Emerging Markets



		Curriculum Vitae Professor Ephraim Clark Professor of Finance, Middlesex University The Burroughs, London NW4 4BT, UK. Telephone: 44 (0) 20-8411-5130. Email: e.clark@countrymetrics.com Ephraim Clark specializes in finance, international business and strategic analysis. He has undergraduate and graduate degrees from the University of Notre Dame, the University of Madrid and the University of Paris. He has taught at the Catholic University of Lille, the University of Lille I, HEC Paris, Vrije Universitat, the CERAM and currently holds the Chair in Finance at Middlesex University. He has lived and worked in the United States, Honduras, Costa Rica, Spain, England and France and has had extensive exposure in many other Latin American, European and Asian countries. He has worked as a financial analyst, forecaster, strategic planner and consultant to major international banks, multinational corporations and smaller companies. His professional experience includes work as a recording artist, in record production, retailing and distribution, textiles and higher education. He is a highly regarded seminar leader and speaker and has delivered keynote speeches to groups such as Arthur Andersen Consultants, GARP, ISDA and Euromoney Plc. Clark is the author of eight books, over sixty academic and professional papers in journals such as Management Science, Journal of International Money and Finance, European Journal of Operational Research, Review of International Economics, Journal of Economics and Business, Multinational Finance Journal, Garp Risk Review, Euromoney, Global Investor, Revue Banque, etc. Honours and awards include numerous research grants and best paper awards. He serves on the editorial boards of a number of scholarly journals and is the founding editor of the European Journal of Finance. He has been elected as president of the Multinational Finance Society, president of the International Society for the Intercommunication of New Ideas and vice-president of the International Association of Finance and Banking. He is also a member of numerous professional organizations and is a permament member of the Académie Européenne. Professor Ephraim Clark. Professor of Finance, Middlesex University, The Burroughs, London NW4 4BT, UK. Telephone: 44 (0) 20-8411-5130. Email: e.clark@countrymetrics.com SUMMARY Full-time academic since 1988 with prior experience as a financial analyst, forecaster and consultant; two PhD’s, one in Development Economics and the other in Financial Economics; lived and worked in the United States, Latin America, England and France. Current interests include continuous time finance, real options, political risk analysis, emerging markets, capital budgeting as well as issues in corporate strategy and international business. Honours and awards include numerous research grants, best paper awards, teaching awards, keynote addresses to scholarly and professional groups, risk management seminars for business schools, elected offices in professional associations, editorial board memberships, founding editor of the European Journal of Finance. Author of eight books and over 60 papers in professional and academic journals (e.g. Management Science, Journal of International Money and Finance, European Journal of Operational Research, Review of International Economics, Journal of Business and Economics, Multinational Finance Journal, Garp Risk Review, Euromoney, Global Investor, Revue Banque...). Business and consulting experience for international banks, multinational corporations and smaller companies. Managerial line experience with budget and personnel responsibilities in business and academia (e.g. managing director, department chair, executive committee...). Creator and manager of postgraduate degree programs including international double diplomas. EDUCATION Ph.D. (Doctorat d'Etat ès Sciences Economiques), Summa cum Laude, Université de Paris I, Sorbonne Thesis: "L'Application de l'Analyse Financière au Risque-Pays", June 24, 1986. Ph.D. (Doctorat de 3eme Cycle en Economie du Développement), Summa cum Laude, Université de Paris I, Sorbonne: Thesis: "Stabilisation et Gestion Optimale des Ressources: le Cas de l'Argentine 1951-1970", June 29, 1978. Diplôme d'Etudes Approfondies, Economie du Développement, Université de Paris III, June 16, 1976. Diplôme de l'Ecole Pratiques des Hautes Etudes, 6eme section des Sciences Economiques et Sociales, October 29, 1975 Diploma de Literatura Espanola, Universidad de Madrid, 1967. PROFESSIONAL EXPERIENCE Currently since 1998 - Professor of Finance, Middlesex University, London, UK. 1994 - 1998 - Professor of Economics and Finance and Chairman of the Economics & Finance Department, CERAM School of Business, Sophia Antipolis, France. Responsible for the graduate and undergraduate programs in Finance, Accounting, Economics and Law, managing a team of 7 full time and 20 part time professors. Other responsibilities include the creation and management of our double diploma Msc Programs with the University of Groningen, Stirling University, and the University of Westminster in International Business and International Finance. Subjects taught (in French and English): International Finance, Financial Strategy, Corporate Finance, Microeconomics. 