Victor Andrews
Victor L. ("Vic") Andrews is an alumnus of the College, the Department of Economics, and the Graduate School of Business of the University of Chicago. His doctoral degree in Economics was received from MIT in 1958. Dr. Andrews served on the faculties of the Sloan School of Management of MIT, the Harvard Business School, and for 25 years chaired the department of finance of the College of Business Administration of Georgia State University. Simultaneously with the Chairmanship, Dr. Andrews was the Mills Bee Lane Professor of Banking and Finance. In 1993, he became Professor Emeritus and Chairman Emeritus in the Georgia University System. He organized and chaired the CFO Round Table of the Department of Finance of Georgia State University from 1993 to the present.
Dr. Andrews has worked extensively as a consultant and witness in securities litigation, corporate valuation, utility economics, and other matters before courts and regulatory authorities in state, provincial, and federal levels in the United States and Canada. He taught in executive programs in-house for many different companies, and was a member of the faculties of several executive-level banking schools. He continues his long membership on the Board of Directors of the INVESCO family of mutual funds.
Dr. Andrews was one of the founding members of the Financial Management Association. He was the Founding Editor, 1971-1976, of Financial Management, President of the Association for 1978-1979, and Trustee for several years.
Now, Dr. Andrews continues his consulting practice and executive teaching through Andrews Financial Associates, Inc. He and his wife, Elaine, reside on Skidaway Island, off the coast of Savannah, Georgia.
Richard S. Bower
Richard S. Bower is a senior partner of Bower Rohr & Associates, an economic research and consulting firm. He is also the Leon E. Williams Professor of Finance and Managerial Economics, Emeritus, at the Amos Tuck School of Business Administration at Dartmouth College.
As a partner of Bower Rohr & Associates, he consults and offers expert testimony on economic and financial matters, primarily matters involving regulation. Among his recent clients are the New York Public Service Commission, the Attorney General of the State of Vermont, Duquesne Power Company, the Vermont Department of Public Service and the United Illuminating Company.
Dr. Bower received a Bachelor's Degree in Economics from Kenyon College in 1949, an M.B.A. from
Columbia University in 1955, and a Ph.D. in Managerial Economics from Cornell University in 1962. He taught at Vanderbilt University in the years 1959-1962.
He is a former editor of the journal, Financial Management, and former President of the Financial Management Association. Dr. Bower has published numerous articles on finance and regulation.
From January 1979 to February 1981 Dr. Bower served as a Commissioner on the New York Public Service Commission.
Michael Brennan
Michael Brennan is the Irwin and Goldyne Hearsh Professor of Banking and Finance at the University of California, Los Angeles, and Professor of Finance at the London Business School. His research interests include asset pricing, corporate finance, the pricing and role of derivative securities, market microstructure, and the role of information in capital markets, and he has published extensively in all of these areas. He is currently working on several issues, including: the problem of asset allocation when investors face time varying opportunity sets, initial public offerings and the allocation of control rights in the corporation, the determinants of international flows of portfolio investment, the role of convertible securities in corporate finance, and corporate hedging strategies.
A former President of the American Finance Association, he is currently President of the Society for Financial Studies and the Western Finance Association. He has served as Editor of the Journal of Finance and was the Founding Editor of the Review of Financial Studies.
He has consulted extensively for corporations in Canada and the US, and in 1995 he was awarded the INQUIRE Europe prize for his work on corporate hedging strategies.
Eugene F. Brigham
Professor Brigham received his BS from the University of North Carolina, and both his MBA and Ph.D. degrees from the University of California at Berkeley. His academic background includes appointments at UCLA, the University of Wisconsin, and the University of Florida. He served as Department Chairman at both UCLA and Florida, and he founded and then served for 25 years as Director of Florida's Public Utility Research Center. He has also consulted extensively with utilities, financial institutions, industrial companies, and government agencies. His textbooks on financial management are used in over 1,000 colleges and universities, and they have been translated into 15 languages.
He retired from Florida in 1995, but he still teaches there, revises his textbooks, does consulting, and is engaged in venture capital financing. When not working, he hikes and climbs mountains — during the year 2000, he hiked in Norway, California, and New Zealand.
He also plays golf (badly)(Editor's Note: His words, not ours!).
Dr. Brigham's greatest accomplishment was going from new assistant professor to full professor at UCLA in five years. (Admittedly, though, it was a lot easier back in the old days!) His greatest future challenge is to work with a terrific set of co-authors to continue improving his textbooks.
Willard T. Carleton
Willard T. Carleton is the Donald R. Diamond Professor at the University of Arizona. He received his AB from Dartmouth, MBA from the Amos Tuck School (Dartmouth), and MA and Ph.D. degrees in economics from the University of Wisconsin.
