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Speakers and Papers

2014 Fixed Income Conference Speakers and Papers

Antje BerndtAssociate Professor of Finance
Poole College of Management, North Carolina State University


Dr. Antje Berndt is an associate professor of finance at North Carolina State's Poole College of Management. Berndt holds a Ph.D. in statistics from Stanford University, a Masters degree in mathematical finance from Columbia University and a Masters degree in mathematics from the University of Kiel, Germany. 

Berndt’s research focuses on the theoretical and empirical analysis of different sources of risk: corporate default risk, mortgage delinquency risk and fiscal risk. She has published articles in top-tier journals such as the Review of Financial Studies, Review of Finance, AEJ Macro and Journal of Monetary Economics. Her work has been featured in a number of media outlets, including the Wall Street Journal, CNBC, NPR Marketplace, Reuters and Bloomberg News.

Berndt was the recipient of the Fulbright Enterprise Scholarship, the Moody’s research award, the GARP risk management research award and a Q-group research grant. She previously was an assistant professor of finance at Carnegie Mellon’s Tepper School of Business, where she held the PNC Professorship in Computational Finance from 2007-2010.

Sergey ChernenkoAssociate Professor of Finance
Ohio State University


Sergey Chernenko is an assistant professor of finance at the Ohio State University’s Fisher College of Business. Originally from Kyiv, Ukraine, Chernenko received his undergraduate degree from Washington University in St. Louis and his Ph.D. in business economics from Harvard University. Prior to Ohio State, he worked at Daimler-Chrysler in Stuttgart, Germany and at the Federal Reserve Board in Washington, DC. 

Chernenko’s research investigates how financial innovation and increasing sophistication and specialization of capital markets and financial intermediaries have been affecting the ability of nonfinancial firms to raise capital to finance their investment projects. His research has been published in the top journals including the Review of Financial Studies, Journal of Financial and Quantitative Analysis and Journal of International Economics. He won the 2012 Young Research Prize awarded by the Review of Financial Studies.

Jaewon ChoiAssistant Professor of Finance
University of Illinois at Urbana-Champaign


Dr. Jaewon Choi is an assistant professor of finance at the University of Illinois at Urbana-Champaign. Choi received his Ph.D. from Stern School of Business, NYU, and holds a bachelor's degree from Seoul National University in Korea and a master's from Princeton University, USA. 

Choi conducts research in the areas of empirical asset pricing, credit risk and capital structure. His recent work focuses on how equity vs. debt choices interact with the risk and return dynamics of different asset classes. He has been published in the Review of Financial Studies and the Journal of Derivatives. Prior to academia, Choi worked in options trading and asset liability management desks in Deutsche Bank Asia.

Ephraim Clark, Professor of Finance
Middlesex University


Ephraim Clark has undergraduate and graduate degrees from the University of Madrid and the University of Paris and two Ph.D.s from the University of Paris I. Clark has taught at EDHEC Business School, the Catholic University of Lille, the University of Lille I, HEC Paris, Vrije Universitat, the CERAM School of Management, SKEMA School of Management and Middlesex University. 

Clark has worked as a financial analyst, forecaster, strategic planner and consultant to major international banks, multinational corporations and smaller companies. His professional experience also includes work as a recording artist. He is a highly regarded seminar leader and has delivered keynote speeches at a number of academic and professional conferences. 

Clark is the author of eight books and over ninety academic and professional papers that have appeared in journals such as Management Science, Journal of International Money and Finance, Journal of Banking and Finance, European Journal of Operational Research, Journal of Financial Research, European Financial Management, Review of Quantitative Finance and Accounting, International Review of Financial Analysis, Review of International Economics, Garp Risk Review, Euromoney, Global Investor, Wilmott, Revue Banque, etc. 

Honors and awards include numerous research grants and best paper awards. Clark serves on the editorial boards of a number of scholarly journals and is the founding editor of the European Journal of Finance and Frontiers in Finance and Economics. He has been elected as president of the Multinational Finance Society, president of the International Society for the Intercommunication of New Ideas and vice-president of the International Association of Finance and Banking. Clark is also a member of numerous professional organizations and is a permanent member of the Académie Européenne.

