January 2020

CURRICULUM VITAE 

Name:			Ronald W. Anderson 
 
Address:			Department of  Finance
London School of Economics and Political Science
Houghton Street
London WC21 2AE
UK

Nationality : 		Belgium, United States of America

Web page: 		http://personal.lse.ac.uk/ANDERSOR/ 

Communications:		+44 20 7955 6204 
r.w.anderson@lse.ac.uk 

Education:		B.A. (1969)  in Economics, Colgate University;  
M.A. (l970) and  Ph.D. (l976) in Economics,  University of Michigan 
 
Academic Positions: 	Emeritus Professor of Finance, London School of Economics (2011-present)
Professor of Finance, London School of Economics (2000-2011)
Department Head (2004-2008)
Director MSc Management and Regulation of Risk (2001-2014)

Visiting Professor, Xinhua College, Sun Yat-sen University (2016-present)

Visiting Professor, CERGE-EI (2001-2009)

Professeur Ordinaire, Université Catholique de Louvain, Belgium (1990- 2003)

Président of Institut des Recherches Economiques et Sociales, Louvain, (1998-2000) 

Visiting Professor of Finance, Hong Kong University of Science and Technology (1997-98)

Wasserman Professor of Finance, Baruch College, City University of New York (1994-95)

Professor of Economics, City University of New York, Graduate Center, (1984-1993) 
 
Associate Professor (1980-1984) and Assistant Professor  (1976-1980), Graduate School of Business, Columbia University 
 
Chargé de Cours, Invité, CORE, Catholic University of Louvain, Belgium, 1984. 
 
Visitor, Nuffield College, Oxford University, 1983 
 			
Postdoctoral Fellow, Department of Economics,Catholic University of Louvain, Belgium, 1975-1976. 
 
Lecturer, Utica College, 1971-1972. 

Administrative Appointments: 

Chair, Exam Board, EMFSS, University of London, External Studies Programme, 2015-present.
This board decides degree classifications for graduating students of the University of London External Studies in the areas of economics, finance, management, and other social sciences involving some 30,000 world-wide. 

Head Department of Finance (2007-2008) and Accounting and Finance (2004-2007), London School of Economics.  During this period, I was responsible for transforming a combined department of accounting and finance into separate departments.  This facilitated a considerable expansion of finance teaching at LSE including the introduction of a highly successful MSc in Finance and the growth of the finance faculty from 15  to 30 members.  

Programme director, London School of Economics, MSc Management and Regulation of Risk. 2001-2015.  As director of the Deutsche Bank chair in risk management and regulation I supervised all aspects of this inter-disciplinary master degree in risk management and regulation.  This involved student recruitment, coordination of the teaching of core faculty coming from several LSE departments, and the integration of practitioner seminars offered by managers from Deutsche Bank and other City firms. 

Programme director, Fixed Income Markets and Risk Management, Financial Markets Group, LSE, (2000-2015)

Principal investor, Systemic Risk Centre (2013-present)

Institut des Recherches Economiques et Sociales (IRES), Université Catholique de Louvain.  President, 1998-2000, Vice president for research, 1996-97. IRES is the research unit of the Catholic University of Louvain, oriented toward applied economic research and public policy. During my tenure as president it comprised some 70 academics, researchers and administrative staff. 

Head, Doctoral Program, Université Catholique de Louvain (1991-1997)

Head, Financial Economics Unit, Université Catholique de Louvain (1990-1994)

Founding member, Center for Futures Market Studies, Columbia Business School, Columbia Univesity (1980-1984).  The Center was a pioneer in the academic study of derivatives markets.  It grew out of our extended process of outreach to derivatives market practitioners including Continental Grain, the Chicago Board of Trade, the Chicago Mercantile Exchange, J. Aron, and, especially COMEX which was the principal funder of the Center. As one of the principals at the Center I organized a number of conferences including particularly one entitled “The Industrial Organization of Futures Markets,” which gave rise to a book of the same title which brought an awareness of the importance of derivatives market infrastructure to a wide audience of non-practitioners.   

