The primary goal of the EAB is to discuss and communicate specific policy recommendations to Nasdaq®. The EAB meets formally twice a year in October and March, and provides a forum for research presentations, discussion of issues relevant to Nasdaq and the EAB, the exchange of research ideas, and access to market data.
This year’s new members bring with them a vast knowledge of how financial markets function, as reflected in the attached biographies:
Michael J. Barclay is Alumni Distinguished Professor of Finance at the Simon School of Business of the University of Rochester. He has research interests in corporate finance, the structure of corporate liabilities, the role of large-block shareholders and active investors in public corporations, and the tax management strategies of mutual funds. Published works are included in the Journal of Financial Economics, The Journal of Finance, the Review of Financial Studies, the Journal of Law and Economics, and the Journal of Applied Corporate Finance. He is also an associate editor of the Journal of Financial Economics, the Journal of Financial and Quantitative Analysis, and the Journal of Accounting and Economics.
In October 1994, Barclay was ranked by Business Week magazine as one of the top 12 business teachers in the U.S. and was honored by the Simon School M.B.A. Superior Teaching Awards in 1991, 1992, 1993, 1994, 1995 and 1997. Barclay has also taught at the University of Pennsylvania’s Wharton School, where he was honored as a finalist for the Helen Kardon Mars Anvil Award for outstanding teaching. Before joining the faculty of the Simon School, he served as a research assistant at the Institute for the Future, where he developed models for corporate strategic planning and econometric forecasting. He won the Shortliffe Prize as the outstanding graduate of the Department of Economics, Colgate University. In addition, he earned a B.A. (summa cum laude), Mathematics and Economics, Colgate University and a Ph.D., Economics and Business, Stanford University.
John (Jack) C. Coffee Jr. is Professor at the School of Law of Columbia University.Prior to joining Columbia in 1989, he was a professor at Georgetown University Law Center. Has also been a visiting professor at Stanford University Law School, the University of Virginia Law School, and the University of Michigan Law School. He served as a reporter to the American Bar Association for its Model Standards on Sentencing Alternatives and Procedures and also as a Reporter for the American Law Institute’s Principles of Corporate Governance.
Professor Coffee has served as a member of the SEC’s Advisory Committee on the Capital Formation and Regulatory Processes, the Subcouncil on Capital Markets of the United States Competitiveness Policy Council, the Legal Advisory Board to the National Association of Securities Dealers (NASD), the Legal Advisory Committee to the board of directors of the New York Stock Exchange. He has also been chairperson of the Section on Business Associations of the Association of American Law Schools, is a Fellow of the American Academy of Arts and Sciences, and was listed by the National Law Journal as one of "The 100 Most Influential Lawyers in the United States." Publications include Cases and Materials on Securities Regulation (8th ed., 1998) (with Jennings, Marsh, and Seligman); Knights, Raiders and Targets: The Impact of the Hostile Takeover (with Lowenstein and Rose-Ackerman, 1988); Cases and Materials on Corporations (with Choper and Gilson, 4th ed., 1995); Business Organization and Finance (with Klein, 6th ed., 1995). Principal interests are in corporations, securities regulation, class actions, criminal law, and "white collar" crime.
He received his B.A. from Amherst in 1966, his LL.B. from Yale University in 1969 and an LL.M. (in taxation) from New York University, 1976. Following graduation from law school, Professor Coffee was a Reginald Heber Smith Fellow for one year, doing poverty law litigation in New York City.
Frank M. Hatheway is Assistant Professor of Finance at the Smeal College of Business Administration of Pennsylvania State University. His research interests are in market microstructure and derivative securities. Dr. Hatheway received his Ph.D. in Economics from Princeton University, an M.B.A. from the Wharton School, and his A.B. in Economics from Dartmouth College. He is a Chartered Financial Analyst.
During the 1998-1999 academic year, Dr. Hatheway was an Economic Fellow and Senior Research Scholar with the U.S. Security and Exchange Commission’s Office of Economic Analysis. Since that time, he has been involved in SEC initiatives regarding the options exchanges and U.S. option markets.
Dr. Hatheway previously worked for General Electric and spent five years as a registered options trader on the floor of the Philadelphia Stock Exchange. He has authored academic articles in the Journal of Finance, Journal of Financial Intermediation and other leading finance journals.
The new members join a distinguished group of EAB financial economists that include: Georgetown’s James J. Angel, Vanderbilt University’s William G. Christie, USC’s Lawrence Harris, NYU’s Joel Hasbrouck, Babson College’s Erik R. Sirri, and Carnegie Mellon University’s Chester S. Spatt. Each Board member serves a term of three years, and all members have agreed to volunteer their services and only receive reimbursement for out-of-pocket expenses
Nasdaq Appoints New Visiting Academic Fellow
Nasdaq is also pleased to announce the appointment of Professor Ingrid M. Werner as Visiting Academic Fellow beginning in September. Professor Werner is Associate Professor of Finance at Fisher College at Ohio State University. Dr. Werner joined the faculty at Ohio State University in 1998 and serves as director of the Finance Ph.D. program and Finance Ph.D. seminar. Professor Werner has an M.B.A. and an Ekon. Lic. from Stockholm School of Economics and a Ph.D. from the University of Rochester (1990).
Professor Werner served on the Economic Advisory Board of the NASD from 1998-2000 and is currently on the Economic Advisory Board of the Finance Research Institute in Stockholm. She has also served as a faculty research fellow for the National Bureau of Economic Research in International Finance and Macroeconomics since 1990 and for asset pricing since 1997. She held a National Fellowship at the Hoover Institution (Stanford University) during the academic year 1995-1996 and a position as Visiting Research Economist at the New York Stock Exchange during 1996-1997.
Professor Werner is on the Editorial Board of the Journal of Finance, the Review of Financial Studies, the Journal of Empirical Finance, and the Journal of International Financial Markets, Institutions & Money, and she serves as a referee for more than twenty other journals in Economics and Finance. Her research interests range from international finance to market microstructure. She has published more than a dozen papers in academic journals and books. In the market microstructure area, Professor Werner has studied: trading of British cross-listed securities both in London and in the U.S.; interdealer trading on the London Stock Exchange; and the trades of NYSE floor brokers. Professor Werner will replace the current Visiting Academic Fellow, Professor Jeffrey H. Harris of the University of Notre Dame.
The Nasdaq Stock Market lists nearly 5,000 companies, has a larger dollar volume, and trades more shares per day than any other U.S. market. For more information about Nasdaq, visit the Nasdaq Web site at www.nasdaq.com or the Nasdaq NewsroomSM at www.nasdaqnews.com.
