PHD Finance

PhD in Finance
Residential track - Executive track

London - Nice - Singapore
Institute
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
The EDHEC-Risk Institute PhD in Finance at a Glance

Rationale
Supporting 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 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. At a critical juncture for the financial industry, the need for such professionals and such innovations is particularly acute. 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 financial industry. 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, 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 young professionals who will hold parttime research or teaching positions at EDHECRisk Institute or EDHEC Business School, and an executive track for high-level practitioners who will keep their full-time jobs.
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 within leading research and educational institutions. The programme is offered in Asiafrom Singapore and in Europefrom London and Nice.
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.
The support of a leading research INSTITUTE

The programme draws upon the considerable resources and industry reputation of EDHEC-Risk Institute, the premier academic centre for industryrelevant financial research. In the framework of six industry-sponsored research programmes and ten corporate-endowed research chairs, the Institutes permanent team of eighty 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 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 candidates research interests and professional goals.
Outstanding faculty
Programme faculty consists of world-class specialists in finance, risk and investment management, and economic and financial modelling; it brings together EDHEC Business Schools 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 teaching awards and experience in PhD candidate supervision, their prestigious appointments with leading universities worldwide, and their senior-level engagements with large corporations, governments, and supranational organisations, are an equally outstanding record of achievement.
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.
Ren 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.
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 researchers. Core courses impart a sound knowledge of financial theory and of analytical and research methods in financial economics. Elective seminars, and research workshops 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 finance 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 considerable industry interest and financial support for its projects. PhD in Finance candidates will benefit greatly from the Institutes intellectual and physical research infrastructure, exceptional industry relationships, proactive communications policy, and from the dynamic and thoughtprovoking 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 these with you.
A Well-Structured and Rigorous Programme
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 Schools e-learning classrooms to allow remote 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.
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Programme core courses and elective seminars are concentrated into residential weeks, the classroom is extended over the Internet for research workshops, 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.
EDHEC-Risk Institute PhD in Finance Timeline: Asia

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EDHEC-Risk Institute PhD in Finance Timeline: Europe

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PREREQUISITES
The programme requires significant academic background in economics, finance, mathematics, and statistics. PhD in Finance candidates who may be lacking in these fields will be asked to complete remedial courses prior to joining the programme.
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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.
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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.
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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 2012-2013, the catalogue of elective research seminars includes: Behavioural Finance Credit Derivatives: Modelling, Pricing and Risk Management Credit Risk Modelling Dynamic Asset Allocation Decisions - Long-Term Investing with Short-Term Constraints Empirical Option Pricing Estimation of Continuous-Time Models Hedge Funds High-Frequency Asset Pricing International Finance Macroeconomic and Political Uncertainty and the Dynamics of Asset Prices Microstructure Monte-Carlo Methods in Finance Portfolio Allocation Portfolio Problems with High-Dimension Covariance Matrices Predictive Modelling in Financial Markets Risk Management and Extreme Risks Strategic Asset Allocation 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 on a complimentary basis. They have access to electives offered in London, Nice, and Singapore.
DISSERTATION
All candidates work individually with programme faculty on dissertation topics selected for their academic and industry relevance and according to each candidates 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 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.
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.
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 over the Internet and PhD participants enjoy full access to multimedia recordings of past sessions.
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The Executive Track in Focus
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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.
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 candidates 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 programmes research coaching approach. The dissertation adviser is a world-class scholar selected for his expertise in the candidates 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 profit 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.
Structure tailored to executive needs

Residential requirements are kept to a minimum around forty days over three yearsby concentrating core courses into four separate weeks, delivering elective seminars over three consecutive days in weekly blocks, and using the Schools 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 programmein London, Nice, and Singaporeallows doctoral candidates to select seminars that fit their professional objectives and constraints.
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Outstanding Programme Faculty
EDHEC-Risk Institute PhD in Finance programme faculty:

Professor of Economics, EDHEC Business School Ekkehart Boehmer, PhD (Georgia), Professor of Finance, EDHEC Business School Jaka Cvitani, PhD (Columbia), Professor of Finance, EDHEC Business School Frank Fabozzi, PhD (CUNY), Professor of Finance, EDHEC Business School Ren Garcia, PhD (Princeton), Professor of Finance, EDHEC Business School Stphane Gregoir, PhD (Paris IX), Professor of Economics, Associate Dean for Research, Director of the Economics Research Centre, EDHEC Business School Associate Professor of Finance, Georgia State University Yacine At-Sahalia, PhD (MIT), Professor of Finance and Economics, Director of the Bendheim Center for Finance, Princeton University Torben Andersen, PhD (Yale), Professor of Finance, Northwestern University Federico 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 Michael Brandt, PhD (Chicago), 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 Rama Cont, PhD (Paris XI), Professor of Mathematics, Chair of Mathematical Finance, Imperial College London Sanjiv Das, PhD (NYU), Professor of Finance, Santa Clara University
Giuseppe Bertola, PhD (MIT),
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 Schools 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.
Professor of Finance, EDHEC Business School Florencio Lpez-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
Abraham Lioui, PhD (Paris I),
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Core faculty
Vikas Agarwal, PhD (LBS),
Professor and Distinguished Faculty Scholar, Boston University Francis Diebold, PhD (UPenn), Professor of Economics, Professor of Finance, Professor of Statistics, Co-Director of the Wharton Financial Institutions Center, University of Pennsylvania Jianqing Fan, PhD (Berkeley), Professor of Statistics and Finance, Princeton University Harrison Hong, PhD (MIT), Professor of Finance, Princeton University Antnio Mello, PhD (London), Professor of Finance, University of WisconsinMadison Nicholas Polson, PhD (Nottingham), Professor of Econometrics and Statistics, University of Chicago Tarun Ramadorai, PhD (Harvard), Professor of Financial Economics, University of Oxford Allan Timmermann, PhD (Cambridge), Professor of Finance and Economics, University of California, San Diego Pietro Veronesi, PhD (Harvard), Professor of Finance, University of Chicago Fernando Zapatero, PhD (Columbia), Professor of Finance and Business Economics, University of Southern California
Jrme Detemple, PhD (UPenn & Strasbourg I),
Affiliate faculty
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A selection of international journals currently edited by programme faculty (2012)

