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Biography
Education
Ph.D., The Pennsylvania State University, 1972; B.A., State University of New York at Binghamton, 1967
Research Areas
Investments, international finance, financial markets and institutions, monetary economics
Recent Consulting
New York Stock Exchange, the Congressional Budget Office, the World Bank, and major corporations and financial institutions
Current Projects
"The Integration of the Mortgage and Capital Markets: Why Do We Still Need GSEs?"
"The Governance of GSEs and the Contingent Liability of the Treasury: Does the Unique Public Private Board Provide Appropriate Oversight"
"Potential Work on Private Equity access to Project Financing in the Secondary Market"
Academic Positions
Arizona State University: 1973-2010.
Professional Leadership and Service
2008-09: 50 radio, television and print interviews on topics of the current financial crisis, various government and Federal Reserve programs, regulatory proposals for the financial system, and quantitative monetary policy.
Department of Finance, 1991-2004; American Finance Association, American Economic Association, Western Finance Association, Financial Management Association
Corporate and Public Sector Leadership
Economist, The Federal National Mortgage Association, 1972-1973
Representative Publications
"Listing Venue, Trade Execution Costs, and Industry Return Volatility: The case of Technology Stocks," (with H. Bessembinder), September/October 1998, The Financial Analysts Journal.
"A Cross-Exchange Comparison of Execution Costs and Information Flow for NYSE-listed Stocks," (with H. Bessembinder), Journal of Financial Economics, December 1997.
"A Comparison of Quotations, Trading Costs, and Volatility for NYSE and Nasdaq-listed Stocks," (with H. Bessembinder), Journal of Financial and Quantitative Analysis, September 1997.
