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The Program for Financial Studies is governed by a thirteen-member academic advisory board responsible for the intellectual leadership of the program. Working together, board members identify opportunities for collaboration across the School’s academic divisions, evaluate opportunities for new initiatives, and make recommendations relating to the allocation of research funds.
Faculty Director of the Program for Financial Studies; Director of Initiative on Finance and Growth in Emerging Markets
Henry Kaufman Professor of Financial Institutions (Finance and Economics)
Professor Calomiris's research and teaching span the areas of banking, corporate finance, financial history, and monetary economics. He is also a Professor at Columbia’s School of International and Public Affairs and a Research Associate of the National Bureau of Economic Research. He is a member of the Shadow Financial Regulatory Committee, the Shadow Open Market Committee, the Financial Economists Roundtable, and the Task Force on Property Rights at the Hoover Institution. He has held other positions at the Council on Foreign Relations, the American Enterprise Institute, and the Pew Trusts. He also served on the International Financial Institution Advisory Commission, a US Congressional commission that advised the U.S. government on the reform of multilateral institutions in 1999-2000. In 2011, he was the Houblon-Norman Senior Fellow at the Bank of England.
Professor Calomiris received a BA in Economics from Yale University and a PhD in Economics from Stanford University.
Ann F. Kaplan Professor of Business (Finance and Economics)
Professor Ang specializes in empirical asset pricing and applications of econometrics to financial problems. He has developed macro-models of fixed income, valuation models with time-varying expected returns, models of downside risk and other non-linearities in asset returns, and models of dynamic asset allocation. He teaches courses on investment management and empirical asset pricing, including a master class, Quantitative Investments, which he designed.
Professor Ang received a BEc from Macquarie University, Australia and an MS in Statistics and PhD in Finance from Stanford University.
Mark N. Broadie
Carson Family Professor of Business (Decision, Risk, and Operations)
Vice Dean for Curriculum and Instruction
Professor Broadie’s research focuses on risk management, the pricing of derivative securities, and portfolio management. He is on the editorial board of several journals and is the vice chairman of Enterprise Risk Management Institute International (ERM-II), which promotes standard and best practices in enterprise risk management. He has received numerous research and teaching awards, and he teaches the course Security Pricing: Models and Computation. Professor Broadie has worked as a consultant for numerous financial firms and gives seminars to academics and practitioners worldwide.
Professor Broadie received a BS in OR/IE and Mathematics from Cornell University and a PhD in Operations Research from Stanford University.
Director of the Initiative on Risk Management
Jack R. Anderson Professor of Business (Decision, Risk, and Operations)
Professor Glasserman's research and teaching address risk management, the pricing of derivative securities, Monte Carlo simulation, statistics and operations. Prior to joining Columbia, Glasserman was with Bell Laboratories; he has also held visiting positions at Princeton University, NYU, and the Federal Reserve Bank of New York. Professor Glasserman serves on the editorial boards of Finance & Stochastics, Mathematical Finance, the Journal of Computational Finance, and the SIAM Journal on Financial Mathematics. He chairs the Education Committee of PRMIA, the Professional Risk Managers International Association. Professor Glasserman was senior vice dean of Columbia Business School in 2004-2008 and served as interim director of the Sanford C. Bernstein & Co. Center for Leadership and Ethics in 2005-2007.
Professor Glasserman received an AB in Mathematics from Princeton University and a PhD in Applied Mathematics from Harvard University.
Laurie Simon Hodrick
Founding Director of the Program for Financial Studies
A. Barton Hepburn Professor of Economics in the Faculty of Business (Finance and Economics)
Professor Hodrick is known for her ground-breaking research on corporate financial decisions, with a particular interest in share repurchases and dividends, takeovers, and equity offerings. She has been awarded numerous research awards and grants, including the National Science Foundation Presidential Young Investigator Award. She has also received many awards for teaching excellence, including Columbia University’s Presidential Teaching Award in 2006 and the Singhvi Prize for Scholarship in the Classroom at Columbia Business School three times (1997, 2005, and 2006). From 2006-2008, Professor Hodrick was a managing director at Deutsche Bank, where she was global head of alternative investment strategies. She served as a Director/Trustee, Merrill Lynch Investment Managers, from 1997-2006.
Professor Hodrick received a BA in Economics from Duke University and a PhD in Economics from Stanford University.
Nomura Professor of International Finance (Finance and Economics)
Professor Hodrick joined the Columbia Business School in 1996 where he has been the Academic Director of the Jerome A. Chazen Institute of International Business from 1997-2002 and the Senior Vice Dean from 2002-2004. He is a research associate of the National Bureau of Economic Research. His previous academic appointments include the Kellogg Graduate School of Management at Northwestern University and Carnegie-Mellon University.
Professor Hodrick’s research explores the empirical implications of theoretical asset pricing models that generate time-varying risk premiums in the markets for equities, bonds, and foreign currencies. His research has been supported by several grants from the National Science Foundation. He teaches international finance, and the second addition of his textbook, International Financial Management, co-authored with Geert Bekaert, was published in September.
