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Speakers and Papers

Jennie Bai, Federal Reserve Bank of New York, Economist in the Capital Markets Function
Her primary research interests are in the credit risk market, especially the corporate bond and CDS. She has recently worked on the arbitrage between CDS and cash bond market, the fundamental determinants of the CDS, and the rollover risk, contagion risk in the CDS market. She holds a Ph.D. from the University of Chicago, Booth Graduate School of Business. 

Download "Is Credit Event Risk Priced?"


Jennie Bai 

Jack Bao, Assistant Professor of Finance, The Ohio State University 
He received his Ph.D. in Financial Economics from MIT in 2009 and his BS in Operations Research from Columbia in 2003. His research focuses on bond liquidity and structural models of default.

Download "Excess Volatility of Corporate Bonds"


Jack Bao 

Howard Benz, Managing Director and Co-manager of Fixed Income Research, Morgan Keegan
As managing director of fixed income research at Morgan Keegan, Howard Benz’s particular focus is on serving depository institutions. His responsibilities include evaluating balance sheets and identifying strategies to enhance clients’ interest rate risk positions, while improving earnings and the overall value of the franchise. Benz is a graduate of the University of Mississippi with a Bachelor of Business Administration degree. He received a Master of Business Administration degree from Christian Brothers University. 



Stephen R. Blank, Senior Resident Fellow, Finance, Urban Land Institute
Stephen R. Blank joined ULI-the Urban Land Institute (ULI) in December 1998 as Senior Fellow, Finance. His primary responsibilities include: expanding ULI’s real estate capital markets information and education programs; authoring real estate capital market commentary; participating as a principal researcher and adviser for the Emerging Trends in Real Estate series of publications; and organizing and participating in real estate capital markets programs at ULI events worldwide. Prior to joining ULI, Blank served from December 1993 to November 1998 as managing director of real estate investment banking at Oppenheimer & Co., Inc.; managing director of Cushman & Wakefield, Inc.’s real estate corporate finance department; managing director of real estate investment banking at Kidder, Peabody & Co., Inc.; and vice president of corporate finance at Bache & Co., Incorporated, where he was responsible for transaction origination, due diligence, and structuring, marketing and closing, and post-offering supervision of SEC-registered and privately placed direct investments in real estate and other industries. 

Blank received his BA from Syracuse University and was awarded a MBA from Adelphi University. 


Stephen Blank 

Adam B. Cohen, Founder and Managing Member, Covenant Review
Adam B. Cohen graduated from the University of Florida in 1993 and from Georgetown University Law School cum laude in 1997, having been elected to the Georgetown Law Journal. Prior to founding Covenant Review, he was a corporate finance attorney with Latham & Watkins and an investment banker with Lehman Brothers. At Latham, he represented both investment banks and sponsor-backed issuers on dozens of high yield debt and equity offerings for significant transactions that included Calpine, Magnachip Semiconductors and XM Satellite Radio.

Cohen founded Covenant Review in November 2005 as the world's first boutique research firm focused on corporate bond covenants in order to provide institutional investors with perspectives on their rights as bondholders as seen through the eyes of experienced practicing lawyers. He was one of seven contributors to the American Bar Association's Model Negotiated Covenants Project and is on the Credit Roundtable where he was instrumental in the development of the "white paper" for model covenants for the investment grade universe. Cohen has been quoted and/or published in publications such as Barron'sBloombergCredit Investment NewsCredit Magazine,Grant's Interest Rate ObserverHigh Yield ReportInternational Financial Law Review, and Leverage World, and he regularly lectures on covenant issues to investment professionals and other attorneys. He is widely considered to be the leading commentator on corporate bond covenants. 


Adam B. Cohen 

Sergei Davydenko, Assistant Professor of Finance, Joseph L. Rotman School of Management at the University of Toronto 
Davydenko joined Rotman after completing his Ph.D. at London Business School. His research is at the intersection of credit risk and corporate finance, and his areas of expertise include credit risk, corporate distress and reorganization, debt markets and bankruptcy codes in different countries. His work in these areas includes papers published in top journals, such as the Journal of Finance. His current research focuses on the implications of corporate restructuring and financing policies for credit risk modeling. 

