EDHEC launches a new PhD in Finance

EDHEC Business School and the EDHEC Risk and Asset Management Research Centre will jointly offer a three-year doctoral programme from September 2008.

The EDHEC PhD in Finance develops the scientific background and skills required to initiate and carry-through research projects that will yield original insights and lead to innovative approaches and offerings. It prepares participants for faculty positions at leading educational institutions and senior executive careers in the financial industry.

The programme is uniquely offered in two tracks: a “residential track” for high-potential graduate students who will hold part-time research or teaching positions at EDHEC Business School, and an “executive track” for high-level practitioners who will keep their full-time jobs. Courses, dissertation work, research supervision and funding are tailored to each candidate’s interests, constraints and professional goals. The EDHEC PhD in Finance is entirely delivered in English and open to candidates with prior degrees in economics, finance, mathematics, statistics, science and engineering.  

The 16 faculty members of EDHEC doctoral programme are world-class specialists in economics, asset management and financial modelling. They bring together EDHEC senior scholars and outstanding affiliate professors from top research institutions.

The programme also draws upon the resources and industry reputation of the EDHEC Risk and Asset Management Research Centre. PhD in Finance candidates will benefit from the centre’s research infrastructure, industry relationships, and from the dynamic and thought-provoking environment it creates.

The programme’s concentrated residential requirements, e-learning tools, and dedicated research coaching arrangements combine to facilitate participation of professionals. While the programme requires exceptional dedication, its career impact and the satisfaction of subsequent work and research on the frontiers of knowledge and professional practices will be ample reward for those who make this commitment. Sponsoring organisations will benefit from dedicated scientific research on issues of particular relevance to them and from their executives’ sharpened abilities to promote innovation in processes and products.

“Creating the right environment to train PhD candidates and provide graduates with opportunities to continue their research work in top organisations worldwide is a major responsibility for an educational institution”, comments Dean of Research Noël Amenc, “EDHEC Business School strongly believes 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. These conditions fulfilled, we are honoured to offer a doctoral programme in finance.”

Olivier Oger, General Manager of the EDHEC group stresses that the launch of the EDHEC PhD in finance is a significant step in the school’s international development strategy: "As part of its mission ‘to train the talent and develop the knowledge that move the industry and society forward’, EDHEC has invested heavily in research; the creation of a world-class doctoral programme in finance attests to the vitality of the knowledge creation of our teams and to their ability to train the scholars and the leaders who will redefine finance."

[More: EDHEC Phd Finance website]

René Garcia Interview
Professor of Finance, Academic Director, PhD in Finance.

--Why is EDHEC launching a doctoral programme in finance? What is the aim of this programme?
At EDHEC Business School, we believe that research plays a crucial role in fostering innovation and in raising professional standards. For more than a century the school has attempted to work in the interest of the greater community. With this aim in mind, it has put into place a policy of doing research that meets industry needs. In this way, successful professional development comes by way of excellence in research. The PhD in Finance is the culmination of these efforts. Organised in partnership with the EDHEC Risk and Asset Management Research Centre, it offers handpicked professionals the chance to become independent researchers and to innovate throughout their careers. They will have acquired the academic knowledge and skills essential to the completion of the research that takes finance forward.

--For whom is the programme designed?
We are targeting two groups of clients. The residential track is meant for holders of master’s degrees who intend to pursue doctoral studies. These students will work as research or teaching assistants during their studies, a common practice in other graduate education establishments. The originality of the programme is in its executive track, which is targeting a clientele of professionals who will keep their full-time jobs. This track targets those who intend to strengthen their skills in order to take up positions of responsibility in the finance industry. Those on the residential track intend to pursue academic careers in top teaching and research institutions.

