Finance Faculty Profiles

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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.


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 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.

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.