Prior to joining the Arizona faculty in 1984, Dr. Carleton held chairs at the University of North Carolina and at the Tuck School. In 1977-78 he served as President of the Financial Management Association and from 1981 to 1984 was Editor of Financial Management. From 1980 to 1984, Dr. Carleton served on the board of College Retirement Equities Fund; since 1984, he has been on the board of the Teachers Insurance and Annuity Association.
Dr. Carleton has published articles on a wide range of economics and finance topics over the past 38 years. His current research interests include private placements and corporate governance.
Gordon Donaldson
Gordon Donaldson is the Willard Prescot Smith Professor of Corporate Finance, Emeritus, at the Harvard Business School. He holds a B.Com from the University of Manitoba, an MA from the University of Toronto, an MBA from the University of Chicago, and a DCS from Harvard University.
Dr. Donaldson began his academic career at the University of Manitoba (Canada), where he taught for 10 years before joining the faculty of the Harvard Business School in 1955, from which he retired in 1993. While at Harvard, he served for a time as Area Chairman for Finance, and taught in the MBA program, the doctoral program and various executive
programs. For two years, he taught in Europe, first at IMEDE in Lausanne, Switzerland and later as chairman of Harvard's Senior Management Program abroad. He has served as consultant to a number of U.S., Canadian, and European corporations.
He was a co-author with Hunt and Williams of a popular text and casebook: Basic Business Finance (Fourth Edition, 1977). He has published a number of research monographs, including Corporate Debt Capacity (1961), Strategy for Financial Mobility (1969), Decision Making at the Top (with Lorsch, 1983), Managing Corporate Wealth (1984), and Corporate Restructurings: Managing the Change from Within (1994).
Dr. Donaldson served as President of FMA in 1976-1977. Over his career, he has written for a number of journals, including the Harvard Business Review, the Journal of Financial Economics, and the Journal of Applied Corporate Finance. His articles have appeared in a number of collections of academic writings in finance.
He and his wife now reside in Cape Elizabeth, Maine, and Parkland, Florida.
Robert Engle
Robert Engle, the Michael Armellino Professor of Finance at New York University's 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’s interest in financial econometrics covers equities, interest rates, exchange rates and option pricing. He is currently developing methods to analyze large systems of assets, real-time volatility, market microstructure and extreme market movements. He has published more than 100 academic papers and authored four books. His articles have appeared in such publications as Econometrica, Journal of Business and Economic Statistics, Journal of Econometrics, Journal of the American Statistical Association, American Economic Review, Journal of Political Economy, Journal of Finance, Review of Financial Studies, and Journal of Financial Economics.
Mark J. Flannery
Bank of America Eminent Scholar of Finance
University of Florida
Mark’s interests include government regulation of the financial sector, information content of security prices, financial management of financial institutions, and asset pricing.
Mark teaches corporate finance and financial management of financial institutions in the graduate program at the University of Florida. His current research focuses on the information content of security prices.
Mark has served on the faculty of the University of Pennsylvania and the University of North Carolina, and as a visiting professor at the London Business School and the University of New South Wales. Mark received his PhD, M Phil, and MA from Yale University and his AB from Princeton University.
Ken French
The Carl E. and Catherine M. Heidt Professor of Finance
Ken French is currently the Carl E. and Catherine M. Heidt Professor of Finance at the Amos Tuck School of Business, Dartmouth College. French is an expert on the behavior of security prices, investment strategies, and valuation. His recent research focuses on tests of asset pricing models, the trade-off between risk and return in domestic and international financial markets, dividend policy, the cost of capital, and the relation between capital structure and firm value.
French is a Research Associate at the National Bureau of Economic Research, an Advisory Editor of the Journal of Financial Economics, and a past director of the American Finance Association. He received his BS from Lehigh University (1975); his MBA from University of Rochester (1978); his MS from the University of Rochester (1981) and his PhD from the University of Rochester (1983).
Martin Gruber
Martin J. Gruber is the Nomura Professor of Finance at New York University Stern School of Business. In his current position, Professor Gruber teaches courses in advanced portfolio theory, investment philosophies, and a Ph.D. seminar in investments.
Professor Gruber has been with NYU Stern for more than 35 years. He is coauthor of the best selling text in Finance entitled “Modern Portfolio Theory and Investment Analysis.” His primary research areas of interest include mutual funds; performance management; portfolio construction and analysis; portfolio management; and portfolio theory, and he has published numerous articles in publications including Journal of Finance; Journal of Business; Management Science; Studies in Banking and Finance; and Japan and the World Economy.
Professor Gruber is past president of the American Finance Association and is a fellow of the American Finance Association.
