Charles W. Calomiris, Henry Kaufman Professor of Financial Institutions, Columbia Business School
Charles W. Calomiris is Henry Kaufman Professor of Financial Institutions at Columbia Business School, a Professor at Columbia’s School of International and Public Affairs, and a Research Associate of the National Bureau of Economic Research. He is a member of the Shadow Financial Regulatory Committee, the Shadow Open Market Committee, the Financial Economists Roundtable, and the Task Force on Property Rights at the Hoover Institution. He has held other positions at the Council on Foreign Relations, the American Enterprise Institute, and the Pew Trusts. He also served on the International Financial Institution Advisory Commission, a US Congressional commission that advised the U.S. government on the reform of multilateral institutions in 1999-2000. In 2011, he was the Houblon-Norman Senior Fellow at the Bank of England. Professor Calomiris received a B.A. in economics from Yale in 1979 and a Ph.D. in economics from Stanford in 1985. His research and teaching span the areas of banking, corporate finance, financial history, and monetary economics. He is the member of numerous editorial boards, has authored many books and scholarly articles, and is the recipient of research grants from the National Science Foundation and others.
Mark Carey, Senior Adviser, Board of Governors of the Federal Reserve
Mark Carey is Senior Adviser in the Division of International Finance at the Federal Reserve Board in Washington, DC. He is also co-director of the National Bureau of Economic Research’s Risks of Financial Institutions Working Group, which is a mixed group of academics and financial professionals that focuses on risk management at financial firms. Much of his recent work has been on risk-taking incentives associated with employee compensation practices in the financial services industry and on issues related to systemic risk. Earlier, he was a founding-father of Basel 2. Though Dr. Carey is a research economist, he has frequently worked closely with bank examiners. He has written a lot of technical papers about credit risk and also about corporate debt and corporate finance. His Ph.D in economics is from Berkeley and his undergraduate degree in economics is from Oberlin College.
Stijn Claessens, Assistant Director, International Monetary Fund
Stijn Claessens is Assistant Director in the Research Department of the International Monetary Fund where he heads the Macro-Financial Unit. Dr. Claessens, a Dutch national, holds a Ph.D. in business economics from the Wharton School of the University of Pennsylvania (1986) and M.A. from Erasmus University, Rotterdam (1984). He started his career teaching at New York University business school (1987) and then worked for fourteen years at the World Bank in various positions (1987-2001). He taught for three years at the University of Amsterdam (2001-2004), where he remains a Professor of International Finance Policy. Prior to his current position, he was Senior Adviser in the Financial and Private Sector Vice-Presidency of the World Bank (2004-2006). Dr. Claessens' policy and research interests are firm finance and corporate governance; risk management; globalization; and business and financial cycles. Over his career, Dr. Claessens has provided policy advice to many countries. His research has been published, among others, in the Journal of Financial Economics, Journal of Finance and Quarterly Journal of Economics. He has edited several books, including International Financial Contagion (Kluwer 2001), Resolution of Financial Distress (World Bank Institute 2001), A Reader in International Corporate Finance (World Bank 2006) and Macro-Prudential Regulatory Policies: The New Road to Financial Stability (World Scientific Studies in International Economics). He is an Editor of the Journal of Financial Services Research, and an associate editor at the World Bank Economic Review, the IMF Economic Review, and at other journals. He is also a fellow of the London-based CEPR, ECGI (Brussels), AICG (Seoul), Wharton Financial Institutions Center, and a member of the Advisory Board of the Millstein Center for Corporate Governance and Performance at Yale University.
H. Rodgin Cohen, Senior Chairman and Partner, Sullivan & Cromwell LLP
H. Rodgin Cohen is a partner and senior chairman at Sullivan & Cromwell LLP. He was chairman of the Firm from July 1, 2000 through December 31, 2009 and has served as its senior chairman since January 1, 2010.
