Doctoral Candidate in Education Policy, University of Pennsylvania
Cameron Anglum is a Ph.D. candidate in Education Policy at the University of Pennsylvania. He pursues an interdisciplinary line of research in economics of education, school finance, and urban public policy focused particularly on policy effects experienced by disadvantaged students and the communities that serve them. In particular, Cameron uses quasi-experimental methods of analysis to examine how American governments at the local, state, and federal levels invest in inputs to K-12 public education, the largest public expenditure at the state and local levels. His prior work has examined equity and adequacy considerations in school finance reforms, technology integration in urban schools, and reforms to school discipline policies. His dissertation research examines school district debt issuance, credit constraints, and their relationships with school capital investments, investments which have been shown to improve a range of important public policy outcomes. Previously, Cameron earned a B.A. in Economics and an M.S.Ed. in Education Policy both from the University of Pennsylvania.
Lee Ann Custer
Doctoral Candidate, History of Art, University of Pennsylvania
Areas of Interest
Lee Ann Custer is a doctoral student in History of Art at the University of Pennsylvania. Her research interests include the urban vernacular built environment and modern architectural history. Before coming to Penn, Lee Ann worked on a variety of architecture and urban studies initiatives, including the BMW Guggenheim Lab at the Guggenheim Museum and Spontaneous Interventions: Design Actions for the Common Good at the American Pavilion of the 13th Venice Architecture Biennale. Additionally, she has worked for SO – IL architects in New York, as well as for museum planning consultants Lord Cultural Resources. Lee Ann holds a BA in History of Art and Architecture from Harvard University, where she graduated magna cum laude with highest honors.
President, Andrew Davidson & Co.
Andrew Davidson is a financial innovator and leader in the development of financial research and analytics. He has worked extensively on mortgage-backed securities product development, valuation and hedging. He is president of Andrew Davidson & Co., Inc., a New York firm specializing in the application of analytical tools to investment management, which he founded in 1992. Andrew was instrumental in the creation of the Freddie Mac and Fannie Mae risk-sharing transactions: STACR and CAS. These transactions allow Freddie Mac and Fannie Mae to attract private capital to bear credit risk, even as they remain in government conservatorship. Andrew is also active in other dimensions of GSE reform and has testified before the Senate Banking Committee on multiple occasions. Andrew also helped establish the Structured Finance Industry Group and served on the Executive Committee at its inception. He received an MBA in Finance at the University of Chicago and a BA in Mathematics and Physics at Harvard.
Mortgage Valuation Models: Embedded Options, Risk, and Uncertainty with Alexander Levin, June 2014, Oxford University Press.
Securitization: Structuring and Investment Analysis with Anthony Sanders, Lan-Ling Wolff and Anne Ching, Sep 2003, Wiley.
Mortgage-Backed Securities: Investment Analysis and Advanced Valuation Techniques with Michael Herskovitz, Dec 1993, Probus.
Areas of Interest
Matt begun his PhD training in Applied Economics in 2013. He earned his undergraduate degree in Economics from Princeton University in 2009 and subsequently worked as a research analyst at the Environmental Defense Fund and the Education Innovation Lab at Harvard University. He is currently working on projects related to the distributional impact of the mortgage interest tax deduction and the consequences of housing cycles for school district finances.
“No Excuses” Charter Schools and College Enrollment: New Evidence From a High-School Network in Chicago (with Blake Heller). Forthcoming, Education Finance and Policy.
Doctoral Student in Applied Economics, University of Pennsylvania
Anthony DeFusco is a former Doctoral Student in Applied Economics at The Wharton School of the University of Pennsylvania. His research interests include public economics, urban economics, and real estate finance. DeFusco received his Bachelor of the Arts in Mathematics and Mathematical Economics from Temple University in 2009. Prior to graduate school, he spent some time as a research assistant at the Federal Reserve Bank of Philadelphia.
DeFusco, Anthony A., and Andrew D. Paciorek (2014). “The Interest Rate Elasticity of Mortgage Demand: Evidence from Bunching at the Conforming Loan Limit” Finance and Economics Discussion Series 2014-11. Board of Governors of the Federal Reserve System (U.S.).