Professor Gruber received his Bachelor of Science in chemical engineering from Massachusetts Institute of Technology and his Master of Business Administration in production management and his Doctor of Philosophy in finance and economics from Columbia University.
Michael Jensen
Michael C. Jensen, Jesse Isidor Straus Professor of Business Administration, Emeritus, joined the faculty of the Harvard Business School in 1985. He joined the Monitor Company in 2000 as Managing Director of the Organizational Strategy Practice. He was LaClare Professor of Finance and Business Administration at the William E. Simon Graduate School of Business Administration, University of Rochester, from 1984-1988, Professor from 1979-1984, Associate Professor from 1971-1979, and Assistant Professor from 1967-1971. He founded the Managerial Economics Research Center at the University of Rochester in 1977 and served as its Director until 1988.
Professor Jensen earned his Ph.D. in Economics, Finance, and Accounting and his M.B.A. in Finance from the University of Chicago and an A.B. degree from Macalester College. He was awarded the honorary degree, Docteur Honoris Causa, by Universite Catholique de Louvain, Louvain-la-Neuve, Belgium, July, 1991 as well as by the University of Bern, Bern, Switzerland, December 2000. In June of 2001, he was awarded an honorary Doctor of Laws degree by the William E. Simon Graduate School of Business Administration, University of Rochester, Rochester, NY. He served as a Visiting Scholar at the Tuck School of Business at Dartmouth College from July 2001 to June 2002. In 2002 he was named a Fellow of the European Corporate Governance Institure (ECGI).
Professor Jensen is the author of more than 60 scientific papers, in addition to numerous articles, comments, and editorials published in the popular media on a wide range of economic, finance and business-related topics.
Ronald C. Lease
Ronald C. Lease received his Metallurgical Engineering degree from the Colorado School of Mines, and his M.S. and Ph.D. degrees in finance from Purdue University. Before pursuing his Ph.D. studies, Professor Lease worked in process engineering and computerized control systems for the Aluminum Company of America. Until July 2000, Professor Lease was Kendall D. Garff Professor of Finance in the David Eccles School of Business at the University of Utah. Prior to this position, he held faculty appointments at Tulane University, where he was the A.B. Freeman Professor of Finance, and visiting faculty appointments at the University of Michigan, Purdue University, and the University of Chicago. He currently is Professor Emeritus at the University of Utah and Visiting Professor of Finance at the University of Arizona.
Professor Lease has published extensively in the major journals such as the Journal of Finance, Journal of Financial Economics, Journal of Business, Financial Management, Journal of
Applied Corporate Finance, and Journal of Financial and Quantitative Analysis. His co-authored book, Dividend Policy: Its Impact on Firm Value was published by the Harvard Business School Press/FMA. He has served as associate editor of the Journal of Corporate Finance, the Journal of Financial Research, and Financial Management.
Professor Lease has been active in professional associations, particularly the Financial Management Association. In FMA he has served as Secretary/Treasurer, editor of the Survey and Synthesis in Finance book series, Program Vice-President, President, and Chair of the Board of Trustees. Professor Lease's teaching specialty is corporate finance. He has won outstanding teaching awards at Purdue University, the University of Chicago, Tulane University, and the University of Utah.
Hayne E. Leland
Hayne E. Leland is the Arno Rayner Professor of Finance and Management at the University of California-Berkeley. Dr. Leland's research interests include dynamic models of optimal leverage and agency costs, optimal investment strategies in the presence of transaction costs and performance measurement beyond mean-variance analysis.
Dr. Leland received his Ph.D. from Harvard University, his M.Sc. (Economics) from the London School of Economics, and his A.B. from Harvard University. He has published extensively in publications such as the Quarterly Review of Economics, the Journal of Political Economy, the Journal of Finance, the American Economic Review, and the Journal of Portfolio Management.
Dr. Leland's current research interests include structural modeling of credit risk, dynamic models of optimal leverage and agency costs, optimal investment strategies in the presence of transactions costs, and performance measurement beyond mean-variance analysis.
Dr. Leland was awarded the Graham and Dodd Award, 1999, and the Roger Murray Prize, Insititute for Quantitative Research in Finance, 1997.
Dennis Logue
Dennis Logue, a nationally recognized professor at Dartmouth's Amos Tuck School of Business, has been named the new dean of the Michael F. Price College of Business at the University of Oklahoma.
Logue, who has served as associate dean of business at Dartmouth, holds the Steven Roth Professorship of Management at the Tuck School of Business. He is also past national president of the Financial Management Association (FMA), the largest and most highly regarded national association of management professionals.
