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Speakers and Panelists Martin J. Gruenberg was sworn in as Chairman of the FDIC Board of Directors on January 5, 2023. He has been a member of the FDIC Board since August 2005 and previously served as Vice Chairman from August 2005 to July 2011 and as Chairman from November 2012 to mid-2018. Mr. Gruenberg has also served as Acting Chairman on a number of occasions.
Jung-Hyun Ahn is currently an Associate Professor in Finance, and the head of MSc. Corporate Finance program at NEOMA Business School. His research interests encompass banking competition, securitization, interbank markets, central bank policies, as well as sustainable finance.
His current research, in particular, focuses on three areas: studying deposit competition in the U.S. during the Great Financial Crisis, conducting theoretical analyses to explore how the quality of collateral assets affects bank liquidity management, and examining the impact of issuing green bonds on the CDS spreads of firms.
He teaches a range of courses, including banking, financial risk management, debt instruments, and corporate finance.
He received BA and MA in economics from Korea University, and MA in finance and Ph.D. in Economics from the University of Paris 10. He was a visiting scholar at Pompeu Fabra University, and a research affiliate at the University of Paris-Dauphine. Prior to joining NEOMA, he worked as an intern at OECD and junior researcher at the International Finance Chair of Sciences Po.
Dr. Faisal is an Assistant Professor of Finance at Texas A&M International University. He holds a Ph.D. in Finance from Louisiana State University and has previously served at BIBM, the Central Bank of Bangladesh's training institute. His research spans Banking, FinTech, Innovation, and Corporate Finance, with a focus on textual analysis.
Born in Chittagong, Bangladesh, he excelled in his Bachelors and MS in Bank Management at National University. He commenced his career at Grameen Bank and a leading commercial bank before earning an MBA in Finance from the University of Dhaka. His journey in academia started at BIBM as a lecturer, inspiring his Ph.D. pursuit at LSU.
As a graduate assistant and instructor at LSU's Department of Finance, he honed research skills and teaching prowess. Now at Texas A&M International University, Dr. Faisal passionately educates future finance professionals, merging industry insights with innovative research. His holistic approach continues to shape the finance landscape.
Xudong (Sean) An is a vice president in the Supervision, Regulation, and Credit Department at the Federal Reserve Bank of Philadelphia. He oversees the Bank’s stress testing function and supervisory research function. An's areas of research include retail credit, consumer finance, securitization, and risk management. His research papers have appeared in academic journals such as the Journal of Financial Economics and the Journal of Policy Analysis and Management. An is currently the First Vice President of the American Real Estate and Urban Economics Association (AREUEA) and serves on the editorial boards of Real Estate Economics and the Journal of Real Estate Finance and Economics. He has a Ph.D. from the University of Southern California and is an elected Fellow of the Weimer School of the Homer Hoyt Institute.
Chris Anderson is an economist at the Federal Reserve Board working in the division of Supervision and Regulation. His research focuses on financial institutions, including how to regulate them and how they interact with capital markets. In addition to his research, Chris works on market risk regulation for banks, particularly focusing on the US adoption of a new framework for setting capital requirements for banks’ trading desks. He earned a PhD in Business Economics from Harvard University in 2019 and a BA in Math and Economics from UC Berkeley in 2012.
Matthew Baron is an Assistant Professor of Finance at Cornell University's Johnson Graduate School of Management. His research focuses on banking and financial crises. Professor Baron primarily teaches courses in Investments and Behavioral Finance for the full-time MBA, in addition to teaching for the Cornell-Tsinghua Executive MBA program and the finance PhD program. He has served as the main adviser for a variety of students, including PhD students, postdoctoral fellows, and full-time research assistants, who have continued at top academic institutions and central banks around the world. His research has been featured in the New York Times, the Wall Street Journal, Bloomberg Businessweek, and other media outlets. He has served as a visiting researcher at the New York Fed, the Federal Reserve Board, and the Commodity Futures Trading Commission. Professor Baron holds a Ph.D. in economics from Princeton University and a B.S. in mathematics from Yale University.
