2012 CARE Conference

2012 CARE-LBS Conference

Firm, Industry and Macro Fundamentals, and Security Returns

in cooperation with


June 14-15, 2012


Thursday, June 14
7:00 - 8:15 am

Breakfast in the Reception Hall, RCOG

8:15 - 8:30 am

Conference Introduction:  Peter Easton
University of Notre Dame Alumni Professor of Accountancy
Academic Director, Center for Accounting Research and Education

8:30 - 10:00 am

Session 1: Is it all about fundamentals?
A panel discussion identifying the importance of fundamental information in determining security prices


Chair: Richard Sloan
L. H. Penney Chair in Accounting
Haas Accounting Group, University of California, Berkeley

Richard G. Sloan is the L. H. Penney Professor of Accounting at UC Berkeley's Haas School of Business. From 2006 to 2009, Sloan was director of equity research at Barclays Global Investors. Sloan has also held faculty positions at the University of Michigan's Ross School of Business and the University of Pennsylvania's Wharton School.

Professor Sloan's research focuses on the role of accounting information in investment decisions and is published in leading accounting, finance, and economics journals. He is widely recognized and has received numerous awards for his research on earnings quality.  He is the coauthor (with Russell Lundholm) of Equity Valuation and Analysis with eVal, published by McGraw-Hill Irwin and now in its third edition.  He is also the current Managing Editor of the Review of Accounting Studies

Professor Sloan holds a PhD from the University of Rochester and a BCom from the University of Western Australia.


Ross Garon
Managing Director, Quantitative Strategies
SAC Capital Management LLC

Ross Garon is Managing Director, Quantitative Strategies at SAC Capital Advisors, LP. From 2002 until early 2009, Mr. Garon was the co-founder and Managing Member of Tykhe Capital LLC.

Mr. Garon began his career in quantitative finance in 1993 when he joined D. E. Shaw & Co. and was a member of the team that established the firm's London presence and successful customer business in equity-linked securities (now KBC Financial Products). In 1994, he moved to Tokyo to establish the Japanese presence of D. E. Shaw Securities International. In 1997, Mr. Garon joined Commerzbank's fledgling securities operation as the head of global business management. In 1998, he returned to New York to become responsible for Commerzbank's equities business in the United States. In 2000, Mr. Garon co-founded Blink.com, an internet technology company, which was subsequently sold.

Mr. Garon graduated magna cum laude from Harvard.


Baruch Lev
Philip Bardes Professor of Accounting and Finance
Director, Vincent C. Ross Institute of Accounting Research
Stern School of Business, New York University

Baruch Lev is an accounting and finance professor at the Stern School of Business, New York University. Formerly at the University of Chicago, Tel Aviv University and the University of California at Berkeley.

Lev has authored five books (the most recent--Winning Investors Over, Harvard Business Review Press, 2012) and more than 100 research papers. In addition to his academic career, Lev was an auditor, investment banker and a partner in a consulting firm.

His main focus areas are: the use of information for investment decisions, the management and valuation of intangible (intellectual) assets, and mergers and acquisitions.


Lyndon Nelson
Director, Risk and Financial Stability Division
The Financial Services Authority

Lyndon Nelson is currently the director of risk and financial stability at the FSA. His responsibilities are broad, ranging from macro-economic assessment to the internal risk management of the FSA. Lyndon has a strong background and experience in risk management, regulation, economics, finance and public policy. In over twenty years (starting at the Bank of England) he has been involved or been responsible for all of the major developments in risk assessment, leading up to ARROW II. His risk management approach draws extensively on his experience in supervision of banks and securities firms; he can claim to have supervised all of the major UK and US banking and investment banking institutions at one time or another.

Lyndon now leads a team of risk managers, analysts and economists who support the supervision of over 30,000 firms. Whilst much of the work is internally focused, they lead for the FSA in international fora responsible for Financial Stability and Macro-prudential Policy. Lyndon is also the Senior Staff Member for the Financial Policy Committee.