Logue has served as corporate treasurer of DTSS Inc. He was a senior partner in the consulting firm of Berkowitz, Logue & Associates. He has consulted with firms like Citibank, AT&T, General Electric Credit Corp., the Toronto Stock Exchange and the Paris Stock Exchange. He has held endowed faculty positions at Dartmouth's Tuck School since 1989 and served as associate dean from 1989 to 1993. He also has held visiting faculty positions at the Darden School of Business at the University of Virginia and the Graduate School of Business at the University of California, Berkley. Before joining the Dartmouth faculty, he was Sullivan-Dean Professor of Management at Georgetown University. He has served as a member of the board of directors of several corporations including Sallie Mae, the Ledyard National Bank and Condor Technology Solutions.
Logue, who received his Ph.D in management economics from Cornell University, received his MBA from Rutgers University and his undergraduate degree in English and philosophy from Fordham University. He served for two years in the U.S. Army as a first lieutenant in the Military Police Corps.
Logue served as economic advisor to the governor of New Hampshire in the mid-1990s. He has also served as a consultant to the U.S. Treasury.
John McConnell
Professor McConnell is the Emanuel T. Weiler Distinguished Professor of Management at Purdue University.
Professor McConnell’s primary teaching interests are corporate finance and derivative securities. His current research interests are in the areas of pricing of derivative securities, corporate reorganizations, corporate financing decisions, corporate governance, and real estate finance.
His recent publications include: “S&P 500 Index Additions and Earnings Expectations” (with D. K. Denis, A. V. Ovtchinnikov and Y. Yu), Journal of Finance, October 2003, Vol. 58, No. 5, pp. 1821-1840; “International Corporate Governance” (with D. K. Denis), Journal of Financial and Quantitative Analysis, 2003, Vol. 38, No. 1, pp. 1-36; “Learning from a Keynote Speaker: Lessons from Merton Miller’s PACAP Addresses,” Pacific-Basin Finance Journal, 2002, Vol. 10, pp. 359-369; “The Cadbury Committee, Corporate Performance, and Top Management Turnover” (with J. Dahya and N. G. Travlos), Journal of Finance, February 2002, Vol. 57, No. 1, pp. 461-483; and “Debt-Reducing Exchange Offers” (with E. Lie and H. J. Lie), Journal of Corporate Finance, June 2001, Vol. 7, No. 2, pp. 179-207.
He has won several teaching awards, including the Salgo-Noren Outstanding Teaching Award (1993 and 1995) and the Most Effective MSM Teacher Award (1992). He has received research support from the National Science Foundation, the Department of Housing and Urban Development, the Small Business Administration, the Center for the Study of Futures Markets, and the Catalyst Institute. Professor McConnell is a member of the board of directors of Los Padres Bank, FSB. He has also served on the board of directors of the Federal Home Loan Bank of Indianapolis (1983-86) and Harrington Bank, FSB (1993-2000). He has been a consultant to Goldman, Sachs & Co., Merrill Lynch Capital Markets, Inc., the Federal Home Loan Bank System, the Federal Home Loan Mortgage Corp., and numerous law firms, corporations, and government agencies. He is an associate editor of the Journal of Corporate Finance, the Journal of Financial and Quantitative Analysis, the Journal of Fixed Income, and the Pacific-Basin Finance Journal.
Robert C. Merton
Robert C. Merton is currently the John and Natty McArthur University Professor at the Harvard Business School. From 1988-98, he was the George Fisher Baker Professor of Business Administration.
After receiving a Ph.D. in Economics from Massachusetts Institute of Technology in 1970, he served on the finance faculty of MIT’s Sloan School of Management until 1988 when he moved to Harvard. He co-founded and is a retired principal of Long-Term Capital Management. Since 1999, he has served as a senior advisor to J.P. Morgan exclusively. Professor Merton is the author of numerous scholarly articles, the book, Continuous-Time Finance (Blackwell, 1990, 1992), and co-author of Casebook in Financial Engineering: Applied Studies of Financial Innovation (Prentice-Hall 1995), The Global Financial System: A Functional Perspective
(Harvard Business School Press 1995), and Finance (Prentice-Hall 1998, 2000).
He holds honorary degrees from the University of Chicago, Hautes Études Commerciales (Paris), University of Lausanne, the University of Paris-Dauphine, and National Sun Yat-sen University. He is past President of the American Finance Association and a member of the National Academy of Science. Professor Merton received the Alfred Nobel Memorial Prize in the Economic Sciences in 1997.
Merton Miller
Merton Miller, the Robert R. McCormick Distinguished Service Professor Emeritus of Finance, and his colleagues at Chicago, developed the work begun by Miller and Modigliani in greater depth. Much of that work was explained by Miller and University of Chicago business school professor Eugene Fama, who co-authored the seminal book The Theory of Finance in 1972. In 1990, Miller was awarded the Nobel prize in economics "for pioneering work in the theory of financial economics," and for "fundamental contributions to the theory of corporate finance," according to his Nobel citation by the Royal Swedish Academy of Science. He helped revolutionize corporate financial practice, changing it from a loose collection of rules to a sophisticated approach to maximizing shareholder value.
