PhD Fellowships

Anna-Theresa Helmke

Education
University of Pennsylvania, PhD candidate in Finance, 2018-Present
University of Oxford, Master of Science in Financial Economics, 2017
Maastricht University, Bachelor of Science in Economics, 2015

Research
Working paper “Are ETFs better than Mutual Funds?” (supported by Jacobs Levy Center research grant)
Working paper “ETFs versus Mutual Funds: Implications for Asset Price Fragility”

Experience
International Monetary Fund, Research Fellow, 2022
European Central Bank, Research Fellow, 2019
McKinsey & Co, Consultant, 2017-2018

Awards
2019 Miller, Anderson and Sherrerd Fellowship for top score in the PhD preliminary exam
2017 Vice Chancellor Scholarship, University of Oxford
2017 Dean’s List, University of Oxford
2016-2017 Graduate Scholarship DAAD (German Academic Exchange Service)
Honors Certificate, Maastricht University

James Paron

Education
University of Pennsylvania, PhD candidate in Finance, 2019–Present
University of Pennsylvania, Bachelor of Science in Economics, summa cum laude, with minors in Mathematics and History, 2019

Research
Working paper Heterogeneous-Agent Asset Pricing: Timing and Pricing Idiosyncratic Risks
Working paper Sovereign Default and the Decline in Interest Rates with Max Miller and Jessica Wachter
Working paper Who Hedges Interest-rate Risk? Implications for Wealth Inequality with Sylvain Catherine, Max Miller, and Natasha Sarin
Work in progress “Firm dynamics and asset prices: Trends in valuation, concentration, and innovation”
Work in progress “Asset pricing with and without growth” with Jules van Binsbergen
Work in progress, “A context-based model of recall and decisions,” with Madison Paron and Michael Kahana

Awards
2022 Irwin Friend Prize for Best Paper

2021-2022 Fellows

Max Miller

Education
University of Pennsylvania, PhD candidate in Finance, 2017-Present
Emory University, Bachelor of Business Administration in Finance, 2013

Research
Relaxing household liquidity constraints through social security with Sylvain Catherine and Natasha Sarin (Journal of Public Economics, 2020)
Mutual Funds: Skill and Performance with Jonathan Berk and Jules van Binsbergen (Journal of Portfolio Management, 2020)
Working paper Democratization, Inequality, and Risk Premia
Working paper Foreign Influence in US Politics with Marco Grotteria and S.Lakshmi Naaraayanan (supported by Jacobs Levy Center research grant for project “The Insider Value of Political Connections”)
Working paper Social Security and Trends in Wealth Inequality with Sylvain Catherine and Natasha Sarin
Working paper Sovereign default and the decline in interest rates with James Paron and Jessica Wachter
Working paper Who Hedges Interest-rate Risk? Implications for Wealth Inequality with Sylvain Catherine, James Paron, and Natasha Sarin

Awards
2021 Western Finance Association PhD Candidate Award For Outstanding Research
2021 Society for Financial Studies Cavalcade Best Paper in Asset Pricing

Felix Nockher

Education
University of Pennsylvania, PhD candidate in Finance, 2018-Present
University of Lausanne, Master of Science in Finance, 2016
University of Mannheim, Bachelor of Science Business Administration, 2014

Research
Working paper “Dynamic Strategic Corporate Finance” with Joao Gomes and Ulrich Doraszelski
Working paper Pricing public information: The role of trade with Bradford (Lynch) Levy (supported by Jacobs Levy Center research grant for project “Market Efficiency in the 21st Century: Pricing Assets, Fast and Slow”)

Experience
Rothschild & Co, Investment Banking Analyst, 2017-2018; Summer Investment Banking Analyst, 2016
Macquarie Capital, Off-Cycle Investment Banking Analyst, 2016
KPMG Corporate Finance, Summer Investment Banking Analyst, 2015
Ebner Stolz, Intern, 2013

Awards
2016 Prix de la Fondation Vaudoise pour la Formation Bancaire (Best Master’s Thesis Award)
2015 KPMG HighQ Scholarship

2020-2021 Fellows

Maria Gelrud

Education
University of Pennsylvania, PhD candidate in Finance, 2017-Present
New Economic School and Higher School of Economics, Bachelor of Arts in Economics, 2017
Harvard College, Visiting Student, 2016

Research
Interested in climate finance and asset pricing
Working paper Discounting Climate Change Mitigating Projects: A Production-Based Model with Disasters

Experience
Moscow Exchange, Intern, 2016
McKinsey & Company, Research Assistant, 2015

Awards
The George James Doctoral Fellowship, 2017

Sophia Hua

Education
University of Pennsylvania, PhD candidate in Finance, 2017-present
University of Toronto, Bachelor of Science, Economics and Statistics, 2017

Research
Interested in asset pricing and financial econometrics
Working paper Is The United States A Lucky Survivor: A Hierarchical Bayesian Approach with Jules van Binsbergen and Jessica Wachter

