Current Position
Associate
Professor of Finance (with tenure) and Kogod Endowed Fellow
Kogod
School of Business at
Non-Academic Experience
Visiting
Senior Financial Economist (IPA),
Education
May 1995 Ph.D.
in Financial Economics, Carnegie Mellon University
May
1991 M.S. in Finance, Carnegie
Mellon University
Sept.1988 Licence en
Administration des Affaires, Université de Liège, Belgium
Research Interests (also see Publications
; Working Papers ; and Research Awards and Grants
)
Areas: Financial
Markets, Corporate finance & International financial economics
Topics: Role of
different types of traders in financial markets, insider trading
Informational issues in finance,
especially corporate governance ad financial contracting
Welfare costs of economic
fluctuations, risk sharing puzzles, international financial flows
Teaching Honors (also see Teaching Ratings
and Research Awards and Grants )
2004 & 2003 MBA Professor of the
Year Runner-up,
1999
Teacher of the Year Nominee, Faculty of Management,
1994 Best Student Teacher, G.S.I.A.,
"Market Growth, Trader
Participation and Prices in Energy Futures Markets" (joint with M. Haigh, J. Harris and J. Overdahl;
Featured in Business Week,
February 2007)
"Penalties and
Optimality in Financial Contracts: Taking Stock" (joint with P.-A.
Michel & A-M Steiger; revise/submit; Top-Ten
New Download, SSRN)
"Market Incompleteness & the Equity Premium Puzzle: Evidence from State-Level Data" (CIRANO WP2004s54; joint w. K. Jacobs & S. Pallage; under review)
"The States
vs. the states: On the Welfare Costs of Aggregate Volatility in the U.S."
(joint w.
"On the Potential of Foreign Aid as Insurance" (CIRPEE WP0404; joint with S. Pallage & C. Berube)
"Corporate Finance,
Meet Development Assistance: Adverse Selection & the Procyclicality
of Foreign Aid" (joint w.
"Limited Liability Rules, Financial Innovation and Capital Structure Complexity" (Top-Ten New Download, SSRN; under review)
"How Costly Are
Limited Liability Rules? " (All-Time Top-Ten Download , LSN -
Social Science Research Network)
"Managerial Myopia, Signaling Costs and the Informativeness of Corporate Payout Policy"
“On the Potential
of Foreign Aid as Insurance (with S. Pallage
& C. Bérubé)
IMF Staff Papers,
53 (3), December 2006, pp. 451-75.
“The Impact of Illegal Trading in Dealer
and Specialist Markets” (joint w. Pat Fishe)
Journal
of Financial Economics, 71 (3), March 2004, pp. 461-88
“On The Welfare Cost of Economic
Fluctuations in Developing Countries” (joint w. Stéphane Pallage )
International Economic Review, 44 (2), May
2003, pp. 677-98
“What Can We Learn from Simulating a
Standard Financial Agency Model”
Economics
Letters, 73 (2), November 2001, pp. 136-47
“Foreign Aid and the Business Cycle” (joint
w. Stéphane Pallage )
Review
of International Economics, 9 (4), November 2001, pp. 637-68 -- Special
Issue in honor of Nobel winner R. Mundell
“Optimal vs. Traditional Securities under
Moral Hazard”
Journal
of Financial and Quantitative Analysis, 34 (2), June 1999, pp. 261-89 (lead
paper)
“The Lintner
model, Legislation, Inflation, Rational Forecasts and Large Firms Dividend
Policy”
Cahiers
Economiques de Bruxelles,
No.125, 1st trimester 1990, pp. 3-25 (lead paper)
Book Chapter
"De l’Optimalité de la Responsabilité
Limitée dans les Contrats Financiers" (joint with
P.-A. Michel)
in Finances publiques, Finances privées, P. Pestieau
& B. Jurion (Eds.), Editions
de l'ULg -- Luc Pire, Brussels, March 2000
Conference Proceedings
"Dividend Signaling Costs: Coarse
vs. Separating Equilibria"
abstracted in the
Proceedings of 1995 Meeting of the American Finance Association
Journal of Finance,
50 (3), July 1995, pp.1000-1001
"Product Market Considerations and
Corporate Payout Policy"
Proceedings of the
1992 Meeting of the European Finance Association , August 1992,
Teaching Experience: Executive Education
International Finance
MSF Program, Luxembourg School of Finance
Overall Performance Rating, 2004-2006: "Excellent"
'
FIN 631 Cases in
International Financial Management
MIBS Program, School of Business, University of Miami
Overall Instructor Rating, with 5 being the highest possible score:
Spring 1998: 5; Spring 1997: 4.84
Investment Analysis and Portfolio Management
Moroccan Financial Sector Development Program,
USAID and Moroccan Department of the Treasury,
