Visiting Scholar Program

The Zell Center hosts occasional visiting scholars who contribute to the intellectual environment of the Center and the Kellogg School. Visitors typically stay from one day to one week, make presentations at seminars or conferences, and meet with students and faculty individually as well as in small groups. This provides an opportunity for potential collaboration on research and for enhancing student learning.

Visiting scholars for 2010-2011:

  • Dr. Joseph Swanson


Joseph Swanson, PhD          
Joseph Swanson was Professor of Finance at Northwestern University’s Kellogg School of Management from 1975 through 1986, and Adjunct Professor of Finance, 1988-2007. Since 2007 he has also been the Board Chair of Jos. Swanson & Co., a Milwaukee (WI) based management consulting firm. After leaving the faculty of the Kellogg School of Management in 1987, he joined the Chicago Corporation where he organized a transportation research and corporate finance team, specializing in the public offerings of the truckload transportation sector. In 1989 he moved to CalFed as Senior Vice President for Corporate Development, where he executed a sequence of acquisitions and divestitures that were widely-noted.] In 1991 Swanson resumed the CEO position at Jos. Swanson & Co. He has served, and continues to serve on many corporate boards of directors. He is a founding director of Cargo 360 and Cheetah Software Systems. He is a director of the Walker Group. He served a six-year term as trustee of the Evangelical Lutheran Church in America’s Board of Pensions, where he chaired its audit committee and served on its investment committee.

Visiting scholars for 2009-2010:

  • Professor Maria Teresa Gonzalez Perez
  • Professor Norris Larrymore
  • Mr. Ravi Mattu
  • Professor Myron Scholes
  • Mr. Scott Shay


Professor Maria Teresa Gonzalez Perez
Post-Doctoral Fellow at Northwestern University. Volatility and risk measurements, Applied Econometrics on Finance, Market Microstructure , 2008 — 2009

Assistant Professor at Universidad Complutense de Madrid; Assistant Professor at Universidad Complutense de Madrid. Economic Analyst (Economic Analist) at BMCA Inversiones, SL

Universidad Complutense de Madrid. Doctorado en Economia Cuantitativa (Phd Quantitative Economics) , Applied Econometrics, Finance , 1998 — 2007 
Universidad Complutense de Madrid Licenciatura en Economia (Graduate on Economics) , Economia Cuantitativa , 1993 — 1998

Professor Norris Larrymore
Assistant Professor of Finance, Quinnipiac University 
BS, Polytechnic University Brooklyn; MBA, University of Pennsylvania; PhD, Univ. of Arkansas-Fayetteville

Seminar on November 12, 2009: "Litigation Risk, Short Sales, and Informed Trading: The Case of Securities Class Action Lawsuits" (PDF 1.11MB/ 48Pages)

Mr. Ravi Mattu
Senior Managing Director, Chief Fixed Income Strategist, Citadel Investment Group.

Ravi Mattu joined Citadel from Lehman Brothers where he served as the Global Head of Equity and Fixed Income Research. Mr. Mattu is well known in the industry for leading an award winning and highly regarded fixed income and equity research team at Lehman Brothers, which was ranked #1 by Institutional Investor for nine consecutive years. Mr. Mattu served in numerous senior positions within Lehman’s research department, including leading Quantitative Fixed Income and Mortgage & Asset-Backed Research. He also held research positions at Salomon Brothers, Inc. and Citibank. Mr. Mattu has an MBA from the University of Chicago as well as from the Indian Institute of Management in Ahmedabad. Mr. Mattu holds a bachelor’s degree in Electrical Engineering from GB Pant University in India.

Presenting talk: "Did Market Structure Contribute to Crisis? Lessons from the Lehman Bankruptcy," from 12:15-1:15 pm in Jacobs 160 on October 20, 2009. Co-sponsored with Financial Institutions and Market Research Center.

Professor Myron Scholes
Myron S. Scholes is Chairman of Platinum Grove Asset Management, an alternative investment fund, specializing in liquidity provision services to the global wholesale capital markets. Professor Scholes is the Frank E. Buck Professor of Finance Emeritus, at the Stanford University Graduate School of Business since 1996. He is co-originator of the Black-Scholes options pricing model, which is the basis of the pricing and risk-management technology that is used to value and to manage the risk of financial instruments around the world. For this work, he was awarded the Alfred Nobel Memorial Prize in Economic Sciences in 1997.

