Stephen Schaefer is a professor of finance at London Business School. Formerly on the faculty of the Graduate School of Business at Stanford University, he has also been a visiting professor at the universities of British Columbia, California (Berkeley), Cape Town, Chicago, and Venice. His work on fixed-income markets, risk management, credit risk, and financial regulation has been published widely. Much of his current research is devoted to understanding the pricing of credit-risky instruments and, in particular, disentangling the impact of the default risk and market frictions. The research includes an empirical study of the performance of credit pricing models as predictors of hedge ratios, a clinical study of the events surrounding the downgrade of Ford and GM to junk status in 2005, and a study of corporate default in the United States over the past 150 years. Professor Schaefer is a member of Moody’s Academic Research and Advisory Committee and a non-executive director of Leo Fund Management. He was formerly an independent board member of the Securities and Futures Authority, a senior research adviser to Moody’s KMV, and a trustee-director of Smith Breeden Mutual Funds.

This information is accurate as of the date of recording.