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Friday, February 7 | Kenny Polcari
"A Walk Down Wall St. | From the Birth of the Greatest Bull Market the World has Known to the Great Financial Crisis to Today."
9:00 AM - 10:30 AM | Auditorium
Kenny Polcari is a veteran equities trader, a CNBC exclusive contributor/market commentator appearing on The Half Time Report, Power Lunch and Closing Bell, a speaker and champion of the NYSE. He is known for boots-on-the-ground market analysis and home-style cooking. Every morning, he writes a newsletter, which has been featured on Bloomberg and CNBC. It starts with insights on the day’s action and ends with a recipe to serve the mood of the markets. His style is straight-shooting, conversational, and energetic.
You can find Polcari doing interviews or guest spots daily, whether from the NYSE or in a studio. He works with the financial media to give market commentary for industry audiences. He also likes working with general media to help public audiences understand the markets. Media highlights have included: Bloomberg, CNBC, CNN (domestic and international), ABC, Fox, Reuters, AP, BBC, WSJ, Financial Times, TheStreet.com. International — Der Spiegal, China Business, RAI.
Polcari graduated from Boston University, School of Management in 1983 with a BS BA degree: concentration Finance. Came to Wall St. as a summer intern on the New York Stock Exchange during the summers of ’80, ’81 & ’82 and upon graduation moved from Boston, MA to NYC where he began his career on the trading floor. Polcari speaks on topics such as the NYSE, the evolution of the equity market, and the role of technology and policy.
Polcari became a member of the New York Stock Exchange in August 1985 and is currently
Director of NYSE Floor Operations on behalf of O’Neil Securities, Inc. Polcari represents
the interests of institutional asset managers that need to access global equity markets
using the latest technology allowing him to give customers the personal attention
and expertise of a boutique broker while remaining true to the non-conflicted agency
model. Earlier in his career, he served as Managing Director at Icap Corps, LLc, and
prior to that was Senior Vice President, member New York Stock Exchange and division
manager with Salomon Brothers directing their NYSE Division during the heady bull
market of the 1990’s.
For more information on Kenny Polcari, please visit http://www.kennypolcari.com/.
Friday, April 3 | Albert Tsang
Albert Tsang is an associate professor at the Schulich School of Business since 2015.
He earned three Master’s degrees (M.Sc. MIS; M.Sc. Acct; M.B.A) and a Ph.D degree
in accounting from the University of Texas at Dallas. He is a world-known scholar
and researcher and his research focuses on corporate social responsibility, voluntary
disclosure, and international accounting. His research has been published in The Accounting
Review, Review of Accounting Studies, Journal of International Business Studies, Journal
of Business Ethics, and numerous other Accounting Journals. In addition, he also serves
as reviewer for more than thirty leading accounting journals for studies in the area
of corporate social responsibility. Prior to joining academia, Dr. Tsang had extensive
experience in accounting and finance and was working as an international accounting
manager in publicly listed multinational corporations and living in multiple countries.
For more information on Dr. Tsang, please visit https://schulich.yorku.ca/faculty/albert-tsang/.
Friday, April 17 | Chunchi Wu
Professor Chunchi Wu holds Manufacturers and Traders Trust Company Chair in Banking and Finance at the School of Management of the University at Buffalo (UB). Prior to joining UB, Professor Wu was Jeffrey E. Smith Missouri Professor of Finance at University of Missouri-Columbia. His previous experience also includes faculty positions at Singapore Management University, Cornell University, and Syracuse University. From 1988 to 1991 he worked at the Economic Development Institute of the World Bank as a consultant.
Professor Wu's research interests include asset pricing especially the corporate bond and credit derivative markets. He is the author of 60+ scholarly articles in highly ranked finance journals, including Journal of Finance, Review of Asset Pricing Studies, Journal of Financial Economics, Management Science, Journal of Financial and Quantitative Analysis and the Journal of Fixed Income. He was the co-editor of the Journal of Entrepreneurial Finance and Business Ventures. He currently serves as the associate editor of the Journal of Risk Management, the Review of Quantitative Finance and Accounting, the Review of Pacific-Basin Financial Markets and Policy, and the Asia-Pacific Journal of Financial Studies.