--What are the major advantages of the programme?
We are relying on three key elements: the quality and rigour of the organisation, the excellence of the teaching faculty, and the reputation and support of the EDHEC Risk and Asset Management Research Centre. The programme begins with a set of fundamental courses that lay the groundwork for the development of more specialised knowledge. The fundamentals will be taught by members of the EDHEC faculty, who are internationally-known researchers. For more specialised branches of knowledge, we have secured the collaboration of top international specialists, based in renowned institutions in many parts of the world. Finally, the support of the EDHEC Risk and Asset Management Research Centre will allow our programme to draw on the skills and experience of a centre known throughout the world for its work on risk management and portfolio management. Its partnerships with major financial institutions are evidence of the relevance of the research done at the centre. It is our aim to serve them even better by offering them the means to achieve greater autonomy in research.

--In what ways are the members of the faculty exceptional?
The list of the members of the teaching faculty and their brief biographies speak for themselves. In-house, we have hired professors and researchers who have experience working with PhD students. We are of course continuing to hire the best. Even so, we have also sought out outside partners. Our choices were made to meet the specific objectives of the programme in terms of the subjects we plan to cover. Excellence in research, as shown by publication in top journals, was naturally the basic criterion, but that alone wasn’t enough. We also wanted leaders in their fields who were familiar with the demands of the industry. After all, research in finance must dovetail with market realities. Remaining open to these realities is fundamental.

--How will the programme develop the research skills of the participants?
It is our intention to provide the participants in the programme with research skills that will result in dissertations that will in turn expand the bounds of our knowledge. To achieve this aim, we will combine courses, seminars, and workshops. We want to impart in-depth knowledge of financial theory and a clear understanding of the latest analytical methods. Participants will also take a series of seminars that will enable them to complete their specialisations. Monthly research workshops and occasional presentations will keep them up to date on the latest developments in the various fields of finance. We will also keep close track on the progress on the dissertation. To do so, we will seek the collaboration of top specialists, who will join the team already in place. They will work as occasional directors of dissertations on subjects they know well. For our students, the advantages of this collaboration will be all the greater.

--What does the partnership with EDHEC-Risk bring to the table?
On several levels, I would say, it is essential. Above all, the idea of a PhD programme with an executive track came from EDHEC-Risk. Its close ties with industry convinced it of the relevance of a programme for working executives. In addition, EDHEC-Risk will offer the doctoral students on the residential track the chance to join the centre’s research team and to participate in its ongoing research. In this way, they will see what problems practitioners are currently concerned with, and this experience should drive the choice of dissertation topic. EDHEC-Risk will also serve as a platform of choice from which to promote the work of our graduates and their research findings.

--Why do you describe the PhD in Finance as “the foremost academic and professional qualification for experienced practitioners”? What are the advantages of the programme for professionals and for companies?
Expanding the bounds of knowledge and practice in finance requires professionals capable of combining a keen critical mindset, in-depth knowledge of the field, and exceptional analytical abilities. It is from this rare combination that true innovation is born. Existing programmes such as specialised master’s degrees and MBAs develop these qualities only partially, as it is not their primary objective. Here, we intend above all to create a programme whose graduates will have developed a career-long ability for autonomous research and can thus help their companies to innovate with less reliance on outside consultants and other specialists.

René Garcia ,
Professor of Finance, Academic Director, PhD in Finance.

PUBLICATIONS

• EDHEC Publications
• Academic Publications

EDHEC PUBLICATIONS

The Divergence of Legal Procedures

Djankov et al. (2003a) propose and measure for 109 countries in the year 2000 an index of formalism of legal procedure for two simple disputes: eviction of a non-paying tenant and collection of a bounced check. For a sub-sample of 40 countries, we compute this index every year starting in 1950, which allows us to study the evolution of legal rules. We find that between 1950 and 2000 the formalism of legal procedure did not converge, and possibly diverged, between common law and French civil law countries. At least in this specific area of law, the results are inconsistent with the hypothesis that national legal systems are converging, and support the view that legal origins exert long-lasting influence on legal rules.

