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U.S. Securities and Exchange Commission

Roundtable on the Regulation SHO Pilot
Participant Bios, Morning Session

Gordon J. Alexander

Gordon J. Alexander is a Professor of Finance and holds the John Spooner Chair in Investment Management at the Carlson School of Management. He received his B.S. in Business Administration from the State University of New York at Buffalo, and his M.B.A., M.A. in Mathematics, and Ph.D. in Finance from The University of Michigan. His current research involves short selling, risk management, and mutual funds. He has published in numerous journals, including the Journal of Finance, Journal of Financial Economics, Journal of Monetary Economics, Review of Financial Studies, Journal of Business, Journal of Economic Dynamics and Control, Journal of Financial Intermediation, Management Science, and Financial Management. He is the co-author of three books on investments and portfolio analysis; one of his co-authors is Nobel Laureate William F. Sharpe of Stanford University. He is currently First Vice President of the Midwest Finance Association, and has been a Director of the Financial Management Association and an Academic Economic Fellow at the U. S. Securities and Exchange Commission.

Charles M. Jones

Charles M. Jones is Professor, Finance and Economics at Columbia University’s Graduate School of Business, where he has been on the faculty since 1997. His research is broadly in the area of the microstructure of securities markets and its implications for prices of financial assets. He is noted for his work on short sales and transaction costs, and is particularly known for his use of innovative, often historical data to examine market structure and organization. He is the author of many published articles appearing in outlets ranging from the Journal of Financial Economics to Barron’s.

During the 2002-2003 academic year, Jones was appointed the visiting economist in the Research Division of the New York Stock Exchange. For several years he has been a visiting scholar in the Capital Markets function of the Federal Reserve Bank of New York’s research division. Jones has also been on the faculty at Princeton University, and prior to doing graduate work at the University of Michigan, where he received his Ph.D. in finance in 1994, he was an investment banking analyst at Merrill Lynch.

At Columbia, Jones regularly teaches “Debt Markets,” a popular elective course targeted to MBA students intending to work in fixed income, debt capital markets, or investment banking, and in 2000 he was awarded the Singhvi Prize for scholarship in the classroom.

Frank M. Hatheway

Frank M. Hatheway is Chief Economist of the Nasdaq Stock Market Inc., and is responsible for a variety of projects and initiatives to support the Nasdaq market and improve its market structure. Prior to joining Nasdaq, Dr. Hatheway was a finance professor at Penn State University and a researcher in market microstructure. He has authored academic articles in the Journal of Finance, Journal of Financial Intermediation and other leading finance journals. Dr. Hatheway has served as an Economic Fellow and Senior Research Scholar with the U.S. Security and Exchange Commission. Dr. Hatheway received his Ph.D. in Economics from Princeton University.

Paul J. Irvine

Paul J. Irvine is an Assistant Professor of Finance in the Terry College of Business at the University of Georgia. His primary research covers capital markets and investment banking with a special focus on brokerage firms trading and intermediary functions. Recently he has published on mutual fund performance measurements in the Journal of Finance and on selective disclosure by analysts in the Review of Financial Studies. Professor Irvine regularly serves as a referee for over a dozen academic journals in both finance and accounting. His research has been cited in the financial press by the Wall Street Journal, Business Week, CNN and Investment Dealer Digest among other outlets and he has presented his research at the American Finance association meetings, the Western Finance association and the National Bureau of Economic Research. Prior to coming to Terry College, Professor Irvine was employed by Emory University and as a mergers and acquisitions representative at an investment bank. He received his Ph.D. in Financial Economics from the University of Rochester in 1996.

Adam Reed

Adam Reed is an Assistant Professor of Finance at The University of North Carolina’s Kenan-Flagler Business School.  He researches short selling, equity lending, capital markets and mutual funds.

His research has been published in the Journal of Finance and the Journal of Financial Economics, and it has been cited in The Wall Street Journal and The New York Times.

He worked as a research assistant for the Board of Governors of the Federal Reserve System.

Dr. Reed came to UNC Kenan-Flagler from Wharton, where he developed an executive education course in corporate finance for executives from the Toyota Corporation. At UNC, he teaches the core finance class in the MBA Program.

He received his PhD and masters degree in finance from the University of Pennsylvania and his BA in applied mathematics and economics from the University of California at Berkeley.

Ingrid Werner

Professor Werner’s research interests range from international finance to market microstructure, including the trading of British cross-listed securities both in London and in the U.S.; interdealer trading on the London Stock Exchange; the trades of NYSE floor brokers; and NASDAQ institutional trading. Werner is the Academic Director for the PhD programs at Fisher College, and teaches International Financial Management and Trading and Markets to MBA students and International Financial Management to undergraduates.

Werner is a director of the Western Finance Association. She served on the Economic Advisory Board of the NASD 1998-2000 and is currently on the Economic Advisory Board of the Finance Research Institute in Stockholm and on an Academic Advisory Board at Morgan Stanley & Co. She currently serves on the Editorial Board of the Journal of Empirical Finance, the Journal of International Financial Markets, Institutions & Money, and the Emerging Markets Finance Journal, and she was an associate editor for the Journal of Finance 2001-2003, and the Review of Financial Studies from 1998-2001.

Werner has an MBA and an Ekon. Lic. from the Stockholm School of Economics, and a PhD from the University of Rochester (1990). She joined the finance faculty at the Fisher College of Business in 1998. She held a National Fellowship at the Hoover Institution (Stanford University) during 1995-1996; she was the 1996-1997 Visiting Research Economist at the New York Stock Exchange, and the 2001-2002 Visiting Academic Fellow at NASDAQ.



Modified: 09/15/2006