David Booth, a founder of Dimensional Fund Advisors in 1981, is the firm’s Executive Chairman.

David has won numerous awards for his accomplishments in applying financial theory and research to the practical world of asset management, and has written numerous articles, particularly for his pioneering work in indexing and small capitalization investing. He has served on the Investment Company Institute’s Board of Governors and the ICI’s Executive Committee.

The University of Chicago Booth School of Business was named in his honor, and David also serves as a lifetime member of the school’s advisory council. David Booth Kansas Memorial Stadium at the University of Kansas was also named in his honor. David funded the Booth Family Hall of Athletics in Allen Fieldhouse at KU and donated James Naismith’s original 13 rules of basketball.

The David Booth Conservation Center and Department is responsible for the preservation of The Museum of Modern Art’s collection. The Booth Family Center for Special Collections at Georgetown University’s Lauinger Library contains several archival documents related to Georgetown as well as an extensive collection of rare books, manuscripts, and art.

David received his MBA from the University of Chicago in 1971. He also holds an MS and a BA from the University of Kansas.

Boards

University of Chicago Board of Trustees
University of Kansas Endowment Association Board of Trustees
The Museum of Modern Art Board of Trustees
Becker Friedman Institute Board of Overseers

Awards and Recognition

2018 — University of Chicago Medal
2017 — Investment News Icons and Innovators Award
2016 — Institutional Investor Investment Management Lifetime Achievement Award
2016 — Forbes Money Masters: The 40 Most Powerful People in the Financial World
2012 — Financial Management Association International’s Outstanding Financial Executive
2010 — Investment News “The Power 20” in the financial services industry
1992 — Financial Analysts Journal Graham and Dodd Award of Excellence

Dave Butler serves as Co-Chief Executive Officer and is a Dimensional Director. He joined Dimensional in 1995 and brings more than 20 years of experience working with financial advisors. He leads a worldwide team of regional directors and client services professionals who apply Dimensional’s strategies and resources to help advisors provide investors with an outstanding client experience. Dave is on the firm’s Executive Committee and has been involved with firmwide strategic vision and decision making for many years. 

Dave attended the University of California, Berkeley, earning his BS in marketing and finance in 1986 and an MBA in 1990. He received the CFA designation in 1998. Dave played basketball for Cal and was drafted by the Boston Celtics. In 2011, he was inducted into the Cal Athletics Hall of Fame, and in 2014, he was named to the Pac-12 Basketball Hall of Honor. Dave was also a Rhodes Scholar candidate.

Gerard O’Reilly serves as Co-Chief Executive Officer and Chief Investment Officer and is a Dimensional Director. He has been with Dimensional since 2004 and was named Co-CIO in 2014. He oversees the design, development, and delivery of research that guides Dimensional’s scientific approach to investing. He has been instrumental in the creation and implementation of investment solutions that meet the needs of Dimensional’s global clients.

Gerard works closely with clients and leads a team of researchers, portfolio managers, and traders in designing and managing reliable and cost-effective investment strategies based on sound academic research. Gerard is the co-chair of the firm’s Investment Research Committee and a member of the Investment Committee, which consists of senior executives and investment team leadership that oversee management of the portfolios and accounts managed by the company.

Prior to joining Dimensional in 2004, Gerard obtained his PhD in aeronautics from the California Institute of Technology. He holds a master’s of science degree in high performance computing from Trinity College Dublin in his native country of Ireland, where he also received a first class honors degree in theoretical physics and was a recipient of the Foundation Scholarship.

Stephen A. Clark is the President of Dimensional International. Steve is also a member of Dimensional’s Executive Committee and Investment Committee.

Steve began his career at Dimensional as a US Equity Portfolio Manager in 2001 and has over 20 years of financial industry experience working with investment, research, and sales professionals as well as a variety of asset owners. He led the Institutional Services team until the end of 2018. Prior to joining the Institutional team in 2012, he led the Global Portfolio Management team. Steve’s current role focuses on ensuring consistent solutions are delivered to our clients around the world. He works closely with the Investment team to implement new, research-driven products and is a prominent influence on key business decisions and firmwide advancements.

Prior to Dimensional, Steve began his financial career in 1997 at John Nuveen & Company, where he was involved in structuring mergers and acquisitions for the company's health care services division. He holds an MBA from the University of Chicago Booth School of Business and a BS from Bradley University.