Balas A., R. La Porta, F. Lopez-de-Silanes, A. Shleifer (February 2008) "The Divergence of Legal Procedures", EDHEC Risk Asset Management Research Centre, EDHEC Working Paper. [More]

The Performance of Socially Responsible Investment: A Study of the French Market

Socially responsible investment (SRI) has grown considerably since 2000 and is now being offered to the general public. SRI selects assets in a restricted universe and focuses only on those assets that meet certain social and ethical conditions. So it is legitimate to wonder if this restriction penalises fund performance or indeed if the selection of socially responsible assets makes up for this restriction by rewarding the investor with something other than the satisfaction of occupying the moral high ground.

Le Sourd V. (February 2008) "The Performance of Socially Responsible Investment: A Study of the French Market", EDHEC Risk Asset Management Research Centre, EDHEC Working Paper.
[More]

Fundamental Differences? Comparing Alternative Index Weighting Mechanism

While an ever increasing share of equity assets is invested in indexing strategies, the standard practice of using capitalisation weighting to construct stock market indices has been the object of much criticism. In response to this criticism, equity indices with different weighting schemes have emerged. Some indices use fundamental metrics (Arnott, Hsu, and Moore 2005) to weight the component stocks. In recent years, the market for such characteristics-based indices has grown tremendously, with more and more providers launching offering them. Institutional investors have allocated significant amounts to these alternatives to value-weighted indices. Likewise, a wide range of exchange-traded funds on these new indices is now available.

Amenc, N., F. Goltz, V. Le Sourd (April 2008) "Fundamental Differences? Comparing Alternative Index Weighting Mechanisms", EDHEC Risk Asset Management Research Centre, EDHEC Publication.
[More]

ACADEMIC PUBLICATIONS

Journal of Public Economics

A. Chéron, Hairault J-O, Langot F. (April 2008)
"A quantitative evaluation of payroll tax subsidies for low-wage workers: An equilibrium search approach", Journal of Public Economics.
[More]

Journal of Banking and Finance

X. Li, J. Miffre J., Brooks C., N. O'Sullivan (April 2008)
"Momentum profits and time-varying unsystematic risk", Journal of Banking and Finance, Vol. 32, Issue 4, pages 541–558.
[More]

Journal of Management Information Systems

E. Josserand, Charki, Mohamed Hedi (2008)
"Online Reverse Auctions and The Dynamics of Trust
", Journal of Management Information Systems N. 24 Vol. 4.
[More]

Journal of Alternative Investments

H. Till (Spring 2008)
"Amaranth Lessons Thus Far", Journal of Alternative Investments.
[More]

Journal of Alternative Investments

N. Amenc, Goltz F. (Spring 2008)
"Revisiting the Limits of Hedge Fund Indices: A Comparative Approach", Journal of Alternative Investments.
[More]

Journal of Alternative Investments

H. Kat, Miffre J. (Spring 2008)
"The Impact of Non-normality Risks and Tactical Trading on Hedge Fund Alphas", Journal of Alternative Investments.
[More]

Review of Financial Studies

Y. Chabi-Yo, R. Garcia, E. Renault (Aril 2008)
"State Dependence Can Explain the Risk Aversion Puzzle", Review of Financial Studies .
[More]

La Revue du Financier

Arouri M., Cherif M., P. Foulquier (January 2008)
"Coût du capital, LBO et évaluation des entreprises non cotées", la Revue du Financier.
[More]

Review of Finance

De Winne, R.; C. D'Hondt (Décember 2007) "Hide-and-Seek in the Market: Placing and Detecting Hidden Orders", Review of Finance, volume 11, issue 4, 2007.
[More]

Total Quality Management & Business Excellence

Bescos, P-L.; E. Cauvin; C. Decock-Good, A. Westlund (December 2007) "Characteristics of Performance Measures for External Reporting", Total Quality Management & Business Excellence, Vol. 18, No. 10, 1055–1074, Decembre 2007
[More]