Miller was born in Boston and graduated from Boston Latin School. He received an A.B. from Harvard University in 1943, completing his studies in three years. During World War II, he worked as an economist in the Division of Tax Research of the U.S. Treasury Department and then in the Division of Research and Statistics of the Board of Governors of the Federal Reserve System. In 1949, he entered The Johns Hopkins University and received a Ph.D. in economics in 1952. His first academic appointment after receiving his doctorate was at London School of Economics in 1952-53. From there, he went to Carnegie Mellon University. In 1961, he joined the faculty of the University of Chicago Graduate School of Business where he remained for the rest of his career.
Miller served as a public director of the Chicago Board of Trade from 1983 to 1985, and as a public director of the Chicago Mercantile Exchange from 1990 until his death in June, 2000. As a result of his involvement with the exchanges, Miller’s research interests broadened to include the economic and regulatory problems of the financial services industry, and especially of the securities and options exchanges.
Stewart C. Myers
Gordon Y Billard Professor of Finance
Massachusetts Institute of Technology
Stew’s research has concentrated on the theory and practice of corporate finance, including the role of information and incentives in corporate financing and methods for evaluating corporate investments. Recent research projects include the valuation of investments in R&D, risk management and the allocation of capital in diversified firms, and the theory of corporate governance.
Stew is co-author, with R. A. Brealey, of the classic textbook, Principles of Corporate Finance (now in its 7th edition). He is a past president of the American Finance Association, a research associate of the National Bureau of Economic Research and a director of the Cambridge Endowment for Research in Finance.
Maureen O'Hara
Maureen O’Hara is the Robert W. Purcell Professor of Finance at the Johnson Graduate School of Management, Cornell University. She holds degrees from the University of Illinois (B.S. Economics) and Northwestern University (M.S. Economics and Ph.D. Finance).
Dr. O'Hara joined the faculty at Cornell in 1979. She has had visiting faculty appointments at UCLA, the London Business School, the University of New South Wales, the Hong Kong University of Science and Technology and Cambridge University. Professor O'Hara's research focuses on issues in market microstructure, and she is the author of numerous journal articles as well as the book Market Microstructure Theory (Blackwell:1995). Her most recent research has focused on the role of underwriters in the aftermarket trading of IPOs, and on the linkages between microstructure and asset pricing. In addition, Dr. O'Hara publishes widely on a broad range of topics including banking, law and finance, and experimental economics.
Professor O’Hara is the Executive Editor of the Review of Financial Studies. She has served as President of the Western Finance Association, and she is currently the Vice President of the American Finance Association.
George Pinches
George Pinches is Professor Emeritus; his specialty is financial management, which he taught at the undergraduate, MBA, Executive MBA, and doctoral levels. He published 35 scholarly articles with appeared in journals such as Journal of Finance, Journal of Financial and Quantitative Analysis, Financial Management, and Journal of Applied Corporate Finance. His research was also published in top journals in other fields including Accounting Review, Journal of Risk and Insurance, Strategic Management Journal, and Journal of the Academy of Management. He wrote six books, one of which went through five editions and another is being revised for a fourth edition. He served as Vice President-Program and then as President of the Financial Management Association, as well as serving as president of three of the five regional academic finance organizations — the Midwest Finance Association, the Southern Finance Association, and the Southwestern Finance Association.
After completing his B.S. and MBA degrees at Oklahoma State University, Dr. Pinches received his Ph.D. from Michigan State University. He was a faculty member at Oklahoma State University, University of Missouri-Columbia, University of Kansas (Wagnon Professor of Finance), and University of Missouri-Kansas City (Arvin Gottleib/Missouri Chair in Business Economics and Finance).
He recently retired and now makes his home in Ardmore, Oklahoma.
Frank K. Reilly
Professor Reilly received his BBA (Cum Laude), University of Notre Dame; MBA, Northwestern University; Ph.D. University of Chicago, and is a Chartered Financial Analyst (CFA). Dr. Reilly is the Bernard J. Hank Professor of Business Administration, College of Business Administration, University of Notre Dame. From 1981-1987, he was Dean of the College. Prior to 1981, Professor Reilly was a professor at the University of Illinois at Urbana-Champaign, the University of Wyoming, and the University of Kansas. He was included in the list of Outstanding Educators in America, received the Alumni Excellence in Graduate Teaching Award and the Outstanding Educator Award from the MBA class at the University of Illinois and the Outstanding Teachers Award from the MBA class at the University of Notre Dame, and the Faculty Award from the University of Notre Dame.