American Economic Review Annals of Finance Econometrica Econometrics Journal Econometric Theory Finance Finance and Stochastics Financial Management International Economic Review Journal of Alternative Investments Journal of the American Statistical Association Journal of Applied Econometrics 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 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 2009-2011 period, programme faculty members have published over 200 articles in peerreviewed 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 practitioner-oriented scientific publications as well as by up-and-coming journals.
A selection of leading academic journals in which programme faculty has published over 2009-2011
American Economic Review (4), Brookings Papers on Economic Activity, Econometrica, Econometrics Journal (3), Econometric Theory (2), Economic Journal (3), Journal of the American Statistical Association (8), Journal of Development Economics, Journal of Econometrics (15), Journal of Finance (5), Journal of Financial Economics (9), Journal of Financial and Quantitative Analysis (2), Journal of Mathematical Economics, Journal of Monetary Economics, Journal of Money, Credit and Banking, Journal of Public Economics, Review of Economic Studies, Review of Financial Studies (22).
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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.
Giuseppe Bertola,
PhD in Economics (MIT)
Ekkehart Boehmer,
MA in Economics and PhD in Finance (Georgia)
EDHEC-Risk Institute Member EDHEC Business School Professor of Economics 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 2011. 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 Assistant Academic Director for Asia, PhD in Finance EDHEC Business School Professor of Finance >Specialist in equity market micro-structure and the economics of trading >Ekkehart Boehmer joined EDHEC Business School as Professor of Finance in 2011. 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. He serves as associate editor to Financial Management and Review of Financial Studies.
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MSc in Mathematics (Zagreb), MPhil and PhD in Statistics (Columbia)
Jaka Cvitani,
Frank Fabozzi,
MA and PhD in Economics (CUNY)
Ren Garcia,
MiM (ESSEC), MA in Economics (Montral), PhD in Economics (Princeton)
EDHEC-Risk Institute Member EDHEC Business School Professor of Finance > Specialist in stochastic methods applied to dynamic asset allocation, valuation, financial strategy and optimal contracts >Jaka Cvitani joined EDHEC Business School as Professor of Finance in September 2012. He has been Professor of Mathematical Finance at the California Institute of Technology and has also held positions as Professor of Mathematics and Economics at the University of Southern California and Associate Professor of Statistics at Columbia University. His research work focuses on the application of stochastic methods to a wide variety of market and corporate finance issues. He has published in leading journals, including Journal of Economic Theory, Journal of Financial Economics, Journal of Mathematical Economics, Management Science, and Review of Financial Studies, and has received numerous research grants. He currently serves as co-editor for Finance and Stochastics and Mathematics and Financial Economics, and as associate editor for several other journals, including Annals of Finance and Mathematical Finance.
EDHEC-Risk Institute Member EDHEC Business School Professor of Finance > Specialist in fixed-income analysis, management, and structured finance investment
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 >Ren 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 Universit de Montral 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 is a co-founder of the Journal of Financial Econometrics. Professor Garcia has received numerous research grants, held the HydroQubec chair in integrated risk management and financial mathematics, and was recently awarded a three-year endowment by the AXA Research Fund.
>Frank Fabozzi is Professor of Finance at EDHEC Business School. He was previously Professor in the Practice of Finance and Becton Fellow at the Yale School of Management. He has also held visiting appointments at Princeton University and the MIT Sloan School of Management. 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 1986. In 2002, he was inducted into the Fixed Income Analysts Societys Hall of Fame for his lifetime contributions to the advancement of fixed-income analysis and portfolio management. In 2007, he was distinguished by the CFA Institute for his outstanding contribution to the education of professional investors. He advises financial institutions and government agencies and is on the board of the BlackRock family of closed-end funds.
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Stphane Gregoir,
Eng (cole Polytechnique), MSc in Economics (ENSAE), MSc in Applied Mathematics and PhD in Economics (Paris IX)
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)
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. 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 Associations annual conference.
Florencio Lpez-de-Silanes,
MA and PhD in Economics (Harvard)
EDHEC-Risk Institute Member 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 >Stphane 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 Frances cole Polytechnique since 2000 and at ENSAE since 1999. 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.
EDHEC-Risk Institute Programme Director, Fund Governance and Performance EDHEC Business School Professor of Finance National Bureau of Economic Research Research Associate >Specialist in international corporate finance and financial markets, legal reform, and privatisation >Florencio Lpez-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 adviser 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.
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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 >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 also held a visiting position at Princeton University. 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, valuation models, and real options continuous-time
EDHEC-Risk Institute Member EDHEC Business School Professor of Finance American Finance Association Director >Specialist in portfolio selection, asset pricing, risk management, and exchange rates >Raman Uppal is Professor of Finance at EDHEC Business School. 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 KU Leuven, the MIT Sloan School of Management, the London School of Economics, 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.
>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.
The EDHEC PhD in Finance
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PhD in Finance candidates in the entering class of 2008
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AFFILIATE PROGRAMME FACULTY