Taylor Begley is an Assistant Professor of Finance at the University of Kentucky Gatton College of Business and Economics. His research primary interests include financial intermediation, financial regulation, and housing markets. His work has been published in top finance journals, with recent work focusing on unintended consequences of regulation and racial disparities in housing markets. Taylor has a B.S. and an M.S. in Electrical Engineering from the University of Kentucky and earned his Ph.D. in Finance at the University of Michigan.
Mehdi Beyhaghi is a senior financial economist at the Supervision, Regulation and Credit department of the Federal Reserve Bank of Richmond. His work is mainly focused on the supervision of large financial institutions, Comprehensive Capital Analysis and Review (CCAR) exercises, as well as economic research. He has written articles on a wide range of topics including financial intermediation, risk management, corporate finance, asset pricing, and international finance. He is a recipient of the Society of Financial Studies’ RAPS rising scholar award, the John W. Ryan Award for Most Significant Contribution to Community Banking Research, and the best paper award in risk management from the Financial Management Association. In addition to his regular responsibilities at the Fed, he is a co-organizer of research seminars at the Supervision department as well as a wholesale credit risk instructor at the annual seminars held by the Federal Reserve System.
Mark Carey is a senior economic and policy advisor in the Research Department of the Federal Reserve Bank of Cleveland. He conducts research on business debt markets and corporate finance, risk management (especially credit risk), banking and financial intermediation, and financial stability. Previously, he was co-President of the GARP Risk Institute (2018-2021) and was on the staff of the Board of Governors of the Federal Reserve System, ending as Associate Director of the Division of International Finance (1990-2018). Mark is also co-director of the National Bureau of Economic Research’s Risks of Financial Institutions Working Group, which is a mixed group of academics and financial professionals that focuses on risk management at financial firms. Earlier, he was a founding-father of Basel 2. Though he is a research economist, he has frequently worked closely with bank examiners. He has written a lot of technical papers about credit risk and also about corporate debt and corporate finance. His Ph.D in economics is from Berkeley and his undergraduate degree in economics is from Oberlin College.
Tony Cookson is a Professor of Finance at the Leeds School of Business, University of Colorado - Boulder. Tony is a Montana native. After earning his bachelor's degree in economics and master's degrees in Statistics and Applied Economics from Montana State University, he received his Ph.D. in Economics from University of Chicago. He has been on faculty at University of Colorado since 2013.
His research is empirical and covers a wide range of topics in finance and economics. His research makes use of unique data sets and empirical settings to study how households and corporations make financial decisions. Through his research, Dr. Cookson has become an expert on how investors use social media, the casino industry, the political economy of Native American reservations, and the consequences of the fracking revolution for households. His research has been published in leading peer-reviewed journals, including the Journal of Finance, Journal of Financial Economics, Review of Financial Studies, the Journal of Law and Economics, and Management Science. He is an Associate Editor at the Journal of Financial Economics and Financial Management.
Since 2022, he is a director of the Financial Research Association, which organizes a prominent academic finance research conference in Las Vegas annually. Tony also serves as the faculty director for the MS in Finance program at CU Boulder.
Angelo D'Andrea is a Research Fellow at the Financial Stability Directorate of the Bank of Italy. His research interests focus on financial intermediation and banking. His recent research agenda explores the influence of Internet technologies on bank lending, spanning both developed and developing countries.
Angelo earned a Ph.D. in Economics with Honors from Bocconi University and holds an M.Sc. in Economics and Social Sciences from the same institution.
Michael Faulkender joined the University of Maryland in 2008 where he is the Dean's Professor of Finance. At the beginning of 2019, Dr. Faulkender joined the US Department of the Treasury to serve as the Assistant Secretary for Economic Policy. In that role, he advised the Secretary on domestic and international issues that impacted the economy. During the COVID-19 pandemic, he assisted in negotiating the CARES Act and was the senior Treasury official who led the implementation of the Paycheck Protection Program (PPP). In January 2021, he was awarded the Alexander Hamilton Award for Distinguished Leadership, the highest service award granted at the Department of the Treasury.
His research lies at the intersection of financial economics and public policy. Examples include the job impacts of the PPP, corporate capital structure, risk management, corporate liquidity, and executive compensation. His work has been published in top academic finance journals, received numerous “best paper” awards, and has been cited in the Wall Street Journal, Washington Post, and The New York Times, among others. In the last 18 months, he has testified to Congress five times.