Research and Teaching Interests: 
 
Financial Economics, Financial Sector Development
 
Dissertation:	Commodity Aggregation and Price Indices in Demand  Analysis.  (1976) Department of Economics, University of Michigan. Committee: H. Shapiro, P. Howrey, and L. Phlips. 
                  
Articles:      	"Perfect Price Aggregation and Empirical Demand Analysis,"  Econometrica. 47 (l979). 
 
"Some Theory of Inverse Demand for Applied Demand Analysis," European Economic Review. 14 (l980). 
 
“Hedging and Joint Production," Journal of Finance. 35 (1980) (with J.P. Danthine). 
 
 "Contribution of the Ocean Sector to the United States Economy," Science. (l980) (with G. Pontecorvo, M. Holdowsky, and M. Wilkinson). 
 
"Cross Hedging," Journal of Political Economy. 89 (l98l) 1182-1196 (with J. P. Danthine) 
                                                      
"An Evaluation of Alternative Consumer Demand Systems within an Econometric Model of the U.S. Livestock  Sector," in E.G. Charatis (ed.),  Selected Papers on  Contemporary Econometric Problems. (Athens l982)  (with M. Wilkinson). 
 
"The Time Pattern of Hedging and the Volatility of Futures Prices," Review of Economic Studies. (l983) (with J.P. Danthine). 
 
"Hedger Diversity in Futures Markets,"  Economic Journal. 93 (l983) 370-389. (with J.P. Danthine). 
 
"Consumer Welfare and the Livestock Economy in the United States", Canadian Journal of Agricultural Economics. (l983) (with M. Wilkinson). 
		 
"The Industrial Organization of Futures Markets: A Survey," in R. Anderson (ed), The Industrial Organization of Futures Markets. (l984) Lexington Books. 
 
"Futures Markets and Monopoly," in R. Anderson (ed.), The Industrial Organization of Futures Markets. (l984) Lexington Books (with Mahadevan Sundaresan). 
 
"The Regulation of Futures Contract Innovations in the United States," Journal of Futures Markets. (Fall l984). 
 
"Some Determinants of the Volatility of Futures Prices," Journal of Futures Markets. (1985 ). {reprinted in A.G.Malliaris (ed.) Futures markets. Vol 1. (Elgar International Library of Critical Writings in Financial Economics, 1997) 329-46.}
 
"Consumer Demand for Meat and the Evaluation of Agricultural Policy," Empirical Economics. (1985) (with M. Wilkinson). 
 
"A Model of Innovation with Application to New Financial Products,"  Oxford Economic Papers. (1986). (with C.J.Harris){reprinted in D. Morris (ed.) Strategic behaviour and industrial competition (Oxford University Press, 1986) pp.203-18}

"Regulation of Futures Trading in the United States and the United Kingdom," Oxford Review of Economic Policy. (1986).

"Commodity Agreements and Commodity Markets: Lessons from Tin," Economic Journal. (1988) (with C. Gilbert)
{Reprinted in D.Greenaway and C.W. Morgan (eds.) The Economics of Commodity Markets.  (Elgar. International Library of Critical  Writings in  Economics, vol. 105, 1999).}

"Securitization and Commodity Contingency in International Lending," American Journal of Agricultural Economics. (1989) (with C. Gilbert and A. Powell).

"Futures Trading for Imperfect Cash Markets: A Survey," in L. Phlips (ed.) Commodity, Futures, and Financial Markets. (Kluwer, 1990).

"The Transformation of Grain Marketing," An Agricultural Strategy for Poland. The World Bank (Washington D.C., 1990)

"Securitizing Development Finance: The Role of Partial Guarantees and Commodity Contingency," (with C. Gilbert and A. Powell) in T. Priovolos and R. C. Duncan (eds.) Commodity Risk Management and Finance. (Oxford University Press, 1991).

"Cross Hedging," in P. Newman et.al. (eds) The New Palgrave Dictionary of Money and Finance. (Macmillan, 1992).

