|Executive Secretary Treasurers|
A Tribute To Those Who Served as Executive Secretary and Treasurer For The American Finance Association from 1940 to 2018.
The following statement of formal duties for the position of Executive Secretary and Treasurer is provided in the Bylaws for The American Finance Association
Section 5. Executive Secretary and Treasurer. The Executive Secretary and Treasurer shall have charge and custody of and be responsible for all funds and securities of the corporation and perform all the duties incident to the office of treasurer; shall keep the minutes of the meetings of members and of the Board of Directors, see that all notices are duly given, be custodian of the corporate records and seal, keep the record of members' names and addresses, and in general perform all the duties incident to the office of secretary. The Executive Secretary and Treasurer shall be appointed for an indefinite term by the Board of Directors and serve until relieved by the Board of Directors.
Additional Observations Regarding the Position
The formal job description might appear to be rather mundane. However, fulfilling those responsibilities diligently and prudently is of critical importance for the Association and involves a myriad of issues, routine and otherwise. The various tasks require a substantial amount of effort that is largely unseen and is likely to be underappreciated by members of the Association in general. The Executive Secretary and Treasurer also provides vital continuity to the management of the Association as the elected officers rotate through their one-year positions. In recognition of these critical roles, the American Finance Association owes a special debt of gratitude to the individuals identified on the following list who have served as Executive Secretary and Treasurer.
This list has been compiled by the AFA Historian, Stephen Buser.
Executive Secretary Treasurers of the American Finance Association 1940-Present
Louis Jefferson Long
Louis Long (1908-1997) received his B.B.A. (1930) and M.S. (1931) degrees from the University of Colorado. He then began his doctoral work in economics at the University of Illinois. Following the completion of his Ph.D., he was appointed to a faculty position at Allegheny College. Professor Long was also a member of Sigma Phi Epsilon social fraternity and Phi Beta Phi and Phi Beta Kappa honoraries.
Dr. Long was a professor in the economics department at Allegheny College from 1935-1946 where he also served as Comptroller and Treasurer from 1941 to 1943 and again from 1945 to 1951. Between those two periods, Dr. Long served as a chief procurement officer for the United States Navy during World War II.
In 1951, Professor Long left Allegheny to become the 11th president of Wells College. His work at Wells spanned 17 years before he retired as professor emeritus of finance. Some of his accomplishments at Wells included a doubling in size of the student body, the creation of five new buildings, and a fourfold increase in income for the school. The library was named after Professor Long by the trustees at Wells College.
Dr. Long was co-founder and past president of the Empire State Foundation of Liberal Arts College. He was also a co-founder and board chairman of Tuition Exchange, Inc. His involvement with community development included work with the Cayuga County United Fund, chairman of the board at Auburn Memorial Hospital, and membership with the board and executive committee of the Center for Arts at Ithaca.
Professor Long was also involved with the boards of the First National Bank in Meadville and the National Bank of Auburn. Dr. Long was a member of the American Economic Association, the Owasco Country Club at Auburn, and the Cornell and University Clubs of New York. After his retirement from Wells in 1969, he continued to work as a consultant for Steward and Bennett in New York.
Sources of information for Louis Jefferson Long
Lewis Acrelius Froman
Lewis Froman (1906-1992) received an A.B. degree from the University of Missouri in 1927 and a PhD from Cornell University in 1931. Dr. Froman began his academic career in 1931 at the University of Buffalo where he held a variety of administrative positions until 1948. He was eventually appointed Dean of the Millard Fillmore College, which was the continuing education school for the University of Buffalo. At that time, the Millard Fillmore College was primarily a night school that was created to provide non-traditional students an opportunity to obtain a college degree. Dr. Froman had previously served as director for a variety of areas including veterans’ affairs, the work-study plan for superior students, the civilian-pilot training, the engineering, science, management war-training programs, and military training.
Dr. Froman accepted a position as an instructor for Cornell University in 1948, and later in the same year, he was chosen to become the 4th president of Sage College. The college had been operating as a non-residential men’s division that provided two years of college for returning veterans, but in 1949, Dr. Froman created a co-educational adult education unit in Albany. The evening division for the unit, which later became the Sage Evening College, offered associate degree programs and a master’s degree in education. In 1957, Dr. Froman received approval in 1957 to establish an independent two-year private junior college that operated on a daytime schedule. In 1970, the Lewis A. Froman Professorship was established by the board of trustees upon his retirement. This endowed position was created in order to support research activities of a new or early career faculty member at Sage College.