Professor Faulkender has a PhD in Finance from Northwestern and a Bachelor's Degree in Managerial Economics from UC Davis. He has also served as a faculty member at the Wharton School at the University of Pennsylvania, the Kellogg School at Northwestern University, and the Olin School at Washington University in St. Louis.
Ph.D. Candidate in Finance at the University of Illinois Urbana Champaign.
Amanda Heitz is an assistant professor of finance at Tulane University's A.B. Freeman School of Business and an FDIC Visiting Scholar. Her research interests are primarily in banking, financial regulation, and corporate social responsibility. Her recent work focuses on financial crises and government responses, and she also has an interest in failed banks. Her research has been published in multiple journals, and she has received several best paper awards. Heitz received her Ph.D. in Finance from the University of Minnesota’s Carlson School of Management and a M.S. in Statistics, M.S. in Applied Math, and B.S. in finance all from the University of Illinois at Urbana Champaign.
Akos Horvath, Ph.D. is a Senior Economist at the Division of Supervision and Regulation at the Federal Reserve Board. In the past several years, Akos has worked on multiple important rulemakings that affect banking organizations in the United States. Before joining the Federal Reserve, Akos was a visiting researcher at the Hungarian Central Bank and earned his Ph.D. in Finance at the University of Vienna, Austria. He is generally interested in the fields of banking and financial institutions, econometrics and statistics, and market microstructure. In recent years, Akos has focused on banking and financial institutions as well as consumer and corporate credit in his research.
Agustin Hurtado is an Assistant Professor of Finance at the University of Maryland Smith School of Business.
He teaches and conducts policy-relevant research in Banking, Corporate/Household/Entrepreneurial Finance, and Real Estate. His most recent work studies the effect of minority bank ownership on minority credit in the U.S.
Agustin received his Ph.D. and M.B.A. in Finance from the University of Chicago Booth School of Business and his B.S. and M.S. in Economics with Highest Honors from the University of Chile Economics Department.
Dr. Stephen A. Karolyi is a Senior Economic Advisor in the Supervision Risk and Analysis Department in the Office of the Comptroller of the Currency (OCC). In his current position, his primary responsibility is to manage research working groups of economists in support of agency-wide initiatives. Before joining the OCC in 2020, Dr. Karolyi earned his Ph.D. in Financial Economics from Yale University and taught undergraduate and graduate courses in finance, accounting, and applied econometric methods at Carnegie Mellon University. Dr. Karolyi's current research interests are in financial intermediation and corporate finance.
You Suk Kim received Ph.D. in economics from the University of Pennsylvania in 2014. He joined Federal Reserve Board in 2014 as an economist and is now a principal economist in the Real Estate Finance section in the Division of Research and Statistics at Federal Reserve Board.
Shohini Kundu is an Assistant Professor of Finance at the Anderson School of Management at University of California, Los Angeles. Her research focuses on financial intermediation and macroeconomics, security design and externalities of financial contracts, and emerging market finance. She received a PhD in Finance and MBA from the University of Chicago Booth School of Business, and a BA in Economics with high honors and distinction from Cornell University.
Robert Marquez received a PhD in Economics from the Massachusetts Institute of Technology and an A.B. in Economics from the University of California, Berkeley. He is a Professor in the Graduate School of Management at the University of California, Davis. Prior to this, Marquez was an Associate Professor of Finance at the School of Management of Boston University, and was the Craig and Rhonda Cerny Associate Professor of Finance at Arizona State University. He has held various visiting positions at the FDIC and the U.S. Federal Reserve system.
Marquez's research focuses on issues related to competition among financial institutions and its implications for the allocation of credit. Specifically, he is interested in analyzing how information problems for financial intermediaries interact with the way in which banks compete. He has used this general framework to analyze issues of entry into banking markets, the acquisition of information about borrowers, the use of information technology, and changes in the structure of banking markets. He has also done work studying regulation in banking when the economies in which the banks operate are financially integrated, and the role of capital for financial institutions. More recently, Marquez's work has focused on the design of financial contracts, and on theoretical issues within private equity markets, mergers and acquisitions, and entrepreneurial finance.
