Peter Ju

2019 Professor Harry Simons Endowed Undergraduate Scholarship for the Study of Accounting Recipient

Biography: Peter Ju is a third-year UCLA student pursuing his major in Business Economics and minor in Accounting. Born in New Jersey, Peter moved to Taiwan at the age of five and later moved to the Los Angeles area when he was eight-years-old. At UCLA, he found his economics and accounting classes very interesting, eventually deciding to major and minor in those areas. He wanted to use the knowledge he gained through those classes to make a difference in the community, so he joined VITA and helped low-income households file their tax returns. Besides having a part-time job on campus, Peter also held leadership positions with UCLA Club Golf and Beta Alpha Psi, as he continues to teach beginners the game of golf and to mentor new accounting students.

Future plans: Peter will be an Audit and Assurance intern at Deloitte this summer in the Los Angeles office. After graduation, he plans to become a Certified Public Accountant. He is considering a Master’s degree after gaining work experience for a few years. He hopes to serve as a mentor through UCLA’s alumni network to continue guiding new students.

What does this scholarship mean to me?: I am extremely honored and grateful to receive the Professor Harry Simons Endowed Undergraduate Scholarship for the Study of Accounting. I work on campus to try to pay for educational and living expenses, but this scholarship will help lessen the financial pressure and allow me to work fewer hours. I will have more time to focus on my academic interests and continue to make an impact in the organizations I’m a part of and in the local community. This scholarship award showed me the importance of giving back, and I will work even harder towards my goals and make a difference in my community.

Chen Jin

2019 Patricia and Harry L. Bruce Endowed Scholarship Recipient

Biography: Chen Jin is currently a third-year student at UCLA double major in Business Economics and Statistics. She was born and grew up in Hangzhou, China, and later came to the United States to pursue higher education. At UCLA, Chen has had the opportunity to take a broad spectrum of challenging yet intriguing courses that match her interests in economics, finance, statistics, and computing. She has worked on a variety of data analysis projects both within and out of the curriculum, which includes designing monetization experiment to improve revenue level by around 5%. She has interned as a data analyst at Hikvison during summer. With proper handling of the collected government financial data using feature engineering and model building, Chen and her teammates were able to successfully evaluate regional risk levels and assist her manager in making financial leasing and investment decisions. In her free time, Chen enjoys traveling, dancing, and cooking, she has also competed in quite a few collegiate dancesport competitions.

Future Plans: With strong interest in quantitative analysis, Chen aspires to pursue a profession in business analytics. Equipped with solid statistical and computing skills, Chen strives to make the best use of data that serves to resolve problems arising in the business field. She always believes that the information revealed by data can contribute to the decision-making process and guide us to better reach our objectives. Upon graduation, Chen is also considering applying to graduate programs in data science to further improve her professional skills and explore more career opportunities.

What does the scholarship mean to me?: I am extremely honored to be selected as the recipient of the Patricia and Harry L. Bruce Endowed Scholarship. I would like to take this opportunity to express my gratitude to the Bruce Family in supporting my study with this fund. This scholarship will be of great help to me in paying my undergraduate educational expenses at UCLA and definitely makes me one step closer to reaching my academic and career goals. Most importantly, this scholarship recognizes all of my effort and achievements during college, and motivates me to maintain my diligence and keep on making progressive advance that surpasses my past accomplishments.

Seena Fakhimalizad

2019 Robert D. & Margaret A. Wark Memorial Scholarship

Biography: Seena Fakhimalizad is a 3rd year student at UCLA majoring in Economics and minoring in Global Studies. He was born and raised in the beautiful state of Colorado and is Iranian-American. His passion for studying the field of economics stems from a highly personal lens: Iran, the country of his parents and his second home, has suffered staggering hyperinflation, a rapidly devaluing currency, and limited private sector growth for many years. Since coming to LA, Seena has greatly enjoyed exploring the immense cultural diversity the city has to offer, especially with the presence of a large Iranian community in the area. He serves as Vice President of Iranian Student Group, where he oversees the planning of various cultural, social, and educational events to unite the Iranian-American student community, acquires funding for these events, and manages the finances for the organization. In addition to this role, Seena is a Lead Resident Assistant in Cedar Residential Plaza and the Treasurer and Funding Director for Middle Eastern Student Association. Outside of his academic and work commitments, Seena enjoys exercising and exploring the outdoors, spending time with friends, and trying new cuisines in the highly multicultural L.A. food scene.