Lyndon has been very committed to improving the ability to manage risk and financial crises. He has jointly devised and led crisis simulation exercises and training on financial stability and risk management for both domestic and international organisations. Lyndon is regularly asked to provide technical assistance to regulators, legislators and international organisations.

He has been responsible for many change and transformation programs in his career. He took on the responsibilities of the managing director of risk during the first phase of regulatory change at the FSA and at the moment is fully engaged in developing the risk management approaches for the organisations that will succeed the FSA, should regulatory reform in the UK take place as planned.

10:00 - 10:15 am

Break, in the Reception Hall, RCOG

10:15 - 12:00 pm

Session 2: Macro
A panel discussion about the importance of industry, sector and macroeconomic data for the purpose of forecasting firm level fundamentals and returns


Chair: Paul Harrison, PhD
Managing Director, Global Markets Strategies Group

Dr. Harrison's service with the firm dates back to 2006, including his years with Barclays Global Investors (BGI), which merged with BlackRock in 2009. At BGI, he was the head of the research team in the Global Markets Strategies Group. The team was responsible for the investment insights in BGI's global macro, GTAA, active currency, active commodity, and EM global macro products. Before heading the entire research team, Dr. Harrison directed the equity and fixed-income sub-strategies.

Prior to joining BGI in 2006, he headed the Capital Markets Research Group at the Federal Reserve Board of Governors where he was responsible for developing research and valuation-models related to corporate securities markets. In addition to frequently briefing the Board of Governors on financial markets, he also published his research, primarily focused on credit markets and financial history, widely in academic journals. Before his seven years at the Federal Reserve, Dr. Harrison was a professor of Economics and Finance at Brandeis University.

Dr. Harrison earned a BA degree in economics from Swarthmore College in 1990 and his MA and PhD degrees in economics from Duke University in 1992 and 1994, respectively.


Lucrezia Reichlin
Professor of Economics
London Business School
Now-Casting Economics Limited

Lucrezia Reichlin is Professor of Economics at the London Business School and department chair, non-executive director of UniCredit Banking Group, research director at the Centre for Economic Policy Research. Between March 2005 and September 2008 she served as Director General of Research at the European Central Bank. She is a co-founder and director of Now-Casting Economics ltd.

Reichlin received a PhD in Economics from New York University. She has held a number of academic positions, including Professor of Economics at the Université Libre de Bruxelles.  She has also been a consultant for several Central Banks around the world, including the Board of Governors of the Federal Reserve. She has been Chairman of the CEPR Euro Area Business Cycle Dating Committee, cofounder and scientist in charge of the Euro Area Business Cycle Network. She is co-editor of the Journal of Applied Econometrics and the NBER International Symposium in Open Macroeconomics, Fellow of the European Economic Association and member of the council of the Royal Economic Society. She is on the advisory board of several research and policy institutions around the world.

Reichlin has published numerous papers on econometrics and macroeconomics. She is an expert on forecasting, business cycle analysis and monetary policy. The econometric methods she has developed for short term forecasting (now-casting) are widely used in central banks around the world.  Her work on non-standard monetary policy by the European Central Bank in response to the crisis has been highly influential. Her papers have appeared in top scientific journals, including the American Economic Review, Review of Economic Studies, Review of Economics and Statistics, Journal of Econometrics, Journal of Monetary Economics and Journal of the American Statistical Association.


Gurvinder Brar
Head of Global Quantitative Research
Macquarie Securities

Gurvinder Brar is Head of the Global Quantitative Research group at Macquarie. The Global Quantitative Research group comprises 18 analysts, with teams operating in all the major equity market regions. The regional teams work closely together, aiming to build a common global knowledge base of techniques, backed up with specific local expertise where required. 