Finance, Contrôle, Stratégie

Meschi, P-X.; E. Metais (December 2007) "Expérience, oubli organisationnel et motifs de désinvestissement des acquisitions internationales : le cas des acquisitions françaises aux Etats-Unis (1988-2004)", Finance, Contrôle, Stratégie, n° 4, p. 73-109.
[More]

RESEARCH CENTRES

Presentation by Arnaud Chéron at the Collège de France
As part of the chair held by Roger Guisnerie, Arnaud Chéron, associate director of research at the EDHEC Economics Research Centre, will speak on May 28 at the Collège de France. He will speak on macro-economic fluctuations in the labour markets.

Alpha League Table Ranking 2008 
EuroPerformance and EDHEC have announced the publication of the France 2008 edition of the Alpha League Table, a ranking of asset management firms on their ability to produce alpha, a measure of the risk-adjusted performance of a firm’s active asset management. The EuroPerformance-EDHEC Style Ratings are used to draw up the rankings. These state-of-the-art ratings permit a true measure of performance adjusted for risk (alpha) and take into account extreme risks as well as persistence in the generation of alpha. In 2008, HSBC Private Bank France topped the rankings, followed by MMA Finance.
[More]

Success for the European Financial Management 2008 Symposium
The European Financial Management Association and EDHEC Business School have jointly organized the European Financial Management 2008 Symposium, which focused on all aspects of risk and asset management. The symposium took place at the EDHEC Business School campus in Nice on the French Riviera from April 17 to 19 and brought together EDHEC, the premier European centre for applied research into asset allocation, with the EFM Association which works towards for the increase and dissemination of financial management knowledge.

Thirty academics and practitioners from all over the world presented their research papers which dealt with topics such as asset allocation, risk and performance measurement, alternative investments, risk management and portfolio optimization. This exclusive academic event benefited from the exceptional participation of keynote speaker Robert Arnott and symposium chair Lionel Martellini, who both have established reputations for bringing together academic expertise and industry experience.

Robert Arnott is Chairman and Founder of Research Affiliates and former Editor of the Financial Analysts Journal. He has been a frequent contributor to leading financial journals and books and has received five Graham and Dodd Scrolls and Awards, awarded annually by CFA Institute for best article of the year. Lionel Martellini is a Professor of Finance at EDHEC Business School and the Scientific Director of the EDHEC Risk and Asset Management Research Centre. Lionel is a member of the editorial board of The Journal of Portfolio Management and The Journal of Alternative Investments.

IPE-EDHEC Institutional Asset Management Awards
EDHEC is jointly organising the IPE-EDHEC Institutional Asset Management Awards (IAMA) in 2008 with leading European institutional investment publication Investment & Pensions Europe (IPE). The awards will be presented to winning asset managers on June 12, 2008 in Paris on the occasion of the EDHEC Institutional Days, before an invited audience of investors, asset managers, investment banks, and other industry advisers and suppliers.
[More]

Focus : Economics Research Centre

Since February 2006, EDHEC has had a Research Centre in Economics devoted to the evaluation of public policy and government reform. The aim of the centre is to do innovative and applied research that will make EDHEC a source of academically recognised expertise on themes critical to the French economy.
Currently, the EDHEC Economics Research Centre has a team of full-time and affiliated researchers and professors working on themes centred along two axes: one, the themes at the intersection of financial and economic issues, and the other linked to the French welfare state, in particular to the labour market and to education.

Stéphane Gregoir, Director of the Economics Research Centre.
Head of the Economics Research Centre, Stéphane Gregoir teaches mostly statistic & econometrics courses. His research work relates principally to macroeconomics and econometrics, and more specifically to time-series methods. He has also worked on the theoretical analysis of anticipations formation or developed methods for dating the economic cycle. Winner of the Tjalling C. Koopmans Prize, Stéphane Grégoir has been editor, co-editor and member of the editorial committee of various international academic journals.
[More : CV - Interview]

Academic Publications:
Grégoir S., G. Laroque (1992) "La place des stocks dans les fluctuations conjoncturelles: Quelques éléments de statistiques descriptives", Annales d’économie et de statistique. [More]

Grégoir S., B. Salanié (1992) "Prix, spéculation et bien-être", Annales d’économie et de statistique.