Download "Cash Holdings and Credit Risk" 

Sergei Davydenko 

Jens Dick-Nielsen, Ph.D. in Finance, Research Fellow at the Department of Finance, Copenhagen Business School 
His current research is funded by the Danish Council for Independent Research (DFF) and focus on the future of the Danish and European mortgage bond systems in the aftermath of the subprime crisis in relation to the Basel III regulation. His research on credit risk and liquidity risk has been published in the Journal of Financial Economics and the Journal of Fixed Income.


Jens Dick-Nielsen 

Erkan Erturk, Senior Director, Structured Finance, Standard & Poor’s Ratings Services
Erkan Erturk is a senior director in global structured finance research. His current responsibilities include writing and commenting on ABS, RMBS and housing related research topics and studying global structured finance default behavior and default recoveries. Prior to his current position, he was a director in the CDO Group, analyzing the market value CDOs, mutual fund-fee, private-equity and hedge-fund CFO transactions. Erturk joined Standard & Poor’s Ratings Services in 1996 from Advanta Corp. Previously he was at American Express Company. He also taught corporate finance courses as an instructor at Penn State Finance Department and as an adjunct professor at Montclair State University.

He holds a Ph.D. in Finance from Penn State University, a MS also from Penn State and a BS from Ankara Hacettepe University. His research articles were published in the Journal of Fixed Income, the Journal of Structured FinanceStandard & Poor’s Creditweek, andGlobal Credit Portal



Michael J. Fleming, Vice President and Head of the Capital Markets Function in the Research and Statistics Group, Federal Reserve Bank of New York
His primary research interests are market microstructure, financial intermediation and monetary policy. Recent work examines the effects of the Federal Reserve's liquidity facilities, dealer positions management, dealer behavior in the securities lending market and the microstructure of the TIPS market. Michael joined the New York Fed as an economist in 1994. He received a Ph.D. in Business Economics from Harvard University in 1994 and a BA in Economics from Colby College in 1988.

Download "The Effects of the Treasury Fails Change on Market Functioning"


Michael Fleming 
Martin Fridson, Global Credit Strategist, BNP Paribas Asset Management, Inc.
Martin Fridson is "perhaps the most well-known figure in the high yield world," according to Investment Dealers' Digest. Over a 25 year span with brokerage firms including Salomon Brothers, Morgan Stanley and Merrill Lynch, he became known for his innovative work in credit analysis and investment strategy. For nine consecutive years through 2002, participants in the Institutional Investor All-America research survey ranked Fridson number-one in his category. The magazine's editors dubbed him "the dean of the high yield bond market." The Financial Management Association International named Fridson the Financial Executive of the Year in 2002. In 2000, he became the youngest person ever inducted into the Fixed Income Analysts Society Hall of Fame. According toBarron's, "no one brings more insight or a better reputation for integrity to the junk-bond market than Marty Fridson." The New York Times called him "one of Wall Street's most thoughtful and perceptive analysts" and Grant's Interest Rate Observer labeled him "indispensable." 

Fridson received his BA cum laude in history from Harvard College and his MBA from Harvard Business School.  


Martin Fridson 

Rich Gordon, Managing Director, Fixed Income Market Strategist Wells Fargo Securities, LLC
Wells Fargo & Company

Rich Gordon is a managing director and the head of fixed income market & portfolio strategy for Wells Fargo Securities. In this capacity, Rich is responsible for presenting his views on relative value and asset valuations across a broad spectrum of fixed income products and areas. His Weekly Market Summary Package and Commentary and “Market Summary Online,” a multimedia webcast, are distributed to more than 6,000 external customers and more than 2,000 internal employees of Wells Fargo. On a biweekly basis, he presents strategic recommendations for Wells Fargo’s Internal Balance Sheet & Portfolio,and presents his thoughts to other numerous internal groups,as well as external investors, through conference calls and presentations. He also chairs the weekly Trader’s Meeting in the Fixed Income Division, where relative value discussions and market trends lead to strategic decisions about trading risk allocations and exposure.