The group aims to produce cutting-edge, topical and actionable research focusing on alpha, risk and portfolio construction issues. In addition, the group undertakes custom projects for clients which assist with all aspects of the investment processes and are keen to form deep partnerships with key clients.


Tapio Pekkala
Senior Analyst
Norges Bank Investment Management

Tapio Pekkala is a senior analyst in the Investment Policy department of the Norges Bank Investment Management. Tapio previously ran a London-based boutique asset management company, which focused on a global macro strategy.

Tapio received a PhD and MBA from the University of Chicago and was a Faculty Fellow at Harvard Business School.

12:00 - 1:30 pm

Lunch in the Reception Hall, RCOG

1:30 - 3:00 pm

Session 3: Long Term Growth Forecasting
A panel discussion on forecasting long term earnings growth at the firm level


Chair: Peter Easton
University of Notre Dame Alumni Professor of Accountancy
Academic Director, Center for Accounting Research and Education


Jiri Zrust
Managing Director
Macquarie Infrastructure and Real Assets (Europe) Limited

Jiri began his career in TNT Express Czech Republic in 1994. From 1997 he worked as Country Finance Manager for the Czech Republic and Slovakia. In 2000, Jiri relocated to the TNT global headquarters in Amsterdam as Senior Audit Manager, responsible for internal audit assignments and acquisition due diligence. Jiri was appointed CFO for TNT Australia and South Pacific in Sydney in 2001, where he managed a complex restructuring of the struggling TNT businesses in the region.

After a very successful mission, in 2003, Zrust returned to Europe (Milano), where he assumed the position of CFO for the logistics division in South Europe, Middle East and Africa, the largest business unit of TNT, with revenue of over 1.4bn Euro. In 2007, following the acquisition of TNT Logistics by Apollo Management, Zrust worked as Global Integration Director leading the largest merger in the logistic sector in 2007 between TNT Logistics and EGL, forming Ceva Logistics.

In 2009 he left Ceva and joined CS Cargo as Group CEO, managing turnaround and restructuring of the struggling CEE logistics and transportation group. In 2011, after successful completion of the restructuring and arrival of the new investor, he left CS Cargo to join Macquarie in London, heading the CEE Infrastructure team.


Steven Monahan
Chair, Accounting and Control Area

Steve Monahan is an Associate Professor of Accounting and Control at INSEAD, which he joined in September of 2003. Prior to joining INSEAD he was a member of the University of Chicago faculty. He received his PhD in Accounting from the Kenan-Flagler Business School at the University of North Carolina, a Masters of Accounting from the University of Iowa, and a Bachelors of Science in Economics from the University of Northern Iowa. He successfully completed the CPA exam, and served as a compensation and benefits consultant in the tax division of Arthur Andersen before pursuing his PhD.

Steve's research focuses on two related issues: (1) the role of accounting and non-accounting information in the fundamental analysis process and (2) the economic causes and consequences of alternative disclosure policies/regimes. He has conducted a number of studies in these areas and published articles in leading academic journals including: the Journal of Accounting Research; the Review of Accounting Studies; and, The Accounting Review. He is a member of the editorial board of the Journal of Accounting Research; the Journal of Business, Finance, and Accounting; the Review of Accounting Studies; and The Accounting Review. In January 2012 Steve began serving as an Associate Editor of the European Accounting Review.

Steve teaches in INSEAD's MBA, EMBA, and executive programmes. When teaching he focuses on helping participants develop a deep understanding of two related issues: (1) the role played by accounting information in evaluating performance and estimating value and (2) how to design and implement disclosure and reporting policies that promote value creation.


Jonathon Freeman
Coller Capital

Jon joined Coller Capital in 1996 and is a Risk Management Partner, having responsibility for the oversight of the firm's investment analysis and portfolio management. Jon started as Coller Capital's first investment analyst and has held numerous roles within the investment team, working on transactions in all of the Coller funds. He is a member of Coller Capital's Post Investment Governance and Intervention Committee, as well as the Valuation Committee.

