How To Avoid Future Stock Market Crashes
SMITH BRAIN TRUST – Today marks the 30th anniversary of Black Monday, the biggest single-day stock market drop in history. The 23 percent drop triggered many changes to the way markets were structured.
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 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 (Merton College, 1974-1976, and Nuffiled College, 1976-1977), 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).
Trump’s Tax Reform Plan Under the Microscope
How will President Trump's proposed tax plan affect your household? And how will it change the way Americans pay their taxes, run their businesses, and buy homes? Smith School professos Albert "Pete" Kyle and Michael Faulkender have taken a look at the one-page plan, which calls for cutting the business tax rate to 15 percent and includes a one-time tax of unspecified size on dollars held overseas. It calls for reducing the top personal tax rate to 35 percent and preserves incentives for home ownership while proposing eliminating other tax loopholes. Kyle offers up these insights. Read more...
Post-Election Markets and Policy Outlook: What the Experts Said
Top government economists, plus academic experts and industry leaders recently gathered to discuss the outlook for financial markets and the economy under President-elect Donald Trump.
Smart Money Decisions for Every Decade of Life
Over your lifetime, you'll earn quite a bit of money. But it might never feel like a lot, depending on how you spend, save and prioritize. November is Financial Literacy Month, and Smith School professor Albert "Pete" Kyle has some smart saving advice for every decade of your money-making life. Read more...
New ‘Flash Boys’ Exchange Is No Disruptor
Investors fed up with a market “rigged” in favor of high-frequency traders, who use sophisticated software and algorithms to trade in and out of stocks in milliseconds, now have a place of their own, the Investor’s Exchange (IEX) Group. It went live on Aug. 19, 2016, as an alternative to NASDAQ, the New York Stock Exchange and other SEC-approved exchanges. Proponents of the new exchange say their “speed bump” model, based on a 35-microsecond trading delay, promotes fairness by limiting the ability of high-frequency traders to act on information before it’s seen by smaller traders. Smith School professor Albert “Pete” Kyle remains skeptical. Read more...
‘Not Dead Yet,’ Britain Insists
Reports of Britain’s death are greatly exaggerated. Smith School finance professor Albert “Pete” Kyle says foreign investment might even increase following the United Kingdom’s vote to withdraw from the European Union. "It’s not clear a huge amount of economic dislocation will result," he says. Read more...
Wanted: New European Union Gateway
London has long been Wall Street’s gateway to the European Union. If the city loses its link to the euro, about 40,000 expatriates from big U.S. banks might have to move to Frankfurt, Germany. Smith School professor Albert "Pete" Kyle says that won’t be so easy because Frankfurt is smaller than Charlotte, N.C. "You can’t possibly imagine the whole American banking industry moving from New York to Charlotte any more than you can imagine the European banking industry moving from London to Frankfurt," he tells Marketplace Radio. Read more...
Brexit Countdown: Faculty Perspectives
“Divorces are tough,” says Smith School economist Peter Morici. But Britain nonetheless should break from the “shackles” of its union to a Europe economy locked in ruinous cycles of debt crises and high unemployment. "The EU suffers from chronic slow growth thanks to a smothering bureaucracy and single currency," Morici says. Other Smith School professors foresee challenges if United Kingdom voters opt to separate from the European Union in a referendum on June 23, 2016. Read more...
Scholars and Industry Leaders Honor Albert 'Pete' Kyle
Leading academics, bankers and regulators gathered at the Smith School for a conference honoring the Smith School’s Albert “Pete” Kyle — specifically, the thirtieth anniversary of the publication of Kyle’s seminal 1985 paper “Continuous Auctions and Insider Trading.” Co-sponsored by the Smith School’s Center for Financial Policy and UBS, the conference included discussion of the paper’s influence, tributes to Kyle and scholarly talks. Read more ...
Will Britain Say Farewell to the E.U.?
The debate over whether Great Britain should exit the E.U. — to "Brexit" or not to "Brexit"? — is rippling outward from Europe into the world's major financial markets. Proponents of an exit think that Britain can follow the model of Switzerland, negotiating good trade deals with E.U. nations individually. But the Smith School's Albert "Pete" Kyle thinks the the E.U. will be inclined to make things tougher than that for the British. Read more ...
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