Professor Wu holds a Ph.D. in finance from University of Illinois at Urbana-Champaign.
He received a Master of Arts from Western Illinois University and a Bachelor of Commerce
from National Chengchi University.
For more information on Professor Wu, please visit http://mgt.buffalo.edu/faculty/academic-departments/finance/faculty/chunchi-wu.html.
Friday, April 24 | Tim Yeager
Professor Timothy Yeager holds the Arkansas Bankers Association Chair in Banking at Sam M Walton College of Business of the University of Arkansas. His responsibilities include teaching and research in banking and related topics. He is also tasked with outreach to Arkansas bankers. Prior to joining the University in January 2006, Yeager was an assistant vice president in the Federal Reserve Bank of St. Louis’ supervision division for more than eight years.
His research on community banking and Federal Home Loan Banks has been influential in policy making. His articles have been published in premier finance and banking journals such as the Journal of Financial Intermediation, Journal of Money Credit and Banking, Journal of Financial Stability, and the Journal of Banking and Finance.
Professor Yeager has partnered with the FDIC to update their financial accounting
training manual. He has also developed the Community Bank Stress Bank toolkit (https://walton.uark.edu/departments/finance/community-bank-stress-test.php).
He has been quoted in numerous state and national news outlets and his work has been
featured in national newspapers and select trade publications. Tim received his Ph.D.
in Economics in 1993 from Washington University in St. Louis.
For more information on Professor Yeager, please visit https://www.communitybanking.org/contacts/yeager-timothy.
Friday, May 1 | Jean Helwege
Professor Jean Helwege is a full professor of finance and the Finance area coordinator at the School of Business at UC Riverside. Before joining the group, she held the J. Henry Fellers Professorship in Business Administration at the University of South Carolina. Her prior experience also includes faculty positions at Penn State, the University of Arizona, and Ohio State University. From 1988 to 1998 she worked in the Federal Reserve System, including six years at the Board as an economist and four years in New York as a senior economist.
Professor Helwge's research interests include corporate bonds, bank regulation, financial distress, initial public offerings and capital structure. She is the author of 30+ scholarly articles in highly ranked finance journals, including Journal of Finance, Review of Financial Studies, Journal of Financial Economics, Journal of Financial and Quantitative Analysis and the Journal of Fixed Income. She currently serves as co-editor of the Quarterly Journal of Finance as well as associate editor of the International Review of Finance and associate editor of the Journal of Financial Services Research.
Professor Helwege has been an active member of the Midwest Finance Association, having
served as Program Chair for the 2013 meeting, President in 2014, chair of the Strategic
Planning Committee in 2016, as well as fixed income track chair for several of the
conferences. Professor Helwege has been a member of Standard and Poor’s academic council
since 2004. At Darla Moore School of Business of the University of South Carolina,
she co-founded the world renowned Fixed Income and Financial Institutions (FIFI) Conference.
Professor Helwege holds a Ph.D. in economics from UCLA and she received a Bachelor
of Arts in linguistics from the University of Chicago in 1980.
For more information on Professor Helwege, please visit https://profiles.ucr.edu/app/home/profile/helwege.
Friday, May 8 | Francis Longstaff
Professor Francis A. Longstaff is Allstate Chair in Insurance and Finance at the UCLA’s Anderson School of Management. Since 2013, Professor Longstaff has served as the Senior Associate Dean and Director of the Doctoral Program at Anderson School as well. He is a certified public accountant (CPA) and a chartered financial analyst (CFA). From 1995 to 1998, Professor Longstaff was head of fixed income derivative research at Salomon Brothers Inc. in New York. He has also worked in the research department of the Chicago Board of Trade and for Deloitte and Touche as a management consultant.
His current research interests include: (1) fixed income markets and term structure theory; (2) derivative markets and valuation theory; (3) credit risk; (4) computational finance; (5) liquidity and its effects on prices and markets; and (6) the role of arbitrage in financial markets.
