About Us
The Center for Financial Studies (CFS) at Rensselaer Polytechnic Institute’s Lally School of Management is a hub for advancing research, learning, and real-world impact in modern finance. Positioned at the intersection of academia, industry, and policy, CFS is dedicated to shaping the future of finance through rigorous scholarship, experiential education, and meaningful partnerships.
Finance is evolving rapidly driven by technological innovation, regulatory change, and global market dynamics. CFS responds to this transformation by fostering cutting-edge research that addresses today’s most pressing financial challenges, while preparing the next generation of leaders with the skills and insights needed to succeed in an increasingly complex environment.
Our mission is built on three core pillars:
- Research – Promoting high-impact, data-driven scholarship that advances knowledge in finance and related fields.
- Learning – Creating opportunities for students to engage in hands-on research and experiential learning, including finance club’s activities and competitions.
- Impact – Bridging academia and practice through partnerships with industry leaders, policymakers, and the broader community.
Through these efforts, the CFS acts as a catalyst: bringing together ideas, people, and institutions to create lasting value. By deepening collaborations within Lally, across RPI, and beyond, while strengthening connections with industry, the Center enhances its reach, relevance, and impact both regionally and globally.
At its core, CFS is committed to building a vibrant ecosystem where research informs practice, education empowers students, and partnerships drive innovation.
Team
Prof. Raffi E. Garcia, Director
Kyle Roth, Digital Media Specialist
Education
The CFS supports Rensselaer’s Bachelor of Science in Finance, Markets, and Emerging Technologies (STEM-designated), Master of Science in Quantitative Finance and Risk Analytics (STEM-designated), and Ph.D. in Management (STEM-designated), fostering the integration of cutting-edge research, experiential learning, and industry engagement across all levels of education.
- B.S. in Finance, Markets, and Emerging Technologies (STEM-Designated)
- M.S. in Quantitative Finance & Risk Analytics (STEM-Designated)
- Ph.D. in Management (STEM-Designated)
Student Extracurricular Activities and Experiential Learning
Rensselaer Finance Club
A student-run and Lally funded organization. Founded in 2023, the club aims to support students with academic, professional, or extra-curricular interest in the finance industry. While the club covers any range of careers in the finance industry, RFC places special interest in placing students into top investment banks in the sales and trading, equity research, capital markets, and investment banking divisions. Club activities include guest speakers, alumni networking events, investing competitions, and other professional development opportunities.
Email: rensselaerfinanceclub@gmail.com
Website: https://lally.rpi.edu/rensselaer-finance-club
The James Fund
A student-managed investment fund that serves as an opportunity for RPI students to gain hands-on experience in financial markets, helping fund members develop necessary skills for careers in financial services. Students get academic credit by registering for the course MGMT 6420/4420 - Student Managed Investment Fund. The Student Managed Fund course actively invests real capital using financial market principles. The goal of the fund is to produce excess returns consistent with the performance of long/short hedge funds through use of fundamental, technical, and quantitative strategies driven by economic analysis. The goal of the course is to directly apply the analytical financial skills developed within other Lally courses and provide students with both instructor and peer real-time feedback for their work.
Research
The Center works in collaboration with affiliated faculty and RPI students from diverse academic backgrounds to advance research in areas such as:
- Corporate Finance & Firm Decision-Making
Research explores capital structure, investment decisions, and firm responses to economic and financial incentives. - Quantitative Finance & Risk Modeling
Research focuses on portfolio optimization, derivatives, and advanced computational methods for managing financial risk. - FinTech, Digital Transformation & Financial Innovation
Research investigates how digital technologies, platforms, and AI are reshaping financial services and market behavior. - Banking, Financial Intermediation & Regulatory Policy
Research examines bank stability, stress testing, and regulatory impacts on risk-taking, credit allocation, and firm behavior. - Market Behavior, Asset Pricing & Investor Dynamics
Research focuses on how information, expectations, and risk are priced in markets, contributing to a deeper understanding of asset valuation and investor behavior. - Accounting, Transparency & Financial Reporting
Research examines disclosure, reporting quality, and the role of information in financial decision-making. - Global Finance, Institutions & Economic Development
Research spans international banking, cross-border finance, and institutional differences, highlighting how financial systems shape economic growth and global outcomes. - Empirical Finance & Data-Driven Methods
Empirical research employs econometric and causal inference techniques to analyze financial markets, institutions, and policy effects.
Financial Research Resources
The Lally School of Management provides students and faculty with access to industry-leading financial data platforms and research tools. These resources support academic coursework, research projects, and professional development in finance, business analytics, and quantitative analysis. For a list and description of the different financial research resources please go to: https://lally.rpi.edu/financial-research-resources
- Bloomberg Terminal Lab
- S&P Capital IQ
- FactSet
- Wharton Research Data Services (WRDS)
- Computstat North America
- ExecuComp
- CRSP (Center for Research in Security Prices)
- BoardEx
- MarketPsych
Affiliated Faculty
Brian Clark, Associate Professor of Finance, Associate Dean for Academic Affairs
Chanaka Edirisinghe, Kay and Jackson Tai '72 Chaired Professor in Quantitative Finance
Bill Francis, Warren H. and Pauline U. Bruggeman Distinguished Professor of Finance
Raffi Garcia, Associate Professor of Finance and Accounting, Director of Center for Financial Studies at RPI
Aparna Gupta, Professor of Quantitative Finance
Tahseen Hasan, Lecturer of Accounting
Johan Maharjan, Associate Professor of Finance, Director of MBA program
Yihe Yu, Assistant Professor of Finance and Digital Transformation
Yujie Ruan, Assistant Professor of Finance and Accounting
