Roundtable on the Regulation SHO Pilot
Participant Bios, Afternoon Session
Larry Harris holds the Fred V. Keenan Chair in Finance at the USC Marshall School of Business. His research, teaching, and consulting address regulatory and practitioner issues in trading and in investment management. He has written extensively about trading rules, transaction costs, index markets, and market regulation. His introduction to the economics of trading, Trading and Exchanges: Market Microstructure for Practitioners (Oxford University Press: 2003), is widely regarded as a “must read” for entrants into the securities industry.
Chairman Harvey Pitt appointed Dr. Harris to serve as Chief Economist of the U.S. Securities and Exchange Commission in July 2002 where he continued to serve under Chairman William Donaldson through June 2004. As Chief Economist, Harris was the primary advisor to the Commission on all economic issues. He contributed extensively to the development of regulations implementing Sarbanes-Oxley, the resolution of the mutual fund timing crisis, the specification of Regulation NMS (National Market System), the promotion of bond price transparency, and numerous legal cases. Harris also directed the SEC Office of Economic Analysis in which 35 economists, analysts, and support staff engage in regulatory analysis, litigation support, and basic economic research.
Professor Harris currently serves as a director of the Clipper Fund and as the research coordinator of the Institute for Quantitative Research in Finance (the Q-Group). In the past, he has served as an associate editor of the Journal of Finance, the Review of Financial Studies, and the Journal of Financial and Quantitative and Analysis. Other professional service has included year-long assignments to the U.S. Securities and Exchange Commission and to the New York Stock Exchange immediately following the Stock Market Crash of 1987. Dr. Harris has also worked at UNX, Inc., an electronic pure agency institutional equity broker, and at Madison Tyler, LLC, a broker-dealer engaged in electronic proprietary trading in various markets.
Dr. Harris received his Ph.D. in Economics from the University of Chicago in 1982.
Professor Kyle joined the University of Maryland faculty as the Charles E. Smith Professor of Finance at the Robert H. Smith School of Business in August 2006. He earned is B.S. degree in mathematics from Davidson College in 1974, studied philosophy and economics at Oxford University as a Rhodes Scholar from Texas (1974), and completed his Ph.D. in economics at the University of Chicago in 1981. He was a professor at Princeton University’s Woodrow Wilson School from 1981-1987, at the University of California’s Haas Business School in Berkeley from 1987-1992, and at Duke University from 1992-2006.
Professor Kyle’s research focuses on market microstructure. His research includes topics such as informed speculative trading, market manipulation, price volatility, the information content of market prices, and market liquidity. His current research also deals with concepts from industrial organization to model the valuation dynamics of growth stocks and value stocks by applying techniques used to value real options.
His teaching interests include market microstructure, venture capital and private equity, corporate finance, option pricing, and asset pricing.
He was elected Fellow of the Econometric Society in 2002. He is currently a board member of the American Finance Association. He served as a staff member of the Presidential Task Force on Market Mechanisms (Brady Commission), after the stock market crash of 1987.
Owen Lamont is Professor of Finance at Yale School of Management, and is a Research Associate at the National Bureau of Economic Research. He obtained a B.A. in Economics and Government from Oberlin College in 1988, and a Ph.D. in Economics from the Massachusetts Institute of Technology in 1994. Before moving to Yale in 2003, he taught at Princeton and the University of Chicago. He has received numerous prizes and awards, including fellowships from the National Science Foundation and the Alfred P. Sloan Foundation. His research is in asset pricing and corporate finance, and has published academic papers on short selling, stock returns, bond returns, closed-end funds, and corporate diversification. At Yale he teaches a course in Behavioral Finance.
As of July 2006, he is on leave from Yale University and working for DKR Fusion Management, LP.
