.jpg "EDHEC Research Highlights")
HEADLINES
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PUBLICATIONS |
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EDHEC PUBLICATIONSEDHEC’s comparative study of the “TVA Sociale” (social VAT) and the pro-employment VAT
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Critical analysis of the various methodologies involved in hedge fund replication offers
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ACADEMIC PUBLICATIONS |
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Cost Management
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The Journal of Fixed Income
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Journal of Banking and Finance
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The Journal of Portfolio Management
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Review of Finance
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Journal of Asset Management
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EVENTS
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European Financial Management 2008 symposium - Call for papers A call for papers has been issued for this symposium co-organised by the EDHEC Risk & Asset Management Research Centre.
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Empirical research shows that exposure to fundamental sources of risk Professor Lionel Martellini will present a novel approach to hedge fund investing and detail the associated techniques for identifying, measuring, and optimizing the beta benefits of hedge funds. Since these methods are compatible with the core-satellite model and can be implemented within an Asset-Liability Management framework, the seminar will prove particularly relevant for managers and advisers catering to the needs of institutional investors. [More...] |
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The first edition of EDHEC Research Day took place on June 7, 2007, on EDHEC’s Paris campus at the pole universitaire Léonard de Vinci. With more than three hundred registered participants, this event looks set to be an indispensable annual get-together. During the plenary session, Noël Amenc, director of research at EDHEC, remarked that all the talk about the importance of ties between research and business had not always been followed by action. EDHEC, for example, was the only European business school to participate in the public consultation for the implementation of the Solvency II and MiFID directives, even though these two reforms will have a great impact on the future of insurance and on the European financial markets. According to Noël Amenc, “for there to be real ties between schools and society and for these ties to amount to something more than mere patronage or a prestigious advisory board, the criteria for the evaluation of research must change.” Gilles Glicenstein, president of BNP Paribas Asset Management, Sylvain Breuzard, head of Norsys, Alain Dubois, chairman of the board of LYXOR Asset Management, and Nathalie Boullefort-Fulconis, head of sales, marketing, and customer service at AXA Investment Managers, were present to speak about the collaboration of their companies with EDHEC in the context of shared research projects. They emphasised the need to work with researchers who understood the real issues facing companies. During his presentation, Alain Dubois mentioned that EDHEC Risk’s strategy was altogether innovative because, as he said, “living off of private revenues and sponsors, the research centre nonetheless takes on public interest missions, which make it a real public service.” Among the many themes discussed by EDHEC specialists during the thematic workshops were cultural approaches to consumption and marketing strategies; corporate governance and managerial legitimacy; evaluation of public policy and government reform; legal performance and corporate competitiveness; international accounting standards and new approaches to valuation; asset management and risk management. |
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The first parliamentary discussions on VAT took place at the Maison de la Chimie in Paris on Thursday, September 20, 2007. The theme was the relevance of the Value-Added Tax as a tool for economic policy. These discussions were organised and presided over by Charles de Courson, member of parliament from the Marne and secretary of the parliamentary committee on finance, economy, and planning. They were under the auspices of Christine Lagarde, minister of the economy, with the presence of Eric Besson, prime ministerial secretary for the evaluation of public policy. EDHEC was represented by Gérard Maarek, participating in round table II on the subject of the VAT’s potential as a means to stimulate the economy. Gérard Maarek has also just presented a comparative study of the “TVA Sociale” (social VAT) and the pro-employment VAT
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RESEARCH CENTRES |
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Interview with Gaël BonninRH : What makes InteraCT’s approach so unusual? GB : Our research centre’s approach is unusual insofar as it has transcended the “paradigm of influence” that has dominated marketing for some fifty years—more or less since the emergence of the Kotler model—and moved to an approach that studies the ties between business and consumers through a “paradigm of interaction.” 1. The aim of marketing is no longer to satisfy needs but to allow consumers to create value, taking into account the fact that consumers are involved at least in part of the value production process. For the InteraCT team, these changes are necessary, because with the current context in Western markets (basic needs met, influence of innovation in growth, education and resistance of consumers when it comes to techniques of persuasion, emergence of new technologies), techniques of influence are no longer able to create competitive advantages and sustain growth. Besides, the most successful companies in their markets are those that have shifted from marketing that attempts to influence to marketing based on interaction (Nike, Coca-Cola, Danone, Findus, Leclerc). GB : In 2007/2008 there will be four of us: Guergana Guintcheva, Sylvie Jean, Lisa Peñaloza, and I. Guergana Guintcheva’s work focuses on the concept of value and it redefines the conventional boundaries of competitive territories in the leisure industry and