Prior to 1996, Jon began his career with Arthur Andersen before moving on to working in the tax departments of Dowell Schlumberger and McDermott Engineering.

Jon has a BSc (Hons) in Banking and International Finance from Cass Business School, London, and is a UK Chartered Management Accountant. Jon also sits on the advisory board of the Cass MSc in Finance.


Nik Morandi
Pantheon Ventures

Nik focuses on the analysis, evaluation and completion of private equity secondary transactions. Previously, Nik was a member of the London-based European M&A team of UBS Investment Bank where he primarily worked on M&A and corporate finance mandates for mid to large cap clients. He began his career with SG Hambros, where he joined the Generalist M&A team and worked on a wide variety of acquisitions and divestitures for both corporate and private equity clients. 

Nik graduated in Economics from the London School of Economics in 1998, has an MPhil in European Politics and Economics from Oxford University and is fluent in English and Italian. Nik is based in London.

3:00 - 3:15 pm

Break in the Reception Hall, RCOG

3:30 - 5:00 pm

Session 4: Risk
A panel discussion on the relative usefulness of firm, industry and macro fundamentals to forecast risk at the firm and portfolio level


Chair:  Stan Beckers
Managing Director, BlackRock Solutions, EMA

Stan Beckers is a Managing Director, is Deputy Head of BlackRock Solutions EMEA, a member of BlackRock's EMEA Leadership Committee and of the European Operating Committee.

Dr. Beckers's service with the firm dates back to 2004, including his years with Barclays Global Investors (BGI), which merged with BlackRock in 2009. At BGI, he was the head of the European active equity business and a manager of the European active equity strategy team. Previously, he was head of BGI's Alpha Management Group.

Prior to BGI, he worked at BARRA establishing and managing its international operations. Dr. Beckers also was the global head of investments for West LB Asset Management and more recently established the investment office of Kedge Capital, a wealth management company. Dr. Beckers has been widely published and remains a visiting professor of finance at the University of Leuven in Belgium.

Dr. Beckers earned a BS degree in quantitative methods and computer science from KULeuven in Belgium in 1973 and a PhD in finance from the University of California, Berkeley in 1979.


Sebastian Ceria
Chief Executive Officer
Axioma, Inc.

Dr. Sebastian Ceria is the Chief Executive Officer of Axioma. Before founding Axioma, Ceria was an Associate Professor of Decision, Risk and Operations at Columbia Business School from 1993 to 1998.

Ceria has worked extensively in the area of optimization and its application to portfolio management. He is the author of many articles in publications including Management Science, Mathematical Programming, Optima and Operations Research. Most recently, Ceria's work has focused on the area of robust optimization in portfolio management.  He has co-authored numerous papers on the topic, including, "Incorporating Estimation Errors into Portfolio Selection: Robust Portfolio Construction," published in The Journal of Asset Management and "To Optimize or Not to Optimize: Is That the Question?" published in the Oxford Handbook of Quantitative Management.  He is a recipient of the Career Award for Operations Research from the National Science Foundation.

Ceria completed his PhD in Operations Research at Carnegie Mellon University's Graduate School of Industrial Administration.


Raymond Chan, CFA, FRM
Partner, Head of Analytics and Performance Reporting
Adams Street Partners, Chicago

As Head of Advanced Analytics and Performance Reporting, Ray is responsible for applying advanced analytics to the areas of performance attribution and portfolio risk management utilized in the Firm's client service and investment processes.  Ray is a member of the GIPS Private Equity Working Group of the CFA Institute, which reviews and makes recommendations concerning standards for reporting performance in the private equity asset class.

Before joining Adams Street Partners, Ray served as the Managing Director/Head of Investment Capabilities at UBS Global Asset Management.  In his eleven-year tenure with UBS, he was responsible for managing a global team that was involved with the research, design and implementation of quantitative and technological solutions that support asset allocation and risk analysis portfolio decision processes.

