2013 Annual Report

COLLEGE OF MANAGEMENT OF TECHNOLOGY ANNUAL REPORT 2013

– 1 – Table of Contents

Preamble...... 3 CDM at a Glance...... 4 Highlights...... 6 Faculty Members...... 12 Research ...... 18 Scientific Research Output 2009 – 2013...... 20 External Grants...... 34 Research Seminars ...... 38 MTEI and ITPP Research Seminars...... 38 MTEI & ITPP Student Seminars...... 40 SFI@EPFL Research Seminars...... 41 SFI@EPFL Brownbag Seminars ...... 43 DEEP-EPFL Seminar Series in Macroeconomics...... 44 Education...... 46 Master Programs...... 48 Master Program in Management, Technology and Entrepreneurship (MTE). . . 48 Master Program in Financial Engineering (MFE)...... 54 Doctoral Programs...... 60 Doctoral Program in Management of Technology (EDMT)...... 60 Doctoral Program in Finance (EDFI)...... 64 Executive Master Programs ...... 68 Executive MBA in Management of Technology...... 68 Executive Master in Global Supply Chain Management...... 70 Media Outreach...... 72 CDM Organization & Staff...... 74 Finances...... 76 International Collaborations...... 78

– 2 – PREAMBLE

Welcome! Having being here at EPFL since before the creation of the College of Management of Technology (CDM) in 2004, I have witnessed its development throughout the years. When the opportunity arose in autumn 2013, I was happy to accept the nomination as the new Director. During this four-year term, I will work on CDM’s strategy, internal management, and liaison with EPFL’s Administration, as well as act as advocate for the CDM across the campus and to the outside world. In 2009, the College had grown, allowing the creation of two institutes: The Swiss Finance Institute @ EPFL and the Management of Technol- ogy & Entrepreneurship Institute. This past year, to move into new and important intellectual space, one of my first initiatives as Director was to broaden our research expertise by creating the Institute of Tech- nology & Public Policy, led by Prof. Matthias Finger. This exciting new institute will aim at offering cutting edge research in ways to approach society’s urgent challenges in energy, transportation, telecommunications, and public health, and how to translate them in an appropriate policy-relevant way. I am looking forward to working with our creative and hard-working team of professors, professional staff, post-docs, and students to develop CDM’s strengths in innovation, entrepreneurship, and impact, to enhance EPFL’s already growing reputation and contribute to campus life! Christopher Tucci, Director CDM

– 3 – CDM AT A GLANCE

Introduction

Established in 2004, the College of Management of Technology (CDM) has an aligned focus on research and teaching in the areas of Man- agement Science that have close links to Engineering and Technology. Moreover, the CDM infuses the EPFL campus with an entrepreneurial spirit, encourages cross-disciplinary partnerships and undertakes a comprehensive approach to industrial issues and public policy. The College is currently composed of three institutes, the Manage- ment of Technology and Entrepreneurship Institute (MTEI), the Swiss Finance Institute at EPFL (SFI@EPFL), and the Institute of Technology and Public Policy (ITPP). The CDM offers two Master programs - in Management, Technology and Entrepreneurship (MTE) and Financial Engineering (MFE) - as well as two Doctoral programs - in Management of Technology (EDMT) and in Finance (EDFI). These successful teaching programs offer promising first-class education to prepare students for leading careers in academia and industry. An assessment of the past years has brought to light a steady increase in the number of applications for all degrees. The programs attract talented students from many faculties and sciences. Furthermore, the CDM additionally offers three executive Master programs in partnership with other outstanding universities. The current offer covers executive Masters in Innovative Governance of Large Ur- ban Systems (offered since 2014), Global Supply Chain Management and Management of Technology. The College plans to expand and di- versify this portfolio in the near future.

– 4 – CDM Milestones

Creation of ITPP 2013 Master Program in Management, Technology and Entrepreneurship 2010 Creation of MTEI, SFI@EPFL and PhD Program in Finance 2009 Master Program in Financial Engineering 2008 PhD Program in Management of Technology 2006 Minor in Management, Technology and Entrepreneurship 2005 Creation of CDM 2004

Management of Economics & Management of Innovation Entrepreneurial Strategies Technology & Operations Management Entrepreneurship Supply Chain Management Technology Commercialization Institute Technology Management

Communications Policy Institute of Energy Policy IP Policy Technology & Risk Governance Public Policy Technology Policy Transport Policy

Asset Pricing Corporate Finance Swiss Finance Financial Economics Institute @ EPFL Financial Engineering Macroeconomics Risk Management

