European Financial Management
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Finance Faculty Profiles
Interested to be listed in the Finance Faculty Profiles homepage and get connected with academics/researchers worldwide by letting them know of your interests and academic activities? Please email a brief biographical note that contains the following information- Affiliation
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- Working papers / Research in progress
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Email: jdoukas@odu.edu
Fax: (757) 683-5639
ABDULLAH IQBAL
Abdullah is a Lecturer in Accounting and Finance in the Canterbury Business School at the University of Kent, which he joined in 2001. Previously he worked for Emirates Bank International and Bank of America NT&SA in Pakistan. He holds an MBA (Finance) and Diploma in Banking from Pakistan and both MA (Finance) and PhD from the the University of Manchester. He has presented his work in various international conferences. One of his papers (also written jointly with Prof. N. Strong and Dr. S. Espenlaub) was declared the 2003 Best Paper in Financial Management, at the ISINI (International Society of Intercommunication of New Ideas) 7th International Conference in Lille, France, in August 2003.ABIMBOLA ADEDEJI
Dr. Abimbola Adedeji is a lecturer in financial management in the Department of Accounting, Finance and Management at the University of Essex in the UK He obtained BSc Economics degree from the University of Ibadan and MBA degree from the University of Lagos, both in Nigeria, and PhD Corporate Finance degree from Manchester Business School, University of Manchester in the UK. He has published papers in refereed journals in Nigeria, including Nigerian Journal of Economic and Social Studies, Nigerian Financial Review and Nigerian Management Review. He has also published papers in refereed journals in the UK, including Journal of Business Finance and Accounting, Applied Financial Economics and British Accounting Review.ADAOGLU CAHIT
Email: cahit.adaoglu@emu.edu.trWebsite: www.emu.edu.tr/~cadaoglu
Dr. Cahit Adaoglu is an Assistant Professor, Department of Banking and Finance, Eastern Mediterranean University. He was born at Gazimagusa (T.R.N.C.) on 23 September 1971.
Educational Qualifications
- Ph.D. in Management (Finance) (1994-1999), Cukurova University, Institute of Social Sciences, Adana-Turkey and one year Ph.D. research at City University Business School, London, UK., 1996-1997.
- M.Sc. in Finance (1994), Boston College, Wallace Graduate School of Management, Massachusetts, USA.
- B.A. in Economics with Management Concentration (1993), Ohio Wesleyan University, Dept. of Economics, Ohio, USA. (Minor: Politics and Government).
Refereed Article(s)
- Adaoglu Cahit. "Instability in the Dividend POlicy of Istanbul Stock Exchange Corporation: Evidence from an Emerging Market." Emerging Markets Review, Vol.1, Issue 3, 2000, pp.252-270.
- Adaoglu Cahit. "Regulation Influence on the Dividend Policy of Istanbul Stock Exchange (ISE) Corporations". The Istanbul Stock Exchange (ISE) Review, Vol.3, No.11, 1999, pp.1-19.
AINTABLIAN SEBOUH
Dr. Aintablian Sebouh is an Assistant Professor, Institute of Money and Banking, American University of Beirut, Lebanon. He joined the American University after completing his PhD in Finance at the Schulich School of Business, York University. Dr. Aintablian's research is published in the Journal of Banking and Finance. He is engaged in a number of research projects in the areas of financial institutions and corporate finance.ANDRE BENDER
Andre Bender holds a PhD in Finance and is professor of Corporate Finance at the University of Geneva (Switzerland). He has published numerous articles in Real Estate Journals.ARTURO CAPASSO
Dr.Arturo Capasso is an Associate Professor of Corporate Finance at the Università del Sannio and the Università di Napoli Federico II. Prof. Capasso first two degrees were taken at the Università di Napoli and at the Columbia University (MBA 88).He got his Phd at the Università Cattolica in Milano with a doctoral dissertation on mergers and acquisition. He has authored two books - respectively on corporate finance and corporate governance. He haspublished more than 20 journal articles and contributed chapters to various books concerning corporate financial management and corporate governance.He has been an active presenter of papers at conferences and professional meetings. Visiting Professor at the Columbia University and Visiting Researcher at the Harvard University. He is the Chairman of Idea Finanziaria, a financial strategy consulting firm. He acts as a training consultant for a many banks and international companies. He is a Fellow of the Accademia Italiana di Economia Aziendale. Current research focus is on corporate governance and shipping finance.
AUGROS JEAN CLAUDE
Jean Claude Augros, Professor of Finance at the University Lyon 1 and at the Institut de Science Financiere et d'Assurances (ISFA), France. Director of the U.F.R. de mathematiques app1iqu~es, gestion et economie (Lyon 1). He has a longstanding interest in valuation of real and financial assets, option and theory of the term structure of interest rates. Author of three books: Finance: Options and Convertible Bonds', Interest Rates Options: Interest Rates Process and Valuation', and Options Exchange Market'. Besides author of more than 20 monographs and articles.BAYAR ASLI
Currently a PhD Candidate at the College of Business, Bilkent University, Ankara Turkey. She is a graduate of Department of Management, Faculty of Economic and Administrative Sciences, Middle East Technical University, Ankara. Her interests are Market Anomalies in Emerging Markets, Investments, Inventory Policies in Highly Volatile Inflationary Markets, and Market Volatility.BEEKMAN AMY
Amy V. Beekman received her PhD from the University of South Carolina in 1997. She has a law degree from the University of Florida and an MBA from Florida Atlantic University. She has worked in Special asset division of Nationsbank where she negotiated loan workouts and restructurings and managed bankruptcy and foreclosure litigation in entrepreneurial ventures. She is currently visiting assistant professor at the University of South Carolina and has presented her research on high-growth entrepreneurial firms at the Academy of Management meeting.BROYLES JACK
Senior Lecturer in Finance at the Warwick Business School in the University of Warwick, England. Formerly he taught at the Cranfield School of Management, at Templeton College, Oxford and at the London Business School where he was the founding Director of the Corporate Finance Programme. He was a Director of Oxford Economic Forecasting Ltd. He has acted as a training consultant for a large number of companies and international banks. He is a Fellow of the Association of Corporate Treasurers. Before entering academic life, he was the Planning Manager for an international manufacturing company based in the USA.Dr. Broyles' first two degrees were taken at the Massachusetts Institute of Technology and at the Rensselaer Polytechnic Institute. His doctoral dissertation at the London School of-Economics concerned A Stochastic Model of New York Stock Exchange Transactions.
Dr. Broyles has jointly authored three books on financial management: Modern Managerial Finance, Financial Management Handbook, and Corporate Finance. He has published numerous journal articles and contributed chapters to various books concerning corporate financial management. He was a member of the editorial Board of the Journal of Business Finance and Accounting and has been an active presenter of papers at conferences.
