Dr. Jonathan Scott introducing the Owl Fund.

On May 2, The William C. Dunkelberg Owl Fund met to present their Annual Report to board members and Owl Fund alumnus. The Owl Fund’s mission is to provide the Temple University students with an active learning environment where they put investment principles into practice to achieve professional and personal goals related to investment management.

In 2016, members were able to learn and gain real experience inside the world of asset management. The year had an unprecedented amount of geopolitical events throughout the year, which caused market volatility. The Fund appreciated by 8.15%, underperformed the S&P 500, which was up 11.96% by 384 bps. The 8.15% gain on the year gave the Fund a market value of $256,613.38 as of December 31, 2016.

During the Fall 2016 semester, the Temple University Board of Trustees and executive administration allocated $250,000 from the University’s Endowment to the Owl Fund, effective January 1, 2017. The fund will receive monthly installments of ~$20,000 throughout the year.

The Fund also made changes to the investment policy statement (IPS). The Fund is now allowed to invest in companies that are not a part of the S&P 500 Index. This expands their investment horizon beyond ~500 stocks. Its sector holdings limit was also increased during the school year, from five stocks to seven stocks. This will help the Fund diversify, and limit the use of sector ETFs. Finally, the Fund is now allowed to invest in publicly traded REITs, as Real Estate became its own sector on September 23, 2016. These changes signal unanimous confidence that the University has in the Fund. Leo Helmers, member of the Dean’s council and Owl Fund Advisory Board, attended a meeting recently and said, “President Englert was gushing,” after the presentation the students made to the University’s Investment Committee earlier last week.

The opportunities gained in the Owl Fund are unmatched real-world experiences that expose students to global investment world. “The Owl Fund gave me access to C-suite executives and investor relations teams from Fortune 100 companies, introduced me to Temple alumni across the financial markets, and allowed me to meet top industry professionals from across the country. Most importantly, I was able to meet highly motivated and passionate peers and work with them on challenging projects,” said The Chief Investment Officer of the 2016 – 2017 academic year, Joseph Heidt.

During the first quarter of the year, from January 1, 2017 to March 31, 2017, the Fund outperformed their benchmark by over 100 basis points (1%). The year-to-date is up ~75 basis points (.75%) from their benchmark and they are learning from their experiences from the past year to put forth the tactics gained this semester. The Fund hopes to continue to grow throughout the rest of the academic year.

The talented, diverse, and driven Class of 2021 at the Fox School of Business are poised to become the next generation of innovators and business disruptors. They arrive highly-accomplished and are excited to hone their skills with the help of our top-tier faculty, market-driven curriculum, and professional development opportunities.

In fall 2017, the Fox School redesigned the Bachelor of Business Administration Core Curriculum to weave critical thinking, communication, and quantitative reasoning skills into the fabric of core business knowledge. The redesign team continues to work with students, alumni, faculty, staff, and employers to integrate these skills across the curriculum to better position Fox undergraduates for success post-graduation. These four freshmen are among the first to participate in the enhanced curriculum.

Watch the video below and read on to learn more about these four freshmen who are ready to change the world.

Nasir Mack

  • Hometown: Philadelphia
  • Age: 18
  • Major: Business Management
  • Career goals: CEO, creative director, project manager
  • Hobbies: Public speaking, reading, writing
  • Hidden talent: Making music, playing violin

Meredith Orme

  • Hometown: Royersford, Pa.
  • Age: 18
  • Major: Business (declaring Accounting)
  • Career goals: Grad school, then Certified Public Accountant
  • Hobby: Competitive horse rider
  • Hidden talents: “I can bake pretty well and I love to make handmade gifts!”

