The Program for Financial Studies is governed by a nine-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.
Academic Board Members
Laurie Simon Hodrick, Founding Director and Chair of the Advisory Board of the Program for Financial Studies
Charles Jones, Director of the Program for Financial Studies
Paul Glasserman, Research Director of the Program for Financial Studies
Wei Jiang, Curriculum Director of the Program for Financial Studies
Andrew Ang, Academic Board Member
Mark N. Broadie, Academic Board Member
Charles Calomiris, Academic Board Member
Robert Hodrick, Academic Board Member
M. Suresh Sundaresan, Academic Board Member
Laurie Simon Hodrick
Founding Director and Chair of the Advisory Board 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.
Professor Hodrick received a BA in Economics from Duke University and a PhD in Economics from Stanford University.
Director of the Program for Financial Studies
Robert W. Lear Professor of Finance and Economics (Finance and Economics)
Professor Jones joined the faculty at Columbia Business School in 1997 and is the former chair of the finance and economics division. 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.
Research Director of the Program for Financial Studies
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.
Curriculum Director of the Program for Financial Studies
Arthur F. Burns Professor of Free and Competitive Enterprise (Finance and Economics)
Chair, Finance Subdivision
Professor Jiang has served on the faculty advisory boards of the Chazen Institute of International Business, the Heilbrunn Center for Graham & Dodd Investing, and the Richman Center for Business, Law, and Public Policy. Her main research interest lies in the strategies of institutional investors (such as hedge funds and mutual funds) and their role in corporate decisions and financial markets. She received the Smith-Breeden Distinguished Paper Prize from the Journal of Finance, multiple best paper prizes from the Western Finance Association, Chicago Quantitative Alliance, UK Inquire, the Q-Group, and the Wharton School Terker Family Prize in Investment Research. Professor Jiang has taught various courses in corporate finance and is a four-time recipient of teaching excellence awards at Columbia Business School since 2005.
Professor Jiang received a BA and MA in International Economics from Fudan University, China and a PhD in Economics from the University of Chicago.
Ann F. Kaplan Professor of Business (Finance and Economics)
Chair, Finance and Economics Division
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 new 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.
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.
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.
M. Suresh Sundaresan
Chase Manhattan Bank Foundation Professor of Financial Institutions (Finance and Economics)
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.