The rich academic networks of the programmes 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.
Vikas Agarwal,
MMS (Mumbai), PhD in Finance (LBS)
Yacine At-Sahalia,
Eng (cole Polytechnique de Paris), MSc in Economics (ENSAE), PhD in Economics (MIT)
Georgia State University Associate Professor of Finance, J. Mack Robinson College of Business >Specialist in performance and risk analysis and hedge funds >Vikas Agarwal is Associate Professor of Finance at the Georgia State University J. Mack Robinson College of Business, which he joined after completing his PhD. His research interests encompass investments and asset pricing. His current work focuses on various issues related to hedge funds including risk and performance analysis, determinants of fund flows, impact of managerial incentives on performance, and portfolio disclosure. He has published in leading journals including Journal of Finance, Journal of Financial and Quantitative Analysis, and Review of Financial Studies. He has received numerous research grants and has been distinguished for research excellence by professional associations and scholastic societies.
Princeton University Otto A. Hack 1903 Professor of Finance and Economics Director of the Bendheim Centre for Finance National Bureau of Economic Research Research Associate >Specialist in financial econometrics, continuous-time modelling, and derivatives pricing >Yacine At-Sahalia is the Otto A. Hack 1903 Professor of Finance and Economics and Director of the Bendheim Centre 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.
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Torben Andersen,
MA in Economics and Mathematics (Aarhus), MPhil and PhD in Economics (Yale)
Federico 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 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 published 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.
Ravi Bansal,
MA in Economics (Delhi School of Economics) PhD in Economics (Carnegie Mellon)
Northwestern University Nathan S. and Mary P. Sharp Distinguished Professor of Finance, Kellogg School of Management National Bureau of Economic Research Research Associate Centre for Research in Econometric Analysis of Economic Time Series International Fellow >Specialist in volatility modelling with applications to asset pricing, portfolio choice, yield curve modelling and risk management >Torben Andersen is the Nathan and Mary Sharp Professor of Finance at the Northwestern University Kellogg School of Management. He has published in asset pricing, empirical finance, and market microstructure in leading journals, including the American Economic Review, Econometrica, Journal of the American Statistical Association, Journal of Finance, and Journal of Financial Economics. His current work explores the use of high-frequency data for volatility forecasting, portfolio choice and risk management. He is an Elected Fellow of the Econometric Society, has been the editor-in-chief for the Journal of Business and Economic Statistics and an associate editor of Econometric Theory, Journal of Finance, Review of Financial Studies, and Management Science. He has also served as consultant to financial firms and central banks.
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 of the University of Pennsylvania. 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. 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.
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Tim Bollerslev,
MSc in Economics & Mathematics (Aarhus), PhD in Economics (San Diego)
Michael Brandt,
MSc in Economics (LSE), MBA and PhD in Finance (Chicago)
Mikhail Chernov,
MSc in Statistics (Moscow), PhD in Business Administration (Penn State)
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 the American Statistical Association, and he currently serves as co-editor for the Journal of Applied Econometrics.
Duke University Kalman J. Cohen Professor of Business Administration, Fuqua School of Business National Bureau of Economic Research Research Associate >Specialist in quantitative portfolio management, volatility modelling, currency and fixed income markets >Michael Brandt is the Kalman J. Cohen Professor of Business Administration at the Duke University Fuqua School of Business, having previously been with the Wharton School of the University of Pennsylvania. His current research work focuses on quantitative portfolio management, risk management, currency and fixed income markets, and financial econometrics. He has published widely in such journals as American Economic Review, Journal of Finance, Journal of Financial Economics, Journal of Monetary Economics, and Review of Financial Studies. He serves as co-editor of the Review of Finance and as associate editor of the Journal of Finance. He has received multiple grants and awards for his research work and been distinguished for teaching excellence at both the University of Pennsylvania and Duke University.
London School of Economics Professor of Finance Centre for Economic Policy Research Research Fellow 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.
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Peter Christoffersen,
MA and PhD in Economics (UPenn)
Rama Cont,
Eng (cole Polytechnique), MSc in Theoretical Physics (ENS), MSc in Mathematical Analysis and Modelling (Paris VI) PhD in Mathematics (Paris XI)
Imperial College London Professor of Mathematics and Chair of Mathematical Finance, Department of Mathematics French National Centre for Scientific Research Senior Researcher, Probabilities and Random Models Laboratory (Paris VI) >Specialist in stochastic modelling of financial markets, computational methods in finance, and credit risk modelling >Rama Cont joined Imperial College as Professor of Mathematics and Chair in Mathematical Finance in September 2012, after previous positions as Director of the Center for Financial Engineering at Columbia University and Research Scientist at Frances cole Polytechnique. He has also held visiting faculty positions at Princeton University and Osaka University. His research deals with probability theory and the modelling of extreme risks. It explores applications in financial risk management, in particular for systemic risk. He has published in leading journals, including Journal of Mathematical Economics, Mathematical Finance, and Operations Research. In 2010, he received the Louis Bachelier Prize, awarded by the French Academy of Sciences, for his research on the modelling of extreme financial risks. He is the co-editor of Statistics and Risk Modeling and serves as associate editor to various journals including Quantitative Finance. He has advised financial institutions and regulatory bodies worldwide, on such topics as pricing and hedging of derivatives, risk management, central clearing of over-the-counter derivatives and high-frequency trading.
Sanjiv Das,
MBA (IIM Ahmedabad), ICWAI, MSc in Computer Science (Berkeley), MPhil and PhD in Finance (NYU)
University of Toronto Professor of Finance, Rotman School of Management New York University Research Fellow, Volatility Institute, Stern School University of Pennsylvania Research Fellow, Wharton Financial Institutions Centre >Specialist in risk management, volatility modelling and option valuation >Peter Christoffersen is Professor of Finance at the University of Toronto Rotman School of Management. Prior to that, he was Associate Professor of Finance and a Leibovitch faculty scholar at McGill University. He has held visiting positions at the Copenhagen Business School, the European Central Bank, and the University of Copenhagen. He has also worked as an economist at the International Monetary Fund, where he did research on emerging financial markets. His work focuses on volatility modelling for option valuation and back-testing procedures for risk management systems. He has published in leading journals, including Econometric Theory, Journal of Econometrics, Journal of Financial Economics, Management Science, and Review of Economics and Statistics. He has received numerous research grants and awards, and has been distinguished for excellence in teaching and doctoral supervision. He serves as associate editor of the Journal of Applied Econometrics and the Journal of Financial Econometrics.
Santa Clara University Professor of Finance, Leavey School of Business > Specialist in default risk modelling, derivative pricing models, portfolio theory, and venture capital >Sanjiv Das is Professor of Finance and Chair of the finance department at the Santa Clara University Leavey School of Business. He previously held faculty appointments as Associate Professor at Harvard Business School and the University of California, Berkeley. Prior to joining academia, he worked for six years in derivatives with Citibank. His research centres on the modelling of default risk, derivative pricing models, portfolio theory, and venture capital. He has published widely in leading journals, including Journal of Econometrics, Journal of Finance, Journal of Financial and Quantitative Analysis, Review of Economics and Statistics, and Review of Financial Studies. He has been distinguished for excellence in research and teaching. He edits various academic journals and is notably senior executive editor of the Journal of Investment Management, co-editor of the Journal of Derivatives, and associate editor of the Journal of Financial Intermediation.
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Jrme Detemple,
MiM (ESSEC), MSc in Finance (Paris IX), PhD in Finance (UPenn), PhD in Economics (Strasbourg I)
Boston University Professor and Everett W. Lord Distinguished Faculty Scholar, School of Management > Specialist in quantitative methods applied to derivatives pricing, consumption-portfolio choice, and asset pricing >Jrme Detemple is Professor and Everett W. Lord Distinguished Faculty Scholar in the finance department at Boston University School of Management. He previously held faculty appointments at McGill University and Columbia University. His research interests currently centre on American-style derivative securities, asset pricing and market frictions, consumption-portfolio choice, managerial contracts, and numerical methods. He has published widely in leading journals, including Econometrica, Journal of Econometrics, Journal of Economic Theory, Journal of Finance, and Review of Financial Studies. He currently serves as associate editor of Management Science and as co-editor of Mathematical Finance.
Francis Diebold,
PhD in Economics (UPenn)
Jianqing Fan,
MPhil in Statistics (Academia Sinica), PhD in Statistics (Berkeley)
University of Pennsylvania Paul F. and Warren S. Miller Professor of Economics, School of Arts and Sciences Professor of Finance, Professor of Statistics, and Co-Director of the Financial Institutions Centre, Wharton School National Bureau of Economic Research Research Associate > Specialist in financial and macroeconomic modelling, forecasting, and risk management >Francis Diebold is Paul F. and Warren S. Miller Professor of Economics at the University of Pennsylvania as well as Professor of Finance, Professor of Statistics, and CoDirector of the Financial Institutions Center at its Wharton School. He is also currently President of the Society for Financial Econometrics. He has published extensively in econometrics, forecasting, finance, and macroeconomics in such leading journals as American Economic Review, Econometrica, Journal of Political Economy, Management Science, and Review of Economic Studies. He is an Elected Fellow of the Econometric Society and the American Statistical Association, and the recipient of numerous awards for research and teaching excellence. He is the President of the Society for Financial Econometrics and serves on the editorial advisory boards and editorial boards of nine journals, including Journal of Applied Econometrics, Journal of Portfolio Management, and Macroeconomic Dynamics. He has advised financial firms, central banks, and policy organisations around the world, served as Executive Director at Morgan Stanley Investment Management, and as Economist at the Board of Governors of the Federal Reserve System under Paul Volcker and Alan Greenspan.
Princeton University Frederick L. Moore 1918 Professor of Finance, Professor of Statistics >Specialist in financial econometrics, nonlinear time series, and statistical theory and methods >Jianqing Fan is Professor of Statistics and the Frederick L. Moore 1918 Professor of Finance at Princeton University. He previously held professorships at CUHK, UNC-Chapel Hill, and UCLA. He has authored or co-authored over 150 articles on financial econometrics, computational biology, and various aspects of theoretical and methodological statistics. His finance work focuses on the analysis of high-frequency data, portfolio allocation, risk management, time series, high-dimensional data, and non-parametric modelling. His published work has been recognised by the 2000 COPSS Presidents Award, the 2007 Morningside Gold Medal of Applied Mathematics, and a Guggenheim Fellowship in 2009. He is an Elected Fellow of the American Association for Advancement of Science, the Institute of Mathematical Statistics, and the American Statistical Association, and a past President of the Institute of Mathematical Statistics. He is past co-editor of Annals of Statistics and Probability Theory and Related Fields and serves as co-editor of Econometrics Journal and as associate editor of Econometrica, the Journal of American Statistical Association, and Journal of Financial Econometrics.
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Harrison Hong,
PhD in Economics (MIT)
Antnio Mello,
MBA and MA in Economics (Columbia), PhD in Economics (London)
Nicholas Polson,
MA (Oxford), PhD (Nottingham)
Princeton University John Scully 1966 Professor of Economics and Finance National Bureau of Economic Research Research Associate American Finance Association Director >Specialist in behavioural finance, market efficiency, and social interactions and markets >Harrison Hong is the John Scully 1966 Professor of Economics and Finance at Princeton University. He was previously on the faculty of the Graduate School of Business at Stanford University. His research has covered such topics as behavioural finance and stock market efficiency, asset pricing and trading under market imperfections, incentives and biases in decision making, organisational form and performance, and social interaction and markets. He has published in leading journals, including American Economic Review, Journal of Economic Perspectives, Journal of Financial Economics, Quarterly Journal of Economics, and the RAND Journal of Economics. In 2009 he was awarded the American Finance Associations Fischer Black Prize, given biennially to the person under forty who has contributed the most to finance. He is associate editor of the Journal of Finance.
University of WisconsinMadison Frank Graner Chair in Finance > Specialist in valuation, financial policy, corporate risk management, and international finance >Antnio Mello holds the Frank Graner Chair in Finance at the University of Wisconsin-Madison. He has taught at various institutions including MIT. Prior to joining academia, he was Chief Economist of the Central Bank of Portugal and a member of the Monetary Policy SubCommittee of the Committee of the European Central Bank Governors. He has consulting experience with governments, international institutions, private financial institutions, and corporations worldwide. He is former director of a private equity firm and currently sits on the investment committee of a real estate investment trust. His research centres on corporate financial strategy and hedging, arbitrage, and liquidity. He has published in leading journals, including Journal of Finance, Journal of Financial and Quantitative Analysis, Journal of International Economics, Management Science, and Review of Financial Studies.
University of Chicago Professor of Econometrics and Statistics, Booth School of Business >Specialist in simulation methods, financial econometrics, and Bayesian inference >Nicholas Polson is Professor of Econometrics and Statistics at the University of Chicago Booth School of Business. Prior to joining the University of Chicago in 1991, he taught at Carnegie Mellon University and Nottingham University. He conducts research on Markov Chain Monte Carlo methods, particle learning, and Bayesian inference. He is credited for having added new algorithms and methodologies to these fields. He has published in leading journals, including Journal of the American Statistical Association, Journal of Business and Economic Statistics, Journal of Econometrics, Journal of Finance, and Review of Financial Studies. He is associate editor of the Journal of the American Statistical Association.
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Tarun Ramadorai,
MPhil in Economics (Cambridge), PhD in Business Economics (Harvard)
Allan Timmermann,
MSc in Economics (Copenhagen, LSE), PhD in Economics (Cambridge)
Pietro Veronesi,
Laurea in Economics (Bocconi), MSc in Econometrics and Mathematical Economics (LSE), PhD in Economics (Harvard)
University of Chicago Roman Family Professor of Finance and Robert King Steel Faculty Fellow, Booth School of Business National Bureau of Economic Research Research Associate Centre for Economic Policy Research Research Fellow > Specialist in asset pricing, Bayesian inference, and equilibrium models of return predictability and stochastic volatility >Pietro Veronesi is Professor of Finance at the University of Chicago Booth School of Business, which he joined after completing his PhD. His research focuses on equilibrium models of market volatility and asset pricing under Bayesian uncertainty, with applications to stocks, bonds and derivative securities. He has published in leading journals, including American Economic Review, Journal of Finance, Journal of Political Economy, Quarterly Journal of Economics, and Review of Financial Studies. He has been distinguished for excellence in research and teaching. He has also earned best paper awards from the Western Finance Association, the European Finance Association, Journal of Financial Economics, Journal of Finance, and Review of Financial Studies. He is co-editor of Review of Financial Studies, and serves on the advisory boards of several other journals.
University of Oxford Professor of Financial Economics, Sad Business School Centre for Economic Policy Research Research Affiliate, Financial Economics Programme Oxford-Man Institute for Quantitative Finance Executive Committee Member > Specialist in hedge funds, capital markets, and international finance >Tarun Ramadorai is a Professor of Financial Economics at the Sad Business School, having joined the University of Oxford upon completion of his PhD. He has held visiting scholar or faculty positions at the Economic Advisory Council to the Prime Minister of India and the London Business School. He has also served as a consultant to various financial institutions and the European Securities and Markets Authority. His research focuses on capital markets, international finance and hedge funds; he has published on these topics in leading journals, including the Journal of Finance, Journal of Financial Economics, and Review of Financial Studies. He has received numerous research grants and has been awarded best paper prizes by Inquire UK and the European Finance Association.
University of California, San Diego Professor of Economics, Department of Economics Professor of Finance and Atkinson/Epstein Chair in Management Leadership, Rady School of Management Centre for Economic Policy Research Fellow, Financial Economics Programme >Specialist in time-series econometrics, forecasting, asset pricing and portfolio management >Allan Timmermann is a Professor of Finance and Economics at the University of California, San Diego. His research focuses on the behaviour of prices and expectations in financial markets with applications to risk management, portfolio construction and forecasting. He has developed new approaches to forecasting under structural breaks, combining forecasts and evaluating predictive skills. He has published widely in leading journals such as Journal of Econometrics, Journal of Finance and Review of Economic Studies. He serves as associate editor for Econometrics Journal, Journal of Business and Economic Statistics, Journal of Applied Econometrics and Journal of Financial Econometrics, and is on the editorial board of two other journals. He has received multiple grants and awards for his research work and been distinguished for teaching excellence.
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Fernando Zapatero,
MA Law and MA Business Administration (ICADE), PhD in Finance (Columbia)
University of Southern California Professor of Finance and Business Economics, Marshall School of Business and College of Letters and Sciences >Specialist in applied quantitative methods, portfolio management, asset pricing, and behavioural finance >Fernando Zapatero is Professor of Finance and Business Economics at the University of Southern California Marshall School of Business and in the economics department of the Universitys College of Letters and Sciences. Prior to joining USC in 1998, he held appointments as faculty with ITAM, University of Texas at Austin, and ICADE, as well as visiting faculty at the University of California, Berkeley. His research centres on applied quantitative methods, portfolio management and asset pricing. He has published numerous articles in leading journals, including Econometrica, Journal of Finance, Journal of Financial and Quantitative Analysis, Management Science, and Review of Financial Studies. He is the founding editor of The Quarterly Journal of Finance and currently serves as associate editor for Annals of Finance, Journal of Economic Dynamics and Control, Mathematical Finance, and Mathematics and Financial Economics.
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EDHEC-Risk Institute
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Nol Amenc, PhD, Director, EDHEC-Risk Institute Professor of Finance and Associate Dean for Development, EDHEC Business School
THE SUPPORT OF A LEADING RESEARCH INSTITUTE