– 5 – HIGHLIGHTS Congratulations

JAN 2013. Ecole des Ponts Paris Tech Pro- nors. With more than 18,000 members in 110 fessorship for Philippe Wieser. countries, the AOM is the world’s largest or- Philippe Wieser receives the title of Professor ganization devoted to management research from the Ecole des Ponts Paris Tech. He has and teaching. been teaching at “Ponts” for numerous years and also organizes the Executive Master’s MAY 2013. Dominique Foray appointed to program in Global Supply Chain Management the Commission of Experts for Research in partnership with this university. and Innovation established by the German Government. JAN 2013. Damir Filipovic and Thomas Dominique Foray has been elected as the only Weber elected to the CRAG Scientific Com- foreign member of the renowned Commission mittee. of Experts for Research and Innovation (EFI) Damir Filipovic and Thomas Weber join the providing scientific policy advice to the Ger- scientific committee providing strategic ad- man Federal Government. EFI’s periodical re- vice and guidance to the EPFL Center on Risk ports on the strengths and weaknesses of the Analysis and Governance (CRAG). German innovation system based on an international comparison usually receive much media attention. FEB 2013. Marc Gruber to serve as Asso- ciate Editor of the prestigious Academy of Management Journal. MAY 2013. Anu Wadhwa elected to the AOM Business Policy and Strategy Division. Marc Gruber has been appointed as an Asso- ciate Editor of the Academy of Management Anu Wadhwa has been appointed for a two- Journal (AMJ). As part of the editorial team, year term as member of the Executive Com- he will cover the area of innovation and en- mittee of the Business Policy and Strategy trepreneurship. AMJ is the flagship empiri- (BPS) division, one of the largest divisions of cal journal in management and one of the 45 the Academy of Management (AOM). journals used by the Financial Times for com- piling their annual Business School research AUG 2013. Semyon Malamud elected to the ranking. Finance Theory Group. Semyon Malamud has been chosen as a mem- MAR 2013. Semyon Malamud nominated for ber of the prestigious Finance Theory Group 4nations cup. committed to advancing theoretical research Semyon Malamud has been selected to rep- in ﬁnancial economics, especially in the fields resent Switzerland at the 4nations cup host- of corporate finance, ﬁnancial markets, inter- ed by the London Business School. This event mediation, and institutions. brings the most promising young scholars in financial economics together for one day of OCT 2013. New cohort of graduates in Man- “mini seminars”. agement, Technology & Entrepreneurship and Financial Engineering. APR 2013. Christopher Tucci elected to the CDM is proud of its 49 students who have suc- Academy of Management’s Board of Gover- cessfully completed their Master’s studies nors. and received their certificate before an audi- Christopher Tucci has been nominated as a ence of family, friends and faculty members representative-at-large member of the Acad- on 5 October 2013. We wish our graduates all emy of Management (AOM) Board of Gover- the best for their future professional path!

– 6 – Awards

MAY & JUL 2013. Pierre Collin Dufresne AUG 2013. Christopher Tucci is recipient of recognized with two best paper awards. AMR 2013 Best Paper Award. Pierre Collin Dufresne’s working paper “In- Christopher Tucci receives the Best Paper sider Trading, Stochastic Liquidity and Equi- Award for his article “Crowdsourcing as a librium Prices” receives best paper awards at Solution to Distant Search” published in the the 30th International French Finance Asso- prestigious Academy of Management Review. ciation (AFFI) Conference in Emlyon and the The prize was presented during the Academy 11th China International Conference in Fi- of Management annual meeting held in Or- nance in Shanghai. lando.

Education

JAN 2013. Executive Master’s program in to develop a joint program in Innovation & Global Supply Chain Management cele- Entrepreneurship. The communal education- brates its 20th anniversary. al platform enables students to benefit from The “Global Supply Chain Management” pro- an international learning experience, a much gram directed jointly by EPFL (Philippe Wi- larger pool of faculty expertise as well as a eser), the Ecole des Ponts Paris Tech and broader range of PhD courses. AFT-IFTIM celebrates its 20th edition. The 80- ECTS executive program, organized each year NOV 2013. CTI accreditation of Master’s pro- since 1993, counts more than 800 graduates gram in Management, Technology & Entre- representing over 70 nationalities from five preneurship extended to 2016 different continents. The Commission for Technology & Innovation (CTI) renews the accreditation of the Master’s JUL 2013. MoT Executive MBA accredited by program in Management, Technology & En- AMBA. trepreneurship (MTE) for two years. The Management of Technology (MoT) Execu- tive MBA offered jointly by EPFL and the Uni- DEC 2013. First “Deloitte OES” Prize award- versity of Lausanne since 1998 earns accred- ed to an MTE Master’s student project. itation from the Association of MBAs (AMBA) Dimitri Cordenier and Alexis Dubil, students for a period of three years. in the MTE Master’s program, receive the first Deloitte OES award for their project “GeoRoute NOV 2013. Joint doctoral program in Inno- at Postlogistics”. The project had been devel- vation & Entrepreneurship with EuroTech oped during the course “Operations: Econom- partners. ics and Strategy”, offered by Thomas Weber. The Doctoral Program in Management of Technology (EDMT), directed by Dominique Foray, joins forces with similar programs at the Technical University of Munich (TUM), the Technical University of Denmark (DTU) and the Eindhoven University of Technology (TU/e)