Professor Hodrick received an AB in Public and International Affairs from Princeton University and a PhD in Economics from the University of Chicago.
Robert W. Lear Professor of Finance and Economics (Finance and Economics)
Chair of the Finance Subdivision
Professor Jones joined the faculty at Columbia Business School in 1997. Professor Jones studies the structure of securities markets, liquidity, and trading costs, and he is particularly noted for his research on short sales, algorithmic trading, and the variation in liquidity over time. His published articles appear in outlets ranging from the Journal of Finance to Barron’s. Jones has served as the visiting economist at the New York Stock Exchange, and for several years he has been a visiting scholar at the Federal Reserve Bank of New York. Jones has also been on the faculty at Princeton University, and prior to doing graduate work at the University of Michigan, he was an investment banking analyst at Merrill Lynch. At Columbia, Jones regularly teaches “Debt Markets,” a popular elective course targeted to MBA students intending to work in fixed income, debt capital markets, or investment banking, and he has received the Singhvi Prize for scholarship in the classroom.
Professor Jones received an SB in Mathematics from MIT and a PhD in Finance from the University of Michigan School of Business Administration.
M. Suresh Sundaresan
Chase Manhattan Bank Foundation Professor of Financial Institutions (Finance and Economics)
Faculty Director, India Business Initiative (IBI)
Professor Sundaresan’s current research focuses on default risk and how it affects asset pricing and sovereign debt securities. He works on corporate bankruptcy, the role of collateral in interest rate swaps, recovery rates, and interest rates in microloans. Sundaresan has worked as a consultant for Morgan Stanley and Ernst and Young and has conducted training programs for leading investment banks including Goldman Sachs, Morgan Stanley, CSFB, and Lehman Brothers. He is the author of the textbook Fixed-Income Markets and Their Derivatives and teaches courses on debt markets and advanced derivatives.
Professor Sundaresan received a BE in Mechanical Engineering from the University of Madras, India, and an MS in Finance and PhD in Finance from the Graduate School of Industrial Administration, Carnegie-Mellon University.
Oct. 6, 12:30-2:00pm: No Free Lunch seminar "Current Research on Forecasting Risk" featuring Professors Michael Johannes and Harry Mamaysky (Uris 330) REGISTER HERE
Oct. 8, 12:30-1:30pm: Silfen Leadership Series and Program for Financial Studies host Robert K. Steel, CEO, Perella Weinberg Partners to be interviewed by Faculty Director, Charles Calomiris (Uris 142) REGISTER HERE
Oct. 27, 12:30-2:00pm: No Free Lunch seminar featuring Professors Eric Johnson and Shiva Rajgopal (Uris 303)
Nov. 6, 8:00am-5:30pm: Conference on Corporate Debt Market Structure, Liquidity and Volatility jointly presented by FINRA and the Programs in Law and Economics of Capital Markets and in Financial Studies at Columbia University. Email firstname.lastname@example.org to register.
2014 Financial Studies Conference
Videos and photos from our 2014 conference: "The Quest for Yield."
September 30, 2015The Silfen Leadership Series and Program for Financial Studies present Bob Steel, CEO, Perella Weinberg to be interviewed by Faculty Director, Charles Calomiris, October 8, 2015 in Uris 142
September 22, 2015Registration is now open for the No Free Lunch seminar titled "Current Research in Forecasting Risk"
July 1, 2015Charles Calomiris, Henry Kaufman Professor of Financial Institutions, is appointed as the new faculty director of the Program for Financial Studies
April 13, 2015The No Free Lunch April 2 recordings are now available
February 3, 2015The Program for Financial Studies welcomes Harry Mamaysky as a visiting research scholar
January 28, 2015The Program for Financial Studies' No Free Lunch Seminar Series was a great success in 2014! Watch the two most viewed videos: Neng Wang's Valuing Private Equity and Emi Nakamura's Is China Slowing?