Future Plans: Due to his personal experience witnessing the burden of sanctions on Iranian citizens as well as his belief in the power of economic policy in enacting beneficial change for the lives of ordinary individuals, Seena seeks to pursue a career that is at the intersection of international law and economics. He believes that the formation of resilient economies and positive economic interactions between various nations based on diplomacy would also allow for the preservation of a more interconnected and peaceful world.

What does the scholarship mean to me?: I am sincerely grateful to have been selected as a recipient of the Robert D. and Margaret A. Wark Memorial Scholarship. As an out-of-state student who struggles to afford the costly tuition at UCLA, the Wark Family’s incredibly generous award gives me greater peace of mind to focus on my academics and strive to excel in my courses to the best of my ability. Without the selfless philanthropy of individuals like the Wark Family, countless students would lack the ability to pursue their passions and make a beneficial difference in the world. For this reason, I am beyond honored to receive this award, and I hope to utilize their investment in me to similarly aid marginalized groups in my career.

Muhammad Umar Dada

2019 Professor Harry Simons Endowed Undergraduate Scholarship for the Study of Accounting Recipient

Biography:  Muhammad Umar Dada is a senior at UCLA pursuing a major in Business Economics as well as a minor in Accounting. Born and raised in Karachi, Pakistan, Umar moved to Los Angeles in 2017 to join the incredibly talented and diverse community at UCLA, from where he will be completing his undergraduate education in a period of three years. During his final year at UCLA, Umar is engaged in conducting research on topics on M&A and executive compensation for a faculty member at the Anderson School of Management.  Beyond school and work, Umar is passionate about cricket and enjoys taking road trips.

Future plans:  Umar completed an internship at Ernst & Young last summer and will be returning to the firm after graduation as part of its LA Transfer Pricing practice. Further down the line, he plans to obtain a CPA or CFA license and hopes to attend a leading business school for his MBA. Ultimately, Umar intends to leverage his skills and experience working at his family business based in Pakistan.

What does the scholarship mean to me?  To be selected as a recipient of the Professor Harry Simons Endowed Undergraduate Scholarship is a tremendous honor. I am sincerely grateful to the donors for their generosity in funding this scholarship and their commitment to the education of students like myself. This scholarship will help alleviate much of the considerable financial burden that comes with attending UCLA as an out-of-state student. I see this scholarship as a vote of confidence in my academic career and as motivation to continue striving for new heights.

 

Rylee Anne Crowley

2019 Robert D. & Margaret A. Wark Memorial Scholarship Recipient

Biography:Rylee Crowley is a third year Economics major with the intent on minoring in Accounting from Las Vegas, Nevada. Outside of her economics classes, she enjoys taking Fiat Lux seminars and studying topics ranging from social justice movements to film. At UCLA, she is a part of the community service organization Hunger Project, where she is currently the co-director of its Advocacy and Outreach committee. In her free time, she enjoys baking, photography, painting, traveling, and trying new places to eat around LA.

Future plans:  Rylee is excited to be an accounting intern at CBIZ the summer following her junior year. After graduation, she hopes to become a CPA and work in the field of public accounting, eventually pursuing a law degree. In addition, she hopes to continue her advocacy and service aimed at ending the homelessness crisis in LA.