– 7 – Research

FEB 2013. IGLUS initiative launched by Mat- NOV 2013. Dominique Foray’s “Smart Spe- thias Finger. cialisation Strategy (S3)” goes European. Matthias Finger initiates the network “Inno- Dominique Foray presents his concept of vative Governance of Large Urban Systems Smart Specialisation to the Committee of (IGLUS)”, which brings together practitioners Regional Development at the European Par- and academics from different disciplines to liament in the presence of the President of investigate innovative ways to improve the the European Council, Herman Van Rompuy. governance and management of big cities. The initially purely academic concept is today The main focus of this initiative lies in the gov- considered by the European Union as a real ernance of urban infrastructure systems like political instrument for favoring regional de- transport, energy, telecommunications, wa- velopment and innovation strategies and as ter, waste, and greens. such forms an important part of the EU 2020 innovation plan. FEB 2013. Greek Unemployment Agency and Marc Gruber’s Chair initiate collaboration. MAY 2013. 2nd Princeton-Lausanne Work- Marc Gruber’s Chair of Entrepreneurship and shop on Quantitative Finance & Economics. Technology Commercialization (ENTC) and The second event of the Princeton-Lausanne the Greek Unemployment Agency join forces workshop series is hosted by the Bendheim to investigate the impact of Greek government Center for Finance and the Department of Op- assistance programs on the transition of un- erations Research and Financial Engineering employed individuals to self-employment. To (ORFE) at Princeton. Organized on a rotating this end, they will investigate five independent two-year cycle, these workshops offer an ide- assistance programs implemented since 2008 al platform for exchanges and collaboration and targeting different population groups. The among scholars and students from Princeton initial results will be discussed at a workshop University and the University Finance Center hosted by ENTC in fall 2014. of Lausanne (CULF).

MAR 2013. IGLUS enters partnership with MAY 2013. SEI Faculty Workshop hosted by UN-HABITAT. Anu Wadhwa. UN-HABITAT, the United Nations agency man- The 2nd Faculty Workshop of the European dated by the UN General Assembly to promote Strategy, Entrepreneurship & Innovation (SEI) socially and environmentally sustainable consortium brings together 40 scholars from towns and cities, becomes an official partner various leading European business schools of the IGLUS network, directed by Matthias and universities, including HEC Paris, Bocco- Finger. ni University, Copenhagen Business School, Imperial College Business School, London MAR 2013. THINK consortium led by Matthi- Business School and ETH Zurich. SEI Facul- as Finger releases recommendations for the ty workshops provide an important forum for EU Energy Roadmap 2050. discussion to researchers interested in pre- paring papers for submission to top journals. The THINK consortium financed by the EU’s 7th Framework Program and directed by Mat- thias Finger releases its latest report sug- JUL 2013. Hoffman-La Roche and Ralf Seif- gesting possible paths for a renewed EU ener- ert sign research agreement. gy technology policy towards 2050. Since June Roche enters into scientific research collab- 2010, the THINK team has advised the Euro- oration with Ralf Seifert’s Chair and financ- pean Commission (DG Energy) on a diverse es a two-year project aimed at investigating set of energy policies and produced a total of the challenges in the pharmaceutical supply twelve reports. chain and modeling benefits related to supply chain risk management.

– 8 – SEP 2013. Workshop on anticipation orga- enters its third and final phase. Philippe Wies- nized by Pierre Rossel. er has been involved in the “Infomed” project Pierre Rossel hosts the 5th FuMee workshop since its inception and significantly contribut- on the discipline of anticipation. FuMee is an ed to the development of the new platform. interdisciplinary network of scholars dedicated to producing policy-relevant research in DEC 2013. CDM part of SCCER Energy CREST technology foresight. Dominique Foray, Matthias Finger and Chris- topher Tucci are part of the Swiss Competence SEP 2013. Christopher Tucci coordinates Center for Energy Research (SCCER) “CREST”. Sinergia project. The aim of SCCER CREST is to contribute to The new Sinergia project “Business Model the energy transition in Switzerland by pro- Dynamics” coordinated by Christopher Tuc- viding detailed, evidence-based recommen- ci studies the nature of the mechanisms and dations on policies that help to reduce energy dynamics underlying the emergence and evo- demand, foster innovation, and increase the lution of new and existing Business Models share of renewables in a cost-efficient way. (BMs). In addition to EPFL, the network com- The EPFL team strives to develop innovative bines the expertise of researchers from the concepts for energy policy, provide an in-depth ETH Zurich, Università della Svizzera italiana analysis of drivers and barriers to energy ef- and the University of Bologna. ficiency, produce detailed strategies that help firms and regions in adjusting to the new energy system, and establish novel assessment OCT 2013. Philippe Wieser involved in the tools for policies and technological solutions. realization of the Canton of Valais Infomed project. With the launch of a platform for the electronic management of patient records, the project “Infomed” financed by the Canton of Valais