Christopher Crossan is vice president and Global Chief Compliance Officer for Dimensional Fund Advisors, managing all compliance matters for the firm, its subsidiaries, and the Dimensional Funds.

Previously, Chris was senior compliance officer for INVESCO Institutional. Before that, he filled a variety of roles at the US Securities and Exchange Commission, inspecting more than 100 investment firms. His last role at the SEC was as branch chief, overseeing their mutual fund and advisor inspection programs in the Southeastern US. Chris is a CPA and holds a BS in accountancy from Arizona State University.

Lisa Dallmer is an experienced, customer-centric technology leader in financial services with a proven track record of operationalizing strategy and commercializing growth. She brings extensive experience working with CEOs, sales, and product development teams to reach new markets.

Prior to joining Dimensional Fund Advisors LP, Dallmer was Chief Operating Officer, Managing Director at BlackRock’s Global Technology and Operations Group, where she led operating model strategy, operationalized platform technology, and drove tech-enabled transformations. She also served as Chief Operating Officer at NYSE Euronext in Paris, leading the commercial model for the technology and trading markets. In 2011 and 2013, Dallmer was recognized among Financial News’ 100 Most Influential Women in Finance for driving change across Europe’s financial services industry.

She holds an MBA from the University of Chicago Booth School of Business and a BA from Miami University, and she received additional training at the London School of Economics.

Aaron Marcus, Head of Global Human Resources, leads the recruiting, development, and reward of Dimensional employees across the firm's offices worldwide. Aaron is also the Head of our Charlotte office. Since joining Dimensional in 2008, Aaron has grown the Human Resources department from a service provider to business driver, evolving its benefits and support, employee training opportunities, hiring strategy, and people-related systems and policies in support of Dimensional's business objectives.

Prior to Dimensional, Aaron spent 14 years at Goldman Sachs in New York, London, and Hong Kong. In his last role at Goldman, he oversaw the company’s worldwide hiring. He also managed campus recruiting globally as well as the global HR practice for the sales and trading divisions of the firm. Aaron began his Goldman career in commodity operations. He holds a BA in Judaic studies from Brown University.

Catherine Newell serves as General Counsel for Dimensional, supervising the legal work of Dimensional and its subsidiaries and funds. In this role, she oversees the preparation of new product and corporate governance materials, business contracts, and other legal and regulatory matters, and heads up the firm’s Global Legal team. In addition, Catherine serves on Dimensional’s seven-person Executive Committee in the role of Chief of Staff. Prior to joining Dimensional in 1996, she was an associate in the law firm of Morrison & Foerster LLP, practicing in the areas of corporate finance and investment management law. 

Catherine earned a JD from the University of California, Los Angeles, School of Law in 1989, where she served on the UCLA Law Review, and a bachelor of arts in government from the University of Notre Dame in 1986.

John Alkire is Chief Executive Officer of Dimensional Japan Ltd. and serves as the head of Dimensional’s Japan operations. John was appointed CEO of Dimensional Japan in November 2012 and began his tenure in January 2013. Prior to his appointment, John was a consultant to Dimensional, assisting the firm in its expansion in Asia.

John has more than 35 years of securities investment experience. Previously, he served as president and chief investment officer of Morgan Stanley Asset & Investment Trust Management Co., Ltd. (MSAITM) in Tokyo, where he oversaw approximately $45 billion in institutional assets. John joined Morgan Stanley in 1981 as head of institutional equity for Asia in New York and established MSAITM, later renamed Morgan Stanley Investment Management (Japan), in Japan in 1995. In 1996, MSAITM was selected by Japan’s Government Pension Investment Fund (then called Nempuku) as one of the first three investment managers to manage its assets.

John’s relationship with Dimensional began in the late 1980s. He first worked with Dimensional founder David Booth in 1985, and while at Morgan Stanley, he helped launch a Japanese small company strategy for Dimensional in 1986.

John was the first non-Japanese vice chairman of the Japanese Securities Investment Advisors Association, from 1998 to 2000. He was born and raised in Japan, speaks fluent Japanese, and graduated from the University of Victoria, British Columbia.

J. Glenn Crane is a founding director of DFA Australia Limited and was responsible for establishing the business in 1994. He is Chairman of the board of directors and the Compliance Committee.

