RLW Visiting Scholars

The Rodney L. White Center for Financial Research proudly sponsors extended visits by world-renowned scholars for intellectual interaction with faculty and Ph.D. students in the Wharton finance department.  These scholars have reached the pinnacle of their area of expertise within the field of finance, as noted by their extensive body of work and array of awards, some of which include the prestigious Nobel Prize. (See left side bar for information on past scholars.)


The Rodney L. White Center is pleased to announce that  Albert “Pete” Kyle is the latest Rodney L. White Center Visiting Scholar.  He visited the Wharton School’s Finance Department in February 2018.

Professor Kyle is the Charles E. Smith Chair Professor of Finance at the University of Maryland’s Robert H. Smith School of Business as of 2006. His  research focuses on market microstructure, including topics such as high frequency trading, informed speculative trading, market manipulation, price volatility, the informational content of market prices, market liquidity, and contagion.   Before joining the faculty at the University of Maryland, he held positions  at Princeton University, the University of California Berkeley, and Duke University.

In 2016, leading academics, bankers and regulators gathered at the Robert H. Smith School of Business for a conference honoring Professor Kyle on the  thirtieth anniversary of the publication of Kyle’s seminal 1985 paper “Continuous Auctions and Insider Trading,”  known as “Kyle 85.”  Nobel Prize winner in economics, Robert Engle, credits it as “one of the first papers that revealed how private information is revealed by trading.”  The paper is considered a landmark in the literature related to market microstructure, the subfield of economics that explores the ways in which the processes of a market affect such things as transaction costs, prices and liquidity.

Professor Kyle is a Fellow of the American Finance Association and a Fellow of the Econometric Society, has been a board member of the American Finance Association, and holds an honorary doctoral degree from the Stockholm School of Economics.  He was a staff member of the Presidential Task Force on Market Mechanisms (Brady Commission, 1987), a consultant to the SEC (Office of Inspector General), CFTC, and U.S. Department of Justice, a member of NASDAQ’s economic advisory board, a member of the FINRA economic advisory board, and a member of the CFTC’s Technology Advisory Committee.

Professor Kyle earned his B.S. degree in mathematics from Davidson College in 1974, studied philosophy and economics at Oxford University as a Rhodes Scholar from Texas (Merton College and Nuffiled College), and completed his Ph.D. in economics at the University of Chicago in 1981.

Click here to link to Professor Kyle’s University of Maryland webpage and personal website.