Advisory Board





Avanidhar Subrahmanyam

Email: asubrahm@anderson.ucla.edu

Avanidhar Subrahmanyam is Goldyne and Irwin Hearsh Chair in Finance, The Anderson School, UCLA, Los Angeles. Dr. Subrahmanyam, a Ph. D. in Finance from UCLA in 1990, is an expert in behavioral finance and economics, who is known for his path-breaking research in the use of psychological principles to explain stock price movements.

Dr. Subrahmanyam's 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 and empirical determinants of the cross-section of equity returns.

Dr. Subrahmanyam is the co-editor of the Journal of Financial Markets, and has served as associate editor of Review of Financial Studies and as a consultant to the Nasdaq Stock Market, the National Stock Exchange in Mumbai, San Jose Mercury News, and Irwin/McGraw-Hill.

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David Yermack

Email: dyermack@stern.nyu.edu

David Yermack is a professor of finance at the Stern School of Business, New York University, and also Adjunct Professor of Law at NYU Law School. Professor Yermack also teaches for the Master of Science in Global Finance (MSGF), which is a joint program between Stern and the Hong Kong University of Science and Technology.

His areas of research are corporate governance and law and economics. He has a PhD in Business Economics from Harvard as well as four further degrees in business and law from Harvard Business School and Harvard Law School.

He has been a visiting professor at the University of Basel, Free University of Berlin, University of Freiburg, Erasmus University Rotterdam, Swedish Institute for Financial Research, London Business School, Mannheim Business School, University of St. Gallen and the University of Zurich.

He is the author of over 17 peer-reviewed papers in finance and economics journals. He is Associate Editor of the Journal of Financial and Quantitative Analysis, the Journal of Corporate Finance, and Financial Markets and Portfolio Management. His business experience includes management consulting: Bain & Co., 1985-87 and financial journalism.

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Gautam Mitra

Email: Gautam.Mitra@brunel.ac.uk

Gautam Mitra obtained a Ph. D. in Computational Methods in Operational Research from Institute of Computer Science, University of London, and is an internationally renowned research scientist in the field of Operational Research. He was Head of the Department of Mathematical Sciences, Brunel University, between 1990 and 2001. In 2001 he established CARISMA: The Centre for the Analysis of Risk and Optimisation Modeling Applications, which specializes in the research of Risk and Optimisation and their combined paradigm in decision modeling. Professor Mitra is also a Director of UNICOM Consultants (trading as OptiRisk Systems Ltd).

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Henri Servaes

Email: hservaes@london.edu

Henri Servaes is Professor of Finance at London Business School. He holds a BBA from European University and a MSIA and PhD in finance from Purdue University.

His areas of interest include corporate control, corporate diversification, initial public offerings, capital structure, and mutual funds. He has published articles on these topics in all the leading finance journals, including the Journal of Finance, the Journal of Financial Economics, and the Review of Financial Studies.

He serves as an associate editor of the Journal of Finance, Financial Management and a number of other finance journals. His work has been presented at all major international finance conferences and at more than 50 universities worldwide.

He has had previous appointments at the University of Chicago, the Katholieke Universiteit Leuven (Belgium), Duke University, and the University of North Carolina at Chapel Hill, and taught in MBA programs in Russia and the Czech Republic, and in doctoral programs in Belgium and Switzerland.

He has been involved in consulting and executive education for Anglo American plc, the Chase Manhattan Bank, Deutsche Bank AG, The Financial Times (Lex Team), First Union Corporation, PriceWaterhouseCoopers, SG Hambros, and Suez, SA, among others. At London Business School, he teaches corporate finance in the Masters in Finance Programme, the Senior Executive Programme, and the Corporate Finance Evening Programme.

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M. Suresh Sundaresan

Email: ms122@columbia.edu

Suresh Sundaresan is the Chase Manhattan Bank Professor of Economics and Finance at Columbia University. He has published in the areas of Treasury auctions, bidding, default risk, habit formation, term structure of interest rates, asset pricing, investment theory, pension asset allocation, swaps, options, forwards, futures, fixed-income securities markets and risk management.

He is an associate editor of Journal of Finance and Review of Derivatives Research. His current research focus is on default risk and how its affects asset pricing and sovereign debt securities. He has worked as a senior strategist at Lehman Brothers in their Fixed Income Division during 1986-1987. He has consulted full time for Morgan Stanley Asset Management during 2000-2001. His consulting work focuses on term structure models, swap pricing models, credit risk models, valuation, and risk management.

He is the author of the text "Fixed-Income Markets and Their Derivatives." He has served on the Treasury Bond Markets Advisory Committee. He was the resident scholar at the Federal Reserve Bank of New York during 2006. Suresh Sundaresan has testified before the United States Congress on the transparency of Corporate Bond Markets.

His current research work focuses on corporate bankruptcy, design of bankruptcy code, the role of collateral in interest rate swaps, and the role of central bank in providing liquidity to private capital markets. More recently, he has been working on micro-lending with a view to characterizing defaults, recovery rates, and interest rates in micro-loans. The research attempts to characterize the efforts that are needed to lower the borrowing rates. Another ongoing project explores whether the duration of the borrowing relationship has led to an improvement of borrower's welfare. At Columbia University, he is responsible for teaching two MBA elective courses: Debt Markets, and Advanced Derivatives.

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Maureen O'Hara

Email: mo19@cornell.edu

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), Northwestern University (M.S. Economics and Ph.D. Finance), and Facultés Universitaires Catholiques à Mons (FUCAM), Belgium (Doctorate Honoris Causa). Dr. O'Hara joined the faculty at Cornell in 1979.

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 looks at the effect of market fragmentation on market quality. In addition, Dr. O'Hara publishes widely on a broad range of topics including banking and financial intermediaries, law and finance, and experimental economics.

Professor 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.

Professor 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.

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Ross Watts

Email: rwatts@mit.edu

Ross Watts is a Erwin H. Schell Professor of Management and Accounting at MIT Sloan School of Management, based in Cambridge, Massachusetts. He was a William H. Meckling Professor of Business Administration in Simon School, University of Rochester from January 1971 - June 2005. He has a PH.D in Finance, Accounting and Economics from University of Chicago (1971) as well as M.B.A (Finance) from University of Chicago (1968).

Specializing in accounting and corporate governance, Ross Watts investigates the relationship between accounting's roles in contracting, the firm and financial reporting and the nature of accounting and its methods, particularly conservatism. Watts uses the evidence from that investigation to evaluate recent accounting standards introduced or proposed by standard setters such as the FASB or the SEC. He is a source for explicit stories on how recent standards generated or will generate accounting manipulation and fraud.

He was the Founding Co-Editor, Journal of Accounting & Economics and Director, Accounting Research Network, Division of Social Science Research Network and Founding Editor, Journal of Accounting Abstracts, 1995-1997, Financial Accounting Abstracts, Management Accounting Abstracts and Auditing, Litigation and Tax Abstracts.

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