Several of his recent term structure papers have focused on the expectations hypothesis. Recent papers in the area of derivatives have focused on the valuation of American options by simulation and on the valuation of interest rate derivatives in string models of the term structure. Other recent papers provide upper bounds on the size of discounts for lack of liquidity that can be sustained in financial markets and also examine the risk/return relationship for hedge funds investing in pure arbitrage opportunities when there are margin constraints. He has published nearly 70 articles in academic and practitioner journals, including Journal of Finance, Review of Financial Studies, Journal of Financial Economics, Management Science, Journal of Financial and Quantitative Analysis, Journal of Financial Intermediation, Journal of Banking and Finance, and Journal of Fixed Income. His collective scholarly works have in excess of 25,000 citations. His two seminal papers (coauthored with Eduardo Schwartz) “A simple approach to valuing risky fixed and floating rate debt” (JF1995) and “Valuing American options by simulation: a simple least-squares approach” (RFS2001), respectively, have almost 2800 and 3600 citations.
His scholarly works have won multiple awards including the prestigious the 2005 Barclays Global Investors/Michael Brennan Award for the best paper in the Review of Financial Studies, the 2012 Fama/DFA Prize for Capital Markets and Asset Pricing in the Journal of Financial Economics, the 2015 Amundi Smith Breeden Distinguished Paper Prize in the Journal of Finance; and, the 2015 William F. Sharpe Best Paper Award in the Journal of Financial and Quantitative Analysis.
Many of his valuation models have been used widely on Wall Street and throughout the global financial markets. He has extensive experience as a consultant for many Wall Street firms, mutual funds, hedge funds, commercial banks and other financial institutions, software developers and risk management firms, as well as in litigation support. He is a frequent speaker at practitioner seminars and conferences.
Professor Longstaff holds a Ph.D. in Finance from the University of Chicago. He also
holds a Bachelor of Arts in Finance, a Bachelor of Arts in Accounting, and a M.B.A.
from the University of Utah.
For more information on Professor Longstaff, please visit https://www.anderson.ucla.edu/faculty-and-research/finance/faculty/longstaff.
Friday, May 15 | Walid Busaba
Walid Busaba is an Associate Professor of Finance, and the former Bank of Montreal Professor, at the Ivey Business School. Prior to Ivey, Professor Busaba was on the faculty at the Eller College of Business of the University of Arizona and a visiting faculty at the Carlson School of Management of the University of Minnesota. He received a BBA (with Distinction) and an MBA from the American University of Beirut, an MA in Economics (with Academic Excellence Award) from the University of North Carolina-Greensboro, and a Ph.D. in Finance (with Outstanding Academic Performance Award) from Boston College. Professor Busaba’s industry experience includes Auditing and Financial Management.
Professor Busaba's research focuses on investment banking, corporate finance, and financial contracting. His current research examines the intermediary role of underwriters, the timing of initial public offerings, the capital raising experience of foreign-listed Chinese companies, and the determinants of the maturity and renegotiation of late 19th Century mortgages. Professor Busaba’s research has been featured in premier finance journals including: Journal of Financial Economics, Journal of Financial and Quantitative Analysis, Review of Finance, Journal of Financial Intermediation, Journal of Banking and Finance, and Journal of Corporate Finance. Professor Busaba’s research has been supported by grants from the Social Sciences and Humanities Research Council of Canada, published in the leading finance journals, and presented at leading business schools and at the annual meetings of the major finance associations.
Professor Busaba’s teaching portfolio includes Core Finance, Investments, International Finance, and Derivative Securities and Risk Management at both the undergraduate and MBA levels, MBA Advanced Corporate Finance, and a Ph.D. course in Corporate Finance. He is the recipient of the Dean’s Commendation for teaching excellence at Ivey and the Award of Excellence, University Student Council Teaching Honour Roll at Western University. While at the University of Arizona, he received a Faculty Appreciation Award from the Business and Public Administration Student Council.
For more information on Professor Busaba, please visit https://www.ivey.uwo.ca/faculty/directory/walid-busaba/.
Friday, September 6 | Arun Upadhyay
“Does Gender Diversity in the Boardroom Matter? Evidence from CEO Inside Debt Compensation”
11:00 AM – 12:30 PM | BU 127
Dr. Upadhyay is the Knight Ridder Eminent Scholar at Florida International University.