Bruce N. Lehmann is a professor of finance and economics in the Graduate School of International Relations and Pacific Studies of the University of California, San Diego. Prior to joining IR/PS in 1992, he was on the faculty of the Department of Economics and the Graduate School of Business at Columbia University for eleven years. Professor Lehmann is a specialist in financial economics, with expertise in the pricing of capital assets, their volatility, and the markets in which they trade. His main research interests include empirical tests of asset pricing models, the analysis of short-run stock price fluctuations, and the microstructure of securities markets, with recent emphasis on the behavior of Japanese financial markets. Lehmann is the author of numerous articles in leading scholarly journals, including the Journal of Finance; the Journal of Financial Economics; Macroeconomic Dynamics; the Quarterly Journal of Economics; and the Journal of Econometrics. He is also the author of the entry "Empirical Testing of Asset Pricing Models" in the New Palgrave Dictionary of Money and Finance. Lehmann is founding co-editor of the Journal of Financial Markets and has served as associate editor of the Review of Financial Studies and the Review of Quantitative Finance and Accounting. He has served as a director of the Western Finance Association, a member of the Scientific Advisory Board of Investment Technology Group, Inc. and on the boards of directors of First Boston Investment Funds, Inc. and of BEA Associates, Inc. Lehmann currently serves on the Investment Advisory Board of the University of California Retirement System and Endowment and on the Investment Committee of the UC San Diego Foundation. He has earned many honors and distinctions: he was a Batterymarch Fellow, the most prestigious award given to scholars in finance; an Olin Fellow at the National Bureau of Economic Research; and a National Fellow at the Hoover Institution on War, Revolution and Peace at Stanford University. He is the only person to receive all three distinctions.
He earned his A.B. in economics and history magna cum laude from Washington University and his M.A. and Ph.D. degrees in economics from the University of Chicago.
Richard Lindsey is President of Bear, Stearns Securities Corporation and a member of the Management Committee of The Bear Stearns Companies Incorporated. With over $2 billion in capital and $250 billion in assets, BSSC is the global leader in providing comprehensive Prime Broker, Broker-Dealer and Registered Investment Advisor clearing services, processing trades for more than 2,600 entities in 73 countries. In addition, Dr. Lindsey is a Senior Managing Director of Bear, Stearns & Co. Inc., where he serves on the firm’s Board of Directors, the Operations Committee, the Principal Activities Committee, the Wealth Management Services Advisory Committee, President’s Advisory Council, and is Chairman of both the Client Review Committee and the Best Execution Committee. In addition to his responsibilities at Bear Stearns, Dr. Lindsey is the Vice Chairman of the Board of Directors of the Options Clearing Corporation and is Chairman of the International Association of Financial Engineers.
Prior to joining Bear Stearns, Dr. Lindsey was the Director of Market Regulation for the U.S. Securities and Exchange Commission. In that position, he was responsible primarily for administering the SEC’s programs for the oversight of securities markets and securities professionals such as broker-dealers, transfer agents, the stock and option exchanges, the National Association of Rule-making Board and clearing agencies, as well as trading practices in connection with the issuance of securities. Before becoming Director, Dr. Lindsey was the Chief Economist of the Securities and Exchange Commission. Before joining the SEC, he was a Finance Professor at Yale University in the School of Management. Dr. Lindsey has done extensive work in the areas of market micro-structure (the design of algorithmic trading strategies) and the pricing of derivative securities. He has held the positions of Visiting Academic at the Nikko Research Institute of Tokyo, Japan, and Visiting Economist at the New York Stock Exchange. Before entering academia, Dr. Lindsey was a research engineer for Owens Corning Fiberglass and later worked for Certain Teed Corporation, first as manager of process engineering and then as the plant manager of the company’s Dallas manufacturing facility. He has a B.S. in Chemical Engineering from Illinois Institute of Technology, an M.S. in Chemical Engineering from University of California, Berkeley, an M.B.A. from the University of Dallas, and a Ph.D. in Finance from the University of California, Berkeley.
George Sofianos joined Goldman Sachs in 2001 and he is leading the firm’s Equity Execution Strategies group. Prior to joining Goldman Sachs, he was Head of Research at the New York Stock Exchange.
Mr. Sofianos also worked at the Federal Reserve Bank of New York, in the Financial Studies department and at the Open Markets Desk. He began his career teaching finance at the Stern Graduate School of Business, New York University.
Mr. Sofianos has published research on execution strategies, trading costs, market structure, the cross-listing and trading of non-U.S. stocks, market-maker trading behavior, stock price behavior on expirations, the impact of program trading on intraday stock price volatility, and index arbitrage.
He holds B.Sc and M.Sc. degrees from the London School of Economics and received his Ph.D. in economics from Harvard University.
Mr. Sofianos is a Practitioner Director of the Financial Management Association (FMA) and an Associate Editor of the Journal of Trading.