Before these responsibilities, Rich was the managing director and head of Structured Products Research at Wachovia. In this capacity, he was responsible for all publications and analysis in the ABS, CDO, MBS and CMBS product areas. Before Wachovia, Rich was the director of agency/mortgage-backed securities research at ABN AMRO, Inc., where he was also responsible for all fixed income publications and analysis in these product areas.Rich has been a frequent speaker at the ABA Funds Management Conference and has been a guest lecturer at the Haas School of Business at University of California at Berkeley and the Stern Graduate Business School at New York University. He has had a number of articles published in Frank Fabozzi textbooks, including The Handbook of Mortgage Backed Securities and Perspectives on Fixed Income Portfolio Management. He holds a JD/MBA from the University of Illinois, and a BA with distinction from the University of Virginia.



Robin Grieves, Clinical Assistant Professor of Finance, Darla Moore School of Business, University of South Carolina
Dr. Robin Grieves specializes in teaching introductory finance in the business core. Previously, he was visiting professor of finance at the Crummer Graduate School of Business, Rollins College in Winter Park, Florida. He moved to Crummer from a position as professor of finance and head of department at the University of Otago in Dunedin, New Zealand, which he joined in 2007. Prior to joining the University of Otago, he was vice president for market risk oversight at Freddie Mac. Grieves and his team were responsible for monitoring the risks in Freddie Mac’s $650 billion mortgage related portfolio. Grieves’ background also includes teaching economics and finance at the University of Maryland, James Madison University, the University of Nebraska – Lincoln, Nanyang Technological University (Singapore) and the Thunderbird School of Global Management. His industry experience was gained during an earlier tour at Freddie Mac, at Salomon Brothers and HSBC Securities, where he was director of fixed income research in New York. Robin is a CFA charter holder.

Grieves received his master's degree from the University Maryland in 1979, and his Ph.D. from Maryland in 1973. 


Robin Grieves 

Olesya Grishchenko, Economist in the the Board of Governors of the Federal Reserve System, Monetary Affairs division 
Grishchenko conducts research and policy work related to inflation expectations, inflation uncertainty, deflation probabilities as well on term structure models of real interest rates. She has graduated from Stern School of Business of New York University with Ph.D. in Finance in 2005 and worked as an assistant professor of finance in the Smeal College of Business of Penn State University prior to joining the Federal Reserve. Aside from term structure modeling, her research interests are in empirical asset pricing, consumption-based modeling, and computational methods. Olesya is also visiting assistant professor of finance in New Economic School of Moscow, Russia, which she visits regularly. She has published in such distinguished journals as Journal of Economics and Business andJournal of Business and Economic Statistics, presented on the multiple high-profile finance conferences, and provided peer reviews for such high profile journals as Review of Financial StudiesJournal of Economic Dynamics and Control, and Journal of Business and Economic Statistics. Olesya is a member of the American Finance Association and the European Finance Association. 


Olesya Grishchenko 

William Harrison, Faculty Lecturer of Investments, Real Estate Finance, Real Estate Investments, and Real Estate Principles, University of South Carolina
A South Carolina native, Harrison earned the First Honor Graduate (valedictorian) award for his class at The Citadel with a BS in Physics. He subsequently attended the International Business Studies graduate program at the University of South Carolina in 1976. From there he went on to earn a MBA degree from the Wharton School of the University of Pennsylvania in 1978 with a concentration in international finance and real estate. His 39+ years of broad real estate experience in the private sector includes international development lending with Bank of America’s World Banking Division, national real estate investment acquisitions with The Century Partners Funds, local residential and land development, selective brokerage, and regional commercial development with The Trammell Crow Company. In addition to academic instruction, Harrison is President of the Harrison Company, which offers development advisory and consulting services to the real estate marketplace. Mr. Harrison is a regular contributor to media commentary on the continuing crisis in both commercial and residential real estate and mortgage finance. In the past several years he has served as a guest speaker at conventions and seminars sponsored by diverse professional services organizations including, among others, Certified Public Accountants, Certified Financial Planners, Appraisers, Bankruptcy Attorneys and the Urban Land Institute. 


William Harrison 

Jean Helwege, J. Henry Fellers Professorship of Business Administration, Darla Moore School of Business, University of South Carolina  
Her prior experience includes faculty positions at Penn State, the University of Arizona and Ohio State University. From 1988 to 1998 she worked as an economist in the Federal Reserve System, including six years at the Board and four years in New York. She has written more than 25 scholarly articles, including publications in the Journal of Finance,Review of Financial StudiesJournal of Financial EconomicsJournal of Financial and Quantitative Analysis, and the Journal of Fixed Income. Professor Helwege has served as Associate Editor of the Review of Financial Studies, Program Chair for the 2013 Midwest Finance Association meeting, and FMA Track Chair for Financial Institutions. She holds a Ph.D. in economics from UCLA and she received a BA in linguistics from the University of Chicago. Her research interests include corporate bonds,financial distress, initial public offerings and capital structure.