Ray is a member of the Adams Street Partners Operating Committee and the Portfolio Construction Committee, the CFA Institute, the CFA Society of Chicago and the Global Association of Risk Professionals.

Mr. Chan graduated magna cum laude, BS, from the University of Louisiana, and received his MS from the University of North Texas. Mr. Chan has 26 years of investment / operational experience.


Ronnie Sadka
Professor of Finance, Hillenbrand Distinguished Fellow
Carroll School of Management, Boston College

Dr. Ronnie Sadka is a professor of finance at Boston College's Carroll School of Management. Professor Sadka's research focuses on liquidity in financial markets and stock-price modeling. He has developed unique measures of market liquidity and has demonstrated their importance for understanding the profitability of different trading strategies as well as hedge-fund performance. His research also uncovers distinct periodic patterns of stock returns both over the calendar year and during a single trading day. Sadka's work has appeared in various outlets including the Journal of Finance, the Journal of Financial Economics, and Financial Analysts Journal, and has been covered by the New York Times and CNBC.

Prior academic experience includes teaching at the University of Chicago (Booth), New York University (Stern), Northwestern University (Kellogg), and the University of Washington (Foster). Industry experience includes Goldman Sachs Asset Management and Lehman Brothers (quantitative strategies). Sadka currently serves on the economic advisory board of NASDAQ OMX. Professor Sadka earned a BSc (Magna Cum Laude) in industrial engineering and a MSc (Summa Cum Laude) in operations research, both from Tel-Aviv University. He received a PhD in finance from Northwestern University (Kellogg).

5:00 - 6:00 pm

Cocktails, Reception Hall, RCOG

6:00 - 9:00 pm

Dinner, Nuffield Hall, RCOG


The Cambridge Business Publishers Dinner Session:
Tim Harford
The Maths and Psychology of Forecasting Blunders
Author, columnist for the Financial Times and presenter of Radio 4's "More or Less"

Tim Harford is a senior columnist for the Financial Times. His column, "The Undercover Economist", reveals the economic ideas behind everyday experiences. He is also the only economist in the world to run a problem page, "Dear Economist", in which readers' personal problems are answered tongue-in-cheek with the latest economic theory.

Tim's first book, "The Undercover Economist" has sold one million copies worldwide in almost 30 languages. His second book, "The Logic of Life", was published early in 2008 in English, and has also been widely translated, and his third book, "Dear Undercover Economist" is a collection of his "Dear Economist" columns.

Tim's latest book, "Adapt" was published in the US in May and UK on 2 June 2011.
He presented the BBC television series "Trust Me, I'm an Economist" and now presents the BBC radio series "More or Less" on Radio 4 and on the World Service. He is a frequent contributor to other radio and TV programs, including the Colbert Report, Marketplace, Morning Edition, Today, and Newsnight. He has been published by the leading magazines and newspapers on both sides of the Atlantic, including Esquire, Forbes, Wired, New York Magazine, the Guardian, the London Times, the Washington Post and the New York Times.

Tim and the team from More or Less won the Royal Statistical Society's 2010 award for statistical excellence in broadcast journalism and the 2010 Mensa Intelligence award. The program won a further award from the Royal Statistical Society in 2011. Tim was named one of the UK's top 20 most influential tweeters by The Independent newspaper in 2011. Tim also won the 2006 Bastiat Prize for economic journalism.

Tim has previously worked for Shell and the World Bank, and was a member of the Financial Times editorial board from 2006-2009. He is a member of the Royal Economic Society council. He is a visiting fellow at Nuffield College, Oxford and he lives in Oxford with his wife and three children.

