Wharton Private Wealth Management Program

Faculty

Wharton faculty scheduled to instruct at the Private Wealth Management Program are highlighted below. These faculty members are actively involved in the CFA Institute, Securities Industry Institute and Investment Management Consultants Association (IMCA) programs at Wharton. In addition, you will be able to call on the expertise of guest lecturers invited by IPI.

Richard C. Marston

Richard C. Marston is the James R.F. Guy Professor of Finance and Economics and is also Director of the George Weiss Center for International Financial Research. He holds an A.B. degree from Yale University, a B. Phil. from Oxford University, and a Ph.D. from the Massachusetts Institute of Technology. He was awarded a Fulbright and Rhodes Scholarship, and most recently, the Sanwa Bank Prize in International Finance. Dr. Marston servesas Academic Director for IPI's Private Wealth Management Program.

Dr. Marston's research focus is on international financial markets and exchange rates. He is the author or editor of five books on international finance including his most recent work, International Financial Integration among the Major Industrial Countries. He holds senior editorial positions in several journals, including Journal of International Economics, Journal of International Money and Finance, and the Journal of Economic Literature. He has conducted programs in investment management for the Investment Management Consultants Association, the Securities Industry Association, and Pension Fund Program at Wharton, for Nomura Securities in Singapore, for the Asian Securities Industry Association in the Philippines, Taiwan and Malaysia, for Daiwa Securities in Japan, for Seminarium in Argentina, Chile, and Mexico, as well as for a number of American securities firms and money managers.

Dr. Christopher C. Geczy

Christopher C. Geczy, Ph.D., is an Assistant Professor on the Finance Department faculty of The Wharton School at the University of Pennsylvania. His current research focuses on various topics including risk management, multifactor models, the performance of managed funds, various aspects of equity lending and short-selling, and shareholder agreements among parties to firms. His work has appeared in various books and scholarly journals including the Journal of Finance, Journal of Financial Economics and the Journal of Political Economy. It has also been covered in the Wall Street Journal, The New York Times, The Financial Times, Forbes, SmartMoney Magazine, on CNBC's Squawk Box and in numerous other media outlets. Professor Geczy is a Fellow of the Wharton Financial Institutions Center and has been the New York Stock Exchange Fellow and the Geewax-Turker Fellow at the Rodney L. White Center for Financial Research at Wharton. He has a B.A. in Economics from the University of Pennsylvania and a Ph.D. in Finance and Econometrics from the Graduate School of Business at the University of Chicago.

Before his studies at Chicago, Professor Geczy worked for the Board of Governors of the Federal Reserve System, Washington, D.C., in its Division of Research and Statistics. He regularly teaches investment management and co-created the first full course on hedge funds at The Wharton School along with a number of executive education courses and has taught AIMR-accredited professional Risk Management courses through the University of Chicago's Graduate School of Business. He also has appeared often in the Securities Industry Association's annual Institute, speaking about hedge funds and alternative investments. He is an editor of the Journal of Alternative Investments, a founding board member of the Mid-Atlantic Hedge Fund Association, and serves on the curriculum and exam committees of the Chartered Alternative Investment Analyst Association. Professor Geczy has consulted for clients in the areas of asset allocation, hedge fund portfolio analysis and development, financial risk management, and the development of investment and trading strategies.

Jeffrey F. Jaffe

Jeffrey F. Jaffe, Associate Professor of Finance, received his Ph.D. in Finance from the University of Chicago’s Graduate School of Business in 1973. Since that time, he has been on the Wharton faculty. His research interests include corporate finance, investments, money management, and the effects of information on the behavior of security prices. He won the Wharton Evening School’s Outstanding Professor Award 1989-1990.

Dr. Jaffe has been a frequent contributor to finance and economic literature in journals including the Quarterly Economic Journal, The Journal of Finance, The Journal of Financial and Quantitative Analysis, The Journal of Financial Economics, and The Financial Analysts’ Journal. His best-known work concerns insider trading, where he has shown both that corporate insiders earn abnormal profits from their trades and that regulation has little effect on these profits. He also has researched initial public offerings, regulation of utilities, the behavior of markets, the fluctuation of gold prices, the theoretical effect of inflation on the interest rate, the empirical effect of inflation on capital asset prices, the relationship between small capitalization stocks and the January effect, and the capital structure decision.