Presenting talk: "Flexibility in Crises," from 5:15 - 6:15 pm in Jacobs OLC on October 26, 2009. Video of talk can be found here.

Mr. Scott Shay
Founder and is Chairman of the Board of Directors of Signature Bank

In just over 8 years, Signature Bank has grown to $8.6 billion in assets entirely from organic growth. Since 1980, Shay has been involved in the investment banking and venture capital industries.  He has served as Managing Director of Ranieri Partners and its predecessors since 1988.  Prior to joining Ranieri Partners, he was a director and senior member of the mergers and acquisitions department of Salomon Brothers, Inc.  Shay serves on the board of directors of Super Derivatives. From 1997 until 2005, Shay served as a director of Bank Hapoalim, Signature Bank’s former parent company.  From December 1988 until February 2001, he served as a director of Bank United of Texas.  He was part of the group that organized the purchase of Bank United of Texas and grew the bank to almost $20 billion in assets prior to its sale in 2001.

Presenting talk: Talk:  “MBS:  How it was transformed from a wonderfully useful tool into the security that ate the American economy” on January 13, 2010. A video of his talk can be found here.

Visiting scholars for 2008-2009:


Professor Dimitri Vayanos
Professor of Finance and Director, Paul Woolley Centre for the Study of Capital Market Dysfunctionality, London School of Economics

Presenting two lectures titled "Institutional Flows and Asset Prices" on April 9th and April 13th, 2009.

Professor Bruce D. Grundy
Professor of Finance at The University of Melbourne, Australia

Presenting "Charitable Fund-Raising and Matching Grants or Seed Money: An Application to Employee Matching Grant Schemes" during his visit on February 12, 2009 at 11:00 - 12:30 pm. Jacobs G36. Click hereand here for papers.

Bruce received his PhD in Finance from the University of Chicago and was previously a faculty member at the Graduate School of Business at Stanford University and the Wharton School of the University of Pennsylvania. Bruce has been a visiting faculty member at the University of Chicago, Macquarie University, Johann Wolfgang Goethe-Universität Frankfurt am Main and Singapore management University. Bruce is the Managing Editor of the International Review of Financial Markets and a past Associate Editor of the Journal of Finance, Review of Financial Studies, Journal of Financial Research, Journal of Financial and Quantitative Analysis and Accounting and Finance.

Bruce has published extensively on momentum trading strategies, option pricing, dividend policy, convertible bond pricing, rational expectations and value-at-risk. His current research interests include governance, the valuation and exercise of real options and the funds management industry. Bruce has consulted for investment banks, corporations, mutual funds and regulators in Australia and the US.

Dr.Todd Pulvino
Co-founder and principal at CNH Partners, the merger arbitrage and convertible arbitrage affiliate of AQR Capital Management. In addition, Todd was a member of the finance faculty at Northwestern University’s Kellogg School of Management, where his research has focused on the risks and returns in event arbitrage.

Presented lecture during his visit on April 23, 2009: The 2008 Crisis and (Risk) Arbitrage Investments.

Professor Robert Shiller
Professor of economics and finance at Yale University

Political economist and author Robert Shiller explored how psychology shapes economic confidence – "Tuning into Animal Spirits," on May 13, 2009

Visiting scholars for 2007-2008:


Dr. Lisa Goldberg
Executive Director of Analytic Initiatives at MSCI Barra

Presenting seminar "Factoring Shortfall," during her visit on Wednesday, March 19, 2008.

Lisa Goldberg is Executive Director of Analytic Initiatives at MSCI Barra with responsibility for developing and prototyping financial risk and valuation models. Her current areas of research are credit models and downside risk. She is the director of MSCI Barra's International Intern program and lectures extensively at academic and industry events.

