PhD in Finance Residential track - Executive track

Transcription

1 PhD in Finance Residential track - Executive track London - Nice - Singapore Institute

2 2 The EDHEC-Risk Institute PhD in Finance Contents The EDHEC-Risk Institute PhD in Finance at a Glance... 4 Research for Professional Development and Industry Innovation... 6 A Well-Structured and Rigorous Programme... 8 The Executive Track in Focus...12 Outstanding Programme Faculty...14 EDHEC-Risk Institute...30 About EDHEC Business School...36 Learning Infrastructure and Facilities...38 Admissions and Class Profile...40 Fees and Funding...42

3 The EDHEC-Risk Institute PhD in Finance 3

4 4 The EDHEC-Risk Institute PhD in Finance The EDHEC-Risk Institute PhD in Finance at a Glance Rationale Enabling the efficient allocation of resources across time and space, the financial industry is the lifeblood of the global economy and at the forefront of the evolutions which are dramatically reshaping the world. Its fast-paced, cosmopolitan, and intellectually stimulating atmosphere attracts some of the best and most ambitious minds in science and business. Advancing the frontiers of knowledge and practices in such a competitive environment demands professionals who are able to combine well-honed critical thinking, extensive field expertise, and outstanding analytical and research skills to exert thought-leadership and introduce radical innovation. Since undergraduate degrees, professional experience and the MBA may develop this set of competencies only partially, those who aspire to higher intellectual levels should consider pursuing the foremost academic and professional qualification, the Doctorate of Philosophy (PhD). Programme objectives The PhD in Finance offered by EDHEC-Risk Institute is a research-oriented programme which trains participants to serve as the architects of the asset management and investment banking industries. The programme is designed to prepare talented and hard-working individuals for challenges requiring an integrated view of the inner-workings of financial markets and institutions, a thorough understanding of financial decision-making and its modelling (in the context of corporate finance, investment management, and asset pricing problems), and the ability to autonomously identify, analyse, and research questions to propose and implement creative solutions. One programme, two tracks, three LOCATIONS The programme has two tracks: a residential track for high-potential graduate students and young professionals who will hold part-time research positions at EDHEC-Risk Institute, and an executive track for high-level practitioners who will keep their full-time jobs.

5 The EDHEC-Risk Institute PhD in Finance 5 Executive track participants undertake the PhD in Finance as a critical development step towards senior positions in the financial industry or, when they already hold such positions, to steer their organisations in new directions. Residential track participants typically complete doctoral studies to access academic careers in leading research and educational institutions. The programme is offered in Asia from Singapore and in Europe from London and Nice. A well-structured and rigorous curriculum The EDHEC-Risk Institute PhD in Finance implies an intense personal commitment and is designed to be completed over three years. Its structure includes core courses, electives, research workshops, and the dissertation. Core courses equip participants with sound training in financial theory and state-ofthe-art analytical and research methods. Elective seminars and workshops expose PhD candidates to the latest advances in specific fields of their choice. The dissertation allows participants to work individually with programme faculty on topics selected for their academic and industry relevance and according to each candidate s research interests and professional goals. A rich learning environment By concentrating core courses and elective seminars into residential weeks, opening elective seminars to PhD candidates from different entering classes, extending the classroom over the Internet for research workshops, and adapting dissertation supervision to individual circumstances, the programme creates a rich collaborative environment amongst all the participants and close working relationships between PhD candidates and faculty. Outstanding faculty Programme faculty consists of world-class specialists in finance, asset management, and economic and financial modelling; it brings together EDHEC Business School s senior economics and finance scholars and affiliate professors from top research institutions around the world. Faculty members have an outstanding track record of publications in and editing for the most respected scientific journals in financial economics. Their experience in PhD candidate supervision, senior-level engagements with large corporations, international institutions and governments, as well as their teaching awards and prestigious appointments with leading universities worldwide, are an equally outstanding record of achievement. The support of a leading research INSTITUTE The programme draws upon the considerable resources and exceptional industry reputation of EDHEC-Risk Institute, the premier academic centre for industry-relevant financial research. In the framework of six industry-sponsored research programmes and eleven corporate-endowed research chairs, the Institute s team of seventynine carries out a wealth of projects around asset allocation and risk management, and implements a multifaceted communications policy towards asset managers and institutional investors. A life-changing investment The key benefits of the PhD in Finance offered by EDHEC-Risk Institute are its outstanding faculty, its balanced structure, its supportive research environment, its talented and diverse participant body, and the first-rate industry relationships and global impact of EDHEC-Risk Institute. These combine to create the best opportunities for participants to hone their research expertise and prepare to shape the future of the financial industry.

6 6 The EDHEC-Risk Institute PhD in Finance René Garcia, PhD, Academic Director, PhD in Finance, EDHEC-Risk Institute Professor of Finance, EDHEC Business School Research for Professional Development and Industry Innovation EDHEC Business School believes that academic research has a vital role to play in promoting innovation and constantly raising professional standards. With a century-long tradition of serving the needs of the community, it has defined a Research for Business orientation and has spelled out its educational credo as professional development through research-based excellence. The PhD in Finance organised by EDHEC-Risk Institute is the culmination of this ambition. The purpose of this programme is to help outstanding individuals become autonomous researchers and lifelong innovators by enabling them to develop the scientific background and skills required to define, conduct and complete research projects that advance knowledge and practices in the financial industry.

