2010 Financial Markets Conference
Up from the Ashes: The Financial System after the Crisis
David E. Altig is senior vice president and director of research at the Federal Reserve Bank of Atlanta. His responsibilities include advising the bank president on monetary policy and related matters, overseeing the bank's research department and its regional executives, and serving as a member of its management and discount committees. Altig also serves as an adjunct professor of economics at the University of Chicago's graduate school of business. Prior to joining the Atlanta Fed, Altig was vice president and associate director of research at the Federal Reserve Bank of Cleveland, which he joined in 1991. He was previously a faculty member in the department of business economics and public policy at Indiana University. His research, focusing primarily on monetary and fiscal policy, has been widely published in such journals as the Journal of Money, Credit, and Banking, the American Economic Review, and the Journal of Monetary Economics. Altig received a BA in business administration from the University of Iowa and an MA and a PhD in economics from Brown University.
Adam Ashcraft is vice president and head of structured products at the Federal Reserve Bank of New York. He manages a team responsible for assessing the credit risk of asset-backed securities and commercial and residential mortgage–backed securities posted as collateral against loans extended by the New York Fed and monitors primary structured credit markets broadly for potential future exposure. Before joining the financial risk management group, Ashcraft was actively involved in the design and implementation of the Term Asset-Backed Securities Liquidity Facility (TALF). He started his career with the New York Fed in 2001 as a research economist. His research has focused on banks' impact on the real economy and regulation's effects on bank behavior. He has published numerous academic papers and served as a referee for many top economic and banking journals. "Understanding the Securitization of Subprime Mortgage Credit," a monograph he cowrote with Til Schuermann, is widely used as a primer on securitization issues. Ashcraft holds BA degrees in economics and mathematics and statistics from Miami University and a PhD in economics from the Massachusetts Institute of Technology.
John Bovenzi is a partner at Oliver Wyman. He joined the firm's financial services practice in June 2009. Previously he was deputy to the chairman and chief operating officer at the Federal Deposit Insurance Corporation. He began his career at the FDIC in 1981 as a financial economist and held several positions there, including director of the division of resolutions and receiverships, deputy to the chairman, and deputy director of the division of research and statistics. Bovenzi has advised foreign governments and international organizations on such issues as deposit insurance, bank supervision, and the resolution of insolvent banks. In 2008 he served as chief executive of IndyMac Federal Bank, an FDIC-owned and -operated conservatorship. He has authored numerous publications and served as editor of Managing the Crisis: The FDIC and RTC Experience. Bovenzi holds a BA in economics from the University of Massachusetts and an MA and a PhD in economics from Clark University.
Gerald P. Dwyer is the director of the Center for Financial Innovation and Stability at the Federal Reserve Bank of Atlanta. He has also been a visiting scholar at the Federal Reserve Banks of Atlanta, St. Louis, and Minneapolis as well as an economist for the Federal Reserve Bank of Chicago. Currently an adjunct professor at the University of Carlos III in Madrid, he was previously a faculty member at Texas A&M University, Emory University, the University of Houston, and Clemson University. Dwyer's research focuses on financial markets and banking, especially the implications of the digital revolution for financial and economic growth. His research has appeared in leading economic and finance journals, including the American Economic Review, the Economic Journal, the Journal of Monetary Economics, the Journal of Political Economy, and the Review of Financial Studies. He is on the editorial boards of the Journal of Financial Stability and Economic Inquiry. He is president of the Association of Private Enterprise Education and past president of the Society for Nonlinear Dynamics and Econometrics. He received a BA in business, government, and society from the University of Washington, an MA in economics from the University of Tennessee, and a PhD in economics from the University of Chicago.