Marquez's research has been published in leading finance and economics journals, including the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, Econometrica, the Journal of Economic Theory, Management Science, and the RAND Journal of Economics. Currently, Marquez is an Editor of the Review of Corporate Finance Studies and an Associate Editor of Management Science.
Adair Morse is Soloman P. Lee Chair in Business Ethics, Professor at the Haas School of Business at the University of California at Berkeley, Fellow at the Berkeley Center for Law and Business, and founding Faculty Director of the Sustainable and Impact Finance Initiative at Berkeley-Haas. Recent policy service includes serving as Deputy Assistant Secretary for Capital Access of the U.S. Department of the Treasury (2021-2022), co-founding the pandemic relieve public-private partnership California Rebuilding Fund (2020) and serving on the Expert Panel for oversight of the Global Fund for the Ministry of Finance of Norway (2015-2020). She is an award-winning teacher of New Venture Finance, Impact Investing, and Sustainable Investing, and created the climate, sustainable, and impact finance curriculum at Berkeley-Haas. Adair'ss research spans multiple areas of finance: household finance, FinTech, discrimination, climate finance, small business and venture finance, corruption, and pension management. Recent work includes papers on algorithmic discrimination, impact investment, and small business fiscal programs. She holds a Ph.D. in finance from the University of Michigan, masters degrees in statistics and agricultural economics from Purdue University, and a bachelor's degree from Colgate University.
Stefano Pegoraro is an assistant professor of finance at the University of Notre Dame Mendoza College of Business. As a researcher, he primarily studies financial intermediaries, with an emphasis on financial frictions and optimal contracts. In recent work, he studied the role of two-sided platforms as lenders. He also conducted research on corporate bond issuance and quantitative easing.
Stefano received a PhD in financial economics from the University of Chicago's Department of Economics and Booth School of Business, a graduate and undergraduate honor diploma from the Sant'Anna School of Advanced Studies, and a MSc in Economics and BA in Economics and Management from the University of Pisa.
George G. Pennacchi has been with the Department of Finance at the University of Illinois since 1990, recently as the Bailey Professor of Money, Banking, and Finance. He is currently a managing editor of the Journal of Financial and Quantitative Analysis and an Affiliate Professor of Finance at the University of Washington. His research focuses on financial intermediaries, fixed-income securities, and government guarantees. He has served as President of the Financial Intermediation Research Society, the managing editor of the Journal of Financial Intermediation, and an associate editor of several journals including the Journal of Finance and the Review of Financial Studies. His consulting experience includes work for the Federal Reserve System, the FDIC, the U.S. Office of Management and Budget, the Bank of Finland, and the Financial Stability Board. He has been a visiting professor at Bocconi University and was a member of the finance faculty at the Wharton School of the University of Pennsylvania. Mr. Pennacchi received a Sc.B. degree in applied mathematics from Brown University and a Ph.D. in economics from the Massachusetts Institute of Technology.
Jennifer Rhee is a Senior Financial Economist in the Special Studies Section of the Center for Financial Research. Her research interests include banking, empirical finance, development economics and international economics. She joined FDIC in August 2018 after receiving her PhD in Economics from University of North Carolina, Chapel Hill. She received a BS in Chemical Engineering and BA in Economics from Cornell University.
Raluca A. Roman is a Principal Economist at the Federal Reserve Bank of Philadelphia and joined the bank in July 2018. From 2015-2018, she was Research Economist at Federal Reserve Bank of Kansas City. She holds a Ph.D. in Finance from University of South Carolina. Raluca also holds an M.B.A. with concentration in Finance from University of Bridgeport, and a B.A. in Economics from Alexandru Ioan Cuza University (Romania).