CDM Intern

SEP 2013. Christopher Tucci at the helm of SEP 2013. Daniel Kuhn appointed Associate the CDM. Professor of Operations Research. Christopher Tucci is the new Director of the Daniel Kuhn joins the Institute of Manage- CDM, where he also holds the research Chair ment and Entrepreneurship (MTEI), where he of Corporate Strategy and Innovation (CSI). As holds the Chair of Risk Analytics and Optimi- Director of the Management of Technology zation (RAO). Daniel received a PhD degree section, Christopher Tucci was instrumental in Economics from the University of St. Gal- in the launch of the College’s core curric- len and an MSc degree in Theoretical Physics ulum in the academic year 2003 - 2004 and from ETH Zurich. His research interests focus the subsequent creation of the EDMT doctoral on the modeling of uncertainty, the develop- program. His field of research focuses on the ment of efficient computational methods for way firms acquire and react to new technolo- the solution of stochastic and robust optimi- gies. The appointment of Christopher Tucci is zation problems and the design of approxima- excellent news for the CDM, which had been tion schemes that ensure their computational managed ad interim for the past five years. tractability. This work is primarily application-driven, the main application areas be-

– 9 – ing energy systems, operations management address the need for research and expertise and engineering. Daniel’s Chair is financed by in governance issues related to public policy, EPFL Valais Wallis. intellectual property, innovation, and technology transfer. The Institute is directed by OCT 2013. Creation of the Institute of Tech- Matthias Finger and mainly focuses on issues nology & Public Policy central to today’s major societal challenges such as energy, transportation, urbanization, The new Institute of Technology & Public Pol- telecom, natural resources, public health and icy (ITPP) has been established at CDM to knowledge development.

Outreach

JAN 2013. TEDx talk on Entrepreneurship. latest research and technical developments Peter Vogel, PhD student in Marc Gruber’s related to energy efficiency. team, gives a talk on Entrepreneurship at the TEDx conference in Lausanne. In his presen- NOV 2013. Swissquote Conference on Com- tation, Peter Vogel explores the future of labor modities and Energy. markets and the role of entrepreneurial eco- The 4th Swissquote Conference organized by systems. Damir Filipovic tackles the issues of commodities and energy markets. Conference topics FEB 2013. Dominique Foray launches blog include the role of speculation in oil markets, on smart specialization. design and modeling of efficient electricity With the idea of maintaining the dialog and markets, effects of financialization versus ef- exchange of ideas between the regions and fects of rising demand for commodities, and the EU, Dominique Foray creates a success- others. ful blog stimulating open discussion on smart specialization issues. NOV 2013. CDM heavily represented at CRAG-IRGC symposium. APR 2013. EDMT doctoral students partici- The CRAG-IRGC Symposium on “Uncertainty: pate in G20 Youth Forum. from insight to action” receives strong sup- Abhik Mukherjee and Peter Vogel, PhD stu- port from CDM faculty members. Several ses- dents in Luisa Lambertini’s and Marc Gru- sions are organized by Ruediger Fahlenbrach, ber’s group, respectively participate in the Damir Filipovic, Matthias Finger and Thomas G20 Youth Summit in Saint-Petersburg. The Weber. main purpose of this conference is to discuss world global problems that are on the agenda NOV 2013. 13th Forum Suisse de Logistique of the G20, establish an intercultural dialogue organized by Philippe Wieser. and build an international network. This year’s logistics conference focuses on the impact of technological and organizational in- NOV 2013. Infrastructure Day with Federal novations on the supply chain. The conference Councillor Doris Leuthard. brings together more than 150 participants, The second edition of the Infrastructure Day including leading practitioners in the fields of conferences, organized jointly by Matthias purchasing, sales and marketing. Finger’s research group and Doris Leuthard’s Department of Environment, Transport, En- DEC 2013. Matthias Finger inaugurates first ergy and Communications (DETEC), brings “My Post 24” in French-speaking Switzer- together more than 250 participants from ac- land ademia, government, nongovernmental orga- The Post Office choses the EPFL campus as nizations and the private sector to discuss the location to install the first automated parcel

– 10 – terminal in French-speaking Switzerland. Matthias Finger, who has been collaborating with the Post Office for some time, namely via his Chair for Management of Network Indus- tries (MIR), has been chosen to inaugurate the new service.