Dr. Jaffe is the Academic Director of several Wharton Executive Education programs including Pension Funds and Investment Management.

A. Craig MacKinlay

A. Craig MacKinlay is the Joseph P. Wargrove Professor of Finance at The Wharton School of the University of Pennsylvania, where he has been a faculty member since 1984. He is also on the Board of Directors of the American Finance Association, a Research Associate of the National Bureau of Economics Research, a member of the ITG Scientific Advisory Board, a member of the Journal of Investment Consulting Advisory Board, and a former member of the NASD Economic Advisory Board. His research interests include empirical implementation and validation of asset pricing models, measuring investment performance, pricing of futures contracts, microstructure of financial markets, assessment of credit risk, and statistical methods in finance.

MacKinlay has coauthored two books, the Econometrics of Financial Markets and A Non-Random Walk Down Wall Street. He has also published numerous articles in finance and economics journals. Examples of publications include "Stock Market Prices Do Not Follow Random Walks," Review of Financial Studies 1988 (with A. Lo), "Multifactor Models Do Not Explain Deviations from the CAPM," Journal of Financial Economics 1995, and "Asset Pricing Models: Implications for Expected Returns and Portfolio Selection," Review of Financial Studies 2000 (with L. Pastor). He has served as an Associate Editor for a number of journals including the Review of Financial Studies, the Journal of Business and Economic Statistics, the Pacific Basin Finance Journal, and the Review of Quantitative Finance and Accounting.

MacKinlay received his doctorate in Financial Economics and Statistics from the Graduate School of Business at the University of Chicago. His other degrees include a MBA from the University of Chicago, a MBA from the University of Western Ontario, and a BSc from the University of Western Ontario. His honors include the Batterymarch Fellowship, the Fishman-Davidson Center Research Fellowship, the American Association of Individual Investors Award for Research, the Society of Financial Studies Paper of the Year Award, the Paul A. Samuelson Award for Outstanding Scholarly Writing on Lifelong Financial Security, and the Geewax and Terker Prize in Investment Research.

Kathy Pearson
Kathy Pearson, Ph.D., is a senior consultant and Director, Executive Education for Decision Strategies International (DSI), a management consulting firm focused on scenario-based strategic planning and decision-making. In addition Dr. Pearson serves as an adjunct associate professor in the Operations and Information Management Department at The Wharton School. She has taught operations management courses in the M.B.A. program and Executive Master’s of Technology Management programs as well as Probability and Statistics, Simulation Modeling, and other courses for the department and the University of Pennsylvania. In 2006, Dr. Pearson was honored with the “Goes above and beyond the call of duty” award by the 2007 Wharton MBA class.

Dr. Pearson is heavily involved in Executive Education at The Wharton School and DSI, teaching on a variety of topics such as Critical Thinking, Scenario Planning, Strategic Decision Making, Project Management, and Stakeholder Analysis. As Academic Director for many programs, she is responsible for the design of the academic curriculum, the integration of the material, and the overall educational quality of the program.

Dr. Pearson received her B.S. degree in Theoretical Mathematics from Auburn University, her M.S. degree in Decision Sciences from Georgia State University, and her Ph.D. in Industrial Engineering (concentration in Statistics) from Northwestern University.

Todd Sinai
Todd Sinai is Associate Professor of Real Estate and the Abraham Mitchell Term Assistant Professor of Real Estate at The Wharton School. He received his Ph.D. from the Massachusetts Institute ofTechnology in 1997 and his B.A. from Yale University in 1992. He has also served as a Faculty Research Fellow at the National Bureau of Economic Research since 1999 and a Visiting Scholar of the Federal Reserve Bank of Philadelphia since 2000.