LJ Troilo

  • Hometown: Havertown, Pa.
  • Age: 19
  • Major: Entrepreneurship, Marketing
  • Career goals: Serial entrepreneur, thought leader
  • Current businesses: Symbie (social networking app) and eThree (sales engagement platform)
  • Claim to fame: Joined rapper Travis Scott onstage at concert and knew every word

Robert Zurzolo

  • Hometown: Medford, N.J.
  • Age: 19
  • Major: Finance, Entrepreneurship
  • Career goals: Wealth management sales or investment banking firm in mergers and acquisitions
  • Dream: “To retire from the financial field after 15 to 20 years and work as a high school math teacher in my hometown.”
  • Current business: Has run landscaping company, Robert Z Properties LLC, since freshman year of high school
  • Hobby: “I love to travel. I went to Switzerland this fall and Italy this summer.”
  • Hidden talents: Good cook and ping pong player
Learn more about Fox School undergraduate programs.
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While studying finance at the Fox School of Business, Tamika Boateng, BBA ’06, learned all about asset management and risk—she also learned the value of giving back to the community.

Boateng, now the senior vice president of institutional and donor services at National Philanthropic Trust, credits her commitment to volunteering for her professional success.

“While at Temple University, I discovered several new things that are meaningful in my life today, such as giving back,” Boateng says. “When I was 19, I applied with Big Brothers Big Sisters and was matched with an 8-year-old girl from North Philly. Every other week, I’d go to her house or bring her to campus. I tried to give her the college student experience and got to know her life. The experience made me realize the small things you do make a big impact on people’s lives.”

Boateng also joined the National Association of Black Accountants (NABA), where she eventually served as the student professional organization’s vice president. In addition to helping jumpstart her career—namely through networking and securing internships with Johnson & Johnson and Vanguard—she was able to help other students achieve similar goals.

“We connected students with employers,” recalls Boateng. “We invited different companies and leaders to speak at our weekly meetings and we connected students from different schools in the Philadelphia area. We also had an annual conference with a career fair and professional development that helped students learn critical skills, such as networking, public speaking, and interviewing. It helped our NABA members prepare for internships and careers. Being part of NABA made me more career-focused and successful, and I know it had the same impact on others, too.”

Boateng’s commitment to volunteering continued beyond her time at the Fox School. After graduation, she was hired by Vanguard—which happened as a result of the internship she landed through NABA—and she eventually became the global head of bank strategy and relations. While there, she co-led a program in partnership with Big Brothers Big Sisters of America where 60 of her coworkers became mentors to students at a school in the Kensington neighborhood of Philadelphia. The program cultivated relationships between students and professionals with the goal to increase the school’s graduation rate.

Her current volunteer activities include being a member of the board at the Settlement Music School Germantown Branch—one of the largest community arts schools in the country, alumni include Albert Einstein, Kevin Bacon, and Chubby Checker. Boateng connected with the school through Leadership Philadelphia, which matches the skills of professionals in the Philadelphia area to board opportunities with organizations in need. Boateng is passionate about music education (her twin sons both play piano), so it was a perfect match.

“My experiences in philanthropy made me the leader I am today,” says Boateng. “You gain so many skills through volunteering. While volunteering back at Temple, I did not fully grasp at the time all of the benefits. But I gained valuable communications skills and learned how to work with diverse groups of people from all different backgrounds; both these things would help me so much in the future. It’s so important to give back. I wouldn’t be where I am today without those experiences.”

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For the financial community, the period around earnings announcements—the official public statement of a firm’s profitability—is often a time of speculation. As investors, knowing when to buy or sell stocks is part of the job. And when earnings announcements are released, the risks are only magnified.

The question is: Why hold onto a risky investment?

For decades, researchers have been unable to understand the irregular behavior of investors holding during earnings announcements. Dr. Pavel Savor, associate professor of finance at the Fox School of Business, proposes a groundbreaking explanation of this phenomenon in his paper, “Earnings Announcements and Systematic Risk.”

Depending on the news—good or bad—regarding a firm’s performance, earnings announcements can create a risky investing environment. Savor found that the expectation of a firm’s earnings can entice investors to hold stocks while expecting higher returns.

“People are naturally risk-averse,” says Savor. “If you are holding on to a risky asset, you need to be compensated for it.”

