CAF Fellows

Every year, CAF invites a distinguished research scholar with outstanding achievement in his respective field to come and visit CAF as the Academic Fellow of the year. The Academic Fellow interacts with resident faculty in research and delivers the keynote address at our flagship summer research conference.

CAF Academic Fellow 2014- Laura Starks
Professor Laura Starks from the University of Texas at Austin will be the CAF Academic Fellow 2014. She will visit ISB during the summer research conference at the end of July 2014.
Starks, Laura T. Charles E. and Sarah M. Seay Regents Chair in Finance and Associate Dean for Research Laura Starks received her B.A. and Ph.D. from The University of Texas at Austin and her M.B.A. from The University of Texas at San Antonio. Her research and teaching interests include valuation of financial assets, portfolio management, corporate governance, the influence of institutional investors in financial markets, managerial incentives and environmental, social and governance investing. Every year CAF invites a world-leader in finance research as the CAF Academic Fellow for the year. Starks joins an illustrious group that includes Franklin Allen (2005), Richard Roll (2006), Raghuram Rajan (2007), Michael Brennan (2008), Ravi Jagannathan (2009), Sheridan Titman (2010), Anjan Thakor (2011), Douglas Diamond (2012) and Eduardo Schwartz (2013). 
CAF Academic Fellow 2013 – Eduardo Schwartz
Every year CAF invites a finance researcher of international standing to visit CAF as the Academic Fellow of the year. The Academic Fellow interacts with the resident faculty in research and delivers the keynote address at our flagship summer research conference.
Professor Eduardo Schwartz from the UCLA Anderson School of Management will be the CAF Academic Fellow 2013. In that capacity, he will visit ISB during the upcoming summer research conference at the end of July 2013.
Professor Schwartz is the California Chair in Real Estate and Land Economics at UCLA. He is known for pioneering research in several areas of finance, particularly derivatives. His major contributions include: the real options method of pricing investments under uncertainty; the Longstaff–Schwartz model - a multi-factor short-rate model; the Longstaff-Schwartz method for valuing American options by Monte Carlo Simulation; the use of Finite difference methods for option pricing. He has served as associate editor for more than a dozen journals, including Journal of Finance, Journal of Financial Economics and Journal of Financial and Quantitative Analysis. He is a research associate of the National Bureau of Economic Research and is a former president of the Western Finance Association and the American Finance Association. He shares these distinctions with several former CAF Academic Fellows. He has published more than 80 articles in finance and economics journals. 
Eduardo Schwartz earned a bachelor’s degree in Industrial Engineering from University of Chile in 1963. He earned master’s degrees in 1973 and  PhD in 1975 in Finance from University of British Columbia.
CAF Academic Fellow 2012 – Douglas W Diamond
Douglas W Diamond, Merton H Miller Distinguished Service Professor of Finance and Richard N Rosett Faculty Fellow, University of Chicago’s Graduate School of Business will be the CAF Academic Fellow 2012. In that capacity he will be the keynote speaker at the summer research conference when he visits the centre Diamond’s work focusses on the study of financial intermediaries, financial crises and liquidity and has been published in leading journals such as the Journal of Financial Economics, the Journal of Finance, the Review of Economic Studies, the American Economic Review and the Journal of Political Economy. He has received research grants from the National Science Foundation and the Garn Institute of Finance.
 
He has taught at Yale and was a visiting professor at the Hong Kong Institute of Science and Technology as well as the University of Bonn. He is a research associate of the National Bureau of Economic Research and worked for the Board of Governors of the Federal Reserve System while a graduate student. Diamond is on the Board of Directors of the Centre for Research in Security Prices and is a visiting scholar at the Federal Reserve Bank of Richmond since 1990. Diamond is  a former president of the American Finance Association and the Western Finance Association. He is also a fellow of the Econometric Society, the American Academy of Arts and Sciences and the American Finance Association (AFA). He joined  University of Chicago Booth in 1979. Diamond earned a bachelor’s degree in Economics from Brown University in 1975 and his master’s degrees in 1976 and 1977 and a PhD in 1980 in Economics from Yale University.
CAF Academic Fellow 2011 – Anjan Thakor

Anjan Thakor, Olin Business School, Washington University - St. Louis was the CAF Academic Fellow, 2011.Thakoris John E. Simon Professor of Finance and Director, PhD Programme, at the Olin School. He is also Research Associate, European Corporate Governance Institute (ECGI). Thakor has contributed to various areas of research in finance and economics, especially Corporate Finance, Financial Intermediation and Economics of Assymetric Information. He has received many teaching and research awards and honours and is a past President of the Financial Intermediation Research Society ( FIRS).

CAF Academic Fellow 2010 – Sheridan Titman

Sheridan Titman, holder of the McAllister Centennial Chair in Financial Services at the University of Texas at Austin, was the CAF Academic Fellow in 2010. He is a research associate at the National Bureau of Economic Research and a former president of Western Finance Association. He is the President-elect of American Finance Association (AFA).

In addition to his long and distinguished research career, he continues to contribute very actively and is focussed on research in various areas such as corporate finance, which, he finds common with most of our internal finance faculty. He also works extensively with junior colleagues.

