Fernando Zapatero is the Richard D. Cohen Professor in Finance at the Questrom School of Business , Boston University. His office is located in the Rafik B. Hariri Building at 595 Commonwealth Avenue, Boston, MA 02215. Email: fzapa@bu.edu His research focuses on asset pricing , risk aversion , and investment behavior , with recent work exploring the economic foundations of demand for skewness , climate finance , and technological transitions . He has extensively studied the effects of heterogeneous investment horizons and convex incentives on financial markets. Selected Research Themes: Asset Pricing Implications of Behavioral Biases Climate Finance and Technological Innovation Dynamic Portfolio Allocation Options Market Anomalies Government Grants in Deep Tech Commercialization
Professor Tse-Chun Lin serves as Professor and Head of the Finance Area at HKU Business School, The University of Hong Kong. He joined HKU in 2009 as Assistant Professor, achieving tenure and promotion to Associate Professor in 2015 and full Professor in 2018. His research appears in premier journals including American Economic Review, Journal of Financial Economics, and Review of Financial Studies, with coverage in The Economist, WSJ, and Bloomberg. His academic credentials include: Ph.D. in Economics, University of Amsterdam M.Phil. in Economics, Tinbergen Institute M.B.A., National Chengchi University B.A. in Economics, National Taiwan University Professor Lin's research centers on Behavioral Finance, Empirical Asset Pricing, and Financial Markets. He investigates how cognitive limitations, psychological biases, and information asymmetry influence investor decisions and market dynamics. His work frequently employs large-scale datasets and natural experiments to document phenomena like social media's impact on local information advantages, psychological barriers in cross-firm return predictability, and behavioral drivers of trading anomalies. His methodologies often bridge experimental design with real-world market data to isolate causal relationships. Analysis of his recent publications reveals consistent focus on behavioral mechanisms in financial markets, with increasing emphasis on societal implications (e.g., stock market losses linked to domestic violence) and novel data sources (e.g., social media). His work demonstrates methodological rigor through repeated natural experiments and large-sample analyses, contributing significantly to understanding market inefficiencies and investor psychology. Professor Lin has advised doctoral students including Vesa Pursiainen (co-author on crowdfunding research). As Finance Area Head, he leads academic strategy and curriculum development. His research program reflects sustained funding through HKU appointments and collaborative projects with international scholars.
Daniel W. Green is an Assistant Professor of Business Administration in the Finance Unit at Harvard Business School , Harvard University. He teaches Finance II to MBA students and pursues research at the intersection of corporate finance, capital markets, and financial intermediation. Education: PhD in Financial Economics – MIT Sloan School of Management BA in Economics & Mathematics – University of Rochester Research Interests: Professor Green’s scholarship centers on how the organization of financial markets shapes firm capital structure and broader economic activity. Current projects explore socially responsible capital allocation, bank exit policies in energy lending, transaction-tax externalities in real-estate markets, and retirement-income innovation. His work spans both theoretical modeling and empirical analysis, drawing on settings as diverse as high-yield debt markets and microfinance. Publications Profile: Across 16 refereed articles, working papers, and Harvard cases, Green’s recent output tackles pressing policy and market questions—from the fiscal impact of Los Angeles’ mansion tax to the real effects of bank divestment from coal. Collectively, these studies illuminate how financing frictions, regulatory policies, and investor preferences jointly determine capital flows, firm behavior, and household welfare. Teaching & Case Development: In addition to Finance II, Green has authored or co-authored multiple award-winning HBS cases covering divestment strategy (Harvard Endowment), retirement product design (RTX Lifetime Income), and competitive bidding (Anadarko Petroleum). Contact: Email: dgreen@hbs.edu Office: 235 Baker Library, Harvard Business School, Boston, MA 02163
Assoc Prof Haoming Liu is an Associate Professor in the Department of Economics at National University of Singapore. His research focuses on applied economics, econometrics, and labor economics, with a particular emphasis on labor and demographic economics, health, education, and welfare, as well as economic development and technological change. His work often examines the intersections between environmental factors (e.g., heat, pollution) and economic outcomes, such as labor productivity, crime rates, and educational attainment. He has also contributed to studies on minimum wage policies, housing markets, and fertility-education trade-offs in developing economies. Education: PhD in Economics from the University of Western Ontario, Canada. Research highlights include analyzing the impact of heat on economic activity in tropical cities like Singapore, the effects of air pollution on labor productivity in China, and the role of discount rates in long-term housing market decisions. His teaching interests span labor economics, income distribution, and applied econometrics. Key contributions include demonstrating how heat influences workplace attendance and student performance in air-conditioned versus non-air-conditioned environments, and how minimum wage increases reduce urban crime disparities between low- and high-income communities. His articles frequently employ innovative econometric methods to address policy-relevant questions, such as optimal contest design, microgrid energy trading mechanisms, and urban density pricing in housing markets.