Download "Modeling Credit Contagion via the Updating of Fragile Beliefs"


Jean Helwege 

Jens Hilscher, Assistant Professor of Finance, Brandeis International Business School 
His areas of expertise are empirical asset pricing, credit risk, corporate finance, and international finance. Professor Hilscher’s research investigates the risks of corporate and sovereign default, the need to design governance structures that mitigate risk, and inefficiencies in financial markets. In the area of credit risk he has examined accurate default prediction and demonstrated the empirical superiority of reduced form models compared to credit ratings and distance to default. He has also investigated whether or not investors are appropriately compensated for exposure to default risk. Another area of focus is behavioral finance, where he has examined the role of market frictions in explaining stock market anomalies as well as information flows between CDS and stock markets. His work has been published in leading finance journals such as the Journal of Finance and the Review of Finance. Hilscher holds a B.Sc. and M.Sc. in Economics from the London School of Economics and a Ph.D. in Economics from Harvard University.


Jens Hilscher 
Dr. Burton Hollifield, Professor of Financial Economics, Tepper School of Business at Carnegie Mellon University
He has been at Carnegie Mellon University since 1998. Prior to this time, he was assistant professor of finance at University of British Columbia. Professor Hollifield’s current research focuses on empirical issues market microstructure fixed income markets, asset pricing, portfolio theory and empirical methods. He is an associate editor of a number of leading finance journals. He holds a Ph.D in Financial Economics from Carnegie Mellon University.


Edith S. Hotchkiss, Associate Professor of Finance, Boston College’s Carroll School of Management

Professor Hotchkiss’s research covers topics including:  corporate financial distress and restructuring; the efficiency of Chapter 11 bankruptcy; and trading in corporate debt markets. Her work has been published in leading finance journals including the Journal of FinanceJournal of Financial Economics, and Review of Financial Studies, and she is the co-author of the book Corporate Financial Distress and Bankruptcy (with Edward Altman). She has served on the national board of the Turnaround Management Association, and as a consultant to FINRA on fixed income markets. She has also served as a valuation expert for several recent Chapter 11 cases.

Professor Hotchkiss received her AB in Engineering and Economics from Dartmouth College and her Ph.D. in Finance from NYU’s Stern School of Business. Prior to entering academics, she worked in consulting and for the Financial Institutions Group of Standard & Poor’s Corporation.

Download "Dealer Behavior in Trading of Corporate Bonds"


Edith Hotchkiss 

Jingzhi (Jay) Huang, McKinley Professor of Business and Associate Professor of Finance at the Smeal College of Business, Penn State University 
His research interests include derivatives markets, credit risk, fixed-income markets, mutual funds, and hedge funds. His papers have been published in journals including theReview of Financial StudiesJournal of FinanceJournal of Economic Dynamics and ControlEconomic TheoryJournal of DerivativesJournal of Fixed-IncomeJournal of Real Estate Finance and Economics and Review of Derivatives Research. His work has also been mentioned in the Wall Street JournalFinancial TimesCFA MagazineForbes, and SmartMoney Magazine. He has won the best paper awards at the Financial Management Association and the Eastern Finance Association Meetings, and New York University's Stern School Club 6 Teaching Award. He received a BS in Theoretical Physics from the University of Science and Technology of China, a Ph.D. in Physics from Auburn University and a Ph.D. in Finance from New York University.

Download "Determinants of Bond Risk Premia"

Jay Huang 

Robert Jarrow, Ronald P. and Susan E. Lynch Professor of Investment Management, Johnson Graduate School of Management, Cornell University and Director of Research at Kamakura Corporation 
Professor Jarrow is a co-creator of both the Heath-Jarrow-Morton model for pricing interest rate derivatives and the reduced form credit risk models employed for pricing credit derivatives.  In commodities, his research was the first to distinguish between forward/futures prices, and he is the creator of the forward price martingale measure.  These tools and models are now the standards utilized for pricing and hedging in major investment and commercial banks. 