Dr. Reilly has published over 100 articles and papers in the Journal of Fixed Income, the Journal of Finance, Journal of Financial and Quantitative Analysis, Journal of Accounting Research, Journal of Financial Research, Financial Analysts Journal, Financial Management, and Journal of Portfolio Management, among others. His professional experience includes a position as a stock and bond trader for Goldman Sachs & Company. He is a former president of the Financial Management Association, the Eastern Finance Association, and the Midwest Finance Association. He recently finished his term as Chairman of the Board of Governors of the Association of Investment Management and Research He serves on numerous boards of directors. Dr. Reilly is the author of Investments, Fifth Edition (Dryden Press 1999), Investment Analysis and Portfolio Management, Sixth Edition (Dryden Press, 2000) and the editor of Readings and Issues in Investments, Ethics and the Investment Industry, and High Yield Bonds: Analysis and Risk Assessment. He has served as an instructor in many professional development programs in the U.S. and several foreign countries.
Richard Roll
Richard Roll holds the Allstate Chair in Finance at the Anderson School. He is also a principal of the portfolio management firm, Roll and Ross Asset Management. Other business experience includes the Boeing Company where, in the early 1960's, he worked on the 727 and wrote the operating manual for the first stage booster of the Saturn moon rocket. During 1985-87, he was a vice-president of Goldman, Sachs & Co., where he founded and directed the mortgage securities research group. He has been a consultant for many corporations, law firms, and government agencies, and has served on several boards.
Dr. Roll has an undergraduate degree in aeronautical engineering from Auburn (1960) and an MBA from the University of Washington(1963). His academic career began after he received a Ph.D from the University of Chicago (1968). He was subsequently on the faculty at Carnegie-Mellon University, the European Institute for Advanced Study of Management
in Brussels, and the French Business School, Hautes Etudes Commerciales, near Paris. He joined the UCLA faculty in 1976. He has published two books and more than seventy articles in technical journals. His 1968 doctoral thesis won the Irving Fisher Prize as the best American dissertation in economics. He has won the Graham and Dodd Award for financial writing (twice) and the Leo Melamed Award for the best financial research by an American business school professor. He is past president of the American Finance Association and is a fellow of the Econometric Society. He is currently or has been an associate editor of eleven different journals in finance and economics.
His non-golf recreations include flying, managing a working ranch and a vineyard, and being the proprietor of a restaurant where his wife is the chef.
Stephen Ross
Stephen Ross is presently the Franco Modigliani Professor of Finance and Economics at the Sloan School of Management, Massachusetts Institute of Technology. One of the most widely published authors in finance and economics, Professor Ross is recognized for his work in developing the Arbitrage Pricing Theory, as well as the co-discoverer of risk-neutral pricing and the binomial model for pricing derivatives. Currently, Dr. Ross is researching a variety of phenomena in financial markets. He is also a principal of Roll & Ross Asset Management Corporation, which employs technology that Ross helped develop to manage over $3 billion in investments worldwide.
A past president of the American Finance Association, he currently serves as an associate editor of several academic and practitioner journals. He is a fellow in the American
Academy of Arts and Sciences, a director of Freddie Mac, Algorithmics, Inc., the College Retirement Equities Fund, and a trustee of the California Institute of Technology.
Dr. Ross' publications include Corporate Finance (Irwin, 1996), Essentials of Corporate Finance (Irwin/McGraw-Hill, 1999), Fundamentals of Corporate Finance (Irwin.McGraw-Hill, 1998),, Corporate Finance (Irwin/McGraw-Hill, 1999), Fundamentals of Corporate Finance (Irwin, 1993, 1995, 1997), and Fundamentals of International Corporate Finance (McGraw-Hill, 1998).
Eduardo Schwartz
Eduardo S. Schwartz is the California Professor of Real Estate and Professor of Finance, Anderson Graduate School of Management at the University of California, Los Angeles. He has an Engineering degree from the University of Chile and a Ph.D. in Finance from the University of British Columbia, where he taught for ten years. He has also been a visiting professor at UC Berkeley and the London Business School. His wide-ranging research has focused on different dimensions in asset and security pricing. Topics in recent years range from interest rate models to asset allocation issues to evaluating natural resource investments.
His collected works include more than sixty articles in finance and economic journals, two monographs, and a large number of monograph chapters, conference proceedings, and special reports. He is the winner of a number of awards for both teaching excellence and for quality of
his published work. He is associate Editor for at least a dozen journals, including the Journal of Finance, the Journal of Financial Economics and the Journal of Financial and Quantitative Analysis.