7 The EDHEC-Risk Institute PhD in Finance 7 PhD in Finance candidates form an extraordinary group of talented men and women from the world over. They stand out for their academic and scholarly abilities, their exceptional analytical and quantitative skills, their intellectual curiosity, their discipline, and their taste for creative work. Bringing diverse business and academic credentials and a wealth of work and life experiences to the classroom, they are bonded by a joint commitment to meeting the challenges of a demanding academic programme and overcoming the difficulties associated with independent scientific study. Creating the right environment to train and nurture PhD candidates and provide graduates with opportunities to continue their research work in top organisations worldwide is a major responsibility for an educational institution. We strongly believe that this cannot be achieved without a solid and balanced programme, outstanding faculty with first-rate international academic networks, and vibrant research relationships with the global business community. Well-structured and rigorous, the PhD in Finance programme balances coursework with supervised research so that candidates acquire the tools, attitudes, and experience to become independent scholars and innovators. Core courses impart a sound knowledge of financial theory and of analytical and research methods in financial economics. Elective seminars, research workshops and presentations allow PhD candidates to acquire a detailed understanding of the most recent theoretical and modelling advances in their chosen field of specialisation. Participants work closely with faculty to author insightful dissertations that make original contributions at the frontiers of financial knowledge and practice. The PhD in Finance programme faculty is an exceptional team of international scholars who not only hold prestigious qualifications, distinctions, and appointments but, more importantly, have also made significant contributions to the field of financial economics, furthering theory and impacting practices through research, consulting, and executive education. Programme faculty members have remarkable publication records and currently serve as editors for the very best scholarly journals in finance and economics, as well as for leading practitioner-oriented scientific journals. They have earned numerous teaching awards and accumulated considerable experience leading research teams as well as inspiring and guiding PhD candidates. EDHEC-Risk Institute conducts academic research on topics central to the future of the investment industry, subjects it to the highest academic standards, systematically highlights its applications to practitioners, and assists professionals in its implementation. This policy has allowed the Institute to become the most influential centre for academic research into industry issues and to attract and to attract considerable industry interest and financial support for its projects. PhD in Finance candidates will benefit greatly from the Institute s intellectual and physical research infrastructure, exceptional industry relationships, proactive communications policy, and from the dynamic and thought-provoking environment it creates. We invite you to evaluate how the PhD in Finance offered by EDHEC-Risk Institute could help you achieve your career goals and life plans, and what contribution you could make to its exceptional learning environment; we also look forward to discussing them with you.

8 8 The EDHEC-Risk Institute PhD in Finance A Well-Structured and Rigorous Programme

9 The EDHEC-Risk Institute PhD in Finance 9 The PhD in Finance offered by EDHEC-Risk Institute balances coursework and the dissertation to help participants acquire the tools, attitudes, and experience to develop into autonomous researchers and innovators. The four core courses impart a thorough knowledge of financial theory and its literature and a solid comprehension of advanced analytical and research methods in financial economics. PhD candidates select five or more elective seminars and attend research workshops and presentations to acquire an intimate and detailed understanding of the most recent theoretical and modelling advances in their field of specialisation. Working closely with faculty and alongside EDHEC-Risk Institute staff, participants author insightful dissertations that advance financial knowledge and practices and are worthy of publication in scientific journals. The presential requirement of the programme is limited to around forty days and can be completed in eight residential weeks over three years with the bulk of courses taken during the first two years of the programme. Core courses are structured into weekly blocks and should be completed over the first academic year of the programme; electives should be concentrated over the second year. Elective seminars are offered over three consecutive days in six-day blocks to give participants flexibility in scheduling and ease management of the demands of work, programme, and personal life. In addition, PhD candidates may choose from the electives offered in London, Nice, and Singapore. Classes, research workshops and presentations take place in the School s e-learning classrooms to allow remote participation and asynchronous access. Work on the dissertation should begin in the second half of the first year and the dissertation proposal should be completed at the start of the second year. All PhD candidates are required to present the progress of their dissertation research to faculty and peers at two formal presentations before oral defence. Candidates work closely with their adviser during all phases of the dissertation process. YEAR 1 YEAR 2 YEAR 3 Courses Four residential weeks Research Work Monthly e-workshops Dissertation work Courses Offering of five residential half-weeks Research Work Monthly e-workshops Dissertation work Courses Offering of five residential half-weeks Research Work Monthly e-workshops Dissertation work Programme core courses and elective seminars are concentrated into residential weeks, the classroom is extended over the Internet for research workshops and presentations, and dissertation supervision is adapted to individual circumstances. This creates a rich collaborative environment amongst all the participants and close working relationships between PhD candidates and faculty. Timely completion of this challenging and rewarding programme demands that participants commit approximately twenty hours per week to readings, assignments, and independent research. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. CORE COURSES on campus CORE COURSES on campus CORE COURSES on campus W W W W W W W W W W W ELECTIVES on campus ELECTIVE on campus ELECTIVES on campus Dissertation proposal W W W W W W W W W W W ELECTIVES on campus 1st research presentation ELECTIVE on campus W W W W W W W W W W 2nd research presentation EDHEC-Risk Institute PhD in Finance Timeline: Asia ELECTIVES on campus CORE COURSES on campus Dissertation defence

