- Key Initiatives
- Faculty & Research
- Annual News and Finance Conferences
- No Free Lunch Seminar Series
- Systemic Risk Conferences
- Annual Dinner Reception
- Financial Career Events
- Seminar: Accelerating Your Career in Investment Banking
- Seminar: Capital Structure in Major Corporations
- News and Finance Research Colloquium
- 2011-2014 Annual Program for Financial Studies Conferences
The Program for Financial Studies is governed by a fifteen-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 the Finance and Growth in Emerging Markets Initiative; Assistant Director of the Future of Banking and Insurance Initiative
Henry Kaufman Professor of Financial Institutions (Finance and Economics)
Professor Calomiris' 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.
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 Risk Management Initiative
Assistant Director of the News and Finance Initiative
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.
Lawrence R. Glosten
Director of the Financial Markets Regulation Initiative
S. Sloan Colt Professor of Banking and International Finance (Finance and Economics)
Professor Glosten is also co-director of the Program in the Law and Economics of Capital Markets at Columbia Law School and Columbia Business School and is an adjunct faculty member at the Law School. He has been at Columbia since 1989, before which he taught at the Kellogg Graduate School of Management at Northwestern University, and has held visiting appointments at the University of Chicago and the University of Minnesota. He has published articles on the microstructure and industrial organization of securities markets; the relationship between venture capitalists and entrepreneurs; evaluating the performance of portfolio managers and asset pricing. His work on electronic exchanges in the Journal of Finance won a Smith Breeden Distinguished Paper Prize. He has served as an editor of the Review of Financial Studies, associate editor of the Journal of Finance and serves on several other editorial boards. He has been a consultant for the New York Stock Exchange, Justice Department, and SEC and has served on the NASDAQ Economic Advisory Board.
Professor Glosten received his AB from Occidental College and his PhD in Managerial Economics from Northwestern University.
Trevor S. Harris
Assistant Director of the Future of Banking and Insurance Initiative
Arthur J. Samberg Professor of Professional Practice
Professor Harris' research and practical experience has covered most areas of the use of accounting information for valuation, investment and management decisions, with a particular focus on global aspects. He originally joined the Columbia Business School faculty in 1983, and was the Jerome A. Chazen Professor of International Business, Director of the Chazen Institute of International Business and Chair of the Accounting Department, prior to joining Morgan Stanley as a Managing Director and Head of the Global Valuation and Accounting Team in 2000. He rejoined the faculty of Columbia Business School in July 2008 and was appointed as The Arthur J. Samberg Professor of Professional Practice. He has taught the core courses in financial and managerial accounting, and electives in corporate financial reporting and international financial statement analysis. He created a new elective course in Spring 2009 titled Fundamental Analysis for Investment & Management Decisions: A Practical Guide. He was the recipient of the Margaret Chandler Award for Commitment to Excellence in teaching EMBA class of 1998 and 2001, the Chazen Institute Prize for Innovation in Teaching, 1996, and the Singhvi Prize for Excellence in Teaching, 1985. He is co-Director of Columbia's Center for Excellence in Accounting and Security Analysis. He has published widely on valuation and accounting issues, in both academic and practitioner journals. He has made presentations at over 200 conferences, institutes and universities around the world.
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.
Assistant Director of the Future of Banking and Insurance Initiative
Associate Professor of Business
Professor Khan’s research focuses on the usefulness of financial reporting, standard setting and regulatory enforcement. His research has explored the contribution of fair value accounting in financial crises and how bank disclosures can be used to better predict credit risk of banks and local economic activity. Professor Khan was awarded American Accounting Association’s Competitive Manuscript Award for his paper on fair value accounting’s contribution to systemic risk in the banking industry. His research interests include financial reporting by financial institutions, debt contracting, and financial reporting regulation and their enforcement. At Columbia Business School, Professor Khan teaches financial accounting in the MBA program, a doctoral level class on banking research, and regularly participates in executive education.
Professor Khan received his PhD in Business Administration from the University of Washington in 2010. Prior to the PhD, he obtained a master in accounting from Syracuse University and worked in the Corporate Banking division of Hong Kong and Shanghai Banking Corporation (HSBC) Bank.
Assistant Director of the Finance and Growth in Emerging Markets Initiative
Professor of Finance and Economics
Professor Khandelwal teaches an elective course on International Business at Columbia Business School. His research interests examine issues in international and development economics, including the strategic response of firms to trade liberalizations and increased international competition.