Since joining the firm in 1993, Dr. Goldberg has worked on credit and fixed income, currency and multi-asset class risk models and tail risk. She is the primary designer of MSCI Barra's credit and global fixed income valuation and risk models. She is an inventor on one patent and has another four pending. Prior to joining MSCI Barra, Dr. Goldberg held academic positions at UC Berkeley, City University of New York, The Institute for Advanced Study, Institut des Hautes Études Scientifiques and Mathematical Sciences Research Institute.

Dr Goldberg publishes in numerous academic and industry journals and is on the editorial board of two Springer book series. She has research collaborators at Cornell University, the Kellogg Business School, London School of Economics, Stanford University and UC Berkeley, and is currently co-authoring a book entitled "Portfolio Risk Forecasting."

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Returning Visiting Scholar
Dean Thomas E. Zelibor, Rear Admiral, USN (ret)
Dean of the College of Operational and Strategic Leadership, Naval War College
Download a printable vita (PDF 14 KB / 2 pages)

Presenting seminar "How Leaders Cope with Risk,” during his visit on Friday, April 4, 2008.

Thomas E. (Tom) Zelibor joined the Naval War College in Newport, RI as Dean of the College of Naval Leadership in July 2006. In this position, he is responsible for the leadership continuum of Professional Military Education (PME) for Navy officer and enlisted personnel, which also includes education on ethics, and character development.

Prior to this assignment, Dean Zelibor was the site manager and Vice President for Strategic Operations - Strategies, Simulations, and Training Business Unit at Science Applications International Corporation (SAIC) in Omaha, NE. In this position, he was responsible for interfacing across SAIC to ensure that operational strategies and capabilities of the United States Strategic Command and its mission partners were known and included into business development efforts for SAIC.

Dean Zelibor is a retired Navy Rear Admiral with 30 years of significant leadership experience in Naval Operations, Information Operations, Space Operations, C4ISR, IT, and Nuclear Operations. In his final military active duty assignment, he served as the Director, Global Operations (J-3) at US STRATEGIC COMMAND where he was responsible for maintaining full-spectrum global strike, and coordinating space, and information capabilities to meet both deterrent and decisive national security objectives.

In his varied Navy career, Dean Zelibor, a seasoned combat veteran, commanded a fighter squadron, carrier air wing, Naval Space Command and a carrier battle group. The highlight of his command tours was his assignment as Commander, Task Force Fifty for Operation Enduring Freedom where he led a three Carrier Task Force in combat operations in Afghanistan after 9-11. Additionally, he pioneered transformational efforts in his Battle Group to create the environment and tools for network centric warfare capabilities and a knowledge management culture. He has extensive experience in Information Operations where he served as the Joint Staff J-39. In this capacity he was at the leading edge of IO definition, policy, and operations for DoD. While serving as Commander, Naval Space Command, he was responsible for the management of Naval space operations and duties as the Naval Component Commander to the Commander, US Space Command in Colorado Springs, Colorado. His extensive C4ISR expertise culminated in his assignment as the Navy’s N-61 and N6F where he led the definition of warfighting requirements for all Navy C4ISR programs and budgets. In his final six months on the Navy Staff, he became the Department of the Navy, Deputy Chief Information Officer (CIO), Navy, responsible for implementation of IT policy and procedures.

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Professor Chun Chang 
Chair of the Finance Department at China Europe International Business School (CEIBS), Shanghai

Presenting seminar "China's latest corporate and financial market reforms and challenges" during his visit on Jan. 7 and Jan. 8, 2008, co-sponsored by Financial Institutions and Markets Research Center.

Professor Chang is considered "probably the most knowledgeable academic when it comes to what is happening in financial markets in China."

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Dr. Amitabh Arora
Presenting seminar: "Subprime Crisis,"(PPT 167 KB) on Tuesday, November 13th, 12:15 to 1:30 pm, Tribune Forum at the Allen Center.

Amitabh Arora heads the G4 rates strategy effort covering government securities, interest rate derivatives and inflation products. Rigorous analyses of significant macro developments (e.g.,Conundrum, central bank reserve accumulation) and quantitative tools for view development distinguish the team’s research.

Prior to his current role, he was the head of the mortgage modeling group, charged with developing valuation models for the mortgage business.