Larry CordellVice President, Risk Assessment, Data Analysis and Research Group
Federal Reserve Bank of Philadelphia


Larry Cordell is vice president of the Risk Assessment, Data Analysis and Research (RADAR) Group at the Federal Reserve Bank of Philadelphia. Cordell previously served as a special advisor in several Federal Reserve System initiatives during and following the financial crisis, including: the examination team that evaluated the capital adequacy of Fannie Mae and Freddie Mac; the Supervisory Capital Assessment Program (SCAP); a task force to oversee parts of the Bear Stearns Maiden Lane portfolio; the 2011 and 2012 Comprehensive Capital Analysis and Review (CCAR) exercises; and the 2013 Dodd-Frank Act StressTests.

Cordell has also been an adjunct professor in Penn State University’s Masters of Finance Program, teaching a course on Fixed Income Securities. Prior to coming to the Philadelphia Fed, he served as vice president of Risk Analytics and chief economist at Radian Group. Prior to Radian, Cordell spent 11 years at Freddie Mac, where he was among the team of economists that developed Loan Prospector®, the first commercially available automated underwriting scoring model for the U.S. mortgage market. Cordell also headed up the team that developed Early Indicator®, the most widely used behavioral scoring software that assists mortgage servicers in managing delinquent accounts.

Cordell has published widely in the areas of banking and finance. He received his Ph.D. in economics from the University of North Carolina at Chapel Hill.

Sergei DavydenkoAssociate Professor of Finance
Joseph L. Rotman School of Management, University of Toronto

Sergei Davydenko is an associate professor of finance at the University of Toronto’s Joseph L. Rotman School of Management. Davydenko joined Rotman after completing his Ph.D. at the London Business School.

Davydenko's research is at the intersection of credit risk and corporate finance, and his areas of expertise include credit risk, corporate distress andreorganization, debt markets and bankruptcy codes in different countries. His work in these areas includes papers published in top journals, such as theJournal of Finance. His current research focuses on the implications of corporate restructuring and financing policies for credit risk modeling.

Nathan Dong, Ph.D., Columbia University


Dr. Nathan Dong is an assistant professor of finance in the Department of Health, Policy and Management at Columbia University, where he teaches the master degree courses of healthcare/corporate finance and economics. Dong earned his Ph.D. from Rutgers University, P.D. from Columbia University, M.B.A. from Indiana University, and M.S. from Illinois Institute of Technology, and hasbeen conducting research and teaching at Columbia University and Rutgers Business School.

Dong has published various academic articles in Journal of Corporate Finance, Journal of Empirical Finance, Journal of Health Care Finance and book chapters on corporate governance, banking crisis, health care financing and quantitative research method. He continues to be invited to present his research at the major conferences in economics, finance and healthcare, including AEA/AFA, ALEA, IOM, NBER, NTA and SOLE.

Prior to his academic career, Dong worked for several years as an analyst and consultantat Bank of New York, Bear Stearns, Credit Suisse and Reuters.

Lisa Dotzenrod, CFA, Vice President, Fixed Income Market & Portfolio Strategy
Wells Fargo Securities, LLC
Wells Fargo & Company


Lisa Dotzenrod is a vice president in the Market & Portfolio Strategy group of Wells Fargo Securities. As vice president, Dotzenrod analyzes client portfolios, provides tools for assessing investment options and develops investment ideas for institutional clients.She also works with sales representatives to develop investment policies and identify opportunities to meet customers’ investment objectives.

Dotzenrod has been with Wells Fargo for over nine years. Prior to joining the Fixed Income Strategy Group, she spent three years working in the corporate finance area of Wells Fargo as a financial analyst.

Dotzenrod obtained a Bachelor of Arts in mathematics from the University of North Dakota, an MBA in finance from the Carlson School of Management at the University of Minnesota and is a CFA Charterholder. She also holds Series 7, 63 and 65 licensers.

Dotzenrod lives in Charlotte and in her free time enjoys running, reading and spending time at her family’s lake home in Minnesota.