What does the scholarship mean to me?  I am greatly honored to be the recipient of the Robert D. & Margaret A. Wark Memorial Scholarship. One of my goals entering college was to follow in the footsteps of UCLA’s accomplished and inspiring alumni. For me, this means working hard and making an effort, whenever possible, to help others. This scholarship allows me to worry less about the financial burdens that come with being an out-of-state college student and focus on my studies. In addition, it allows me to dedicate more of my time to the service and advocacy work that I am passionate about. This award is especially meaningful because I feel recognized by the department for my dedication and academic achievement. I am deeply appreciative of the generosity of the Wark Family and cannot thank them enough for this gift.

Roya Dadgar

2019 John J. Peterson Scholarship Recipient

Biography: Roya Dadgar is a fourth year Business Economics major and Public Affairs minor. She previously served as a member of the executive board of a consulting club on campus, UConsulting, and was able to host events for the larger UCLA community through this role. She is also part of Club Tennis and Club JKD. As part of the UCLA Career Peers, she is passionate about helping fellow students pursue their career goals. During her free time, Roya enjoys spending time with friends, playing and watching tennis, and discovering new places in LA and learning about other cultures.

Future Plans: Roya has accepted an offer to be a Business Analyst at Deloitte Consulting in the Human Capital branch. Her passion for employee well-being and her curiosity for the future of the workplace make Human Capital a good fit. She plans to pursue an MBA after gaining some work experience in consulting. Ultimately, she would like to work towards expanding corporate social responsibility and diversity and inclusion in the workplace.

What does this scholarship mean to me? I am so honored to have been selected as the recipient of the John J. Peterson Scholarship. My family is grateful to the Petersons for this scholarship’s contribution towards my tuition. This scholarship inspires me to work hard so that I can also invest in students in this way in the future as well. I hope to spend my last quarter at UCLA mentoring other students with similar aspirations.

Jiahe Wang

2019 Ralph and Shirley Shapiro Scholarship Recipient

Biography: Jiahe Wang is a third-year student at UCLA. Born in China, he moved to Los Angeles at the age of 18 to pursue undergraduate studies. He was admitted to the pre-business economics major as a freshman. However, after taking accounting classes, he developed an interest in accounting and decided to minor in accounting as well. In his second year, in order to build his quantitative analyzing skills, he also started to major in financial actuarial mathematics. Jiahe actively participates in school activities. He has studied at The University of Hong Kong for a semester through the UCEAP program. He is also in the pledging process of Beta Alpha Psi Membership. Jiahe truly enjoys his time here at UCLA.

Future plans: Jiahe would like to turn his academic knowledge into practical experiences. He is actively seeking part-time internships as well as full-time internship positions for the summer. After graduation, he plans to take the CPA Exam and be a part of the accounting business, although he is also open to any opportunities in the financial industry. He also plans to pursue a Master’s degree after several years of work.

What does the scholarship mean to me: I am honored to receive the Ralph & Shirley Shapiro Scholarship. This award acknowledges my academic performance and encourages me to advance it to a higher level. The funds will greatly help me with my academic and living expenses. Again, I would like to sincerely appreciate the generosity of The Shapiro Family.

Bond Liquidity During the Covid-19 Crisis

Pierre 2

Pierre-Olivier Weill

The COVID-19 pandemic has wrought havoc on the global economy. To cope with this unprecedented economic shock, many large US corporations turned to the $10 trillion corporate bond market. However, with the prospect of downgrades and possible defaults, along with widespread outflows from corporate bond funds, reports of illiquidity began to surface very early on: in mid-March, 2020, former Federal Reserve chairs Bernanke and Yellen described the corporate bond market as “under significant stress”, while a report from Bank of America deemed the market “basically broken”. In response, the Federal Reserve introduced several facilities designed to bolster liquidity and reduce the costs and risks of intermediating corporate debt, including the Primary Dealer Credit Facility (PDCF) and the Primary and Secondary Market Corporate Credit Facilities (PMCCF and SMCCF, respectively). The latter two facilities represented a particularly bold intervention, in that they allowed the Fed, for the first time, to make outright purchases of investment-grade corporate bonds issued by US companies, along with exchange-traded funds (ETFs) that invested in similar assets.