He has been the recipient of numerous prizes and awards including the CBOE Pomerance Prize for Excellence in the Area of Options Research, the Grahamand Dodd Scrolls Award, the Bernstein Fabozzi/Jacobs Levy Award and the 1997 IAFE/SunGard Financial Engineer of the Year Award. He is on the advisory board of Mathematical Finance – a journal he co-started in 1989. He is also an associate or advisory editor for numerous other journals and serves on the board of directors of several firms and professional societies. He is currently both an IAFE senior fellow and a FDIC senior fellow. In 2009 he was the winner of Risk Magazine’s Lifetime Achievement Award. He is included in both the Fixed Income Analysts Society Hall of Fame and the Risk Magazine’s 50-member Hall of Fame. He has written four books, including the first published textbooks on the Black Scholes and the HJM models, as well as over 170 publications in leading finance and economic journals. 

Download "Problems with Using CDS to Infer Default Probabilities"


Chotibhak (Pab) Jotikasthirai, Assistant Professor of Finance, Kenan-Flagler Business School,

University of North Carolina at Chapel Hill 
His research interests include empirical asset pricing and market microstructure, with a particular focus on trading behaviors of institutional investors and their impact on asset prices. His research has been accepted for publication in the Journal of Finance andJournal of Financial Economics. Jotikasthira received his Ph.D. in finance from Indiana University in 2009. In 2007, he received the BGI Award for Best Paper by a Ph.D. Candidate from the European Finance Association.

Download "Why Do Term Structures in Different Countries Comove?"


Pab Jotikasthira 

Madhu Kalimipalli, Associate Professor in Finance, School of Business and Economics, Wilfrid Laurier University, Waterloo, Canada 
He is the director of the Laurier Financial Services Research Centre, and also an affiliated member of the Waterloo Research institute in Insurance, Securities and Quantitative finance (WatRISQ), University of Waterloo. His overall research is in risk management and fixed income and has published in the Journal of Financial IntermediationJournal of Empirical FinanceJournal of Financial ResearchJournal of Fixed IncomePacific Basin-Finance JournalJournal of FuturesMarketsJournal of International Financial Markets,Institutions & Money, among others, and has work under revision at the Journal of Financial Economics and Journal of Banking and Finance. He was awarded best paper awards in derivatives and risk management at the Mid West Finance Association Conference (2003) and Northern Finance Association Conference (2004). 

His industry experience includes various assignments in risk assessment at Bank United and Duke Energy, both based in Houston, and more recently as a quantitative analyst with the Fixed Income R & D Group at Bloomberg, New York. He holds a Ph.D. in Finance from the Bauer College of Business, University of Houston, and a MA degree in economics from Rutgers University, New Brunswick. Prior to joining Laurier in 2000, he was a visiting assistant professor in the Faculty of Management at McGill University.


Andrew Kalotay, Ph.D., Andrew Kalotay Associates 
Andrew Kalotay is a leading authority on bond valuation and on the practice of debt management. He is a prolific contributor to the literature on fixed income topics such as bond refunding and the use and misuse of interest rate derivatives. Before founding Andrew Kalotay Associates in 1990, Kalotay was with Salomon Brothers. Prior to Wall Street, he was at Bell Laboratories and AT&T. His firm provides high-speed high-precision bond and mortgage-backed security analytics to some of the most sophisticated market participants. On the academic side, he directed the first graduate financial engineering program in the U.S. at Polytechnic University, from 1995 to 1997. Previously he taught at Wharton, Columbia and Fordham University. 

Kalotay holds a B.Sc. and M.Sc. from Queen's University and a Ph.D. from the University of Toronto, all in mathematics. He was inducted into the Fixed Income Analyst Society’s "Hall of Fame" in 1997. 



Nikunj Kapadia, Associate Professor of Finance, Isenberg School of Management, University of Massachusetts, Amherst 
He holds a Ph. D. in Finance from the Stern School of Business, New York University, and a MBA from the Indian Institute of Management, Bangalore. As visiting faculty, he has taught at New York University, University of Maryland, China-Europe International Business School and the Indian School of Business.