DeFusco, Anthony, Wenjie Ding, Fernando Ferreira, and Joseph Gyourko (2013). “The Role of Contagion in the Last American Housing Cycle.” Wharton School, mimeo.
Caitlin is a fifth year doctoral student in Wharton's Applied Economics program, specializing in urban and real estate economics. Her ongoing research includes how ride-sharing platforms reshape the commercial landscape of cities by changing residents' consumption patterns, and how liquid global capital flows influence illiquid local markets through housing transactions (joint with Professor Benjamin Keys). Other interests include issues of income and skill distributions in cities, and urban decline and revitalization. Prior to graduate school, Caitlin worked as a research associate at the Federal Research Bank of New York in the capital markets research function. She worked on researching underwater mortgages, the introduction of floating rate treasury notes, and drivers of stock market flash crashes. Caitlin earned her bachelor's degree at Duke University, majoring in Economics, where she wrote her honors thesis on trailer parks and low-income housing options.
Dr. Felix Zandman Professor of International Management
Director, Lauder Institute
Areas of Interest
Mauro Guillén is the Dr. Felix Zandman Professor of International Management and Director of The Lauder Institute at The Wharton School. His research interests include organizational theory, economic sociology, international management, international banking strategies, and emerging economies. He previously taught at the MIT Sloan School of Management. He is a member of the advisory board of the Escuela de Finanzas Aplicadas (Grupo Analistas), and serves on the World Economic Forum’s Global Agenda Council on Emerging Multinationals. He has received a Wharton MBA Core Teaching Award, a Wharton Graduate Association Teaching Award, a Wharton Teaching Commitment and Curricular Innovation Award, the Gulf Publishing Company Best Paper Award of the Academy of Management, the W. Richard Scott Best Paper Award of the American Sociological Association, the Gustavus Myers Center Award for Outstanding Book on Human Rights, and the President’s Book Award of the Social Science History Association. Guillén is an Elected Fellow of the Macro Organizational Behavior Society, a former Guggenheim and Fulbright Fellow, and a Member in the Institute for Advanced Study in Princeton.
Guillen, Mauro. 2016. The Architecture of Collapse: The Global System in the 21st Century. Oxford: Oxford University Press, 2016.
Berges, Angel, Mauro Guillen, Juan Pedro Moreno, and Emilio Ontiveros. 2014. A New Era in Banking: The Landscape after the Battle. Brookline, MA: Bibliomotion.
Guillen, Mauro and Laurence Capron. 2015. “State Capacity, Minority Shareholder Protections, and Stock Market Development.” Administrative Science Quarterly 61(1):125-160.
Heather Berry, Mauro Guillen, and Arun S. Hendi. 2014. “Is there Convergence across Countries? A Spatial Approach.” Journal of International Business Studies 45: 387-404.
Guillen, Mauro, editor. 2013. Women Entrepreneurs: Inspiring Stories from Developing Countries and Emerging Economies. New York: Routledge.
Ben Hyman is a doctoral candidate in Applied Economics at the Wharton School, University of Pennsylvania, affiliated with the Departments of Business Economics & Public Policy and Real Estate. Ben’s research interests span the fields of public finance, local labor markets, urban economics, and international trade. Ben received his B.A. (Honors) from the University of Southern California (USC), and holds an M.C.P. with a concentration in urban and regional economics from MIT. Prior to graduate school, he worked as a research associate with MIT’s poverty action lab (J-PAL). Ben’s current research focuses on two streams of work. The first concerns whether worker re-training programs help mitigate the adverse effects of local labor market disruptions. The second agenda studies the effects of state and local tax credit incentives on firm behavior and labor demand.
Can Displaced Labor be Retrained? Evidence from Quasi-Random Assignment to Trade Adjustment Assistance (2017) [Work-in-progress]
Firm Mobility and the Economic Development Effects of Location Subsidies: Evidence from a Large-Scale Tax Credit Lottery (2017) [Work-in-progress]
Harrison, A., Hyman, B., Martin, L., & Nataraj, S. (2015). When do Firms Go Green? Comparing Price Incentives with Command and Control Regulations in India (No. w21763). National Bureau of Economic Research.