EDHEC Business School has an ambitious research policy: to become an academic institution of reference for the industry in a small number of areas in which it has reached critical mass in terms of expertise and research results. Among these areas, investment and risk management have occupied privileged positions, leading to the creation in 2001 of EDHECRisk Institute. Now boasting a team of eighty permanent professors, engineers, and support staff, and twenty-four research associates and affiliate professors, it has established itself as the most influential academic centre for industry-relevant financial research. Spearheading the schools Research for Business philosophy, EDHEC-Risk Institute conducts world-class academic research and highlights its implications and applications to the industry.
In the context of six industry-sponsored programmes and ten corporate-endowed chairs, its researchers carry out a wealth of projects focusing on asset allocation and risk management in the traditional and alternative investment universes. The scientific quality and operational relevance of these research activities are guaranteed by the Institutes dual management structureEDHEC-Risk Institute is jointly headed by a director and a research directorand by the oversight exercised by the leading experts serving on its international advisory board. In keeping with its mission, EDHEC-Risk Institute systematically seeks to validate the academic quality of its research through publications in leading scholarly journals, implements a multifaceted communications policy to inform investors and asset managers on state-of-theart concepts and techniques, and forms business partnerships to launch innovative products.
To maximise exchanges between the academic and business worlds, EDHEC-Risk Institute maintains a website devoted to investment and risk management research for the industry (www.edhec-risk.com), circulates a monthly newsletter to over one million practitioners across the world, conducts regular industry surveys and consultations, organises research presentations and conferences in Asia, Europe, and NorthAmerica which are attended by thousands of institutional investors yearly. Organised by the executive education arm of EDHEC-Risk Institute, the PhD in Finance programme not only enjoys the full support of the Institute in terms of access to research resources and industry relations, but also benefits from the remarkable creative atmosphere it creates for faculty and course participants.
By consistently delivering academic work with remarkable added value for the industry, EDHEC-Risk Institute has established itself as the premier centre for applied financial research. With its research for business orientation, I am confident that the PhD in Finance programme will train scholar-professionals in the skills and attitudes needed to address the concerns of the industry and foster innovation.
Alain Dubois Chairman, Lyxor Asset Management and Member of the International Advisory Board, EDHEC-Risk Institute
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Lionel Martellini, PhD, Scientific Director, EDHEC-Risk Institute Professor of Finance, EDHEC Business School
The choice of asset allocation and risk management