He is past president of the Western Finance Association and of the American Finance Association. He has also been a consultant to governmental agencies, banks, investment banks and industrial corporations.
Lemma W Senbet
Lemma W Senbet is the William E Mayer Chair Professor of Finance at the University of Maryland.
Dr Senbet is the William E Mayer Chair Professor of Finance at the Smith School of Business at the University of Maryland. He has been an influential member of the global community of finance scholars for over the last twenty five years. His chief research interests are in the areas of corporate finance, international finance, agency and financial contracting. He has advised the World Bank, the International Monetary Fund, the United Nations, and other institutions on issues of financial sector reform and capital market development. He also served as an independent director for The Fortis Funds and currently is an independent director for The Hartford Funds.
Professor Senbet is internationally recognized for his widely cited contributions to finance, which have appeared in such leading academic journals as the Journal of Finance, Review of Financial Studies, and Journal of Business. He has received numerous professional honors and recognitions. He has been elected director of the American Finance Association (twice) and is a past president of the Western Finance Association. He was inducted into the Financial Economists Roundtable, a distinguished group of financial economists who have made significant contributions to finance and add their knowledge to current policy debates. He has served on over a dozen journal editorial boards, including extended tenures with the Journal of Finance, Journal of Financial and Quantitative Analysis, and Financial Management. In 1999 he was named executive editor of Financial Management. In 2005 Professor Senbet was awarded an honorary doctor of Letters Honoris Causa by Addis Ababa University, Ethiopia’s flagship institution of higher learning and his alma mater.
William F. Sharpe
William F. Sharpe is the STANCO 25 Professor of Finance Emeritus at Stanford University's Graduate School of Business and Chairman, Financial Engines, Inc. He joined the Stanford faculty in 1970, having previously taught at the University of Washington and the University of California at Irvine. In 1996, he co-founded Financial Engines, a firm that provides online investment advice to individuals.
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 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 as well as the UCLA Medal, UCLA’s highest honor.
Dr. Sharpe is a trustee of the AXA Rosenberg mutual funds and serves as Chairman of the Board of Financial Engines, Incorporated.
Clifford Smith
Cliff Smith is the Louise and Henry Epstein Professor of Business Administration and Professor of Finance and Economics at the University of Rochester.
Professor Smith has research interests in the fields of corporate financial policy, derivative securities and financial intermediation. He has published 15 books and over 90 articles in leading finance and economics journals. Students in the Executive Development Program have given him their Superior Teaching Award 17 times; students in the M.B.A. program have given him their Superior Teaching Award 10 times. In 1986, he was given the first Special Award for a Perfect Teaching Rating by the School; in 1983, he was chosen a University Mentor in recognition of his scholarship and teaching.
Smith has served as president of the Risk Theory Society, president of the Financial Management Association National Honor Society, vice president for Global Services of the Financial Management Association International, vice president of the International Economics and Finance Society, a member of the board of advisors of the International Association of Financial Engineers, and a member of the board of directors of the Southern Finance Association. He is an advisory editor of the Journal of Financial Economics; an associate editor of the Journal of Financial Engineering, Journal of Risk and Insurance, Financial Management, Financial Practice and Education, The Journal of Derivatives, and The Journal of Financial Research; member of the editorial board of the Review of International Economics; and a member of the advisory board of the Journal of Applied Corporate Finance, The Financier, Contemporary Finance Digest, and The Arbitrageur. His paper “Trading Cost for Listed Options: The Implications for Market Efficiency” (with Susan M. Phillips) was awarded the Pomerance Prize for Excellence in Options Research by the Chicago Board Options Exchange for 1980; his paper “On the Convergence of Insurance and Finance Research” was awarded the Alpha Kappa Psi-Spangler Award by the American Risk and Insurance Association for 1996.
Laura Starks
Charles E. & Sara M. Seay Regents’ Chair in Business Administration
Director, AIM Investment Center
Chairman, Department of Finance
Associate Director for Research, Center for International Business Education & Research
Laura has been at the University of Texas since 1986; before that, she was at Washington University. She received her PhD and her MBA from the University of Texas (Austin) and her BS from the University of Texas (San Antonio).
Laura's professional service has included positions as Director, American Finance Association; Associate Editor, AB ANTE, Estudios en Dirección de Empresas; Associate Editor, Financial Management; Associate Editor, Contemporary Finance Digest; Associate Editor, Journal of Finance; Associate Editor, Journal of Financial Research; Past-President, Financial Management Association; Associate Editor, Journal of Corporate Finance; Associate Editor, Journal of Financial Services Research; Past-Director, Western Finance Association.