Grégoir S., G. Laroque (1993) "Multivariate Time Series: A General Error Correction Representation Theorem", Econometric Theory. [More]

Grégoir S. (1993) "Business Survey Analysis: A Comparison between Opinions on Demand and Changes in Sales at an Individual Level", Annals CIRET.

Grégoir S., G. Laroque (1994) "Polynomial cointegration: Estimation and Test", Journal of Econometrics. [More]

Grégoir S. (1996) "Stochastic Limit Theory: An Introduction for Econometricians by James Davidson", Econometric Theory.

Grégoir S., F. Lenglart (1998) "Un nouvel indicateur pour saisir les retournements de conjoncture", Economie et Statistique.

Grégoir S. (1999) "Multivariate Time Series with Various Hidden Unit Roots: Part I: Integral Operator Algebra and Representation Theory", Econometric Theory. [More]

Grégoir S. (1999) "Multivariate Time Series with Various Hidden Unit Roots: Part II: Estimation and Testing", Econometric Theory. [More]

Grégoir S., F. Lenglart (2000) "Measuring the Probability of a Business Cycle Turning Point by using a Multivariate Qualitative Hidden Markov Model", Journal of Forecasting. [More]

Grégoir S. (2002) "Multiple Equilibria and Identification by Russell Cooper: A comment", Annales d’Economie et de Statistique. [More]

Grégoir S., P. Fève (2002) "L’économétrie de la politique économique", Annales d’Economie et de Statistique. [More]

Grégoir S., M. Carrasco (2002) Policy analysis in doubly stochastic macroeconomic models", Annales d’Economie et de Statistique. [More]

Grégoir S., P. Andrade, C. Bruneau (2005) "Testing for the cointegration rank when some cointegrating directions are changing", Journal of Econometrics. [More]

Grégoir S. (2006) "Efficient tests for the presence of a couple of complex conjugate unit roots in real time series", Journal of Econometrics. [More]

Grégoir S., P-O Weil (2007) "Restricted perception equilibria and rational expectation equilibrium", Journal of Economic Dynamics and Control. [More]

Grégoir S., P.Belan et M. Carré (2007) "Subventions des emplois non-qualifiés dans un marché du travail dual", in Revue économique. [More]

Arnaud Chéron, Ph.D., Associate Research Director.
Arnaud Chéron is a Professor of Economics at the University of Le Mans (since 2002) and the Scientific Director of the EDHEC research programme on labor market policy analysis (since 2006). He holds a PhD in Economics at the University of Paris I Panthéon-Sorbonne in 2000. He was formerly research fellow at EUREQua and CEPREMAP. He conducts active research in macroeconomics and labor economics which has been published in leading academic journals (Journal of Economic Theory, Journal of Public Economics, Review of Economic Dynamics, Annales d’Economie et Statistiques…). His research also leads to practitioner publications related to institutions (French Labor Minister, European Commission…)
[More : CV]

Academic Publications:
Chéron A., J-P Barici (2001) "Sunspots and the Business Cycle in a Finance Constrained Economy", Journal of Economic Theory (97). [More]

Chéron A. (2002) "Labor-Market Search and Real Business Cycles: Nash Bargaining vs. Fair Wage", Economics Letters (77). [More]

Chéron A., Y. Algan, J-O. Hairault and F. Langot (2003) "Wealth Effect on Labor Market Transitions", Review of Economic Dynamics (6). [More]

Chéron A., F. Langot (2004) "Labor Market Search and Real Business Cycles: Reconciling Nash Bargaining with Real Wage Dynamics", Review of Economic Dynamics (7) n°2. [More]

Chéron A., Y. Algan, J-O. Hairault and F. Langot (2004) "Self-Insurance and Inequality", Economics Letters (85). [More]

Chéron A. (2005) "Efficient vs. Equilibrium Unemployment with Match-Specific Costs", Economics Letters (88). [More]

Chéron A., J-P. Barinci and F. Langot (2006) "Liquidity Constraints, Heterogeneous Households and Sunspots Fluctuations", Macroeconomic Dynamics (10).

