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Academic Thought Leaders

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

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 is 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 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 policy makers 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 SiciliaDavid B. Sicilia is the Henry Kaufman Fellow in Business History, Center for Financial Policy, Robert H. Smith School of Business; and Associate Professor, Department of History, University of Maryland, College Park, USA.

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.