Raluca's research areas include a variety of topics related to banking and financial institutions (including bank government bailouts and bail-ins, bank stress tests, internationalization, and corporate governance), consumer finance (including retail credit, consumer behavior, and consumer market trends), corporate finance, and international finance. Raluca published a variety of research articles in academic journals including one in the Journal of Political Economy, three in the Journal of Financial and Quantitative Analysis, one in the Management Science, three in the Journal of Financial Intermediation, two in the Journal of Money, Credit, and Banking, two in Financial Management, one in Journal of Corporate Finance, one in the Journal of International Money and Finance, three in the Journal of Banking and Finance. She also published one book chapter in the Handbook of Finance and Development, one book chapter in the Oxford Handbook of Banking, and one book chapter in the Oxford Research Encyclopedia of Economics and Finance, as well as several regulatory policy briefs. She also co-authored the books, The Economic and Financial Impacts of the COVID-19 Crisis Around the World: Expect the Unexpected (2023. Elsevier) and “TARP and other Bank Bailouts and Bail-Ins around the World: Connecting Wall Street, Main Street, and the Financial System” (2020, Elsevier).
Raluca has presented her research and discussed the research of others at numerous finance and regulatory conferences. She also has 7+ years of professional experience in banking and corporate finance and worked for top international organizations like UBS Investment Bank and MasterCard International, where she won various awards.
Catherine Schrand is the Celia Z. Moh Professor and Professor of Accounting at The Wharton School, University of Pennsylvania, where she started her academic career in 1994. She is the Faculty Director of Undergraduate Research and Scholars Programs. She has a B.B.A. from the University of Michigan and an M.B.A. and Ph.D. from the University of Chicago. Cathy's research interests are in firms' risk management practices, the effects of disclosure on a firm's cost of capital, and earnings quality. She has published research articles in academic journals including The Accounting Review, Contemporary Accounting Research, Journal of Accounting and Economics, Journal of Finance, Journal of Financial Economics, and Review of Accounting Studies. Cathy is the past president of the American Accounting Association (AAA) Financial Accounting Reporting Section and she has served on or chaired several committees of the AAA including the Financial Accounting Standards Committee.
I am a director in the Structural Economic Analysis Directorate of the Bank of Italy. My research and policy interests focus in the areas of financial intermediation and corporate finance. My work has been published in several academic journals including the Journal of Financial Economics, Review of Financial Studies, Journal of the European Economic Association, Economic Journal. I am an associate editor of the International Journal of Central Banking. I hold a PhD in Economics from the London School of Economics. I have been consultant for the OECD and for the Italian Ministry for Economic Development, visiting scholar at NYU Stern, and Central Bank Research Fellow at the BIS.
Anjan Thakor is interim dean of the Olin Business School at Washington University in St. Louis. He holds the John E. Simon Professorship of Finance, Director of the Olin Business School's PhD program, and is Director of the WFA Center for Finance and Accounting Research. Until July 2003, he was the Edward J. Frey Professorship of Banking and Finance and Chairman of the Finance Group at the University of Michigan Business School. Prior to joining Michigan, he served as the NBD Professor of Finance and Chairman of the Finance Department at the School of Business at Indiana University. Anjan has also served on the faculties of Northwestern University and UCLA He received his PhD in Finance from Northwestern University.
He is a research associate of the European Corporate Governance Institute and a Fellow of The Financial Theory Group. He has served as managing editor of Journal of Financial Intermediation from 1996-2005 and currently serves as an associate editor. He is past-President and a founder of the Financial Intermediation Research Society.
Anjan's research interests focus on banking, information economics, and corporate finance. His current research focuses on financial stability, bank capital, innovation, culture and the economics of higher purpose. He has published research articles in leading economics and Finance journals, like The American Economic Review, The Review of Economic Studies, The RAND Journal of Economics, The Economic Journal, International Economic Review, The Journal of Finance, The Journal of Economic Theory, The Journal of Financial Economics, The Journal of Financial Intermediation, and The Review of Financial Studies. In addition to his many published articles, monographs, and book chapters, Anjan has written numerous books, including: The Economics of Higher Purpose (Barrett-Koehler Publishers), The Purpose of Banking: Transforming Banking for Stability and Economic Growth (Oxford University Press; 2019), Contemporary Financial Intermediation (Elsevier, Fourth edition, 2019) Credit, Intermediation and the Macroeconomy: Models and Perspectives (Oxford University Press, 2004), Designing Financial Systems in Transition Economies (MIT Press, 2002), The Value Sphere: The Corporate Executive's Handbook For Creating and Retaining Shareholder Wealth (World Scientific Press, 2009 ), Competing Values Leadership ( Edward Elgar Publishing, 2006), and Handbook of Financial Intermediation and Banking (Elsevier, 2008).