In addition to his academic achievements, Dr. Froman served in numerous administrative positions outside of the university setting. He was a representative of the war labor board from 1943 to 1944. While in this position, he was dedicated to obtaining first-hand facts, often traveling to discuss issues with laborers directly at the worksite.
Dr. Froman was also a director and economist for the Niagara National Bank. He received the Junior Chamber of Commerce Gold Key in 1938. This was awarded annually to a male, under the age of 35, who contributed notably to the life of the community. He was also a member of the American Finance Association and served as its president in 1947.
Neil Herman Jacoby
Neil Jacoby (1909-1979) received his B.A. in 1930 from the University of Saskatchewan. In 1938, he received his Ph.D. from the University of Chicago, where he was subsequently hired as a professor of finance. Dr. Jacoby was eventually chosen to serve as vice president of the University of Chicago. In 1948, Dr. Jacoby was hired as a professor and founding Dean for the Graduate School of Management at the University of California Los Angeles. He maintained that position until his retirement in 1973.
Dr. Jacoby was widely recognized as an expert on matters of taxation, finance, economic policy, and business-government relationships. He was the author of 17 books including United States Monetary Policy, United States Aid to Taiwan, European Economics-- East and West, Corporate Power and Social Responsibility, Multinational Oil, The Business-Government Relationship: A Reassessment, and Bribery and Extortion in World Business. Dr. Jacoby also wrote more than 200 journal articles, and he gave hundreds of public addresses that were preserved as formal manuscripts.
In addition to his academic work, Dr. Jacoby held a number of other positions. In 1940, he joined the research staff at the National Bureau for Economic Research, and in 1942 he became a member of the Research Advisory Board of the Committee for Economic Development. Dr. Jacoby also served on President Eisenhower's Council of Economic Advisers from 1953 to 1955, and in 1957 he was a United States representative on the Economic and Social Council of the United Nations. Dr. Jacoby also served as a consultant on taxation and finance for the Los Angeles City Council, and he worked as a consultant for the Rand Corporation from 1951-1961. He was a long-time associate of the Center for the Study of Democratic Institutions at Santa Barbara, and he was a frequent contributor to The Center magazine.
Dr. Jacoby served as president of the American Finance Association in 1949. He was also a member of the Executive Committee for the American Economic Association, a member of the National Council of the National Planning Association, and a member of the Research Advisory Board for the Committee for Economic Development.
Sources of information for Neil Herman Jacoby
Raymond Joseph Saulnier
Raymond Saulnier (1908-2009) graduated as president of his class from Middlebury College in 1929. By the time he had finished a master’s degree at Tufts College, and taught introductory economics there, the nation was already facing severe economic hardship due to the Depression. A fellowship from Columbia University allowed him to pursue doctoral work and complete his dissertation, “Contemporary Monetary Theory,” which was eventually published in hardcover.
Following graduation, Dr. Saulnier joined the Columbia faculty, and then transferred to Barnard College, where he taught finance and economics until 1993. Therefore, his academic career spanned four decades between the two colleges, except for six years that he had spent in Washington. He was also a member of the Council of Economic Advisers for two years and its chairman for four years.
A staunch conservative economist, it was fitting that Dr. Saulnier served as chief economic adviser to President Eisenhower in the 1950s. He also became president of the American Finance Association the following year. After leaving office, he served as an adviser to the presidential campaigns of Richard M. Nixon and Barry Goldwater and worked in Ellen R. Sauerbrey’s 1998 Republican campaign for governor of Maryland.
Dr. Saulnier remained interested with current affairs throughout his life. He maintained strong opinions regarding how far he believed that policy makers of both parties had strayed from the tenets of budget balance. Dr. Saulnier had espoused this view rigorously from 1956 to 1961 as a member, and then chairman of the president’s three-man Council of Economic Advisers. Although fiscal discipline was always his chief priority, he insisted that the budget should be in structural balance, meaning that deficits could be justified temporarily during recessions. Dr. Saulnier continued to write, broadcast, advise and correspond into his 90s, often in defense or explication of his record, stressing balanced budgets and contained inflation.