Viral V. Acharya is the C.V. Starr Professor of Economics in the Department of Finance at New York University Stern School of Business. He is a Research Associate at the National Bureau of Economic Research (NBER), a Research Affiliate at the Center for Economic Policy Research (CEPR), and a Research Associate at the European Corporate Governance Institute (ECGI). He previously served as Deputy Governor of the Reserve Bank of India (2017–2019), with responsibilities in monetary policy, financial markets, and financial stability. He is currently Director of Doctoral Education at NYU Stern (2025–), Advisor to the NYU Stern Henry Kaufman Initiative on Financial History (2023–2026), and a Scientific Advisor to the Sveriges Riksbank (2024–). He is also a member of the Climate-related Financial Risk Advisory Committee (CFRAC) of the Financial Stability Oversight Council (2023–2026), the Bellagio Group, and the Financial Advisory Roundtable of the Federal Reserve Bank of New York. Education: B.Tech. in Computer Science and Engineering, Indian Institute of Technology, Mumbai (1995) Ph.D. in Finance, New York University Stern School of Business (2001) His research focuses on systemic risk, financial regulation, sovereign and financial linkages, credit and liquidity risk, and the macroeconomic implications of financial frictions. He has also recently explored risks related to pandemics and climate change. His recent publications examine commercial real estate exposure in banks, spillover risks from non-banks, U.S. Treasury market dynamics, and industrial policy in India. The body of work consistently emphasizes financial stability, regulatory design, and the interaction between public policy and financial markets. Scientific Awards: Alexandre Lamfalussy Senior Research Fellowship, Bank for International Settlements (2017) Inaugural Banque de France – Toulouse School of Economics Junior Prize (2011) Senior Houblon-Norman Research Fellowship, Bank of England (2008) Clarivate Analytics Highly Cited Researcher (2020–2022) Acharya has held numerous editorial and leadership roles, including Editor of the Journal of Law, Finance and Accounting (2014–2016, 2020–), member of the Editorial Committee of the Annual Review of Financial Economics (2022–), Board Member of the American Finance Association (2024–), and Director of the Western Finance Association (2012–2015). He has served as an Academic Advisor to multiple Federal Reserve Banks and international institutions including the IMF, World Bank, and BIS. He advises on financial policy globally and is a frequent commentator in major media outlets. He is not known to advise specific students, but his leadership in doctoral education at NYU Stern underscores his role in mentoring the next generation of finance scholars. He is affiliated with research centers and policy initiatives focused on financial history, climate risk, and financial stability.
Professor Damian Damianov holds the Chair in Finance at Durham University Business School. His research examines asset pricing anomalies, housing market dynamics, and household financial behavior, with particular focus on boom-bust cycles in real estate and cryptocurrency markets. Methodologies combine econometric analysis with behavioral experiments to study price formation mechanisms. Recent work investigates housing affordability policies, wealth accumulation pathways, and cross-market contagion effects. His laboratory develops novel experimental designs to test auction mechanisms and fundraising strategies for charitable organizations. Current projects analyze: (1) Property tax compliance in shared occupancy arrangements; (2) Uncertainty transmission across cryptocurrency markets; (3) Lifecycle models of household wealth management.
Prof. Michael HALLING is a Full Professor in Sustainable Finance at the University of Luxembourg's Faculty of Law, Economics and Finance, Department of Finance. His work focuses on sustainable finance, corporate finance dynamics, climate risk assessment, and financial regulation. He holds the prestigious Chair in Sustainable Finance and has published extensively on topics like MiFID II compliance, mutual fund fee structures, and post-pandemic market recovery. Contact: michael.halling@uni.lu Research Interests : Prof. HALLING’s research bridges theoretical finance with practical applications, emphasizing sustainable investment practices, corporate debt management, and regulatory frameworks. Key themes include: Climate risk modeling using public news sentiment analysis Impact of behavioral preferences on corporate investment decisions Automated compliance systems for financial institutions Market dynamics during crises (e.g., pandemic effects on capital access) Recent Publications Trends : Recent works analyze MiFID II regulatory impacts (2024), stochastic modeling of corporate investment (2023), and firm-specific climate risk quantification. His 2020 studies explored pandemic-driven shifts in corporate financing strategies. Awards : No awards explicitly mentioned in the provided texts. Grants & Advising : No student advisees or grant details provided in available data. Labs/Teams : No specific research group affiliations listed.