Robert A. Eisenbeis is chief monetary economist at Cumberland Advisors. Previously he was executive vice president and director of research at the Federal Reserve Bank of Atlanta. Before joining the Atlanta Fed in 1996, Eisenbeis was the Wachovia Professor of Banking and associate dean for research at the Kenan-Flagler Business School at the University of North Carolina at Chapel Hill. Previously he was senior deputy director in the division of research and statistics at the Board of Governors of the Federal Reserve System and assistant director of research and chief of the financial and economic research section at the Federal Deposit Insurance Corporation. His research has focused on monetary policy and issues related to credit scoring, banking, and finance. He has written over 100 articles appearing in leading publications such as the Journal of Finance and the Journal of Regulatory Economics and serves on the editorial boards of several scholarly journals. In addition to coauthoring five books on banking and statistics, he has contributed chapters to many other books. Eisenbeis was named a Fellow by the National Association for Business Economics in 2004 and serves as a member of the Shadow Financial Regulatory Committee. He holds a BS from Brown University and masters and PhD degrees from the University of Wisconsin–Madison.
Paul J. English is senior analyst and head of U.S. Investment Grade Research at Invesco. His primary responsibilities center on financial company analysis and include managing and coordinating Invesco's investment-grade credit research function and reviewing its resource requirements. Additionally, he is head of quality oversight with responsibility for establishing and reviewing analyst standards of practice. Since joining the company in 1998, English has also served on Invesco Fixed Income's structured securities and high-yield research teams. He is a Chartered Financial Analyst and a member of the CFA Institute and the CFA Society of Louisville. He holds a BS in business administration from Xavier University.
Ron Feldman is senior vice president for supervision, regulation, and credit at the Federal Reserve Bank of Minneapolis. He joined the bank in 1995 in the supervision department, becoming an officer in 1999, a managing officer in 2004, and senior vice president in 2008. During his tenure at the bank, Feldman also ran the Financial Services Support Office, which assists in the oversight of the Federal Reserve's financial services. He has published research on a wide array of banking and financial topics and is coauthor of Too Big to Fail: The Hazards of Bank Bailouts, published by the Brookings Institutions in 2004. He received a BA from the University of Wisconsin and an MPA from Syracuse University.
Mark Flannery is the BankAmerica Professor of Finance at the University of Florida in Gainesville, where he has held an Eminent Scholar Chair in Finance since 1989. He was previously on the faculty of the University of North Carolina and the University of Pennsylvania, was a visiting faculty member at the London Business School and the University of New South Wales, and was a research adviser to the Federal Reserve Bank of Philadelphia. He helped establish the FDIC's Center for Financial Research in 2003 and then served as codirector and senior adviser until 2008. Flannery has consulted with private banks and government agencies. He has published extensively in academic and practitioners' finance and economics journals, primarily on issues relating to the management and regulation of financial institutions. He has also studied problems in information economics, capital structure, and asset market equilibrium. He developed a Web-based bank financial management game (ProBanker) that is used in both domestic and international teaching programs. He served as editor of the Journal of Money, Credit, and Banking and is an associate editor for numerous journals. He is a former member of the board of directors of the American Finance Association and a past president and chairman of the board of trustees of the Financial Management Association International. Flannery earned an AB summa cum laude from Princeton University and an MA, an MPhil, and a PhD, all in economics, from Yale University.
Charles Goodhart is the London School of Economics (LSE) professor emeritus of banking and finance and a member of its financial markets group, in which he served as deputy director from 1987 to 2005. From 1985 until his retirement in 2002, he was the Norman Sosnow Professor of Banking and Finance at LSE. Previously he served at the Bank of England as a monetary adviser, rising to chief adviser in 1980. He was appointed one of the outside independent members of the Bank of England's new Monetary Policy Committee. In addition to his academic career at LSE, Goodhart has also taught at Cambridge and has written extensively on monetary history, monetary policy, and financial stability. He holds a BA from Cambridge and a PhD from Harvard University.
John Griffin is a professor of finance at the University of Texas. Previously he was an assistant professor at Arizona State University and a visiting associate professor at the Yale School of Management. His research has focused on international stock market pricing and investor behavior in the stock market—specifically, on understanding the nature and accuracy of stock market pricing. His work has examined the importance of pricing models, industry factors, exchange rates, price bubbles, agency conflicts, and aspects of individual and institutional investor behavior in stock market pricing domestically and internationally. Griffin holds a PhD in finance from Ohio State University.