it takes into account the notion of anti-value, a reality of the cognitive universe of consumers that companies have largely ignored. Sylvie Jean’s work deals with brands. This year, a study was to done to measure the real impact of latent or explicit resistance to marketing. The results are clear: even with people who are not resistant or not very resistant to marketing, the use of anti-marketing parodies by leading brands leads to a drop of around 10% in negative attitudes toward that brand. This result validates the rhetoric of resistance to marketing (cretin.fr, Leclerc). It also illustrates the reality of the rejection of marketing, a phenomenon that is more imperceptible the more latent it is. Lisa Peñaloza’s work is on consumption-driven constructions of identity, and on the production of that identity by the consumer, who uses marketing products or discourse to that end. Lisa is also interested in the cultural construction of both marketing and consumer actions. This year Lisa will be the academic director of the research centre, and her objective will be to strengthen the team in terms of international academic publications. Her experience in this area (published four FT journal articles, two under review) will be invaluable. My own work has do with consumer-driven value creation and with the interaction between design and the consumer. My earlier work has studied the physical strategies used by consumers to create this value, whether in the case of a physical point of sale or of an online service company. 1. Consumer-marketing-value interaction 2. Steering tools and value Next year four main projects will help us answer these questions. The first is a group project whose aim is to understand the process of value creation in the mobile phone business. This sector is particularly interesting, as companies are interested in the potential of this new medium and in innovation for the future. We also have three individual projects: the first is on the strategies used by consumers on the Internet (eBay), the second on the relationship between young people and brands (focusing on the ambivalent nature of this relationship), and the third on potential means of differentiation in high-volume retailing (focusing on the role of knowledge of the cultural context in the choice of an axis of differentiation).
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Pierre Mella-Barral has a doctorate in economics from Cambridge and is also a graduate of the École Nationale Supérieure d'Arts et Métiers. Pierre Mella-Barral taught finance at the London School of Economics and at the London Business School before moving to HEC Paris in 2004. His research deals with corporate finance and asset pricing. |
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René Garcia has a doctorate in economics from Princeton University. Until now he has worked as a professor of econometrics and finance at the Université de Montréal, where he was the academic director of the interuniversity centre for research, liaison, and transfer of knowledge on the analysis of organisations (CIRANO). He was also involved in the creation of the Journal of Financial Econometrics, published by Oxford University Press, and is currently its editor-in-chief. His research interests revolve around the pricing of financial assets, portfolio management, and risk management. In econometrics, he is interested in nonlinear models, in particular regime-switching models. |
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Dominic O’Kane has a doctorate in theoretical physics from the University of Oxford. He was previously an executive director at Lehman Brothers in London, where he headed the fixed-income quantitative research team. He has also taught in the finance master’s programme at the University of Oxford. |
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Florencio López-de-Silanes has a master’s degree and a doctorate in economics from Harvard University, where he taught finance and economics. He has also taught at Yale and the University of Amsterdam. His research work revolves around corporate finance, international capital markets, and the privatisation of government-owned companies. He is also a well known expert in the field of corporate governance. Florencio López-de-Silanes will be in charge of EDHEC Risk and Asset Management Research Centre’s programme “Fund Governance and Performance.” |
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Stéphane Grégoir has diplomas from the École Polytechnique, the École Nationale de la Statistique et de l’Administration Économique (ENSAE), and the Université de Paris IX, Dauphine. In addition to teaching and researching, he has worked as an analyst at the INSEE (the French national institute for statistics and economic studies) and is the former head of CREST (a think-tank on economics and statistics). He has taught at the École Polytechnique, the ENSAE, the École Centrale, Paris Dauphine, and the Université d’Evry. His work deals mainly with macroeconomics and econometrics. He is a former winner of the Tjalling C. Koopmans prize, a prize awarded every three years for contributions to econometric theory, and he has been editor, co-editor, or member of the editorial board of several French and international journals. |
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| Lisa Peñaloza has a doctorate in administration from the University of California at Irvine. Lisa researches consumption-driven constructions of identity as well as the cultural constructions of both marketers and consumers. She is also the author of numerous articles in major international journals. |
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Michel Verlaine, holder of a master’s degree and a doctorate in economics and management, is an expert in the fields of risk management and portfolio management. He has worked as a consultant for Ernst and Young as well as for the ministry of the economy in Luxembourg. |
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Devraj Basu has a doctorate in mathematics from Indiana University in Bloomington, Indiana, USA. Before coming to EDHEC, Devraj was lecturer in finance at Cass Business School, City University, London, as well as at Warwick Business School in Coventry. His research interests include asset pricing, asset allocation, and all aspects of continuous time finance. |
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