He has published articles in the Journal of FinanceReview of Financial StudiesJournal of Financial EconomicsJournal of Derivatives and the Journal of Alternative Investments. He has served on the editorial board of the Financial Analyst Journal, and is currently on the editorial board of Journal of Derivatives. He is the recipient of the Isenberg School Teaching Award for 2007-08, Isenberg School Research Award for 2006-07, Western Finance Association's Caesarea Best Paper in Risk Management award for 2005, and a 2004 Fellow of the Federal Deposit Insurance Corporation. He has been nominated for both the University of Massachusetts' Teaching and Advisor awards. He is on the board of AurionPro Solutions (listed on the Bombay Stock Exchange). Prior to joining the University of Massachusetts, he was with Bear Stearns, New York.

Download "Can Credit Risk Be Hedge in Equity Markets?"

David Lando, Professor of Finance at Copenhagen Business School and Leader of the Center for Financial Frictions (FRIC) funded by the Danish National Research Foundation

He holds a master's degree from the joint mathematics-economics program at the University of Copenhagen and a statistics from Cornell University. His main area of research in finance is credit risk modelling and risk management and some of his work has appeared in EconometricaJournal of Financial Economics and Review of Financial Studies. He is the author of a monograph on credit risk modeling published by Princeton University Press. He has been a visiting scholar at among other places Princeton University, the Federal Reserve Board in Washington, The Federal Reserve Bank of New York and he is currently the chairman of Moody's Academic and Advisory Research Committee. Before joining the Copenhagen Business School, he was a professor at the Department of Applied Mathematics and Statistics at the University of Copenhagen.

Download "Financial Sector Linkages and the Dynamics of Bank and Sovereign Credit Spreads"


David Lando 

Steven V. Mann, Ph.D., Professor of Finance, Darla Moore School of Business, University of South Carolina
He has a BA and a MA from the University of Missouri and earned a Ph.D. from the University of Nebraska in 1987. Professor Mann has published over seventy articles in finance journals and books. His first book, Floating-Rate Securities, co-authored with Frank Fabozzi, was published in May 2000. Introduction to Fixed-Income Analytics, also co-authored with Frank Fabozzi, was published in April 2001, and The Global Money Markets, co-authored with Frank Fabozzi and Moorad Choudhry, was published in July 2002. In the summer of 2003, Measuring and Controlling Interest Rate and Credit Riskwas published (co-authored with Frank Fabozzi and Moorad Choudhry). In 2005, he co-edited Securities Finance and served as assistant editor of The Handbook of Fixed-Income Securities. Professor Mann’s research interests are in the area of investments, particularly fixed-income securities and derivatives. He has won two awards for outstanding research. 

Professor Mann is an accomplished teacher winning over twenty awards for excellence in teaching including the two highest awards given by the University of South Carolina – The Michael J. Mungo Award for Excellence in Teaching (1993) and the Amoco Outstanding Teacher Award (1995). In May 1999, he received the Darla Moore School of Business Master Teacher Award.

Professor Mann is an active consultant to clients that include some of the largest investment/commercial banks in the world as well as a number of Fortune 500 companies.  He has conducted over 150 training programs for financial institutions throughout the United States. 


Mads Stenbo Nielsen, Assistant Professor at the Department of Finance, Copenhagen Business School 
He holds a M.Sc. in Statistics from University of Copenhagen and a Ph.D. in Finance from Copenhagen Business School. His research interests include the interaction between business cycle and credit risk, corporate capital structure, and default correlation modeling. His research has been published in Journal of Financial Intermediation andJournal of Financial Econometrics.


Mads Stenbo Nielsen 
Nic Perkin, Co-Founder and President, The Receivables Exchange
As a former CFO and a successful entrepreneur, Perkin has felt firsthand the pressures that a lack of working capital can bring to bear on a thriving business. In order to provide small and medium sized businesses with an easy and efficient way to access working capital, he co-founded The Receivables Exchange. Prior to The Receivables Exchange, Perkin was executive vice president at EmSense Corporation, a leading next generation media measurement company. Previously, he was vice president of global business development for Massive, Inc., which was acquired by Microsoft Corporation in May 2006. In addition, he held the position of head of strategic business development at Kestrel Technologies, a leading Wall Street developer of technology solutions for fixed income trading. He also worked in mergers and acquisitions at Veronis, Suhler & Company and Cowles Media Company and held various operations positions at The Black Book.

He holds a Master of Science degree in finance from the London Business School and a Bachelor of Arts degree from Tulane University. 