1988-1994 - Professor of Economics & Finance and Chairman of the Economics & Finance Department, Northern Graduate School of Business, Catholic University of Lille, Lille, France. Responsable for the graduate and undergraduate programs in Finance, Accounting, and Economics, managing a team of 12 full time and 35 part time professors. Subjects taught (in French and English): International Finance, Financial Theory and Portfolio Management, Corporate Investment Strategy, Financial Analysis, Treasury Management, Macroeconomics. VISITING PROFESSORSHIPS Université de Paris XII, France; Groupe HEC, Jouy-en-Josas, France; ESC Lille, Lille, France; IESEG, Université Catholique de Lille, Lille, France; Université Aix-Marseille, France; IEFSI, Lille, France; Vrije University, Amsterdam, Holland, Université de Grenoble, France. OTHER ACADEMIC ACTIVITIES Since 1993 - Founding Editor of THE EUROPEAN JOURNAL OF FINANCE, a refereed academic journal. Since 1996 - Associate Editor of THE INTERNATIONAL JOURNAL OF FINANCE, a refereed academic journal. Since 1999 - Co-Editor of TREASURY AFFAIRS, a new refereed academic and professional journal. Since 2001-2005 - Associate Editor of the INTERNATIONAL JOURNAL OF BANKING AND FINANCE, a refereed academic journal. Since 2002 – Associate Editor of FINANCE LETTERS, a refereed academic journal. Since 2003 – Editor of FRONTIERS IN FINANCE AND ECONOMICS, a new, refereed academic journal. Since 2004 – Associate Editor of RESEARCH IN FINANCIAL ECONOMICS, a refereed academic journal. Since 2004 – Comité de Lecture of REVUE DU FINANCIER Since 2005 – Associate Editor of EURO-MEDITERRANEAN ECONOMICS AND FINANCE REVIEW Special issue editor, INTERNATIONAL JOURNAL OF PUBLIC ADMINISTRATION. Journal Referee: JOURNAL OF ECONOMIC DYNAMICS AND CONTROL, MULTINATIONAL FINANCE JOURNAL , INTERNATIONAL REVIEW OF ECONOMICS AND FINANCE , INTERNATIONAL BUSINESS REVIEW, REVIEW OF INTERNATIONAL ECONOMICS, JOURNAL OF POLICY MODELLING, JOURNAL OF RISK, EUROPEAN JOURNAL OF OPERATIONAL RESEARCH, FINANCE INDIA QUARTERLY REVIEW, REVUE FINANCE, REVUE FRANCAISE DE GESTION, SOUTHERN ECONOMIC JOURNAL, JOURNAL OF INTERNATIONAL MONEY AND FINANCE. Grant Referee: THE SOCIAL SCIENCES AND HUMANITIES RESEARCH COUNCIL OF CANADA. Book Referee: Academic Press, Blackwell, Springer-Verlag and Edgar Elgar. Professional Associations: Multinational Finance Society, Association Francaise de Finance, International Economics and Finance Society, Academy of International Business, International Society for Intercommunication of New Ideas, Association Nationale de Docteurs en Sciences Economiques et en Gestion, Royal Economic Society, Business Association of Latin American Studies, Global Association of Risk Professionals, Professional Risk Managers International Association. External Program Assessment: University of Westminster: MA in International Finance University of Westminster: Msc in Quantitative Finance. OTHER PROFESSIONAL EXPERIENCE 1985-1994 - Managing Director, PHI Consultants, Paris, France, specialising in the fields of international portfolio management and foreign direct investment. 1982-1985 - Consultant Associé, EAG, Consultants, London and Paris. Country risk analysis. Model development and analyses of 60 countries for risk premiums pertaining to bank loans and foreign direct investment. 1978-1982 - Research Director, International Information Systems, Paris, France, specializing in economic and financial forecasting. HONORS AND AWARDS ELECTED LIFETIME MEMBER of the Académie Européenne. PRESIDENT of the Multinational Finance Society, Elected 2003. VIVAT FLAMAND, Lille Graduate School of Management, August 22, 2003. PRESIDENT of International Society for the Intercommunication of New Ideas, 2001-2003. VICE-PRESIDENT of the International Society for the Intercommunication of New Ideas, 1999-2001. VICE-PRESIDENT of the International Association of Finance and Banking, 2000-2002 and 2002-2008. INTERNATIONAL ADVISOR to THE INDIAN INSTITUTE OF FINANCE, Delhi, India. COMMISSION D’EXPERTS: CENTRE UNIVERSITAIRE DE LUXEMBOURG, Luxembourg. INTERNATIONAL ACADEMIC ADVISORY BOARD, INTERNATIONAL UNIVERSITY OF MONACO, Monaco. DISTINGUISHED FELLOW, ISINI 2001. BEST PAPER AWARD for Volume 5, 2001 of the MULTINATIONAL FINANCE JOURNAL, “EMERGING MARKETS: INVESTING WITH POLITICAL RISK”, with R. Tunaru. BEST PAPER AWARD, “CURRENCY OVERVALUATION AND EXTERNAL DEBT UNSUSTAINABILITY”, with Vincent Dropsy, ISINI 5th International Congress, Mexico, August 1999. BEST PAPER AWARD, “CAPITAL BUDGETING: A TEST OF THE ABANDONMENT OPTION”, with M. Gadad and P. Rousseau, Multinational Finance Society 7th International Congress, Philadelphia, April, 2000. BEST PAPER AWARD, “MODELLING POLITICAL RISK WITH A DOUBLY STOCHASTIC POISSON PROCESS”, with R. Tunaru, Eastern Finance Association Conference, Charleston, S.C., April 2001. SSRN's Top Ten download list for the journal/topics: "Latin American Economics" Recent Hits, April 11, 2001, EFMA 2001 Lugano Meetings Recent Hits, April 11, 2001 “Macroeconomics” Recent Hits, April 28, 2001, “FEN Meetings” Recent Hits, May 5, 2001 "Country Financial Risk and Stock Market Performance: The Case of Latin America" with K. Kassimatis. SSRN's Top Ten download list for the journal/topics: “Development Economics” Recent Hits, July 1, 2001, “International Finance” Recent Hits, July 16, 2001. “Emerging Markets: Stock Market Investing with Political Risk” with R. Tunaru. SSRN's Top Ten download list for the journal/topics: “Derivatives Recent Hits”, August 1, 2003. "Hedging