Michael T. Durney is an Assistant Professor in the Department of Accounting at the University of Iowa's Tippie College of Business. His research focuses on judgment and decision-making in financial reporting, with implications for corporate disclosures and investor behavior. He holds a PhD in Accounting from Cornell University, an MS in Management from Cornell University, and a MAC in Professional Accountancy and BS in Accounting from Brigham Young University. Durney is a Certified Public Accountant (CPA) in the State of Georgia. Research Interests Judgment and decision-making in financial reporting Corporate disclosure practices Investor decision-making processes Scientific Awards Gilbert P. Maynard Excellence in Accounting Instruction Award (2025, 2022) Outstanding Doctoral Dissertation - American Accounting Association (2020) Deloitte Foundation Doctoral Fellowships (2017-2019) AAA/Deloitte Doctoral Consortium Fellow (2018) Multiple University of Iowa teaching and mentorship awards (2023-2025) Recent Publications Investigated earnings forecasting in remote work environments (2025) Analyzed CEO activism impacts on investor decisions (2024) Explored segment reporting limitations (2024) Examined private communication dynamics with investors (2023-2024) Licenses Certified Public Accountant (CPA), State of Georgia (2014)
Emanuele Colonnelli is the Joseph L. Gidwitz Professor of Finance and Entrepreneurship at the University of Chicago Booth School of Business. He serves as Board Member and Co-Chair of the Finance Sector at J-PAL, leads the Finance and Entrepreneurship theme at PEDL, co-directs BFI LATAM, and is a Research Associate at NBER, CEPR, and BREAD. He founded the Chicago Booth Entrepreneurship Research Lab and directs Undergraduate Studies in Entrepreneurship at the University of Chicago. Education: PhD in Economics, Stanford University (2018) MSc in Economics, Bocconi University BSc in Economics, University of Siena Visiting Scholar, Pembroke College, Oxford University Research Interests: Colonnelli's work focuses on the intersection of finance, development economics, and political economy. His primary investigations examine high-growth entrepreneurship, government-firm-investor dynamics, venture capital in emerging markets, corruption mechanisms, ESG impact, and bankruptcy systems. His methodology emphasizes large-scale field experiments across 16+ emerging economies. Publication Trends: His research consistently employs field experiments and administrative microdata to analyze institutional impacts on firms. Recent work demonstrates growing emphasis on ESG polarization, public procurement integrity, bankruptcy stigma, and political influences in labor markets – frequently set in Brazil, China, and Uganda. Awards and Honors: 2023 Carlo Alberto Medal (top Italian economist under 40) Poets & Quants 40 Under 40 Best MBA Professors Leadership and Grants: As founding director of the Chicago Booth Entrepreneurship Research Lab, he oversees investigations into global entrepreneurial ecosystems. He secured multiple grants through PEDL, BFI, and J-PAL to support field experiments in developing economies. At Booth, he developed the first MBA course on emerging markets venture capital.