New Books

OCT 2013. “Regulating Transport in Europe” by Matthias Finger and Torben Holvad The book addresses the regulation of transport within a European context, covering air, inland water- ways, rail, road passenger and freight, urban public transport, and short sea shipping. These sectors have undergone substantial changes over the past two decades in terms of ownership, competition and liberalization, and the book explores the main transformations and their impacts.

Invited Professors

Yan Cimon Ajay K. Sirsi Professor of Strategy Professor of Marketing Faculty of Business Administration, Schulich School of Business, York University, Université Laval, Canada Canada June 1st to July 31st, 2013 September 1st to December 15, 2013 Stuart J.H. Graham B.J.M. (Ben) Ale Professor of Business Strategy Professor of Safety Science and Disaster Scheller College of Business, Management Georgia Institute of Technology, USA Delft University of Technology, Netherlands June 10 to July 12, 2013 September 19 to December 20, 2013 Jeffrey Pontiff Professor of Finance Carroll School of Management, Boston College, USA July 1st to August 31st, 2013

– 11 – FACULTY MEMBERS

Management of Technology & Entrepreneurship Institute

Marc Gruber Full Professor Ph.D. in Management, University of St. Gallen, Switzerland [email protected]

Research areas: Entrepreneurship and Technology Commercialization • Identification of entrepreneurial opportunities • Commercialization of new technologies • Opportunity exploitation and entrepreneurial skills • Founder identity and organizational imprinting • Labor market policies to promote entrepreneurship

Daniel Kuhn Associate Professor Ph.D. in Operations Research, University of St. Gallen, Switzerland [email protected]

Research areas: Risk Analytics & Optimization • Decision-making under uncertainty • Stochastic programming and robust optimization • Optimization of energy systems

Ralf Seifert Full Professor Ph.D. in Management Science, Stanford University, CA, United States [email protected]

Research areas: Technology and Operations Management • Supply chain strategy, supply chain finance, corporate ventures

– 12 – Christopher Tucci Full Professor Ph.D. in Management, Massachusetts Institute of Technology, MA, United States [email protected]

Research areas: Corporate Strategy and Innovation • Crowdsourcing, innovation, creativity in firms, design thinking, social medias

Anu Wadhwa Assistant Professor (Tenure Track) Ph.D. in Business Administration, Foster School of Business, University of Wash- ington, WA, United States [email protected]

Research areas: Corporate Renewal and Entrepreneurial Strategies in Technology • Corporate entrepreneurship, strategic renewal and innovation, inter-firm relationships, knowledge networks • Decision making under uncertainty, venture capitalist investments in clean technologies, prior founder experience and new venture evolution

Thomas Weber Associate Professor Ph.D. in Managerial Science and Applied Economics, Wharton School, University of Pennsylvania, PA, United States [email protected]

Research areas: Operations, Economics and Strategy • Operations research: stochastic and nonlinear systems, optimal control • Economics of information and uncertainty • Strategy and public policy • Recent applications: contract design, credit collections, environment, fairness, investment crite- ria, medical decision making, search intermediaries, sharing economy

Philippe Wieser Adjunct Professor Ph.D. in Mechanical Engineering, EPF Lausanne, Switzerland [email protected]

Research areas: Logistics, Economy and Management • Project management, global supply chain management, health supply chain, logistics, optimization

– 13 – Institute of Technology & Public Policy

Matthias Finger Full Professor Ph.D. in Education and Ph.D. in Political Science, University of Geneva, Switzer- land [email protected]

Research areas: Management of Network Industries • De- and regulation of network industries in the postal, telecommunication, railway, electricity, air transport and water sectors • Governance of large socio-technical systems • Infrastructure policy • Business-government relations

Dominique Foray Full Professor Ph.D. in Economics, Lumière University Lyon, France [email protected]

Research areas: Economics and Management of Innovation • Economics of innovation, knowledge-based economy • Science and technology indicators • Technology policy • Innovation & development, smart specialization (planning of innovation strategies for a sustainable regional development)

Dr. Pierre Rossel Senior Scientist Ph.D. in Ethnology, University of Neuchâtel, Switzerland [email protected]

Research areas: • Technology foresight, trend analysis, anticipatory systems, weak signal analysis, early detection methods, innovative dynamics

– 14 – Swiss Finance Institute @ EPFL

Pierre Collin-Dufresne Full Professor Ph.D. in Finance, HEC Paris, France [email protected]

Research area: Credit Risk • Portfolio choice, pricing, hedging, derivatives, bonds, mortgages, oil prices, credit risks, securitization

Rüdiger Fahlenbrach Associate Professor Ph.D. in Finance, Wharton School, University of Pennsylvania, PA, United States [email protected]