and the Use of Derivatives: Evidence from UK Non-Financial Firms" with A. Judge. KEYNOTE SPEAKER, French Finance Association International Conference, Poitiers, June 27, 2006. KEYNOTE SPEAKER, XXXVI Conference of European Working Group on Financial Modeling, Brescia, Italy, May 4-7, 2005. KEYNOTE SPEAKER, 3rd International Finance Conference of the French-Tunisian Finance Associations, Hammemet, Tunisia, 3-5 March, 2005. INVITED SPEAKER, Annual conference of the Italian Association of Mathematics Applied to Economics and the Social Sciences, Modena, Italy, September 9-10, 2004. INVITED SPEAKER, International Conference on Business, Banking and Finance, University of the West Indies, April 27-29, 2004. INVITED SPEAKER, Conference on Country Risk in Emerging Markets, London Metropolitan University, January 29, 2004. KEYNOTE SPEAKER, AEA Conference on Econometrics of Emerging Markets, Toledo Spain, November 7, 2003. INVITED SPEAKER, GARP's 2nd Asset Management Forum, London, November 17, 2003. INVITED SPEAKER, Quantitative Finance Review, London, November 11, 2003. INVITED SPEAKER, Sovereign Risk, Financial Crises and Stability Workshop, Dresden University of Technology, June 12-13, 2003. INVITED SPEAKER, The 3nd Annual GARP Credit and Counterparty Risk Summit, London May 21-22, 2003. INVITED SPEAKER, International Conference on Finance and Frontiers in Finance and Economics, Hammamet Yasmine, Tunisia, March 13-15, 2003. INVITED SPEAKER, International Conference on Banking and Finance, Crete, Greece, August 9-11, 2002. INVITED SPEAKER, The 2nd GARP Credit and Counterparty Risk Summit, London May 20-22, 2002. KEYNOTE SPEAKER, Chambre de Commerce et d’Industrie de la Haute Savoie, I.S.E. Club des Entreprises, March 22, 2002. INVITED SPEAKER, The Bank of England, September 19, 2001, London. INVITED SPEAKER, Financial Engineering Symposium 2001, The International Association of Financial Engineers and the CERAM, Sophia Antipolis, July 2001. INVITED SPEAKER, The GARP Credit and Counterparty Risk Summit, London May 21-23, 2001. INVITED SPEAKER, Joint International Swap Dealers Association- Global Association of Risk Professionals Conference, May 16, 2001, London, UK. INVITED SPEAKER, International Conference on Financial and Real Markets, Risk Management and Corporate Governance Theory and International Evidence, organized by the Universities of Maine, Dauphine and Cergy and the University of Tunisia, Port El Kantoui, Tunisia, March 2001. KEYNOTE SPEAKER, International Conference on Banking and Finance: Issues and Strategies, organized by the Universiti Utara Malaysia, August 2000. KEYNOTE SPEAKER at the conference “Comment Evaluer une Entreprise Internet?” organized by Philipponnat et Associés, Paris, France, May 2000. INVITED SPEAKER at the International Conference “Pricing and Managing Financial Assets in International Capital Markets” organized by the G.R.E.F.I of the Université du Maine, Le Mans, France, January 2000. INVITED SPEAKER, UNESCO Symposium on Water Management, Cannes, France, May 2000. INVITED SPEAKER at "Arthur Andersen Annual Conference" organized by Arthur Andersen Consultants in Las Vegas, Nevada, December 1996. KEYNOTE SPEAKER at the EUROMONEY-Le Figaro Conference on International Mergers and Acquisitions, Hotel Intercontinental, Paris, France, May 1988. KEYNOTE SPEAKER at the EUROMONEY Conference on Country Risk Analysis, Grosvenor House Hotel, London, England, June 1987. OTHER PROFESSIONAL ACTIVITIES Board of Directors of the Multinational Finance Society, 1998-2002 and 2002-2006. Conference Scientific Committee “L’ouverture des marchés européens de l’électricité”, Institut d’Economie Publique with Electricité de France and Swiss Electricity, 2004. Conference Program Committee of 2nd International Scientific School, St. Petersburg, Russia, 2002. Conference Program Committee of International Association of Financial Engineers and Hungarian Asociation of Risk Managers 2001. Conference Program Committee of Global Association of Risk Professionals (GARP) 2000. Scientific Committee of The Applied Econometrics Association Industrial Econometrics Conference Luxembourg, 2000. Conference Program Committee Multinational Finance Society, 1999, 2000, 2001, 2002, 2003. Scientific Committee of the French Finance Association (AFFI) Annual Conference1999, 2002. Program Chair, ISINI 7th International Conference, Lille, France, 2003. Conference Program Committee, European Financial Management Annual Conference, Helsinki, Finland, 2003. PUBLISHED BOOKS Ephraim Clark, CROSS BORDER INVESTMENT RISK, (London: EUROMONEY Publications, 1991). Ephraim Clark, Michel Levasseur and Patrick Rousseau, INTERNATIONAL FINANCE, (London: Chapman & Hall, 1993). Ephraim Clark and Bernard Marois, MANAGING RISK IN INTERNATIONAL BUSINESS: TECHNIQUES AND APPLICATIONS, (London: International Thomson Business Press, June 1996). Ephraim Clark, Bernard Marois and Joelle Cernès, LE MANAGEMENT DES RISQUES INTERNATIONAUX, (Paris: Economica, Spring 2001). Ephraim Clark, Jean Baptiste Lesourd and René Thiéblemont, INTERNATIONAL COMMODITY TRADING: SPOT, FORWARD AND FUTURES MARKETS, (London: John Wiley, 2001). Ephraim Clark, INTERNATIONAL FINANCE, 2nd edition, (London: International Thomson Learning, Spring 2002) and simplified Chinese translation Peking: University of Peking Press, 2002). Ephraim Clark and Dilip Ghosh, ARBITRAGE, HEDGING AND SPECULATION: THE