CHANG JOW-RAN
Jow-ran Chang is an assistant professor of Quantitative Finance at National Tsing Hua University. Professor Chang received a Ph.D. degree in Finance from National Taiwan University. His research focuses on international investment, asset pricing and financial engineering. His writings have been published in many academic journals including Review of Quantitative Finance and Accounting, and Applied Economics Letters.CORNU PHILIPPE
Teaching assistant of Finance at the University of Geneva and Phd candidate at the University of Geneva. Holds a BA in Business Administration and MSc in Economics and Finance from the University of Geneva. Previously visiting scholar at California State University Northridge.COUTTS J ANDREW
Currently a Senior Lecturer in Financial Management at Sheffield University Management School, his interests lie in the area of the econometrics of the single index model within the event study methodology, an area in which, he has published extensively in a variety of economics/econometrics and finance journals. A further research focus is that of security market anomalies and security market efficiency; an area in which he has published many articles. He previously had research interests in the sociology of the accounting profession, with specific reference to gender segregation. His co-authored work in this area, was awarded the both the 1992 and 1993 American Accounting Association's "Gender and Accounting" manuscript award. The author was previously a Research Assistant in Financial Markets at the University of Manchester, before securing a Lectureship in Accounting and Finance at the University of Leeds.DE BODT ERIC
Eric de Bodt is a Professor of Finance at the Ecole Superieure des Affaires of the Universite de Lille 2, where he is heading the research team GERME. His research activities focus mainely on empirical works in corporate finance, in particular in the field of merges and acquisitions, but reach also financila markets and applied econometric. Eric de Bodt is also a Professor at the Universite Catholique de Louvain, where he has realized his PhD.DE WAELE KOEN
Koen de Waele is research assistant in the Department of Finance, at the University of Ghent, Belgium. He is researching venture capital in Belgium and in an international context, he has an economics degree and a Finance MBA, both from the University of Ghent.DESBRIERES PHILIPPE
Philippe Desbrieres is Professeur of Finance at the Universite de Bourgogne, France. His research interests are in the area of corporate finance, notably corporate restructuring and buy-outs. He is the author of several books and papers. His books include Le Gouvernement Des Entreprises. His papers have appeared in such journals as Revue Francaise de Gestion. Finance and Entrepreneurship: Theory and Practice.DIAZ ANTONIO
Antonio Diaz is a graduate from the Universitat de Valencia, Spain where he has given awards for his PhD. he held full time appointments in the Universitat Jaume I de Castellon and is currently an associate in the Universidad de Castilla-La Mancha. He is interested in fixed income and credit risk issues and his papers in these fields have been published in international journals such as Risk and The Journal of Fixed Income, and high quality Spanish journals such as the Hacienda Publica Espanola and Revista de Economica Aplicada.DONDERS W M MONIQUE
Monique W.M. Donders is a co-head of Equity Derivatives at MeesPierson Investment Bank. She obtained a PhD in Finance from Erasmus University. Before joining MeesPierson, she was employed as a senior quantitative researcher by IRIS, the research institute of Rabo and Robeco. While studying for her PhD, she was an assistant professor in the Department of Finance at Erasmus University and a consultant to the European Options Exchange. She has published in several academic journals such as the Journal of Banking and Finance, European Financial Review and Statistica Neerlandica.ELION JANI
Elion Jani holds a master degree in Business Administration. He is currently a PhD candidate at the University of Geneva (Switzerland).ERRUNZA VIHANG
Vihang Errunza holds the Bank of Montreal Chair in Finance and Banking at McGill University, Montreal, Canada. He earned his Ph.D. in international finance from the University of California at Berkeley in 1974. He taught at INCAE, a Harvard initiated graduate school of business in Central America from 1974 to 1976 and has been on the Faculty at McGill University since 1976. Dr. Errunza’s principal areas of academic and consulting activities include international asset pricing, emerging markets, portfolio management, international corporate finance and risk management. He serves on numerous editorial boards of academic journals and has written extensively on international capital markets. His work has appeared in many journals including the Journal of Finance, Journal of Financial and Quantitative analysis, Journal of Banking and Finance, Financial Management, International Journal of Theoretical and Applied Finance, Financial Analysts Journal, Journal of Portfolio Management and Journal of International Business Studies.ESPENLAUB SUSANNE
After undergraduate studies at Heidelberg University, Germany, and at Queen Mary and Westfield College in London, Susanne completed a DPhil on the topic of initial public offerings (IPOs) at Oxford University in 1996. She has been a Lecturer in Finance at the Manchester School of Accounting and Finance, The University of Manchester, since 1995. Her research areas are corporate finance and governance. She has published work on IPOs in European Financial Management, The Journal of Business Finance and Accounting, and Venture Capital: An International Journal of Entrepreneurial Finance.FORSYTH MICHAEL
Forsth Michael is a doctoral student at the Aberdeen Business School. he has published in the Journal of Global Business, American Business Review, and the Journal of International Business (forthcoming). He has also presented papers at conferences such as the IESE M&A Symposium, British Academy of Management, British Accounting Association, Irish Accounting and Finance Association, International Academy of Linguistics and Behavioural and Social Sciences and other international conferences.FRÜHWIRTH MANFRED
Manfred Frühwirth is Associate Professor and Vice Head of the Institute for Finance, Department of Corporate Finance, at Vienna University of Economics and Business Administration, where he achieved both his doctorate in 1999 and his habilitation in 2003.
He designed and held courses at Vienna University of Economics and Business Administration, at Bordeaux Business School, at the University of Bratislava, at Budapest University of Economic Sciences, at Kiev National University of Economic Sciences, at the University of Applied Sciences (field "Banking and Finance") and at various other organizations. The courses held contain capital budgeting, financial management, portfolio management, cost of capital, financial planning, international finance, mergers and acquisitions, bond pricing, option pricing and cost accounting. Intercultural experience was particularly gained by teaching various courses in the JOSZEF program (special program for young Eastern European students becoming future top managers), in the CEMS program, in the International MBA program organized by the University of South Carolina and Vienna University of Economics and Business Administration and in the MBA for Supply-Chain Management program organized by the Swiss Federal Institute of Technology Zürich (ETH Zürich). For the Finance course in the International MBA program 2001/2002 he was awarded the Outstanding Teaching Award. For the Global Finance I course in the International MBA program 2004 he was awarded the Teacher of the Year Award. He was invited for a visiting professorship at Bordeaux School of Management in the spring terms 2003 and 2004. His research activities focus on theoretical and practical problems in bond pricing (e.g. yield computation, term structure estimation, interest rate risk, credit risk, pricing of floating rate notes), capital structure optimization, business valuation, estimation of the market risk premium, earnings management, real options, as well as taxes and accounting (cost accounting, tax strategies).
He held research presentations at Vienna University of Economics and Business Administration, at the University of Vienna, at the Technical University of Vienna, at Karl-Franzens-University in Graz, at Leopold-Franzens-University in Innsbruck, at the Danube University in Krems, at Ludwig-Maximilians University in Munich, at Johann Wolfgang Goethe University in Frankfurt, at Friedrich-Alexander University Erlangen-Nürnberg, at Copenhagen Business School, at Bocconi University in Milano, at University of Lille, at the Swiss-Italian University in Lugano, at Hamburg University, at the University of Konstanz, at Boston University, at Vienna Stock Exchange, at the Austrian Institute of Economic Research and at the Austrian Institute of Advanced Studies. For the summer term 2003 he was invited for the Chair in Risk Management Research at the University of Antwerp.
