December 2019 Bios

SPEAKER BIOGRAPHIES
Jerry Nickelsburg joined the UCLA’s Anderson School of Management and The Anderson Forecast in 2006. Since 2017 he has been the Director of The Anderson Forecast. He teaches economics in the MBA program with a focus on Asian economies. As the Director of The Anderson Forecast he plays a key role in the economic modeling and forecasting of the National, and California economies. He has conducted research in the areas of labor economics, industrial organization, statistics, and international monetary economics, focusing on the development of new data and the application of economic theory and statistical methods to policy issues. His current academic research is on specific skills, structural unemployment, and on energy efficiency in transportation. He is a regular presenter at Economic Conferences and is cited in the national media including the Financial Times, Wall Street Journal, New York Times, Los Angeles Times, and Reuters.

He received his Ph.D. in economics from the University of Minnesota in 1980 specializing in monetary economics and econometrics. He was formerly a professor of Economics at the University of Southern California and has held executive positions with McDonnell Douglas, FlightSafety International, and FlightSafety Boeing during a fifteen-year span in the aviation business. He also held a position with the Federal Reserve Board of Governors developing forecasting tools, and has advised banks, investors and financial institutions.

From 2000 to 2006, he was the Managing Principal of Deep Blue Economics, a consulting firm he founded. He has been the recipient of the Korda Fellowship, USC Outstanding Teacher, India Chamber of Commerce Jubilee Lecturer, and he is a Fulbright Scholar. He has published over 100 scholarly and popular articles on monetary economics, economic forecasting and analysis, labor economics, and industrial organization and he is the author of two books on monetary economics and exchange rates.
David Shulman is Distinguished Visiting Professor and a “Managing Director” at the Financial Leadership Program at Baruch College where he mentors students seeking front-office careers on Wall Street, and a Visiting Scholar/Senior Economist at the UCLA Anderson Forecast where he is responsible for U.S. Macro. In addition, he is currently Managing Member of his LLC where he is engaged in investment and litigation consulting. He comments on his blog, http://shulmaven.blogspot.com.

In March 2005, he retired from Lehman Brothers where he was Managing Director and Head REIT analyst. From 2001-04 he was voted on the Institutional Investor All Star Teams including First Team in 2002. Prior to joining Lehman Brothers in 2000 he was a Member and Senior Vice President at Ulysses Management LLC (1998-99) an investment manager of a private investment partnership and an offshore corporation whose total investment capital approximated $1 billion at the end of 1999.

From 1986-1997, Mr. Shulman was employed by Salomon Brothers Inc in various capacities. He was Director of Real Estate Research from 1987-91 and Chief Equity Strategist from 1992-97. In the latter capacity he was responsible for developing the Firm’s overall equity market view and maintaining the Firm’s list of recommended stocks. Mr. Shulman was widely quoted in the print and electronic media and he coined the terms “Goldilocks Economy” and “New Paradigm Economy”. In 1991, he was named a Managing Director and in 1990 he won the first annual Graaskamp Award for Excellence in Real Estate Research from the Pension Real Estate Association.

Prior to joining Salomon Brothers Inc., he was Vice President and Director of Research Planning at TCW Realty Advisors in Los Angeles. Earlier in his career Mr. Shulman was an academic. He was an Associate Professor of Management and Economics at the University of California at Riverside and Financial Economist at the UCLA Business Forecasting Project. In 2017, the David Shulman Endowed Excellence in Teaching Award Fund was established by a former student of his.

A graduate of Baruch College (1964), Mr. Shulman received his Ph.D. (1975) with a specialization in Finance and a M.B.A. (1966) from the UCLA Graduate School of Management. He is married and has three grown children.
William Yu joined the UCLA Anderson Forecast in 2011 as an economist. At Forecast he focuses on the economic modeling, forecasting and Los Angeles economy. He also conducts research and forecast on China’s economy, and its relationship with the US economy. His research interests include a wide range of economic and financial issues, such as time series econometrics, data analytics, housing markets, human capital, and innovation. Meanwhile, he teaches business forecasting, predictive analytics, and data science courses at UCLA Anderson School of Management and UCLA Extension. In 2019, he received the distinguished instructor award for digital technology from UCLA Extension. He also serves as a faculty advisor for Applied Management Research Program at Anderson School.

