Keynote Speaker

Richard Roll

Professor Richard Roll, Anderson School at UCLA, will give his Key Note address on Friday August 21 at 3:30 pm to 4:45 pm.

Location: Aula, NHH.

The Title of the Talk is: O/S: The Relative Trading Activity in Options and Stock

Professor Richard Roll holds the Japan Alumni Chair in Finance at the Anderson School at UCLA. Professor Roll is probably most known for his contributions to Asset Management and Portfolio Theory. The Roll's Critique of the Capital Asset Pricing Model is a fundamental lesson in Professor Roll's deep and early understanding of both the economic theory and the empirics. He has this unique combined insight of economic theory, empirical methods, and, not the least, the knowledge of the data themselves and the history behind them. He has more than anyone helped us all better understand how challenging and difficult it is to test our economic theories using real data. He was among the first to use the CRSP database to analyze asset prices, he more or less invented the event studies. In general, he has done fundamental work in all sub-disciplines in finance from liquidity, market microstructure, over information, to corporate finance.

He is/has been associate editor of a number of journals including Journal of Finance, Journal of Financial Economics, and American Economic Review. He is the series Editor of Edward Elgar series The International Library of Critical Writings in Financial Economics and he has won numerous rewards.

In addition to all his own contributions he is truly dedicated to improve the general research environment for the benefit of all of us. The UCLA finance faculty lunch break spirit is a legacy. In addition, he hosts a yearly visit for all UCLA finance faculty and visitors to his ranch and vineyard close to Ojai, where his wife, Suzanne, also owns a restaurant.

He earned his Bachelor's degree in Aeronautical Engineering from Auburn University in 1961, and his MBA from University of Washington in 1963 while working for Boeing in Seattle, Washington. In 1968, he received his PhD from the Graduate School of Business at the University of Chicago in economics, finance, and statistics. His PhD thesis, "The Behavior of Interest Rates: An Application of the Efficient Market Model to U.S. Treasury Bills," won the Irving Fisher Prize as the best American dissertation in economics in 1968. Professor Roll took an Assistant Professor position at Carnegie-Mellon University in 1968, a professorship at the European Institute for Advance Studies in Management (EIASM) in 1973, and Centre d'Enseignement Superiéure des Affaires in 1975. In this period he was very active in the founding of the European Finance Association. In 1976, Professor Roll joined the faculty at UCLA. In 1987, he was elected President of the American Finance Association. In addition, he has industry experience from, among other firms, Goldman, Sachs and Co., and he runs more than one asset management and consulting firms.

We are deeply honored to have Professor Richard Roll as our Key Note Speaker.