People
Director
Special Advisor
Senior Fellows
Senior Fellow In Residence
Fellow in Residence
Director
Paul Kupiec is an Associate Director in the Division of Insurance and Research, where he manages a section of financial economists who examine bank risk measurement models and provide technical support for regulatory policy development, including Basel III issues. His research interests focus on risk measurement, capital allocation models, and the management and regulation of financial institutions. He has worked at the International Monetary Fund, Freddie Mac, J.P. Morgan, the Federal Reserve Board, the Bank for International Settlements, and North Carolina State University. He also served as a consultant on financial market issues for the Organization for Economic Cooperation and Development. Kupiec is an editor of the Journal of Financial Services Research and an associate editor of the Journal of Risk and the Journal of Risk Management in Financial Institutions. He is widely published in academic journals.
CFR Special Advisor
Haluk Ünal is a Professor of Finance at the Robert H. Smith School of Business, University of Maryland. He has been a research scholar at the FDIC Division of Insurance and Research for several years, a Senior Fellow at the Wharton Financial Institutions Center, and a member of the Standard and Poor's Academic Council. He is the Managing Editor of the Journal of Financial Services Research.
Ünal holds doctorates in finance from Ohio State and in economics from Istanbul University. Ünal also earned a masters degree in accounting from Ohio State. His current research focuses on executive compensation, corporate bonds, bank mergers, pricing default risk, risk management, and mutual-to-stock conversions in the savings and loan industry. He is published in the Journal of Finance, Journal of Financial and Quantitative Analysis, Journal of Financial Services Research, Journal of Money Credit and Banking, Journal of Banking and Finance, Review of Derivatives Research, and Journal of Financial Economics.
CFR Senior Fellows
Sanjiv Das is a Professor of Finance at Santa Clara University's Leavey School of Business, and previously held faculty appointments at Harvard Business School and University of California Berkeley. He holds a doctorate in finance from New York University and a masters in computer science from UC Berkeley, and is also a qualified cost and works accountant. In addition, he worked as Vice President for Citibank Asia. He is a senior editor of The Journal of Investment Management and co-editor of The Journal of Derivatives.
Prior to being an academic, Das worked in the derivatives business in the Asia-Pacific region. His current research interests include: the modeling of default risk, algorithms for harvesting financial information from the web, derivative pricing models, and portfolio theory. He has published more than 60 articles in academic journals.
Robert (Bob) DeYoung is the Capitol Federal Professor in Financial Institutions and Markets in the School of Business at the University of Kansas. In addition, DeYoung is a visiting scholar at the Federal Reserve Bank of Kansas City, and a co-editor of the Journal of Financial Services Research. His research focuses on the evolution of domestic and international financial markets and the performance of the firms that operate in those markets. His writings have appeared in numerous academic, industry, and regulatory publications. Before joining KU, DeYoung was an associate director of research at the FDIC (2005-2007); an economic advisor at the Federal Reserve Bank of Chicago (1998-2005); an adjunct member of the Finance Department at DePaul University (2000-2003); a senior financial economist at the Office of the Comptroller of the Currency (1992-1998); and a Joyce Foundation Teaching Fellow at Beloit College (1988-1992). He earned a bachelors. degree from Rutgers University-Camden in 1983 and his doctorate in economics from the University of Wisconsin-Madison in 1989.
Robert Jarrow is a Professor of Finance at Cornell University and holds the Ronald P. and Susan E. Lynch chair in Investment Management. He holds a doctorate in finance from MIT an MBA from the Tuck School. Jarrow's research interests include derivatives, risk management, investments, and asset pricing theory. His research has won numerous awards. Jarrow is the managing editor of Mathematical Finance, a co-editor of The Journal of Derivatives, and an associate editor for other finance journals. He also serves on various corporate board of directors and advisory boards.
Edward J. Kane is a Professor of Finance at Boston College, where he moved after a distinguished career at Ohio State University. He also taught at Princeton University and Iowa State University. Professor Kane received his bachelors degree from Georgetown University and his doctorate from MIT. Specific research areas include financial crisis management; deposit insurance; causes and implications of financial change; the changing structure of financial services competition and regulation; politics of policy-making; and the taxation of financial institutions and instruments.
Kane is a past president and fellow of the American Finance Association, a former Guggenheim fellow, and a Research Associate of the National Bureau of Economic Research. He serves on the editorial boards of seven professional journals. A founding member of the Shadow Financial Regulatory Committee, Kane rejoined this committee in the summer of 2005. He also served for twelve years as a Trustee and member of the Finance Committee of Teachers Insurance. Currently, he consults for the World Bank.
George Pennacchi is the Investors in Business Education Professor of Finance at the University of Illinois at Urbana-Champaign. Since earning his doctorate in economics from MIT, he has served on the faculties of the University of Pennsylvania's Wharton School and Bocconi University. He is managing editor of the Journal of Financial Intermediation, and associate editor of the Journal of Financial and Quantitative Analysis, the Journal of Financial Services Research, and the Journal of Money, Credit, and Banking. His research interests include financial institutions, derivative securities, and bond markets.
Mitchell Petersen is the Glen Vasel Professor of Finance at the Kellogg School of Management, Northwestern University. He received his doctorate from MIT in 1990 and joined the Northwestern faculty in 1994, following four years teaching at the University of Chicago. Petersen's research is in the area of empirical corporate finance - the questions of how firms evaluate potential investment projects and how they fund such projects. His recent writing focuses on the funding of small firms and how such funding has been altered by technology and changes in the financial (banking) market. Petersen has published widely in finance and economics, and has been the recipient of numerous research and teaching awards.
Petersen has been a member of the editorial board of various journals, including the Journal of Finance, Financial Management, Review of Financial Studies, and the Journal of Financial Intermediation. He is also a research associate with the National Bureau of Economic Research (NBER), a member of the Moody's Academic Advisory and Research Committee, and served on the Board of Directors of L.R. Nelson.
CFR Senior Fellow In Residence
Myron Kwast is recently retired from the Federal Reserve Board, where he served as a senior associate director in the Division of Research and Statistics. He has more than 30 years of experience providing public policy analysis and advice to the Federal Reserve Board on banks, bank supervision and regulation, financial stability, deposit insurance, antitrust and other financial institutions and markets issues. Kwast has published more than 30 papers in professional journals, has been a visiting scholar at the Swiss National Bank and the Dutch National Bank, and has co-chaired the Basel Committee on Banking Supervision's Research Task Force. He holds a doctorate in economics from the University of Wisconsin at Madison, and was an assistant professor at the University of Oklahoma before joining the Federal Reserve.
CFR Fellow In Residence
Carlos D. Ramirez is an Associate Professor of Economics at George Mason University. He received his masters in 1991 and doctorate in economics from Harvard University in 1993. His major fields of interest are corporate finance, banking regulation, financial economic history, as well as international finance and macroeconomics. He has published articles in the Journal of Finance, Journal of Money, Credit, and Banking, Journal of Economic History, and Public Choice. He regularly teaches courses in money and banking, international finance, and macroeconomics both at the undergraduate and graduate levels. His major fields of interest are corporate finance, banking regulation, financial economic history, as well as international finance and macroeconomics.