Marti G. Subrahmanyam is the Charles E. Merrill Professor of Finance, Economics and International Business at the Leonard N. Stern School of Business, New York University , and a Global Network Professor of Finance at NYU Shanghai . He holds a PhD in Finance and Economics (MIT, 1974) , a post-graduate diploma from the Indian Institute of Management, Ahmedabad (1969) , and a B.Tech. in Mechanical Engineering from IIT Madras (1967) , where he has also served as a visiting professor. His career spans over five decades, with editorial roles at top journals like Journal of Finance and Review of Financial Studies . Research Focus : Derivatives markets, corporate finance, fixed income, market microstructure, ESG investing, and quantitative easing. Academic Leadership : Founded NYU Stern and NYU Shanghai Undergraduate Honors Programs, served on over 85 doctoral committees, chaired 35. Scientific Awards : New York University Distinguished Teaching Medal (2003) Anneliese Maier Award (2016) - First economist to receive this honor Distinguished Alumnus Awards from IIT Madras (2004) and IIM Ahmedabad (2011)
Roine Vestman is a Professor of Economics at Stockholm University and a visiting researcher at the Swedish House of Finance. He serves as the director for CeMoF and is a Research Fellow at CEPR. Additionally, he holds significant advisory positions including board member at AP7 (Sjunde AP-fonden), scientific advisor to the Swedish Debt Office (Riksgälden), and has previously advised the Swedish FSA (Finansinspektionen) and government inquiries on macroprudential policy. Vestman's educational background includes: Ph.D. in Economics from New York University, USA M.Sc. degree from Stockholm School of Economics Professor Vestman's research focuses on household finance, examining how individuals make consumption, savings, and housing decisions and how these choices impact the broader economy. His work specifically investigates pension plan design, the functioning of mutual fund industries, and household debt dynamics. His research combines theoretical models with empirical analysis of detailed Swedish data to provide insights into financial behavior and policy implications. Vestman has made significant contributions to understanding how default options in pension systems can be optimized to improve outcomes for passive investors. His recent publications demonstrate a strong focus on household financial decision-making, with particular attention to pension systems, housing markets, and investment behavior. Vestman's work often employs sophisticated empirical methods using detailed administrative data from Sweden, allowing for nuanced analysis of household financial behavior. A recurring theme across his publications is the examination of how financial institutions and policies affect individual economic outcomes, with implications for designing better financial products and regulatory frameworks. Through his advisory roles at AP7, the Swedish Debt Office, and previous engagements with Sveriges Riksbank and Finansinspektionen, Vestman actively translates his research into practical policy recommendations. His work on default pension fund allocation has particularly influenced discussions about how to improve retirement savings systems through personalized approaches that consider individual financial circumstances beyond just age.
Erin Bell is a Professor in the Department of Civil and Environmental Engineering at the University of New Hampshire . She holds a Ph.D. in Structural Engineering from Tufts University and has extensive experience in structural health monitoring, finite element modeling, and infrastructure sustainability. B.C.E., Georgia Institute of Technology M.S., Civil Engineering, Tufts University Ph.D., Structural Engineering, Tufts University Her research focuses on structural health monitoring, bridge condition assessment, and integrating AI techniques like artificial neural networks and deep reinforcement learning for infrastructure asset management. Recent work includes equitable maintenance strategies for aging bridges in flood-prone zones and tidal energy conversion for sustainable bridge monitoring systems. Key trends in her publications include the application of machine learning to structural analysis, finite element model calibration, and climate change adaptation in transportation infrastructure. She has led projects on deep reinforcement learning for bridge scour maintenance, modal-based uncertainty quantification, and multi-scale modeling of steel bridges. Grants and Collaborations : Erin Bell has secured funding from the National Science Foundation (NSF) , US Department of Energy (DOE) , and New Hampshire Department of Transportation . Notable projects include the Living Bridge initiative for tidal energy-powered smart infrastructure and statewide data exchange systems for bridge condition assessment.
