Research Associates


Rita Biswas
Ph.D. - Texas A&M
Associate Professor
Professor Biswas’ research interests include international financial markets and banking. She has published in journals such as The Financial Review, Journal of Financial Services Research, Review of Futures Markets, Global Finance Journal, and more recently, in Journal of Risk Management in Financial Institutions and International Journal of Media Management. Her teaching interests are in financial management, M&As, and international corporate finance. She has won several undergraduate and graduate teaching awards including the President’s Award for Excellence in Teaching (University at Albany, 2012-13) as well as the Chancellor’s Award for Excellence in Teaching (SUNY system-wide, 2013-14).  She is a frequent teacher in Executive MBA programs worldwide, including at the Frankfurt School of Finance and Management, Bankakademie, Germany and at Universidad del Salvador, Buenos Aires, Argentina. Professor Biswas received a Master’s in International Economics from University of Rochester, NY in 1985 and a Ph.D. in International Finance and Banking from Texas A&M University, TX in 1990. She enjoys foreign travel, languages and cultures.

Aaron Brauner
Ph.D. – University of Florida
Assistant Professor

Professor Brauner joined the University at Albany in 2017. Prior to this he earned a Bachelor in Mechanical Engineering and a Bachelor of Science in Economics from the University of Delaware. His current research interests include international finance, financial economics, and corporate finance. Professor Brauner serves as Director of the University at Albany’s Financial Market Regulation Program.

Photo of Professor Na Dai

Na Dai
Ph.D. - Kansas
Associate Professor and Finance Department Chair
Professor Dai conducts research in corporate finance, financing for entrepreneurship and innovation, venture capital, private equity and hedge funds. Her scholarly works have appeared in Financial Management, Journal of Banking and Finance, Journal of Corporate Finance, Journal of Business Venturing and Entrepreneurship Theory and Practice. She is co-author of the book, Hedge Fund Structure, Regulation and Performance around the World (Oxford University Press, 2013). She has received both research and teaching awards at the School of Business.

 Louis Piccotti

Louis R. Piccotti
Ph.D. - Rutgers, The State University of New Jersey
Assistant Professor
Professor Piccotti joined the University at Albany in 2014.  His primary research interests include empirical asset pricing, market efficiency, and applied financial econometrics/time series analysis. He has published in the Journal of Banking & Finance, Financial Review, Journal of Financial Research, the Journal of Financial Markets, and the Journal of Empirical Finance. He has presented his research both domestically and internationally, and his papers have been on the Social Science Research Network (SSRN) top 10 downloaded list in many financial topical areas.


Hany A. Shawky
Ph.D. - Ohio State
Professor and Dean
Professor Shawky served as Director for the first five years of CIIM’s existence. He has published over 40 refereed scholarly articles, and was recipient of the School of Business Research Award in 1996 and 2001. His research has been in the area of market volatility, portfolio strategy, mutual funds, and hedge funds. Professor Shawky has consulted in the areas of banking and mergers & acquisitions with corporate and government clients worldwide.


David M. Smith
Ph.D. - Virginia Tech
Professor and CIIM Director
Professor Smith, a CFA charterholder and Certified Management Accountant, presently conducts research in the areas of mutual funds and corporate dividend policy. He received various School of Business Teaching Awards, the President’s and Chancellor’s Awards for Teaching Excellence (2004), and the Financial Frontiers Award for Research Excellence (2006) from Janus and the Financial Planning Association.

Photo of Professor Yvonne Wang

Yvonne Wang
Ph.D. - Penn State
Associate Professor 
Professor Wang, a CFA charterholder, conducts research on mutual funds, hedge funds, and fixed income markets. Her recently published work appears in Management Science, Journal of Financial & Quantitative Analysis. Journal of Financial Intermediation, Financial Management, Journal of Financial Markets, and Journal of Banking and Finance. She has won several awards including the Eastern Finance Association Best Paper Award, the Midwest Finance Association Best Paper Award, and the Dean's Award for Outstanding Faculty Research.

In Memoriam

Ross M. Miller
Ph.D. - Harvard University
Clinical Professor (Late)
Professor Miller founded General Electric's quantitative finance research group, and published actively in the areas of portfolio and risk management and experimental markets. He developed a method to determine the “active investment share” and “active expense ratio” for mutual fund portfolios. He was co-author of the bestselling book, What Went Wrong at Enron (John Wiley & Sons, 2002) and author of other scholarly books.