.D. from the London School of Economics in 1974. He also holds an honorary doctorate from the University of Oulu, Finland. He is frequently interviewed by the press and his work was profiled by BBC-TV in February 2014. He intermittently writes for The Wall Street Journal, blogs for Forbes, The Huffington Post, and Vox, can be followed on Twitter at @HershShefrin.
Meir Statman, Santa Clara University
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 Financial Research, 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.
Ananidhar Subrahmanyam (“Subra”) , UCLA Anderson School of Management
Professor Subrahmanyam (“Subra”) is currently a Professor of Finance and the Goldyne and Irwin Hearsh Chair in Money and Banking at UCLA. He received his Ph.D. in finance from the Anderson School in 1990. He was Assistant Professor at Columbia University from 1990 to 1993, and Visiting Associate Professor at Anderson in 1993-1994. His current research interests range from the relationship between the trading environment of a firm’s stock and the firm’s cost of capital to behavioral theories for asset price behavior to empirical determinants of the cross-section of equity returns. Professor Subrahmanyam is the author or coauthor of numerous refereed journal articles on these and other subjects in leading finance and economics journals. He is a member of the Working Research Group on Market Microstructure recently established by the National Bureau of Economic Research (NBER) in Cambridge, Mass. Some of his specific accomplishments are as follows:
1. He is among the most-cited scholars in his research cohort (those receiving first-time finance-related positions from 1990 onwards). The Google Scholar count of published papers that each cite at least one of his papers works out to be more than 27,000. Another study cited him as being among the 25 most productive scholars in the world during the period 1953-2002, a noteworthy fact because he received his Ph.D. in 1990.
2. He has received several awards for his research, including best paper awards at the Journal of Finance, Journal of Financial Economics, Western Finance Association meetings and the International Conference of Finance in Taiwan, and has been nominated for best paper awards several times at the Journal of Finance.
3. He has presented numerous (more than sixty) seminars at top institutions, including talks at Chicago, Princeton, MIT, NYU, Duke, Berkeley, London Business School, UNC, University of Arizona, University of Texas, and many other institutions around the world.
4. He is the co-organizer of the market microstructure conference series organized by the prestigious National Bureau of Economic Research (NBER) in Cambridge, MA, which meets twice a year.
5. He has been on the editorial boards of two of the three best finance journals (Journal of Finance and Review of Financial Studies, and is on the boards of several others.
6. He has served as a consultant to the NASDAQ Stock Exchange, the National Stock Exchange in Mumbai (Bombay), India, San Jose Mercury News, Irwin/McGraw-Hill, and several other corporations.
7. He also has advised Deutschebank as well as Bank de Groof on behavioral finance strategies.
8. He has lectured on behavioral finance to executive MBAs at UCLA, the Indian School of Business, and the University of Zurich.
9. He has given more than forty keynote speeches on behavioral finance and financial liquidity at various locations in the world to both academics and practitioners, including areas as diverse as Brazil, Australia, Taiwan, Singapore, France, and England over the past five years.
Brett Trueman, UCLA Anderson School of Management
Brett Trueman earned his Ph.D. in finance from Columbia University in 1981. He began his career at UCLA Anderson as an assistant professor in the finance and accounting areas. He moved to the Haas School of Business at UC Berkeley in 1988 and returned to UCLA in 2003, where he is currently a professor of accounting.
Professor Trueman works extensively with doctoral students. Students whose dissertation committees he has chaired have been placed at top schools, including Columbia University, Wharton, Yale, UC Berkeley, London Business School, University of Illinois at Urbana-Champaign and Southern Methodist University. He won the Dean’s Award for Exceptional Mentorship of Doctoral Students in 2015.
Professor Trueman has published widely in accounting and finance journals. He is a member of the editorial boards of the Journal of Investment Management and the Journal of Accounting and Public Policy. He is a former associate editor of The Accounting Review and was previously on the editorial boards of the Financial Analysts Journal, Contemporary Accounting Research, and the Journal of Accounting, Auditing and Finance.
Professor Trueman has served as an expert witness on cases related to the quality of security analysts’ research reports and the valuation of high-tech companies. His expertise has been cited in national and international media, including the Associated Press, Business Week, the New York Times, CBS MarketWatch, Fortune, Financial Times and the Wall Street Journal.
His research interests include the performance of security analysts’ stock recommendations; the impact of earnings forecasts and earnings announcements on stock returns; earnings and expectations management; financial statement analysis; information disclosures; shareholder litigation; the behavior of individual investors; and investor sentiment.