Want more? Visit Tim's website at timharford.com

Friday, June 15
7:00 - 8:30 am

Breakfast in the Reception Hall, RCOG

8:30 - 10:00 am

Session 5: Credit and Capital Structure
A panel discussion looking at the usefulness of fundamental information to forecast returns across the capital structure


Chair: Scott Richardson
Professor of Accounting
London Business School

Scott Richardson holds a Bachelor of Economics (First Class Honours) from University of Sydney (1995) and a PhD in Business Administration from the University of Michigan (2002). Scott worked as Assistant Professor at the Wharton School, University of Pennsylvania from 2002 to 2006. During this time he published extensively in leading academic journals ranging from Journal of Accounting and Economics, Journal of Finance, Review of Accounting Studies, Journal of Accounting Research and The Accounting Review. Scott's research interests concentrate on empirical archival capital markets research, primarily on understanding how accounting information is used to determine security prices. Scott's research interests also cover earnings management, corporate governance and corporate finance.

From 2006 to 2010 Scott worked at Barclays Global Investors (now BlackRock). During that time he served as Global Head of Credit Research and Head of European Equity Research, where he shared investment decision rights across a set of large actively managed credit and equity funds for institutional clients. He also served on BGI's Proxy Committee in the US and Shareholder Engagement Committee in the UK helping set the firm's policy with respect to proxy voting guidelines. In 2009 Scott was awarded the Notable Contribution to Accounting award for his work with Richard Sloan, Mark Soliman and Irem Tuna on accrual reliability.  

Scott left BlackRock as Managing Director in 2010, and is now Professor of Accounting at London Business School. Scott serves as an Editor at the Review of Accounting Studies and sits on the editorial boards of The Accounting Review and Journal of Business, Finance and Accounting.


Navneet Arora
Senior Vice President
American Century Investments

Dr. Navneet Arora is Senior Vice-President and Director of Quantitative Research at American Century Investments. He is responsible for research that supports the firm's investments in various long-only and market-neutral equity strategies globally. Previously, he was a Managing Director and Head of model-based credit research at Blackrock. He has also held senior level research positions at Barclays Global Investors and Moody's Analytics.

Dr. Arora's research interests include Corporate Capital Structure, Asset Pricing, and Investments Theory. He has published in academic and practitioner journals including Journal of Financial Economics and Journal of Investment Management.  He holds a PhD in Finance from University of North Carolina at Chapel Hill, and a Masters in Business from Indian Institute of Management.


Doug Dwyer
Managing Director, Single Obligor Research Group
Moody's Analytics

Douglas Dwyer, Managing Director, heads the Single Obligor Research Group in the Moody's Analytics Quantitative Research Group. This group focuses on measuring the credit risk for corporations and financial institutions worldwide. The group's models are used by banks, asset managers, insurance companies, accounting firms and corporations to measure risk for a wide variety of purposes.

The group utilizes different methodologies to measure the risk of different types of firms depending on the information available. Recent research includes deriving a physical default probability from CDS spreads, updating the LGD model and extending coverage of RiskCalc models to include private firms in emerging markets such as China and Russia. The group recently designed a scorecard that incorporates qualitative and quantitative information for an improved assessment of credit risk. 

Prior to working at Moody's Analytics, Dr. Dwyer was a Principal at William M. Mercer, Inc., in their Human Capital Strategy practice. Dr. Dwyer earned a PhD in Economics at Columbia University and a BA in Economics from Oberlin College.

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Kieran O'Connor

Kieran is responsible for coordinating CQS' business of sourcing and managing legacy fixed income assets - cash or derivative corporate and securitised receivables.

Prior to joining CQS in 2009, Kieran was a senior originator and structurer of special situations at JPMorgan, Managing Director responsible for leveraged and structured finance at New Boston Partners, and originally a banking and finance attorney.

Kieran has sourced, structured and managed credit risk in Asia, Europe and North America.