Robert P. Inman
Richard King Mellon Professor of Finance
Professor of Business Economics and Public Policy
Professor of Real Estate
Areas of Interest
Robert P. Inman is the Richard King Mellon Professor of Finance, Professor of Business Economics and Public Policy, and Professor of Real Estate at the Wharton School. His primary research interests include public finance, urban fiscal policy, and political economy. He is a Research Associate for the National Bureau of Economic Research and a Visiting Senior Research Economist for the Federal Reserve Bank of Philadelphia. He has advised the City of Philadelphia, the State of Pennsylvania, U.S. Treasury, U.S. Department of Education, U.S. Department of Housing and Urban Development, Republic of South Africa, National Bank of Sri Lanka, and others on matters of fiscal policy.
Carlino, Gerald and Robert P Inman. 2016. “Fiscal Stimulus in Economic Unions: What Role for States?” Tax Policy and the Economy 30(1).
Inman, Robert P. and Daniel L. Rubinfeld. 2013. “Understanding the Democratic Transition in South Africa.” American Law and Economics Review 15(1): 1-38.
Inman, Robert, ed. 2009. Making Cities Work: Prospects and Policies for Urban America. Princeton: Princeton University Press.
Inman, Robert P. 2008. “Federalism’s Values and the Value of Federalism.” NBER Working Paper No. 13735.
Craig, Steven, Andrew Haughwout, Robert P. Inman, and Thomas Luce. 2004. “Local Revenue Hills: Evidence from Four U.S. Cities.” The Review of Economics and Statistics 86(2): 570-585.
James G. Dinan Professor, Co-Director, Risk Management and Decision Processes Center, Professor of Decision Sciences and Business Economics and Public Policy, Professor of Operations, Information and Decisions
Howard C. Kunreuther is the James G. Dinan Professor; Professor of Decision Sciences and Business and Public Policy at the Wharton School, and co-director of the Wharton Risk Management and Decision Processes Center. He has a long-standing interest in ways that society can better manage low-probability, high-consequence events related to technological and natural hazards. Professor Kunreuther is a Fellow of the American Association for the Advancement of Science, and a Distinguished Fellow of the Society for Risk Analysis He served on the Intergovernmental Panel on Climate Change (IPCC) as a Coordinating Lead Author for the chapter on “Integrated Risk and Uncertainty Assessment of Climate Change Response Policies” in the 2014 IPCC report, and currently serves on the NAS/NRC Roundtable on Risk, Resilience, and Extreme Events. His recent books include At War with the Weather (with Erwann Michel-Kerjan) (MIT Press), winner of the Kulp-Wright Book Award from the American Risk and Insurance Association in 2011; Insurance and Behavioral Economics: Improving Decisions in the Most Misunderstood Industry (with Mark Pauly and Stacey McMorrow) (Cambridge University Press); and Leadership Dispatches: Chile’s Extraordinary Comeback from Disaster (with Michael Useem and Erwann Michel-Kerjan) (Stanford University Press). Professor Kunreuther received the 2015 Shin Research Excellence Award from the Geneva Association and the International Insurance Society (IIS) in recognition of his outstanding work on the role of public-private partnerships in mitigating and managing risks, as summarized in his paper “The Role of Insurance in Reducing Losses from Extreme Events: The Need for Public–Private Partnerships” (Geneva Papers 2015, 40: 714-762).
Kunreuther, Howard, and Erwann Michel-Kerjan, and Michael Useem, “Rethinking Catastrophic Risk: How Corporate America Copes with Disruption.” Oxford University Press, 2016
Kunreuther, Howard and Luis Ballesteros, “Deciding in the Context of Low-Probability Shocks: Biases, Heuristics, and Uncertainty”. (2016)
Ballesteros, Luis and Howard Kunreuther. “Organizational Learning from Catastrophes”. In Rethinking Catastrophic Risk: How Corporate America Copes with Disruption, edited by Howard Kunreuther, Erwann Michel-Kerjan, Michael Useem, Oxford University Press, 2016
Kunreuther, Howard. “How Corporate America deal with Disasters.” Oxford University Press, 2016
Useem, Michael and Howard Kunreuther, “Leadership Dispatches: Chile's Extraordinary Comeback from Disaster.” 2015
Director of Economics, Economic and Strategic Research, Fannie Mae
Michael LaCour-Little joined Fannie Mae in 2016 as Director – Economics. He recently retired from the position of Chair of the Department of Finance at California State University-Fullerton, where he continues in its faculty early retirement program. Prior to a ten-year stint in academia, he worked for decades in banking at Wells Fargo and Citibank, including their mortgage companies. He continues to serve on the editorial boards of a number of academic journals and is the author of dozens of peer-reviewed papers on topics in housing economics and real estate finance. A native of California, he earned his Ph.D. at the University of Wisconsin-Madison, and undergraduate and MBA degrees at the University of California.
