Congressional Budget Office Names Kashyap as Advisor
Image by Beth RooneyAnil Kashyap
The Congressional Budget Office has selected Anil Kashyap, Edward Eagle Brown Professor of Economics and Finance, to serve a two-year term on its panel of economic advisors. Kashyap joins three other new members and was noted for bringing his expertise on finance and the 1990s crisis in Japan to the 21-person board.
The panel of economic advisors meets twice a year to review and comment on the preliminary forecasts of the economy made by the Congressional Budget Office, a nonpartisan agency. Panel members include other professors, a former chief economist of the International Monetary Fund, economists from Goldman Sachs and Morgan Stanley, and the current president of the National Bureau of Economic Research.—K.F.
Named Professorships Include Four New Chairs
Image by Beth RooneyFaculty Chairs: Professors appointed to named chairs include (clockwise, from
top left) Marianne Bertrand, John Cochrane, Robert Gertner, Lubos Pastor,
Philip Berger, and Pietro Veronesi.
In appointing faculty to named professorships, Chicago Booth expanded its list of endowed professorships by announcing four inaugural chairs.
Marianne Bertrand was named the Chris P. Dialynas Professor of Economics; John Cochrane was named the AQR Capital Management Professor of Finance; Robert Gertner was named the Joel F. Gemunder Professor of Strategy and Finance; and Pietro Veronesi was named the Roman Family Professor of Finance. (To read about the funding, see “Gifts Establish New Chairs,” page 8.)
Chicago Booth announced other changes in named professorships, including Philip Berger, who became Wallace W. Booth Professor of Accounting; and Lubos Pastor, who became Charles P. McQuaid Professor of Finance.
Bertrand previously was Fred G. Steingraber/A. T. Kearney Professor of Economics. A faculty member since 2000, she studies racial discrimination, CEO pay and incentives, and the effects of regulation on employment, among other topics in labor economics and corporate finance. She is the recipient of the 2004 Elaine Bennett Research Prize, awarded by the American Economics Association’s Committee on the Status of Women in the Economics Profession.
Cochrane previously was Myron S. Scholes Professor of Finance. A member of the University of Chicago economics department since 1985, he joined the Booth faculty in 1994. Cochrane researches dynamics in stock and bond markets, the volatility of exchange rates, the term structure of interest rates, the returns to venture capital, liquidity premiums in stock prices, the relation between stock prices and business cycles, option pricing when investors can’t perfectly hedge, and monetary economics including the fiscal theory of the price level. He is president-elect of the American Finance Association, a research associate and past director of the asset pricing program of the National Bureau of Economic Research, and a fellow of the Econometric Society.
Gertner previously was Wallace W. Booth Professor of Economics and Strategy. A member of the faculty since 1986, he studies industrial organization, resource allocation and decision making in organizations, corporate investment, law and economics, and strategic pricing. His research in progress includes a book on strategic investment decisions (for academic and advanced practitioner audiences); the effects of specialization, communication, and incentives on economic decision making in organizations; capital allocation processes in organizations; and organizational decision making under ambiguity.
Veronesi previously was professor of finance. A faculty member since 1997, he researches asset pricing in the area of stock and bond valuation under Bayesian uncertainty and learning, models of return predictability, and corporate finance in the area of optimal IPO timing and optimal CEO compensation. Veronesi is a research associate of the National Bureau of Economic Research and a research fellow of the Center for Economic and Policy Research. He won the 2008 NASDAQ Award for the best paper on capital formation presented at the Western Finance Association Conference, the 2006 Barclays Global Investors Prize for the best paper presented at the European Finance Association Conference, a Fama/DFA Prize for the best articles in capital markets published in the Journal of Financial Economics in 2006, and the Smith Breeden Prize for the best article published in the Journal of Finance in 2003, among other awards.
Berger, MBA ’88, PhD ’92, previously was Charles P. McQuaid Professor of Accounting. A faculty member since 2002, he studies the valuation consequences of diversification strategies; the use of financial statement data to value real options; the impact of managerial entrenchment on corporate finance and financial reporting decisions; the effect of improved financial statement disclosure on capital markets; the motives for choosing opaque versus transparent financial reporting practices; and factors influencing R&D investment and financing decisions, including the use of off-balance-sheet financing. He has received several research prizes and counts among his publications one of the most widely cited papers by an accounting professor.
Pastor previously was professor of finance. A faculty member since 1999, he studies systematic liquidity risk, stock valuation and stock price “bubbles,” stock volatility, stock return predictability, optimal portfolio choice, mutual fund performance, cost of capital, Bayesian analysis, learning, technological revolutions, and IPOs. Pastor has won the 2008 Q Group Research Award, the 2008 NASDAQ Award for the best paper on capital formation presented at the Western Finance Association Conference, the 2007 Goldman Sachs Asset Management Award for the best paper in empirical investments presented at the Western Finance Association Conference, the 2006 Barclays Global Investors Prize for the best paper presented at the European Finance Association Conference, a Fama/DFA Prize for the best articles in capital markets published in the Journal of Financial Economics in 2006 and 2002, and the Smith Breeden Prize for the best article published in the Journal of Finance in 2003.—P.H.
For a complete list of faculty appointments, visit Chicago Booth.edu/magazine/facultylinks.