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Academic Thought Leaders

Albert “Pete” Kyle, Charles E. Smith Chair Professor of Finance & Senior Fellow, Center for Financial Policy

Albert “Pete” Kyle

Albert S. (Pete) Kyle has been the Charles E. Smith Chair Professor of Finance at the University of Maryland’s Robert H. Smith School of Business since 2006. He earned his B.S. degree in mathematics from Davidson College (summa cum laude, 1974), studied philosophy and economics at Oxford University as a Rhodes Scholar from Texas (1974-1977), and completed his Ph.D. in economics at the University of Chicago in 1981. He has been a professor at Princeton University (1981-1987), the University of California Berkeley (1987-1992), and Duke University (1992-2006).

Kyle’s research focuses on market microstructure, including topics such as informed speculative trading, market manipulation, price volatility, the information content of market prices, market liquidity, and contagion. His current research also deals with concepts from industrial organization to value companies.

His teaching interests include market microstructure, institutional asset management, venture capital and private equity, corporate finance, option pricing, and asset pricing.

He has been a Fellow of the Econometric Society (2002), a board member of the American Finance Association (2004-2006), a staff member of the Presidential Task Force on Market Mechanisms (Brady Commission, 1987), a member of NASDAQ’s economic advisory board (2004-2007), a member of the FINRA economic advisory committee (since 2010), and a member of the CFTC’s Technology Advisory Committee (since 2010).

Phillip L. Swagel, Professor in International Economic Policy, Maryland School of Public Policy

Phillip L. Swagel

Phillip L. Swagel is Professor in International Economic Policy at the Maryland School of Public Policy. He directs the Thomas Schelling Distinguished Visitor Series, which brings to the university eminent policymakers and leading academics who have made sustained contributions to public policy.

Swagel comes to MSPP from the McDonough School of Business at Georgetown University, where he served as a visiting professor teaching classes on the relationship between financial markets and the economy. Swagel was also the director of the McDonough School's Center for Financial Institutions, Policy, and Governance. He is a non-resident scholar at the American Enterprise Institute.

Swagel was Assistant Secretary for Economic Policy at the Treasury Department from December 2006 to January 2009. In that position, he advised Secretary Paulson on all aspects of economic policy. He served as a member of the TARP investment committee, and was responsible for analysis on issues including housing, financial markets, healthcare, pensions, and macroeconomic forecasts.

Swagel was previously chief of staff and a senior economist at the White House Council of Economic Advisers, and was an economist at the IMF and the Federal Reserve Board. He has taught courses on domestic and international economics at Northwestern University and the University of Chicago Booth School of Business. He received a bachelor's degree in economics from Princeton University in 1987 and a PhD in economics from Harvard University in 1993.

David Kass, Clinical Associate Professor & Senior Fellow, Center for Financial Policy

David Kass

Dr. David Kass received his Ph.D. in Business Economics from Harvard University and has published articles in corporate finance, industrial organization, and health economics. He currently teaches Advanced Financial Management and Business Finance, and is the Faculty Champion for the Sophomore Wall Street Fellows. Prior to joining the faculty of the Smith School in 2004, he held senior positions with the Federal Government (Federal Trade Commission, General Accounting Office, Department of Defense, and the Bureau of Economic Analysis). Dr. Kass has recently appeared on Bloomberg TV, CNBC, PBS Nightly Business Report, Maryland Public Television, Business News Network TV (Canada), American Public Media's Marketplace Radio, and WYPR Radio (Baltimore), and has been quoted on numerous occasions by Bloomberg News and The Wall Street Journal, where he has primarily discussed Warren Buffett and Berkshire Hathaway. He has also launched a Smith School “Warren Buffett” blog. Dr. Kass has accompanied MBA students on trips to Omaha for private meetings with Warren Buffett, and Finance Fellows to Berkshire Hathaway’s annual meetings. He is an officer of the Harvard Business School Club of Washington, DC, and is a member of the investment and budget committees of a local nonprofit organization. Dr. Kass received a Smith School “Top 15% Teaching Award” for the 2009-2010 academic year.

David B. Sicilia, Associate Professor, Department of History & Henry Kaufman Fellow, Center for Financial Policy

David B. SiciliaDavid B. Sicilia is an Associate Professor in the Department of History and holds the Henry Kaufman Chair in Financial History.

His research and teaching focus on the development of U.S. and global capitalism and financial markets and institutions. Sicilia has received grants and fellowships from the United States-Denmark Fulbright Commission; the Alfred P. Sloan Foundation, the Warren Center at Harvard University, and the Chemical Heritage Foundation, among others. Consulted frequently by local, national, and international print and broadcast media, Sicilia has appeared on CNBC, CNN Financial News, Bloomberg Financial Television, National Public Radio, C-SPAN Television, DR-1 Danish Public Television, TV1 Paris, and NHK Television Japan, among others.

Since 1980, Sicilia has consulted for a variety of private and public clients, large and small, applying historical analysis to contemporary issues; and has testified in dozens of product liability cases throughout the United States.

Nitin Kumar

Nitin KumarNitin Kumar is an Assistant Professor of Finance at the Indian School of Business. He received his Ph.D. in Finance in 2013 from the Robert H. Smith School of Business, University of Maryland, College Park. Prior to that he did M.S. from the Indian Statistical Institute (Calcutta, India), and B. Tech. from the Indian Institute of Technology (Kanpur, India). His research interests include benchmarking of funds, analyzing market structure in the asset management industry, and its relation to anomalies. His forthcoming paper on “mutual fund competition” in the leading scholarly journal, Review of Financial Studies, provides a new framework for benchmarking of active fund managers. He has presented his research in leading conferences, such as the American Finance Association and the European Financial Association. More details about his research can be found at https://sites.google.com/view/nitinkumar.

Claudia Moise, Visiting Research Scholar

Claudia MoiseClaudia Moise's research interests are in the areas of asset pricing, market microstructure, financial crises, information and market efficiency, and financial econometrics.  She has worked on introducing a novel measure of market illiquidity that stems from frictions that reflect stresses on the market making infrastructure, on quantifying the effects of the recently introduced financial regulatory instruments on market quality, on identifying flights to safety in the financial markets, and on proposing behavioral explanations for some of the existing asset pricing anomalies.  She held academic positions at New York University, Leonard N. Stern School of Business and at Case Western Reserve University, Weatherhead School of Management.  Prior to joining the Smith School, she was a Financial Economist in the Division of Economic and Risk Analysis at the Securities and Exchange Commission, where she conducted economic analyses on dark pools’ transparency, broker/dealer’s order routing and execution, and the effects of price limits on securities extraordinary volatility, among other market structure initiatives.  Prior to earning her Ph.D., she worked as a consultant for PGA Funds/CBOT and for the Fixed Income Quantitative Research Department at Deutsche Bank/Zurich Scudder, where she developed models for portfolio allocation and risk assessment.  She also worked in quantitative marketing research for Information Resources, and as a statistician for Abbott labs, and for the Romanian National Institute of Statistics.  She received her Ph.D. and MBA in Finance and Econometrics from The University of Chicago Booth School of Business, her M.S. in Statistics from The University of South Carolina, Columbia, and her M.S. and B.S. in Mathematics from The University of Bucharest, Romania.