He published research papers, among others, on pricing floating rate notes subject to default risk ("A Pricing Model for Secondary-Market-Yield Based Floating Rate Notes Subject to Default Risk", in the European Journal of Operational Research), on the optimal capital structure with special attention to equity tax shields (in "Zeitschrift für betriebswirtschaftliche Forschung", together with Stefan Bogner and Andreas Höger), on the Heath/Jarrow/Morton duration and convexity ("The Heath/Jarrow/Morton Duration and Convexity - A Generalized Approach", in the International Journal of Theoretical and Applied Finance), on the optimal timing of the transfer of hidden reserves ("The Optimal Timing of the Transfer of Hidden Reserves in the German and Austrian Tax Systems", in the International Journal of Intelligent Systems in Acounting, Finance and Management) and on business valuation with special attention to equity tax shields (in "Schmalenbach Business Review", together with Stefan Bogner and Markus Schwaiger). In addition, he published books on yield computation and on the pricing of floating rate notes subject to credit risk. For his research performance he received the Stephan-Koren Prize for the best Ph.D. thesis at Vienna University of Economics and Business Administration in 1999.
He is a member of the Austrian Working Group on Banking and Finance, the German Finance Association, the Association of University Professors of Management, the European Financial Management Association, the European Accounting Association, the EURO Working Group on Financial Modelling and the American Accounting Association. He was a member of the Programme Committee of the 2004 European Financial Management Association Conference in Basel. He was a referee for the European Journal of Operational Research, for the International Journal of Intelligent Systems in Accounting, Finance and Management, for Schmalenbach Business Review, for Journal für Betriebswirtschaft, for Campus for Finance and for the Annual Conference of the Swiss Society for Financial Markets Research. From 2000 until 2002 he was head of the area "Financial Markets" at the University of Applied Sciences (field "Banking and Finance") in Vienna. In addition, he consulted in the establishment of the curriculum of the Ueberreuter Portfolio Academy.
GAJEWSKI JEAN FRANCOIS
Jean Francois Gajewski is a graduate of Paris-Dauphine University and also holds a PhD from Paris-Dauphine University. He is an assistant professor at Grenoble University (ESA of Grenoble) and teaches empirical tests in Finance, portfolio management, market microstructure and financial management.He has published several articles on market microstructure and equity issues. Moreover, he now works in the field of financial markets and accounting information.
GALLIZO L JOSE
Jose L. Gallizo is Associate Professor of Financial Economics and Accounting at the University of Zaragoza (Spain) where he gained his doctorate. He has been a visiting researcher in the School of Accounting, Banking and Economics at the University of Wales, Bangor, (UK) and he held teaching appointments at the University of Tarapaca (Chile) and visiting lecturer at the IUT Gestion des Enterprises at the University of Paul Savatier, Toulouse (France). He is a Fellow of the Spanish Institute of Chartered Accountants. He has published a number of articles in academic and professional journals, is the author of a monograph on value added accounting and co-author of European Financial Reporting. Spain, Routledge.GILBERTO LOUREIRO
Gilberto Ramos Loureiro is a Lecture Assistant at Escola de Economia e Gestao, Universidade do Minho, Portugal, since November 1998. He received his degree in Economics from Faculdade de Economia do Porto in 1997 and he is currently finishing his master's degree in Management, with specilization in Finance, at Universidade do Minho. His research interests are mainly related to the field of corporate governance.Email: gilberto@eeg.uminho.pt
GREGORY ALAN
Gregory Alan is Professor of Corporate Finance, and Head of Department of Business and Management at the University of Exeter where he teaches on the MBA and MA Finance and Investment programmes. Prior to joining Exeter he has held positions as Professor of Business Studies, at the University of Wales, Aberystwyth, and Professor of Accounting & Finance at the University of Glasgow. His industrial experience includes working as a management accountant in British Rail and the Green Shield-Argos Group and he has acted as a consultant in company valuation and establishing corporate costs of capital. His research interests include market-based empirical research, particularly take-overs and mergers. A further area of current research is a project which has been funded by CIMA, 'The cost of capital in the UK - a comparison of theoretical, industry and financial institutions' perspectives'. Recent publications have included a study of the long run performance of UK acquiring firms, share price reaction to directors' trading activity, and the performance measurement of 'ethical' unit trusts, in addition to published work relating to audit fees and auditor change, and audit committees and monitoring.GRESSE CAROLE
Gresse Carole is a graduate of Ecole Superieure de Commerce de Paris (ESCP) and holds a Ph.D. from Universite Paris Dauphine. She is an Assistant Professor at Universite Paris Dauphine and teaches market microstructure, portfolio management, international finance and financial management. She has published a book on financial distress and her current fields of research are market microstructure, international listing and market integration.GUEDES JOSE FILIPE GARCIA CORREIA
Jose Filipe Gacia Correia GuedesEmail: jcg@fcee.ucp.pt
Associate Professor (since 1994): Universidade Catolica Portuesa - Faculdade de Ciencias Economicas e Empresariais.
Assistant Professor of Finance (1990-94): Southern Methodist University, Edwin Cox School of Business, Dallas, Texas
Ph.D. Ohio State University (1990)
Published Papers
- Guedes. J., 1995, Debt Maturity and Taxes", Research in Finance, vol. 12, pp. 37-51, JAI Press.
- Guedes. J and Thompson. R, 1995, "Tests of a signaling hypothesis: the choice between fixed and adjustable rate debt", Review of Financial Studies, vol. 8, n 3, pp. 605-636.
- Guedes. J, Clarkson. P. and Thompson. R, 1996, "On the diversification, observability, and measurement of estimation risk.", Journal of Financial and Quantritative Analysis, vol. 31, n 1, pp. 69-84.
- Guedes. J and Opler. T, 1996, "The empirical determinants of corporate debt maturity", Journal of Finance, vol. 51, n 5, pp. 1809-1833.
- Guedes. J. and Parayre. R., 1997, "Managerial reputation and divisional sell - offs: a model and empirical test", Journal of Banking and Finance, 21, pp. 1085-1106.