His primary teaching area is corporate finance. He received Ph.D. in finance from
Temple University. Prior to moving to FIU, he taught at University of Nevada, Reno
where he received the College of Business Best Researcher award twice. He also taught
at University of Alaska Anchorage where he was awarded College of Business and Public
Policy Best Teacher award. Dr. Upadhyay served on the Investment Advisory Commission
of Municipality of Anchorage. He has also served as expert witness on issues related
to valuation of financial securities, responsibilities of board of directors and corporate
Dr. Upadhyay's research focuses on corporate governance issues. He studies corporate leadership structure, board structure, financial reporting and executive compensation. He has published articles on these topics in journals such as The Accounting Review, Strategic Management Journal, Journal of Financial and Quantitative Analysis, Financial Management, Journal of Corporate Finance, Journal of Risk and Insurance and Journal of Business Finance and Accounting.
For more information on Dr. Upadhyay, please visit https://business.fiu.edu/faculty/expert-guides.cfm?FlagDirectory=Display&Emp=upadhyaya
Friday, September 13 | Kathy Kahle
“Are Corporate Payouts Abnormally High in the 2000s?”
11:00 AM – 12:30 PM | BU 127
Dr. Kahle is the Thomas C. Moses Professor in Finance at the University of Arizona. She received her MBA in 1992 and her Ph.D. in Finance in 1996 from the Ohio State University. In 2001, Dr. Kahle spent a year as a visiting economist for the U.S. Securities and Exchange Commission, where she was involved in rule changes related to insider transactions and 8-K disclosures that eventually became part of the Sarbanes-Oxley Act. She has also taught at the University of Georgia and the University of Pittsburgh. Prior to joining academia, Dr. Kahle graduated summa cum laude from Kenyon College in Gambier, Ohio with a major in chemistry. While at Kenyon, she was elected to Phi Beta Kappa and received the American Chemical Society Award for excellence in the field of chemistry. After graduating from Kenyon, she spent five years as an assistant editor for Chemical Abstracts Service in Columbus, Ohio.
Her areas of expertise include corporate finance, capital structure, equity issues and repurchases, and insider trading. Her scholarly work in leading journals such as, Journal of Finance, Journal of Financial Economics, Review of Financial Studies, and Journal of Financial and Quantitative Analysis continues to advance knowledge in these arenas, examining a broad range of topics, including the tax benefits of employee stock options, executive loans for stock purchase and option exercise, the effect of stock options on share repurchases, and corporate cash holdings before and during the financial crisis. Her work has received citations in various media outlets including Business Week, The New York Times, and the Wall Street Journal and in 2001 she was the recipient of the William F. Sharpe Award for Scholarship in Financial Research.
Dr. Kahle's joint work with Tom Bates and Rene Stulz (the former editor of the Journal of Finance) titled “Why Do U.S. Firms Hold so Much More Cash than They Used to?” [J Fin 2009] is the most influential work in corporate cash holdings. Her recent paper with Rene Stulz titled “Is the U.S. public corporation in trouble?” [J Econ Pers 2017] has received wide and warm reception in both academia and industry.
For more information on Dr. Kahle, please visit https://eller.arizona.edu/people/kathleen-kahle
Friday, September 20 | Chris Lamoureux
“An Empirical Assessment of Characteristics and Optimal Portfolios”
11:00 AM – 12:30 PM | BU 127
Professor Lamoureux has been the Diamond Professor of Finance at the Eller College of Management of the University of Arizona (UofA) since 2005. From 1998 to 2005, he was Estes/Neill Professor of Finance at UofA. He served as Ph.D. director from 1998-2000 and the Department Head from 2000-2012 at UofA. Between 1998 and 2011, Professor Lamoureux also served as a member of the Investment Committee of the University of Arizona's Endowment Board. Prior to joining UofA, he taught at Washington University (St. Louis) and Louisiana State University. He earned his PhD in Finance from Syracuse University in 1985.
Professor Lamoureux's area of expertise in the analysis of financial markets. His influential works on volatility (with Bill Lastrapse) has in excess of 4000 citations. His innovative work with Chuck Schnitzlein ("When it's not the only game in town: The effect of bilateral search on the quality of a dealer market" JF1997) paved the way for experimental mirco-structure. His paper with Doug Witte ("Empirical analysis of the yield curve: The information in the data viewed through the window of Cox, Ingersoll, and Ross" JF 2002) is the leading work in the applications of Bayesian econometrics in asset pricing and financial economics. His works have appeared repeatedly in the leading finance and business journals: Journal of Finance, Review of Financial Studies, Journal of Business and Economic Statistics, and Decision Science. Between 1992 and 2015, he also served as the associate editor of the Journal of Business and Economic Statistics.