Mr. Cohen has acted in most of the major U.S. bank acquisitions and government-sponsored and capital-raising efforts during the financial crisis and provides corporate governance advice to a large number of financial and non-financial institutions. He played a singular role in the market events that changed the face of the financial services industry and economy, and was recognized by The National Law Journal in March 2010 as one of the “Decade’s Most Influential Lawyers.”
Mr. Cohen is or has been a member of the FDIC Systemic Resolution Advisory Committee, The Pew Financial Reform Project, the IIF Special Committee for a Strategic Dialogue for Effective Regulation, the Treasury Advisory Committee on the Auditing Profession, The New York State Commission to Modernize the Regulation of Financial Services and The Financial Services Roundtable’s Blue Ribbon Commission on Enhancing Competitiveness.
He is a trustee of New York Presbyterian Hospital, Rockefeller University, the Hackley School, Deerfield Academy, Hampton University, Lincoln Center Theater, New York City Partnership and, formerly, the Economic Club of New York. He is also a member of Harvard Law School’s Visiting Committee and the advisory boards of United Way of Westchester-Putnam, the University of Charleston and Wall Street Rising. In May 2010, Mr. Cohen and his wife Barbara received the Servant of Justice Award from the Legal Aid Society.
Asli Demirgüç-Kunt, Director of Development Policy, The World Bank
Asli Demirgüç-Kunt is the Director of Development Policy in the World Bank's Development Economics Vice Presidency (DEC), and Chief Economist of the Financial and Private Sector Network (FPD). After joining the Bank in 1989 as a Young Economist, she has been in different divisions of the Research Group, working on financial sector issues and advising on financial sector policy. She is the lead author of the World Bank Policy Research Report 2007, Finance for All? Policies and Pitfalls in Expanding Access.
The author of over 100 publications, she has published widely in academic journals. Her research has focused on the links between financial development and firm performance and economic development. Banking crises, financial regulation, access to financial services, including SME finance, are among her areas of research. Prior to coming to the Bank, she was an Economist at the Federal Reserve Bank of Cleveland. She holds a Ph.D. and M.A. in economics from the Ohio State University.
Harvey J. Goldschmid, Dwight Professor of Law, Columbia Law School
Harvey J. Goldschmid is Dwight Professor of Law at Columbia Law School. He has served as Dwight Professor since 1984, and was an Assistant Professor (1970-71), an Associate Professor (1971-73), and a Professor of Law (1973-84) at Columbia. He is also Senior Counsel at the law firm of Weil, Gotshal & Manges. From 2002-05, Professor Goldschmid served as a Commissioner of the United States Securities and Exchange Commission, and in 1998-99, he was the SEC’s General Counsel (chief legal officer); from January 1 to July 15, 2000, he was Special Senior Advisor to SEC Chairman Arthur Levitt. Professor Goldschmid now serves as Chair of the Board of Directors of the Greenwall Foundation, as a Public Governor and Chair of the Regulatory Policy Committee of the Financial Industry Regulatory Authority (FINRA), as a Trustee of the International Financial Reporting Standards (IFRS) Foundation, as a Director of the National Center on Philanthropy and the Law, as a Director of Transparency International-USA, and on the Governing Board of the Center for Audit Quality. He is also on the Advisory Board of the Yale’s Millstein Center for Corporate Governance and Performance and on the PCAOB Advisory Council. Until recently he served as Co-Chair of the IASB/FASB Financial Crisis Advisory Group, (“an 18 member panel of senior international leaders with broad experience in the global financial system”). Professor Goldschmid received his J.D., magna cum laude, from Columbia Law School in 1965 and a B.A., also magna cum laude, from Columbia College in 1962. He was Articles Editor of the Columbia Law Review and a member of Phi Beta Kappa. He is the author of numerous publications on corporate, securities, and antitrust law.