Pavel Savor, Associate Professor of Finance

For example, if you were given the opportunity to hold a one percent stake in Google at the time of an earnings announcement, what should you do? “You would say, that’s not enough [stock], because it’s a very risky time.” If investors are holding a stock around earnings, they are going to demand higher returns. This risk-based explanation, Savor argues, causes the stock prices to increase during these periods.

And this doesn’t just impact the period around the earnings announcements. Savor found that the anticipation of the announcements has a longer term effect than previously thought. According to the research, the performance of a firm during an announcement period can predict its future growth two and three quarters into the future. Savor found that the returns at announcing periods were significantly better predictors for performance than market returns.

Much research has been conducted on earning announcements, but this study is the first of its kind to show that returns around earning announcements can be explained by risks inherent in those announcements.

For this leading-edge research in the finance field, Dr. Savor received the Amundi-Smith-Breeden Prize given to the top three papers each year from the Journal of Finance.

Savor’s word to investors: Proceed with caution. “Be aware of the risk you are bearing,” he says. The gamble of investments may be inevitable, but with the recognition of the risk involved, firms can perform better. Earning announcements not only reveal a firm’s progress, but also give insight to how the economy is reacting to stocks.

“We [researchers] all hope our work will have tremendous impact,” says Savor. He anticipates this research will help investors be better informed when choosing their investments. “Our paper is likely to change at least how people view some return patterns. This is something no one was able to show before.”

Learn more about Fox School Research.

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Ever since that first brave soul cut a hole in a slab of dough, shaped that slab into a circle, tossed it in hot oil, pulled it out, sprinkled some sugar on it, and took a bite, human beings have been gaga for donuts.

In recent years, donut-mania has ramped up to a whole new level, with boutique shops popping up in cities across the country. Philadelphia hasn’t been immune to this craze—the city loves donuts. And everyone in Philadelphia can now celebrate because there’s a new donut option in town. It’s called Factory Donuts and the founder’s a Fox School alumnus.

Factory Donuts opened its doors, in the Mayfair neighborhood in Northeast Philadelphia, in August. Founded by Heather and David Restituto, BBA ’96, it offers about two dozen colorful and creative options, including the maple bacon explosion, blueberry bake, pumpkin pie, and David’s favorite, mint chocolate chip. The shop boasts high ceilings, exposed brick, and a trendy, industrial vibe.

“We put our own spin on the design and concept of the store to differentiate ourselves,” says David, a self-described “sweet tooth.” “We tried to make the outside and inside appear like a factory, with red brick, the layout of the machines, the lights hanging from the ceiling. And we want people to be able to see their product made right in front of them—from batter to a finished donut—in just a few minutes.”

Factory Donuts is David’s first time as a business owner, but he’s no stranger to operating a business. He has run Rita’s Italian Ice franchises, as well as several Philadelphia area Meineke franchises with his father, who initially encouraged him to major in finance at the Fox School.

“My father guided me toward finance and taught me it’s what separates a business from doing well or not well,” explains David. “Not understanding the numbers makes a huge difference. Growing up in the business, with my father teaching me about cost of goods and labor percentages, and how to put financing around the business aspects, it taught me how to run a business. Most importantly, it taught me how to grow a business.”

Given David’s long history with franchises, it may come as no surprise that franchising will be the next step for his business. They’ve already received hundreds of unsolicited offers from people interested in opening their own Factory Donuts location. The next move will be opening a corporate headquarters to handle the franchisor transition.

“We have so much positive interest from people,” says David. “We’re ready to launch the franchise end of the business and we’re planning for future growth. It’s a very exciting time.”

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Dr. Bora Ozkan, Director of the Capital Markets Room (CMR) at the Fox School, was invited to speak at the Bloomberg Education Speaker Series, held in July in San Francisco. Ozkan shared his experience incorporating Bloomberg into the courses he taught over the last four years at Temple University. The university utilizes CMR in various ways including hosting classes and workshops, and raising funds from businesses and Fox School alumni.