- Guedes. J., 2000, "Free cash flow and investment precommitment"
- Guedes. J and Machado. F., "Changing rewards in contests: has the three-point rule brought more offense into soccer?", forthcoming in Empirical Economics
HOGAN KEDRETH
After graduating from Arizona State University, Ked Hogan joined Faculty of Management of McGill University in Montreal Canada in 1990. He moved to Barclays Global Investors in 1997 and currently serves as its Principal in the San Francisco office. His work has been published in many journals including the Journal of Finance, International Journal of Theoretical and Applied Finance, European Financial Management, International Review of Economics and Finance, and The Financial Review.HUNG MAO-WEI
Mao-wei Hung is Dean of College of Management at National Taiwan University. From 1990 to 1994, he was an assistant professor of Finance at McGill University. Professor Hung specializes in research on asset pricing, financial engineering, international finance and behavioral finance. He received a Ph.D. in Finance from Kellogg School of Management at Northwestern University. He has published more than thirty articles in a variety of academic journals including Journal of Finance, Journal of Banking and Finance, Journal of Derivatives, Journal of Futures Markets, International Journal of Theoretical and Applied Finance, and Journal of Investing.HUTCHINSON ROBERT
Robert Hutchinson is a graduate of Warwick University and, currently, Professor of Business Finance at the University of Ulster in Northern Ireland. He has worked with the Institute of Bankers in Ireland, on its Professional Banking Diploma, and has produced a number of commissioned reports, on investment appraisal and on the structure of Irish Banking, for the Northern Ireland Civil Service and the Northern Ireland Economic Council. Among his publications are a number of books, the most recent being on Corporate Finance, and journal articles in, for example, The European Economic Review; The American Journal of Agricultural Economics; The Journal of the Regional Studies Association; The International Review of Retailing, Distribution and Consumer Research; The Journal of Strategic Change and Small Business Economics.ISAKOV DUSAN
Lecturer of Finance at the University of Geneva. Holds a PhD and MSc in Economics from the University of Lausanne. Previously research and teaching assistant at the University of Lausanne and visiting scholar at CIRANO-Montreal.JACQUILLAT BERTRAND
Bertrand Jacquillat is a graduate of HEC, IEP (in Paris), and Harvard Business School. He holds a Ph.D. from Universite Paris Dauphine. Dr. Jacquillat is University Professor at Universite Paris Dauphine (on leave) and the chairman and cofounder of Associes en Finance, which specializes in the valuation of European equities, sectors and markets.He is a visiting fellow at the Hoover Institution and has previously been a Professor at Groupe HEC, Stanford University, University of California at Berkeley and INSEAD, among others.
Dr. Jacquillat has published over 10 books and 100 articles both in academic journals and professional publications. He is an Advisory Editor of European Financial Management and a referee for numerous academic journals. A former President of the French Finance Association, he is the editor of the Finance Series at Presses Universitaires de France and sits on the board of several large corporations. His current research interests are the valuation and microstructure of European markets.
JANG WOAN-YUH
Associated Professor of Finance in the Department of Business Administration at the National Taiwan Institute of Technology, Taiwan. Formerly she was affiliated with the Warwick Business School, University of Warwick, England.Dr. JANG' S first degree in Statistics was taken in the National Chung-Shin University, Taiwan and her Master degree in Statistics was taken in the University of Warwick, England. The topic of her doctoral dissertation at the Warwick Business School in the University of Warwick is "Empirical Test of the Predictive Ability of Asset Pricing Models and of Stock Market Overreaction in the U.K."
JOOST M. E. PENNINGS
Joost M.E. Pennings received his PhD in marketing and finance summa cum laude from the Wageningen University in 1998. After winning the Niels Stensen Award for his PhD thesis entitled "The Market for Hedging Services: A Marketing-Finance Approach" he became an associate professor in the department of marketing at the Wageningen University, and head of that Department in 1999. He was appointed Associate Professor in the Office for Futures & Options Research in Department of Agricultural & Consumer Economics at the University of Illinois at Urbana-Champaign under the Provost Faculty Excellence Program in 2001 and became the AST Distinguished professor in futures markets at the Wageningen University in that same year. Dr. Pennings’ research has been published in a wide range of academic journals among others: American Journal of Agricultural Economics, European Financial Management, International Journal of Research in Marketing, Journal of Banking & Finance, Journal of Business, Journal of Economic Psychology, Journal of Futures Markets, Journal of International Money & Finance and Management Science. Pennings’ research deals with understanding revealed economic behavior by studying the decision-making behavior of real decision-makers in financial markets. Both descriptive and normative models are developed in order to explain and predict behavior. Special attention is given to decision-making under uncertainty. The research is quantitative and rooted in economics, finance, management sciences, and psychology theory.Publications:
1. Pennings, J.M.E. and A. Smidts (2004), "The Shape of Utility Functions & Organizational Behavior, Management Science forthcoming
2. Pennings, J.M.E. and P. Garcia (2004), "Hedging Behavior in Small and Medium-sized Enterprises: The Role of Unobserved Heterogeneity," Journal of Banking & Finance forthcoming
3. Pennings, J.M.E. and B. Wansink (2004), "Channel Contract Behavior: the Role of Risk Attitudes, Risk Perceptions, and Channel Members’ Market Structures," Journal of Business forthcoming
4. Pennings, J.M.E., M.J.J.M. Candel and T.M. Egelkraut (2003), "A Behavioral Decision Making Modeling Approach Towards Hedging Services," Journal of Behavioral Finance forthcoming
5. Pennings, J.M.E (2002), "Pulling the Trigger or Not: Factors Affecting Behavior of Initiating a Position in Derivatives Markets," Journal of Economic Psychology 23 (April): 263-278.
6. Pennings, J.M.E. and P. Garcia (2001), "Measuring Producers’ Risk Preferences: A Global Risk Attitude Construct," American Journal of Agricultural Economics 83 (November): 993-1009.
7. Pennings, J.M.E. and R.M. Leuthold (2001), "Introducing New Futures Contracts: Reinforcement versus Cannibalism," Journal of International Money & Finance 20 (5): 659-675.
8. Pennings, J.M.E. and A. Smidts (2000), "Assessing the Construct Validity of Risk Attitude," Management Science 46 (10), 1337-1348.
9. Pennings, J.M.E. and R.M. Leuthold (2000), "The Motivation for Hedging Revisited," Journal of Futures Markets 20 (9), 865-885.
10. Pennings, J.M.E. and R.M. Leuthold (2000), "The Role of Farmers’ Behavioral Attitudes and Heterogeneity in Futures Contracts Usage," American Journal of Agricultural Economics 82 (4): 908-919.
KADALIYA PADMA
Padma Kadiyala graduated from Ohio State University with a Ph.D. in 1995.She is currently on the faculty at Farleigh Dickinson University. Previously, she has visited Southern Methodist University and Purdue University. Her primary areas of interest are corporate finance and international financial markets.
KELOHARJU MATTI
Matti Keloharju is a Professor of Finance at the Helsinki School of Economics and Business Administration, where he earned his PhD and where he has been a Finance faculty member since 1992. In 1998-99, Dr Keloharju was a Visiting Assistant Professor of Finance at the Anderson School of Management, University of California at Los Angeles. His research interests include behavioral and corporate finance. His work has been published, among others, in the Journal of Finance and the Journal of Financial Economics.
KLEINERT JOHN
John Kleinert is a Research Associate in Research Group "Structural Change and Growth" Keil Institute for Worl Economics
He was born on October 17, 1970 in Berlin. He had his study of economics and Japanese studies at the Eberhard-Karls-Universitat Tubingen and Ritsumeikan University Kyoto, Japan, diplom-Volkswirt (M.A. in economics) 1997. Structural Change and International Division of Labor.
Main Areas of Research: International economics, globalization, multinational enterprises, mergers and acquisitions
Recent Publications: The Time Pattern of the Internationalization of Production". (2001) German Ecomonic Review 2, (1): 79-98.