He has published over a dozen research articles in Journal of Forecasting, International Journal of Forecasting, Journal of International Money and Finance, etc. He also wrote op-ed articles in Los Angeles Times and other newspapers. He developed the City Human Capital Index, the Los Angeles City Employment Estimate, and wrote the quarterly US-China economic report. He has been cited in the local, national and overseas media frequently including Wall Street Journal, Los Angeles Times, New York Times, Washington Post, Time, Bloomberg, CBS Money Watch, Al Jazeera, U-T San Diego, LA Daily News, LA Daily Breeze, Straits Times, NBC, ABC, CNBC, CNN, and NPR, as well as various Chinese and Korean media. He was invited as a speaker for various events, including the annual Woo Greater China Business Conference, Cathay Bank economic outlook luncheons, and National Association for Business Economics.

He received his bachelor’s degree in finance from National Taiwan University in 1995 and was an analyst in Fubon Financial Holding in Taipei from 1997 to 2000. In 2006, he received his Ph.D. degree in economics from the University of Washington where he was also an economics instructor and won two distinguished teaching awards. In 2006, he worked for the Frank Russell Investment Group for Treasury and corporate yields modeling and forecasting. From 2006 to 2011, he served as an assistant and an associate professor of economics at Winona State University where he taught courses including forecasting methods, managerial economics, international economics, and macroeconomics.
Edward Leamer is UCLA Anderson’s Chauncey J. Medberry Professor of Management and professor of economics, professor of statistics and director of the UCLA/Anderson Business Forecast Project. His philosophy on education is straightforward.

After serving as assistant and associate professor at Harvard University, Leamer joined the UCLA faculty in 1975 as professor of economics. In 1990 he moved across campus to UCLA Anderson and was appointed to the Chauncey J. Medberry Chair. He is a fellow of the American Academy of Arts and Sciences, and a fellow of the Econometric Society. In 2014 he won the award for Outstanding Antitrust Litigation Achievement in Economics, awarded annually by the American Antitrust Institute.

Leamer’s work has been impactful beyond the classroom and his academic research. As director of the UCLA Anderson Forecast, business practitioners in every field value his opinions. For example, in his December 2000 forecast, the UCLA Anderson Forecast (http://www.uclaforecast.com/) stood virtually alone in predicting the 2001 recession. In a special release on September 12, 2001, the Forecast correctly analyzed the likely unimportance of 9/11 for the evolution of the recession. In June 2002, Leamer began warning about a momentum-driven overheated housing market that was sure to cause problems for the economy in the future. In August of 2007 at the annual Federal Reserve Jackson Hole Symposium, Leamer argued for special targeting of housing in a paper titled “Housing IS the Business Cycle.”

Leamer is a research associate of the National Bureau of Economic Research and has been an occasional visiting scholar at the IMF and the Board of Governors of the Federal Reserve System. He has served on the Councils of Economic Advisors or Governor Wilson, Governor Schwarzenegger and Mayor Garcetti. He has been on the Advisory Board of the Bureau of Economic Analysis. In 2005-2006 he chaired a panel of the National Academy of Sciences on outsourcing and delivered the report to Commerce and to Congress.

He has published over 120 articles and five books and reminds those interested to hurry to Amazon.com to purchase his most recent books: either Macroeconomic Patterns and Stories, or The Craft of Economics. His research papers in econometrics have been collected in Sturdy Econometrics, published in the Edward Elgar Series of Economists of the 20th Century. His research in international economics and econometric methodology has been discussed in New Horizons in Economic Thought: Appraisals of Leading Economists.
Leila Bengali is an economist at The Anderson Forecast. She joined in 2019. As an economist, and a native Californian, she focuses on modeling the California economy and on policy issues that are relevant to California. Having studied behavioral economics both in college and in graduate school, she brings insights from this field to her work at The Anderson Forecast. She received her Ph.D. in economics from Yale University in 2019 where she was selected for the Russell Sage Foundation Summer Institute in Behavioral Economics and awarded the Whitebox Advisors Doctoral Fellowship. Her fields of concentration were behavioral economics and public finance.

After graduating from Swarthmore College in 2011 with a B.A. in economic (major) and psychology (minor), she worked as an analyst at Analysis Group in the San Francisco Bay Area. During her time in economic consulting, she worked with a team of economists and experts to provide litigation support and research for major national and international companies in industries ranging from manufacturing to information technology. After working in economic consulting, Leila joined Economic Research at the Federal Reserve Bank of San Francisco. Working with prominent economists on issues of employment, education, and economic mobility, Leila conducted research supporting U.S. monetary policy, writing reports for both internal and external audiences.

