Albert Pete Kyle

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).

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...

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 ...

The Gold Standard: Touted by Some Presidential Candidates, Disliked by Economists

Several Republican presidential candidates have endorsed — or said they'd consider — putting America back on the gold standard. Sen. Ted Cruz has been the most outspoken, arguing that pegging the dollar to gold would make monetary decisions less arbitrary than the ones currently made by the Fed. Professional economists, however, overwhelmingly reject the idea that the dollar should be tied to the price of gold. Recently, finance professor Albert "Pete" Kyle, answered questions about some issues raised by this perennial monetary-policy issue. Read more ...

Will the Fed Act?

Janet Yellen, the Fed chairwoman, has said that raising interest rates before the end of the year is "a live possibility," given the relatively strong performance by the economy. Other Fed governors, however, have said that low levels of inflation mean that a rate hike would be premature. A division over interest-rate policy was also evident in a recent panel discussion among finance experts at the Smith School. Read more...

The Volcker Rule: Unintended Consequences?

When the stock market plunged in the first minutes of August 25, did well-intended financial regulations contribute to the volatility? The Dodd-Frank act, passed in the wake of the 2008 financial crisis, introduced a host of regulations into the financial system. But Smith School executive-in-residence William Longbrake says some scholars worry that one particular regulation, the so-called Volcker rule, may have introduced new uncertainty into the system. Read more...

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