"Cornering the Market," in P. Newman et.al. (eds) The New Palgrave Dictionary of Money and Finance. (Macmillan, 1992).

"Commodity Agreements" in P. Newman et.al. (eds) The New Palgrave Dictionary of Money and Finance. (Macmillan, 1992). (joint with C.Gilbert)

"Markets, Stabilisation, and Structural Adjustment in Eastern European Agriculture" (with A.Powell) in I.Goldin and L.A.Winters (eds.) Open Economies: Structural Adjustment and Agriculture. (Cambridge University Press, 1992).

"Competition among European Financial Markets: The Case of Cross-listed Belgian Equities," (with Pierre Tychon) Revue de la Banque. (1993).

"The Hungarian Agricultural Commodity Exchange and Liberalization in Hungarian Agriculture," (with A.Powell) in S.Claessens and R.Duncan (eds.) Managing Commodity Price Risk in Developing Countries. (Johns Hopkins, 1993).

"Les Marchés Financiers," Nouvelles de la Science et de Technologies. (1994).

"The Development of Options Trading on Belfox," Revue de la Banque. (1994).

"La Finance dans une Economie en Transition vers le Marché: Le Cas de la Pologne" Croissance, Répartition, et Environment. (CIFP 1994).

"Market Stabilization and the Reform of the Common Agricultural Policy," European Economy. (1995 ).

“Transition Banking: Lessons and Prospects in Light of Czech and Hungarian Experience,” in E.Miklaszewsk (ed.) Competitive Banking in Central and Eastern Europe.  (1995) Crakow: Jagiellonian University Press. (with Chantal Kegels)

“Trade and Storage,” in D.Martimort (ed.) Agricultural Markets: Mechanisms, Failures and Regulations. North-Holland, 1996.

“An Exploration of the Complementarity of Bank Lending and Securities Markets” in M.Pagano and A. Roell (eds.) The Decision to Go Public and the Stock Market as a Source of Capital. (1996) Quaderni di Ricerche 19, Rome.

"The Design and Valuation of Debt Contracts," (with S.Sundaresan). Review of Financial Studies.  (1996) 9, 37-68.
{Reprinted in S.Grenadier (ed.) Game Choices; The Intersection of Real Options and Game Theory. (July 2000) and in B. Biais and M. Pagano (eds.) New Research in Financial Markets. (Oxford University Press, 2001)}

“Strategic Analysis of Contingent Claims,” (with S.Sundaresan and P.Tychon) European Economic Review. (1996) 40, 871-882.

“Numerical Analysis of Strategic Contingent Claims Models,” (with Cheng Tu) Journal of Computational Economics.  11 (1998) 3-19.

“The Value of Deposit Insurance in the Presence of Interest Rate and  Credit Risk,” ( with N. Cakici) Financial-Markets,-Institutions-and-Instruments. 1999; 8(5): 45-62

"A Comparative Study of Structural Models of Corporate Bond Yields," Journal of Banking and Finance (joint with S.Sundaresan) 24 (2000) 255-269.

"Corporate Bond Yield Spreads and the Term Structure" Finance. 21 (2000) 15-37. (with Yonghua Pan and Suresh Sundaresan).

"The Next Ten Years of Monetary Relations in Asia," in A. Lamfalussy, B. Snoy and J. Wilson (eds.) Fragility of the International Financial System. P.I.E.-Peter Lang (2001) 61-72. (with Alfred Steinherr)

 “Agency and the Pace of Adoption of New Techniques,” Louvain Economic Review.  68 (2002) 203-220. (with Kjell Nyborg)

“Enterprise restructuring and banking reform: lessons from Eastern Europe since 1990” in G. Dwyer, J-L Lin, J-D Shea and C-S Wu (eds.) Monetary Policy and Taiwan’s Economy. Edward Elgar (2002)

“Capital Structure, Firm Liquidity and Growth” in P. Butzen and C. Fuss (eds.) Firms’ Investment and Finance Decisions. Edward Elgar (2003).