FOREIGN EXCHANGE MARKET, (New York: Praeger, 2004). Michel Bouchet, Ephraim Clark and Bertrand Groslambert, COUNTRY RISK ASSESSMENT, (London: John Wiley, (2003). REFEREED JOURNAL ARTICLES With A. Judge, “The Determinants of Foreign Currency Hedging: Does Foreign Currency Debt Induce a Bias?” EUROPEAN FINANCIAL MANAGEMENT, (forthcoming). With G. Lakshmi, “Are currency crises anticipated? Evidence from Mexican government guaranteed bonds 1993-1995”, INTERNATIONAL JOURNAL OF FINANCE, (forthcoming). With A. Zenaidi and S. Baccar, “Market valuation of technology stocks before and after the crash”, INTERNATIONAL JOURNAL OF BUSINESS, (forthcoming). With O. Jokung, “The role of population and wealth in international capital flows”, STUDIES IN ECONOMICS AND FINANCE, (forthcoming). With A. Zenaidi and A. Hachicha, “Trading patterns and prices in the Tunisian Interbank foreign exchange market: evidence from high frequency data”, EURO-MEDITERRANEAN ECONOMICS AND FINANCE REVIEW? Vol 1, n° 1, (2006), pp 97-115. With A. Judge, “Motives for corporate hedging: evidence from the UK”, RESEARCH IN FINANCIAL ECONOMICS, Vol 1, n° 1, (2005), pp 57-78. With Joshy Easaw, “Optimal Access Pricing for Natural Monopoly Networks when Costs are Sunk and Revenues are Uncertain”, EUROPEAN JOURNAL OF OPERATIONAL RESEARCH, (forthcoming). With R. Tunaru and H. Viney, “An option pricing framework for the valuation of football players”, REVIEW OF FINANCIAL ECONOMICS, vol 14, no. 3, (2005), pp 281-295. With K. Giannapoulos and R. Tunaru, “Portfolio selection under VaR constraints”, COMPUTATIONAL MANAGEMENT SCIENCE, Vol 2, (2005), pp 123-138. With K. Kassimatis, “Country financial risk and stock market performance: the case of Latin America”, JOURNAL OF ECONOMICS AND BUSINESS, vol. 56, no. 1, (2004) pp 21-41. With G. Lakshmi, “Sovereign debt and the cost of migration: India 1990-1992”, JOURNAL OF ASIAN ECONOMICS, vol. 15, no.1, January-February, (2004) pp. 111-134. With R. Tunaru and M. Tan, “Cross hedging jet fuel on the Singapore spot market”, INTERNATIONAL JOURNAL OF BANKING AND FINANCE, vol. 1, no 2, (2004). With G. Lakshmi, “War and emerging market default risk: the case of India and the Iraqi invasion of Kuwait”, INTERNATIONAL JOURNAL OF BUSINESS, vol. 8, no. 4, pp.395-408. (2003). With R. Tunaru, “Quantification of political risk with multiple dependent sources”, JOURNAL OF ECONOMICS AND FINANCE, vol. 27, no. 2, (summer 2003), pp 125-135. With G. Mondello, “Water management in France: delegation and market based auto-regulation”, INTERNATIONAL JOURNAL OF PUBLIC ADMINISTRATION, vol. 26, no. 3, (2003) pp 317-328. With G. Mondello, “Erratum: An Introduction to Water Management”, INTERNATIONAL JOURNAL OF PUBLIC ADMINISTRATION, vol. 26, no. 13, (2003) pp. 1553-1556. With A. Judge, “Risk management disclosure practices of UK non-financial firms after FRS13”, FINANCE LETTERS, vol. 1, no. 2, (2003). With G. Lakshmi, “Controlling the risk: a case study of the Indian liquidity crisis 1990-92, JOURNAL OF INTERNATIONAL DEVELOPMENT, 14, (2002) pp. 1-14. With R. Tunaru, “Emerging markets: investing with political risk”, MULTINATIONAL FINANCE JOURNAL, vol. 5, no. 3, (2001) pp. 155-173. "Pricing the cost of expropriation risk", REVIEW OF INTERNATIONAL ECONOMICS, vol. 11, (May 2003) pp. 412-422. With P. Rousseau, “Strategic parameters for capital budgeting when abandonment value is stochastic”, APPLIED FINANCIAL ECONOMICS, 12, (2002) pp 123-130. With M.H. Bouchet and B. Groslambert, "Revisiting the Asian financial crisis: were capital markets caught by surprise?" INTERNATIONAL JOURNAL OF FINANCE, vol. 13, n° 2 (2001). With A. Zenaidi, "The quantification of country risk: effects on the sovereign debt discount", FINANCE INDIA QUARTERLY REVIEW, (September 2001) pp 805-820. With M. Gadad, “The option to divest as a strategic management tool”, CORPORATE FINANCE REVIEW, (november-december 2001) pp 16-20. With G. Mondello, "Regulating natural monopolies: the case of drinking water in France", WATER RESOURCES UPDATE, issue no. 121, (January 2002), pp 72-78. With G. Mondello, “Water management in France: delegation and irreversibility”, JOURNAL OF APPLIED ECONOMICS, vol. 3, no. 2, (November 2000) pp. 325-352. "Agency conflict and the signalling snafu in the Mexican peso conflict of 1994", INTERNATIONAL JOURNAL OF PUBLIC ADMINISTRATION, vol. 23, n° 5-8, (2000) pp.837-876. With G. Mondello, “Resource management and the mayor’s guarantee in French water allocation”, ENVIRONMENTAL AND RESOURCE ECONOMICS, vol. 15, no. 2, (February 2000) pp. 103-113. With O. Jokung, “Asset proportions, stochastic dominance and the 50% rule”, MANAGEMENT SCIENCE, (December, 1999) pp.1724-1737. With C. Adcock, "Technical comments on the CAPM", EUROPEAN JOURNAL OF FINANCE, (vol. 4, n° 3, 1999) pp. 213-224. With A. Zenaidi, “Sovereign debt discounts and the unwillingness to pay”, FINANCE, vol. 20, no. 2, (1999) pp.185-199. “L’effet de réunification sur le risque politique à Hong Kong”, BANQUE ET MARCHES, (July-August 1999) pp 50-55. E. Clark and G. Mondello, “Institutional constraints in water management: the French case”, WATER INTERNATIONAL, (vol. 24, n° 3, 1999). "Political risk in Hong Kong and Taiwan: Pricing the China factor", JOURNAL OF ECONOMIC INTEGRATION, 13, n° 2, (1998) pp 278-293. With O. Jokung, "Risk aversion, wealth and international capital flows", REVIEW OF INTERNATIONAL ECONOMICS, 6, n° 