Michael Brennan is a professor of finance at both UCLA Anderson and 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. 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 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.
Ph.D. Business, 1970, Massachusetts Institute of Technology
MBA Management, 1967, University of Pittsburgh
B.Phil. Economics, 1964, Oxford University
Bond Markets, Derivatives, Future Markets, Hedging Strategies, Interest Rates, Oil and Gas Industry, Mining, Insurance
Franklin Allen is the Nippon Life Professor of Finance and Professor of Economics at the Wharton School of the University of Pennsylvania. He has been on the faculty since 1980. He is currently Co-Director of the Wharton Financial Institutions Center. He was formerly Vice Dean and Director of Wharton Doctoral Programs and Executive Editor of the Review of Financial Studies, one of the leading academic finance journals. He is a past President of the American Finance Association, the Western Finance Association, the Society for Financial Studies, and the Financial Intermediation Research Society. Dr. Allen’s main areas of interest are corporate finance, asset pricing, financial innovation, comparative financial systems, and financial crises. He is a co-author with Richard Brealey and Stewart Myers of the eighth through tenth editions of the textbook Principles of Corporate Finance.
Education: DPhil, University of Oxford, 1980; MPhil, University of Oxford, 1979; BA, University of East Anglia, 1977
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 (BS in economics), Northwestern University (MS in economics and PhD in finance), and Facultés Universitaires Catholiques à Mons (FUCAM), Belgium (doctorate honoris causa). O’Hara joined the faculty at Cornell in 1979. 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 looks at the effect of market fragmentation on market quality. In addition, O’Hara publishes widely on a broad range of topics including banking and financial intermediaries, law and finance, and experimental economics.
O’Hara has served as president of the American Finance Association, as president of the Western Finance Association, and she is currently president of the Financial Management Association and president of the Society for Financial Studies. She has recently stepped down as the executive editor of the Review of Financial Studies.
O’Hara is chairman of the board of directors of Investment Technology Group, Inc. (ITG), a global agency brokerage firm, and she serves on the board of directors of NewStar Financial, a commercial finance company, where she is on the audit and governance committees. She also serves on the Board of Trustees of Teachers Insurance and Annuity Association (TIAA-CREF). She is chairman on the Economic Advisory Board of the FINRA, and she is currently serving on the CFTC-SEC Task force investigating the “flash crash. A citizen of both the U.S. and Ireland, she has consulted for a number of companies and organizations, including Microsoft, Merrill Lynch, Credit Suisse, the New York Stock Exchange, Bristol-Meyers Squibb, and the World Federation of Exchanges.
Anand Srinivasan is an Associate Professor of Finance and Head of Finance Department at NUS Business School. He also holds the Dean Chair at NUS Business School from 2009-2012. He is also an affiliate researcher of the Risk Management Institute and the Real Estate Institute at NUS. He has published articles in leading finance journals such as the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies and the Journal of Financial and Quantitative Analysis. He has also published in law and real estate journals. One of his papers on recovery rates of defaulted debt has won the FAMA-DFA award at the Journal of Financial Economics. He has won the outstanding researcher award at NUS Business School. His research interests include banking, bankruptcy, real estate and real options. He has taught courses in fixed income, corporate finance, international finance as well as executive short term courses in bond valuation, swap valuation, hedge funds and alternative investments.
· New York University 1995- 2000 Ph.D. in Finance
· Cornell University 1993-1995 M.S. in Aerospace Engineering
· Indian Institute of Technology 1989-1993 B.Tech. in Aerospace Engineering
Prof. Leland holds the Arno Rayner Chair in Finance at the Haas School of Business, U.C. Berkeley. He is a former President of the American Financial Association. He is best known for his work on financial structure, financial intermediation, and asset management. In 2008, Prof. Leland was awarded the Stephen A. Ross Prize in Financial Economics. (Given for the most significant paper in finance published in the last 15 years.) This was the inaugural award of this prize. Previously Prof. Leland received the lifetime achievement award from the Financial Intermediation Research Society, and an honorary doctorate from the University of Paris (Dauphine). Prof. Leland is an independent trustee of the BGI mutual funds group. He has served as a consultant to Goldman Sachs and Wells Asset Management and as a scientific advisor to numerous academic and professional groups. With John O’Brien and Mark Rubinstein, he was a co-founder of LOR, which developed portfolio insurance and introduced the first exchange-traded fund (ETF). Prof. Leland was named one of Fortune’s Business Men of the year in 1987.
AB, Economics, Harvard University
MS, Economics, London School of Economics
PhD, Economics, Harvard University
Julian Franks is Professor of Finance and Academic Director at London Business School’s Centre for Corporate Governance. Here he reflects on the shape of future regulation of the financial services sector. His research focuses on bankruptcy and financial distress and corporate ownership and control, a field in which he has won two international prizes. He served as a member of a UK government working party reviewing the insolvency code and advised (with LBS professor Richard A. Brealey) the Office of Constitutional Affairs on the issue of outside equity for law firms and is an adviser to the regulator, Ofcom, and BAA. His qualifications include a BA (Sheffield), an MBA (Columbia), and PhD (London).
George M. Constantinides
George Constantinides is the Leo Melamed Professor of Finance at the Graduate School of Business, University of Chicago. He holds degrees from Oxford University and Indiana University and taught at Carnegie Mellon University before joining the University of Chicago in 1978. Dr. Constantinides has served as president of the American Finance Association and the Society for Financial Studies. He is research associate of the National Bureau of Economic Research, and editor, and associate editor of several finance and financial engineering journals.
Dr. Constantinides’ research interests focus on the valuation of primary assets and derivatives, with emphasis on incomplete markets, non-standard preferences, transaction costs, and taxes. He has made significant contributions in addressing the causes of the historically observed premium of equity returns over bond returns.