Lawrence R. Glosten, S. Sloan Colt Professor of Banking and International Finance, Columbia Business School
Lawrence R. Glosten is the S. Sloan Colt Professor of Banking and International Finance at the Columbia Business School. He is also co-director (with Merritt Fox and Ed Greene) of the Program in the Law and Economics of Capital Markets at Columbia Law School and is an adjunct faculty member there. He has been at Columbia since 1989, before which he taught at the Kellogg Graduate School of Management at Northwestern University, and has held visiting appointments at the University of Chicago and the University of Minnesota. He has published articles on the microstructure and industrial organization of securities markets; the relationship between venture capitalists and entrepreneurs; evaluating the performance of portfolio managers and asset pricing. His work on electronic exchanges in the Journal of Finance won a Smith Breeden Distinguished Paper Prize. He has served as an editor of the Review of Financial Studies, associate editor of the Journal of Finance and serves on several other editorial boards. He has been a consultant for the New York Stock Exchange, Justice Department, and SEC and has served on the NASDAQ Economic Advisory Board. He received his AB from Occidental College (1973) and his Ph.D. in managerial economics from Northwestern University (1980).
Richard J. Herring, Jacob Safra Professor of International Banking, The Wharton School, University of Pennsylvania
Richard J. Herring is Jacob Safra Professor of International Banking and Professor of Finance at The Wharton School, University of Pennsylvania where he is also Co-Director of The Wharton Financial Institutions Center. From 2000 to 2006 he served as Director of The Lauder Institute of Management and International Studies, a dual degree program that combines a Wharton MBA with a Masters in International Studies. From 1995 to 2000, he served as Vice Dean and Director of Wharton’s Undergraduate Division. Outside the University he serves as Co-Chair of the US Shadow Financial Regulatory Committee. He was a member of the Group Thirty Study Groups on the Reinsurance Industry and on Global Institutions, National Supervision and Systemic Risk. He is currently the 2006 Professorial Fellow in Banking and Monetary Studies sponsored by the Reserve Bank of New Zealand and Victoria University of Wellington. At various times he has served as a consultant to the IMF and World Bank, as well as the various US regulatory agencies. Since 1990 he has been a Director of the New York Complex of DWS Scudder Mutual Funds and some of their predecessor organizations. He is the author of more than 90 articles, monographs and books on various topics in financial regulation and international finance.
R. Glenn Hubbard, Dean and Russell L. Carson Professor of Finance, Columbia Business School
R. Glenn Hubbard is dean of Columbia Business School, where he is also the Russell L. Carson Professor of Finance and Economics. Dr. Hubbard received his BA and BS degrees summa cum laude from the University of Central Florida, where he received the National Society of Professional Engineers Award. He also holds AM and PhD degrees in economics from Harvard University.
In addition to writing more than 100 scholarly articles in economics and finance, Dr. Hubbard is the author of three popular textbooks, as well as co-author of Seeds of Destruction; The Mutual Fund Industry; The Aid Trap: Hard Truths About Ending Poverty, and Healthy, Wealthy, and Wise: Five Steps to a Better Health Care System. His commentaries appear frequently in Business Week, theWall Street Journal, the New York Times, the Financial Times, the Washington Post, Nikkei, and the Daily Yomiuri, as well as on television and radio.
In government, Dr. Hubbard served as deputy assistant secretary of the U.S. Treasury Department for Tax Policy from 1991 to 1993. From 2001 until 2003, he was chairman of the U.S. Council of Economic Advisers and chair of the OECD Economic Policy Committee. In the corporate sector, he is on the boards of directors of ADP, BlackRock Closed-End Funds, KKR Financial Corporation, and Met Life.
Dr. Hubbard is co-chair of the Committee on Capital Markets Regulation and the Study Group on Corporate Boards; he is a past Chair of the Economic Club of New York.
Henry Kaufman, President, Henry Kaufman & Co., Inc.
Henry Kaufman is president of Henry Kaufman & Company, Inc., an investment management and economic and financial consulting firm. For 26 years, Dr. Kaufman worked for the Wall Street investment bank Salomon Brothers, where he was managing director, a member of the executive committee and ran the firm's four research departments. He was also a vice chairman of Salomon Brothers' parent company. Before joining Salomon Brothers, Dr. Kaufman was an economist at the Federal Reserve Bank of New York. Dr. Kaufman received a B.A. in economics from New York University, an M.S. in finance from Columbia University, and a Ph.D. in banking and finance from the New York University Graduate School of Business Administration.