Further Selected Publications:
Megafusionen: Trends, Ursachen und Implikationen, Kieler Studien 302, Tubingen 2000 (together with H. Klodt)
"The emergence of Multinational Enterprises".(2000) in: G. Rubel (ed.), Issues in International Economics. Berlin: Duncker & Humblot.
KLODT HENNING
Prof. Henning Klodt is the Head of Research Department "Structural Change and Growth" Keil Institute for Worl Economics
He was born on February 21, 1952. Study of Economics at the Christian-Albrechts-Universitat zu kiel, diplomvolkswirt (M.A. in Economics) 1977, Doctor's degree in Economics (Ph.D.) 1984, appointment to Director and Professor 1999. since 1978 research associate at the Kiel Institute of World Ecomonomics, 1988-1989 head of research group "technology and growth", 1990-1997 head of research group "Structural Change and Employment" and responsible project leader of the Kiel Insititute's reports on structural adjustment (strukturberichtestattung), since 1997 head of research department "Growt, structural change and International Division of Labor".
Structural change and induatrial policy, science and technology, international economics, labor market development, competition policy.
Recent Publications
- "Fusionswellen und ihre Ursache" (2002). In: W. Franz, H. J. Ramser, M. Stadler (eds.), Fusionen. 31. Wirstchaftswissenchaftliches Seminar, Ottobeuren, Tubingen: Mohr Siebeck (with Jorn Klienert) (in print)
- conflicts and Conflict Resolution in International Antitrust: Do We Need International Competition Rules? (2001). The World Economy. 24 (7): 877-888.
- "Economic Efficiency and Social Acceptasnce of Wage Subsidies" (2001). In: R. Riphan, D. J. snower, K. F. Zimmermann (eds.), Employment Policy in Transition, Heilderberg, Springer: 154-171
Further Selected Publications
- "Industrial Policy and the East German Productivity Puzzle" (2001). german economic review 1 (3): 315-333
- Megafusionen: rends, Ursachen und Implikationen. Kieler Studien 30. Tubingen 2000 (together with J. Kleinert)
- "Together Global Competition: Catalysts and Constraints" (1999). I: OECD (ed.), The Future of the Global Economy. Towards a Long Boom? Paris: 115-138 (together with H. Siebert)
- "German Technology Policy: Institutions, Objectives and economic efficiency" (1998). Zeitschrift fur wirtschaftspolotik 47 (2)
- "Comparitive Advantage and Prospective Structural adjustment in Eastern Europe" (1991). Economic Systems 15 (2)
- "Industrial Policy and Repressed Structural Change in West Germany" (1990) Jahrbucher fur Nationalokonomie and Statistik 207 (1)
- "technologietransfer und internationale Wettbewerbsfahigkeit" (1990). Aussenwirtschaft 45 (1)
- "International Trade, Direct Investment, and Regulations in Services (1988). World Competition 12 (2)
KOUWENBERG ROY
Roy Kouwenberg is a Ph.D. student at the Econometric Institute and the Department of Finance at Erasmus University Rotterdam. In 1992 he received his M.Sc. degree in econometrics at Erasmus University Rotterdam. Currently, Roy is finishing his thesis on Dynamic Asset-Liability Management. He has presented his work at numerous international conferences and seminars.
LAOPODIS NICK
Associate Professor of Finance and EconomicsEmail: NLaopodis@mail.fairfield.edu
Research Interests: international financial risk modeling, investments and capital markets.
Teaching Interests: investments, financial modeling, capital markets, risk management.
LIU WEIMIN
Weimen Liu is a Lecturer in Finance in the Manchester School of Accounting and Finance at the University of Manchester, which he joined in 2000. He previously held research positions at the University of Exeter and the University of Manchester. He holds an MSc from Lancaster University and a PhD from the University of Manchester. He has published in the Journal of Business Finance and Accounting.LOBEZ FREDERIC
Frederic Lobez is a Professor of Finance at the Ecole Superieure des Affaires of the Universite de Lille 2. His research activities focus mainly on banking and the credit market. Frederic Lobez is also a Professor at the Universite Catholique de Lille, where he is heading the research team LABORES (CNRS).LOCAREK-JUNGE HERMANN
E-Mail: hlocarekj@pfeiffer.eduWebsite: http://www2.pfeiffer.edu/~hlocarekj
Dr. Hermann Locarek-Junge is full professor of Finance and Financial Services at Dresden University of Technology, Dresden, Germany (since 1995) and adjunct faculty of Pfeiffer Universty, Charlotte, NC and IPFM, Prague (since 2001). He received his doctorate in Business Administration from Augsburg University. He has published 5 books and more than 50 articles. He is an Editor of a Finance, Capital Market, and Banking series and a referee for some academic journals. He sits on the board of several academic associations and councils. His current research interests are risk measurement, operational risk management, and asset management.
MAESENEIRE DE WOUTER
Wouter De maeseneire is a PhD candidate at the Department of Corporate Finance, Faculty of Economics and Business Administration, Ghent University. He has a degree in Applied Economics. His research focuses on initial public offerings and valuation.MANIGART SOPHIE
Sophie Manigart is a partner of the Vlerick Leuven Gent Management School and the professor at the Department of Corporate Finance, Faculty of Economics and Business Administration, Ghent University, Belgium. She is also founding partner of the Vlerick Leuven Angels Network.She obtained her degrees of civil engineer and doctor in management. Her interests are mainly related to the financing of growing companies, most specifically with venture capital. She [published several papers on this subject, in European Financial Management, Journal of Business Venturing Entrepreneurship: Theory and Practice, ...
MARTIN HOESLI
Martin Hoesli holds a PhD in finance and is professor of Real Estate of Finance at the University of Geneva (Switzerland) and University of Aberdeen (UK). He has published numerous articles in Real Estate and Finance Journals.MAURIZIO MURGIA
Senior Lecturer in Finance at City University Business School, London, where he teaches Corporate Finance and Asset Management on the undergraduate and MSc Finance programmes. Formerly, he taught Corporate Finance and Securities Markets at the University of Pavia, Italy. He obtained his first degree in Economics and Business from Universita di Cagliari and a MBA from Universita Bocconi, both in Italy. He holds a Ph.D. in Financial Economics from Universita di Bergamo (Italy) and has been a Visiting Ph.D. student in Finance at New York University. His research has focused on Corporate Finance, Market Microstructure, Asset Pricing and Performance evaluation. His principal academic papers have been published in the Review of Financial Studies, Journal of Finance and Journal of Banking and Finance.Email: M.Murgia@city.ac.uk
MARIA MIGHOU
Dr. Maria Michou is a lecturer in Finance in the School of Accounting and Finance at the University of Manchester. She previously held Graduate Teaching assistant and research assistant positions in the Department of Accounting and Finance, at the University of Exeter. She holds a BA in Accounting and Finance (Thessaloniki- Greece), an MA in Finance and Investment (Exeter) and a PhD in Finance (Exeter). Her teaching interests are mainly in accounting and finance, where she is teaching Foundations of Finance, Empirical Finance, Advanced Corporate Finance, International Finance and Financial Decision Making to undergraduate students. She is also supervising Master dissertations in the Finance area.Her research interests span a number of areas in finance with particular emphasis on tests of market efficiency and equity return predictability. Recent publications include a study of the performance of value investment strategies in the UK stock market. The first part of this study undertakes a comprehensive characterisation of value strategies in the UK following Lakonishok, Shleifer and Vishny (1994) using data for the period January 1975 to December 1998. It provides a detailed evaluation of their profitability by using different measures of value, namely book-to-market value of equity, earnings yield, cash flow yield and past sales growth. The second part, it goes on to explore whether the profitability of value strategies can be explained using the three factor model of Fama and French (1993, 1996). The third part is a comprehensive investigation of the relationship between the returns to value investment strategies and various macroeconomic state variables that in a multi-factor asset pricing model could reasonably be taken as proxies for risk.