3, (1998) pp 507-515. With O. Jokung, "Capital budgeting, political risk and prudence", INTERNATIONAL JOURNAL OF FINANCE, vol. 10, n° 1 (1998) pp 933-943. With G. Mondello, "La gestion préventive des risques et pollutions environmentales: accords volontaires et responsabilité", REVUE D'ECONOMIE INDUSTRIELLE, n° 83, 1er trimestre, (1998) pp.183-196. "Valuing political risk as an insurance policy", JOURNAL OF INTERNATIONAL MONEY AND FINANCE, 16, (1997) pp. 477-490. "Les contrats à terme sur matières premières: Ce que les investisseurs devraient savoir", BANQUE ET MARCHES, ( mars/avril 1996). "L'évaluation du risque dans les prêts internationaux: le cas du Mexique en 1994", ECONOMIE INTERNATIONALE, n° 64, (4ème trimestre 1995). "A general international market index", INTERNATIONAL JOURNAL OF FINANCE, vol. 7, n° 3, (1995). With P. Rousseau, "Bond duration with uncertain cash flows", JOURNAL OF INTERNATIONAL SECURITIES MARKETS, (Spring, 1991). "Cross border risk analysis: An application of the market value approach", JOURNAL OF INTERNATIONAL SECURITIES MARKETS, (Autumn, 1988). "Fusions et acquisitions: Stratégie et risque transnationaux", EUREPARGNE, n° 23/24, (août-septembre, 1988). "Duration as a risk management tool", JOURNAL OF INTERNATIONAL SECURITIES MARKETS, (Spring, 1988). "Le système monétaire international: liquidités privées et réserves officielles", EUREPARGNE, 8eme année, n° 9, (September 1978). "Le Problème de la mesure des liquidités internationales", EUREPARGNE, 7eme année, n° 12, (December 1977). REFEREED BOOK CHAPTERS "A national accounting framework for assessing international country creditworthiness", RESEARCH PAPERS IN MANAGEMENT AND BUSINESS, (Paris: ESKA, 1997). with Edgar Ortiz, “La crisis Mejicana”, CRISIS Y RIESGO EN LA BANCA Y MERCADOS FINANCIEROS DE MEJICO, edited by Edgar Ortiz y Alejandra Cabello, (Mexico, D.F.: Miguel angel Porrua, forthcoming 2005). With Radu Tunaru, “Les options réelles et des risques politiques multiples dépendents: une comparaison avec le modèle du risque unique”, in GESTION DES RISQUES DANS UN CADRE INTERNATIONAL, edited by Mondher Bellalah, (Paris: Economica, 2000). With Radu Tunaru, “La cuantification de riesgos politicos dependientes”, CRISIS Y RIESGO EN LA BANCA Y MERCADOS FINANCIEROS DE MEJICO, edited by Edgar Ortiz y Alejandra Cabello, (Mexico, D.F.: Miguel angel Porrua, forthcoming 2005). With Radu Tunaru, “Political Risk in Taiwan: valuing the doubly stochastic China factor”, STUDIES ON GLOBAL FINANCIAL MARKETS edited by Dilip K. Ghosh and Mohamed Ariff, Greenwood Press, (2004). with M. H. Bouchet and B. Groslambert, “Was the Asian crisis really a surprise?”, STUDIES ON GLOBAL FINANCIAL MARKETS (edited by Dilip K. Ghosh and Mohamed Ariff, Greenwood Press, 2004). With G. Lakshmi, “The Market Reaction to Reported Country Risk in India”, Michael H. Stierle and Thomas Birringer (Eds.): ECONOMICS OF TRANSITION: THEORY, EXPERIENCES AND EU ENLARGEMENT; INFER Annual Conference 2001, Verlag für Wissenschaft und Forschung, Berlin 2001. “Strategic capital budgeting: the abandonment option with political risk”, ADVANCES IN FINANCIAL PLANNING AND FORECASTING, vol. 11, (New York: JAI Press, 2003) pp. 113-132. With G. Mondello, "Dynamic uncertainty and the pricing of natural monopolies: the case of urban water management ", FRONTIERS IN WATER RESOURCE ECONOMICS, Natural Resource Management and Policy, (edited by A. Dinar, P. Goetz, and D. Zilberman, Kluwer Academic Publisher, 2005). “Derivative securities for country risk coverage: implied volatility swaps”, GLOBAL RISK ASSESSMENT: ISSUES, CONCEPTS AND APPLICATIONS, Book 5, (Riverside CA: Global Risk Assessments, Inc. 2003). with A. Zenaidi, "Country default risk and the determinants of sovereign debt discounts”, SOVEREIGN RISK AND FINANCIAL CRISES, ed. M. Frenkel, A. Karmann and B. Sholtens, (Berlin: Springer-Verlag, 2004) pp. 29-50. "Modelling and measuring sovereign credit risk", THE BEST OF WILMOTT, (London: John Wiley & Sons, 2004) "Measuring country risk as implied volatility", THE BEST OF WILMOTT, (London: John Wiley & Sons, 2004) "Sovereign debt default risk: quantifying the (un)willingness to pay", THE BEST OF WILMOTT, (London: John Wiley & Sons, 2004). “Foreign direct investment: the incentive to expropriate and the cost of expropriation risk”, ed. Michèle Breton, NUMERICAL METHODS IN FINANCE,(London: Kluwer Academic Publisher 2005) PUBLISHED ARTICLES IN PROFESSIONAL JOURNALS “Contemporary China: The reunification effect on political risk in Hong Kong”, GARP RISK REVIEW, no. 10, (January/February 2003) pp 24-28. “Sovereign debt default risk: quantifying the (un)willingness to pay”, WILMOTT, (Spring 2003). “Country rulers: Macrometrics for country risk assessment”, GARP RISK REVIEW, no. 8, (September/October 2002) p. 36. “Measuring country risk as implied volatility”, WILMOTT, (Fall 2002). "Les contrats à terme sur les matières premières", MTF HAUTE FINANCE, n° 72, (juillet/août, 1995). "Applying the theory", CAPITAL HORIZONS, (January, 1992). "A market value approach to country allocation", GLOBAL INVESTOR, (April, 1991) "Maximum country debt levels", EUROMONEY, (April, 1991). "Options pricing theory and financial risk analysis", EUROMONEY, (February, 1991). "European integration, mergers, and protectionism", EUROPEAN AFFAIRS, vol. 3, (Autumn, 1989). "The debt crisis: Is there a solution?", INTERNATIONAL CORRESPONDANT