The Kaufman Years

Current Members

Annual Meetings

FER at Work


Financial Economists Roundtable

The Financial Economists Roundtable (FER) is a group of senior financial economists who have made significant contributions to the finance literature and seek to apply their knowledge to current policy debates. FER members meet annually to discuss policy issues concerning investments, corporate finance, financial institutions and markets, both in the U.S. a
nd internationally. The statements they adopt are intended to increase the awareness and understanding of public policy makers, the financial economics profession, the communications media, and the general public.


2015 Statement: "The Structure of Trading in Bond Markets"

2013 Statement: "Taxes on Financial Transactions"

2012 Statement: "Accounting for the Cost of Government Credit Assistance"

2010 Statement: "How to Manage and Help to Avoid Systemic Liquidity Risk"

2009 Statement: "Reforming the OTC Derivatives Markets"

2008 Statement: "Reforming the Role of the Statistical Ratings Organizations in the Securitization Process"

2007 Statement: "The International Competitiveness of U.S. Capital Markets"

2006 Statement: "Best Practices for the Design of Defined Contribution Pension Plans"

2005 Statement:
: "Hedge Funds"

2004 Statement: "Accounting for Corporate Pensions"

2003 Statement: "The Controversy Over Excecutive Compensation"

2002 Statement: "The Crisis in Accounting, Auditing and Corporate Governance"

2001 Statement: "The Structure of Securities Markets"

2000 Statement: "The Future of the International Monetary Fund"

1999 Statement: "Long-Term Capital Management and the Report of the Presidents Working Group on Financial Markets"

1998 Statement: "Institutional Investors and Corporate Governance"

1997 Statement: "Social Security"

1996 Statement: "Risk Disclosure by Mutual Funds"

1995(2) Statement: "Accounting Disclosure About Derivative Financial Instruments"

1995 Statement: "The Structure of the NASDAQ Stock Market"

1994 Statement: "Derivatives Markets and Financial Risk"

1993 Statement: "Registration Requirements for Foreign Securities"


Financial Economists Roundtable
Description and Statement of Purpose


The history of the organization along with all statements issued from 1993-2008 may be found in:

The Financial Economists Roundtable, 1993-2008: The Kaufman Years

Administrative Office

Richard J. Herring
Executive Director
Wharton Financial Institutions Center
The Wharton School, University of Pennsylvania 2444 SHDH, 3620 Locust Walk Philadelphia, PA 19104-6367 Tel: 215-898-5613 Fax: 215-898-1279 E-mail:

Current Members

Rashad Abdel-Khalik
University of Illinois at Urbana-Champaign

Richard J. Herring**
University of Pennsylvania

Jay R. Ritter*
University of Florida

Edward I. Altman
New York University

Thomas Ho
Thomas Ho & Company

Anthony M. Santomero
University of Pennsylvania

Harold Bierman
Cornell University

Takeo Hoshi
University of California, San Diego

Stephen Schaefer*
London Business School

Marshall E. Blume
University of Pennsylvania

Ravi Jagannathan
Northwestern University

David Scharfstein

Harvard University

Arnoud Boot

University of Amsterdam

Kose John
New York University

Kenneth E. Scott
Stanford Law School

Charles W. Calomiris
Columbia University

Charles Kahn
University of Illinois at Urbana-Champaign

Lemma W. Senbet
University of Maryland

Jennifer Conrad*
University of North Carolina

Edward J. Kane
Boston College

Hyun Song Shin
Princeton University

Tom Copeland
University of San Diego

John Karpoff

University of Washington

Jeremy Siegel
University of Pennsylvania

Elroy Dimson
London Business School

Anil Kashyap
University of Chicago

Seymour Smidt*
Cornell University

Darrell Duffie
Stanford University

George G. Kaufman**
Loyola University

Chester S. Spatt
Carnegie Mellon University

Franklin R. Edwards
Columbia University

Jan Pieter Krahnen
Johan Goethe University

Robert F. Stambaugh
University of Pennsylvania

Robert A. Eisenbeis**
Cumberland Advisors

Albert "Pete" Kyle
University of Maryland

Laura T. Starks
University of Texas at Austin

Wayne Ferson
University of Southern California

Dennis E. Logue
Ledyard National Bank

Hans R. Stoll
Vanderbilt University

William N. Goetzmann
Yale University

Deborah J. Lucas
Massachusetts Institute of Technology

Ingo Walter
New York University

Charles A. E. Goodhart
London School of Economics

Robert McDonald
Northwestern University

Roman L. Weil
University of Chicago

Martin J. Gruber
New York University

Maureen O'Hara*
Cornell University

Ingrid Werner
Ohio State University

Larry Harris
University of Southern California

Rafael Repullo*

* Steering Committee Member
**Executive Committee Member

Annual Meetings

July 20-22, 2013 Napa Valley Marriott, Napa Valley, Calfornia Minutes

July 21-23, 2012, Niagara-on-the-Lake, Ontario, Canada Minutes

July 16-18, 2011, Hyatt Regency Monterey Hotel & Spa on Del Monte Golf Course, Monterey, California Minutes