10 10 The EDHEC-Risk Institute PhD in Finance PREREQUISITES The programme requires significant academic background in economics, finance, mathematics, and econometrics. PhD in Finance candidates who may be lacking in these fields will be asked to complete remedial courses prior to joining the programme. CORE COURSES Core courses offer PhD in Finance candidates sound training in financial theory and analytical methods so that they can take on a broad variety of research assignments. Core courses are delivered in the first year of the programme to provide candidates with the methodological tools and necessary conceptual breadth required to decide upon a field of specialisation and refine their research projects. Each course is of 25 hours duration and is offered both in Europe, from London and/or Nice, and in Asia, from Singapore. All four courses are mandatory. YEAR 1 YEAR 2 YEAR 3 Courses Four residential weeks Research Work Monthly e-workshops Dissertation work Courses Offering of five residential half-weeks Research Work Monthly e-workshops Dissertation work Courses Offering of five residential half-weeks Research Work Monthly e-workshops Dissertation work Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. CORE COURSES on campus CORE COURSES on campus CORE COURSES on campus W W W W W W W W W W W ELECTIVES on campus ELECTIVES on campus ELECTIVE on campus The EDHEC-Risk Institute PhD in Finance requires four core courses: Financial Economics This course looks at the theoretical foundations of modern financial economics. Its main themes include individual consumption and investment decisions under uncertainty, mean-variance theory, the consumption-based capital asset pricing model, empirical asset pricing models, and term structure of interest rates. It covers both traditional theories and recent advances and applies basic concepts in the discrete time framework to stock and bond valuation and derivatives pricing. Corporate Finance This course covers a wide range of topics in the modern theory of corporate finance. Its first part looks at capital structure decisions, distribution policy, incentives problems, security design, financial distress and corporate reorganisation, and dynamic debt renegotiation. Its second part covers financial contracting under complete and incomplete contracts, asymmetric information and moral hazard, and discusses the impact of corporate and bankruptcy laws on the development of capital markets. Continuous-Time Financial Economics This course covers continuous-time tools for pricing financial derivatives, modelling the term structure of interest rates and valuing interest-rate sensitive claims, optimal consumption and portfolio choices, and dynamic asset pricing in equilibrium. Empirical Methods in Finance This course focuses on the empirical aspects of asset pricing and on the econometrics of financial markets. Topics include modelling of asset returns, return predictability in time-series and cross-sectional data, volatility processes, estimation and testing of asset pricing and inter-temporal equilibrium models, econometrics of fixed income securities, and econometrics of option pricing. Dissertation proposal W W W W W W W W W W W ELECTIVES on campus ELECTIVES on campus EDHEC-Risk Institute PhD in Finance Timeline: Europe 1st research presentation ELECTIVE on campus W W W W W W W W W W W 2nd research presentation CORE COURSES on campus Dissertation defence

11 The EDHEC-Risk Institute PhD in Finance 11 ELECTIVE RESEARCH SEMINARS Elective research seminars expose PhD in Finance candidates to the latest research advances in specific fields, providing them with opportunities to develop a specialisation and acquire additional knowledge and skills necessary for their dissertation work. For 2010/2012, the catalogue of elective research seminars is as follows: Advanced Corporate Finance Advanced Option Pricing Bayesian Methods in Financial Econometrics Behavioural Finance Credit Modelling Dynamic Asset Allocation Decision Empirical Option Pricing Estimation of Continuous Time Models Financial Econometrics of Jumps Long-Run Risks in Asset Prices Microstructure Monte Carlo Methods in Finance Recent Developments in Portfolio Allocation and Macro-Finance Models Risk and Return in Hedge Funds Risk Management and Extreme Risks Term Structure of Interest Rates Volatility Modelling Each elective research seminar is of 15 hours duration. PhD candidates need to take a minimum of five electives and are free to participate in additional electives. They have access to electives offered in London, Nice, and Singapore. RESEARCH PRESENTATION SERIES Over the course of the programme, each PhD candidate is required to make two research presentations of his/her work and to provide comments and feedback to other candidates presenting their newly developed theoretical insights and original empirical findings. The research presentation series is designed to provide peer and faculty support and advice to PhD candidates working on their dissertations as well as to hone research presentation skills. The series is of thirty hours duration. When they are not presenting, PhD candidates on the executive track can participate remotely by joining the school s e-learning classrooms online. RESEARCH WORKSHOP PhD candidates have the opportunity to attend the monthly doctoral research workshop at which faculty and guest scholars present and discuss their ongoing research work. PhD candidates participate actively in the doctoral research workshop to further their knowledge of current research and prepare for future research presentations. The doctoral research workshop is accessible live over the Internet and PhD participants enjoy full access to multimedia recordings of past sessions. DISSERTATION All candidates work individually with programme faculty on dissertation topics selected for their academic and industry relevance and according to each candidate s research interests and professional goals. The dissertation should make a significant contribution to the advancement of knowledge and practices in the field and should be of sufficient originality and quality for publication in leading peer-reviewed scientific journals. Dissertation work starts in the first year of the programme with the drafting of a proposal to be submitted before the beginning of the second year and intensifies as course requirements wane. PhD candidates are required to communicate the progress of their dissertation research to faculty and peers at two formal presentations scheduled in the second and third years of the programme. The dissertation should be completed and defended at the end of the third year of the programme. During all phases of the dissertation process, candidates work closely with their adviser.