Overall Performance Rating, July 1995: "Absolutely Outstanding"
Teaching Experience: Graduate Courses
FIN-674 Derivatives & Risk Management
Kogod School of Business at AU,
Overall Instructor Rating, with 6 being the highest possible score:
Spring 2005: 5.68; Spring 2004: 5.55
FIN-685 Derivatives
Kogod School of Business at AU,
Overall Instructor Rating, with 6 being the highest possible score:
Spring 2003: 5.31; Spring 2001: 5.4; Spring 2002
(co-taught with R. Losey): 4.7
FIN-674 Futures
Kogod School of Business at AU,
Overall Instructor Rating, with 6 being the highest possible score:
Spring 2001: 5.62; Spring 2000: 4.9
FIN-672 Investments
Kogod School of Business at AU,
Overall Instructor Rating, with 6 being the highest possible score:
Spring 2005: 5.42; Fall 2004: 5.31; Spring 2002: 5.2;
Spring 2000: 5.0
274-660 Global Investment Management
Faculty of Management, McGill University, Montreal, Canada
Overall Instructor Rating, with 6 being the highest possible score:
Winter 1999: TBD
FIN
631 Cases in International Financial Management
MBA Program,
Overall Instructor Rating, with 5 being the
highest possible score:
Spring 1997: 4.92 (631 Q), Spring 1998: 4.4 (631 Q)
FIN
630 International Finance
MBA Program, School of Business, University of Miami
Overall Instructor Rating, with 5 being the highest possible score:
Fall 1997: 4.72 (630 UY) and 4.53 (630 Q); Fall 1996: 4.62;
Fall 1995: 4.59 (630 KY) and 4.50 (630 HI); Spring 1995: 4.50; Fall
1994: 4.13
GPFin II Intensive Seminar
in Corporate Finance
Ecole d'Administration des Affaires, Université de Liège, Belgium,
Springs 1995 and 1996
Teaching Experience: Undergraduate Courses
FIN-465 Derivatives
Kogod School of Business, American University, Washington DC
Overall Instructor Rating, with 6 being the highest possible score:
Spring 2003: 6; Spring 2003: 5.96; Spring 2002
(co-taught with R. Losey): 5.73
FIN-469 Investments Analysis
Kogod School of Business, American University, Washington DC
Overall Instructor Rating, with 6 being the highest possible score:
Fall 2004: 5.57; Spring 2004: 5.56; Fall 2003: 5.93;
Spring 2003: 5.76;
Fall 2002: 5.81; Spring 2002: 5.4; Fall 2001: 5.5; Spring
2001: 5.4; Fall 2000: 4.9 ; Fall 1999: 5.3
274-480 Global Investments Management
Faculty of Management, McGill University, Montreal, Canada
Overall Instructor Rating, with 6 being the highest possible score:
Winter 1999: TBD
274-441 Investment and Portfolio Management
Faculty of Management, McGill University, Montreal, Canada
Overall Instructor Rating, with 6 being the highest possible score:
Fall 1999: 5.4; Winter 1999: TBD
FIN
431 International Financial Management
School of Business,
Overall Instructor Rating, with 5 being the highest possible score:
Spring 1996: 4.57 (431 HI) and 4.38 (431 KX)
FIN
330 International Finance
School of Business,
Overall Instructor Rating, with 5 being the
highest possible score:
Fall 1996: 4.67; Spring 1995: 4.63; Fall 1994: 3.33
70-494 International Aspects of Finance
Undergraduate Industrial Management Program,
Overall Instructor Rating, with 5 being the highest possible score:
Spring 1994: 4.78; Spring1993: 4.33
Other Teaching Experience
Investment Analysis and Portfolio Management
Institut Cooremans --
Business School of the City of Brussels, Belgium, Spring 1989
Overall Instructor Rating: "Outstanding"
Case Studies in Financial Statements Analysis
Université de Liège, Spring
1989
Case Studies in Management Accounting
Université de Liège, Fall
1988-Spring 1989
Case Studies in Investment Analysis and Portfolio Management
Université de Liège, Fall
1988
Research Grants and Fellowships
Kogod Endowed Research Fellow, American University, 2000-2004
University Senate Research Award, American University, 2001-02
James W. McLamore Summer Award in Business,
Aspirant E. de Barsy, National Fund for Scientific Research of Belgium, 1989-1993
William Larimer Mellon Fellowship, 1989-1992
Honors and Awards
Kogod Award for Excellence in Research, 2000, 2002, 2003, 2004
Honorary Fellow, Belgian American Educational Foundation, 1990
Prix Memoire Camille Gutt
- National Bank of
Prix de la B.N.P., Prix Winterthur and Prix A.L.D.Lg for best undergraduate thesis, 1989
Licence obtained Summa Cum Laude with
official Congratulations of the Examination Jury, 1988