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2024 Loyola Financial Ethics Conference

Friday, May 3, 2024

4th Floor Programming Room | Andrew White Student Center

Program | Speakers | Best Paper Award | Parking and Directions | Registration

The Sellinger School of Business and Management at Loyola University Maryland is pleased to organize the 2024 Loyola University Maryland Financial Ethics Conference on Friday, May 3, on its beautiful Evergreen campus in Baltimore. 

The conference will bring together academics, practitioners, thought leaders, and regulators to gain insights and engage in discussions on pressing financial ethics issues, and will feature a keynote luncheon, academic paper presentations, panel discussions, and a reception. 

Register Here

For questions about the conference, please contact Prof. Tuugi Chuluun at

Conference Program


Registration & Breakfast


Dean’s Welcome


Morning Paper Presentations

Session chair: Pamela Queen, Morgan State University

Ethical Dilemmas: Corporate Response and Market Reaction to the Russia-Ukraine War
Lixin Huang (Georgia State University), Harley E. Ryan (Georgia State University), Lingling Wang, (University of Connecticut), Tim Zhang (University of Texas at San Antonio)
Presenter: Harley E. Ryan, Georgia State University
Discussant: Stacy Chavez, Loyola University Maryland

  • One Hundred and Thirty Years of Corporate Responsibility
  • Joel F. Houston (University of Florida), Sehoon Kim (University of Florida), Boyuan Li (University of Florida)
    Presenter: Boyuan Li, University of Florida
    Discussant: Tuugi Chuluun, Loyola University Maryland
  • Environmental regulation, pollution, and shareholder wealth
    Seungho Choi (Hanyang University), Ross Levine (Stanford University), Raphael Jonghyeon Park (University of Technology Sydney), Simon Xu (Harvard Business School)
    Presenter: Simon Xu, Harvard Business School
    Discussant: John Dougherty, Loyola University Maryland


Coffee Break


Morning Panel: Trust in Finance

The panelists will discuss various issues surrounding the public’s (dis)trust in financial institutions, financial advisors, Wall Street, financial regulators, and the reputation and trust in ESG.

Moderator: Tuugi Chuluun, Professor of Finance and Travelers Scholar, Loyola University Maryland

Sean Neary, Managing Director of Edelman Smithfield
Dr. Swasti Gupta-Mukherjee, Senior Research Fellow, Washington University in St. Louis, and Professor of Finance, Loyola University Chicago
R. Andrew Bauer (Andy), Vice President and Regional Executive, Federal Reserve Bank of Richmond
Eric Veiel, Head of Global Equity and Chief Investment Officer, T. Rowe Price


Keynote Luncheon

Keynote Speaker: R. Andrew Bauer (Andy), Vice President and Regional Executive, Federal Reserve Bank of Richmond


Afternoon Paper Presentations

Session chair: Jerry Yu, University of Baltimore

Government Contract Transparency and Payoffs from Political Connections
Ethan Yao (University of Minnesota)
Presenter: Ethan Yao, University of Minnesota
Discussant: Andrew Samuel, Loyola University Maryland

  • Defunding Controversial Industries: Can Targeted Credit Rationing Choke Firms?
    Kunal Sachdeva (Rice University), Andre F. Silva (Federal Reserve Board), Pablo Slutzky (University of Maryland), Billy Xu (University of Rochester)
    Presenter: Pablo Slutzky, University of Maryland
    Discussant: Salem Abo-Zaid, University of Maryland Baltimore County
  • Does the Disclosure of Consumer Complaints Reduce Racial Disparities in the Mortgage Lending Market
    Xiang Li (Boston College)
    Presenter: Xiang Li, Boston College
    Discussant: Yoon Shin, Loyola University Maryland


Coffee Break


Afternoon Panel: Ethics of Fintech and AI in Finance

Moderator: Paul Tallon, Professor of Information Technology and Operations Management