12 12 The EDHEC-Risk Institute PhD in Finance The Executive Track in Focus

13 The EDHEC-Risk Institute PhD in Finance 13 A critical step Doctoral studies hone a lifelong ability to approach issues scientifically and to research them thoroughly. As such, they are a critical step for practitioners who strive for constant learning and progression in their field. The PhD in Finance offered by EDHEC-Risk Institute is designed for professionals whose aim is to gain and maintain an in-depth understanding of finance as well as the ability to initiate and carry through research projects that will yield original insights and lead to innovative approaches and offerings. Structure tailored to executive needs Residential requirements are kept to a minimum around forty days over three years by concentrating core courses into four separate weeks, delivering elective seminars over three consecutive days in weekly blocks, and using the School s e-learning classrooms for monthly research workshops. Core courses are given every year in Asia and Europe so that missed modules may be made up, and the portfolio of electives offered over the second and third years of the programme in London, Nice, and Singapore allows doctoral candidates to select seminars that fit their professional objectives and constraints. Dedicated research coaching To help PhD in Finance candidates acquire first-rate research skills and author high-quality dissertations, EDHEC-Risk Institute organises solid research training through courses, seminars and workshops, implements a rigorous procedure to track the progress of dissertation work and offer support and feedback from professors and peers, and ensures a faculty member is available for oneon-one input and advice at the dissertation stage. Selecting a dissertation topic that corresponds to areas of professional expertise and echoes actual problems faced by the candidate s organisation goes a long way toward optimising the time spent on dissertation work. The programme director and core faculty team help each participant identify a suitable topic and dissertation adviser. On an annualised basis, participants should expect to dedicate twenty hours per week to the programme. Close individual work with faculty is an important part of the programme s research coaching approach. The dissertation adviser is a world-class scholar selected for his expertise in the candidate s field of specialisation and is responsible for advising the candidate throughout the research process, from the choice of elective seminars to the dissertation defence. Dissertation advisers commit to providing regular electronic feedback to their advisees and to offering at least two opportunities for live meetings every year. Research for professional development The PhD in Finance offered by EDHEC-Risk Institute is the foremost academic and professional qualification for experienced practitioners. The programme requires exceptional dedication, but its career impact and the satisfaction of work and research on the frontiers of knowledge and professional practices are ample reward for those who make this commitment. Sponsoring organisations benefit from the learning experience of their executives, whose critical thinking and analytical and research skills, enhanced by doctoral studies, are of considerable value. With the dissertation, they benefit from scientific research on issues of particular relevance to business and witness evidence of their executives newly acquired abilities to promote innovation in processes and products.

14 14 The EDHEC-Risk Institute PhD in Finance Outstanding Programme Faculty

15 The EDHEC-Risk Institute PhD in Finance programme faculty is an exceptional team of international scholars who hold prestigious qualifications, distinctions and appointments. More importantly, faculty members have been making significant contributions to the field of financial economics, furthering theory and impacting practices through research, consulting, and executive education. Programme faculty consists of world-class specialists in finance, asset management, and economic and financial modelling. It brings together EDHEC Business School s senior economics and finance scholars and affiliate professors from top research institutions around the world. Faculty has an outstanding track record of publications in and editing for the most respected journals in financial economics, a rich experience of research supervision and executive education, and a history of senior-level engagements with private and public sector organisations. EDHEC-Risk Institute PhD in Finance programme faculty: Core faculty (as of August 2011) Giuseppe Bertola, PhD (MIT), Professor of Economics, EDHEC Business School Ekkehart Boehmer, PhD (Georgia), Professor of Finance, EDHEC Business School Frank Fabozzi, PhD (CUNY), Professor of Finance, EDHEC Business School René Garcia, PhD (Princeton), Professor of Finance, EDHEC Business School Stéphane Gregoir, PhD (Paris IX), Professor of Economics, Associate Dean for Research, Director of the Economics Research Centre, EDHEC Business School Affiliate faculty Yacine Aït-Sahalia, PhD (MIT), Professor of Finance and Economics, Director of the Bendheim Center for Finance, Princeton University Federico M. Bandi, PhD (Yale), Professor of Economics and Finance, Johns Hopkins University Ravi Bansal, PhD (Carnegie Mellon), Professor of Finance, Duke University Tim Bollerslev, PhD (San Diego), Professor of Economics, Professor of Finance, Duke University Mikhail Chernov, PhD (Penn State), Professor of Finance, London School of Economics Peter Christoffersen, PhD (UPenn), Professor of Finance, University of Toronto Pierre Collin-Dufresne, PhD (HEC Paris), Professor of Business, Columbia University Rama Cont, PhD (Paris XI), Associate Professor, Dept of Operations Research Director of the Center for Financial Engineering, Columbia University Jakša Cvitanić, PhD (Columbia), Professor of Mathematical Finance, California Institute of Technology Robert Kimmel, PhD (Chicago), Professor of Finance, EDHEC Business School Abraham Lioui, PhD (Paris I), Professor of Finance, EDHEC Business School Florencio López-de-Silanes, PhD (Harvard), Professor of Finance, EDHEC Business School Lionel Martellini, PhD (Berkeley), Professor of Finance, Scientific Director of EDHEC-Risk Institute, EDHEC Business School Pierre Mella-Barral, PhD (Cambridge), Professor of Finance EDHEC Business School Raman Uppal, PhD (UPenn), Professor of Finance, EDHEC Business School Sanjiv R. Das, PhD (NYU), Professor of Finance, Santa Clara University Jérôme Detemple, PhD (UPenn & Strasbourg I), Professor and Distinguished Faculty Scholar, Boston University Francis X. Diebold, PhD (UPenn), Professor of Economics, Professor of Finance, Professor of Statistics, Co-Director of the Wharton Financial Institutions Center, University of Pennsylvania Harrison Hong, PhD (MIT), Professor of Economics and Finance, Princeton University António S. Mello, PhD (London), Professor of Finance, University of Wisconsin Madison Nicholas Polson, PhD (Nottingham), Professor of Econometrics and Statistics, University of Chicago Tarun Ramadorai, PhD (Harvard), Reader in Finance, University of Oxford Pietro Veronesi, PhD (Harvard), Professor of Finance, University of Chicago Fernando Zapatero, PhD (Columbia), Professor of Finance and Business Economics, University of Southern California 15