LaCour-Little, Michael, Wei Yu, and Libo Sun. “The Role of Home Equity Lending in the Recent Mortgage Crisis”. Real Estate Economics 42(1): 153-189, 2014.
LaCour-Little, Michael and Jing Yang. “Taking the Lie Out of Liar Loans: The Effect of Reduced Documentation on the Pricing and Performance of Alt-A and Subprime Mortgages”. Journal of Real Estate Research 35(4): 507-553, 2013.
LaCour-Little, Michael. “The Pricing of Mortgages by Brokers: An Agency Problem?” Journal of Real Estate Research 31(2): 235-264, 2009.
Coleman, Major, Michael LaCour-Little, and Kerry Vandell. “Subprime Lending and the Housing Bubble: Tail Wags Dog?” Journal of Housing Economics 17(4): 272-290, 2008.
Calem, Paul and Michael LaCour-Little. “Risk-based Capital Requirements for Mortgage Loans” Journal of Banking and Finance 28: 647-672, 2004.
James S. Riepe Professor
Founding Executive Director, Penn AHEAD
Chair, Higher Education Division
Laura Perna is James S. Riepe Professor and Chair of Higher Education Division in the Graduate School of Education and Founding Executive Director of the Alliance for Higher Education and Democracy (Penn AHEAD). She is also serving as past chair of the Faculty Senate at the University of Pennsylvania, chair of the Higher Education Division of the Graduate School of Education, faculty fellow of the Institute for Urban Research, faculty affiliate of the Penn Wharton Public Policy Initiative, and member of the advisory board for the Netter Center for Community Partnerships. She holds bachelor’s degrees in economics and psychology from the University of Pennsylvania, and earned her master’s in public policy and Ph.D. in education from the University of Michigan. She has held leadership positions in the primary national associations in the field of higher education administration. Dr. Perna served as President of the Association for the Study of Higher Education (ASHE) from 2014 to 2015 and Vice President of the American Educational Research Association’s Division J (Postsecondary Education) from 2010 to 2013 and now is a member of the AERA Grants Governing Board. Her research examines the ways that social structures, educational practices, and public policies promote and limit college access and success, particularly for individuals from lower-income families and racial/ethnic minority groups.
Perna, L.W., ed., 2018. Taking it to the streets: The role of scholarship in advocacy and advocacy in scholarship. Baltimore, MD: Johns Hopkins University Press.
Perna, L.W., and N. Hillman, eds. 2017. Understanding student debt: Who borrows, the consequences of borrowing, and the implications for federal policy. The ANNALS of the American Academy of Political and Social Science 671.
Cahalan, M., L.W. Perna, M. Yamashita, R. Ruiz, and K. Franklin. 2017. Indicators of higher education equity in the United States: An historic trend report. Washington, DC: The Pell Institute of the Council for Opportunity in Education and the Alliance for Higher Education and Democracy.
Perna, L.W. and R. Ruiz. 2016. “Technology: The solution to higher education’s pressing problems?” In American Higher Education in the Twenty-First Century, edited by P. Altbach, P. Gumport, and M. Bastedo.. Baltimore, MD: Johns Hopkins University Press.
Perna, L.W. 2016. “Throwing down the gauntlet: Ten ways to ensure the future of our research.” Review of Higher Education: 319-338.
Perna, Laura. 2012. Preparing Today’s Students for Tomorrow’s Jobs in Metropolitan America: The Policy, Practice, and Research Issues. Philadelphia, PA: University of Pennsylvania Press.