Asset management is justified as an industry by the capacity of adding value through the design of investment solutions that match investors needs. For more than fifty years, the industry has focused on security selection as its greatest single source of added value. This narrow focus has kept a key source of added valueportfolio construction and asset allocation decisionslargely out of view. In the wake of recent crises, and given the intrinsic difficulty of delivering value through security selection, the relevance of the old paradigm has been questioned with heightened intensity. A new paradigm is starting to emerge, which recognises that the art and science of portfolio management consists of constructing dedicated portfolio solutions, as opposed to one-size-fits-all investment products, so as to reach the investors return objectives, while respecting the investors risk budgets. In this broader context, asset allocation and portfolio construction decisions take centre stage.
Academic research has provided very useful guidance to the ways these decisions should be approached so as to best improve investors welfare. The fund separation theorems that lie at the core of modern portfolio theory advocate separate management of performance and riskcontrol objectives. In the context of asset allocation decisions with consumption or liability objectives, the suitable expression of the theorem provides support for the liability-driven investments (LDI) techniques that have recently been promoted by a number of investment banks and asset management firms. These solutions involve, on the one hand, the design of a customised liabilityhedging portfolio, the purpose of which is to hedge away as effectively as possible the impact of unexpected changes in risk factors affecting liability values, and, on the other hand, the design of a performance-seeking portfolio, whose raison dtre is to provide investors with an optimal risk/ return trade-off. In this context, one should distinguish two different levels of asset allocation decisions: decisions involved in the design of better building blocks, i.e. design of the performance-seeking and the liability-hedging portfolios, and decisions related to the optimal split between these building blocks. While the LDI paradigm is now widely adopted in the institutional world, very few market participants implement it in a way that is fully consistent with the state-of-the-art in academic research.
Asset allocation and portfolio construction decisions are intimately related to risk management since the quintessence of investment management is about finding optimal ways to spend risk budgets, with a focus on allowing the greatest possible access to performance potential while respecting such risk budgets. Risk diversification (key to design better benchmarks for performance seeking), risk hedging (key to design better benchmarks for hedging), and risk insurance (key to design better dynamic asset allocation benchmarks for long-term investors facing short-term constraints) are three useful approaches to optimal spending of investors risk budgets. Each of these represents a hitherto largely unexplored potential source of added value, and all three can be combined to design better investor solutions. It is in these particularly exciting times of paradigm change in the financial industry that EDHEC-Risk Institute has launched a PhD in Finance programme. Its goal is to equip exceptional individuals with the conceptual and technical tools needed to meet the challenges facing the investment banking and investment management industries.
Six Research Programmes & Ten Research Chairs
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EDHEC-Risk Institutes research programmes and corporate-endowed research chairs explore interrelated aspects of asset allocation and risk management to advance the frontiers of knowledge and foster industry innovation.
Asset Allocation and Alternative Diversification
The research carried out focuses on the benefits, risks, and integration methods of the alternative classes in asset allocation and makes significant contributions to the field of multi-style/multi-class portfolio construction. In particular, EDHEC-Risk Institute research has advanced non-parametric risk estimation methods and extended the Bayesian approach to portfolio construction in the presence of preferences about higher moments of return distributions. The programme includes the Advanced Modelling for Alternative Investments research chair, in partnership with Newedge Prime Brokerage. EDHEC-Risk Indices & Benchmarks, the goal of which is to make available to investment industry professionals new forms of indices and benchmarks that genuinely add value in terms of both being efficient and representative of risks. The second aspect of this research programme examines the use of index products in the core-satellite approach to investment management. This programme includes the Core-Satellite and ETF Investment research chair, in partnership with Amundi ETF.
Asset Allocation and Derivative Instruments