Recent Publications:
· Gregory, Alan, Richard D. F. Harris and Maria Michou,
"An Analysis of Contrarian Investment Strategies in the UK",
Journal of Business Finance and Accounting, Vol. 28, No. 9&10, (2001), pp. 1192 – 1228.
· Gregory, Alan, Richard D. F. Harris and Maria Michou,
"Contrarian Investment and Macroeconomic Risk",
Journal of Business Finance and Accounting, Vol. 30, No. 1&2, (2003), pp.213 - 256.
Email: Maria.Michou@man.ac.uk
NAVARRO ELISEO
Eliseo Navarro is professor of fnance at Universidad de Castilla-La Mancha, Spain. He received a postgraduate Diploma in Actuarial Science from heriot-watt University, U.K. and a Ph.D in Economics from Universitat de Valencia, Spain. he si interested in credit and interest rate risk issues and hispapers have been accepted fro publication in high quality Spanish journals such as the Spanish Economic Review or Investigaciones Economicas.NIKOSKELAINEN ERKKI
Erkki Nikoskelainen is a doctoral student at the Swedish School of Economics and Business Administration in Helsinki. His research interests include corporate finance and corporate governance related areas. The main focus of his doctoral dissertation is on leveraged buyouts in Europe. Prior to his academic career he worked at the London based Investment Banking Division of Schroder Salomon Smith Barney (Citigroup). In his research Mr Nikoskelainen is able to utilise his broad investment banking background, as his transaction experience includes buy and sell side M&A transactions, joint ventures, restructuring advisory as well as bond and equity offerings. In addition, he was actively involved in developing M&A opportunities, reviewing strategies and conducting both financial and strategic analysis.Email: Erkki.Nikoskelainen[NO_SPAM]@hanken.fi[REMOVE_BRACKETS]
NISKANEN MERVI
Mervi Niskanen is a Senior Lecturer at Häme Polytechnic University. She earned her PhD from the Helsinki School of Economics and BusinessAdministration in 1999. This paper is an outgrowth of her PhD dissertation, which deals with the relationship between bank equity ownership and
corporate borrowing patterns. Her other research interests include relationship lending and corporate borrowing in general.WYN OWEN Dr. Wyn Owen is a lecturer in operational research in the Department of Mathematics at the University of Essex in the UK. He obtained both his BSc and PhD in Statistics at the University of Newcastle upon Tyne, UK. He has worked on various applications of decision processes including machine replacement and scheduling. He is a reviewer for Naval Research Logistics. He has published in Operations Research, Journal of the Royal Statistical Society Series B, Naval Research Logistics and Mathematics of Operations Research.
NUÑEZ-LETAMENDIA LAURA
Laura Nuñez-Letamendia, Ph.D is the Professor of Finance and Head of the Research Office at Instituto de Empresa, Madrid, Spain. He earned his BA in Economics and Ph.D.in Finance (2001) Professional experience in capital markets as broker, trader, and portfolio manager.His Publications are:
- Refereed Articles: Núñez-Letamendia, Laura (2002). "Trading systems designed by Genetic Algorithms", Managerial Finance, V. 28, N. 8, 2002, pp. 87-106.
- Working Papers: Núñez-Letamendia, Laura (2002). "An analysis of the robustness of genetic algorithm methodology in the design of trading system". WP Instituto de Empresa 24/2002.
His Research in progress: Genetic algorithms and the design of trading rules: testing the NYSE using cost-adjusted returns / Financial series forecast using neural networks and genetic algorithms.
His teaching interests are: Financial accountant statements and valuation of quoted companies, Ethic in Finance.
His hobbies are: sailing, paddling, travelling, skiing.
Email: laura.nunez@ie.edu
PHILLIPPE GAUD
Philippe Gaud holds two master degrees, one in accounting and one in financial mamanegement. He is currently a PhD candidate at the University of Geneva (Switzerland).PIERRE JEANNERET
Pierre Jeanneret holds a PhD in economic sciences from the University of Neuchatel and a master in Economics and Finance from the University of Geneva. His research areas are Seasoned Equity Offerings, Initial Public Offerings and Optimal Capital Structure.QUERUEL MICHEL
Michel Queruel, Maitrise de mathematiques, DESS d'ingenierie mathematique (Lyon 1), Doctor in Management sciences (Lyon 1). His thesis concern Interest Rates Risk Management in Banking Company'. He began his career of Financial Engineer at Aurel Company (Paris). Now at BAREP company (Paris).RAJ
Professor Raj did his PhD at the University of Arizona. He has been the Director of Research at the Aberdeen Business School since 1996. He is the Chief Editor of Studies in Economics and Finance and Managing Editor of the Journal of Business and Behavioral Sciences. He is also in the Editorial Boards of the Business Journal, Journal of Global Business, Journal of Forensic Accounting, North Central Business Journal and Finance India. raj has published more than 30 refereed articles and has presented some 50 conference articles.Email: m.raj@rgu.ac.uk
ROBBIE KEN
Ken Robbie is Senior Research Fellow and Deputy Director of the Centre for Management Buy-out Research (CMBOR). Prior to joining CMBOR he worked in banking and industrial holding companies and was actively involved in planning their new ventures and latterly in corporate restructuring including the generation of management buy-outs. He holds a PhD from the University of Nottingham and MA from the University of St. Andrews. His books include Buy-ins and Buy-outs: New Strategies in Corporate Management (1991), Management Buy-ins: Entrepreneurship. Active Investors and Corporate Restructuring (1996), Readings in Venture Capital (1997) and Management Buy-outs and Venture Capital: into the next millennium (in press). He has published in a variety ofjournals including Journal of Business Venturing, Strategic Management Journal, Journal of Applied Corporate Finance, Accounting and Business Research, Entrepreneurship: Theory and Practice, Journal of Business Finance and Accounting, Financial Accountability and Management and Oxford Review of Economic Policy.ROBERTS S GORDON
Dr. Gordon S Roberts is currently CIBC Professor of Finance Services and Area Coordinator, Finance Area, at York University's School of Business, Totonto, Canada. Prior to joining York University, he was Bank of Montreal Professor of Finance School of Business, Dalhousie University. Dr. Roberts has held positions as Visiting Professor and Visiting scholar at Tilburg University (the Netherlands), Deakin University (Melbourne, Australia), University of Toronto, University of Arizona, Xiamen University (China) and the University of Zimbabwe.An active researcher in the areas of Corporate Finance, bond investments and financial institutions, Dr. Roberts is author or co-author of over forty journal articles and three corporate finance textbooks. Dr. Roberts is a former co-editor of the Canadian Journal of Administrative Studies. He is currently an Associate Editor of the Journal of Banking and Finance, and serves on the editorial boards of FINECO and the Banking and Finance Law Review.