Glenn has extensive experience in all aspects of the financial services sector. In addition to his role at Dimensional, he is the chairman of Ceanet Pty Limited and NAQ Technology Limited, and is a fellow of the Australian Institute of Company Directors. Glenn received his BComm and LLB from the University of New South Wales and practiced law for five years before moving into the commercial environment.

John Romiza is Co-CEO of Dimensional Fund Advisors Ltd. (DFAL). In addition to his Co-CEO responsibilities he is a Director of DFAL and is a member of DFAL’s investment and management committees. He chairs the Board of Directors of Dimensional Funds PLC and Dimensional Funds II PLC and is Global Co-Head of Equity Trading. In his capacity as Co-Head of Equity Trading, he oversees trade execution strategies and coordinates all equity trading operations across the firm's global trading desks. Throughout his time with the firm, John has worked closely with Dimensional’s client service teams and interfaces directly with clients and prospects.

John joined Dimensional in 2008 as Head of International Trading. His career began in 1996 with Fidelity Investments. Prior to joining Dimensional, John served as senior vice president and director of European trading for Franklin Templeton. During his eight years with Franklin, John built the firm's European trading operation; his responsibilities included full oversight of all EMEA equity trading for the parent organisation. He received a BS in finance from Bentley College in Boston.

Nathan Lacaze is Co-CEO of Dimensional Fund Advisors Ltd. (DFAL). In addition to his Co-CEO responsibilities, he is Head of EMEA Portfolio Management, a director of DFAL, a member of DFAL’s investment and management committees and on the Board of Directors of Dimensional Funds PLC and Dimensional Funds II PLC (Irish UCITS managed by DFAL). In his role as Head of EMEA Portfolio Management, Nathan oversees the management of existing portfolios and helps design and implement new strategies. He also takes an active role with clients.

Nathan joined Dimensional as a trading assistant in 2004 and received a bachelor of chemical engineering and a bachelor of commerce, with majors in finance and economics, from the University of Sydney. He received an MBA from the University of Chicago Booth School of Business and is a CFA® charterholder.

David Booth, a founder of Dimensional Fund Advisors in 1981, is the firm’s Executive Chairman.

David has won numerous awards for his accomplishments in applying financial theory and research to the practical world of asset management, and has written numerous articles, particularly for his pioneering work in indexing and small capitalization investing. He has served on the Investment Company Institute’s Board of Governors and the ICI’s Executive Committee.

The University of Chicago Booth School of Business was named in his honor, and David also serves as a lifetime member of the school’s advisory council. David Booth Kansas Memorial Stadium at the University of Kansas was also named in his honor. David funded the Booth Family Hall of Athletics in Allen Fieldhouse at KU and donated James Naismith’s original 13 rules of basketball.

The David Booth Conservation Center and Department is responsible for the preservation of The Museum of Modern Art’s collection. The Booth Family Center for Special Collections at Georgetown University’s Lauinger Library contains several archival documents related to Georgetown as well as an extensive collection of rare books, manuscripts, and art.

David received his MBA from the University of Chicago in 1971. He also holds an MS and a BA from the University of Kansas.

Boards

University of Chicago Board of Trustees
University of Kansas Endowment Association Board of Trustees
The Museum of Modern Art Board of Trustees
Becker Friedman Institute Board of Overseers

Awards and Recognition

2018 — University of Chicago Medal
2017 — Investment News Icons and Innovators Award
2016 — Institutional Investor Investment Management Lifetime Achievement Award
2016 — Forbes Money Masters: The 40 Most Powerful People in the Financial World
2012 — Financial Management Association International’s Outstanding Financial Executive
2010 — Investment News “The Power 20” in the financial services industry
1992 — Financial Analysts Journal Graham and Dodd Award of Excellence

Eugene F. Fama, 2013 Nobel laureate in Economic Sciences, is the principal scholar whose groundbreaking work inspired the founding of Dimensional. Widely recognized as the "father of modern finance," Professor Fama developed the efficient market hypothesis. He is a Dimensional Director and serves on the firm’s Investment Research Committee. In this capacity, Professor Fama advises the firm on many of its strategies and is also a frequent speaker at Dimensional conferences and seminars. Professor Fama has written two books and published more than 100 articles in academic journals. His paper "The Cross-Section of Expected Stock Returns," coauthored with Kenneth R. French, won the 1992 Smith Breeden Prize for the best paper in the Journal of Finance. And his paper "Market Efficiency, Long-Term Returns, and Behavioral Finance" won the 1998 Fama-DFA Prize for the best paper published in the Journal of Financial Economics in the areas of capital markets and asset pricing.