Awards
University of Toronto Excellence Award, 2017
First Place in Waterfront Quantathon, 2016

HONGYE GUO

Education
University of Pennsylvania, PhD candidate in Finance, 2017-Present
Amherst College, Bachelor of Arts in Economics and Mathematics, 2015

Research
Interested in empirical asset pricing
Working paper ‘Superstitious’ Investors with Jessica Wachter
Working paper Underreaction, Overreaction, and Dynamic Autocorrelation of Stock Returns

Experience
Research Associate, Arrowstreet Capital, 2015-2017

Awards
Miller, Anderson & Sherrerd Fellowship, 2018

ALEJANDRO LOPEZ-LIRA

Education
University of Pennsylvania, PhD candidate in Finance, 2015-present
Instituto Tecnologico Autonomo de Mexico (ITAM), Master of Arts in Economic Theory, 2015
ITAM, Bachelor of Arts in Economics and Financial Management, 2014

Research
Interested in asset pricing, machine learning, banking, macro finance, and financial frictions
Working paper Risk Factors That Matter: Textual Analysis of Risk Disclosures for the Cross-Section of Returns
Working paper Demand-Driven Risk and the Cross-Section of Expected Returns
Knowledge@Wharton interview

Alexander Belyakov

Education
University of Pennsylvania, 2015-present
PhD candidate in Finance

New Economic School and Higher School of Economics, 2011-2015
Bachelor of Arts in Economics

Research
Paper “Leverage and Financing in Distress” received Best Corporate Finance Paper award at 2017 Australasian Finance and Banking Conference

Experience
Intern, Runa Capital, 2015
Intern, S&P Dow Jones Indices, 2013-2014

Jianan Liu

Education
University of Pennsylvania, 2014-present
Ph.D. candidate in Finance

The Ohio State University, 2012-2014
M.S. in Statistics

Shanghai University of Finance and Economics, 2008-2012
B.S. in Statistics

Research Interests
Investments, Institutional Investors, Asset Pricing

Publications
“Absolving Beta of Volatility’s Effects,” Journal of Financial Economics (forthcoming), with Robert Stambaugh and Yu Yuan

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Ram Yamarthy

Education
New York University, Stern School of Business
B.S. in Economics, B.A. in Mathematics, 2011 (magna cum laude)

Research Interests
Macro-Finance (Asset Pricing, Dynamic Corporate Finance), Policy-Related Questions, Applied Time Series Econometrics

Experience
Board of Governors of the Federal Reserve System, Summer 2014

Honors and Awards
American Finance Association Doctoral Travel Grant, 2015
University of Pennsylvania Dean’s Fellowship for Distinguished Merit, 2011-2015
Best Paper, Journal of Undergraduate Research in Finance 2011

Gill Segal

Education
Open University of Israel, Tel Aviv, Israel, M.B.A., 2007; B.A. Computer Science, 2004

Experience
Research Assistant, Bar Ilan University, Ramat-Gan, Israel, 2008-2010
Instructor, Open University of Israel, Tel Aviv, Israel, 2008-2010
Software Developer, Israel Defense Forces, 2004-2008

Awards
Miller, Anderson & Sherrerd Graduate Fellowship in Finance, University of Pennsylvania, Wharton School, 2011-2012
University of Pennsylvania Dean’s Fellowship for Distinguished Merit, 2010-2014
Presidential Scholarship for Excellent Annual Achievements in M.B.A studies, Open University of Israel, 2007-2008
Certificate of Appreciation for Personal Contribution to the Winning Project of Israel’s Security Award, IDF Intelligence Corps, 2006

Yasser Boualam

Education
Carnegie Mellon University, Tepper School of Business, M.S., Computational Finance, 2009
Grenoble Institute of Technology, ENSIMAG, France, Diplome d’lingenieur (B.S., M.S.), Applied Mathematics and Computer Science, 2008

Research Interests
Macro-finance, financial fragility, financial institutions and sovereign debt

Teaching Fellowships
FNCE 962 – Macroeconomics and the Global Economic Environment (MBA), Professor Ravi Bansal, (Spring 2012)
FNCE 924 – Intertemporal Macro Finance (PhD), Professor Pricila Maziero (Spring 2011),
Professor Mathieu Taschereau-Dumouchel (Spring 2012)
FNCE 393/893 – Global Monetary and Financial Institutions: Theory and Practice (UGD/MBA),
Professor Zvi Eckstein, Fall 2011

Experience
AXA Investment Managers, Financial Engineering, Paris
Deutsche Bank, Derivative Strategy and Index Trading, London
Society General, CIB, Equity Derivatives Structuring, New York

Awards
Irwin Friend Doctoral Fellowship in Finance, 2012
American Finance Association Doctoral Student Travel Grant, 2011
University of Pennsylvania Dean’s Fellowship for Distinguished Merit, 2009-2013
The Spirit of MSCF Award, Tepper School of Business, 2008
MSCF Merit Scholarship, Tepper School of Business, 2007-2008