Dr. Roberts received a B.A. in Economics from Oberlin College and earned his PhD at Boston College. He has been listed in Canadian Who's Who since 1990.
Email: groberts@schulich.yorku.ca
SAPIENZA HARRY
Harry J. Sapienza is an associate professor of Management at the University of South Carolina at Columbia. He is a spending the 1997-1998 academic year as a visiting professor at the London Business School in the area of entrepreneurship . He received his Ph. D. degree in strategic management at the University of Maryland at College Park. His research interests include the dynamics of new business formation and development, inter- and intraorganizational relations, and strategic decision making. Harry's work has appeared in both academic journals (e.g., the Academy of Management Journal, the Journal of Business Venturing, Entrepreneurship: Theory and Practice, Managerial Finance) and practitioner outlets such as Pratt's Guide to Venture Capital Sources. His dissertation on venture capitalist-entrepreneur relations won both the Heizer award from the Academy of Management and the Outstanding Dissertation award from ORSA-TIMS. He has twice won the Best Paper Award in Entrepreneurship at the Academy of Management.SAXENA K ATUL
Stetson School of Business and EconomicsMercer University
E-Mail: saxena_ak@mercer.edu
Fax: (478) 301-2635
Education: B.Sc. (Math and Physics), M.A. (History), M.B.A., Ph.D. (Finance; collateral area: Industrial Organization)
WORKING PAPERS/RESEARCH IN PROGRESS:
"Corporate Dividend Policy: Do Insiders Act as Regulators and Delegated Monitors for Unregulated Firms?"
Revise and re-submit, "Efficient Industry Structure and Scope of Banking and Non-banking Activities."
"Asian Financial Crisis: An Update and Lessons to be Learned."
PUBLICATIONS:
A Re-examination of Country Member Bank Cash Balances During the 1930s/Southern Economic Journal, 2000.
Economies of Scale and Scope in Commercial Banking: A Re-examination of the Microstructure/Journal of Research in Finance, 2000.
Cost Efficiency and Scale/Scope Economies among S&Ls/Managerial Finance, 1999.
Agency Cost, Market Risk, Investment Opportunities and Dividend Policy: An International Perspective/Managerial Finance,1999.
Determinants of Dividend Payout Policy: Regulated versus Unregulated Firms/ BusinessQuest,1998.
The Great Asian Meltdown: the Role of Japan/Proceedings of the 1998 Global Business Trends Conference of the Academy of Business Administration.
Nonbanking Performance of Bank Holding Companies: An Update From 1986 - 1990/ Managerial Finance,1996.
The Role of Insiders and Dividend Policy: A Comparison of Regulated and Unregulated Firms/Journal of Financial and Strategic Decision Making, 1996.
HOBBIES:
International and domestic travel, Studying different cultures, Bicycling, Watching sports, wildlife, world news etc. on the TV.
SERRA ANA PAULA
London Business School,
Sussex Place, Regents Park, London, NW1 4SA UK
Tel: (44) (171) 2625050
Fax: (44) (171) 7247875
aserra@lbs.ac.uk
Ana Paula Serra is a Lecturer at the Faculdade de Economia da Universidade do Porto where she teaches undergraduate and graduate courses in international finance and investments. She is currently engaged in doctoral research at London Business School. Her current research concentrates on tests of international capital market segmentation for emerging stock markets. Ms. Serra has worked for four years at the leading Portuguese investment banks Banco Portugues de Investimento, as a research analyst and asset manager.
EDUCATION
Ph.D. in Finance
London Business School, University of London
Major: International Finance
Thesis: Tests of International Capital Market Integration:
Evidence from Emerging Stock Markets
Supervisor: Dr. Narayan Naik
December 1998
MBA
ISEE, Universidade do Porto
Licenciatura (5 years degree) in Economics
Faculdade de Economia do Porto, Universidade do Porto.
SERRANO-CINCA CARLOS
Carlos Serrano-Cinca is Lecturer in Accounting and Finance at the University of Zaragoza (Spain). He has been a Visiting Lecturer at the University of Southampton (UK). He received his Ph.D. in Economics and Business Administration from the University of Zaragoza in 1994. His Doctoral Thesis, entitled: "Neural Networks in Financial Statement Analysis" received the prize for the outstanding thesis of the year. His research interests include: the applications of Artificial Intelligence in Accounting and Finance; the external analysis of quantitative financial information with multivariate mathematical models. Has published articles in Journals such as Decision Support Systems, The Journal of Forecasting, Neural Computing & Applications, The European Journal of Finance, Omega: The International Journal of Management Science, etc.STATNIK JEAN-CHRISTOPHE
Jean-Christophe Statnik is Maitre de Conferences at the Ecole Superieure des Affaires of the Universite de Lille 2, where he has realized his PhD. His research activities focus mainly on theoretical works in corporate finance. The main questions study concern the construction and the consequences of the longstanding relationship between firms and banks.STEFANO GATTI
Associate Professor of Banking and Finance at "L.Bocconi University" in Milan, Italy. Professor at Credit and Insurance Area of SDA, Management and Business School of "L.Bocconi University", Milan. Researcher at Newfin, Research Centre of Financial Innovation of "L.Bocconi University", Milan. Member of the Faculty of MBA Master in Business Administration at SDA Bocconi, Bocconi University, Milan. Member of the Steering Committee of the Research Division at SDA Bocconi.Honors: Winner of "Bocconi University Research Award" in 1998.
Consultancy experience:
Stefano Gatti has developed significant research activity and managerial education in credit management, corporate and investment banking; structured and project finance; private equity and venture capital. His contribution to the development of knowledge in such research fields on the Italian context is clearly demonstrated by his involvement as a consultant
for banks and manufacturing firms and as a trainer for managers and government members of Russia, Africa and China at Giordano dell'Amore Foundation in Milan (Italy). Among other consulting tasks, he is member of the consultants committee of
Alice Ventures, management company of MB Venture Closed Fund and of the Board of Directors of the Pension Fund of Italian Dentists.