16 16 The EDHEC-Risk Institute PhD in Finance A selection of international journals currently edited by programme faculty (2009) Annals of Finance Econometrica Econometrics Journal Econometric Theory Finance and Stochastics International Economic Review International Journal of Central Banking Journal of Alternative Investments Journal of the American Statistical Association Journal of Applied Econometrics Journal of Banking and Finance Journal of Business & Economic Statistics Journal of Derivatives Journal of Econometrics Journal of Economic Dynamics and Control Journal of Finance Journal of Financial and Quantitative Analysis Journal of Financial Econometrics Journal of Financial Intermediation Journal of Financial Markets Journal of Financial Services Research Journal of Forecasting Journal of Investment Management Journal of Portfolio Management Macroeconomic Dynamics Management Science Mathematical Finance Operations Research Quantitative Finance Review of Derivatives Research Review of Finance Review of Financial Studies Studies in Nonlinear Dynamics and Econometrics Recent publications by programme faculty Over the last three years ( ), programme faculty members have published over 120 articles in peer-reviewed journals. The bulk of these have appeared in the most competitive and influential mainstream journals, but some articles have also been published by more specialised and practitioneroriented scientific publications as well as by up-andcoming journals. Over the period, programme faculty members have published forty-five articles in the academic journals devoted to finance, economics, and quantitative methods that belong to the list of forty publications the Financial Times tracks to establish its ranking of business schools. A selection of leading academic journals in which programme faculty has published over the last three years ( ) American Economic Review (4), Brookings Papers on Economic Activity, Econometrica, Econometrics Journal (2), Econometric Theory, Journal of the American Statistical Association, Journal of Econometrics (9), Journal of Economic Literature, Journal of Finance (5), Journal of Financial Economics (12), Journal of Financial and Quantitative Analysis, Journal of Mathematical Economics (2), Management Science (3), Operations Research, Review of Economic Studies, Review of Financial Studies (17).

17 The EDHEC-Risk Institute PhD in Finance 17 CORE PROGRAMME FACULTY Core programme faculty is comprised of EDHEC Business School senior economics and finance professors who design and deliver the majority of core PhD in Finance courses and act as primary dissertation advisers to PhD candidates. Core programme faculty also offer elective courses linked to their expertise and research interests. EDHEC Business School Professor of Economics Giuseppe Bertola, PhD in Economics (MIT) Centre for Economic Policy Research Director, Labour Economics Programme Fellow, International Macroeconomics Programme > Specialist in macroeconomics of labour, and financial market structures and institutions > Giuseppe Bertola joined EDHEC Business School as Professor of Economics in He has held faculty positions with the University of Turin, the European University Institute, and Princeton University. He has advised such international organisations as the European Commission and the European Central Bank. His research focuses on labour and financial market structures and institutions in an international comparative perspective. He has published widely in leading economics journals such as American Economic Review, European Economic Review, International Economic Review, Journal of Money, Credit and Banking, and Review of Economic Studies. He has received numerous research awards and grants and edited for various journals. He serves as Labour Economics Programme Director of the Centre for Economic Policy Research. EDHEC-Risk Institute Member EDHEC Business School Professor of Finance Ekkehart Boehmer, MA in Economics and PhD in Finance (Georgia) > Specialist in equity market micro-structure and the economics of trading > Ekkehart Boehmer joined EDHEC Business School as Professor of Finance in He was previously the John B. Rogers Professor of Banking and Finance at the University of Oregon Lundquist College of Business, and prior to that, the holder of the Nichols Professorship of Finance at Texas A&M University Mays Business School. He has also held positions in the financial industry, as Director of Research at the New York Stock Exchange and Senior Economist at the U.S. Securities and Exchange Commission. His research focuses on equity markets with emphasis on micro-structure, short-selling, market efficiency, and initial public offerings. He has also researched corporate governance and mergers and acquisitions. He has published in leading journals, including Journal of Finance, Journal of Financial and Quantitative Analysis, Journal of Financial Economics, Journal of Financial Intermediation, and Review of Financial Studies.

