Academic Advisory Council

Mission: to increase the level of dialogue surrounding securities lending within academia, to support AQS through research and to use data generated by AQS to inform new studies on the impact of securities lending on financial markets.

James J. Angel

Professor Angel specializes in the structure and regulation of financial markets around the world, and he has visited over 50 financial exchanges around the world. His current research focuses on short selling and regulation. He teaches undergraduate, MBA, and executive courses, including Financial Crisis: Past Present and Future. Other courses include World Equity Markets and Regulation in Financial Markets.

"Dr. Jim" has testified before Congress about issues relating to the design of financial markets. In addition, he has been quoted in hundreds of newspaper articles and has appeared numerous times on radio and television, including NPR and the Jim Lehrer News Hour.

Dr. Jim began his professional career as a rate engineer at Pacific Gas and Electric, where he worked on FERC and CPUC related issues. ALong the way he has also worked at BARRA (now part of Morgan Stanley) where he developed equity risk models. He also served as a Visiting Academic Fellow in residence at the National Association of Securities Dealers (NASD - now FINRA) and also a visiting economist at the Shanghai Stock Exchange. He has also been chairman of the Nasdaq Economic Advisory Board and a member of the OTC Bulletin Board Advisory Committee.

Dr. Jim received a PhD in finance from the University of California at Berkley, an MBA from Harvard Business School and a BS in Engineering and Applied Science and Economics from the California Institute of Technology.

Lauren Cohen

Lauren Cohen is an Assistant Professor in the Finance area at Harvard Business School and a Faculty Research Fellow at the National Bureau of Economic Research. Prior to joining HBS, Professor Cohen was an Assistant Professor of Finance at Yale University, in the School of Management, where he was on faculty from 2005-2007.

Professor Cohen’s research focuses on empirical asset pricing, behavioral finance, and portfolio choice. He has investigated the effect of limited attention on price evolution and studied the information in shorting for future returns. His recent work examines the role of social networks in information transmission in equity markets. His research has been published in the Journal of Political Economy, Journal of Finance, and the Review of Financial Studies. Professor Cohen received a PhD in finance and an MBA from the University of Chicago in 2005, and a BSE from Wharton and a BA in economics from the University of Pennsylvania in 2001.

Nicholas Economides

Nicholas Economides is a Professor of Economics at New York University. He is an internationally recognized academic authority on network economics, electronic commerce, public policy, and financial markets microstructure. His fields of specialization and research include the economics of networks, especially of telecommunications, computers, and information, the economics of technical compatibility and standardization, industrial organization, the structure and organization of financial markets and payment systems, antitrust, application of public policy to network industries, strategic analysis of markets and law and economics.

Prof. Economides has published over 100 articles in top academic journals in the areas of networks, telecommunications, oligopoly, antitrust, product positioning, and on the liquidity and the organization of financial markets and exchanges. He holds a PhD and a MA in Economics from the University of California at Berkeley, as well as a BSc (First Class Honors) in Mathematical Economics from the London School of Economics. He has previously taught at Columbia University (1981-1988) and at Stanford University (1988-1990). He is editor of the Information Economics and Policy, Netnomics, Quarterly Journal of Electronic Commerce, the Journal of Financial Transformation, Journal of Network Industries, on the Advisory Board of the Social Science Research Network, editor of Economics of Networks Abstracts by SSRN, and past editor of the International Journal of Industrial Organization. His web site on the Economics of Networks at has been ranked as one of the top four economics sites worldwide by The Economist magazine.

Prof. Economides is Executive Director of the NET Institute, http://www.NETinst.org, a world-wide focal point for research on the economics of network and high technology industries. He is advisor to the U.S. Federal Trade Commission, the governments of Greece, Ireland, New Zealand, and Portugal, the Attorney General of New York State, major telecommunications corporations, a number of the Federal Reserve Banks, the Bank of Greece, and major Financial Exchanges. He serves on the Advisory Board of the Economist Intelligence Unit. He has commented extensively in broadcast and in print on high technology, antitrust, and public policy issues. A complete CV is available at http://www.stern.nyu.edu/networks/cvnoref.html.

Adam Reed

Adam Reed is an Associate Professor of Finance and a Julian Price Scholar 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, The Journal of Financial Economics, and the Review of Financial Studies. The research 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.

Robert A. Schwartz

Robert A. Schwartz is Marvin M. Speiser Professor of Finance and University Distinguished Professor in the Zicklin School of Business, Baruch College, CUNY. Before joining the Baruch faculty in 1997, he was Professor of Finance and Economics and Yamaichi Faculty Fellow at New York University's Leonard N. Stern School of Business, where he had been a member of the faculty since 1965. Professor Schwartz received his PhD in Economics from Columbia University. His research is in the area of financial economics, with a primary focus on the structure of securities markets.

He has published numerous journal articles and eleven books, including Equity Markets in Action, Wiley & Sons, 2004, and Reshaping the Equity Markets: A Guide for the 1990s, Harper Business, 1991 (reissued by Business One Irwin, 1993). He has served as a consultant to various market centers including the New York Stock Exchange, the American Stock Exchange, Nasdaq, the London Stock Exchange, Instinet, the Arizona Stock Exchange, Deutsche Börse, and the Bolsa Mexicana.

From April 1983 to April 1988, he was an associate editor of The Journal of Finance, and he is currently an associate editor of the Review of Quantitative Finance and Accounting, the Review of Pacific Basin Financial Markets and Policies, and The Journal of Entrepreneurial Finance & Business Ventures, and is a member of the advisory board of International Finance. In December 1995, Professor Schwartz was named the first chairman of Nasdaq's Economic Advisory Board, and he served on the EAB until Spring 1999.

Bruce Weber

Bruce W. Weber is Professor of Information Management and Subject Area Chair of Management Science & Operations at the London Business School. He teaches IT and financial services topics in MBA, masters, and executive programs. He has an AB in Applied Mathematics from Harvard University, and a PhD in Decision Sciences from the Wharton School of the University of Pennsylvania.

His research on IT strategy and the computerization of financial markets has been published in a number of academic journals, and has been cited in the Wall Street Journal and the Financial Times. He has been on the editoral boards of Information Systems Research, Journal of Management Information Systems, MIS Quarterly, Journal of Trading, and Decision Support Systems.

Prior to joining the London Business School in 2003, he was on the faculty of the Stern School of Business, New York University, and Baruch College of the City University of New York, where he was founding director of the Wasserman Trading Floor, a 60-workstation markets education center. He is developer of the trading and market structure simulation, TraderEx (http://www.etraderex.com/). His book, “The Equity Trader Course”, is co-authored with fellow professor Robert A. Schwartz and Reto Francioni, CEO of Deutsche Börse, and was published by Wiley in 2006. He has consulted on IT and market design issues for several major financial services firms, and the Nasdaq Stock Market and London Stock Exchange, and has presented executive training programs on IT leadership and markets technology to U.S. and European firms.