Christopher J. Mayer, Paul Milstein Professor of Real Estate, Columbia Business School
Christopher J. Mayer is the Paul Milstein Professor of Real Estate and co-director of the Richard Paul Richman Center for Business, Law, and Public Policy at Columbia Business School. He serves as a Visiting Scholar at the Federal Reserve Bank of New York, a Research Associate at the National Bureau of Economic Research, and a member of the Academic Advisory Board for Standard and Poor’s. Dr. Mayer’s research explores a variety of topics in real estate and financial markets, including real estate cycles, credit markets, debt securitization, and house price dynamics. He has received multiple grants from the National Science Foundation. Dr. Mayer has been active in advising policymakers on the financial crisis, testifying four times before the US House of Representatives and the Senate, writing on the causes of the housing and credit bubbles for the Financial Crisis Inquiry Commission, and authoring numerous op-ed articles on housing and credit markets. Dr. Mayer advises Pathways, a company providing rentals of single-family homes. He frequently appears in the media, including regular appearances on National Public Radio and commentary in The Wall Street Journal, The NY Times, and Bloomberg. Dr. Mayer previously held positions at The Wharton School, the University of Michigan, and the Federal Reserve Bank of Boston. He holds a BA in Math and Economics from the University of Rochester and a PhD in Economics from MIT.
Loretta J. Mester, Executive Vice President and Director of Research, Federal Reserve Bank of Philadelphia
Dr. Loretta J. Mester is an executive vice president and director of research at the Federal Reserve Bank of Philadelphia. As director of research, she heads a staff of economists and analysts who conduct research on macroeconomics, banking, payments, finance, and the regional economy, and she attends meetings of the Federal Open Market Committee in Washington, D.C., with the Bank’s president. She also oversees the Bank’s Payment Cards Center, which conducts research on consumer finance and payments, and the Bank’s Financial Statistics Department, which collects data and reports from financial institutions. Dr. Mester is also an Adjunct Professor of Finance at the Wharton School, University of Pennsylvania, and a Fellow at the Wharton Financial Institutions Center. She is a member of the Finance Department Advisory Council of the Fox School of Business and Management at Temple University and the Economics Advisory Council of the LeBow College of Business at Drexel University. Dr. Mester’s publications include research on the organizational structure and production efficiency of financial institutions, the theory of financial intermediation, agency problems and regulatory issues in banking, and central bank governance. She is an associate editor of several academic journals and serves on the management committee of the International Journal of Central Banking. She is a founding member and director of the Financial Intermediation Research Society, and a member of the American Economic Association and its Committee on the Status of Women in the Economics Profession, the American Finance Association, the Financial Management Association, and the Econometric Society. Dr. Mester earned a B.A. in mathematics and economics summa cum laude from Barnard College of Columbia University and a M.A. and Ph.D. in economics from Princeton University, where she held a National Science Foundation Fellowship.
Harvey R. Miller, Partner, Weil, Gotshal & Manges LLP
Harvey R. Miller is a partner in the New York City based international law firm of Weil, Gotshal & Manges, LLP where he had been a member of the firm’s management committee for over 25 years and created and developed the firm’s Business Finance & Restructuring department specializing in reorganizing distressed business entities. From September 2002 to March 2007, he was a managing director and vice chairman of Greenhill & Co.; adjunct associate professor of Law 1974-76, and adjunct professor of Law 1976 to present, New York University Law School; visiting lecturer, Yale Law School, 1983-84; lecturer in Law 2000 to present, Columbia University School of Law; member, board of visitors Columbia University School of Law through 2002; member, Dean’s Council Columbia University School of Law 2003-present; member, National Bankruptcy Conference; fellow, American College of Bankruptcy; fellow of the American Bar Foundation; trustee, Committee on Economic Development.