Kenneth EmerySenior Vice President Credit Policy Group

Federal Reserve Bank of Philadelphia


Ken Emery is a senior vice president in the Credit Policy Group at Moody’s Investors Service and currently serves as group credit officer for Corporate Finance in the Americas. Prior to joining Moody’s in March 2003, Emery was a director at DB Capital Partners, Deutsche Bank’s private equity arm, and prior to that, a director for Corporate Finance Strategy at Deutsche Bank Securities.

Before joining Deutsche Bank, Emery worked as a senior vice president of Corporate Strategy at Associates First Capital and was a senior economist and policy advisor to the President of the Federal Reserve Bank of Dallas.Emery holds a Bachelor of Arts from Colby College, a Masters of Science from the London School of Economics and a Ph.D. in economics from the University of California at Los Angeles.  He is also a Chartered Financial Analyst (CFA). 

Rohan GanduriPh.D. Student

Scheller College of Business, Georgia Institute of Technology

Rohan Ganduri is a fourth year Ph.D. student in finance at the Scheller College of Business at Georgia Institute of Technology (Georgia Tech). Previously, Ganduri received a Master's degree in Quantitative and Computational Finance at Gerogia Tech and a Bachelor's degree in Engineering Physics from Indian Institute of Technology-Bombay (IIT-Bombay).

Ganduri's research interests are in credit risk, banking and corporate finance. He is also the recipient of external research grants such as the Q group research award and the GARP research award. Ganduri has presented at finance conferences such as WFA. Additionally, his papers have been accepted at conferences such as WFA, EFA and FDIC. Ganduri has also discussed, or is scheduled to discuss, papers at FMA and SFS Cavalcade, in addition to the Fixed Income Conference.

Ganduri also teaches an undergraduate course on the fundamentals of corporate finance at Georgia Tech.

Stefano GiglioAssistant Professor of Finance

University of Chicago,
Booth School of Business

Stefano Giglio is an assistant professor of finance at the University of Chicago’s Booth School of Business. Giglio's research interests span several topics, including asset pricing, macroeconomics and real estate, with a particular focus on the role of frictions.

Recently, he has been a visiting scholar at the Federal Reserve Bank of Boston, where he pursued research in real estate. He holds a Ph.D. and an A.M. in economics from Harvard University, and a B.A. in economics from Bocconi University in Milano.

Outside of academia, he enjoys playing the violin, skiing and reading.

Jean HelwegeJ. Henry Fellers Professorship of Business Administration
University of South Carolina, Darla Moore School of Business

Jean Helwege holds the J. Henry Fellers Professorship of Business Administration at the Darla Moore School of Business at the University of South Carolina. Prior to joining the Finance Department in 2010, Helwege held academic positions at Penn State, the University of Arizona and Ohio State University. 

Helwege also worked as an economist in the Federal Reserve System from 1988-1998. She has written more than 20 scholarly articles, including publications in the Journal of Finance, Review of Financial Studies, Journal of Financial Economics, Journal of Financial and Quantitative Analysis, Journal of Financial Intermediation, Financial Management and the Journal of Fixed Income. From 2005-2007, Helwege served as associate editor of the Review of Financial Studies. Her research interests include corporate bonds and empirical corporate finance.

Dr. Alex C. HsuAssistant Professor of Finance
Scheller College of Business, Georgia Institute of Technology

Dr. Alex Hsu received his Ph.D. from the Ross School of Business at the University of Michigan, Ann Arbor, in 2012. Hsu holds a Bachelor of Science degree from Brown University and graduate degrees from Brown University as well as the University of Michigan, Ann Arbor.

Hsu’s teaching interests are in fixed income and asset pricing in general. His research focuses on the interface between macroeconomics and finance. More specifically, his work attempts to understand how monetary policy and fiscal policy impact prices in the financial markets.Hsu has presented his papers at the FMA conference, the Board of Governors of the Federal Reserve System in Washington D.C. and at the Federal Reserve Bank of Atlanta.

Kris JacobsC.T. Bauer Professor of Finance
Bauer School of Business, University of Houston

Kris Jacobs is the C.T. Bauer Professor of Finance at the University of Houston's Bauer School of Business. Jacobs has a wide range of research and teaching interests, but he has particular expertise in the areas of applied investments, option valuation, credit risk and fixed income. Prior to joining Bauer, Jacobs was a faculty member at McGill's Desautels School of Management in Montreal and served as the research director for the Institut de Finance Mathematique de Montreal (IFM2).