Research area: Compensation and Corporate Governance • CEO compensation and incentives, boards of directors, shareholder structure, causes and consequences of the financial crisis

Damir Filipovic Full Professor Ph.D. in Mathematics, ETH Zürich, Switzerland [email protected]

Research area: Mathematical Finance • Financial and insurance mathematics, quantitative risk management and regulation, volatility, credit and interest rate risk, affine and polynomial pre- serving processes, stochastic models

Julien Hugonnier Associate Professor Ph.D. in Finance, University of Paris 1 and ESSEC, France [email protected]

Research area: Asset Pricing • Portfolio choice, market frictions, rational asset pricing bubbles, portfolio constraints, stock returns, asset pricing , risk aversion, fund competition, pricing, hedging, incomplete markets, optimal investment, derivatives

– 15 – Luisa Lambertini Full Professor Ph.D. in Economics, University of California, Berkeley, CA, United States [email protected]

Research areas: International Finance and Macro Finance • Risky mortgages, monetary-fiscal interactions, exchange rates, monetary policy, fiscal policy, inflation prices, budget deficits

Semyon Malamud Assistant Professor Ph.D. in Mathematics, ETH Zürich, Switzerland [email protected]

Research area: Liquidity and Informational Frictions • Liquidity and informational frictions, macroeconomics with financial frictions • Networks and market structures • Asymmetric information, general equilibrium, repeated games, strategic trading • Liquidity and endogenous growth, asymmetric information and monetary policy

Loriano Mancini Assistant Professor Ph.D. in Economics, University of Lugano , Switzerland [email protected]

Research area: Financial Econometrics • Risk / volatility, liquidity, options markets, interbank market

Erwan Morellec Full Professor Ph.D. in Finance, HEC Paris, France [email protected]

Research area: Corporate Finance • Banking regulation, corporate governance, corporate investment, financing decisions, risk management, credit risk

Anders Trolle Assistant Professor Ph.D. in Finance, Copenhagen Business School, Denmark [email protected]

Research area: Fixed Income and Derivatives Pricing • Pricing of interest rate, commodity, and credit derivatives, term structure modeling, interbank risk, liquidity risk

– 16 – – 17 – RESEARCH

CDM faculty members are nationally and internationally recognized for their research and teaching in the field of management science. They publish broadly in important academic and public journals, serve on various editorial boards or as editors and are frequently invited to present their research to academic and non-academic audiences, including companies, regulatory agencies, and the Swiss government. CDM’s research program focuses on topics of high relevance and impact and our professors regularly receive research grants from the major funding agencies. They collaborate closely with the local business community, are frequently solicited for advice and serve on various academic and industrial advisory committees. In the context of our sponsored chairs, CDM has established fruitful long-term cooperation with Swiss Post, Swissquote and the Swiss Finance Institute, which is equally appreciated by all parties. CDM is currently composed of three institutes, the Management of Technology and Entrepreneurship Institute (MTEI), the Swiss Finance Institute at EPFL (SFI@EPFL) and the Institute of Technology and Pub- lic Policy (ITPP), each representing an essential facet of the scope of management science under the comprehensive umbrella of the Col- lege. The MTEI has dedicated its focus to research in economics, entrepreneurship, innovation, management of technology, operations and supply chain management. The institute studies the creation of economic value through technological innovation and the organization of global value chains. This involves processes such as starting high-technology companies, bringing high-tech products and services to market, managing innovation and knowledge in product development, manufacturing and service activities, optimizing resource allocation among different R&D projects and within global value chains as well as creating an environment for investments that convert ideas into reality.

– 18 – SFI@EPFL covers areas within finance that have a natural interaction with mathematics, statistics, and engineering, namely, mathematical finance, financial economics and econometrics, and entrepreneurial finance. The SFI@EPFL group conducts research on the functioning of financial markets, and the creation and valuation of synthetic financial instruments that enable corporations and investors to meet their financial goals. This involves product development (new financial products), risk management, and the study of financial markets, as well as advanced mathematical techniques for evaluating the proposed instruments. The institute is closely associated with the Swiss Finance Institute, a private foundation established in 2006 at the initiative of the Swiss Bankers Association. The newly created ITPP aims to develop policy-relevant knowledge and expertise in order to address, from an interdisciplinary perspective, the grand societal challenges such as energy sustainability and security, growing mobility, urbanization, evolving modes of communications and the information society more generally, natural resource depletion, public health and knowledge development. The ITPP team conducts research at the interface between technology and public policy, combining technological solutions with appropriate policy-relevant strategic thinking and operational responses. Specific areas of inquiry include energy policy, communications policy, mobility policy, the governance of intellectual property, technology forecasting, and risk governance. The Institute builds on strong collaborations with other EPFL units across the campus, as well as with private partners, government agencies and international organizations.