In an article published in 2008, he was identified as the fourth most prolific researcher in the world in Finance over the past 50 years based on publications in the top seven Finance journals over that time. In another paper published in 2017, he was listed as one of the five-most prolific Finance authors during 2005-15. In 2021, he received a Lifetime Achievement Award from The Financial Intermediation Research Society for his contributions to financial intermediation research. Anjan has also been actively involved in advising PhD students who have gone on to enjoy distinguished academic careers. He has chaired PhD dissertation committees of over 30 students, and two of his former students from Indiana and Michigan are now his colleagues at Washington University in St. Louis. He has won numerous teaching awards in the MBA, Executive MBA, and PhD programs at Indiana University, University of Michigan and Washington University in St. Louis.
Olivier Wang joined New York University Stern School of Business in July 2019. Professor Wang conducts research in macroeconomics and banking with a particular interest in monetary policy. His recent research studies how the secular decline in interest rates as well as the recent interest rate hikes affect the financial system, the link between rising product market concentration and inflation dynamics, and the design of bank resolution mechanisms that limit risk-taking by too-big-to-fail institutions. Professor Wang received his BA in Mathematics and MA in Economics from the École Normale Supérieure in Paris, and his PhD in Economics from MIT.
Jing Wang is an Assistant Professor in the Finance Department at the Robert J. Trulaske, Sr. College of Business, University of Missouri. She earned her Ph.D. from Purdue University. Dr. Wang conducts empirical research on corporate finance and financial intermediation. She has published in top peer-reviewed journals such as the Journal of Financial Economics, Management Science, and the Journal of Corporate Finance. Prior to joining the University of Missouri, Dr. Wang was a Visiting Assistant Professor at the Ohio State University and an Assistant Professor at the University of Nebraska-Lincoln.
Dr. Jin Xie joined Peking University HSBC Business School in 2022 as an Assistant Professor of Accounting and was an Assistant Professor of Accounting at the Chinese University of Hong Kong. His research interests include the intersection between accounting and macroeconomics, corporate fraud, antitrust, and banking. He has published in leading economics and accounting journals such as the Journal of Monetary Economics, the Journal of Accounting Research and the American Economic Association Papers and Proceedings. His research won the 2018 China Financial Research Conference (CFRC) Best Paper Award. Xie frequently presents his research at major international conferences such as the American Finance Association and the NBER Chinese Economy Working Group Meeting. His research was covered by Bloomberg, Chicago Booth Review and China Business Knowledge@CUHK. Xie is also a guest speaker at the CCTV-2, a Chinese free-to-air television channel broadcasting programs on the economy and life services.
Rebecca Zarutskie serves as a Deputy Associate Director and Special Adviser to the Board of Governors of the Federal Reserve System, the central bank of the United States. At the Federal Reserve, Dr. Zarutskie oversees a group of economists and analysts who conduct research and analysis regarding the role of banks in the financial system and economy; she also serves as a special adviser to Governor Michelle Bowman. Prior to joining the Federal Reserve, Dr. Zarutskie served on the faculty of Duke University's Fuqua School of Business, where she taught courses in financial economics. Dr. Zarutskie has also taught courses at the University of Pennsylvania's Wharton School and at the MIT Sloan School of Management. Dr. Zarutskie obtained a bachelor's degree in economics and applied mathematics from the Johns Hopkins University and a Ph.D. in economics from the Massachusetts Institute of Technology.
Brandon Zbrowski is currently a 5th year PhD student in Finance at the Kellogg School of Management. His research agenda broadly studies different frictions in the competitive landscape for financial intermediation and how these frictions impact rates charged and capital allocation to firms. His research areas are financial intermediation, corporate finance , securitization, and industrial organization.
Before beginning my PhD, he was a research analyst at the Federal Reserve Bank of New York, where he assisted with various research projects related to financial intermediation. He also worked on stress testing banks as a part of DFAST/CCAR. He pursued his undergraduate at Brown University, where he studied Applied Math-Economics and Statistics.