July 17-29, 2010, Grand Hyatt Hotel, Newport, Rhode Island Minutes

July 18-20, 2009, Skamania Lodge, Washington Minutes

July 12-14, 2008, Glen Cove Mansion, Glen Cove, Long Island, NY, Minutes, page 122

July 14-16, 2007, San Diego, California Minutes, page 110

July 9-10, 2006, Bretton Woods, New Hampshire Minutes, page 97

July 10-11, 2005, Sonoma, CA Minutes, page 90

July 11-12, 2004, Niagara-on-the-Lake, Canada Minutes, page 83

July 13-14, 2003, Vancouver, Canada Minutes, page 75

July 14-15, 2002, Montreal, Canada Minutes, page 67

July 15-16, 2001, Park City, Utah Minutes, page 57

July 10-11, 2000, Bretton Woods, New Hampshire Minutes, page 50

July 12-13 1999, San Diego, California Minutes, page 43

July 1998, Boothbay Harbor, Maine Minutes, page 37

July 1997, Yountville, California Minutes, page 31

July 1996, Newport, Rhode Island

July 1995, Santa Barbara, California

July 1994, Napa, California

July 1993, Napa, California

FER at work

2013 Annual Meeting

Financial Transactions Taxes

Napa Valley, California

2012 Annual Meeting

Accounting for the Cost of Government Credit Assistance

Niagara-on-the-Lake, Ontario, Canada

FER at work

2011 Annual Meeting

Hyatt Regency Monterey Hotel & Spa on Del Monte Golf Course

Monterey, California

FER at work

2010 Annual Meeting

Managing and Minimizing Systemic Liquidity Shocks

Newport, Rhode Island

FER at work

2009 Annual Meeting

Strengthening the Market for Derivatives

Skamania Lodge, Columbia River Gorge, Washington      .



2008 Annual Meeting

Site: Glen Cove Mansion Resort, Glen Cove, Long Island, NY

Dates: July 12-14

Topic: Securitization and credit-ratings under fire: Causes, effects and policy lessons.

Discussion Leaders: Ed Kane (chair), Ed Altman, Dick Herring, Charles Goodhart

FER at work

2008 Meeting

Securitization and Credit Ratings under Fire: Causes, Effects and Policy Lessons

Glen Cove Mansion, Glen Cove, Long Island, New York.


 2007 Annual Meeting

Site: San Diego Hilton Resort on Mission Bay, San Diego, California

Dates: July 14-16

Topic: The Global Competitiveness of U.S. Capital Markets

Discussion Leaders: Elroy Dimson, Franklin Edwards, Thomas Ho, Kenneth Scott

FER at work

2007 Meeting

The Global Competitiveness of U.S. Capital Markets

San Diego Hilton Resort on Mission Bay, San Diego, California

2006 Annual Meeting

Site: Mount Washington Hotel, Bretton Woods, N.H.
July 9-10, 2006

Topic: Designing the Optimal Defined Contribution Pension Plan

Discussion Leaders: Marshall Blume, Charles Goodhart, Robert Shiller

FER at work

2006 Annual Meeting

Designing the Optimal Defined Contribution Plan

Mount Washington Hotel, Bretton Woods, N.H.

Executive Director George Kaufman, Drafting Committee: Marshall Blume, Charles Goodhart, and Robert Shiller

2005 Annual Meeting


Site: The Lodge at Sonoma, Sonoma, CA
Dates: July 10-11, 2005
Topic: Regulating Hedge Funds
Discussion Leaders: Frank Edwards, Ken Scott, Rob Stambaugh, and Jim VanHorne 


FER at work

2005 Meeting

Regulating Hedge Funds

The Lodge at Sonoma, Sonoma, CA





2004 Annual Meeting

Site: Queens Landing Hotel, Niagara-on-the-Lake, Canada
Dates: July 11-12, 2004
Topic:"Accounting for Corporate Pensions"
Discussion Leaders: George Benston, Elroy Dimson, Dennis Logue, Katherine Schipper and Jeremy Siegel
Statement: In progress

FER at work

2004 Meeting
Accounting for Corporate Pensions
Queens Landing Hotel, Niagara-on-the-Lake, Canada

FER in the press

2003 Meeting
The Controversy Over Executive Compensation
Hotel Listel in Vancouver, Canada

Newspapers and News Wires Publications:

The Wall Street Journal, 11/24/03
The Wall Street Journal Europe, 11/24/03
The Asian Wall Street Journal, 11/25/03
The Globe and Mail (Canada), 11/24/03
The Washington Times (UPI article), 11/24/03
St. Louis Post-Dispatch, 11/28/03
Corporate Weekly Digest, 12/5/03
Dow Jones News Wire, 11/24/03
United Press International, 11/24/03


FER at work

2003 Meeting
The Controversy Over Executive Compensation
Hotel Listel in Vancouver, Canada


FER at work

2002 Meeting
The Crisis in Accounting, Auditing and Corporate Governance
Queen Elizabeth Hotel, Montreal Canada



FER at work

2001 Meeting
        The Structure of Exchanges and Markets
        Grand Summit Hotel , Park City Utah  


FER at work

2000 Meeting
Undoing the Damage
Mount Washington Hotel, Bretton Woods

FER Members in Gold Room