John C.R. Hele is executive vice president, chief financial officer, and treasurer of Arch Capital Group Ltd. (ACGL), a Bermuda-based specialty commercial insurer and reinsurer. Prior to joining ACGL, he was chief financial officer and a member of the executive board of ING Group from 2007 to 2009. Previously he held several other positions at ING, including deputy chief financial officer, general manager and chief insurance risk officer in charge of global insurance risk management, and group actuary. From 1999 to 2003 he was chief executive officer of Worldinsure. Hele has also served in investment banking, marketing, and finance roles at companies such as Merrill Lynch and Crown Life. He is a past chairman of the European Chief Risk Officer Forum and was a member of the European Insurance CFO Forum. He is currently a Fellow of the Society of Actuaries, a member of the American Academy of Actuaries, and a Fellow of the Canadian Institute of Actuaries. Hele holds a bachelor's degree in mathematics from the University of Waterloo.
John Hull is the Maple Financial Professor of Derivatives and Risk Management at the Joseph L. Rotman School of Management at the University of Toronto. He also codirects the school's master of finance program. He has held teaching positions at York University, the University of British Columbia, New York University, Cranfield University, and London Business School. Hull's recent research is concentrated on credit risk, executive stock options, volatility surfaces, market risk, and interest rate derivatives. He was a winner of the Nikko-LOR research competition for his work on the Hull-White interest rate model. Prior to his academic career, he worked as a corporate planning analyst at British Shoe Corporation. He has written three books on risk management and derivatives and is an associate editor of eight academic journals. He holds a BA and an MA from Cambridge University, an MA from Lancaster University, and a PhD from Cranfield University.
Mark Jensen is a financial economist and associate policy adviser with the financial group of the Atlanta Fed's research department. Before joining the bank, he was an associate professor in the economics department at Brigham Young University. He has also taught at the University of Missouri and Southern Illinois University. His research concentrates on estimating diffusion models of stock prices using stock and option price data and designing estimators of the volatility present in financial instruments. Jensen has published works in the Journal of Econometrics, Econometric Theory, and the Journal of Monetary Economics and has presented papers at a number of professional conferences and academic institutions. He is a member of the American Economic Association, the American Statistical Association, and the Econometric Society. He earned his bachelor's degree in economics magna cum laude from Weber State University and his master's degree and doctorate in economics from Washington University in St. Louis.
Jerry L. Jordan is president of the Pacific Academy for Advanced Studies. From 1992 to 2003 he was president and chief executive officer of the Federal Reserve Bank of Cleveland. Before joining the bank, he was senior vice president and chief economist at First Interstate Bancorp from 1985 to 1992. He was dean of the R.O. Anderson School of Management at the University of New Mexico, where he was also a professor. Jordan was a member of President Reagan's Council of Economic Advisers from 1981 to 1982. He was also president and served on the board of directors of the National Association of Business Economists and was a member of the U.S. Gold Commission. Jordan holds a PhD in economics from the University of California at Los Angeles.
Edward J. Kane is professor of finance at Boston College. From 1972 to 1992 he held the Everett D. Reese Chair of Banking and Monetary Economics at Ohio State University. A founding member of the Shadow Financial Regulatory Committee, Kane rejoined the organization in 2005. He served for twelve years as a trustee and member of the finance committee of Teachers Insurance. Currently, he consults for the World Bank and is a senior fellow in the Federal Deposit Insurance Corporation's Center for Financial Research. Kane has consulted for numerous agencies, including the International Monetary Fund, components of the Federal Reserve System, and three foreign central banks. He has also consulted for the Congressional Budget Office, the Joint Economic Committee, and the Office of Technology Assessment of the U.S. Congress. He is a past president and fellow of the American Finance Association and a former Guggenheim fellow. He served as president of the International Atlantic Economic Society and the North American Economics and Finance Association. Kane is a longtime research associate of the National Bureau of Economic Research. In addition to authoring three books, he has published widely in professional journals and serves on six editorial boards. He received a BS from Georgetown University and a PhD from the Massachusetts Institute of Technology.