Alan Sutherland is a Professor of Economics at the University of St Andrews' Business School. He specializes in international macroeconomics, monetary economics, and financial market integration. His research focuses on the macroeconomic implications of exchange rate policies, monetary policy regimes, and cross-country financial linkages. He leads projects funded by the Economic & Social Research Council, including 'The Macroeconomics of Financial Globalisation' (2011-2015) and 'Monetary Policy Welfare and International Financial Markets' (2006-2007). Research Interests: International macroeconomic policy design Exchange rate determination Financial market integration effects Numerical methods for macroeconomic modeling His recent work emphasizes the role of international financial flows in transmitting economic shocks between countries. He has developed influential solution methods for analyzing multi-country general equilibrium models. Key contributions include frameworks for understanding optimal monetary policy under incomplete financial markets and asymmetric information conditions. Scientific Recognition: 2013 Fellow of the Royal Society of Edinburgh Recipient of 2 ESRC-funded research grants
John C. Heaton is the Myron S. Scholes Distinguished Service Professor of Finance at the University of Chicago Booth School of Business and Director of the Anthony Pritzker Family Foundation - Family Office Initiative. He joined Chicago Booth in 2000 after serving as the Nathan S. and Mary P. Sharp Distinguished Professor of Finance at Northwestern University's Kellogg School of Management, with additional positions at MIT's Sloan School of Management and the Hoover Institution. Heaton maintains an active research affiliation as a research associate of the National Bureau of Economic Research. His educational background includes: Bachelor's degree in commerce from the University of Windsor (1982) Master's degree in economics from the University of Western Ontario (1984) PhD in economics from the University of Chicago (1989) Heaton's research program centers on asset pricing, portfolio allocation, and time-series econometrics , with particular emphasis on understanding how macroeconomic fluctuations affect financial markets. His work investigates the long-run risk-return tradeoff in asset valuation and how background risks from labor and entrepreneurial income influence investment decisions. He approaches these questions through rigorous econometric analysis combined with economic theory, seeking to bridge the gap between academic research and practical investment challenges. Analysis of Heaton's publications reveals a consistent focus on market frictions and their implications for asset pricing and portfolio choice. His research demonstrates how transaction costs, borrowing constraints, and incomplete markets affect investor behavior and market outcomes. A distinctive contribution is his work on long-run risk components that influence asset valuations despite being realized far into the future. Heaton's scholarly achievements have been recognized through: Alfred P. Sloan Research Fellowship (1993-1995) National Science Foundation Fellowship (1993-1998) Ongoing research affiliation with the National Bureau of Economic Research As an educator, Heaton teaches advanced courses in asset pricing, financial instruments, fixed income, and investments, with a focus on connecting theoretical frameworks to real-world investment challenges. His directorship of the Family Office Initiative reflects his expertise in wealth management across generations. His research continues to influence both academic discourse and practical approaches to understanding risk in financial markets, with current teaching commitments extending through 2026.
Joseph L. Pagliari is a Clinical Professor of Real Estate at the University of Chicago Booth School of Business. With over 40 years of industry experience, he focuses his research and teaching on issues broadly surrounding institutional real estate investment, analyzing important questions from rigorous theoretical and empirical perspectives. His educational background includes: Bachelor's degree in Finance from University of Illinois-Urbana (1979) MBA from DePaul University-Chicago (1982) PhD in Finance from University of Illinois-Urbana (2002) Professor Pagliari's research centers on asset pricing, strategic use of leverage, portfolio allocation, joint ventures, hedonic pricing, and option-pricing theory. His work specifically addresses the risk-adjusted performance of core and non-core funds, principal/agent issues in incentive fees, comparisons between REITs and private real estate, real estate's pricing and return-generating process, real estate's role in mixed-asset portfolios, and analysis of high-yield financing. His research demonstrates how real estate characteristics impact investment decisions, pricing mechanisms, and portfolio construction across different market conditions and time horizons. His recent publications show a strong focus on understanding leverage dynamics in real estate debt markets, analyzing real estate returns by investment strategy, and examining the role of real estate in mixed-asset portfolios. Pagliari's work on high-yield lending reveals how asset-level volatility significantly impacts mezzanine debt returns, while his research on investment horizons demonstrates how time horizon affects optimal real estate allocations in portfolios. His analysis of credit spreads across different leverage ratios provides critical insights into real estate debt pricing over nearly three decades. Professor Pagliari has received significant recognition for his contributions to real estate research: 2015 winner of PREA's James A Graaskamp Award (recognizing significant research contributions to the common body of knowledge) He actively contributes to the academic and professional real estate community through board memberships and presentations. Pagliari serves on the board of the Real Estate Research Institute (RERI) and previously served on the Real Estate Information Standards (REIS) board. He has presented his research at numerous industry events including ARES, AREUEA, NCREIF, NAREIM, PREA, and ULI, as well as at the Federal Reserve Bank of Atlanta and before a subcommittee of the House of Representatives. His views have also been published in popular press outlets including Barron's and The Wall Street Journal. Professor Pagliari is deeply involved in the real estate academic community, serving as editor of the Handbook of Real Estate Portfolio Management and contributing to numerous academic and professional associations including the American Real Estate Society (ARES), American Real Estate and Urban Economics Association (AREUEA), Homer Hoyt Institute (where he is a Hoyt Fellow), National Association of Real Estate Trusts (NAREIT), National Council of Real Estate Investment Fiduciaries (NCREIF), Pension Real Estate Association (PREA), and Urban Land Institute (ULI).