This research programme focuses on the use of derivative instruments for portfolio management and on dynamic asset allocation methods in asset management and assetliability management. Key themes include the optimal design of structured products, the role of structured products and derivatives in asset allocation, passive replication of active hedge fund indices through portfolios of derivatives, and structured products and derivatives on underlying instruments that are illiquid or lack liquidity. This programme includes the Structured Products and Derivatives Instruments research chair, sponsored by the French Banking Federation. It also led EDHEC-Risk Institute to promote a new approach to measuring current volatility on the equity markets which no longer relies on the options market.
ALM and Asset Management

This programme concentrates on the application of recent research in asset-liability management (ALM) for institutional, high net worth, and retail investors. EDHECRisk Institute is working on the idea that improving asset management and strategic allocation techniques has a positive impact on the performance of ALM programmes. It devotes particular attention to the institutional context of ALM and to the impact of International Financial Reporting Standards and the Solvency II directive project on European pension funds and insurance companies. It also aims to extend the realm of ALM to address the particular needs, constraints and objectives of sovereign wealth funds, the private banking clientele, and mass-affluent investors. This programme includes the Regulation and Institutional Investment research chair, in partnership with AXA Investment Managers, the Asset Liability Management and Institutional Investment Management research chair, in partnership with BNP Paribas Investment Partners, the Asset-Liability Management Techniques for Sovereign Wealth Fund Management research chair, in partnership with Deutsche Bank, the The Case for Inflation-Linked Corporate Bonds: Issuers and Investors Perspectives research chair, in partnership with Rothschild & Cie, the Advanced Investment Solutions for Liability Hedging for Inflation Risk research chair, in partnership with Ontario Teachers Pension Plan, and the Solvency II Benchmarks research chair, in partnership with Russell Investments.
Performance and Style Analysis

This programme aims to adapt the portfolio performance and style analysis models and methods to tactical allocation and to new forms of investments. Research looks at performance evaluation in traditional classesinvestigating socially responsible investing or analysing rating methods for long-only fundsand at performance evaluation in the hedge fund universe relying on dynamic factor models. The programme has led to a business partnership with SIX Telekurs and to the offering of the EuroPerformance-EDHEC style ratings, a service measuring the quality of active management in the European fund management industry.
Operational Risks and Performance

The financial crisis has been synonymous with a transfer of a portion of investor risk towards the providers of investment and related services. The difficulties that third-party fund management has experienced in the areas of asset security, pricing and compliance with regulation, suggest that this shift in the responsibilities of those involved in fund management will have a significant impact on the profit and loss accounts not only of the fund management firms but also of all the service providers who are associated with them. Against this backdrop, this research programme aims to identify the operational risks that parties to the fund management industry bear as a result of their practices and of regulations, assess the importance of these risks and their impact on the parties solvency and business models, and propose means of mitigating these risks. The programme includes the Risk and Regulation in the European Fund Management Industry research chair, in partnership with CACEIS.
Indices and Benchmarking

This programme involves two aspects of research into indices and benchmarks in traditional and alternative investment. The first aspect looks at the quality of indices, the criteria institutions use to select them, and revisits modern portfolio theory to develop innovative approaches to constructing new forms of indices in the traditional and alternative universes. As such, EDHEC-Risk Institute has proposed a proprietary method of style index construction for the alternative universe and launched the first composite hedge fund strategy indices in 2003. In 2010, EDHEC-Risk Institute, on the basis of its research results in the area of index and benchmark construction, set up a spin-off,
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Constant dialogue with the industry

To maximise exchanges between the academic and business worlds, EDHEC-Risk Institute conducts regular industry surveys and consultations, produces practitioner-oriented documents presenting its results, organises annual conferences for the benefit of institutional investors and asset managers, maintains a website devoted to asset management research for the industry, circulates a monthly newsletter to over one million practitioners worldwide, and has established working relationships with key media groups. To help institutions take full advantage of the research advances it engineers, the Institute provides executive training services and enters into business partnerships and jointventures.
EDHEC Institutional Days 2009, 26-27 May 2009, Paris
35
EDHEC-Risk Publications, Position Papers, and Industry Surveys

EDHEC-Risk publicationsfinancial research that corresponds to the needs of the corporate world The objective of the EDHEC-Risk publications is to break away from a purely academic vision of research, whereby any research carried out has been evaluated only by academics and disseminated primarily to other scholars, and to favour instead an approach where business is at the heart of the researchers concerns. To ensure that its research corresponds to the needs of the corporate world, the Institute presents its publications in such a way as to render the research conclusions as accessible as possible to finance professionals, by including clearly delineated introductions, conclusions and an executive summary. Recent EDHEC-Risk publications include studies on structured equity strategies for long-term Asian investors, dynamic investment strategies for pension funds facing sponsor risk, life-cycle investing in private wealth management, long-short commodity investing, asset-liability management decisions for sovereign wealth funds, and non-financial risks in the fund management industry. Position papersthe EDHEC-Risk Institutes stance on issues of relevance to the financial industry The Institute has innovated with the concept of the EDHEC-Risk Position Paper. This is a collective commitment on the part of the research team to results that are brought to the attention of financial institutions and society at large. As such, EDHEC-Risk Institute has taken a position on, amongst many other issues, the inadequacies of the Markets in Financial Instruments Directive (MiFID), the eligibility of hedge fund indices within the framework of UCITS III, the lessons to be drawn from the subprime lending crisis, the ground to be covered for optimal implementation of the
Solvency II directive, the solvency requirements for banks and the nature of asset management regulations following the credit crisis, the fair value accounting standards, the undesirable effects of banning short sales, the costs and benefits of a tax on financial transactions, the issues with the proposed Alternative Investment Fund Managers Directive (AIFMD), the impact of speculation on commodity markets, the performance of socially responsible investing, and the purported risks of exchange-traded funds.
EDHEC-Risk Conferences
Since 2004, EDHEC-Risk Institute has been organising annual conferences for institutional investors. These provide professionals with the state-of-the-art in investment management and create a unique platform for presenting and debating the latest results of the research team as well discussing the future of investment management with senior regulators and leading industry figures. The Institutes independence, the original approachwhich leaves time for instruction and discussion during the sessionsand the highly selective speaker panel, make these the must-attend annual events for institutional investors and asset managers who are concerned about best practices in both technical and conceptual terms. The EDHEC-Risk Days are organised yearly in London, Singapore and New York and are structured to appeal to institutional investors, asset and wealth managers, investment bankers and policy-makers. These conferences include multiple events and fora allowing investment professionals to review major industry challenges, explore state-of-the art investment techniques and benchmark practices to research advances. PhD in Finance candidates receive complimentary invitations to attend all EDHEC-Risk Institute research events and, since 2010, have been given the opportunity to present their research work at the EDHEC-Risk Days.
Industry surveysconfronting research advances with industry best practices EDHEC-Risk Institute regularly conducts surveys on the state of the institutional investment and asset management industry. These surveys look specifically at the application of recent research advances by investment managers and at best practices in the industry.
EDHEC-Risk Asian Index Survey 2011 (sponsored by Amundi ETF), The EDHEC European ETF Survey 2011 (sponsored by Amundi ETF), Shedding Light on Non-Financial Risks - a European Survey (sponsored by CACEIS).
Position papers, publications, and surveys receive considerable attention from professionals and are extensively reported by the international financial media. The work of the Institute has been been cited in tens of thousands of articles in the business press.
36
About EDHEC Business School
37
Over 100 Years of Excellence