“Derivatives Markets” (with Kenneth McKay) in X.Freixas, P. Hartmann, and C.Mayer (eds.) Handbook of European Financial Markets and Institutions. Oxford University Press (2008) 568-596.

“Credit Default Swaps: What are the social benefits and costs? Banque de France Financial Stability Review.  July 2010 

“Financing and Corporate Growth under Repeated Moral Hazard” Journal of Financial Intermediation. 2011 (with Kjell Nyborg) 20, 1-24 (lead article)

“Corporate Liquidity and Capital Structure” Review of Financial Studies. 2012, 25(3), 797-837  (with Andrew Carverhill) 

“Quelles leçons tirer de la grande crise financière de notre temps ? ” Regards Economique, mai, 2012.

“Scale, scope and complexity: assessing banking business models” Journal of Financial Perspectives. November 2014, 2(3) (with Karin Jõeveer)

“Why Regulatory Reform Is Changing the Structure of Banking,” Banking Perspective. March 2016, Q1.  

“Stress Testing and Macroprudential Regulation: A Transatlantic Assessment,” in R.W. Anderson (ed.) Stress Testing and Macroprudential Regulation: A Transatlantic Assessment.2016, VoxEU eBook.

“Cash Holding and Control-oriented Finance, Journal of Corporate Finance. 2016, December, 41, 410-425 (with Malika Hamadi).

“Agency, Firm Growth, and Managerial Turnover" Journal of Finance. February 2018,Volume 73, Issue 1, 419-464. (with Maria-Cecilia Bustamante, Stéphane Guibaud, and Mihail Zervos) 

Books	The Industrial Organization of Futures Markets. (l984) Lexington Books (editor). 
 
Banking Sector Development in Central and Eastern Europe. (1996) (with E.Berglöf and K.Mizsei) (Economic Policy Initiative,CEPR and Institute for East West Studies).

Transition Banking: The Financial Development of Central and Eastern Europe. (1998) Oxford University Press (with Chantal Kegels)

Stress Testing and Macroprudential Regulation: A Transatlantic Assessment. (2016), VoxEU eBook (editor)

Other Publications: 	“Macroprudential stress tests,” VoxEU article, February 2018 with C Baba, J Danielsson, H Kang, U S Das and M Segoviano 

"Financing for Long-term Growth in an Integrating World Economy,” 
Ferring Annual Review, 2004.

"Systemic Factors in International Bond Markets"  (with O.Renault) Rapport Trimetriel. IRES Service d'Analyse Economique. December 1999.

Review of Bonin and Szekely, eds., The Development and Reform of Financial Systems in Central and Eastern Europe. in Economics of Transition, Volume 4 (1) 1996, p. 249.
 
"Selective Hedging Helps the Europeans," Euromoney. (August 1985). 
 
"Considering Currencies," Pensions and Investment Age. (April 29,1985). 
 
"Comments on L. Telser's 'Margins and Futures Contracts', " Journal of Futures Markets. 1 (1981). 
 
Review of M. Spence, Theory of Market Signalling, in  Recherches Economiques de Louvain. (l976). 
 
Review of A.A. Powell, Empirical Analytics of Demand Systems, in Economica. (1976). 

Business Case Studies:	“Active Credit Portfolio Management: The Loan Exposure Management Group” London School of Economics. April 2010 with Charlie Hallion.

Recent Working Papers:	
“Understanding China’s Evolving Credit Risk Maze,” February 2019 
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3332411 

“Macroprudential Stress Tests and Policies: Searching for Robust and Implementable Frameworks”, Joint IMF and LSE report. February 2018 with C Baba, J Danielsson, H Kang, U S Das and M Segoviano 

 “Sustainable Local Public Finance in China: Are Muni Bonds the Structural Solution?” with Lu Hua, February 2018 http://personal.lse.ac.uk/ANDERSOR/Ron%20Research.htm 

“Chinese Debt Capital Markets: An Emerging Global Market…with Chinese Characteristics,” July 2017 https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3005392 