Jacobs has an extensive publication record in leading journals in economics and finance and has received several research awards. He holds a Ph.D. in economics from the University of Pittsburgh and a Master’s degree in economics from the Catholic University of Leuven in Belgium.


Andrew Kalotay, Ph.D., President
 
Kalotay Associates, Inc.

Andrew Kalotay is a leading authority on the valuation of bonds and interest rate derivatives. Kalotay is a prolific contributor to the literature of topics ranging from advance refunding to the tax management of municipal bond investments. His firm licenses fixed income valuation soft ware and provides debt management advisory services. 

Before establishing Andrew Kalotay Associates in 1990, Kalotay was with Salomon Brothers. Prior to Wall Street, he was at Bell Laboratories and AT&T. On the academic side, he was the founding director of the graduate Financial Engineering program at Polytechnic University (now part of NYU). 

Kalotay holds a Bachelor of Science and Masters of Science 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.

Jongsub LeeAssistant Professor of Finance
University of Florida

Jongsub Lee is an assistant professor of finance at the University of Florida. He earned his Ph.D. and MPhil in finance at New York University SternSchool of Business, a MS in financial engineering from Columbia University, and a BA in mechanical engineering from Seoul National University.

Prior to his doctoral studies, Jongsub worked at RiskMetrics Group and Deutsche Bank, where he specialized in credit and rate derivatives. His research interests include (international) corporate finance, corporate governance and credit risk, with emphasis on cross-market and network effects. He has presented his work at numerous international conferences including the CAREFIN-Bocconi Banking Conference, the China International Conference in Finance, the European Finance Association annual meeting, the Society of Financial Studies Finance Cavalcade and the WU Gutmann Center Sovereign Credit Risk Symposium, among others.

Michael MuttiManaging Director

Stifel Nicolaus

Michael Mutti is managing director at Stifel Nicolaus, where he serves as senior credit strategist focusing on relative value of individual bonds as well as sectors within the high-grade and high-yield corporate bond sectors. Prior to joining Stifel Nicolaus, Mutti was a senior vice president and the corporate bond strategist and product manager at Raymond James for two years.

The bulk of his experience came from 21 years at Bear Stearns where Mutti was a senior managing director and the co-head of credit strategy. In addition to providing relative value strategy, he has also made numerous presentations on relative value analytics and credit derivatives in the United States, Asia, Europe and South America. 

Mutti has appeared on CNBC, Bloomberg and PBS Nightly Business Report.

He received his degree from the College of William and Mary.

Marco RossiAssistant Professor
Mendoza College of Business, University of Notre Dame

Marco Rossi is an assistant professor and teaches introductory finance at the undergraduate level at the University of Notre Dame’s Mendoza College of Business. Rossi 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 leading U.S and European finance conferences, including the American Finance Association, the Financial Management Association and the European Finance Association. Rossi obtained his Ph.D. in finance from Penn State University in 2009. He has a Bachelor’s degree in economics from Bocconi University and a Master’s degree in economics from Duke University.

Susan Chenyu ShanVisiting Assistant Professor of Finance
Shanghai Advanced Institute of Finance

Susan Chenyu Shan is a visiting assistant professor of finance at Shanghai Advanced Institute of Finance (SAIF). Shan earned her Ph.D. in finance at the University of Hong Kong and Bachelor of Arts in economics from Central University of Finance and Economics in Beijing. As a doctoral student, she visited Wharton Financial Institution for one year from 2011 to 2012 with support from the Fulbright Program.

Shan’s research interests are in credit risk, corporate finance and banking. She has presented papers at the Western Finance Association, Financial Management Association, China International Conference in Finance, The Chinese Finance Association, Wharton School, SUNY Binghamton, University of Rhode Island, University of Hong Kong, Peking University, among others. She has received many honors and awards, including Fulbright Fellowship Sponsored by the U.S. Department of State, and the Best Paper Award by the Chinese Finance Association.