BANKER, (September , 1988). "Cross border risk analysis: Ranking by the market value approach", EUROMONEY, (September, 1988). "Spain's role in a pan-European strategy", iCB NEWSLETTER, (August, 1988). "Mergers and acquisitions: The market value approach", iCB NEWSLETTER, (July, 1988). "Chairman's introduction: Strategy and risk in transnational mergers and acquisitions", EUROMONEY INTERNATIONAL MERGERS AND ACQUISITIONS SEMINAR TRANSCRIPTS, (London: Euromoney Publications, 1988). "All credit to efficient portfolios", INTERNATIONAL CORRESPONDANT BANKER, (April 1988). "Country risk analysis in globalized financial markets", THE BUSINESS ECONOMIST, vol. 18, n° 4, (Autumn 1987). "L'analyse du risk-pays des années 70 à la période actuelle", REVUE BANQUE, n° 477, (November, 1987). "Back to the country risk", INTERNATIONAL CORRESPONDANT BANKER, (September 1987). "Chairman's introduction", EUROMONEY COUNTRY RISK SEMINAR TRANSCRIPTS, (London: Euromoney Publications, June 1987). "L'application de l'analyse financière au risque-pays", DOSSIERS DE NORD-SUD EXPORT, n° 108, (September 1986). PRESENTATIONS AT INTERNATIONAL ACADEMIC AND PROFESSIONAL CONFERENCES 1) June 1987 - Chairman and speaker of the EUROMONEY Conference on Country Risk Analysis, Grosvenor House Hotel, London, England. 2) May 1988 - Chairman and speaker of the EUROMONEY-Le Figaro Conference on International Mergers and Acquisitions, Hotel Intercontinental, Paris, France. 3) March 1989 - Speaker at the Conference "Jornadas de Finanças Empresarias/Gestao Financiera" organized by la Faculdade de Economia at the University of Porto, Porto, Portugal. 4) May 1990 - Speaker at the "Colloque International des Ecoles HEC 1990", organized by the University of Lausanne, Lausanne, Switzerland. 5) July 1991 - Speaker and reviewer at the "International Conference in Finance", organized by the French Finance Association at the Université de Louvain, Louvain-la-Neuve, Belgium. 6) June 1992 - Invited speaker at the EUROMONEY European Investment Management Forum, Marriott Hotel, Frankfort, Germany. 7) June 1992 - Speaker at the "International Conference in Finance", organized by ESSEC and the French Finance Association, Palais des Congrès, Paris, France. 8) June 1994 - Speaker at the "International Conference in Finance", organized by ESCP and the French Finance Association in Tunis, Tunisia. 9) July 1994 - Speaker at the "DSC International Asset Allocation Seminar", organized by the CERAM School of Management and Data Services Corporation in Sophia Antipolis, France. 10) June 1995 - Speaker at the "Second Annual Multinational Finance Conference", organized by the School of Business-Camden, Rutgers University, in Philadelphia, PA, USA. 11) August 1995 - Speaker at the "Third Congress of the International Society for Intercommunication of New Ideas, organized by the International Society for Intercommunication of New Ideas at Northeastern University, Boston MA, USA. 12) May 1996 - Speaker at the conference "Financial Modeling", hosted by StatSci Europe 13) June 1996- Speaker at the "International Workshop on the Mediterranean Water Policies" organized by the Fondazione Eni Enrico Mattei, Venice, Italy. 14) June 1996 - Speaker and session chairman at the "3rd Annual Conference on Multinational Finance Issues" organized by the School of Business-Camden, Rutgers University, Wasnington, D.C. 15) June 1996 - Speaker and session chairman at the "13th International Conference in Finance" organized by the French Finance Association and the University of Geneva, Geneva, Switzerland. 16) July 1996 - Speaker at the "International Conference on International Trade, Finance, and Economic Development" organized by The International Economics and Finance Society and Feng Chia University, Taichung, Taiwan. 17) August 1996 - Speaker at the "8th World Congress of Social Economics" organized by the College of Charleston, Charleston SC, USA 18) September 1996 - Speaker at the "Academy of International Business Annual Conference" organized by the Academy of International Business in Banff, Alberta, Canada 19) December 1996 - Keynote speaker at "Arthur Andersen Annual Conference" organized by Arthur Anderesen in Las Vegas, Nevada 20) January 1997 - Speaker at the "Allied Social Science Association Annual Meeting" organized by the Allied Social Science Association in New Orleans, Louisiana 21) May 1997 - Speaker at the Conference "Dynamique Industrielle & Contraintes Environnementales: Théories et Applications", organized by the LATAPSES in Sophia Antipolis, France. 22) May 1997 - Speaker at the "Conference on Environment and Resource Economics", organized by FEEM-IDEI-INRA in Toulouse, France. 23) May 1997 - Speaker at the Fourth International Conference "Forecasting Financial Markets: Advances for Exchange Rates, Interest rates and Asset Management", organized by Banque Nationale de Paris and Imperial College in London England. 24) June I997 - Speaker at the "International Conference in Finance", organized by the CERAG and the French Finance Association in Grenoble, France. 25) June 1997 - Speaker at and session chairman at the "Fourth Annual Conference on Multinational Finance Issues" organized by the School of Business-Camden, Rutgers University in Thessalonika, Greece. 26) August 1997 - Speaker and session Chairman, "Fourth Congress of ISINI", organized by the International Society for Intercommunication of New Ideas, Maastricht, the Netherlands. 