10:00 - 10:30 am

Break in the Reception Hall, RCOG

10:30 - 12:00 pm

Session 6: Networks and interdependencies
A panel discussion on approaches to capitalize on the inter-connected nature of firms to enhance forecasting


Chair: David Larcker
James Irvin Miller Professor of Accounting
Director of the Corporate Governance Research Program
Stanford University

David F. Larcker is James Irvin Miller Professor of Accounting at the Graduate School of Business of Stanford University and Professor at the Stanford Law School (courtesy).  He was previously the Ernst & Young Professor of Accounting at the Wharton School of the University of Pennsylvania and Professor of Accounting and Information Systems at the J. L. Kellogg Graduate School of Management at Northwestern University.  He received undergraduate and masters degrees in engineering from the University of Missouri - Rolla and a doctorate in business from the University of Kansas.

David is a senior faculty at the Stanford Rock Center for Corporate Governance and the director of the Corporate Governance Program at the Graduate School of Business of Stanford.  He is also a trustee of the Wells Fargo Advantage Funds.

David has published many articles and book chapters on topics such as executive compensation, corporate governance, measurement of intangible assets, and strategic business models. He received the Notable Contribution to Management Accounting Literature Award in 2001.  David is the coauthor of a recent book entitled Corporate Governance Matters:  A Closer Look at Organizational Choices and Their Consequences.  He was a member of the Financial Accounting Standards Board Task Force on accounting for executive stock options, Steering Committee for the Business Reporting Research Project of the Financial Accounting Standards Board, and the Option Valuation Group of Financial Accounting Standards Board.  He has served as a consultant to numerous organizations on corporate governance and design of executive compensation contracts.


Andrea Frazzini
Senior Researcher
AQR Capital Management LLC

Andrea Frazzini is a vice president at AQR Capital Management LLC where he develops quantitative strategies for the Global Stocks Selection and the Global Asset Allocations teams. Prior to joining AQR, Andrea was a Professor of Finance at University of Chicago Booth and a Research Associate at the NBER. He also served as a consultant for DKR Capital Partners and JP Morgan Securities, and on the Board of Directors of CRSP. Andrea earned a BS in Economics from the University of Rome, an MS in Economics from the London School of Economics and a PhD in Economics from Yale University.

Andrea's research has focused on asset pricing and behavioral finance, studying financial market imperfections and social networks in the money management industry. His work has been published in the top academic finance and economics journals including the Journal of Finance, Journal of Financial Economics and the Journal of Political Economy, and won several awards including the Smith Breeden prize, the Fama-DAF prize, the BGI best paper award, the CQA best paper award and the PanAgora Crowell Memorial Prize. His research is frequently featured in the press. Coverage of his research includes Forbes, The New York Times, Smart Money Magazine and the Economist.


Ken Froot
André R. Jakurski Professor of Business Administration
Harvard Business School

Founding Partner, State Street Associates

Kenneth A. Froot is the André R. Jakurski Professor of Business Administration at Harvard University's Graduate School of Business Administration and its former Director of Research. He is a research associate at the National Bureau of Economic Research and the chair of the NBER's Insurance Group.

Professor Froot is a founding partner of FDO Partners and State Street Associates and serves on boards and policy review committees of several corporations and financial institutions.

His current research interests are in international finance, the distribution of insurance risk, and risk capital and capital allocation.


Gerben de Zwart
Senior Portfolio Manager
APG Asset Management

Gerben is Head of Quantitative Research in the Quantitative Equity group at APG. His goal is to develop and enhance quantitative investment strategies, while also maintaining relationships with academic researchers. The group manages about EUR 15 billion in quantitative strategies which have been developed internally. Prior to APG in 2010, dr. De Zwart was employed by ING Investment Management and Robeco where he held various quantitative positions.

Gerben earned his Master's degree in Technical Mathematics from Delft Technical University and his PhD in Empirical Finance from the Rotterdam School of Management, Erasmus University Rotterdam. Gerben also holds the Chartered Financial Analyst designation. He has been published in the academic finance literature including the Journal of International Money and Finance and Emerging Markets Review as well as in practitioner-oriented journals such as Financial Analysts Journal and Journal of Portfolio Management.