He has been the winner of: NSF Curriculum Development Grant for Business Mathematics, ITCTM Award for Excellence and Innovation with the Use of Technology in Collegiate Mathematics, Reid Teaching Award – Best Teacher of the Year for 2nd Year MBAs, (John M. Olin School of Business, Washington University), and Holt Harrison Lectureship in Finance (LSU). Currently, Professor Lamoureux teaches courses in fixed income and credit risk management.
For more information on Professor Lamoureux, please visit https://eller.arizona.edu/people/christopher-lamoureux
Friday, September 27 | Craig Lewis
“Is the bottom line the top priority? Revenue versus earnings Guidance”
11:00 AM – 12:30 PM | BU 127
Dr. Lewis is the Madison S. Wigginton Professor of Finance at Owen School of Management and the Professor of Law at Vanderbilt University. In May 2011, U.S. Securities and Exchange Commission chairman Mary Schapiro named Professor Lewis Chief Economist and Director of the SEC’s Division of Economic and Risk Analysis. During his three years at the SEC, Lewis led efforts to bolster the role of economic analysis in the financial regulatory process, particularly with implementation of the landmark Dodd-Frank financial reform law. He returned to Vanderbilt at the beginning of the 2014 academic year.
Professor Lewis' interests include corporate financial policy and asset pricing. Most recently, he has employed textual analysis of qualitative factors in corporate disclosures to detect potential fraud. Earlier work included topics such as convertible debt financing, corporate capital formation, forecasting stock market volatility, and herding by equity analysts. His research has been published in several leading periodicals, including Financial Analysts Journal, Journal of Financial Economics, Journal of Corporate Finance, and Financial Management. Dr. Lewis is currently the editor of the Journal of Business, Finance, and Accounting.
A frequent speaker and guest lecturer, Dr. Lewis primarily teaches corporate finance. He is a two-time recipient of the James A. Webb Award for Excellence in Teaching, Outstanding EMBA Professor, and the Dean's Award for Teaching Excellence at Vanderbilt's Owen Graduate School of Management. Professor Lewis is also a Certified Public Accountant and worked for Arthur Young & Company prior to completing his advanced degrees and joining the Owen faculty in 1986.
For more information on Professor Lewis, please visit https://law.vanderbilt.edu/bio/craig-lewis
Thursday, October 31 | Jeff Wurgler
“Financing the Response to Climate Change: The Pricing and Ownership of U.S. Green Bonds”
11:00 AM – 12:30 PM | BU 123
Professor Wurgler is the Nomura Professor of Finance at New York University Stern School of Business and a Research Associate at NBER. Before joining Stern in 2001, Jeff was the Robert B. and Candice J. Haas Assistant Professor of Corporate Finance at Yale School of Management. He has also been a Visiting Fellow at the University of Oxford Said Business School. He is an Associate Editor of the Journal of Financial Economics, along with being a past Associate Editor of Management Science and the Review of Asset Pricing Studies.
Professor Wurgler is currently the Academic Director, NYU Stern-Shanghai M.S. Degree in Quantitative Finance. Between 2014 and 2017, he was the Director of Editorial, Investment and Ethics committees of the American Finance Association (AFA). He co-drafted the Code of Ethics of the AFA. Professor Wurgler's research and teaching interests involve corporate finance, asset pricing, and behavioral finance. Within corporate finance, Professor Wurgler's research addresses capital structure, financing ad new issues, dividend policy, capital expenditures, mergers and acquisitions, and foreign direct investment, and he approaches these topics from the perspective of behavioral mechanisms such as catering, market timing, and reference point thinking. Within asset pricing, Professor Wurgler's research addresses stock and bond return characteristics, investor sentiment, index-driven investment, benchmarking, and performance evaluation.
Professor Wurgler's cumulative scholarly works have 25,000 citations! His seminal and pioneering joint work with Malcolm Baker on behavioral corporate finance, "Market Timing and Capital Structure (J. Finance 2002)" alone has more than 4000 citations.