“Economies of Scope in Wholesale Banking,” with Karin Jõeveer, January 2014

“The Economics of Collateral,” with Karin Jõeveer, March 2014
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2427231  

“Bankers and Bank Investors: Reconsidering the Economies of Scale in Banking”, with Karin Jõeveer, September, 2012, CEPR DP9146, revised December 2014

“Agency Firm Growth and Managerial Turnover”, with Cecilia Bustamante and Stéphane Guibaud, September 2012, CEPR DP9147

“Ownership and Control in Bail-In and Special Resolution, March 2011” http://personal.lse.ac.uk/ANDERSOR/Ron%20short.htm 

“Large Powerful Shareholders and Cash Holding” with Malika Hamadi, CEPR DP7291, May 2009

“What Accounts Time Variation in the Price of Default Risk?” August, 2009

 “Some Determinants of the Price of Default Risk,” FMG Discussion Paper 615, June 2008.

“Measuring and Managing Operational Risk”
 (with R. Dunnett, C. Levy and A. Simoes) (June 2005)

Doctoral Students:	Primary advisor to 30 students completing their dissertations since 1983

Research Grants:	Principal Investigator, "Evaluation of Financial Instruments" Project, PAI, (1991-95)

Principal Investigator, "Privatisation and Financial Market Development" Project, FDS, (1991-94).

Principal Investigator, “La Stucture des Contrats Financiers”Fonds de Recherches Fondamentales Collectives, 1994-96.

Principal Investigator, “Growth and Incentive Design” Action de Recherches Concertées, Communauté Française de Belgique, 1999-2004.

Coordinator, “Financing Retirements in Europe” European Commission, Research Training Network, 2002-2006

Principal Investigator, “Integrating Historical Data and Market Expectations in Risk Assessment for Financial Institutions” EPSRC Grant, 2005-2007.

Principal Investigator, “Corporate Finance and Risk Management,” Frederik Paulsen Foundation Grant, 2005-2007.

Principal Investigator, “The Economics of Collateral,” DTCC grant, 2013-14

Principal Investigator, “Economies of Scope in Wholesale Banking”, The Clearing House Foundation Grant, 2013-14. 

Principal Investigator, “Debt Capital Markets in China,” ESRC grant 2017-2019 (joint with Fudan University and National Foundation of China)

Principal Investigator, “Assessing the Risk of Major Groups to Monetary Policy Actions and Changes in Expectations of Inflation and Growth” European Systemic Risk Board, EMIR Bridge-Programme, 2019-20. 

				
Current Research:  

Chinese Fixed Income Markets

Liquidity in Corporate Bonds Markets

The Role of Global Banks and Markets in the Financial Sector (with Karin Jõeveer)

Empirical analysis of credit spreads 

Hedging in Networks

		 
Other Research Activities:

Conference Organizer, “Managing Financial Risk and Promoting Stable Economic Growth,” Joint ESRC-Chinese Academy of Social Sciences, Beijing, 30-31 March 2018.

Organizers, Financial Regulation Seminar, Financial Markets Group, LSE, 2016-18.

Co-investigator, Systemic Risk Centre, LSE (2014-present)

Project Director (Finance and Banking), European Center for Advanced        Research in Economics. Brussels. (1992-1997).

Programme Committee Member, European Economic Association. Meetings in Maastricht, 1994.

Member, Executive Committee, European Science Foundation, Network in Finance.(1992-1996)

Conference Organizer, "The Firm and Its Stake-holders" TMR conference, Coumayeur, March 2001

Conference Organizer, "Building the Social Safety Net for Asian Societies in Transition" European Science Foundation, Asia Committee conference, Louvain-la-Neuve, April 2000

Conference Organizer, "Capital Markets" IRES-CEPR-TMR conference Network, Louvain-la-Neuve, June 1999

Conference Organizer, "Securities and Derivatives" ESF Network, Louvain-la-Neuve, June 1994

Conference Organizer, Finance Summer Symposium, 1992 and 1993, Swiss National Bank Foundation, Gerzensee Switzerland.