Paul Kupiec is director of the Federal Deposit Insurance Corporation's Center of Financial Research and an associate director in its division of insurance and research. His research is focused on risk measurement, capital allocation models, the management and regulation of financial institutions, banking system systemic risk, and selected topics in banking, derivatives, and securities pricing. He has held positions at the International Monetary Fund, Freddie Mac, J.P. Morgan, the Federal Reserve Board, the Bank for International Settlements, and North Carolina State University. Kupiec has served as a consultant on financial market issues for the Organisation for Economic Co-operation and Development and is an International Monetary Fund technical expert on banking and financial stability. He is an editor of the Journal of Financial Services Research, an associate editor of the Journal of Risk, and is on the editorial board of the Journal of Risk Management in Financial Institutions. He holds a PhD in economics from the University of Pennsylvania.
Dennis P. Lockhart is president and chief executive officer of the Federal Reserve Bank of Atlanta. In this role he is responsible for all of the bank's activities, including monetary policy, bank supervision and regulation, and payment services. He also chairs the bank's management committee and serves on the Federal Reserve's chief monetary policy body, the Federal Open Market Committee. Prior to joining the Atlanta Fed in March 2007, Lockhart served on the faculty of Georgetown University's Walsh School of Foreign Service, teaching in the master's program and chairing the program's concentrations in international business–government relations and global commerce and finance. He was also an adjunct professor at Johns Hopkins University's Nitze School of Advanced International Studies. Prior to his academic career Lockhart was managing partner at the private equity firm Zephyr Management LP. He also worked at Heller Financial, where he served as executive vice president and director of the parent company and as president of Heller International Group. Previously Lockhart held various positions, both domestic and international, with Citicorp/Citibank. In addition to his professional activities, Lockhart was a member of the boards of directors of several companies and was chairman of the Small Enterprise Assistance Funds, a not-for-profit operator of emerging markets venture capital funds. He holds a BA in political science and economics from Stanford University and an MA in international economics and American foreign policy from the Johns Hopkins University School of Advanced International Studies.
Joseph R. Mason is professor of finance and the Hermann Moyse/Louisiana Bankers Association Chair of Banking at the Ourso School of Business at Louisiana State University. He is also a senior fellow at the Wharton School. Mason's academic research focuses primarily on financial crises and securitization and investigating liquidity in thinly traded assets and illiquid markets. His current academic research projects analyze default and recovery risk, default resolution costs in the context of asset-backed securities, and the efficacy of bailout and resolution policies throughout the history of financial markets. His research has been published in many books and journals, including the American Economic Review, the Journal of Money, Credit, and Banking, and the Journal of Banking and Finance. Mason has testified before numerous congressional committees, the European Parliament, and the Federal Reserve Board and has advised companies, regulators, and central banks on structured financial crises. Mason holds a BS from Arizona State University and an MS and a PhD from the University of Illinois at Urbana-Champaign.
Peter Niculescu is partner and head of fixed income advisory at Capital Market Risk Advisors (CMRA), a risk management firm that provides consulting and litigation support to U.S. and international financial services companies and institutional investors. In this role he has advised investment banks, institutional investors, insurance companies, and commodities dealers. He specializes in portfolio strategy, return attributions, options-based strategies, risk analysis, asset valuation, and stress testing. Prior to joining CMRA, Niculescu ran the capital markets division at Fannie Mae from 2000 to 2008 and was managing director responsible for mortgage research at Goldman Sachs during the 1990s. He is director of Two Harbors Investment Corporation and serves on the advisory board of Netezza Corporation. He is a Chartered Financial Analyst charter holder. He received a bachelor's degree from Victoria University of Wellington in New Zealand and a PhD in economics from Yale University.
Frank Partnoy is the George E. Barrett Professor of Law and Finance and director of the Center on Corporate and Securities Law at the University of San Diego. Before becoming a law professor in 1997, he worked as a derivatives structurer at Morgan Stanley and CS First Boston. Partnoy writes and speaks about financial markets to Congress, regulators, academics, and investors and has consulted with many major corporations, banks, pension funds, and hedge funds on various aspects of financial markets and regulation. He has written several books, including Infectious Greed: How Deceit and Risk Corrupted Financial Markets and F.I.A.S.C.O.: Blood in the Water on Wall Street. More than two dozen of his articles have been published in academic journals including the Journal of Finance. Partnoy holds a BA and a BS from the University of Kansas and a JD from Yale University.