27) September 1997 - paper presentation, "Money, Macro and Finance Research Group 29th Annual Conference", University of Durham, UK. 28) January 1998 - Speaker at the "Allied Social Science Association Annual Meeting" organized by the Allied Social Science Association in Chicago, Ill. 29) April 1998 – Speaker at the " Eastern Finance Association Annual Conference " in Williamsburg Va. 30) May 1998 – Speaker at the " Euro Working Group on Financial Modelling – 22nd Meeting " organized by Groupe ESCP in Paris, France. 31) May 1998 – Speaker at the " Fifth BNP/Imperial College Forecasting Financial Markets Conference " in London, UK. 32) June 1998 – Speaker at the " 60th Conference of the Applied Econometrics Association : Emerging Financial Markets ", organized by the University of Paris 2, Paris, France. 33) June 1998 – Speaker at the " Fifth Annual Conference of the Multinational Finance Society " in Helsinki, Finland. 34) July 1998 – Speaker at the " AFFI 98 International Conference of Finance " in Lille, France. 35) September 1998 – British Accounting Association Regional Conference, Middlesex University, London, England 36) October 1998 – Paper presentation at “Conference on Local Public Utilities and Water Management”, Grupo Tecnologico del Agua, University of Barcelona. par 37) October 1998 – Paper presentation at Euro Working Group on Financial Modelling, 23rd meeting, Cracow, Poland. 38) January 1999 - Paper at the ASSA (Allied Social Sciences Association) Conference, New York, NY. 39) March 1999 - Paper at the Royal Economic Society Annual Conference, Nottingham, UK 40) April 1999 - Paper at the Global Finance Conference, Istambul, Turkey. 41) April 1999 - Paper at the Eastern Finance Association, Miami, Florida, USA. 42) April 1999 - Paper at the International Economics and Finance Society UK Conference, City University, London, UK. 43) May 1999 - Paper at the 6th Annual Conference on Forecasting Financial Markets, London, UK. 44) June 1999 - Paper at the 9th International Conference on the Foundations and Applications of Utility, Risk and Decision Theory, Marrakesh, Morocco. 45) June 1999 - Paper at the AFFI 1999 International Conference of Finance, in Aix-en-Provence, France. 46) June 1999 - Paper at the Third Annual Real Options Conference, Netherlands Institute of Advanced Study, Amsterdam, Netherlands. 47) July 1999 - Paper at the Multinational Finance Conference, Toronto, Canada. 48) July 1999 - paper at the PACAP_FMEA Conference Singapore. 49) August 1999 - Paper at the ISINI Fifth International Conference, Mexico City, Mexico. 50) August 1999 - 12th world Congress of Economics, Buenes Aires, Argentina. 51) September 1999 - Paper at the Northern Finance Association Conference, Calgary, Canada. 52) December 1999 - Paper at the 12th Annual Australasian Finance and Banking Conference, Sydney, Australia. 53) January 2000 - Paper at AEA/ASSA Annual Meetings, Boston MA, USA. 54) March 2000 - Paper at the Southwest Decision Sciences Institute Conference, San Antonio, Texas. 55) April 2000 - Paper at the Eastern Finance Association Annual Conference, Myrtle Beach, S.C. 56) April 2000 - Paper at the Multinational Finance Conference, Philadelphia, PA. 57) May 2000 - Paper at the UNESCO Symposium on Water Management, Cannes, France 58) June 2000 - Paper at the Global Association of Risk Professionals International Research Conference in Financial Risk Management, London, UK. 59) June 2000 - Paper at the French Finance Association International Conference of Finance, organized by ESCP, Paris, France. 60) June 2000 - Paper at the European Financial Management Annual Conference 2000, Athens, Greece. 61) July 2000 - Paper at the 4th International Conference on Real Options: Theory Meets Practice, Cambridge University, Cambridge, UK. 62) August 2000 – Paper at the 1st International Conference on Banking and Finance: Issues and Strategies, organized by the Universiti Utara Malaysia, Kuala Lumpur, Malaysia. 63) September 2000 – Paper at the Money, Macro and Finance Conference, organized by South Bank University, London, UK. 64) October 2000 – Paper at the Atlantic Economic Society Annual Conference, Charleston, SC, USA. 65) October 2000 – Paper at the Financial Management Association Annual Conference, Seattle Washington, USA. 66) January 2001 - Paper at AEA/ASSA Annual Meetings, New Orleans, LA. 67) April 2001 - Paper at the Eastern Finance Association Annual Conference, Charleston SC. 68) May 2001 - Paper at the 8th Annual Conference Forecasting Financial Markets, London, UK. 69) June 2001 - Paper at the Multinational Finance Conference, Garda, Verona, Italy. 70) June 2001 - Paper at the European Financial Management Association Annual Conference 2001, Lugano, Switzerland. 71) July 2001 – Annual Research Conference in Financial Risk, Budapest, Hungary. 72) August 2001 – 6th International Conference for the International Society for the Intercommunication of New Ideas, Miami Florida, USA. 73) January 2002 - Paper at AEA/ASSA Annual Meetings, Atlanta, GA. 74) April 2002 – Paper at Eastern Finance Association Annual Conference, Baltimore, MD. 75) June 2002 - Paper at the European Financial Management Association Annual Conference 2002, London, UK. 76) June 2002 – - Paper at the French Finance Association International Conference of Finance, Strasbourg, France. 