Corporate Bond Liquidity During the COVID-19 Crisis” is an empirical study of trading conditions in the US corporate bond market in response to the large economic shock induced by the COVID-19 pandemic, as well as the impact of the unprecedented interventions that followed. This study is co-authored by a team including UCLA faculty as well as current and former UCLA PhD students: Mahyar Kargar (University of Illinois faculty, former UCLA Anderson PhD student), Ben Lester (Senior economic advisor at the Federal Reserve Bank of Philadelphia), David Lindsay (UCLA PhD student), Shuo Liu (Tsinghua University, former UCLA PhD student), Professor Pierre-Olivier Weill (UCLA faculty), and Diego Zúñiga (UCLA PhD student).

A key contribution of this study is to consider both the cost and the quality of intermediation services provided. More specifically, it distinguishes between two types of transactions offered by dealers. First, fast transactions called “risky-principal” trades, that occur when dealers trade immediately in and out of their bond inventory. Second, slow transaction called “agency” trades, that occur when dealers do not trade from their inventory, but instead try to locate a trading counterparty for their customers (acting very much like real estate agents).

Using data from the Trade Reporting Compliance Engine (TRACE) made available by the Financial Industry Regulatory Authority (FINRA) the study separately measures the costs of risky-principal and agency trades. As shown in the Figure, the cost of risky-principal trades increased significantly during the COVID-induced panic, reaching a peak of more than 200 basis points (bps), while the cost of agency trades increased much more modestly.  As the premium paid for risky-principal trades increased, the study documents that the fraction of total volume executed as agency trades increased by as much as 15% at the height of the sell-off. This implies that the average trade was not only more expensive, but also more likely to be of lower quality. This highlights the importance of studying both the cost and quality of intermediation services: simply measuring the behavior of average transaction costs during this period would underestimate the deterioration in market liquidity.

As trading shifted from risky principal to agency transactions, the study shows that, somewhat astonishingly, the dealer sector as a whole absorbed no inventory, on net, during the most tumultuous period of trading. Hence, when the demand for transaction services surged, it was customers themselves that ultimately stepped up to provide additional liquidity. In fact, it was only after the announcement of the Federal Reserve’s interventions that dealers began to absorb inventory onto their balance sheets, and trading conditions started to improve. Indeed, after the announcement of the Fed’s credit facilities until June 2020, the quantity of corporate debt held by dealers more than doubled, relative to pre-COVID levels. At the same time, the cost of risky-principal trades decreased significantly, to approximately double the levels observed before the pandemic.

To establish the causal effect of the intervention on market liquidity, the paper exploits restrictions on the types of bonds that could be purchased through the Fed’s corporate credit facilities: it shows that, immediately  after the announcement of the SMCCF, the cost of trading bonds that were eligible for purchase by the Fed decreased substantially, while the cost of trading ineligible bonds was essentially unchanged. Later, when the program was expanded in both size and scope, we show that the trading costs of all bonds fell. Hence the initial announcement induced dealers to purchase eligible bonds at a lower cost, while the expansion of the corporate credit facility appears to have relaxed balance sheet constraints more generally, making dealers less reluctant to purchase any bond.Screen Shot 2020-10-30 at 4.13.03 PM

Anastasia Bogdanova

Bogdanova

Anastasia Bogdanova

“All these equations and graphs, how often am I going to use them at work anyway?”

More likely than not, this question will have crossed your mind at some point in your undergraduate career, especially when you’re scratching your head over an elusive concept in lectures or working through pages of dense problem sets. But the answer to this question: way more often than you’d expect! For some, like UCLA Economics alumna and economic consultant Anastasia Bogdanova, analytical frameworks and models are relevant every single day. Anastasia’s story is a perfect testament of how things you learn in the classroom can translate seamlessly into tangible and valuable skills in your professional career later on.