For more information on Professor Wurgler, please visit https://www.stern.nyu.edu/faculty/bio/jeffrey-wurgler
Monday, November 4 | Siyang Tian
“The Spillover Eﬀects of Hostile Takeovers: Evidence from a Quasi-Natural Experiment”
11:00 AM – 12:30 PM | BU 123
Siyang Tian is an assistant professor at the School of Accounting of Southwestern University of Finance and Economics (SWUFE) and a visiting scholar at Foster School of Business of University of Washington. He joined the faculty of financial management of SWUFE in January 2019. Siyang has taught corporate finance theory at Ph.D. level and advanced accounting at undergraduate level. His research interests are in empirical corporate finance, including mergers and acquisitions, private equity/venture capital, and corporate governance. He holds Ph.D. in Finance from Cass Business School, City, University of London, MSc in Finance from Imperial College London, and BA in International Business Economics from University of Nottingham.
Professor Tian is on a "fact-finding" trip representing Southwestern University of Finance and Economics (SWUFE) in an effort to open up collaborations with UW. He will be presenting a paper titled "The Spillover Eﬀects of Hostile Takeovers: Evidence from a Quasi-Natural Experiment". The abstract is as follows:
Abstract: This paper analyzes the spillover eﬀects of hostile takeovers on target ﬁrms’ product market peers. We use a target’s hostile takeover announcement as a source of exogenous variation in its peers’ control threats. We ﬁnd that the treated ﬁrms, especially those that are peers of the targets which are not acquired, provide more detailed balance sheets, their idiosyncratic risk decreases, and analyst coverage grows after experiencing more takeover pressure. The reduction in idiosyncratic volatility implies a decline in sophisticated investors’ private information gathering. Indeed, reduced information asymmetries in balance sheets discourage them from further pursuing private information to discover under-valued ﬁrms via the balance sheets which reﬂect ﬁrms’ long-term prospects. Moreover, the more reﬁned balance sheets do not result in better analyst forecasts as well as market liquidity which are sensitive to changes in income statements – the part not aﬀected by the shock. Nevertheless, the improved information environment is welcomed by a signiﬁcant increase in merger proposals, which is attributable to peers in more competitive sectors. Our casual evidence suggests that the spillover eﬀects of hostile takeover are most salient on ﬁrms’ information environments: compared with changing ﬁnancial policies, the exposed ﬁrms use a less costly way of expanding balance sheets to signal their commitment to eﬃcient management and reduce valuation uncertainty in future takeover activities.
Friday, November 8 | Ashiq Ali
"The Role of Capital Expenditure Forecasts in Debt Contracting"
11:00 AM - 12:30 PM | BU 127
Professor Ashiq Ali is the Charles and Nancy Davidson Chair in Accounting at the Naveen Jindal School of Management, the University of Texas at Dallas. Prior to his appointment at UT Dallas in 2004, he was Professor and Eller Fellow at the Eller College of Management, the University of Arizona. From 1988 to 1995, he taught in the MBA programs at the Stern School of Business, New York University and Columbia Business School. He currently teaches Financial Accounting to MBA and Ph.D. students and has earned the Executive MBA Distinguished Faculty Award.
Professor Ashiq Ali earned his Bachelor of Engineering from Indian Institute of Technology, Bombay, MBA from Indian Institute of Management, Ahmedabad, and Ph.D. from Columbia University, New York. His research examines the role of financial accounting information in the capital markets. He has studied the relation between accounting numbers and stock prices, biases in accounting numbers due to managerial incentives, the effectiveness of legal regimes in preventing managers from misreporting accounting data, the process of dissemination of accounting information to the financial markets, the efficiency with which stock market utilizes accounting and non-accounting information, and the factors that prevent stock price from reflecting the underlying value of the firm. His research has been published in top tier accounting and finance journals, namely, The Accounting Review, Journal of Accounting and Economics, Journal of Accounting Research, Journal of Financial Economics, and Review of Financial Studies. He has also served on the editorial board of The Accounting Review, Journal of Accounting, Auditing, and Finance, The Journal of International Accounting Research, and The International Journal of Accounting.
For more information on Professor Ali, please visit https://personal.utdallas.edu/~ashiq.ali/