Marty Colburn, Managing Director and Chief Operating Officer at CFA Institute
Sam Tomlinson, Executive Vice President at Warschawski and Managing Partner of W Ventures
Shannan Herbert, Chief Executive Officer of the Washington Area Community Investment Fund


Reception & Best Paper Award


R. Andrew Bauer (Andy), Vice President and Regional Executive, Baltimore Branch of the FederalReserve Bank of Richmond.

Headshot of Andy BauerR. Andrew Bauer (Andy) is a Vice President and Regional Executive for the Baltimore Branch of the Federal Reserve Bank of Richmond. Andy serves as the lead external facing officer for the Richmond Fed in Maryland, the District of Columbia, and West Virginia. In this role Andy provides support to the Bank’s
monetary policy responsibilities and leads the execution of Bank’s external engagement strategy.

He regularly speaks about national and regional economic conditions and Federal Reserve policy to business, professional and trade associations, community groups, and the media. Prior to becoming Regional Executive, Andy worked as a Senior Regional Economist at the Richmond Fed.

Before joining the Richmond Fed in 2006, he worked as an economic analyst in the macroeconomic policy group in the Research Department at the Federal Reserve Bank of Atlanta.
Andy serves on the board of the Greater Baltimore Committee and the Maryland Council of Economic Education.

He received a Ph.D. in economics from Emory University and a B.A. from American University.

Martin P. Colburn, Managing Director and Chief Operating Officer, CFA Institute
Martin ColburnMarty Colburn is a Managing Director and Chief Operating Officer at CFA Institute. He guides the global IT team in agile development of integrated technology tools, improving the charterholder and society experience, as well as modernizing IT’s infrastructure, architecture, and services. He also oversees Enterprise Product Management, including our product innovation teams that deliver AI capabilities that support our business strategy. Other areas under his supervision include Data, Portfolio Management, Global Customer Care, Facilities Management, Real Estate, and Sustainability programs. Mr. Colburn is a member of the Montgomery College Foundation Board and leads the Development & Impact Committee. He has an electrical engineering degree from Montgomery College, a B.A.Sc. in accounting and finance from the University of Maryland College Park, and an advanced business management certificate from Harvard Business School.
Dr. Swasti Gupta-Mukherjee, Senior Research Fellow, Washington University in St. Louis, and Professor of Finance, Loyola University Chicago
Swasti Gupa MukherjeeDr. Swasti Gupta-Mukherjee is Senior Research Fellow at Washington University in St. Louis and Professor of Finance at Loyola University Chicago. Her research, thought leadership, and teaching focuses on financial markets and sustainability, particularly on investing, sustainable development goals (economic, environmental, social), and the relationship between financial systems and society. She is interested in financial market solutions to societal challenges, moving business and society towards a more sustainable and equitable capitalism. Dr. Gupta-Mukherjee serves as an expert consultant and speaker on the link between sustainability, finance, public policy, incentives, and valuation for companies ranging from publicly traded corporations to early-stage start-ups. Dr. Gupta-Mukherjee’s course ‘Finance for a Sustainable World’ received global recognition with the Aspen Institute’s 2021 Ideas Worth Teaching Award. It is the first known course worldwide to integrate sustainable development and social impact frameworks into the core finance curriculum at business schools. Dr. Gupta-Mukherjee serves on the advisory board for start-ups, strategic advisory board for non-profits, editorial boards at academic journals, and as a judge for sustainable investing competitions where winning ideas receive venture capital seed funding. Her commentary on how markets can adapt better to climate risk was included in the Stanford Social Innovation Review’s “2021 Guide to Climate Change Solutions”. Dr. Gupta-Mukherjee holds a PhD in Finance from Georgia Institute of Technology, and a Bachelors (with Honors) in Chemical Engineering from the Indian Institute of Technology-Kharagpur.
Shannan Herbert, Chief Executive Officer of the Washington Area Community Investment Fund
Shannan Herbert