– 19 – Scientific Research Output 2009 – 2013

2013

All journal articles D. Harhoff and K. Hoisl. Management Science, vol. 59(4), pp. 837-851, 2013. The Dynamics of Restraint in Cote d’Ivoire. J. Al- louche and PA. Zadi Zadi. IDS Bulletin, Institute Of Health and (Other) Asset Holdings. J. Hugonnier, Development Studies, vol. 44(1), pp. 72-86, 2013. F. Pelgrin and P. Saint Amour. Review of Economic Studies, vol. 80(2), pp. 663–710, 2013. CEO Contract Design: How Do Strong Principals Do It?. H. Cronqvist and R. Fahlenbrach. Journal of A Polynomial-Time Solution Scheme for Quadrat- Financial Economics, vol. 108, pp. 659-674, 2013. ic Stochastic Programs. P. Rocha and D. Kuhn. Journal of Optimization Theory and Applications, Density Approximations for Multivariate Affine vol. 158(2), pp. 576-589, 2013. Jump-Diffusion Processes. D. Filipovic, E. Mayer- hofer and P. Schneider. Journal of Econometrics, Distributionally robust joint chance constraints vol. 176, pp. 93-111, 2013. with second-order moment information. S. Zym- ler, D. Kuhn and B. Rustem. Mathematical Pro- The Term Structure of Interbank Risk. D. Filipovic gramming, vol. 137(1-2), pp. 167-198, 2013. and A. Trolle. Journal of Financial Economics, vol. 109, pp. 707-733, 2013. Robust Markov Decision Processes. W. Wiese- mann, D. Kuhn and B. Rustem. Mathematics of A strategic energy technology policy towards 2050: Operations Research, vol. 38(1), pp. 153-183, 2013. no-regret strategies for European technology push. S. Ruester, S. Schwenen, M. Finger and J.- Worst-Case Value at Risk of Nonlinear Portfolios. M. Glachant International Journal of Energy Tech- S. Zymler, D. Kuhn and B. Rustem. Management nology and Policy, vol. 9(2), pp. 160-174, 2013. Science, vol. 59(1), pp. 172-188, 2013.

Review of electricity sector reform in five large, Leaning Against Boom-Bust Cycles in Credit and oil- and gas-exporting MENA countries: Current Housing Prices. L. Lambertini, C. Mendicino and status and outlook. R.M. Dyllick-Brenzinger and M.T. Punzi, Journal of Economic Dynamics and M. Finger. Energy Strategy Reviews, vol. 2(1), pp. Control, vol. 37(8), pp. 1500-1522, 2013. 31-45, 2013. Expectation-driven cycles in the housing market: The alignment between institutions and technol- Evidence from survey data. L. Lambertini, C. Men- ogy in network industries. N. Crettenand and M. dicino and M.T. Punzi. Journal of Financial Stabili- Finger. Competition and Regulation in Network ty, vol. 9(3), pp. 518-529, 2013. Industries, vol. 14(2), pp. 106-129, 2013. Discretely sampled variance and volatility swaps Competition Effects in a Liberalized Railway Mar- versus their continuous approximations. R. Jar- ket. M. Lang, M. Laperrouza and M. Finger. Jour- row, Y. Kchia, M. Larsson, P. Protter. Finance and nal of Industry, Competition and Trade, Vol. 13(3), Stochastics, vol. 17(2), pp. 305-324, 2013. pp. 375-398, 2013. Distributionally Robust Workforce Scheduling in Patent-free innovation: a review of economic Call Centers with Uncertain Arrival Rates. S. Liao, works including the analysis of a recent work in C. van Delft and J.-P. Vial. Optimization Methods the field of experimental economics. D. Foray. Re- and Software, vol. 28(3), pp. 501-522, 2013. vue économique, vol. 64(1), pp. 9-27, 2013. Liquidity in the Foreign Exchange Market: Mea- Escaping the Prior Knowledge Corridor: What surement, Commonality, and Risk Premiums. L. Shapes the Number and Variety of Market Oppor- Mancini, A. Ranaldo and J. Wrampelmeyer. Jour- tunities Identified Before Market Entry of Technol- nal of Finance, Vol. 68(5), pp. 1805-1841, 2013. ogy Start-ups? M. Gruber, I.C. MacMillan and J.D. From Practice to Theory and back to Practice: Thompson. Organization Science, vol. 24(1)), pp. Reflexivity in Measurement and Evaluation for 280-300, 2013. Evidence-based Policy Making in the Information Knowledge Recombination Across Technological Society. G. Misuraca, C. Codagnone and P. Ross- Boundaries: Scientists vs. Engineers. M. Gruber, el. Government Information Quarterly, vol. 30(1), – 20 – pp. S68-S82, 2013. ger and T. Holvad. In: M. Finger and T. Holvad (Eds.), Regulating Transport in Europe, pp. 1-35, Assessing the Comprehensiveness of Supply Chain Edward Elgar Publishing, 2013. Environmental Strategies. R.W. Seifert and J.M. Comas Marti. Business Strategy and the Environ- Global Companies and the Environment: The Tri- ment, vol. 22(5), pp. 339-356, 2013. umph of TNCs in Global Envionmental Gover- nance. M. Finger. In: J. Mikler (Ed.), The Handbook LEGO: Consolidating Distribution (Abridged). C. of Global Companies, Wiley, 2013. Cordon and R.W. Seifert. Supply Chain Forum: An International Journal, vol. 14(1), pp. 42-47, 2013. L’économie de la connaissance: avenir de la puissance? D. Foray. In : B. Badie and D. Vidal (Eds.), The Perks and Pitfalls of Knowledge Diffusion in Puissance d’hier et de demain. L’Etat du Monde the Supply Chain. R.W. Seifert and O. Isaksson. 2014, La Découverte, 2013. IMD – Tomorrow’s Challenges, num. 79, 2013. L’économie de la connaissance. D. Foray. In : A Review of Trade Credit Literature: Opportunities Croissance, Emploi et Développement, collection for Research in Operations. D. Seifert, R.W. Sei- Repères, La Découverte, 2013 fert and M. Protopappa-Sieke. European Journal of Operational Research, vol. 231(2), pp. 245-256, Peux-tu me dire si je dois lire cet article ? Une 2013. introduction théorique et expérimentale à l’éval- uation de la recherche par les non-scientifiques. Assessing the Impact of Stochasticity for Operat- D. Foray, M. Grieder, R. Lalive and C. Zehnder. In : ing Theater Sizing. J.-S. Tancrez, B. Roland, J.-P. O. Glassey, J.P. Leresche and O. Moeschler (Eds.), Cordier and F. Riane. Decision Support Systems, Penser la valeur d’usage des sciences, édition des vol. 55(2), pp. 616-628, 2013. Archives Contemporaines, 2013.