Laura's professional awards include Financial Management Association Meetings Award for Best Paper in Corporate Finance, 1998; Western Finance Association Award for Best Paper in Corporate Finance Award, 1997; CBA Foundation Award for Research Excellence, 1996; Smith Breeden Distinguished Paper Award, Journal of Finance, 1996; CBA Foundation Award for Outstanding Research Contributions; and Financial Management Association Award for Best Paper at the 2003 FMA European Meeting in Dublin, Ireland.
René M. Stulz
René M. Stulz is the Everett D. Reese Chair of Banking and Monetary Economics at the Ohio State University and the Director of the Dice Center for Research in Financial Economics at the Ohio State University. He previously taught at the University of Rochester and held visiting appointments at the Massachusetts Institute of Technology and the University of Chicago. He also was a Marvin Bower Fellow at the Harvard Business School. He received his Ph.D. from the Massachusetts Institute of Technology and holds an honorary doctorate from the University of Neuchatel in Switzerland.
Dr. Stulz is a former Editor of the Journal of Finance and the Journal of Financial Economics. He is also Associate Editor of several other academic and practitioner journals. Further, he is a member of the Asset Pricing and Corporate Finance Programs of the National Bureau of Economic Research.
He has published more than fifty 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 research addresses issues in international finance, corporate finance, and investments. He is currently working on a textbook titled Financial Engineering, Risk Management, and Derivatives as well as conducting research on Japanese corporate finance, the benefits and costs of firm diversification, the recent evolution of the market for corporate control in the U.S., the determinants of cash holdings by firms, and international equity flows.
Dr. Stulz teaches in executive development programs in the U.S. and in Europe. He has consulted for major U.S. corporations, the New York Stock Exchange and the World Bank. As a litigation consultant and expert witness, he has been involved in derivatives and corporate control litigation.
Sheridan Titman
Dr. Titman is currently the Walter W. McAllister Centennial Chair in Financial Services Center for Energy Finance at the University of Texas Austin, where he has been a faculty member since 1997. Dr. Titman has also taught at the University of California, Los Angeles; Hong Kong University of Science & Technology; Boston College; and, the University of British Columbia.
Dr. Titman received his PhD and MS from Carnegie Mellon University and his BS from the University of Colorado Boulder.
His professional service background includes Editor, Review of Financial Studies, 1996 - present; Associate Editor, Journal of Finance, 1987 - present; Associate Editor, Real Estate Economics, 1986 - present; and Editor, International Review of Finance.
His professional awards include the RERI Research Grant, 1995 and the Smith-Breeden Prize.
Donald Tuttle
Donald L. Tuttle, CFA, is retired Vice President of the Association for Investment Management and Research (AIMR) in its Curriculum and Examinations Department. He received his BSBA and MBA from the University of Florida and his PhD from the University of North Carolina at Chapel Hill. He previously taught at Indiana University where he chaired the Finance Department from 1970 to 1980. Dr. Tuttle was Vice President and Consultant to Trust and Investment Advisors, Inc. in Indianapolis in 1990-91. He is the author of five books and numerous articles on security analysis and portfolio management, the most recent of which is the third edition of Managing Investment Portfolios: A Dynamic Process.
Dr. Tuttle is a former President, Vice President, and Executive Director of the Financial Management Association and a former Associate Editor of the Journal of Finance and Financial Management. He is also a former member of the CFA Digest Editorial Board and is a former member of the AIMR/ICFA Board of Trustees, Candidate Curriculum Committee, and Council of Examiners. In addition, he received the AIMR/ICFA's C. Stewart Sheppard Award in 1990 for outstanding service to the investment management profession and the CFA Institute's Distinguished Service Award in 2005.
He is also a member of the Board of Trustees of Bank One’s One Group mutual funds. He is a former Board member of the American Red Cross Retirement System, the College for Financial Planning and the Federal Home Loan Bank of Indianapolis.
J. Fred Weston
J. Fred Weston is Professor Emeritus Recalled of Managerial Economics and Finance at the John E. Anderson Graduate School of Management at UCLA. He received his Ph.D. degree from the University of Chicago in 1948. He has published 31 books, 147 journal articles, and chaired 32 doctoral dissertations. Since 1968, he has been Director of the UCLA Research Program on Takeovers and Restructurings.
Dr. Weston has served as President on the American Finance Association, President of the Western Economic Association, President of the Financial Management Association, and member of the American Economic U.S. Census Advisory Committee. In 1978, he was selected as one of the five outstanding teachers on the UCLA campus and in 1994 received the Dean's Award for Outstanding Instruction in the Anderson School at UCLA.
He was elected a Fellow of the National Association of Business Economists in 1993 and a fellow of the American Finance Association in 1999. He served as an associate editor on 14 journals. He has been a consultant to business firms and governments on financial and economic policies since 1950.