Professor Fama received the Fred Arditti Innovation Award from the CME Center for Innovation in 2007. He was also the first recipient of three major prizes for research in finance: the Deutsche Bank Prize in Financial Economics in 2005, the Morgan Stanley American Finance Association Award for Excellence in Finance in 2007, and the Onassis Prize in Finance in 2009. His other awards include the 1982 Chaire Francqui (Belgian National Science Prize) and the 2006 Nicholas Molodovsky Award from the CFA Institute.

Professor Fama was the first elected fellow of the American Finance Association in 2001 and is a fellow of the Econometric Society and the American Academy of Arts and Sciences. He is also an advisory editor of the Journal of Financial Economics and chairman of the Center for Research in Security Prices at the University of Chicago Booth School of Business.

Professor Fama earned a bachelor's degree from Tufts University and an MBA and PhD from the University of Chicago Booth School of Business in 1964. He joined the Chicago Booth faculty in 1963. He has been awarded a doctor of law degree from the University of Rochester; a doctor of law degree from DePaul University; a doctor honoris causa from the Catholic University of Leuven, Belgium; and a doctor of science honoris causa from Tufts.

Kenneth R. French is the Roth Family Distinguished Professor of Finance at the Tuck School of Business at Dartmouth College. He is an expert on the behavior of security prices and investment strategies. He and coauthor Eugene F. Fama are well known for their research into the value effect and the three- and five-factor models, including articles such as “The Cross-Section of Expected Stock Returns” and “Common Risk Factors in the Returns on Stocks and Bonds.” His recent research focuses on patterns in expected returns in domestic and international financial markets and tests of asset pricing models.

Professor French is a consultant to Dimensional Fund Advisors, a Dimensional Director, and Co-Chair of Dimensional's Investment Research Committee. He is also a regular speaker at Dimensional conferences and seminars.

Professor French is a Fellow of the American Academy of Arts and Sciences, the American Finance Association, and the Financial Management Association. He is also a research associate at the National Bureau of Economic Research; an advisory editor of the Journal of Financial Economics, the Journal of Banking and Finance, and the Financial Review; a former associate editor of the Journal of Finance and the Review of Financial Studies; and a former president of the American Finance Association. Professor French is a member of the International Rescue Committee's Board of Overseers and chair of the Valpo Surf Project's Board of Directors.

Before joining Dartmouth, Professor French was on the faculty of MIT's Sloan School of Management, the Yale School of Management, and the University of Chicago's Booth School of Business. Professor French received his PhD in finance from the University of Rochester in 1983. He also earned an MS and an MBA from the University of Rochester and a BS from Lehigh University.

John "Mac" McQuown worked with Dimensional cofounder David G. Booth to develop the first institutional index funds at Wells Fargo in the early 1970s, and was the first chairman of the Wells Fargo Investment Advisors (now Barclays Global Investors). He maintains close ties to investment strategies as a cofounding Dimensional Director.

As an independent consultant, McQuown worked with large multinational financial institutions in the development and implementation of investment strategies in markets around the globe. In addition to serving on Dimensional's board of directors, he is cofounder and director of Diversified Credit Investments LLC, which builds diversified corporate debt portfolios with proprietary quantitative methods. McQuown owns and oversees Stone Edge Vineyard and Stone Edge Farm Winery in Sonoma, California.

Gerard O’Reilly serves as Co-Chief Executive Officer and Chief Investment Officer and is a Dimensional Director. He has been with Dimensional since 2004 and was named Co-CIO in 2014. He oversees the design, development, and delivery of research that guides Dimensional’s scientific approach to investing. He has been instrumental in the creation and implementation of investment solutions that meet the needs of Dimensional’s global clients.

Gerard works closely with clients and leads a team of researchers, portfolio managers, and traders in designing and managing reliable and cost-effective investment strategies based on sound academic research. Gerard is the co-chair of the firm’s Investment Research Committee and a member of the Investment Committee, which consists of senior executives and investment team leadership that oversee management of the portfolios and accounts managed by the company.