Seminar Coordinator, National Bureau of Economic 	Research, New York, "Game Theory and Strategic  Problems in Finance," (1985-1986) 
 
Conference Organizer, Columbia Futures Center, "The Industrial Organization of Futures Markets," Fall 1982 
 
Associate Editor, Journal of Financial Services Research. (1999-2005)

Associate Editor, Journal of Empirical Finance. (1992-2017)

Associate Editor, The Journal of Futures Markets (1985-1991) 
 
Referee for 
American Economic Review, American Journal of Agricultural Economics, 
Econometrica, Economica, Economic Journal, Economics of Transition, European Economic Review, International Economic Review,  Journal of Agricultural Economics, Journal of  Comparative Economics, Journal of Development Economics, Journal of Empirical Finance, Journal of Finance, Journal of Financial Intermediation, Journal of Financial and Quantitative Analysis, Journal of Futures Markets, Journal of Industrial Economics, Journal of International Economics, Journal of International Money and Finance, Journal of the European Economic Association, Oxford Economic Papers, Quarterly Journal Economics, Recherches Economiques de Louvain, Review of Economic Studies, Review of Financial Studies, Scandinavian Journal of Economics...
 
Awards and Research Associations: 

Fellow, Centre for Economics and Policy Research, London, 1991-present.

Fellow, NETSPAR, 2006-2011.

Fellowship, Project on Public Securities Issues, Ente per gli Studi Monetari Bancari e Finanziari "Luigi Einaudi", Rome, 1993

Member, European Center for Advanced Research in Economics (ECARE), Brussels, 1993-2000.

Research Associate, Center for the Study of Futures Markets, Columbia University, 1979-1986. 
 
Research Fellowship, Chicago Mercantile Exchange, 1978. 
 
Research Fellowship, Catholic University of Louvain, 1974-1975. 
 
Member, European Economic Association, American Finance Association

Phi Beta Kappa

Other Experience: 
Consultant: FISMA European Commission, Risk Control Report, “Drivers of Corporate Bond Liquidity in the European Union”, 2016-17

External Expert, Swiss National Science Foundation, NCCR, FINRISK, 2008-2012.

External Examiner, Oxford University, MSc Financial Economics, 2007-2009. 

Member, Advisory Panel, Observatoire de l’Epargne Européene, Paris, 2006-present.

Executive Training: Bucerius Deutsche Bank programme, 2013

Executive Training: Risk Management Department, Norges Bank Investment Management (Norwegian Sovereign Wealth Fund), 2010

Executive Program, Pon Holdings, 2008.

Executive Program, Enterprise LSE-Duke Corporate Education, Risk Ranagement, 2005-2006 

European Academic Advisory Council, Standard and Poors, 2004-2005
.			
Consultant, Government of Venezuela (1992)

Consultant, World Bank Mission to Moroccan Government (1992) 

Member, Panel of Experts, "Reform of the Common Agricultural Policy," Commission of the European Communities, 1991-1994.

Executive Teaching, "Options", Brussels, 1991-92.

Consultant, Belgian Ministry of Finance (1991, 1996).

Consultant, World Bank, missions to Poland and Hungary (1990-91)

Consultant, Government of Poland, 1990 development of a standardized forward market for grains

Expert testimony: 
			Taxation of Stock Options(1989);
			Taxation of GNMA Forward Trades(1987-88),
			Commodities Fraud (1988)
			Banking Competition in Transition Countries (2002-2006)
LIBOR and Other Benchmarks (2013-2019)
 
Consultant to fund managers (1979 to 2000).  I served as head of research of hedge fund engaged in quantitatively based trading in foreign exchange derivatives markets. This involve active engagement with a variety of major banks and exchanges for to adapt our systems for pre-trade, post-trade, and reporting to alternative trading platforms.  

			Executive Program in Business Administration,  Arden House, 1978

 			Consultant, ABC Television, 1977. 
 
Acting Director and Economist, Community Renewal Program, Utica, New York, 1970 - 1972.  

Languages:  English, French
Computing: Excel, Stata, Matlab, VBA, Fortran