Dr. Arora has a Ph.D. in finance from Columbia Business School and presents frequently at Columbia Business School on financial developments.

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Professor Chiaki Hara
Professor, Institute for Economic Research, Kyoto University
Download a printable vita (PDF 57 KB / 6 pages)

Chiaki Hara is a professor at the Institute of Economic Research of Kyoto University (Kyoto, Japan). Prior to coming to Kyoto, he taught at University College London (London, UK) and the University of Cambridge (Cambridge, UK) and also held visiting positions at Universite Catholique de Louvain (Louvain-la-Neuve, Belgium), Kobe University (Kobe, Japan), and Hitotsubashi University (Tokyo, Japan).

His research is mostly concerned with general equilibrium theory and its applications to the analysis of financial markets. His past research topics include incomplete markets, security design, and the risk-free rate puzzle.

He has recently been working on how the heterogeneity in investors' risk attitudes and impatience affect the term structure of interest rates and options prices. He has published papers in Econometrica, Journal of Economic Theory, and Journal of Mathematical Economics, among others.

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Visiting scholars for 2006-2007:


Professor Nick Barberis 
Professor Barberis is the Stephen & Camille Schramm Professor of Finance at the Yale School of Management.

His research focuses on behavioral finance and in particular, on applications of cognitive psychology to understanding the pricing of financial assets. He has published in the Journal of Political Economy, the Quarterly Journal of Economics, the Journal of Finance, and the Journal of Financial Economics, and has won numerous awards for both research and teaching. Prior to coming to Yale, Professor Barberis taught at the Graduate School of Business of the University of Chicago. He has also held visiting professorships at Harvard University and the London Business School.

Achievements and Honors 
Yale SOM Alumni Association Teaching Award, 2006
Emory Williams Awards for Excellence in Teaching, 1998, 2000 and 2002
Paul A. Samuelson Prize for Outstanding Scholarly Writing on Lifelong Financial Security, 2000
FAME Research Prize, 2000

For Professor Barberis' recent articles and working papers, please visit his personal Web site.

PhD Harvard University, 1996
BA Cambridge University, 1991

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Dean Thomas E. Zelibor, Rear Admiral, USN (ret)
Dean of the College of Operational and Strategic Leadership, Naval War College
Download a printable vita (PDF 14 KB / 2 pages)

(See description in Visiting Scholar 2007-08, above).

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Professor Darrell Duffie
Professor Darrell Duffie (Personal Web site) from the Graduate School of Business, Stanford University was a Visiting Scholar at the Zell Center for Risk Research from Monday, September 18 to Friday, September 22, 2006.

Darrell Duffie’s research interests include over-the-counter market financial modeling, financial risk management, credit risk and valuation of defaultable securities, valuation and hedging of derivative securities, term structure of interest rate modeling, financial innovation and security design. Recently, Duffie has focused on the manner in which capital moves from one segment of asset markets to another, and the implications of imperfect trading opportunities for asset price behavior, especially in over the counter markets. Duffie and several collaborators have some recent results on portfolio credit risk, based on the assumption that there are unobservable common default-risk factors.

Darrell Duffie is the Dean Witter Distinguished Professor of Finance at the Graduate School of Business, Stanford University, where he has been a member of the finance faculty since completing his Ph.D. at Stanford in 1984. Duffie is the author of Dynamic Asset Pricing Theory (Princeton University Press, third edition 2001) and a co-author with Ken Singleton of Credit Risk(Princeton University Press, 2004). Duffie is a recent past director of the board of the American Finance Association, a fellow of the Econometric Society, a research associate of the National Bureau of Economic Research, a member of Moody's Academic Research Committee, and the 2003 IAFE/Sunguard Financial Engineer of the Year. He is currently on the editorial boards ofEconometrica and The Journal of Financial Economics, among other journals.

Professor Duffie gave two presentations during his visit:

"Over-the-Counter Market Dynamics: The Case of Federal Funds” 
Download an extended abstract 
(PDF 17 KB / 4 pages)

"Frailty-Correlated Default” (PDF 321 KB / 42 pages)

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Zell Center for Risk Research
Kellogg School of Management
2001 Sheridan Road
Evanston, IL 60208-2800