Charles I. Plosser is president and chief executive officer of the Federal Reserve Bank of Philadelphia. Before joining the bank in 2006, he was the John M. Olin Distinguished Professor of Economics and Public Policy and director of the Bradley Policy Research Center at the University of Rochester's William E. Simon Graduate School of Business Administration. He was also a senior research associate at the Rochester Center for Economic Research in the university's college of arts and sciences and a research associate at the National Bureau of Economic Research. Previously he was an assistant professor of business economics at the Stanford University graduate school of business and a lecturer in economics and econometrics at the University of Chicago's graduate school of business. Plosser also cochaired the Shadow Open Market Committee and was a visiting scholar at the Bank of England and the Federal Reserve Bank of Minneapolis. His articles have appeared in numerous economic journals. He was coeditor of the Journal of Monetary Economics for more than two decades. Plosser holds an MBA and PhD from the University of Chicago.
Eric S. Rosengren is president and chief executive officer of the Federal Reserve Bank of Boston. He joined the Boston Fed in 1985 as an economist in the research department. He was promoted to assistant vice president in 1989 and to vice president in 1991 as head of the department's banking and monetary policy section. In 2000 he was named senior vice president and head of the supervision and regulation department. He assumed the additional title of chief discount officer in 2003 and was named executive vice president in 2005. While in the bank supervision function, Rosengren gained significant domestic and international regulatory experience related to the Basel II Capital Accord. One focus of his economic research has been the link between financial problems and the real economy. He has published more than 100 articles and papers on macroeconomics, international banking, bank supervision, and risk management. He holds a BA in economics from Colby College and an MS and PhD in economics from the University of Wisconsin–Madison.
Chester Spatt is the Pamela R. and Kenneth B. Dunn Professor of Finance at the Tepper School of Business at Carnegie Mellon University and director of its Center for Financial Markets, where he has taught since 1979. He was chief economist of the U.S. Securities and Exchange Commission and director of its Center for Financial Markets from 2004 to 2007. Spatt's research focuses on financial economics with broad interests in financial markets. A paper he coauthored in 2004 on asset allocation, published in the Journal of Finance, won TIAA-CREF's Paul Samuelson Award for the Best Publication on Lifelong Financial Security. He served as executive editor and was a founding editor of the Review of Financial Studies, was president and a member of the founding committee of the Society for Financial Studies, and was president of the Western Finance Association. Spatt is currently an associate editor of several finance journals and a member of the Shadow Financial Regulatory Committee, the Financial Economists Roundtable, and a fellow of the TIAA-CREF Institute. He is also a research associate of the National Bureau of Economic Research. He holds a BA from Princeton and an MA and a PhD in economics from the University of Pennsylvania.
Alexei Tchistyi is an assistant professor of finance and real estate at the University of California–Berkeley Haas School of Business. Previously he was assistant professor of finance at the New York University Stern School of Business. His research focuses on financial innovations, mortgages and mortgage-backed securities, dynamic contracting, and corporate finance. His papers have been published in the Review of Financial Studies, the Journal of Financial and Quantitative Analysis, and the B.E. Journal of Economic Analysis & Policy. His paper "Performance-Sensitive Debt" won the Review of Financial Studies Young Researcher Award in 2009. Tchistyi holds a PhD from the Stanford University Graduate School of Business.
Larry D. Wall is a financial economist and policy adviser in the research department at the Federal Reserve Bank of Atlanta. In addition to pursuing research in the areas of finance and banking, he gives policy advice, evaluates staff research, and provides counsel on research and professional activities. A certified public accountant, Wall is a past president of the Eastern Finance Association and a past member of the board and chair of institutional directors of the Financial Management Association. He is on the editorial board of the Journal of Banking and Finance and has been an adjunct faculty member at Emory University and the Georgia Institute of Technology. He earned a bachelor's degree in business administration from the University of North Dakota and a PhD in business from the University of North Carolina at Chapel Hill.