Chéron A., J-O Hairault and F. Langot (Forthcoming) "Labor Market Policy and the Employment-Productivity Trade-Off", Journal of Public Economics.

Chéron A. (1999) "Mobilité Interrégionale, Réallocation de l’Emploi et Dynamique du Chômage", Recherches Economiques de Louvain (2). [More]

Chéron A. (2000) "Risque de chômage, assurance complète et choix des ménages dans les modèles dynamiques", Annales d'Economie et de Statistiques (61). [More]

Chéron A. (2002) "Allocation universelle vs. indemnités chômage: une évaluation quantitative dans un modèle d’appariement", Revue Economique (53). [More]

Chéron A., J-O Hairault and F. Langot (2005) "La politique d’allègement de charges sur les bas salaires: un bon compromis entre emploi et productivité", Revue Française d'Economie.

Chéron A., F. Langot (2007) "Equilibre Général Stochastique et Dynamique Non-Walrasienne du Marché du Travail", Economie et Prévision. [More]

Chéron A., D. Quoquing (forthcoming) "L’incidence du salaire perçu sur la fréquence d’une mobilité professionnelle en France : une remise en cause du modèle de recherche d’emploi ?", Economie et Statistique.

Pierre Courtioux, Ph.D., Senior Research Engineer.
Pierre Courtioux is Research Engineer at the Economics Research Centre. As an economist, he is specialized in social policy evaluation. He has developed EDHEC microsimulation tools to evaluate reforms of social and fiscal policies. He developed a model to analyse the redistributive impact on households of alternative taxes (VAT, payroll tax, income tax). He is now developing a dynamic microsimulation model to evaluate education policy and the way it contributes to career path.
[More : CV]

Academic Publications:
Courtioux P., Thévenon O. (2007), "Les politiques familiales dans l’Union Européenne et la Stratégie de Lisbonne : quelques enseignements de l’expérience française", Horizons Stratégiques, n° 4, p. 176-195. [More]

Courtioux P. (2006), "Dynamiques institutionnelles et surdétermination de la justice locale : quelle conséquence pour l’analyse des politiques ?", Economies et Sociétés, série " Socio-économie du travail ", AB, n° 27, p.1203-1228. [More]

Courtioux P., Erhel C. (2006), "The national models of seniors’ employment in Europe and the TLM perspective", Van Den Heuvel N., Herremans W., Van Der Hallen P., Erhel C., Courtioux P. (eds), Active ageing, Early retirement and employability, der arbeidsmarkt in vlanderen, Colofon special issue, p. 17-34.

Courtioux P. (2005), "Prise de parole et théorie économique : la controverse Hirschman-Williamson", Cahiers d’Économie Politique, n° 48, p. 147-159. [More]

Courtioux P., Erhel C. (2005), "Les politiques en faveur des seniors en Allemagne, en France, au Royaume-Uni et en Suède : quelles voies de réformes ?", Travail et Emploi, n° 102, p. 107-118. [More]

Tristan-Pierre Maury, Ph.D., Senior Research Engineer.
Tristan-Pierre MAURY, has been a research engineer at the EDHEC Economics Research Centre since January 2008. He received a doctoral degree in 2001 from Université de Paris X (on modeling flows and on the economic impact of endogenous growth models). His research is in the field of econometrics (hedonic indices, macroeconomic impact), macroeconomic modeling, and the impact of economic policy. He has published in the Journal of Economic Dynamics and Control, Economics Letters, the Journal of Property Research, and elsewhere.
[More : CV]