18 18 The EDHEC-Risk Institute PhD in Finance Frank Fabozzi, MA and PhD in Economics (CUNY) René Garcia, MiM (ESSEC), MA in Economics (Montréal), PhD in Economics (Princeton) Stéphane Gregoir, Eng (École Polytechnique de Paris), MSc in Economics (ENSAE), MSc in Applied Mathematics and PhD in Economics (Paris IX) Yale University (until July 2011) Professor in the Practice of Finance and Becton Fellow EDHEC Business School (from August 2011) Professor of Finance EDHEC-Risk Institute (from August 2011) Member > Specialist in fixed-income analysis, investment management, and structured finance > Frank Fabozzi is Professor in the Practice of Finance and Becton Fellow at the Yale School of Management, having previously been Visiting Professor of Finance and Accounting at the MIT Sloan School of Management. He will be joining EDHEC Business School in August His research focuses on structured products and the measurement, modelling, and management of risk. His work has appeared in leading journals, including the Journal of Finance, the Journal of Financial and Quantitative Analysis, and Operations Research. He has been the Editor of the Journal of Portfolio Management since In 2002, was inducted into the Fixed Income Analysts Society s Hall of Fame for his lifetime contributions to the advancement of fixed-income analysis and portfolio management. He has edited and/or authored over one hundred books and is the eponymous manager of an authoritative series of finance books for practitioners and academics. In 2007, he received the C. Stewart Sheppard Award from the CFA Institute for his outstanding contribution to the education of professional investors. He advises financial institutions and US government agencies and is on the board of directors of the BlackRock family of closed-end funds. EDHEC-Risk Institute Academic Director, PhD in Finance EDHEC Business School Professor of Finance > Specialist in asset-pricing theory, portfolio and risk management, and financial econometrics > René Garcia is Professor of Finance at EDHEC Business School and the Academic Director of the EDHEC-Risk Institute PhD in Finance programme. He was previously a professor at the Université de Montréal and the scientific director of the interuniversity research centre CIRANO. His research interests in finance revolve around the valuation of financial assets, portfolio management, and risk management. In econometrics, he is interested in nonlinear models, in particular regime-switching models. He has published in leading journals including Econometrica, Journal of Econometrics, Journal of Finance, Management Science, and Review of Financial Studies. He co-founded the Journal of Financial Econometrics, for which he serves as editor-in-chief. Professor Garcia has received numerous research grants, held the Hydro-Québec chair in integrated risk management and financial mathematics, and was recently awarded a three-year endowment by the AXA Research Fund. EDHEC Business School Professor of Economics, Associate Dean for Research, Director of the EDHEC Economics Research Centre > Specialist in macroeconomics and econometrics, in particular in time-series methods applied to modelling of the business cycle or evaluation of economic policies > Stéphane Gregoir is Professor of Economics and Associate Dean for Research at EDHEC Business School, and Director of the EDHEC Economics Research Centre. Previously he was director of the economics and statistics research centre CREST and senior officer at the French national institute for statistics and economic studies (INSEE). While at INSEE, he also carried out academic research and teaching activities. He has been a regular lecturer at École Polytechnique de Paris since 2000 and at ENSAE since His research work relates principally to macroeconomics and econometrics. He has also worked on the theoretical analysis of expectation formation and was awarded the Tjalling C. Koopmans Prize for his contribution to econometric theory. He has published in leading journals, including Econometric Theory, Journal of Econometrics, and Journal of Economic Dynamics and Control, and served as editor for the Econometrics Journal of the British Royal Economic Society. He chairs the scientific committee of the Notaires-INSEE housing prices indexes and was recently awarded a three-year endowment by the AXA Research Fund.