Like many of us Bruins, Anastasia’s journey at UCLA began as a junior transfer student from City College of San Francisco. She was captivated by the buzzing community the moment she set foot on the Hills of Westwood. “It truly felt like home,” she recalls while discussing her first encounter with our beloved campus. Between the breathtaking scenery and vibrant conversations, her mind was made up in a heartbeat. “It was exciting to imagine myself being a future student here!” Upon arriving in Southern California, she did not waste a single minute before immersing herself in the quintessential college experience. Getting on a rooter bus to the Rose Bowl amidst an energized stream of blue and gold, going on spontaneous trips to Westwood to discover new restaurants or wave to celebrities at movie premieres, and studying with floormates in the dorm lounge were all experiences that left lasting memories. It is often not until we step out of the college bubble and into the “real world” that we realize we’ll never get to live this life again, and to Anastasia, these memories are held dear to heart.

Equally treasured are the wonderful classmates she met and the lifelong friendships she forged in Westwood. Whether it was learning to speak French at the Cercle Francophone, helping organize events at the USAC Office of the President, or simply reflecting on life’s ups and downs during a meal with friends in the dining halls, she was always surrounded by people who cared deeply about each other and the world around them.

Initially a business major in community college, Anastasia developed a particular interest in economics. At UCLA, she enrolled in honors seminars on applied econometrics and microeconomics, which she credits with giving her a first look at what rigorous economic research was like. Anastasia also remembers being in Econ 167 – Victims and Villains; Panics and Bubbles taught by professors Andy Atkeson and William Simon, which was more relevant than ever in the immediate aftermath of the Great Recession of 2008. Exploring all the mechanisms at work behind the scenes, she was fascinated by the interplay between economic theory and real-world phenomena. She decided to pursue a Master’s degree in the field to advance her understanding of theoretical and applied economics.

Graduate school applications can be a daunting experience for anyone. Anastasia’s secret: knocking on professors’ doors. “Don’t be intimidated to reach out and ask for help or advice, even if you are in a class with 200 or 300 other students!” These conversations turned out to be an important factor contributing to her successful admission to Duke University’s M.A. Economics program. She gratefully recalls how the faculty supported her throughout the application process, in particular by sharing lessons learned throughout their own experiences.

Two years later, Anastasia ventured out into the professional world, and economic consulting enabled her to combine and apply the skills gained at UCLA and Duke. She moved back to the City of Angels and joined Analysis Group, one of the largest economic consulting firms. Compared to the more strategy-centered nature of management consulting, an economic consultant’s work often occurs within the context of litigation proceedings and can involve analyzing data, applying econometric and statistical models, and examining events. One of her favorite aspects of the job is the breadth of industries she’s exposed to. Since beginning her career at the firm, Anastasia has worked on cases in areas ranging from healthcare to finance, and so on. “There’s no typical day,” she said, with each new project bringing about fresh questions and opportunities for growth.

For Anastasia, learning never stops. A few years into her professional career, she returned to UCLA by enrolling in the Data Science certificate program at the extension school. Indeed, the sense of nostalgia never left. Amidst a busy work schedule, she still finds time to stop by her alma mater every now and then. “It’s always been like that for me … Westwood always felt like a great place to be.”

Her story is one of a dedicated student turned successful professional who found passion inside the classroom and shaped it into a thriving career in the professional sphere. So, for any Bruin feeling hopeless amid endless problem sets, you can take solace in knowing that hard work, paired with passion and dedication, always pays off.

Written by Simon Dong

Announcing New Marketing Video for UCLA Economics!

With the help from UCLA Partnership, the UCLA Department of Economics is excited to announce the newly created and published Introduction to the UCLA Economics Department marketing video. This project has been months in the works–but we are super proud of this final product that we can share with all of you! Thank you to everyone who helped make this video possible!