STRONG NORMAN
Norman Strong is Professor of accounting and Financein the Manchester School of Accounting and finane at the University of manchester, which he joined in 1989. His previous academic appointment was at Newcastle University and before that he worked asan economisty with the UK Price Commission and with British Gas. He holds a BA in Economics and Accounting and an MA in Economics from Newcastle University. he has published in several academic journals including the Accounting Review and the Journal of Futures Markets and is the co-author of the book, Information and Capital Markets, Basil Blackwell.SUBRAHMANYAM AVANIDHAR
Avanidhar Subrahmanyam is currently a Professor of Finance at UCLA. He received his Ph.D. in finance from the Anderson School in 1990. His current research interests range from the relationship between the trading environment of a firm's stock and the firm's cost of capital to behavioral theories for asset price behavior to empirical determinants of the cross-section of equity returns. Professor Subrahmanyam is the author or coauthor of numerous refereed journal articles on these and other subjects in leading finance and economics journals. He is a Co-editor of the Journal of Financial Markets, a past Associate Editor of the Journal of Finance and the Review of Financial Studies.SUHONEN ANTTI
Antti Suhonen currently works as a derivatives marketer at Bankers Trust Company in London. He has previously worked at the Derivative Products desk at Merita Investment Banking, Helsinki, Finland. He has an M. Sc. (Economics) from Helsinki School of Economics and Business Administration and is currently preparing his Ph.D. dissertation on the Finnish financial markets in that school. His prior research has covered the pricing of ex warrants bonds in Finland (The Finnish Journal of Business Economics 3/1995) as well as the pricing of Finnish bond futures. He has co-authored the article "Financial markets and derivatives in Finland" in The Paribas Derivatives Handbook 1995/6.TONKS IAN
Ian Tonks is a Professor of Finance in the Department of Economics at the University of Bristol. He teaches courses to undergraduates and graduates on financial theory, corporate finance and asset pricing, and is Director of Graduate Studies. He also teaches corporate finance on the MBA at Bristol, and is a visiting professor at Solvay Business School, ULB Brussells. He has previously taught at the London School of Economics, and the Universities of Exeter and British Columbia in Canada, and has held visiting positions at City University Business School, Ecole Nationale Des Ponts et Chaussees, Paris, LSE Summer Schools at Moscow and St Petersberg teaching finance courses. He is Business Manager of the Review of Economic Studies and co-director of the market microstructure program at the Financial Markets Group at the London School of Economics. Between 1993-96 he was a Research Fellow of the Institute of Chartered Accountants of England and Wales (ICAEW). His research interests have focused on market microstructure and the organisation of stock exchanges; the financing of innovating firms; stock market reaction to analysts forecasts; directors trading in the UK, aggregate measures of stock price volatility; and the new issue market. He has undertaken consultancy work for a number of regulators and private organisations.VESPRO CRISTINA
Education:September 2002: Third year DPES (Doctoral program in Economics and Statistics), at ULB (Université Libre de Bruxelles) under the supervision of Prof. Marco Becht (ECARES, Université Libre de Bruxelles and ECGI).
Works: "Composition Changes in the European Indices: CAC40, SBF120, FTSE100. Further Evidence on Stock Price Determination"; "Block Trades and The Benefits from Control in Slovenia", joint with Aleksandra Gregoric (University of Ljubljana). This paper will be presented in May at the Fifth International Conference "Enterprise in Transition", University of Split, Croatia.
Sept.1999-June 2000: DEA (Diplome d’etudes approfondies) in Economics and Statistics, ULB.
Sept.1998-June 1999: Master in Economics (MEc) at L.Bocconi University.
1992-1997: LUIGI BOCCONI University, Milan, Italy. Degree in Economics, specialisation: Monetary and Financial Economics. Thesis: "Regime Changes and The Behaviour of Exchange Rates". Final grade: 110/110.
Honours, Awards:
2001: Scholarship from the Institute of European Studies (IEE), ULB.
1998: Scholarship of "Fondazione Invernizzi" for the attendance of the Master in Economics, L.Bocconi University.
Research and Working Experience:
Autumn 2002: Visiting student at Saïd Business School, University of Oxford, in the context of the RTN on "Understanding Financial Architecture".
January 2002: ENTER Program Jamboree (Université de Toulouse) – Student Presentation.
August 2001: Summer School in Finance, CFS (Center of Financial Studies), Frankfurt. I presented here the paper on Index Composition Changes, during the session of Prof. Albert S. Kyle (Duke University, Durham, U.S.A.).
June-August 1999: Stage at Standard & Poor’s – DRI Europe, a division of the McGraw-Hill company.
1999: Teaching assistant in Applied Econometrics at “L.Bocconi” University.
February-July 1998: I collaborated with IGIER (Innocenzo Gasparini Institute of Economic Research), at “Bocconi” University.
January-February 1998: “Stage” at European Commission, in Milan.
VIJAYRAGHAVAN VASUMATHI
Dr. Vasumathi is currently Associate Professor of Econimics, CERG, University of Paris-Dauphine in Paris, France. Her prior appointments include Economist, Ministry of Finance and Economics and Visiting Professor, Ecole Superieure de Commerce (ESSEC). She has also held visiting positions at York University at Toronto, University of Salvador at Buenos Aires and San Diego State University.Dr. Vasumathi's research in corporate finance and economics has appeared in the Journal of Futures Markets as well as in various conference volumes and collections. She is active as a referee for the Journal of Futures Markets, the Manchester School Bulletin of Economics and Economic Modeling, among others.
She received a B.A. from Harvard University and a PhD in Economics from the University of Michigan.
VORST TON
Ton Vorst holds a chair in finance and econometrics at Erasmus University Rotterdam. His current research interests are mainly in derivative instruments and financial risk management. He has published in journals as the Journal of Banking and Finance, the Journal of Finance, the Journal of Financial and Quantitative Analysis and the Journal of International Money and Finance. He is associate editor of eight journals among which the Journal of Deriva-tives, the International Review of Financial Analysis, the Review of Derivatives Research, Finance & Stochastics and the European Finance Review. He is director of the Erasmus Center for Financial Research and of the Econometric Institute at Erasmus University. Furthermo-re, he acts as the academic co-ordinator of the program and research committee of Inquire Europe. Ton Vorst has a doctorate in mathematics from the University of Utrecht and Masters degrees from the University of Utrecht and Erasmus University.WRIGHT MIKE
Mike Wright is Professor of Financial Studies, Director of the Centre for Management Buyout Research at the University of Nottingham, where he has taught in various capacities since 1978. In 1997 he was a visiting professor at Texas A&M University. His principal academic papers have appeared in Journal of Business Venturing, California Management Review, Journal of Applied Corporate Finance, Economic Journal, Strategic Management Journal, Entrepreneurship: Theory and Practice, Accounting and Business Research, Financial Accountability and Management, and Journal of Business Finance and Accounting. He is the author of over twenty books, including: Management Buy-outs (1985), The Logic of Mergers (1987), Management Buy-ins: Entrepreneurship, Active Investors and Corporate Restructuring (1996), Readings in Venture Capital (1997), Corporate Governance: An Economic and Financial Analysis (1997), Corporate Governance: Risk. Remuneration and Entrepreneurship (1997) and Management Buy-outs and Venture Capital: Into the Next Millennium (1998). He is European Editor of Entrepreneurship: Theory and Practice.XU XINZHONG
Xinzhong (Gary) Xu is Professor of Finace at Lancaster University, which he joined in 1999. His previous position was at Bank of England and prior to that he was senior lecturer at the University of Manchester. He has a BSc from Peking University, an MBA from Aston University and a PhD from Lancaster Univesrsity. He as published in several academic journals including the Journal of Financial and Quantitative Analysis, the Journal of Banking and Finance, and the Journal of Futures Markets.This page is maintained by Sarang Deshpande
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