Shannan Herbert is the Chief Executive Officer of the Washington Area Community Investment Fund (Wacif), a nonprofit CDFI that works within communities to foster inclusive entrepreneurship, equitable economic development, and community wealth building. Prior to joining Wacif, Shannan was the Executive Vice President of Inclusive Credit for Stratyfy, a women-led fintech company on a mission to drive greater financial inclusion by introducing technology that eliminates bias in critical financial decisions. While at Stratyfy, Shannan led strategy and program creation for Community Development Financial Institutions and large to mid-size community banks, by illuminating the use of emerging technologies to better serve individuals typically excluded from the financial system. Partnering with Beneficial State Foundation, Shannan was instrumental in the launch of the Underwriting for Racial Justice (URJ) lender pilot program. Within URJ, Shannan has also co-created the Reimagining Risk Training Module, where she helps financial professionals understand the complexities of what it truly means to create financial inclusion. Before joining Stratyfy, Shannan served as Executive Vice President and Chief Credit Officer for City First Bank, one of the largest Black-led Community Development Financial Institutions and Minority Depository Institutions in the country. With more than 20+ years of experience, Shannan has served in key leadership roles for most of her career, leveraging her expertise to direct enterprises in the strategic development and delivery of value-driven, user-friendly solutions in the commercial credit and financial services arena. Focused on providing capital to under-resourced groups that have historically been denied access to funding, Shannan has helped numerous companies owned by people of color and women thrive.

An active member of the Washington Metropolitan area, where she was born and raised, Shannan currently serves as Chair of the board of Beacon House. This nonprofit organization offers one-on-one mentoring, educational support, and sports programs for children in the Edgewood affordable housing community of Washington DC. As the Vice Chair of Rochdale Capital, Shannan chairs the loan committee of this emerging CDFI that provides capital to Black- and Brown-led small businesses and cooperatives. She also serves as a board member of Women in Consulting and the Arc of Prince Georges County. In addition to her community work, Shannan is a member of the Risk Management Association Community Bank Council, Forbes Finance Council, Homeownership of America Advisory Council, the Equitable Bank Standards Advisory Board, and the Black Women Film Network Advisory Board. She’s also a small business mentor with Loyola University Maryland’s Baltipreneurs program.

An industry leader, Shannan is frequently sought out to join panels, forums, and conferences to share her expertise. Her insightful contributions have been showcased in reputable publications such as Forbes, Next City, Consumer Reports, and The Financial Revolutionist. Shannan’s outstanding work in financial technology earned her the BAI Global Innovation Rising Star Award in 2023. Acknowledged amongst her peers as a prominent advocate for racial equity in lending, Shannan is currently channeling her passion into the creation of a documentary that explores the profound effects of racial financial trauma.

Shannan is a proud graduate of Howard University and holds an MBA from Loyola University Maryland.

Boyuan Li, PhD Candidate in Finance, University of Florida
BoyuanBoyuan is currently a PhD candidate in finance at the University of Florida. His research interests include FinTech, machine learning, and sustainable finance. Boyuan is passionate about applying machine learning techniques on unstructured data to gain insights of corporate social responsibility and technological development. Prior to his doctoral study, Boyuan received a B.A. in Mathematics-Economics from Reed College and an M.A. in Economics from the University of North Carolina at Chapel Hill.
Xiang Li, PhD Candidate, Carroll School of Management, Boston College
Xiang LiXiang Li is a PhD candidate at the Carroll School of Management at Boston College. Xiang’s research focuses on the potential benefits of finance for households. Specifically, he examines the impact of market competition and disclosure on diversity and inclusion from various perspectives, including entrepreneurship and consumer lending markets such as mortgage lending. Xiang's work has been recognized and presented at numerous conferences, including those hosted by leading professional associations in economics and finance (AEA, SFS Cavalcade, FIRS, EuropeanFA, and CEPR), regulatory agencies (Bank of Canada, Bank of England, Federal Reserve Board, European Central Bank, Bank of Spain, FDIC, Federal Reserve Bank of St. Louis, CFPB, the Conference of State Bank Supervisors, and the Census), and top universities (LBS, Yale, Wharton, HEC-Paris, UNC, and USC).
Sean Neary, Managing Director, US Co-Lead, Financial Services, Edelman Smithfield