Prior to joining Dimensional in 2004, Gerard obtained his PhD in aeronautics from the California Institute of Technology. He holds a master’s of science degree in high performance computing from Trinity College Dublin in his native country of Ireland, where he also received a first class honors degree in theoretical physics and was a recipient of the Foundation Scholarship.

Dave Butler serves as Co-Chief Executive Officer and is a Dimensional Director. He joined Dimensional in 1995 and brings more than 20 years of experience working with financial advisors. He leads a worldwide team of regional directors and client services professionals who apply Dimensional’s strategies and resources to help advisors provide investors with an outstanding client experience. Dave is on the firm’s Executive Committee and has been involved with firmwide strategic vision and decision making for many years. 

Dave attended the University of California, Berkeley, earning his BS in marketing and finance in 1986 and an MBA in 1990. He received the CFA designation in 1998. Dave played basketball for Cal and was drafted by the Boston Celtics. In 2011, he was inducted into the Cal Athletics Hall of Fame, and in 2014, he was named to the Pac-12 Basketball Hall of Honor. Dave was also a Rhodes Scholar candidate.

David Booth, a founder of Dimensional Fund Advisors in 1981, is the firm’s Executive Chairman.

David has won numerous awards for his accomplishments in applying financial theory and research to the practical world of asset management, and has written numerous articles, particularly for his pioneering work in indexing and small capitalization investing. He has served on the Investment Company Institute’s Board of Governors and the ICI’s Executive Committee.

The University of Chicago Booth School of Business was named in his honor, and David also serves as a lifetime member of the school’s advisory council. David Booth Kansas Memorial Stadium at the University of Kansas was also named in his honor. David funded the Booth Family Hall of Athletics in Allen Fieldhouse at KU and donated James Naismith’s original 13 rules of basketball.

The David Booth Conservation Center and Department is responsible for the preservation of The Museum of Modern Art’s collection. The Booth Family Center for Special Collections at Georgetown University’s Lauinger Library contains several archival documents related to Georgetown as well as an extensive collection of rare books, manuscripts, and art.

David received his MBA from the University of Chicago in 1971. He also holds an MS and a BA from the University of Kansas.

Boards

University of Chicago Board of Trustees
University of Kansas Endowment Association Board of Trustees
The Museum of Modern Art Board of Trustees
Becker Friedman Institute Board of Overseers

Awards and Recognition

2018 — University of Chicago Medal
2017 — Investment News Icons and Innovators Award
2016 — Institutional Investor Investment Management Lifetime Achievement Award
2016 — Forbes Money Masters: The 40 Most Powerful People in the Financial World
2012 — Financial Management Association International’s Outstanding Financial Executive
2010 — Investment News “The Power 20” in the financial services industry
1992 — Financial Analysts Journal Graham and Dodd Award of Excellence

An independent director of Dimensional's US mutual fund board, George M. Constantinides is the Leo Melamed Professor of Finance at the Chicago Booth School of Business. He is a leader in portfolio management, asset pricing, derivatives pricing, and capital markets behavior. Widely published and a frequent speaker and editor, Professor Constantinides is a Fellow of the American Finance Association and former president of the American Finance Association and of the Society for Financial Studies, among many other professional affiliations. A graduate of Oxford University in England and Indiana University, he has been a Marvin Bower Fellow at Harvard University and taught at Carnegie Mellon University.

Douglas W. Diamond specializes in the study of financial intermediaries, financial crises, and liquidity. He is the Merton H. Miller Distinguished Service Professor of Finance at the University of Chicago’s Booth School of Business. He has been on the faculty since 1979. Diamond is a research associate of the National Bureau of Economic Research and a visiting scholar at the Federal Reserve Bank of Richmond. He was president of the American Finance Association and the Western Finance Association and is a fellow of the National Academy of Sciences, the Econometric Society, the American Academy of Arts and Sciences, and the American Finance Association. Diamond received the CME Group- Mathematical Sciences Research Institute Prize in Innovative Quantitative Applications in 2016 and the Morgan Stanley-American Finance Association Award for Excellence in Finance in 2012.

He has taught at Yale and was a visiting professor at the MIT Sloan School of Management, the Hong Kong University of Science and Technology as well as the University of Bonn. Diamond earned a bachelor's degree in economics from Brown University in 1975. He earned master's degrees in 1976 and 1977 and a PhD in 1980 in economics from Yale University.