19 The EDHEC-Risk Institute PhD in Finance 19 Robert Kimmel, MSc in Computer Science (Columbia), MBA and PhD (Chicago) Abraham Lioui, MSc in Finance and MA in Economics (Paris I), MA in Probability and Stochastic Processes (Paris VI), PhD in Management (ESSEC & Paris I) Florencio López-de-Silanes, MA and PhD in Economics (Harvard) EDHEC-Risk Institute Assistant Academic Director for Asia, PhD in Finance EDHEC Business School Professor of Finance > Specialist in term structure of interest rate modelling, stochastic process estimation, and asset pricing > Robert Kimmel is Professor of Finance at EDHEC Business School and the Assistant Academic Director of the EDHEC- Risk Institute PhD in Finance programme for Asia. He was previously with the Ohio State University Fisher College of Business, having joined from Princeton University where he worked in the department of economics and at the Bendheim Center for Finance. His research interests have to do with non-linear models of the term structure of interest rates, estimation of continuous-time stochastic processes, and theoretical asset pricing models. He has published in top finance journals, notably in the Journal of Financial Economics, and refereed for more than twenty leading journals in financial economics, financial econometrics, and quantitative methods. EDHEC-Risk Institute Assistant Academic Director for Europe, PhD in Finance EDHEC Business School Professor of Finance > Specialist in portfolio and asset pricing theory, derivatives and risk management > Abraham Lioui is Professor of Finance at EDHEC Business School and the Assistant Academic Director of the EDHEC-Risk Institute PhD in Finance programme for Europe. He was previously at the department of economics at Bar Ilan University where he held the Vice Chair position. His research interests in finance revolve around the valuation of financial assets, portfolio management, and risk management. His economics research looks at the relationship between monetary policy and the stock market. He has published in leading journals, including Ecological Economics, Journal of Banking and Finance, Journal of Economic Dynamics and Control, Journal of International Money and Finance, and Management Science. He is regularly invited to the programme committee of the European Finance Association s annual conference. EDHEC-Risk Institute Programme Director, Fund Governance and Performance EDHEC Business School Professor of Finance Inter-American Investment Corporation Advisor > Specialist in international corporate finance and financial markets, legal reform, and privatisation > Florencio López-de-Silanes is Professor of Finance at EDHEC Business School. At EDHEC-Risk Institute, he conducts a programme on fund governance and performance. He has previously held faculty positions at University of Amsterdam, Yale, Harvard, and ITAM. His research interests and main publications are in the areas of international corporate finance and financial markets, legal reform, and privatisation. He has been an advisor on these topics to several governments, international institutions, and corporations. He has published widely in leading economics and finance journals, including American Economic Review, Journal of Economic Literature, Journal of Finance, Journal of Political Economy, and Quarterly Journal of Economics. He has been repeatedly distinguished for research achievements. Since November 2004, he has been one of the three most cited researchers in the area of economics and business according to ESI Statistics.

20 20 The EDHEC PhD in Finance Lionel Martellini, MiM (ESCP-EAP), MSc in Economics (ENSAE), MSc in Statistics (Paris VI), PhD in Finance (Berkeley) Pierre Mella-Barral, Eng (ENSAM), MSc in Project Analysis (York), MPhil in Finance and PhD in Economics (Cambridge) Raman Uppal, MA in Finance, MBA, and PhD in Finance (UPenn) EDHEC-Risk Institute Scientific Director EDHEC Business School Professor of Finance FTSE Member of the Global Advisory Board > Specialist in asset allocation, derivatives, fixed income modelling, and alternative investment > Lionel Martellini is Professor of Finance at EDHEC Business School and the Scientific Director of EDHEC-Risk Institute. He was previously on the faculty of the University of Southern California. He has served as a consultant to various institutional investors, investment banks, and asset management firms on questions related to risk management, alternative investment strategies, and asset allocation decisions. His research on asset management, portfolio theory, derivatives valuation, fixed income products, and alternative investment has appeared in leading journals, including Journal of Economic Dynamics and Control, Journal of Mathematical Economics, Journal of Portfolio Management, Management Science, and Review of Financial Studies. He has been awarded the Inquire Europe First Prize in 2009/2010 for his work. He sits on the editorial boards of various journals including Journal of Alternative Investments and Journal of Portfolio Management. EDHEC-Risk Institute Member EDHEC Business School Professor of Finance > Specialist in corporate finance, continuous-time valuation models, and real options > Pierre Mella-Barral is Professor of Finance at EDHEC Business School. He has previously held faculty positions at HEC Paris, London Business School, and the London School of Economics. His research interests revolve around asset valuation and corporate finance, with specific emphasis on incorporating banking and corporate finance issues into the framework of dynamic valuation models and adapting concepts borrowed from strategy to shed light on how firms select their organisational form. He has published in leading journals such as Finance, Journal of Banking and Finance, Journal of Business, Journal of Finance, and Review of Financial Studies. EDHEC-Risk Institute Member EDHEC Business School Professor of Finance Centre for Economic Policy Research Research Fellow > Specialist in portfolio selection, asset pricing, risk management, and exchange rates > Raman Uppal joined EDHEC Business School as Professor of Finance in He was formerly Professor of Finance and Chair of the Finance Subject Area at the London Business School, having previously worked at the University of British Columbia. He has held visiting positions at K.U. Leuven, MIT, and LSE, and has served as co-director of the Financial Economics Programme of the Centre for Economic Policy Research. His research focuses on optimal portfolio selection and asset allocation in dynamic environments, valuation of securities in capital markets, risk management, and exchange rates. He has published widely in leading journals such as Journal of Economic Theory, Journal of Finance, Journal of Financial and Quantitative Analysis, Management Science and Review of Financial Studies, and has received numerous grants and awards for his research work. He currently serves as editor for Journal of Banking and Finance and advisory editor for Review of Finance.

