Research Track Leads

Lemma Senbet, Corporate Governance Track Lead
Founding Director, Center for Financial Policy
William E. Mayer Chair Professor of Finance

Lemma Senbet

Lemma Senbet is the William E. Mayer Chair Professor of Finance and was chair of the Smith School’s finance department, 1998-2006, and his tenure saw rapid transformation of the department into world class. His widely cited publications have appeared in the Journal of Finance, Review of Financial Studies, Journal of Business, and other leading academic journals. He has received numerous honors and professional recognitions. He has been a director of the American Finance Association and served as President of the Western Finance Association. He is an inducted Fellow of the Financial Management Association International and a member of the Financial Economists Roundtable. He was awarded an honorary doctor of letters Honoris Causa by Addis Ababa University, Ethiopia’s flagship institution of higher learning. Senbet has advised the World Bank, the IMF, the UN, and other institutions on issues of financial sector reforms and capital market development. He has served as an independent director for The Fortis Funds and currently is an independent director for The Hartford Funds. Senbet has also served on over a dozen editorial boards, including the Journal of Finance (12 years), Financial Management (20 years),Journal of Financial and Quantitative Analysis (7 years), and served as executive editor of Financial Management (6 years). He is currently finance area editor for Journal of International Business Studies. Senbet has produced a string of doctoral students and placed them in major universities.

Haluk Ünal, Financial Institutions/Consumer Finance Track Lead

Unal Haluk

Haluk Ünal is a Professor of Finance, at the Robert H. Smith School of Business, University of Maryland, Special Advisor to the Center for Financial Research of the FDIC, and Senior Fellow at the Wharton Financial Institutions Center. He is also the Managing Editor of the Journal of Financial Services Research.

Ünal holds doctorates in finance from Ohio State and in economics from Istanbul University, where he did his undergraduate work as well. He also earned a MS degree in accounting from Ohio State. He previously taught at the Ohio State University and The Wharton School of the University of Pennsylvania. He teaches corporate finance, management of financial institutions, and fixed income securities courses.

His current research focuses on executive compensation, corporate bonds, bank mergers, pricing default risk, risk management, and mutual-to-stock conversions in the savings and loan industry. He is published in the Journal of Finance, Journal of Financial and Quantitative Analysis, Journal of Financial Services Research, Journal of Money Credit and Banking, Journal of Banking and Finance, Review of Derivatives Research, and Journal of Financial Economics and Review of Financial Studies.

Ünal has been a consultant to the World Bank, Federal Deposit Insurance Corporation, and the Department of Justice. He is also on the academic council of Standard and Poor’s. Internationally, he delivered invited lectures in Portugal, China, Italy, Mexico, Peru, Poland, Switzerland, and Turkey. He also held executive training for Fannie Mae, Hughes Network Systems, Oracle, SAIC, and Wharton’s Executive Masters in Technology Management program.

Kathleen Hanley, Risk Management Track Lead
Senior Academic Advisor
Visiting Associate Professor of FinanceHanleyKathleen

Kathleen Weiss Hanley is currently a Visiting Associate Professor of Finance at the Robert H. Smith School of Business at the University of Maryland.  From 2011 to 2013, she was the Deputy Chief Economist of the Securities and Exchange Commission and Deputy Director in the Division of Economic and Risk Analysis where she oversaw the integration of economic analysis into policy and rulemaking across a broad range of topics in financial economics including the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Jumpstart Our Business Startups Act.  In addition, she managed the Division’s data analytics and risk assessment initiatives.  Prior to that time, she was a Senior Economist at the Board of Governors of the Federal Reserve System in the Risk Analysis section and a Senior Financial Economist at the SEC.  She has been on the faculty at the University of Maryland as an Associate Professor (with tenure) and at the University of Michigan as an Assistant Professor.  Her research focuses on capital formation and market pricing and has been published in leading finance journals such as The Journal of Finance, Journal of Financial Economics, The Review of Financial Studies, Journal of Financial Intermediation, and Financial Management.  She is listed as one of the “authors with the most citations to their Journal of Financial Economics papers, 1974-2010.”

Albert “Pete” Kyle, Asset Management and Market Design Track Lead
Charles E. Smith Chair Professor of Finance

Kyle Pete

Albert S. (Pete) Kyle has been the Charles E. Smith Chair Professor of Finance at the University of Maryland’s Robert H. Smith School of Business since 2006. He earned is B.S. degree in mathematics from Davidson College (summa cum laude, 1974), studied philosophy and economics at Oxford University as a Rhodes Scholar from Texas (1974-1977), and completed his Ph.D. in economics at the University of Chicago in 1981. He has been a professor at Princeton University (1981-1987), the University of California Berkeley (1987-1992), and Duke University (1992-2006).

Kyle’s research focuses on market microstructure, including topics such as informed speculative trading, market manipulation, price volatility, the information content of market prices, market liquidity, and contagion. His current research also deals with concepts from industrial organization to value companies.

His teaching interests include market microstructure, institutional asset management, venture capital and private equity, corporate finance, option pricing, and asset pricing.

He has been a Fellow of the Econometric Society (2002), a board member of the American Finance Association (2004-2006), a staff member of the Presidential Task Force on Market Mechanisms (Brady Commission, 1987), a member of NASDAQ’s economic advisory board (2004-2007), a member of the FINRA economic advisory committee (since 2010), and a member of the CFTC’s Technology Advisory Committee (since 2010).

Vojislav (Max) Maksimovic, Emerging Markets Track Lead
Dean's Chair Professor of Finance and Department Chair

Maksimovic Vojislav

Vojislav "Max" Maksimovic is the Dean's Chair Professor of Finance at the Smith School. His recent research focuses on how a firm's organizational structure affects the flow of resources across its divisions. He has also worked on how competition in high technology industries determines the timing of initial public offerings. He is interested in international finance, specifically in how a country's legal and institutional environment influences the financing and investment by firms.

Maksimovic's research has been published in the Journal of Finance, Review of Financial Studies, Rand Journal of Economics, Journal of Financial Economics, and Journal of Banking and Finance. He is an associate editor of Financial Management and a member of the board of directors of the Western Finance Association.