Academic Publications:
Maury T.P., I. Nappi-Choulet and M. Cancel (forthcoming) "Une mesure de la distribution de la solvabilité des ménages primoaccédants sur le marché du logement francilien", Revue d’Economie Régionale et Urbaine. [More]

Maury T.P., I. Nappi-Choulet and I. Maleyre (2007) "A Hedonic Transaction-Based Estimation for the Paris Region Office Market" , Journal of Property Research, 24(3), 241-263. [More]

Maury T.P., I. Nappi-Choulet and I. Maleyre (2007) "Un indice hédonique des prix de bureau en Île-de-France", Revue d’Economie Régionale et Urbaine, 3, 421-452. [More]

Maury T.P., N. Belorgey and R. Lecat (2006) "Determinants of Productivity per Employee: an Empirical Estimation using Panel Data", Economics Letters, 2006, 91(2), 153-157. [More]

Maury T.P. (2006) "Une réévaluation de la question du coût en bien-être de l’inflation en croissance endogène", Revue d’Economie Politique, vol 2, 277-295.

Maury T.P., J. Matheron (2004) "Supply-Side Refinements and the New-Keynesian Phillips Curve", Economics Letters, 82(3), 391-396. [More]

Maury T.P., J. Matheron and F. Tripier (2004) "Sources of Growth and the Spectral Properties of the Labor Market Search Model", Journal of Economic Dynamics and Control, 28(9), 1903-1923. [More]

Maury T.P., J. Matheron (2004) "The Welfare Cost of Monopolistic Competition: a Quantitative Assessment", Economic Modelling, 21(6), 933-948. [More]

Maury T.P. "Endogenous Growth, Transitional Dynamics and the Welfare Costs of Inflation", Economics Bulletin, 5(12), 1-8. [More]

Maury T.P., F. Tripier "Output Persistence in Human Capital-Based Growth Models", Economics bulletin, 5(11), 1-8. [More]

Vincent Milhau, Research Engineer.
Vincent Milhau works as a Research Engineer at the Economics Reseach Centre. He holds a Master’s Degree in Statistics and Stochastic Modeling. His research focuses on optimal management of public debt, a research program at theEconomics Research Centre and the EDHEC Risk and Asset Management Research Centre.
[More : CV]

As part of the partnership between EDHEC and the Paris School of Economics, two young researchers at the PSE, Nicolas Picchiottino and Dédé Houet are participating in the work of the EDHEC Economics Research Centre. Romain Restout, a PhD student at the University Paris X Nanterre, is also working on the research centre's programmes.

EVENTS

Advanced Hedge Fund Investing - The Lhabitant and Martellini Seminar
8-9 July 2008 - Grand Hyatt, New York
Designed and delivered by two leading experts in the theory and practice of hedge fund investing, this intensive seminar equips participants with a workable knowledge of the state-of-the-art techniques for analysing the performance and risks of alternative investments and optimising hedge fund benefits both at the fund level and for end-investors.
[More]

EDHEC Institutional Days 2008
12-13 June 2008 - CNIT Paris La Défense
In 2008, EDHEC will be merging two of its most important conferences into a single event. The EDHEC Asset Management Days, which had been taking place in Geneva up until now, have been integrated into a new edition of the EDHEC Institutional Days, which will now be held every year in Paris in June.
This new joint event will capitalise on the previous success of both events, with the most recent editions having attracted in total more than 1,500 institutional investors, asset managers and private bankers. By merging the two events, EDHEC’s intention is to establish in Paris the most important European conference for institutional investment management.
[More]

EDHEC Research Day 2008
13 May 2008 - Maison de la Chimie - Paris
The aim of EDHEC Research Day is not just to highlight the role of higher education in society but also to point to the obligations of academic research and higher education to other sectors of society and in particular to the professional world. The day will begin with a plenary session during which the directors from the EDHEC research and development department will lead a debate on the funding of higher education and on the impact of management research on business.
[More]

In the Media ...