Another feature that sets the Fox School apart is the Capital Markets Room. CRM is a mock trading room and simulation lab that boasts 50 computer stations with a subset of the stations configured as Bloomberg Professional terminals. Additional data access and insights are provided through FactSet Research Systems, Capital IQ, and Thomson Reuters’ Eikon. Specialized software programs, such as SAS, Stata, Matlab, JMP, and Crystal Ball are also available in CMR. The Fox Fund and Owl Fund spend a majority of their time in CMR doing market research, pitching exercises, and monitoring their progress. Not only do organizations use the room, but also the Vanguard ETF Trading Competition, University Trading Challenge, Prudential Stock Competition, and Prudential Excel Workshops are held in CMR each year. These events spotlight CMR and attract business and alumni donations to the Fox School. Last year, the Charles Schwab Financial Planning Center was brought to Alter Hall because of CMR’s success.

The Bloomberg Institute creates the future of financial training, partnering with industry-leading financial institutes and key decision makers. Bringing to the forefront tools, news, and data to students and universities.

A catalyst for the continued positive trajectory of the Department of Finance, Dr. Ozkan was recently awarded the Superior Faculty Advisor Award from the Financial Management Association International. “We nominated Dr. Ozkan because of his dedication to not only the organization, but also the members,” said Robert Klein, president of the Financial Management Association. “Dr. Ozkan has opened many doors for the organization, which was one of main reasons FMA increased its membership to around 160 active members this past academic year.”

The Department of Finance congratulates Ozkan on his accomplishments and contributions to the Department. To view his presentation, please click here.

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The Department of Finance is pleased to welcome Yue Qiu from University of Minnesota, Tilan Tang from Clemson University, Rudy Yaksick from Wenzhou-Kean University, and Justin Vitanza from University of Rochester.

Read more about the new faculty here.
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Senior finance major Anthony Merola is no stranger to success. He has accomplished a variety of impressive feats within the Fox School and beyond. Through his involvement in student professional organizations and landing highly competitive internships, his contributions to Temple University are truly remarkable and have awarded him prestigious scholarships.

Merola decided to major in finance based on a strong interest in financial markets and a desire to work in an investment related role. He wanted to get a real-word classroom experience from a distinguished faculty who all have had years of experience in the industry. Through the Fox School’s diversified curriculum, he was exposed to industries other than finance and received a unique global business perspective.

Merola is heavily involved on and off campus. This year, he is serving as the chief investment officer of the William C. Dunkelberg Owl Fund, a $500,000 long-only equity student-managed investment fund, after being involved in the organization since he was a freshman. What initially drew Merola to the Owl Fund was the competitive edge it provides in order to prepare students for a smooth transition into the workforce.

In addition to the Owl Fund, Merola served as the president of Temple University Investment Association (TUIA) from 2016-2017. He interned for companies such as Raymond James Financial, JP Morgan Chase & Co, and Aberdeen Asset Management.

Academically, Merola excels and proves himself to be a hardworking and driven student. He earned a number of scholarships for his academic achievements, such as the Fred E. Kemner Scholarship and Jay Lamont Scholarship. In addition, he has been on the Dean’s List multiple times throughout his college career.

Merola’s outside interests include American and World history; he enjoys watching documentaries to learn more about history in his free time. Merola will graduate in the Spring of 2018 with high honors. He will then begin work as a full-time fixed income analyst at Aberdeen Asset Management.

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Downtown Skyline of Philadelphia, Pennsylvania at twilight

In September, Amazon announced its plans to construct a second headquarters in the United States. Cities across the country are desperately bidding to be the host with hopes of bringing in new sources of revenue and grow local job markets. With dozens of cities already drafting proposals, where does this leave Philadelphia?

When it comes down to Amazon’s wish list, Philadelphia fits the mold. Among other things, Amazon is looking for a city with a population of at least one million, access to mass transit and an international airport, and an educated workforce.

Peter Chinloy, finance professor at the Fox School, sees Philadelphia’s potential to be a prime destination for the new hub. “The company is targeting up to 50,000 people to be employed,” Chinloy weighs in. “Amazon is an extensive employer of skilled workers, accounting for 20% of the office space in its Seattle base.”