Leila's research lies at the intersection of behavioral economics and public finance. Within these fields, she focuses on how and why individuals use or ignore information when making decisions and on the resulting implications for policy. Leila has also worked with local governments to design and implement policy evaluations and has published in the field of labor economics.
Vijay Srinivasan currently serves as the Chief Investment Officer for Scarsdale Capital LLC. He was previously the Global Head of Research for Marathon Asset Management LP, a hedge fund with over $10BN in assets where he also served on the Executive Committee. Vijay has worked in both New York and London during his career focusing on stressed companies throughout multiple jurisdictions.

Prior to joining Marathon in 2007, Mr. Srinivasan was a Senior Analyst at Four Corners Capital Management from 2004-2007. Prior to his move to the principal investing side, Vijay was at Houlihan Lokey in their Financial Restructuring Group, and worked in the JPMorgan Investment Banking Group. Vijay received his B.S. from the University of Southern California in 1996 and his MBA from the Anderson School at UCLA in 2001 and is a CFA charter holder.
Joe Brusuelas provides macroeconomic perspective to help RSM clients anticipate and address the unique issues and challenges facing their businesses and the industries in which they operate. In 2015, he helped launch The Real Economy, the only monthly economic report focused on the middle market, and helps lead the firm’s cutting-edge Industry Eminence Program.

Prior to joining RSM as chief economist, Joe was a senior economist at Bloomberg, LP and the Bloomberg Briefs newsletter group. During that time, he was named one of the 26 economists to follow by the Huffington Post. Joe has over 20 years of experience in finance and economics, with emphasis on analyzing U.S. monetary policy, labor markets, fiscal policy, economic indicators and the condition of the U.S. consumer.

In addition to being a frequent author for RSM and media, Joe Brusuelas is the co-author of Forex Analysis and Trading: Effective Top-Down Strategies Combining Fundamental, Position, and Technical Analyses.
Mark Garmaise graduated magna cum laude from Harvard University with an A.B. in mathematics and philosophy before receiving his Ph.D. in finance from Stanford Graduate School of Business in 1998. He was appointed assistant professor at Chicago Booth and later joined UCLA Anderson as a visiting assistant professor in finance in 2001. He was promoted to associate professor of finance with tenure in 2008 and to full professor in 2015 year. He also served as dean of the full-time MBA program between 2014 and 2015.

As a corporate finance scholar, Garmaise has focused his research on using empirical data to investigate the effects of asymmetric information and incomplete contracting as they relate to real estate markets and entrepreneurial firms. Although the theory of asymmetric information and incomplete contracting is well-developed, there has been little research into the empirical identification of cause and effect in markets. With careful and ingenious data analysis, his papers have made valuable contributions in these important but neglected areas.

Garmaise’s primary research interests are in the areas of corporate finance, real estate, entrepreneurship and banking. He is an award-winning instructor and highly respected authority on finance, venture capital and private equity. With his co-author Tobias Moskowitz (Ph.D. ’98), he received the 2004 BGI Brennan Award for the best paper published and the 2005 BGI Brennan Runner-Up Award for the best paper published, both in the Review of Financial Studies.

Garmaise teaches the core corporate finance course and an elective on venture capital and private equity. He has been recognized with numerous awards and has published in numerous journals, including the Review of Financial Studies, the Journal of Finance and the Quarterly Journal of Economics.
Arthur Hovsepian, CFA, is a principal and emerging market debt strategist at Payden & Rygel. He heads up Asia sovereign research and is also the lead local market strategist with a focus on Asia and Africa.

Prior to joining Payden & Rygel, Hovsepian was a portfolio associate with Pacific Investment Management Company in the global fixed income group, where he was responsible for the currency risk management process for global portfolios.

Arthur Hovsepian holds the Chartered Financial Analyst designation and is a member of the CFA Institute and the CFA Society of Los Angeles. He received an MBA from The UCLA Anderson School of Management and a BS in Economics and Statistics from University College London.
Jia Ye serves as a Co-Chief Investment Officer at First Quadrant. In this capacity, Jia jointly oversees all investment-related activity, including strategy development, portfolio construction, risk management, portfolio implementation; and trade execution. Jia has directed the firm’s efforts in the global equity space for many years and currently manages our Global Equity Long/Short and Global Equity Market Neutral portfolios. Since joining the firm in 1996, Jia has held numerous roles, contributing to equity and global macro research, and overseeing trading and implementation functions. Jia holds a PhD in finance and business economics and an MS in applied mathematics from the University of Southern California. She has published articles in various journals, including research on portfolio construction, equity management and tax-efficient investing.

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