77) July 2002 - Paper at the Multinational Finance Conference, Paphos, Cyprus. 78) July 2002 - Paper at the 5th International Conference on Real Options: Theory Meets Practice, Paphos, Cyprus. 79) August 2002 - Paper at the 2nd International Conference on Banking and Finance, Crete, Greece. 80) January 2003 - Paper at AEA/ASSA Annual Meetings, Washington, D.C. 81) June 2003 – Paper at the French Finance Association International Conference of Finance, Lyon, France. 82) June 2003 - Paper at the European Financial Management Association Annual Conference 2003, Helsinki, Finland. 83) July 2003 - Paper at the Multinational Finance Conference, Montréal, Canada. 84) July 2003 - Paper at the 6th International Conference on Real Options: Theory Meets Practice, Washington, D.C. 85) August 2003, 7th International Conference for the International Society for the Intercommunication of New Ideas, Lille, France. 86) January 2004, Paper at AEA/ASSA Annual Meetings, San Diego, CA. 87) June 2004, Paper at the 7th International Conference on Real Options: Theory Meets Practice, Montreal, Canada. 88) June 2004, Paper at the French Finance Association International Conference of Finance, Cergy-Pontoise, France. 89) July 2004, Paper at the Multinational Finance Conference, Istambul, Turkey. 90) September 9-10, 2004 Annual conference of the Italian Association of Mathematics Applied to Economics and the Social Sciences, Modena, Italy. 91) June 26-29, 2005, Global Finance Conference, Trinity College, Dublin, Ireland. 92) July 3-6, 2005, Paper at the Multinational Finance Conference, Athens, Greece.. OTHER SCHOLARLY PRESENTATIONS 1996-2004 “Constructing and testing the world market portfolio for dollar based investors”, ESC-Lille Graduate School of Business, March 8, 2005. “Constructing and testing the world market portfolio for dollar based investors”, Swedish School of Economics and Business Administration, Vaasa, Finland, November 3, 2005 “Modelling Stochastic Political Risk”, University of Dresden, May 12-14, 2004. “Country financial risk and stock market performance: the case of Latin America”, University of Aberdeen, May 8, 2002. "Modelling political risk with a doubly stochastic jump process", HSBC-Credit Commercial de France, March 8, 2002. “A test of the cost and benefits of policy intervention”, Manchester University, March 21, 2001. “The abandonment option: tests for optimal timing in the UK 1985-1991”, Université de Paris 12, April 17, 2000. “The abandonment option: tests for optimal timing in the UK 1985-1991”, Brunel University, March 22, 2000. “The abandonment option: tests for optimal timing in the UK 1985-1991”, Erasmus University, January 18, 2000. “Water Management in France: Delegation and Irreversibility”, City University, London, November 29, 1999. "Sovereign Debt: Pricing the Free Rider Phenomenon", Greqam, University d'Aix-Marseille, June 21, 1999. "Hong Kong and Taiwan: Pricing the China Factor", Florida International University, April 16, 1999. “Delegation and Irreversibility in French Water Management”, Latapses, Sophia Antipolis, France, January 28, 1999. “International Risk Management”, HEC, Paris, France, November 5, 1998. "Quarterly Index for Building Internationally Diversified Portfolios", HEC Geneva, March 27, 1998. "Political Risk Management and Evaluation", IHEC, Tunis, Tunisia, May 6, 1997. "Managing Risk in International Business", IAE, Université d'Aix Marseille, March 28, 1997. "Agency Conflict and the Signalling Snafu in The Mexican Peso Crisis of 1994", George Washington University, Washington DC, USA, June 21, 1996. "Agency Conflict and the Signalling Snafu in The Mexican Peso Crisis of 1994", University of Groningen, Groningen, The Netherlands, July 9, 1996. "Managing Risk in International Business", Greqam, Université d'Aix Marseille, October 4, 1996. PhD SUPERVISION AND EXAMINATION Eric Vernier, Universite du Littoral, April 4, 2006, Habilitation à Diriger des Recherches. M. Cyril Caillault, Ecole Normale Supérieure de Cachan, April 18, 2005, « Le Risque de Marché. Measures et Backtesting. Approche par les Copules Dynamiques ». Melita Stephanou, Middlesex University, January 27, 2005, « The usefulness of earnings and cash flows in valuing security returns : empirical evidence for the UK, USA and France ». Salma Mefteh, 17 December 2004, Université de Paris-Dauphine. Inass El Farissi, Universite de Cergy Pontoise, 17 December, 2004, «Decisions d'investissement et de financement: approche optionnelle ». Alois Kanyinda, Université de Paris-Dauphine, 8 Octobre, 2004. Sana Mahfoudh, Université du Maine, 20 November, 2003. Yves Landry, Université de Paris V, 23 January 2003, “Contribution à l’évaluation prospective du risque pays dans le nouveau contexte international”. Catherine Kyrtsou, Université de Montpellier I, 21 February 2002, “Hétérogénéité et chaos stochastique dans les marchés boursiers” Laurent Chrétien, Université de Lyon I, 1 October 2001, “Evaluation de produits financiers à barrière”. Konstatinos Kassimatis, Middlesex University, December 1999, “Stock market development and economic growth in emerging economies”. Ping Wang, Middlesex University, December 1999, “Econometric analysis of exchange rates in East Asia”. Amel Zenaidi, Université de Tunis III, June 1998, “L’option réelle de défaut souverain et le marché secondaire de la dette extérieure des pays en voie de développement”. LANGUAGES Fluent English, Spanish and French.