EDHEC Business School has been offering management training and development programmes since 1906. One of the leading business schools in Europe, it delivers degree courses to some 6,000 students and trains over 10,000 professionals yearly through executive courses and research events. Developing talents through high-quality business education, advancing knowledge and impacting business practices, and contributing to the social and economic debate constitute the Schools purpose. Research conducted by its 134 permanent faculty members and its full-time researchers drives all of these activities and is at the very core of the Schools offerings. To continue to advance its position amongst the top international institutions, EDHEC Business School has invested over 100 million euros in research and learning infrastructure since 2007 strengthening its corps of senior professors, inaugurating new world-class facilities for its residential campuses of Lille and Nice, and opening executive campuses in Singapore, London, and Paris.
Distinctive Research Policy

EDHEC Business Schools ambition is to become the European school most noted for its impact on the business world and the economy. The Schools research activities support this ambition not only by enriching the learning environment of courses and challenging participants to seek excellence, but also by creating added value for businesses. The schools 'Research for Business' policy focuses the efforts of research centres on issues that correspond to genuine industry and community expectations through the input of leading practitioners and corporate co-financing of R&D investments. Research centres publish their results in the most highly regarded academic journals as a means to validate the scientific quality of their work. Research results and applications are then actively distributed to and discussed with the corporate world, administrative and legislative authorities, and the general public. The impact on businesses and the economy is the ultimate measure of the researchs relevance and success.
Strong International Orientation

EDHEC Business School offers the widest range of fully English-instructed graduate programmes in France, drawing participants from a wide range of countries, cultures, and academic and professional backgrounds. Over seventy-five countries are represented within its degreeawarding programmes. The diversity of the student body contributes greatly to a rich learning environment that is highly conducive to personal and professional development.
Powerful Alumni Network

EDHEC Business School graduates are lifelong members of a thriving network of over 24,000 professionals present in 110 countries and in every industry. Throughout their careers, alumni enjoy a wealth of benefits and activities including career counselling, continuing education, and meetings. Themed professional clubs and learning communities allow alumni to gain and share insights into issues affecting their organisations, industries, and communities. This powerful network contributes to developing EDHEC Business Schools reputation worldwide and enhances its relationship with the global business community.
The Triple Crown of International Accreditations

EDHEC Business School was amongst the first institutions worldwide to be awarded the three international accreditations (AACSB, EQUIS, Association of MBAs) for the academic excellence and professional relevance of its programmes, its strong links with the business community, its international orientation, and its commitment to an ongoing process of quality improvement.
38
London
Nice
Singapore
Learning Infrastructure and Facilities
39
EXECUTIVE CLASSROOM
The executive classrooms used for the PhD in Finance programme in London, Nice, and Singapore allow multimedia communication over the Internet and on-demand broadcasting of class sessions. PhD in Finance candidates can replay courses, seminars, and workshops attended physically, and access the multimedia recordings of past courses, seminars, workshops, and presentations.
THREE CAMPUSES
The EDHEC-Risk Institute PhD in Finance is offered both in Europe, from London and Nice, and in Asia, from Singapore. Participants joining the programme in Asia take their core courses on the Schools Singapore campus, while those matriculating in Europe take their core courses on the Schools campuses in London and Nice. A total of ten elective seminarsfive in Asia plus five in Europeare offered every year. Subject to availability, participants in Europe are allowed to physically attend elective seminars given in Singapore, while PhD in Finance candidates in Asia will be able to take electives in London and Nice. All programme participants have electronic access to courses, seminars, workshops, and presentations given in Singapore, London, and Nice. EDHEC Business Schools Nice campus is in an elegant and modern complex overlooking the Mediterranean Sea in the vicinity of the Nice-Cte dAzur International Airport, which offers daily flights to and from over twenty French destinations and some sixty major international cities. While in Nice, PhD in Finance candidates benefit from a dedicated executive classroom, breakout lounge, and resource centre.
The Schools executive campuses used for the programme are located in state-of-the-art office buildings in the very heart of the financial districts of Singapore and London; each includes a high-tech executive classroom, offices for permanent resident faculty and researchers and visiting professors, a lounge for students and faculty, and a resource centre. Located at 10 Fleet Place, the Schools London campus is in the heart of the City, less than half an hour from Saint Pancras International and London City airport, and one hour away from Heathrow and Gatwick airports. Located at 1 George Street, the Schools Singapore campus is in the heart of the countrys central business district, half an hour from Changi airport.
E-LEARNING PLATFORM AND ELECTRONIC LIBRARY

The Schools e-learning platform allows participants to view programme information and announcements, access course material and audiovideo recordings of class sessions synchronised with supporting slides, communicate with faculty and peers, and set up workgroups. The Schools electronic library offers on- and off-campus full-text access to scientific journals, business periodicals, and a growing collection of books. For journals and periodicals, the School subscribes to EBSCOs EconLit and Business Source Complete, JSTOR, Emerald, and DowJones Factiva. PhD in Finance candidates enjoy access to over twenty five major research databases in the fields of finance and economics, and to ready-to-use research tools via the Schools subscription to Wharton Research Data Services.
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Admissions and Class Profile
41
ADMISSION REQUIREMENTS
Admission to the EDHEC-Risk Institute PhD in Finance programme is highly selective. Normal entrance requirements include: a masters degree (or equivalent) from an accredited school, college, or university (business management, economics, science, and engineering degrees are preferred); academic excellence; superior scholastic potential (certified by GMAT or GRE scores); and English proficiency.
2011/2012 ADMISSION STATISTICS