Sean NearyWith close to three decades experience at the highest levels of government, business, and media, Sean offers clients counsel in media relations, public affairs, crisis communications, and message development. At Edelman Smithfield, Sean specializes in developing and executing communications strategies for a host of global financial and capital markets clients. He has personally advised CEOs and other C-suite executives on communications, reputation management, crisis response, litigation, M&A and numerous regulatory issues. Sean specializes in helping clients navigate Washington, DC’s complex policy environment. Much of his work is at the intersection point where Washington meets Wall Street. He has helped numerous clients navigate regulatory issues with the SEC, CFTC, CFPB and DOJ. His clients have ranged from Fortune 50 companies to sovereign wealth funds to influential players across the capital markets. Prior to joining Edelman, Sean served as the Director of Communications for the United States Senate Committee on Finance. He was responsible for planning and executing the communications strategy for Committee Chairman Max Baucus. Sean led communications efforts for all international trade, health care and U.S. tax policy issues, including efforts to promote comprehensive tax reform. He served as the national spokesperson and has on-the-record experience with the New York Times, Financial Times, and The Wall Street Journal, among others. Previously, Sean served as the communications director and senior advisor to U.S. Senator Kent Conrad, chairman of the Senate Budget Committee. In that role, Sean helped develop legislative strategies around key economic and fiscal policy issues. Prior to the Senate, Sean was the editorial director at Gen. Colin Powell’s foundation, America’s Promise. Sean began his career as a journalist, working in New York at both George and Rolling Stone magazines. As a journalist, he wrote for numerous publications, including the Washington Post, the New York Post, Newsweek, People and USA Today.