Professor Khandelwal received his PhD in Economics from Yale University in 2007. Prior to the PhD, he obtained a master in philosophy and economics from Yale University.
Assistant Director of the Finance and Growth in Emerging Markets Initiative
Associate Professor of Finance and Economics
Professor Larrain's research lies in the boundaries of corporate finance, financial intermediation, and development economics. He has studied the effects of financial market liberalization on income inequality, for which he received the Rising Scholar Award from The Review of Financial Studies. His most recent research focuses on the importance of movable collateral in financial contracting. Professor Larrain teaches Corporate Finance in the MBA and PhD programs.
Professor Larrain received a PhD in Economics from the University of California at Berkeley and holds a BA and MA in Economics from the Catholic University of Chile. Prior to his academic career, he worked as a research economist at the Central Bank of Chile.
Director of the News and Finance Initiative
Assistant Director of the Risk Management Initiative
Associate Professor of Professional Practice
Mr. Mamaysky is an associate professor of professional practice at Columbia Business School, and the director of the News and Finance research initiative at the Business School’s Program for Financial Studies. He was formerly head of the Systemic Risk Group at Citigroup and a member of the firm's Risk Executive Committee. Previous to that, he was senior portfolio manager in Citi Principal Strategies, where he co-managed the relative value credit book. Before joining Citigroup, he held positions with Old Lane, Morgan Stanley, and Citicorp. He was also an assistant professor of finance at the Yale School of Management during the period 2000–02.
His research interests are in asset pricing, market frictions, and the role of information in financial markets. His research has appeared in leading academic journals, and he has presented at numerous academic and professional conferences. Mamaysky earned his PhD in finance from the Massachusetts Institute of Technology under the supervision of Jiang Wang and Andrew Lo. He also holds a BA in economics as well as BS and MS degrees in computer science from Brown University.
Director of the Future of Banking and Insurance Initiative
Ernst & Young Professor of Accounting and Finance
Chair of Accounting Division
Professor Nissim’s research is primarily in the areas of equity valuation, fundamental analysis, and earnings quality. His studies investigate various issues related to fundamental and relative (price multiple) valuation, corporate and personal taxes, market efficiency, reliability and relevance of financial disclosures, corporate finance, and financial institutions. Professor Nissim’s research has been published in such internationally acclaimed accounting and finance journals as the Journal of Finance, the Journal of Accounting Research, the Accounting Review, the Review of Accounting Studies, Contemporary Accounting Research, and Journal of Banking and Finance, as well as in practitioner-oriented journals such as the Financial Analysts Journal and The Journal of Financial Perspectives. Professor Nissim served as an editor of the Review of Accounting Studies from 2006 to 2013.
Professor Nissim teaches MBA, EMBA and PhD courses in financial accounting, earnings quality, fundamental analyses, valuation, and research methods. In 2009 professor Nissim developed a class titled “Earnings Quality and Fundamental Analysis,” which has become one of the most highly attended courses at Columbia Business School.
Professor Nissim has received several honors and awards, including a prize from the Financial Executive Research Foundation for “the article from those published in the Accounting Review, which had the greatest import for users and preparers of financial reports;” Morgan Stanley Award for Contributions to the Development of ModelWare Core Strategies; two nominations for the Brattle Prize at the Journal of Finance (outstanding paper in corporate finance); and two teaching awards: Columbia Business School Dean’s Award for Teaching Excellence in a Core Course, and Columbia Business School Dean’s Award for Teaching Excellence.
Professor Nissim earned his PhD in Accounting at the University of California, Berkeley, and joined Columbia Business School in 1997. In 2014, he was reappointed as the Chair of the Accounting Division, after previously serving as the chair from 2006 to 2009.
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.
Professor of Business (Finance and Economics)
Assistant Director, News and Finance Initiative
Paul Tetlock is a Professor of Business in the Finance and Economics division at Columbia Business School. Before joining Columbia in 2008, he was an assistant professor at the University of Texas at Austin from 2004 to 2008 and a visiting assistant professor at Yale University in 2007-08. He received his Ph.D. in economics from Harvard University in 2004. Professor Tetlock's research interests include behavioral finance and asset pricing. His research is published in top finance journals, including the Journal of Finance and Review of Financial Studies, and featured in popular publications, such as The Economist and The Wall Street Journal. One area of his research examines how firms' stock market prices respond to the linguistic content of news stories. His 2007 study on the impact of negative words, such as "flaw" and "ruin", won the Smith-Breeden Prize for the best Journal of Finance article in asset pricing.