21 The EDHEC PhD in Finance 21 PhD in Finance candidates in the entering class of 2008

22 22 The EDHEC-Risk Institute PhD in Finance AFFILIATE PROGRAMME FACULTY The rich academic networks of the programme s core faculty have been tapped to assemble an outstanding cadre of affiliate faculty. Affiliate programme faculty design and deliver elective courses which correspond to their areas of expertise and act as dissertation advisers to PhD candidates. Yacine Aït-Sahalia, Eng (École Polytechnique de Paris), MSc in Economics (ENSAE), PhD in Economics (MIT) Princeton University Otto A. Hack 1903 Professor of Finance and Economics Director of the Bendheim Center for Finance National Bureau of Economic Research Research Associate > Specialist in financial econometrics, continuous-time modelling, and derivatives pricing > Yacine Aït-Sahalia is the Otto A. Hack 1903 Professor of Finance and Economics and Director of the Bendheim Center for Finance at Princeton University. Prior to joining Princeton in 1998, he was Professor of Finance at the University of Chicago Graduate School of Business. He has published in leading journals such as Econometrica, Journal of the American Statistical Association, Journal of Finance, Journal of Financial Economics, and Review of Financial Studies, and has been distinguished for research and teaching excellence. He is an Elected Fellow of the American Statistical Association, the Institute of Mathematical Statistics, and the Econometric Society. He currently serves as associate editor of Econometrica, Finance and Stochastics, Journal of Econometrics, Journal of Finance, and Journal of Financial Econometrics. Federico M. Bandi, Laurea and MA in Economics (Bocconi), MA, MPhil and PhD in Economics (Yale) Johns Hopkins University Professor of Economics and Finance, Carey Business School EDHEC-Risk Institute Affiliate Professor > Specialist in time series econometrics, continuous-time asset pricing, and market microstructure > Federico M. Bandi is Professor of Economics and Finance at the Johns Hopkins Carey Business School and Affiliate Professor at EDHEC-Risk Institute. He was previously Associate Professor of Econometrics and Statistics and the David W. Johnson Professor at the Booth School of Business, having joined the University of Chicago upon completion of his PhD. His research focuses on financial econometrics, continuous-time asset pricing, empirical asset pricing, and empirical market microstructure. He has publlished in leading journals, including Econometrica, Journal of Business and Economic Statistics, Journal of Econometrics, Journal of Financial Economics, and Review of Economic Studies. He has also been distinguished for teaching excellence. He currently serves as associate editor of Econometric Theory, the Econometrics Journal, the Journal of Business and Economic Statistics, and the Journal of Financial Econometrics.

23 The EDHEC-Risk Institute PhD in Finance 23 Ravi Bansal, MA in Economics (Delhi School of Economics) PhD in Economics (Carnegie Mellon) Tim Bollerslev, MSc in Economics & Mathematics (Aarhus), PhD in Economics (San Diego) Mikhail Chernov, PhD in Business Administration (Penn State), MSc in Statistics (Moscow) Duke University J.B. Fuqua Professor of Finance, Fuqua School of Business National Bureau of Economic Research Research Associate Federal Reserve Board Visiting Scholar > Specialist in asset pricing, liquidity, and climate change > Ravi Bansal is the J.B. Fuqua Professor of Finance at the Fuqua School of Business, having joined Duke University upon completion of his PhD. He has also held visiting positions at Stanford University and the Wharton School. His research focuses on asset pricing, macroeconomics, liquidity, and climate change. He has published widely in leading economics and finance journals, including American Economic Review, Journal of Political Economy, Journal of Finance, Review of Economic Studies, and Review of Financial Studies. He has also been distinguished for research and teaching excellence. In 2004, his work on long-run risks won the prestigious Smith-Breeden award given by the American Finance Association and the Journal of Finance. He currently serves as associate editor of the Journal of Econometrics, the Journal of Financial Econometrics, and the Journal of Financial Markets. He also serves as the director of the PhD programme in finance at Duke. Duke University Juanita and Clifton Kreps Professor of Economics, Department of Economics Professor of Finance, Fuqua School of Business National Bureau of Economic Research Research Associate > Specialist in time-series econometrics and empirical finance > Tim Bollerslev is the Juanita and Clifton Kreps Professor of Economics at Duke University where he also holds an appointment as Professor of Finance at the Fuqua School of Business. Before joining Duke University in 1998, he held positions in the economics department and Kellogg Graduate School of Management at Northwestern University and at the University of Virginia. He has published widely in leading journals, including American Economic Review, Econometrica, Journal of Finance, Journal of Political Economy, and Review of Economic Studies. His GARCH model has revolutionised the way academics and practitioners measure and forecast volatility. He is an Elected Fellow of the Econometric Society and currently serves as co-editor for the Journal of Applied Econometrics. London School of Economics Professor of Finance Centre for Economic Policy Research Research Affiliate, Financial Economics Programme Bank of England Academic Consultant > Specialist in derivatives, fixed income, asset pricing, and financial econometrics > Mikhail Chernov is Professor of Finance at the London School of Economics. He was previously an Associate Professor of Finance at London Business School. Prior to that, he was the Roderick S. Cushman Associate Professor of Business and an Associate Professor of Finance at Columbia Business School, having joined Columbia University upon completion of his PhD. His research focuses on asset pricing, derivatives, fixed income and financial econometrics; he has published on these topics in leading journals, including Journal of Econometrics, Journal of Finance, Journal of Financial Economics, Management Science, and Review of Financial Studies. He serves as associate editor for Journal of Financial and Quantitative Analysis, Journal of Business and Economic Statistics, Journal of Econometrics, and Journal of Finance.