Harley E. Ryan, Jr. (Chip), Ph.D., Truist Professor of Capital Markets and Professor of Finance, J. Mack Robinson College of Business, Georgia State University
Harley RyanHarley E. Ryan, Jr. (Chip) is the Truist Professor of Capital Markets and Professor of Finance at the J. Mack Robinson College of Business at Georgia State University in Atlanta, Georgia. Previously, he served the Robinson College of Business as the Associate Dean for Curriculum and Teaching, Assistant Dean for Flex and Professional MBA, and the director of the Finance Ph.D. program. Professor Ryan joined the faculty at the Robinson College in 2005. Professor Ryan has a Ph.D. in Finance, an MBA from Georgia State University, and a Bachelor of Electrical Engineering from the Georgia Institute of Technology in Atlanta, Georgia. Before joining Georgia State University, he was the Louisiana Department of Insurance Professor and Associate Professor of Finance at Louisiana State University in Baton Rouge, LA (1998-2005), Assistant Professor of Finance at Northeastern University in Boston, Massachusetts (1994-1998) and an instructor at Georgia State University in Atlanta, Georgia (1992-1994). Professor Ryan has been a visiting scholar at Bond University, Gold Coast Australia (2012), at the Hanken School of Economics, Helsinki Finland (2013, 2016, 2018), and at the Indian School of Business, Mohali, India (2014, 2015, 2018), and Università Cattolica, Milan, Italy (2018). Professor Ryan also taught in the Latin American PhD Program at Tulane University (2014-2015). He worked as a research assistant at Georgia State University (1989-1992) and as a sales engineer for the Westinghouse Electric Corporation (1983-1989). Professor Ryan’s research interests span various topics in finance and capital markets including incentive compensation and contracting, corporate governance, mergers and acquisitions, the role of financial intermediaries in corporate decision-making, capital investment decisions, and insurance. He has published articles in journals such as the Journal of Financial Economics, the Journal of Business, the Journal of Financial and Quantitative Analysis, the Review of Finance, Management Science, Financial Management, the Journal of Corporate Finance, the Journal of Risk and Insurance, the Journal of Financial Research, the Journal of Business Finance and Accounting, and the Quarterly Review of Economics and Finance. Professor Ryan has made numerous presentations at national and international conferences such as the American Finance Association Meetings, the Western Finance Association Meetings, the European Finance Association Meetings, the Financial Management Association Meetings, the Conference on Financial Economics and Accounting, the Finance Down Under Conference, Melbourne Australia, and the Indian School of Business Summer Research Conference in Corporate Finance, Hyderabad, India. He has also presented his research to the Office of Economic Analysis at the Securities and Exchange Commission and the National Bureau of Economic Research. Professor Ryan has served as an expert witness and consultant on valuation, securities trading, financing investments, and corporate governance. He has also provided executive education to numerous professional groups including the Graduate School of Banking at LSU, the Turnaround Management Society Certification Review Course, the LSU Executive Program, the Georgia State University Munich Re Program, the Association for Corporate Growth, and Leading the Office of the CFO (McCracken Alliance).
Pablo Slutzky, Assistant Professor of Finance, Smith School of Business, University of Maryland
Pablo SlutzkyPablo Slutzky is an Assistant Professor of Finance at the Smith School of Business of the University of Maryland. His research interests lie in the intersection of corporate finance, crime, and financial intermediation. Prior to joining the Smith School, he earned his Ph.D. in Finance from Columbia University.
Sam Tomlinson, Executive Vice President, Warschawski
Sam TomlinsonSam brings a unique background spanning finance, technology, marketing, analytics & operations to both Warschawski and W Ventures. As a member of the W Ventures leadership team, Sam leads due diligence and valuation efforts, along with providing ongoing strategic growth and operational support to W Ventures portfolio companies. He also serves as a board member and advisor to multiple portfolio companies, providing ongoing leadership and guidance. In his role as EVP, Sam leads Warschawski’s award-winning Digital, Web & Analytics teams in the development, execution and optimization of integrated marketing campaigns and measurement strategies. Sam has established a data-driven culture throughout the agency while delivering exceptional bottom-line growth for clients through the fusion of innovative digital strategies with robust, multi-channel marketing campaigns. Sam has led successful initiatives for many of the agency’s global, national and regional clients, including Dole Packaged Foods, Biologics Consulting, Hogan Lovells, Chesapeake Utilities Corporation (NYSE: CPK), KeyW (NASDAQ: KEYW), Janet, Janet & Suggs, Kabateck LLP, JMT Engineering, WSP (OTCMKTS: WSP), Sagamore Ventures, Mosie Baby, PlayerMaker, The Ridge, CFG Bank, Capital Funding Group, Impruvon Health, Maplewood Senior Living, Rose Health (acquired), Johns Hopkins University, The Catholic University of America, Franklin & Marshall College, Pella, Sagamore Spirit and numerous others. A digital native, deep generalist, and passionate innovator, Sam has a unique ability to connect seemingly disparate concepts in novel ways. He brings an unparalleled understanding of the digital ecosystem and how each component within that ecosystem can work together to create an exceptional outcome. His experience with specific platforms, including Facebook, Google, X, LinkedIn, Quora, Reddit, YouTube, Programmatic/DSPs, and Amazon, and knowledge of strategic and tactical methods give him the ability to craft comprehensive strategies, execute them flawlessly and optimize them relentlessly across dozens of channels. This approach has led to successful outcomes for clients with a wide variety of industries and business models, including, B2B, B2C, B2G, DTC, SaaS, lead generation, and more. As a thought leader and pioneer in the direct to consumer, digital and data spaces, Sam is frequently sought out for comment and expertise. He is regularly invited to speak at major regional, national and international conferences, including ShopTalk, Grocery Shop, SMASH, SMX, PRSA ICON, Search Marketing Summit (AU), AMEC, Friends of Search, BrightonSEO & The Digital Analytics Association, among others. He is regularly quoted by prominent national, regional and industry publications. Sam is a member of the Executive Education faculty at the renowned Johns Hopkins Carey Business School, an adjunct instructor at Georgetown University, and a guest lecturer at New York University. Sam is a member of the Paid Search Association Board, a Foxwell Founder Expert, and an advisor to numerous startups and technology platforms. Sam was named one of the “Marketers of Tomorrow” by Target Marketing, a Maryland Daily Record 2020 VIP List winner one of the Top 50 Most Influential PPC Experts by PPC Hero. Sam completed his undergraduate degree at Franklin & Marshall College, and received his MBA with Honors from Drexel University’s LeBow College of Business. Outside of work, Sam maintains a 7-handicap, is a die-hard Flyers fan and travel enthusiast.
Eric Veiel, Head of Global Equity and Chief Investment Officer, T. Rowe Price

