Foremost Financial Economist and Inventor of the Kyle Model Joins University of Maryland Business School Faculty

College Park, Md. January 23, 2006 - The Robert H. Smith School of Business at the University of Maryland today announced that Albert Pete Kyle will join the school as the Charles E. Smith Chair in Finance in July 2006. Kyle is widely known as one of the premier financial theorists of his generation. He is best known for creating the Kyle Model, which provides a foundation for the modern theory of market microstructure, a subfield of finance dealing with the process of price formation in financial markets.

Our ability to attract a scholar of Pete's stature says a great deal about the high quality of the Smith School and its finance department, said Howard Frank, dean of the Robert H. Smith School of Business. This is an individual who has an extraordinary career and impact on both the canon of finance research, as well as upon a generation of emerging scholars. Not only does his appointment contribute considerably to the teaching mission of the school and the department, but also to our stature and profile.

Apart from the groundbreaking quality of his research, Pete is also noted for his achievements in the training of doctoral students and mentoring of young faculty, said Lemma Senbet, chair of the finance department at the Robert H. Smith School of Business. Many of Petes former students are now distinguished academics at leading institutions. He will bring considerable intellectual vigor and become a major asset to the entire research and teaching environment.

The extraordinary influence of Kyles work is in part evidenced by the Kyle Model being among the most heavily cited works in the leading journals in finance and economics. Beyond his seminal contributions to the theory of information and financial markets, Kyles research has had a pervasive impact in areas such as asset pricing, investments, corporate finance and financial institutions. Kyles impact has also been extended beyond the stock market, and is reflected in markets for derivates, bonds, and global trading mechanisms, with policy implications for exchange design and market regulation.

Kyle joins the Smith School after serving as professor of finance at the Fuqua School of Business at Duke University. He received his Ph.D. in Economics from the University of Chicago in 1981. He also held appointments at Princeton University and the University of California at Berkeley where he was tenured before moving to Duke University. He has been a Fellow of the Econometric Society since 2002. He has also served as a member of the NASDAQ Economic Advisory Board and of the board of directors of the American Finance Association.

About the Robert H. Smith School of Business
The Robert H. Smith School of Business is an internationally recognized leader in management education and research for the digital economy. One of 13 colleges and schools at the University of Maryland, College Park, the Smith School offers undergraduate, full-time and part-time MBA, executive MBA, PhD, and executive education programs, as well as outreach services to the corporate community. The school offers its degree, custom and certification programs in learning locations in four continents including North America, Europe, Africa, and Asia. More information about the Robert H. Smith School of Business can be found at www.rhsmith.umd.edu.

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Note to Editors: Digital photos of Pete Kyle are available, please contact Angela Toda, phone: 301-405-8062, email: atoda@rhsmith.umd.edu or download image in right column.

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