Russ Wermers, Director
Professor of Finance
Wermers is responsible for providing the Center’s vision, strategy, and oversight.
Russ Wermers is Professor of Finance at the Smith School of Business, University of Maryland at College Park, where he won a campus-wide teaching award during 2005 and a Krowe Teaching Award (within the Smith Business School) during 2013. His main research interests include studies of the efficiency of securities markets, as well as the role of institutional investors in setting stock prices. In addition, he studies and teaches quantitative equity strategies, and is currently researching microfinance institutions in Thailand. Most notably, his past research has developed new approaches to measuring and attributing the performance of mutual funds, pension funds, and hedge funds, as well as devising winning strategies for investing in these funds. Professor Wermers also studies the investment behavior of these asset managers, as well as the impact of their trades on stock markets. His papers have been published in leading scholarly journals, such as The American Economic Review, The Review of Financial Studies, The Journal of Financial Economics, and The Journal of Finance. His article on mutual fund “herding” and stock prices (Journal of Finance, 1999) won the NYSE Award for the Best Paper on Equity Trading in 1995. His coauthored article on mutual fund performance was a finalist for the Smith-Breeden Award for the Best Paper in the Journal of Finance during 2006/2007. Professor Wermers consults for the hedge fund, pension fund, and mutual fund industries. He is coauthor of a book on the latest scientific approaches to performance evaluation and attribution of professional fund managers, written for academics and practitioners (published in December 2012). He received his Ph.D. from the University of California, Los Angeles, in December 1995.
Lemma W. Senbet, Founding Director
William E. Mayer Chair Professor of Finance
Senbet serves as senior policy advisor to the center.
Professor Senbet was Chair of the Finance Department, 1998-2006, and his tenure saw rapid transformation of the department into world class. His widely cited publications have appeared in the Journal of Finance, Review of Financial Studies, Journal of Business, and other leading academic journals. He has received numerous honors and professional recognitions. He has been a director of the American Finance Association and served as President of the Western Finance Association.He is currently the Executive Director of the African Economic Research Consortium (AERC). He is inducted Fellow of the Financial Management Association International and a member of the Financial Economists Roundtable. He was awarded an honorary doctor of letters Honoris Causa by Addis Ababa University, Ethiopia's flagship institution of higher learning. Senbet has advised the World Bank, the IMF, the UN, and other institutions on issues of financial sector reforms and capital market development. He has served as an independent director for The Fortis Funds and currently is an independent director for The Hartford Funds. Senbet has also served on over a dozen editorial boards, including the Journal of Finance (12 years), Financial Management (20 years), Journal of Financial and Quantitative Analysis (7 years), served as executive editor of Financial Management (6 years), and Editor (Finance), JIBS (5 years). Senbet has produced a string of doctoral students and placed them in major universities, including Carnegie Mellon, Dartmouth, Vanderbilt, Florida, and Minnesota. He received the Smith School's Krowe Award for Teaching Excellence in 1994.
Michelle Lui, Assistant Director
Lui coordinates the Center’s operations, marketing, and communications.
Prior to joining the CFP, Michelle served as Director of Enrollment Management Operations at Franklin & Marshall College. In this role, she was responsible for managing the daily operations of the college's Enrollment Management division, overseeing communication flow, organizing special events, providing relevant data analyses to internal and external groups, monitoring the capital and operating budgets, managing the technological processes utilized in the organization, and interfacing with the Board of Trustees. She regularly collaborated with other college divisions including Advancement, Communications, Institutional Research, Finance, and Technology Services.
Michelle has also had previous experience in product management at Tyco Electronics. There, she collaborated with Marketing and Communications managers to revise and create catalogs, datasheets, and web content. Moreover, she oversaw the transfer of data to a global data system and provided liaison support between technical engineers and global account managers.
William Longbrake, Executive-in-Residence
Longbrake serves as senior policy advisor to the center.