The publication of the 2008 EuroPerformance-EDHEC Alpha League Table has been highlighted in the Financial Times, Les Echos, and in many other French and international financial publications.

Internationally, EDHEC’s work (in particular its 2008 European Investment Practices Survey) was mentioned by several well-known publications, among them the Wall Street Journal and the Financial Times.
The Centre’s work is also mentioned in the French press (Les Echos, in particular).
The journal Funds Europe published an article on MiFID (markets in financial instruments directive) by Jean-René Giraud, director of development and research associate at the EDHEC Risk and Asset Management Research Centre.
A new article by Walter Géhin, research associate in the department of accounting, law, and finance at EDHEC, appeared in Hedge Funds Review.

In the French press, Cédric Manara of the LegalEDHEC Research Centre discussed the liability of aggregators in Les Echos. The resumption of the EDHEC’s campaign for the Jobs VAT was publicised in a number of major publications.
Philippe Foulquier, director of the EDHEC Financial Analysis and Accounting Research Centre published articles on Solvency II in L’Argus de l’Assurance and in Revue Banque.
Nicolas-Jean Bréhon published an article in Le Monde on the theme of Franco-German tensions. Nicolas-Jean Bréhon is associate director of research at EDHEC. As for Arnaud Chéron, director of research at EDHEC, he can be found again in Liaisons Sociales on the policy, created in 1995, of reducing payroll taxes on low salaries.

All EDHEC citations are available in the EDHEC Press Review.

Prizes, awards, and appointments...

Daniel Mantilla awarded the AFGAP/PRMIA prize.
Daniel Mantilla, MSc RAM graduate, research assistant with the EDHEC Risk and Asset Management Research Centre, and future candidate for the EDHEC PhD in Finance, has won the AFGAP/PRMIA prize, awarded by the French Association of Asset-Liability Managers and the Professional Risk Managers' International Association, in the 2008 edition of a national competition for the best thesis in economics and finance. Daniel represented EDHEC in this competition which also included students from the top French business schools and several prestigious international schools such as London Business School and HEC Lausanne and Montreal. Daniel received his prize at a ceremony in Paris on Thursday March 27, which was presided over by the Minister of Higher Education andResearch, Valérie Pécresse, in the presence of Daniel Bouton, Chairman and CEO of Société Générale and Edmond Alphondéry, Chairman of the Financial Professions Centre and former Minister of the Economy from 1993 to 1995.

Dr. Arjuna Sittampalam joins the EDHEC Risk and Asset Management Research Centre as Research Associate
We are very pleased to announce the appointment of Dr. Arjuna Sittampalam as Research Associate at the EDHEC Risk and Asset Management Research Centre. Dr. Sittampalam's experience encompasses the banking, insurance and specialist fund management fields, with a particular interest in derivatives and other innovative portfolio management techniques. Dr. Sittampalam is the Managing Director of investment company Sage & Hermes Ltd., which he founded in 1994 to advise leading financial institutions in the USA and Europe on investment management business strategy and operations.

New PhDs at EDHEC
Now that Patrick Longuet, in Nice, has defended his dissertation, he is the third professor in the department of people, markets, and humanities to receive his doctorate. His research looks into food risks. He proposes an engineering-based model to study the forces at play during crises. It is one way of gauging the impact of a crisis on marketing and of better understanding how to respond.
On March 31, Jennifer Palpacuer, a teaching assistant on the Nice campus, successfully defended her dissertation on the legal aspects of the use of new technologies and their influence on money laundering. Jennifer’s research involved looking into the technical features of on-line services (banks, brokerages, casinos) to see if they subvert existing procedures set up to fight money laundering.