Paul SheardExecutive Managing Director, Chief Global Economist and Head of Global Economics and Research
Standard and Poor's Rating Systems

Paul Sheard was named chief global economist and head of Global Economics and Research for Standard & Poor’s Ratings Services in June 2012. Sheard leads a team of over 50 economists, researchers and quantitative analysts responsible for the macroeconomic forecasts used by Standard & Poor’s analysts during the ratings process, critical cross-sector research projects and ratings performance reporting. He is a member of the Standard & Poor’s Executive Committee.
Previously, Sheard had been global chief economist and head of Economic Research at Nomura Securities. There, he led a team of 35 economists in seven countries and was responsible for the firm’s global economic forecasts, outlooks and analyses.

Earlier in his career, Sheard spent eight years at Lehman Brothers where he held a similar position and also served as Asia chief economist. Before that, he was head of Japan Equity Investments at Baring Asset Management. Sheard has held faculty positions at Osaka University and the Australian National University, and visiting positions at Stanford University and the Bank of Japan.

Sheard is the author of several books and articles on corporate governance and the Japanese economy. His book, The Crisis of Main Bank Capitalism (Toyo Keizai Shinposha), earned him the Suntory-Gakugei Prize in the Economics–Politics Division. He was a member of the World Economic Forum Global Agenda Council on the International Monetary System from 2010 to 2012.

Paul received his bachelor’s degree from Monash University in Australia, a master’s degree in economics and a Ph.D. from the Australian National University.

Sergey TsyplakovAssistant Professor of Finance
University of South Carolina, Darla Moore School of Business


Sergey Tsyplakov is Associate Professor in Finance at the Moore School of Business of the University of South Carolina. His research expertise is in corporate finance, risk management, fixed income, valuation and real estate. His work is published in many research journals including top-journals like the Journal of Finance, Journal of Financial Economics and the Review of Financial Studies. Several of his research papers have been recognized with grants and awards including Goldman Sachs Asset Management Best Research Paper Prize for a paper published in the 2007 Review of Finance; Caesarea Award for the Best Paper on Risk Management at the 2003 Western Finance Association meetings; Outstanding Paper Award in Financial Institutions at the 2008 Southern Finance Association meetings; and the Best Paper Award at the 2012 Conference of the Paul Woolley Centre for the Study of Capital Market Dysfunctionality. Professor Tsyplakov extensively presents his work at academic and practitioner conferences, as well as professional meetings across the US, Europe and Asia. He also presented his work at leading Wall Street firms including Goldman Sachs, State Street Global Advisors and Wellington Management.

From May 2011 until June 2012, Professor Tsyplakov was on leave from teaching and worked as a full-time consultant at Goldman Sachs in New York City and currently remains a part-time consultant at Goldman Sachs.

Dr. Weidong TianProfessor of Finance,
Distinguished Professor of Risk Management and Insurance
University of North Carolina, Charlotte Campus

Dr. Weidong Tian is currently a professor of finance and distinguished professor of risk management and insurance at the University of North Carolina, Charlotte campus. Prior to coming to UNC Charlotte, Tian served as a faculty member at the University of Waterloo and a visiting scholar at the Sloan School of Management at MIT.

Tian's primary research interests are asset pricing and derivative and risk management. His research has been published in Review of Financial Studies, Management Science, Finance and Stochastics, Mathematical Finance and Journal of Risk and Insurance. He also held various positions in financial institutions before joining UNC Charlotte.

Jun YangSenior Analyst
Bank of Canada

Jun Yang is a senior analyst at the Bank of Canada. Yang's research interests include asset pricing, credit risk and fixed income markets.

Yang received a Bachelor of Science in statistics from Beijing University, and a Ph.D. in economics from the University of Toronto.

Haoxiang ZhuAssistant Professor of Finance
MIT Sloan School of Management

Haoxiang Zhu is an assistant professor of finance at the MIT Sloan School of Management. Zhu works mainly on asset pricing and financial market structure and design. His research topics include dark pools of liquidity, high-frequency trading, the design of CDS auctions, the central clearing of OTC derivatives, search and pricing in OTC markets, financing decisions under information asymmetry, the term structure of interest rates, trading in Treasury and MBS markets and the financial properties of commodities.

Zhu holds a Bachelor of Arts in mathematics and computer science from the University of Oxford and a Ph.D. in finance from the Stanford Graduate School of Business.