Edward Everett Edwards
Edward Edwards (1908-1984) received a bachelor’s degree in 1928 from Indiana University and a master’s degree in 1934. Prior to his entrance into academia, he worked as a methods engineer for Western Electric, administered the National Youth Administration program in Indiana during the Depression, and served as supervisor of the Division of Research and Statistics of the Indiana Department of Financial Institutions.
Professor Edwards joined the faculty of Indiana University in 1936. His preference for more interactive teaching sessions was evident with his use of the Socratic Method in his classroom. He therefore rarely gave lectures. Professor Edwards was a prominent figure at the university as a principal advisor to the administration of the university and of the School of Business. For many years, he had served as the associate director of the Graduate School of Savings and Loan. His achievements for the Graduate School of Savings and Loan were recognized in the establishment of the Fred T. Greene professorship, which he held until his retirement. During his academic career, he also spent a long tour of duty in the military during World War II.
Louis Pomeroy Starkweather
Louis Starkweather (1898-1958) graduated from Tufts College in 1921. He served as an instructor in banking and finance at New York University, from 1924 to 1930. While at NYU, he earned both a master’s degree and a PhD. After leaving NYU, Dr. Starkweather accepted a faculty position at the Rutgers University School of Business Administration, where he eventually became chair of the department of finance prior to retiring with emeritus status.
Professor Starkweather was known for being able to transform complex financial situations into more manageable tasks. He applied his techniques when he developed a unique investment portfolio management class at Rutgers. His course combined the utilization of business principles that can be practiced within a pleasant social environment in the classroom. He secured guest lecturers from various areas of business management so that students were exposed to all areas of business operations. Students were assigned in-depth research tasks prior to weekly interactive class sessions.
Dr. Starkweather has held many additional administrative positions throughout his career. From 1937 to 1942, he was a trustee of Tufts College and received their distinguished service award in 1951. From 1942 to 1943, he served as a New Jersey organization officer for the Office of Price Administration. Dr. Starkweather was a consultant to the Army’s Quartermasters Price Adjustment Board as well. He served as chairman of the finance committee of the Plainfield Board of Education from 1946 to 1950.
Sources of information for Louis Pomeroy Starkweather
George Edward Hassett, Jr.
George Hassett, Jr. (1904-1961) enlisted in the Marine Corps in 1928 and completed a four year tour of duty. After completing his military service in 1932, George Hassett began his financial career as a security analyst for the Central Hanover Bank and Trust Company in New York where he remained until 1946. While at the bank, George Hassett earned a diploma from the Pace Institute in 1935, a magna cum laude bachelor of commercial science degree from New York University in 1942, and a master of business administration degree from NYU in 1946.
After earning his master’s degree in 1946, Dr. Hassett accepted a position as a finance instructor and administrative assistant at the Graduate School of Business Administration at NYU. While working at NYU, George Hassett continued his academic program. After receiving a PhD degree from NYU in 1951, Dr. Hassett continued to work at NYU where he taught courses on Financial Analysis for the Executive, Credit and Collection Administration, Corporation Finance (co-instructor) and Banking. He co-authored, with Albert F. Chafin, the book Credit and Collection Principles and Practice. At the time of his death in 1961, Dr. Hassett was a doctoral advisor and an assistant to the dean at the Graduate School of Business Administration at NYU.
Robert A. Kavesh
Robert A. Kavesh received a B.S. degree from New York University in 1949. He also received an M.A. from Harvard University, and he received a Ph.D from Harvard in 1954. Dr. Kavesh subsequently joined the New York University Stern School of Business where he continues to serve as the Marcus Nadler Professor of Finance and Economics, with emeritus status. Dr. Kavesh formally retired in 2002, but he continues to work as an adjunct professor at NYU.
In addition to his academic duties, Dr. Kavesh also worked as a bank officer, and his research interests include economic and financial policy. He is widely published in the areas of forecasting and economic policy, and has edited a book in this area. Over a period of five decades, Dr. Kavesh has inspired more than 15,000 business students at NYU, and in recognition of this service, alumni of the Stern School have honored him with a Great Teacher Award, and they have endowed chair in his name. In addition, the NYU Stern School has begun a campaign to establish the Robert Kavesh Professorship in Economics to honor his distinguished career and contributions to higher education.
Dr. Kavesh currently serves as Director of General Electric Capital Corp and The Caring Community. He is also a trustee of Lehman Brothers First Trust Income Opportunity Fund. Dr. Kavesh has served as Director Emeritus/Trustee of 48 Neuberger funds in the fund complex since 1986 and director of Neuberger Berman High Yield strategies fund since 2004. Previously, he was a director of the DLI Holding Corp, Apple Bank for Savings, Western Pacific Industries, Inc., and The Denali Fund Inc.