When it comes down to the actual location, Philadelphia is offering three potential sites to Amazon. Two are located in West Philadelphia, near Drexel University and the University of Pennsylvania. One of the West Philly locations is the Schuylkill Yards project. The third location is in the Navy Yard in South Philadelphia.

A key advantage for Philadelphia is the rapidly growing millennial population, which accounts for most of the job growth in the state. Millennials aged 25-34 in Philadelphia are more likely to be homeowners, make more money, and earn more jobs than their older peers, thereby contributing substantially to the economy. This is a very inviting factor for Amazon, as they are advocating for job growth with the construction of a new headquarters.

According to the Bureau of Labor Statistics, the state added 50,000 new jobs between July 2016-July 2017, with Philadelphia accounting for 90% of them. “While Philadelphia continues to struggle with unemployment and poverty, there is an available workforce,” says Chinloy. “This could create opportunities in warehousing, distribution, and delivery.”

Proposals for Amazon’s second headquarters are due by October 19, 2017. Although cities across the country are competing to host the new location, it is safe to say that Philadelphia has a lot to offer Amazon and is a strong contender in the competition.

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Allan Domb, Councilman-At-Large, City of Philadelphia
Allan Domb, Councilman-At-Large, City of Philadelphia

On May 2, during the annual Department of Finance Awards Dinner, Students and faculty were honored for their various achievements throughout the school year. In attendance were invited students, faculty and the Real Estate Advisory Board. The Fox School of Business’ Dean Moshe Porat kicked off the dinner with some advice to students, “Our job is to work hard, day in and day out.” This passion was well represented among this year’s award and scholarship recipients.

The Keynote speaker of the event, was Councilman-At-Large, City of Philadelphia, Allan Domb, who also is a member of the Real Estate Advisory Board. As a Councilman, his goal is to make Philadelphia a healthy city through practical bills that benefit not only the residents in the city, but the businesses in the city, as well.

A highlight of the evening was a presentation of the inaugural Forrest Huffman Award. Councilman Domb, who has known Huffman for over 30 years, spoke about the many contributions that Huffman has made to the Philadelphia real estate community. They, along with Dr. Peter Chinloy presented Adrian Dolinay, Fox ‘17 with the Forrest Huffman Award. Huffman is retiring after nearly 30 years of remarkable service to the Temple University community. Dolinay was joined by several members of his family to receive this honor.

Chair of the Department, Ronald Anderson, closed the ceremony with remarks about the accomplishments the Department of Finance has achieved this past year and how the department is looking to the future.

“In student outcomes, we’re getting better and better at placing our students into great jobs, each year,” he exclaimed.

Next year the Department of Finance hopes to expand their Financial Planning and Real Estate program, and continue to build on this past year’s achievements.

Recipients of the awards included:
Jordan Abrams, Fox ‘19, Fred E. Kemner Scholarship
Anthony Merola, Fox ‘18, Jay Lamont Scholarship
Adrian Dolinay, Fox ‘17, Forrest Huffman Award
Hinal Patel, Fox‘17, Jack Ritchie Award
Srinivasan Kuppuswami, Fox ‘17, Finance Outstanding Student Award
Joseph Heidt, Fox ‘17, Owl Fund Leadership Award

Pavel Savor, Associate Professor of Finance at Temple University’s Fox School of Business.

Pavel Savor, Associate Professor of Finance, and his co-author, Mungo Wilson, recently received the 2016 Amundi-Smith-Breeden Prize for one of the top three papers in The Journal of Finance. The paper is entitled, “Earnings Announcements and Systematic Risk.” This impressive honor underscores the strength of the Finance faculty at the Fox School of Business.

Power in Finance week kicked off Monday, October 31, 2016 with a bang. The Financial Management Association and Temple University Investment Association held a joint meeting to host Temple alumna, Celeste Clancy, the Vice President of Wells Fargo Banking. Mrs. Clancy talked to students about opportunities within the field of commercial banking. She also discussed her rise through the commercial banking industry and how critical her Temple University education was to her professional success.  