Darrell Duffie is the Dean Witter Distinguished Professor of Finance at Stanford University’s Graduate School of Business. He is a Fellow and member of the Council of the Econometric Society, a Research Fellow of the National Bureau of Economic Research, and a Fellow of the American Academy of Arts and Sciences. Professor Duffie was also the 2009 president of the American Finance Association and was a member of the board of directors of Moody’s Corp. from 2008 to 2018. In 2014, he chaired the Market Participants Group, charged by the Financial Stability Board with recommending reforms to Libor, Euribor, and other interest rate benchmarks. His recent books include How Big Banks Fail (Princeton University Press, 2010), Measuring Corporate Default Risk (Oxford University Press, 2011), and Dark Markets (Princeton University Press, 2012).

Roger G. Ibbotson is the chairman and CIO of Zebra Capital Management, LLC, a global equity asset and hedge fund manager. He is also advisor and founder of Ibbotson Associates, now a Morningstar, Inc., company. His book with Rex A. Sinquefield, Stocks, Bonds, Bills, and Inflation, updated annually, serves as the standard reference for information on investment market returns. He is a regular contributor and editorial board member to both trade and academic journals, and is the recipient of many awards including Graham and Dodd Awards of Excellence in 1979, 1982, 1984, 2001, 2004, and 2007.

A professor of finance at Yale School of Management, Professor Ibbotson received a PhD from the University of Chicago, an MBA from Indiana University, and a BS from Purdue University.

Edward P. Lazear is widely recognized for his worldwide contributions as a labor economist and founder of a field known as personnel economics. He has been awarded extensively for his accomplishments as a teacher, author, and researcher.

Ed served as chairman of the President's Council of Economic Advisers and worked for the White House from 2006 to 2009. Previously, he was a senior fellow at the Hoover Institution from 1985 to 2002. He has also been an advisor to the governments of Czechoslovakia, Romania, Russia, Ukraine, and Georgia.

Prior to joining Stanford University in 1992, Professor Lazear taught for several years at what is now known as the University of Chicago Booth School of Business, where he was the Brown Professor of Urban and Labor Economics.

A Frank E. Buck Professor Emeritus of Finance at the Stanford University Graduate School of Business, Myron S. Scholes is widely known for his seminal work in options pricing, capital markets, tax policy, and the financial services industry. He is co-originator of the Black-Scholes options pricing model, which is the basis of the pricing and risk-management technology that is used to value and manage the risk of financial instruments around the world. For this work, he received the Alfred Nobel Memorial Prize in Economic Sciences in 1997.

An expert in finance and tax law, Professor Scholes is chairman of Oak Hill Platinum Partners and a managing partner in the private and public investment groups of the Robert M. Bass organization. Oak Hill Platinum Partners, a hedge fund, specializes in providing inventory services in G7 fixed income markets to the global banking and dealer communities. He received a PhD from the University of Chicago, where he went on to serve as the Edward Eagle Brown Professor of Finance, and has also taught at the Massachusetts Institute of Technology Sloan School of Management.

Abbie J. Smith is the Boris and Irene Stern Distinguished Service Professor of Accounting at the University of Chicago Booth School of Business. She has taught and conducted research in financial reporting, corporate governance, and capital markets since joining Chicago's faculty in 1980 following completion of her PhD at Cornell University. She received the McKinsey Award for Excellence in Teaching in 1990. She is a coeditor of the Journal of Accounting Research, an independent director of Dimensional's US mutual fund board, and a director of Chicago-based UBS Funds, HNI Corp., and Ryder System, Inc.

Ingrid M. Werner is the Martin and Andrew Murrer Professor in Finance at Ohio State University’s Fisher College of Business. Professor Werner is currently President of the Western Finance Association and a Director of the American Finance Association, and she is a Past President of the European Finance Association. Professor Werner is an Independent Director of the Fourth Swedish National Pension Fund and a member of the FINRA Economic Advisory Committee. She serves on the prize committee for the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. She chairs the scientific advisory board of the Swedish House of Finance, and serves on the board of Mistra Financial Systems and the scientific advisory board of the Danish Finance Institute. Professor Werner has a PhD in Economics from the University of Rochester and an Honorary Doctorate in Economics from Stockholm School of Economics.