Robert G. Hawkins
Robert Hawkins (1936-2008) received an A.B. degree from William Jewell College in 1958 and a Ph.D. in economics from New York University 1966. At NYU, Dr. Hawkins served as chairman of the Finance Department, chairman of International Business, and vice dean of the faculty of Business Administration. From 1984 to 1992, he served as dean of the School of Management at Rensselaer Polytechnic Institute. In 1992, Dr. Hawkins accepted a faculty position at Georgia Institute of Technology, where he became professor emeritus of management and economics. He also served as dean of the Ivan Allen College of Management, Policy, and International Affairs from 1993 to 1998. At various times throughout his career, he has served as a visiting faculty member at universities in Kuwait, Sweden, Japan, Singapore, the United Kingdom, and China.
Professor Hawkins is considered an expert in the area of international economics and business. He was awarded several research grants from the government and the private sector. His topics of publication include the role of the multinational corporation, international financial markets, and international trade and investment policy. Dr. Hawkins has served as a consultant to various government agencies, and to several companies, including General Electric, IBM, Morgan Guaranty Trust Co., and others.
Dr. Hawkins has served as president of the Academy of International Business and as a member of Beta Gamma Sigma (honor society in business administration and economics). Professor Hawkins has been a member of corporate and advisory boards such as Multinational Computer Models, Inc.; James Investment Research; Wellington Leisure Products, Inc.; and Petricca Industries, Inc. Additional organizations he has been involved with include The Troy Savings Bank Music Hall Corporation, Lyceum Kennedy, the Wellspring Foundation, the Cox School of Business Administration, and Family and Children Services of Montclair. Professor Hawkins was a President of AIB from 1983-84, the winner of AIB's 1998 Dean of the Year Award, and an AIB Fellow. Additionally, he was a member and chairman of the International Affairs Committee of the AACSB.
William Michael Keenan
William Michael Keenan (1938-2008) received a B.S. in management science from Case Western Reserve University in 1960. He then completed his M.S. in industrial administration at Carnegie Mellon University in 1962, and he subsequently received a doctoral degree there in 1967.
His research interests included equity security valuation, industrial organization economics of the securities industry, mergers and acquisitions, economics of service sector industries, and valuation of corporate securities. Dr. Keenan had worked as a chartered financial analyst at various times in his career. He had also served as a reviewer and designer of finance programs for universities, for business groups, and for the state of New York.
Dr. Keenan, professor emeritus of finance at New York University Stern School of Business, was a faculty member at NYU from 1992 until his retirement in 2004. Professor Keenan’s academic career trajectory is noted as assistant professor (1967 to 1970); associate professor 1970 to 1991; and deputy chairman, department of Finance (1986 to 2002). Additional academic positions he held included University of California at Berkeley Schools of Business Administration Acting assistant professor (1964 to 1967) and Carnegie Mellon University Undergraduate Business programs lecturer (1964).
Some professional associations Dr. Keenan was involved in include the American Finance Association, the Eastern Finance Association (president and trustee), the Financial Management Association (membership-vice president), and the New York Society of Security Analysts (Membership Committee and Scholarship Committee). Dr. Keenan also served as trustee of several not-for-profit organizations and Marathon Oil Company (1960s), Allied Social Science Associations (Chair of New Member Committee), a trustee of Collegiate Church Corporation, and a trustee of Collegiate School for Boys.
Sources of information for William Michael Keenan
David H. Pyle
David Pyle received his B.S. in 1953 from the University of Akron. From 1953-1955, he served as a 1st Lieutenant for the United States Army in Korea. In 1965, he obtained his MBA at the University of Chicago. In 1968, he completed his Ph.D. at the Massachusetts Institute of Technology. He is currently the Willis H. Booth Professor of Banking and Finance Emeritus at the Haas School of Business at the University of California at Berkeley.
Additional positions Dr. Pyle has held include research visitor at Banca d'Italia, Rome (1987 and 1993), visiting scholar at the Federal Reserve Bank of San Francisco (1983 and 1992), and visiting senior economic advisor and comptroller of the currency in Washington D.C. (1978 and 1979). He has served as a visiting professor of finance at the London Business School (1984), Ecole des Hautes Etudes Commercials (1979), Australian National University, Canberra (1974), and Norwegian School of Economics and Business Administration (1972).