CAF Academic Fellow 2009 – Ravi Jagannathan

Ravi Jagannathan, Chicago Mercantile Exchange/John F Sandler Professor of Finance and a Co-Director of the Financial Institutions and Market Research Centre at Kellogg School, was the CAF Academic Fellow in 2009 and visited the centre in July, 2009. Jagannathan’s research has been extensively covered in advanced textbooks of finance and economics. He has been published in such notable journals such as the Journal of Political Economy, Journal of Financial Economics, Journal of Finance and Review of Financial Studies. He was the Executive Director, Review of Financial Studies and was also on the editorial boards of several other leading academic journals. He is a member of the Board of Directors of the AFA and a research associate of the National Bureau of Economic Research. Jagannathan has been associatedwith the CAF since itsfirst research conference in 2004 and continues to participate in CAF research activities. He is also a member of the CAF advisory Board.

CAF Academic Fellow 2008 – Michael Brennan

Michael Brennan,UCLA Anderson and London Business School was the CAF Academic Fellow 2008 and the keynote speaker at the CAF’s flagship summer research conference that year. Brennan’s research interests include asset pricing, corporate finance, the pricing and role of derivative securities, market microstructure and the role of information in capital markets. He has been extensively published and is currently working on research in the problem of asset allocation when investors face time-varying opportunity sets, initial public offerings and the allocation of control rights in the corporation, the determinants of international portfolio investment flows, the role of convertible securities in corporate finance and corporate hedging strategies. A former president of the AFA, , he has been editor of the Journal of Finance and was the founding editor of the Review of Financial Studies. He has also served as consultant to several corporations in Canada and the US.

CAF Academic Fellow 2007 – Raghuram Rajan

Raghuram G Rajan is an Indian economist who serves as the Chief Economic Adviser to the Government of India. He also serves as Eric J. Gleacher Distinguished Service Professor of Finance at the Booth School of Business at the University of Chicago. Mr. Rajan is also a visiting professor for the World BankFederal Reserve Board, and Swedish Parliamentary Commission.
He formerly served as the president of the American Finance Association and was the chief economist of the International Monetary Fund (IMF). Mr. Rajan's previous work with the Indian government includes his helmsmanship of a Planning Commission-appointed committee on financial reforms, and as honorary economic adviser to Prime Minister Manmohan Singh.
 
He  was the CAF Academic Fellow for 2007. He visited the Centre in 2007 and delivered the keynote address during the Summer Research Conference in August 2007. Mr. Rajan was the force behind CAF’s birth, and, along with Professor Bhagwan Chowdhry, drafted the concept note for CAF. They also recruited Professor Sankar De from Haas School of Business, Berkeley for the position of Executive Director of CAF in 2003 and CAF was born the year after. Professor Rajan had already been closely involved with the ISB and was the first Area leader in finance during the ISB’s formative years, a position he relinquished when he moved to the IMF in 2003. CAF researchers are currently working with him on a project of national policy importance.

CAF Academic Fellow 2006 – Richard Roll

Richard Roll, holder of the Japan Alumni Chair in Finance at UCLA Anderson, was the Academic Fellow at CAF in 2006. Currently, he is a principal at the consulting firm Compensation Valuation, Inc. He has worked onthe Boeing 727 during his sojourn in the Boeing Company in the early 1960s and also wrote the operating manual for the first stage booster of the Saturn Moon rocket. During 1985-87, he was a vice-president of Goldman Sachs & Co., where he founded and directed the mortgage securities research group. He has been a consultant for and has served on several boards of many corporations, law firms, and government agencies.Professor Roll was on the faculty of Carnegie-Mellon University, the European Institute for Advanced Study of Management in Brussels and the French business school, Hautes Etudes Commerciales, near Paris. He joined the UCLA faculty in 1976.

He has published two books and more than seventy articles in technical journals. His 1968 doctoral thesis won the Irving Fisher Prize as the best American dissertation in economics. He has won the Graham and Dodd award for financial writing three times and the Leo Melamed Award for the best financial research by an American business school professor. Professor Roll is a former president of the AFA and is a fellow of the Econometric Society. He has been an associate editor of eleven different journals in finance and economics.

CAF Academic Fellow 2005 – Franklin Allen

Professor Franklin Allen, currently the Nippon Life Professor of Finance, Professor of Economics, Co-Director, Financial Institutions Centre, the Wharton School, University of Pennsylvania, visited CAF as the first Academic fellow in August 2005. He attended the inaugural meeting of CAF advisory board, was the keynote speaker at the Summer Research Conference in August 2005 and worked on a research project in law institutions, finance and growth.

Professor Allen is currently the Nippon Life Professor of Finance, Professor of Economics, Co-Director, Financial Institutions Centre, The Wharton School,University of Pennsylvania. Professor Allen has been with the Wharton School since 1980, named Nippon Life Professor of Finance in 1994, and has been Co-Director, Financial Institutions Centre since 2000. A former president of the AFA, he has also held visiting appointments at University of Oxford, University of Tokyo, University of Frankfurt and Princeton University. He has received several other recognitions for his teaching and research work whichinclude corporate finance, asset pricing and economics of information. With his support, the Financial Institutions Centre at Wharton and CAF agreed to hold joint biennial conferences, the first of which was heldin April, 2007 at Wharton School.