His current areas of research focus include housing prices; public policy and housing markets; the airline industry and air traffic delays; real estate investment trusts; the internet and the demand for local goods; low-income housing; and public economics. He is the recent author of an expert report on the demographic makeup of Low Income Housing Tax Credit recipients. Current projects include why airlines do not report accurate flight times; owner-occupied housing as a way of avoiding risk; house price bubbles; and housing in the financial portfolio.

Kent Smetters
Kent Smetters is the Joseph E. and Ruth E. Boettner Associate Professor of Financial Gerontology and Associate Professor of Insurance and Risk Management at The Wharton School.

Dr. Smetters received his Ph.D. in Economics in 1995 from Harvard University and worked for the U.S. Congress from 1995 to 1998. He was a visiting professor at the Stanford Economics Department during the 2000-2001 academic year and served as Deputy Assistant Secretary for Economic Policy of the U.S. Treasury from July 3, 2001 until August 30, 2002. He remains active in Washington, DC, and recently served as a member of the Blue Ribbon Panel on Dynamic Scoring for the Joint Committee on Taxation of the U.S. Congress.

Charlotte B. Beyer - Guest Lecturer

Charlotte B. Beyer is the Founder & CEO of the Institute for Private Investors, a private membership organization. When Ms. Beyer founded IPI in 1991, the goal was, and remains, to create a more informed consumer of financial services. A trusted non-commercial educator, IPI also created the first private wealth management program in the country in collaboration with The Wharton School of the University of Pennsylvania and continues to collaborate on investor programs with Wharton and other universities.

IPI's primary focus remains a private membership organization offering independent investor education and an online community to 1,100 ultra high net worth investors representing 17 countries and 40 U.S. states. IPI remains neutral and performs no consulting or sales of any products or services to families. Membership dues and educational fees are the sole revenue source.

Private investors join IPI to connect with one another both online and in person at events, which are typically held in either New York or San Francisco. At present, 345 families are members, with one third overseeing assets of US$200 million or more. Acquired by Campden Media earlier this year, IPI operates as an independent U.S. subsidiary, providing access to the Campden global platform, including 20 events for families around the world, research and two magazines, FO (Family Office) and FB (Family Business).

IPI was a pioneer in the social media space when a ‘listserv' for private investors was launched in 1998. Virtually every family is active in this investors-only private online community, which has a question posted almost every day, and permits private messaging as well.

IPI's ultimate goal is to change the way investors work with advisors and advisors work with investors, for the benefit of both. This is accomplished by a side-by-side membership for professionals who attend their own events. By staying abreast of trends through surveys like the annual Family Performance Tracking®, these professional members become more attuned to private investor attitudes and needs.

In 2004, Ms. Beyer and a private investor co-founded the Investor Education Collaborative to provide unbiased investor education on the "process" of wealth management as contrasted with the technical theories or investment products. Seminars are offered online (http://www.mywealthinc.net) and employ an eCoach and eMentors.

Prior to founding IPI, Ms. Beyer spent 20 years in financial services. In September 2007, she was the third recipient, and first woman, honored with a Lifetime Achievement Award at Institutional Investor's annual High-Net-Worth Industry Awards.

A graduate of Hunter College, Ms. Beyer also attended the University of Pennsylvania and the Stern/NYU Graduate School of Business Administration. She is immediate Past President of the Board of Trustees of the Westover School, an all-girls school in Middlebury, Connecticut. She serves on the Board of Trustees of the Museum of American Finance, publishes in various trade journals and is on the Advisory Board of Institutional Investor's Journal of Wealth Management.

Gregory T. Rogers - Guest Lecturer
Gregory T. Rogers is Founder & President of RayLign Advisory, LLC, and the RayLign Foundation, a non-profit organization that promotes the strength in families. Previously Mr. Rogers was Executive Vice President & Chief Operating Officer for publicly traded asset manager John A. Levin & Co. He also co-designed and managed the BARRA Strategic Consulting Group and was director of RogersCasey, an investment consultant to institutional investors, as well as a family business founded by his father, Stephen Rogers.

Mr. Rogers has an M.B.A. in International Finance from New York University Stern School and graduated from Brown University with a B.A. in Economics, Organizational Behavior and Management. He is Chairman of the Board of the Ackerman Institute in New York City.