December 17, 2014"Capital Structure in Major Corporations" video and photographs, featuring Martin Schroeter, CFO of IBM, and Professor Laurie Simon Hodrick, are now available
December 16, 2014The Fourth Annual Program for Financial Studies Conference was a great success. Videos and photographs of the event are now available
July 8, 2014If the recent New York Times article sparked your interest in James Gorman, watch this video of his keynote at our conference
January 16, 2013The No Free Lunch Seminar Series has been heralded as a best practice by BizEd magazine
In the News
April 20, 2015Melina Robbana, Program Director, will co-teach "Accelerating Your Career in Investment Banking" at Columbia Business School on April 23. Students can register through COIN
April 9, 2015Melina Robbana, Program Director, will present at the LBO Valuation and Modeling workshop at Columbia Business School on April 15
April 8, 2015Professor Paul Glasserman's research on U.S. banks is cited in Wall Street on Parade
April 7, 2015Professor Charles Calomiris co-authors an article on the Fed in U.S. News & World Report
April 6, 2015Executive Advisory Board Member Patricia Moraes comments on the Brazilian investment climate in Revista do Factoring
April 1, 2015Executive Advisory Board Member Emeritus Tracey Travis will present at the Silfen Leadership Series at Columbia Business School on April 2. REGISTER HERE
March 30, 2015Executive Advisory Board Member Evan Picoult will present at Risk Americas 2015 in New York, NY on May 12-13
March 24, 2015Executive Advisory Board Member Emeritus Tracey Travis is featured in Beauty Inc.'s "Top Women in Beauty 2015"
March 23, 2015Professor Paul Glasserman's research on Federal Reserve stress tests is quoted in the Wall Street Journal
March 19, 2015Professor Charles Jones will speak at a Weil, Gotshal & Manges Roundtable at Yale Law School in New Haven, CT on March 27
March 18, 2015Professor Mark Broadie has created a statistical model to predict who will win the 2015 Masters
March 17, 2015Professor Suresh Sundaresan is quoted by Tata Group on the India Business Initiative at Columbia Business School
March 16, 2015Professor Charles Calomiris lectured on banking instability at Stanford University in Palo Alto, CA on March 6
March 11, 2015Executive Advisory Board Member Emeritus Tracey Travis is featured in "Women of Power: Five Black CFOs Calling the Shots in Corporate America" in Black Enterprise Magazine
March 10, 2015Professor Paul Glasserman will present at the 2nd Fixed Income & Operational Risk Conference in New York, NY on May 6-8, 2015
March 9, 2015Executive Advisory Board Member Maliz Beams is quoted in "The Retirement Challenge" published by LOMA
March 4, 2015Executive Advisory Board Member Emeritus Tracey Travis is featured in Black Enterprise Announces 50 Most Powerful Women in Corporate America
March 3, 2015Professor Charles Calomiris talks about Greece's debt negotiations on Bloomberg Television
February 24, 2015Professor Paul Glasserman's research on banking systemic risk is quoted in Wall Street on Parade
February 23, 2015Executive Advisory Board Member Nicholas Galluccio discusses small cap stocks on Business News Network
February 18, 2015Professor Charles Calomiris' book "Fragile by Design" is discussed in The Market Monetarist
February 17, 2015Executive Advisory Board Member Candace Browning's market outlook is featured in the LRPC’s “Monday Morning Minute”
February 16, 2015Professor Mark Broadie's book "Every Shot Counts" is cited by The Record Bee
February 12, 2015Professor Suresh Sundaresan will present at the FRIC Center for Financial Frictions at Copenhagen Business School in Denmark on April 10, 2015
February 11, 2015Executive Advisory Board Member Candace Browning evaluates global innovation on Bloomberg Television's "Street Smart"
February 9, 2015Executive Advisory Board Member Maliz Beams will be featured at the Columbia Business School Reunion 2015 in New York, NY on April 17-19, 2015
February 4, 2015Professor Charles Calomiris evaluates the Greek economy in The Boston Globe
February 3, 2015Professor Paul Glasserman will speak at the Global Derivatives Trading and Risk Management conference in Amsterdam, The Netherlands on May 18-22, 2015
February 2, 2015Professor Charles Calomiris discusses the FOMC statement on Forbes.com
January 29, 2015Executive Advisory Board Member Candace Browning comments on the economy on oilbarrel.com
January 26, 2015Professor Mark Broadie discusses putting measurement on Golf.com
January 23, 2015Professor Charles Jones’ research on financial markets is cited by Forbes.com
January 22, 2015Professor Suresh Sundaresan presented on Indian Banks at the South Asia Institute at Columbia University
January 21, 2015Executive Advisory Board Member Candace Browning forecasts the market in the LA Times
December 15, 2014Professor Charles Calomiris' lecture at Georgetown University – School of Foreign Service in Qatar is featured by the Qatar Foundation
December 9, 2014Executive Advisory Board Member Patricia Moraes spoke at the Brazil Opportunities Conference in Sao Paulo, Brazil on December 2-4
November 19, 2014Professor Andrew Ang was the featured speaker at the CFA Society Toronto on November 5
October 31, 2014Professor Charles Calomiris discusses the outlook of the Federal Reserve on Bloomberg Businessweek
October 20, 2014Executive Advisory Board Member Nicholas Galluccio comments on the banking sector on CNBC
October 16, 2014Professor Martin Oehmke discusses credit default swaps in Columbia Ideas at Work
October 14, 2014Professor Mark Broadie is mentioned in Golf Analytics
October 13, 2014Executive Advisory Board Member Candace Browning discusses women's leadership in Young or Mature. BofA Empowers Women
October 8, 2014Professor Andrew Ang's pension research is cited in Chief Investment Officer
October 6, 2014Executive Advisory Board Member Christian Mariager will be the keynote speaker at the 2014 CBS MBA Alumni Society Anniversary in Frederiksburg, Denmark on November 1
October 1, 2014Professor Paul Glasserman will present Carnegie Mellon's 7th Nash Distinguished Lecture in Quantitative Finance in Pittsburgh, PA on October 6