Dr. Longbrake has extensive experience in finance, macroeconomics and monetary policy, risk management, housing, public policy and academia, government, serving both the public and private sectors. As an executive-in-residence at the Smith School, Longbrake works on a variety of business, policy, and governance issues with faculty, students, business leaders, government policymakers, and executives of not-for-profit organizations. He also serves on the boards of directors of First Financial Northwest, a community bank located in Renton, Washington; the Federal Home Loan Bank of Seattle; and the Washington Financial League. Longbrake is a member of several committees of the American Bankers Association, including those for government relations, governance and mortgage markets. He serves on the boards of trustees of Auburn Theological Seminary; the College of Wooster; and is president of the Intiman Theatre Foundation. He is president and chairman of the board of trustees of Lift Up Africa, a charitable organization that finances humanitarian and economic development initiatives on the continent of Africa, and is president and chairman of the board of trustees of the Longbrake Family Foundation. In the academic sector, Longbrake has published extensively and has taught courses in business administration and finance. In 2007, he received the Distinguished Alumnus of the Year award from the Smith School. Longbrake is active in numerous academic, business, and community service organizations, particularly those involving issues surrounding affordable housing and education. He chairs the Washington State Citizens Commission for Review of Tax Preferences. He is a member of the Governor’s Council of Economic Advisors for Washington State, a member of the University of Washington Business School Advisory Board and a member of the Smith School’s Board of Visitors. He is chairman emeritus of the Financial Services Roundtable’s Housing Policy Council and former vice chair of Washington Mutual, Inc.
Director, Directors’ Institute
Professor of the Practice
Wallenstein heads the newly established Directors’ Institute, which is linked with the Center for Financial Policy.
Steve Wallenstein is a Professor of the Practice at the Robert H. Smith School of Business and he is also director of the Directors' Institute at the Smith School, an ongoing series to address the corporate governance failures of diligence, ethics and controls in corporate America. Wallenstein is a recognized expert in corporate governance and best practices for publicly traded companies in the US and abroad. From 1998 to 2009 he was a faculty member at the Fuqua School of Business and Duke Law School, founded the Duke Directors' Education Institute (DEI) in 2002, and established the Duke Global Capital Markets Center (GCMC) in 1998, a collaborative venture between Fuqua and Duke Law. Wallenstein is also an expert on emerging markets, having spent fifteen years as Senior Counsel and Senior Investment Officer at the International Finance Corporation in Washington D.C. He was responsible for structuring and negotiating international project finance, privatizations and capital markets transactions in Eastern Europe, Latin America and Asia. Wallenstein, who speaks fluent Portuguese, maintains close ties with Brazil where he taught law and development at the Catholic University in Rio de Janeiro, as well as a course on the Global Financial Crisis at Fundacao Getulio Vargas. He was a member of the Board of Directors of CVRD – INCO (Canada) and a member of the Audit Committee from 2006-2007, and a corporate governance advisor to the Management Committee of Companhia Vale do Rio Doce (VALE) from 2007-2009. Wallenstein has taught several interdisciplinary courses on corporate governance, venture capital and private equity, and international finance.
Senior Academic Advisor
Visiting Associate Professor of Finance
Hanley serves as senior academic advisor to the center and the lead of the Risk Management Track.
Kathleen Weiss Hanley is currently a Visiting Associate Professor of Finance at the Robert H. Smith School of Business at the University of Maryland. From 2011 to 2013, she was the Deputy Chief Economist of the Securities and Exchange Commission and Deputy Director in the Division of Economic and Risk Analysis where she oversaw the integration of economic analysis into policy and rulemaking across a broad range of topics in financial economics including the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Jumpstart Our Business Startups Act. In addition, she managed the Division’s data analytics and risk assessment initiatives. Prior to that time, she was a Senior Economist at the Board of Governors of the Federal Reserve System in the Risk Analysis section and a Senior Financial Economist at the SEC. She has been on the faculty at the University of Maryland as an Associate Professor (with tenure) and at the University of Michigan as an Assistant Professor. Her research focuses on capital formation and market pricing and has been published in leading finance journals such as The Journal of Finance, Journal of Financial Economics, The Review of Financial Studies, Journal of Financial Intermediation, and Financial Management. She is listed as one of the “authors with the most citations to their Journal of Financial Economics papers, 1974-2010.”