Real Estate was also well-represented during Power in Finance Week as Temple University alumus Michael Bailkin, of Akerman, came to speak to our Financial Modeling students. Bailkin is an accomplished lawyer and real estate executive, having served on the Real Estate Board of New York and the National Policy Committee of the Urban Land Institute.

On Wednesday, the Department of Finance dedicated their brand new Financial Planning Center that was funded by a $250,000 Charles Schwab Foundation grant given to the University. The center will act as a hub for education, outreach, research and innovation in the financial services field.

Assistant Professor of Finance, Cindy Axelrod joined by members of the Charles Schwab Foundation in receiving the Financial Planning Center.

During the week, students also learned some vital lessons from successful women in the finance profession. The Department of Finance hosted a panel with Andrea Kramer from Hamilton Lane, Kristie Bergey from the Center for Architecture and Design, Jean Rosenbaum from Hotaling Investment Management, Kellie Brady from AXA/Karr Barth and Eleisha Smith from JP Morgan Chase. Students in attendance asked the panel for career navigation advice and how to achieve success in a male-dominated profession.

Closing out the week, students participated in a University Trading Challenge that featured Jason Pride from Glenmede, as the keynote speaker. Students from Temple University student organizations, as well as students from New York University, Fordham University, University of Minnesota, Rutgers University, University of New Haven, and Adelphi University participated in the challenge. Winners of the competition included the teams from Fordham University and New York University.

The team from Fordham University was presented with the first place award.

Meanwhile, members of the Temple University chapter of the Financial Planning Association (FPA), joined the Philadelphia chapter of FPA for their Third Annual Career Day. The event included networking and interviewing opportunities with local financial planning professionals, knowledgeable panelists and speakers and best practices to help you make the leap from student to new professional.

Temple University Chapter of the Financial Planning Association at the Philadelphia chapter of the Financial Planning Association Career Day last Friday.


cvt7aduueaa5r11Assistant Professor of Finance, Cindy Axelrod, and Dr. John Soss took over 100 students to the offices of Brown Brothers Harriman on October 21, 2016 for the Fourth Annual Wall Street Day. The Wall Street Day is in its fourth year and has only grown since the Department of Finance began taking students in 2012. Undergraduate students from the Owl Fund, Fox Fund, Master of Business Administration and Specialized Master students enjoyed the day hearing from a panel of speakers in the industry which also consisted of Temple University alumni.

The panel was represented by Alan Cohen CLA ‘72 from Goldman Sachs, Kim Cross FOX ‘88 from Morgan Stanley, Joyce Mizerak FOX MBA ‘84 from JPMorgan Chase, Jonathan Shelon FOX ‘94 from KraneFunds, and Jerry Solomon CLA ‘85 from Capital Research Company.

The distinguished panel discussed their own careers, the stock market, bond markets, technology, emerging markets and career advice with students.

“Our students gained valuable career advice, management insights as well as real-world investment experience by connecting with our alumni. Wall Street Day clearly demonstrates the depth and the strength of an undergraduate and graduate degree from the Fox School of Business,” said Axelrod. The day was also of high-impact to our graduate students who attended. Dr. John Soss, Academic Director of the MS Finance Suite, added, “Wall Street Day recasts our student’s dedication and success in the classroom into exciting career opportunities. From invaluable insights into their career paths to sharing the current focus of Wall Street activity, our alumni offer an unfiltered view of both the hurdles and rewards to a successful banking career – the event is inspiring and reminds students to always dream big.”

Both Dr. Soss and Professor Axelrod look forward to building on this tradition to provide our students with unmatched real-world experience.

Fox Finance Professor, Kose John recently presented a keynote speech on his paper “Bank Capital Regulation: An Academic Perspective,” at the European Finance and Banking Conference, held September 1-2, 2016 in Bologna, Italy. The conference was organized by Temple University and the Journal of Economics and Business.

His speech was a refreshing call to arms to address and solve the overarching issue of capital level that is optimal for the banking system. “Though controversial, my paper generated excitement and discussion between scholars,” said John.