headshot of Eric VeielEric Veiel is Head of Global Investments and Chief Investment Officer, chair of the Investment Management Steering Committee, member of the Management Committee, the Equity Steering Committee, the Fixed Income Steering Committee, the International Steering Committee, the Multi-Asset Steering Committee, Product Steering Committee and Management Compensation and Development Committee. Eric is also a member of the board of the T. Rowe Price Mutual Funds.

Eric’s investment experience began in 1999, and he has been with T. Rowe Price since 2005, beginning in the Equity Division as an investment analyst covering life insurance companies, asset managers, money-centered banks, and investment banks. From 2010 to 2014, he was the portfolio manager of the Financial Services Equity Strategy and the financial services sector team leader. After that, he was a co-director of Equity Research for North America and co-portfolio manager of the US Equity Structured Research Strategy. He was then head of U.S. Equity and co-head of Global Equity. Most recently Eric was head of Global Equity. Prior to T. Rowe Price, he spent six years as a sell-side equity analyst, covering health insurers and pharmacy benefit managers at Wachovia Securities, Deutsche Bank Securities, and A.G. Edwards & Sons.

Eric earned a B.B.A., magna cum laude, in finance from James Madison University and an M.B.A., with concentrations in finance and accounting, from Washington University in St. Louis, John M. Olin School of Business, where he was a Charles F. Knight Scholar. Eric also has earned the Chartered Financial Analyst® designation.

Simon Xu, Postdoctoral Fellow, Harvard Business School
Simon XuSimon is a Postdoctoral Fellow at Harvard Business School. He received his PhD in Finance (2023) at the Haas School of Business, University of California, Berkeley. Simon's research interests are sustainable finance and corporate social responsibility, with links to financial intermediation, corporate finance, and banking. Current research focuses on the interplay between environmental regulations and firm pollution, and their impact on mutual funds’ portfolio choices, shareholder wealth, and corporate philanthropy.
Ethan Yao, PhD Candidate in Accounting, Carlson School of Management, University of Minnesota
Ethan YaoEthan Yao is a PhD candidate in accounting at Carlson School of Management, University of Minnesota. He studies financial accounting and political economy, with a current focus on government contracts and firm-politician connections. He also studies the social aspects of household finance, such as racial disparity in the mortgage market. Ethan will join NEOMA Business School in France as an Assistant Professor at the Department of Accounting, Control & Legal Affairs in July 2024.

Best Paper Award

2024 Loyola University Maryland Financial Ethics Conference
Best Paper Award Recipient

Does the Disclosure of Consumer Complaints Reduce Racial Disparities in the Mortgage Lending Market
Xiang Li (Boston College)

Parking and Directions

The conference will be held on the 4th Floor of the Andrew White Student Center on the main campus of Loyola University Maryland at 4501 N. Charles Street, Baltimore, MD 21210.

Parking will be available for non-Loyola conference participants in Jenkins Lot. Please indicate that you will need parking on your registration form.

View the campus map and directions.