Dr. Pyle’s academic interests include risk management and financial regulation. More recently, his research topics have focused on issues specific to banking regulations. Prior academic awards bestowed upon him have included the Berkeley Citation, University of California (1993) and the External Examiner in Finance, and the Chinese University of Hong Kong (1981-1984, 1988-1991). He has also been awarded The National Science Foundation Fellow (1967-1968) and the Sloan Doctoral Fellow (1965-1967). Industrial experience for Dr. Pyle includes district engineer for Hall Laboratories from (1955-1959) and Midwest regional manager for the U.S. Stoneware Company (1959-1965).
Dr. Pyle’s 14 years of service as Executive Secretary and Treasurer for the American Finance Association places him in a tie with Michael Keenan for second longest term of service. Only Robert Kavesh, who held the position for 19 years, had a longer term of service. In addition, the 47 years of combined service by these three remarkable contributors collectively accounts for nearly two thirds of the years of service by all holders of the position as of the year 2014.
Sources of information for David H. Pyle
Duane J. Seppi
Duane Seppi received a B.A. degree from Stanford University in 1977. He obtained an MBA from the University of Chicago in 1984, and in 1988, he earned a doctorate degree from the University of Chicago.
Dr. Seppi is currently a faculty member at Carnegie Mellon University where he holds the position of Bank of New York Mellon Professor of Finance. He also serve as the head of the Master’s of Science program in Computational Finance at Carnegie Mellon. His teaching and research Interests include market microstructure, energy and commodity derivatives, financial engineering, and game theory.
Dr. Seppi has been active in numerous professional capacities, including committee member of the European Finance Association, program committee (2009 - 2014); committee member of the Western Finance Association, program committee (1992 - 2014); and executive secretary-treasurer of the Western Finance Association (2004 – 2012). Professor Seppi has served on editorial boards for the Journal of Finance, 2004-2008, the Review of Finance, 2003-2008, the Journal of Financial Markets, 1996-2006, and the Review of Financial Studies, 1992-1995.
Awards bestowed upon Dr. Seppi for his scholarly contributions have included Best Paper, Western Finance/NYSE (2005); George Leland Bach Teaching Award (2002); Q-Group Roger Murray Prize – 1998; Best Paper, Western Finance/Chicago Board of Trade (1991); and BP America Research Chair, GSIA (1990-1991).
James S. Schallheim
James Schallheim received a B.A. from the University of California at Santa Barbara in 1973. He obtained an MBA from Wright State University in 1977, and he received a doctorate degree in finance from Purdue University in 1980. Dr. Schallheim then accepted a faculty position at the University of Utah. He has also served as a visiting professor at Vanderbilt University (1988-1989), the University of California at Berkeley (1994), and the University of Florida (2004-2005).
Dr. Schallheim has published articles in a number of leading academic journals including the Journal of Finance, the Journal of Political Economy, the Review of Financial Studies, the Journal of Financial Economics, the Journal of Business, the Journal of Financial and Quantitative Analysis, and Financial Management. His research and teaching interests include corporate finance, leasing, and stock markets in the United States and Japan. Dr. Schallheim is a co-founder and co-organizer of the Utah Winter Finance Conference. He is also a member of the Editorial Review Board of the Journal of Equipment Lease Financing.
Professor Schallheim is an internationally known scholar in the area of equipment leasing and has published the book Lease or Buy: Principles for Sound Corporate Decision Making. He has worked as a consultant for several corporations and government agencies. Professor Schallheim currently serves as a member of the board of directors for the Equipment Leasing and Finance Foundation and LCA Bank.
Sources of information for James Schallheim
American Finance Association Secretary-Treasurers by appointed years
Louis Jefferson Long (1940-1942)
Lewis A. Froman (1943-1945)
Neil Herman Jacoby (1946)
Raymond Joseph Saulnier (1947)
Edward Everett Edwards (1948-1951)
Louis Pomeroy Starkweather (1952)
George Edward Hassett, Jr. (1953-1960)
Robert A. Kavesh (1961-1979)
Robert G. Hawkins (1980-1984)
William Michael Keenan (1985-1998)
David H. Pyle (1999–2012)
Duane J. Seppi (2013-transition period)
James Schallheim (2013-current)