Ira M. Millstein, Senior Partner, Weil, Gotshal & Manges LLP
Ira M. Millstein is a senior partner at the international law firm Weil, Gotshal & Manges LLP, where, in addition to practicing in the areas of government regulation and antitrust law, he has counseled numerous boards on issues of corporate governance, including the boards of General Motors, Westinghouse, Bethlehem Steel, WellChoice (fka, Empire Blue Cross), the California Public Employees' Retirement System (CalPERS), Tyco International, The Walt Disney Co., the New York State Metropolitan Transportation Authority, the Ford Foundation, The Nature Conservancy and Planned Parenthood Federation of America, among others. Mr. Millstein is a member of the board of the National September 11 Memorial & Museum at the World Trade Center and serves as pro bono counsel to the Board of Directors of the Lower Manhattan Development Corporation, the agency overseeing the redevelopment of Lower Manhattan. Mr. Millstein, appointed by former Governor George Pataki as Chairman of a New York State Commission on Public Authority Reform, which led to the 2009 Public Authorities Reform Act, is currently Chairman of the Governor's Task Force on implementation of the Act.
Edward R. Morrison, Harvey R. Miller Professor of Law and Economics, Columbia Law School
Edward R. Morrison is the Harvey R. Miller Professor of Law and Economics at Columbia Law School and co-director of the Richard Paul Richman Center for Business, Law, and Public Policy at Columbia University. Dr. Morrison received his J.D. and Ph.D. (economics) degrees from the University of Chicago; he received bachelor’s degrees in accounting and economics from the University of Utah. Before joining Columbia, Dr. Morrison clerked for Judge Richard A. Posner of the U.S. Court of Appeals for the Seventh Circuit and for Justice Antonin Scalia of the Supreme Court of the United States. Dr. Morrison’s work addresses issues relating to corporate reorganization, consumer finance and mortgage markets, small business bankruptcy, and financial derivatives. His scholarly writing has appeared in several books and in the Journal of Law and Economics, Journal of Legal Studies, Columbia Law Review, Yale Journal on Regulation, Journal of Legal Analysis, American Bankruptcy Law Journal, American Bankruptcy Institute Law Review, and other academic publications. In 2007 he became a conferee of the National Bankruptcy Conference, which has advised Congress on every significant piece of bankruptcy legislation since the early 1940s. In 2009 he co-authored a white paper on foreclosure mitigation strategies and testified on the foreclosure crisis before the Financial Services Committee of the U.S. House of Representatives. Recently, he was appointed to the Advisory Committee on Bankruptcy Rules, which advises the U.S. Supreme Court on rules of procedure in bankruptcy cases.
Katharina Pistor, Michael I. Sovern Professor of Law, Columbia Law School
Katharina Pistor is Michael I. Sovern Professor of Law at Columbia Law School, Director of the School’s Center on Global Legal Transformation and serves as a member of Columbia University’s Committee on Global Thought. She previously taught at the Kennedy School of Government, and worked at the Max Planck Institute for Foreign and International Private Law in Hamburg, Germany and the Harvard Institute for International Development. Her research focuses on the development of legal institutions in the context of social and economic transformations. In the 1990s Dr. Pistor worked predominantly on transition economies in Central and Eastern Europe and Russia, where she conducted extensive field research. Since then, her research had expanded to other emerging markets (in East Asia) and the impact of globalization on the transformation of law and legal institutions. Dr. Pistor is the Principal Investigator of the “Global Finance and Law Initiative”, a collaborative research project aimed at re-conceptualizing the relation of finance to law, a project funded by INET.
Recent publications include “Governing Financial Interdependence: Lessons from the Vienna Initiative” (Journal of Globalization and Development, 2011); “Global Network Finance” (Journal of Comparative Economics, 2009); and with Curtis Milhaupt, “Law and Capitalism: What Corporate Crises Reveal about Legal Systems and Economic Development Around the World” (Chicago University Press 2008).