Tad Philipp, Director of Commercial Real Estate Research, Moody’s Investors Service 
Prior to re-joining Moody’s in March 2011 he was chief risk officer of CW Financial Services (a special servicer, lender
and investment manager) as well as head of its CW Risk Management Solutions advisory unit. In his prior tenure at Moody’s (1991-2008) Philipp held several analytical and management positions relating to the rating and surveillance of commercial real estate backed securities, as well as the development of quantitative tools to track and analyze credit risk. Prior to joining Moody’s in 1991 Philipp had 10 years of commercial real estate related experience with a life insurance company, a developer and an investment manager.

Philipp has a BA from Pennsylvania State University and a MBA from Columbia University. 


Tad Philipp 

Eric A. Powers, Ph.D., Associate Professor of Finance, Darla Moore School of Business, University of South Carolina
Eric A. Powers is an associate professor of finance at the University of South Carolina. His research focuses on fixed-income policies of corporations as well as corporate capital investment policy and corporate restructuring. Dr. Powers’ research has appeared in leading peer-reviewed academic journals such as the Journal of FinanceJournal of Financial Economics and Journal of Corporate Finance. At various times, Dr. Powers has taught introductory financial management at the undergraduate and master's levels, undergraduate fixed income security valuation, and the Ph.D. seminar in corporate finance.

He has a BA and a MBA from Cornell University and earned his Ph.D. from Massachusetts Institute of Technology in 1998.



Matt Pritsker, Financial Economist, Federal Reserve Bank of Boston
His research is in the areas of asset pricing, fixed income, market microstructure, risk measurement and management, and banking. His most recent research is on the design of systemic-risk stress tests for the banking system. Other recent papers are on Knightian uncertainty in interbank markets, and on how securitization affects banking. Other research papers are on market liquidity, financial contagion, and financial econometrics. 

Matt earned a BA in Economics from the University of Michigan in 1986, and a Economics from Princeton University in 1992.



Marco Rossi, Assistant Professor of Finance, University of Notre Dame
Professor Rossi obtained his Ph.D. in Finance from Penn State in 2010. He conducts research in empirical asset pricing with a focus on credit risk, corporate bond liquidity, and the interactions between debt and equity of the same firm. His research has been presented at the leading U.S and European finance conferences, including the American Finance Association, the Financial Management Association, and the European Finance Association. He has a bachelor’s degree in economics from Bocconi University and a master’s degree in economics from Duke University.

Download "Realized Volatility, Liquidity and Corporate Yield Spreads"


Marco Rossi 
Jason T. Serrano, Co-Head of Structured Products & Managing Director, Oak Hill Advisors
Jason T. Serrano shares primary responsibility directing Oak Hill Advisors' structured finance investment and trading. Serrano previously served as a principal at The Blackstone Group where he led the structured finance investment team. Prior to Blackstone, he spent nearly five years at Fortress Investment Group as a vice president, assisting in the management of a $2 billion distressed structured products fund and other whole-loan portfolios. He also spent five years at Moody's as a rating analyst for CDOs and derivatives. 

He earned a BS from Oswego State University. 


Jason Serrano 

Zhan Shi, Ph.D. Candidate in Finance, Pennsylvania State University
Zhan Shi is currently a fourth-year Ph. D. student in Finance at Pennsylvania State University. His research interests are in fixed income and financial econometrics. His work has been published in statistical journals. He received a BS in Statistics from Fudan University in Shanghai, China. 


Ronald Sverdlove, Ph.D., Assistant Professor of Finance, New Jersey Institute of Technology’s School of Management

His teaching and research focus on fixed income securities, theoretical and empirical corporate finance, and credit risk modeling.He has written more than a dozen individual and joint publications on various aspects of pure and applied mathematics and finance. Major current fields of research include debt seniority and the pricing of credit default swaps.

He has taught mathematics at Southern Illinois University, the Claremont Colleges, and the University of Notre Dame. In addition, he has taught in the business schools at Rutgers University (Newark and New Brunswick), Rider University, and the C.W. Post campus of Long Island University.

For more than 20 years, Sverdlove was a member of the technical staff at RCA Laboratories and its successor, the Sarnoff Corporation, where he developed computer models of electron beams for CRT design and worked as an applied mathematician on projects for government and industrial clients in a variety of areas, including image processing, drug discovery and data compression.