Banking and finance scholars from several other countries presented papers on corporate finance, corporate governance, regulatory compliance and banking to conference attendees. Professor Anthony Saunders from New York University, gave the second keynote speech on the difference between the loan spreads in the United States and in Europe.

Papers from the conference will be published in a special issue of the Journal of Economics and Business in 2017.



Francesca Brusa photoFRANCESCA BRUSA
Assistant Professor

Dr. Francesca Brusa joins the Fox School as an Assistant Professor of Finance.

Her research interests are in the areas of asset pricing and international finance. Her current work focuses on the pricing of currencies across the world, and on the determinants of human capital returns in the United States.

She earned her PhD in financial economics and Master of Philosophy degree in economics from the University of Oxford in the United Kingdom. She received a Master of Science degree in economics and a Bachelor of Arts degree in economics from Bocconi University in Italy.

Peter Chinloy photoPETER CHINLOY
Professor of Practice

Dr. Peter Chinloy joins the Fox School as a Professor of Real Estate in the Finance department. Most recently, he served as a Professor in the department of Finance and Real Estate at American University. At Fox, he also will serve as the Director of Real Estate programs and the to-be-established Real Estate Center.

His area of expertise includes real estate equity and debt pricing, mortgage option structure, managerial economics, real estate finance, and real estate development. More specifically, his interest centers on how real estate works to provide housing, business space, and a livelihood for many individuals. He has published numerous articles in quality refereed journals, including theJournal of Real Estate Finance and Economics, the European Financial Review, and the Journal of Housing Research, among others. Dr. Chinloy presently serves on the editorial boards of Real Estate Economics, the Journal of Real Estate Finance and Economics, the Journal of Real Estate Research, and the Journal of Housing Research.

He earned his PhD in economics and Master of Arts degree in economics from Harvard University. He attained his Bachelor of Commerce degree in business administration, accounting, and economics from Canada’s McGill University.

Sherry Jarrell photo

Associate Professor of Practice

Dr. Sherry Jarrell joins the Fox School as an Associate Professor of Finance in the Department of Finance.

Dr. Jarrell most recently served as an associate professor of finance and economics at Wake Forest University, where she was the director of the undergraduate program in finance from 2011-2015. At Indiana University, she held a tenure track appointment as assistant professor, where she received an outstanding teaching award. She has served as a visiting professor at Georgia State University, Emory University, and Columbia University.

She earned her PhD in finance and economics from the University of Chicago, where she also attained her Master of Business Administration degree in finance and economics, with a specialization in industrial organization and regulatory economics. She received a Bachelor of Science degree in economics from the University of Delaware.

Mahsa Kaviani photoMAHSA KAVIANI
Research Assistant Professor

Prof. Mahsa Kaviani joins the Fox School as a Research Assistant Professor of Finance from Canada’s Concordia University.

Prof. Kaviani has served as a visiting scholar New York University’s Stern School of Business since 2015. Her research interests span corporate finance, banking, law and finance, financial market development, and corporate governance.

She is currently completing her PhD in Finance from Concordia University, in a joint doctoral program with Canada’s McGill, HEC, and UQAM Universities. She also attained her Master of Arts degree in economics from McGill, her Master of Business Administration degree in finance from Iran’s Mazandaran University of Science and Technology, and her Bachelor of Science degree in materials engineering from Iran’s Chamran University.

Hosein Maleki photoHOSEIN MALEKI
Research Assistant Professor

Hosein Maleki joins the Fox School as a Research Assistant Professor of Finance from Canada’s Concordia University.

Prof. Maleki has held the position of visiting scholar at New York University’s Stern School of Business since 2015. His research interests include corporate finance, capital structure, fixed income securities, international finance, and political economy of finance.

He is currently finishing his PhD in Finance from Concordia University, in a joint doctoral program with Canada’s McGill, HEC, and UQAM Universities. He also received his Master of Arts degree in economics from McGill, his Master of Business Administration degree in finance from Iran’s Mazandaran University of Science and Technology, and his Bachelor of Science degree in materials engineering from Iran’s Chamran University.