Applicants: 116 Admitted applicants: 29 Matriculated applicants: 25 International students: 92% non-French, 96% non-Singaporean Countries represented: 20 Average GMAT score: 690
Academic profile of participants: Initial degree:

2% 11% 35.5% 13%
Graduate degree(s):
58%
30% 24%
14.5%
15%
24%
APPLICATION DEADLINES
European programme October start Executive track Residential track
mid December end of March end of May mid July mid December end of March
PROFILE OF PROGRAMME PARTICIPANTS

Demographics: Currently enrolled: 66 Countries represented: 31 International students: 94% non-French, 93% non-Singaporean Average/Median age of executive participants: 38 Average/Median age of residential participants: 29 Average/Median professional experience of executive track participants: 14.5 years Regions of residence (executive track participants) Asia: 36.5% (inc. Middle-East 8.5%) Europe: 35% Americas: 25% Australasia: 3.5%
6%
5%
Asian programme February start

mid December end of March end of May mid September mid December end of March
Engineering/Applied science Mathematics/Physics Humanities/Political science Accounting/Business/Finance Economics Miscellaneous
Finance Business administration Engineering/Applied science Economics Mathematics/Physics Humanities/Political science
Professional profile of executive track participants: Industries:

5% 8.5% 28% 18.5% 15%
Job functions:
5% 3% 28.5%
16.5%
27%
20%
25%
Corporate and investment banking Third-party asset management Advisory and financial services End investor or regulator Wealth management Academia
Head of unit, principal, partner Investment/risk personnel ((senior) analyst, associate, director) Chief executive or chairperson Portfolio/risk manager, investment/risk officer Other manager Professor
42
Fees and Funding
43
PHD IN FINANCE PROGRAMME FEES

European programme (October) Executive track
EUR 35,000 in 2013/2014 EUR 35,000 in 2014/2015 EUR 35,000 in 2015/2016
Asian programme (February)

SGD 63,000 in 2013 SGD 63,000 in 2014 SGD 63,000 in 2015
FUNDING FOR EXECUTIVE TRACK PARTICIPANTS

EDHEC-Risk Institute and EDHEC Business School do not normally offer scholarships to executive track participants in the PhD in Finance programme. Executive track participants are usually either selffinanced or company-sponsored. As human capital development and R&D-related expenses, tuition fees and associated costs may, in some jurisdictions, be eligible for specific public or collective funding schemes. The EDHEC-Risk Institute PhD in Finance is one of the approved programmes under the Doctorate Scholarship Programme supported by the Singapore Financial Sector Development Fund (FSDF). Applicants to the programme may be eligible for funding support on a case-by-case basis. Preference will be given to candidates who are Singapore citizens or permanent residents. Interested applicants should contact the FSDF Secretariat for further information.
Fees do not include travel and accommodation expenses.
FUNDING FOR RESIDENTIAL TRACK PARTICIPANTS

Residential track participants will work as research or teaching assistants in London, Nice, or Singapore. In return for their part-time duties with the School, residential track participants will receive full-tuition waiver plus competitive compensation. Up to five positions are offered for PhD in Finance candidates every year and these positions are filled as early as possible.
FOR MORE INFORMATION EDHEC-Risk Institute PhD Admissions 393 Promenade des Anglais BP 3116 - 06202 Nice Cedex 3 - France Tel.: +33 493 183 267 or +65 6438 9896 Email: phd.admissions@edhec-risk.com Web: phd.edhec.edu
EDHEC-Risk Institute 393 promenade des Anglais BP 3116 06202 Nice Cedex 3 France EDHEC Risk InstituteAsia 1 George Street #07-02 Singapore 049145
EDHEC Risk InstituteAsia Singapore Council for Private Education registration No.201025256Z from 22-06-2011 to 21-06-2017
EDHEC Risk InstituteEurope 10 Fleet Place Ludgate London EC4M 7RB United Kingdom Email: phd.admissions@edhec-risk.com Web: phd.edhec.edu
Institute
August 2012

PHD Finance

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PhD in Finance

Residential track - Executive track

The EDHEC-Risk Institute PhD in Finance

The EDHEC-Risk Institute PhD in Finance

The EDHEC-Risk Institute PhD in Finance

The EDHEC-Risk Institute PhD in Finance at a Glance

One programme, two tracks, tHREE LOCATIONS

The EDHEC-Risk Institute PhD in Finance

A rich learning environment

The support of a leading research INSTITUTE

A well-structured and rigorous curriculum

The EDHEC-Risk Institute PhD in Finance

Research for Professional Development and Industry Innovation

The EDHEC-Risk Institute PhD in Finance

The EDHEC-Risk Institute PhD in Finance

A Well-Structured and Rigorous Programme

The EDHEC-Risk Institute PhD in Finance

EDHEC-Risk Institute PhD in Finance Timeline: Asia

YEAR 3 YEAR 2 YEAR 1

Four residential weeks

Monthly e-workshops Dissertation work

Dissertation proposal ELECTIVES

Offering of five residential half-weeks

Monthly e-workshops Dissertation work

1st research presentation ELECTIVES

Offering of five residential half-weeks

Monthly e-workshops Dissertation work

2nd research presentation

The EDHEC-Risk Institute PhD in Finance

EDHEC-Risk Institute PhD in Finance Timeline: Europe

YEAR 3 YEAR 2 YEAR 1

Monthly e-workshops Dissertation work

Dissertation proposal ELECTIVES

Offering of seven residential half-weeks

Monthly e-workshops Dissertation work

1st research presentation ELECTIVES

Offering of seven residential half-weeks

Monthly e-workshops Dissertation work

2nd research presentation

The EDHEC-Risk Institute PhD in Finance

ELECTIVE RESEARCH SEMINARS

RESEARCH PRESENTATION SERIES

The EDHEC-Risk Institute PhD in Finance

The Executive Track in Focus

The EDHEC-Risk Institute PhD in Finance

Dedicated research coaching

Research for professional development

Structure tailored to executive needs

The EDHEC-Risk Institute PhD in Finance

Outstanding Programme Faculty

EDHEC-Risk Institute PhD in Finance programme faculty:

Giuseppe Bertola, PhD (MIT),

Abraham Lioui, PhD (Paris I),

Vikas Agarwal, PhD (LBS),

Jrme Detemple, PhD (UPenn & Strasbourg I),

The EDHEC-Risk Institute PhD in Finance

A selection of international journals currently edited by programme faculty (2012)

Recent publications by programme faculty

The EDHEC-Risk Institute PhD in Finance

CORE PROGRAMME FACULTY

PhD in Economics (MIT)

The EDHEC-Risk Institute PhD in Finance

MSc in Mathematics (Zagreb), MPhil and PhD in Statistics (Columbia)