Sverdlove received a doctorate in management, specializing in finance, from the Rutgers Business School (Newark and New Brunswick). In 2006, Sverdlove won the award for the best dissertation proposal in fixed income research from the Financial Management Association and the Bond Market Association. He earlier received a doctorate in mathematics from Stanford University as a National Science Foundation Fellow. His master´s degrees in mathematics, music, quantitative finance and business administration are from Stanford and Rutgers Universities. His bachelor´s degree in mathematics is from Princeton University, magna cum laude and Phi Beta Kappa.


Ronald Sverdlove 

Robert Van Order, Oliver Carr Chair of Real Estate and Professor of Finance and Economics at George Washington University 
Robert Van Order was Chief Economist at Freddie Mac from1987 until 2002 where he worked on mortgage default, prepayment and pricing; risk and capital structure; mortgage market structure; and housing and the economy. He was also director of the Housing Finance Analysis Division at the U.S. Department of Housing and Urban Development. He has taught at the University of California, Los Angeles, Purdue University, the University of Southern California, Queens University in Canada, American University, The Ohio State University, the University of Pennsylvania, the University of Aberdeen in Scotland and the University of Michigan. He has consulted on mortgage markets in Sri Lanka, India, Latvia, Russia, Ghana, Nicaragua, Brazil, Egypt, Colombia, Poland and Pakistan. His research interests are in mortgage risk and pricing, mortgage market structure and securitization and housing markets and policy. He earned a Ph.D. in Economics from Johns Hopkins University in Baltimore, MD, a MA from University of Essex, England, and a BA from Grinnell College in Iowa.


Robert Van Order 
Diane Vazza, Head of Global Fixed Income Research, Standard & Poor's

Vazza joined S&P in 1992 to start up U.S. high yield research and expanded through increasing levels of responsibility to cover all global fixed income markets. Diane’s analysis, forecasts and research on global credit markets are widely followed in the financial media, including the Wall Street JournalFinancial TimesNew York Times and CNBC.

Diane has over 30 years rating agency, regulatory, credit and banking experience. In 2006, Credit Magazine named Diane one of the top 50 women across the globe in credit and fixed income. She is past president (2005-2006) of the Fixed Income Analysts Society and currently sits on the Board of Directors. She has traveled to over 100 countries.

Prior to joining S&P, she was a credit examiner specializing in financial institutions for the Comptroller of the Currency. Post bankruptcy of Drexel Burnham Lambert in 1992, Diane worked with creditors on unwinding complex financings and selling high yield bond inventory positions.

Pre-bankruptcy of Drexel Burnham Lambert, Diane ran the capital markets department for the finance department at Drexel Burnham Lambert. She structured and underwrote all medium and long term financings and worked with the syndicate desk to place the deals. In addition to raising capital, she ran the commercial paper funding desk. She was responsible for funding at both the holding company and broker dealer and financing high yield bond inventory.

In 1986 Diane worked on trading floor at Citibank. She started up bank loan sales and trading and worked on the syndicate desk. From 1979 to 1985 Diane was a banker and credit analyst at The Chase Manhattan Bank. She was a team leader in the corporate bank andmanaged at different times lending to portfolios of technology companies (mature cash flow and start-up capital) and liner/cargo shipping companies (cash flow and asset based lending techniques). After completing Chase’s rigorous 2-year credit training program in 1980, she was a credit analyst assessing credit quality across a variety of industries in all the Bank’s overseas offices. She specialized in analyzing complex Asian trading companies and real estate workouts.Diane holds dual BA degrees in classics (Latin and Ancient Greek) and French from Holy Cross College.


Haoxiang Zhu, Ph.D. Candidate in Finance, Stanford Graduate School of Business 

He mainly works on asset pricing and financial market structure and design, including dark pools of liquidity, CDS auctions, search and pricing in OTC markets, term structure of interest rates and central clearing of OTC derivatives. In 2011, Haoxiang won the SAC Capital Ph.D. Candidate Award for Outstanding Research and the Morgan Stanley Prize for Excellence in Financial Markets. He has a BA degree in mathematics and computer science from the University of Oxford. Zhu will join MIT Sloan School of Management as an assistant professor of finance in July 2012.