Corporate Entrepreneurship: State-of-the-Art Re- Towards an Improved Understanding of Knowledge search and a Future Research Agenda. A. Corbett, Requirements in Entrepreneurship: An Empirical J.G. Covin, G.C. O’Connor and C.L. Tucci. Journal Investigation of Founder and Opportunity Charac- of Product Innovation Management, vol. 30(5), teristics. M. Gruber and J. Dencker. In: J. Brewer pp. 812-820, 2013. and S.W. Gibson (Eds.), Necessity Entrepreneurs: Micro-Enterprise Education & Economic Develop- Innovation and Learning Performance Implica- ment, Edward Elgar Publishing, 2013. tions of Free Revealing And Knowledge Broker- ing in Competing Communities: Insights From the Supporting the Transition from Unemployment to Netflix Prize Challenge. J.A. Villarroel, J.E. Taylor Self-employment – A Comparison of Governmen- and C.L. Tucci. Computational and Mathematical tal Support Programs across Europe. M. Haas Organization Theory, vol. 19(1), pp. 42-77, 2013. and P. Vogel. In: J. Brewer and S.W. Gibson (Eds.), Necessity Entrepreneurs: Micro-Enterprise Ed- Protecting Growth Options in Dynamic Markets: ucation & Economic Development, Edward Elgar The Role of Strategic Disclosure in Integrated In- Publishing, 2013. tellectual Property Strategies. T. Peters, J. Thiel and C.L. Tucci. California Management Review, Linking Progressive and Initial Filtration Expan- vol. 55(4), pp. 121-142, 2013. sions. Y. Kchia, M. Larsson and P. Protter. In: F. Vi- ens, J. Feng, Y, Hu and E. Nualart (Eds), Malliavin Value Capture and Crowdsourcing. A. Afuah and Calculus and Stochastic Analysis: A Festschrift in C.L. Tucci. Academy of Management Review, Honor of David Nualart, Springer, 2013. vol. 38(3), pp. 457-460, 2013. Sentiment, Asset Prices, and Systemic Risk. Can Equity Volatility Explain the Global Loan Pric- L. Mancini, G. Barone-Adesi and H. Shefrin. In: J.- ing Puzzle? L. Gaul and P. Uysal. Review of Finan- P. Fouque and J. A. Langsam (Eds.), Handbook of cial Studies, vol. 26(12), pp. 3225-3265, 2013. Systemic Risk, Cambridge University Press, New York, 2013.

Cassandre est en nous, l’exorciser n’est pas facile. Books & book chapters P. Rossel. In: T. Portal and C. Roux-Dufort (eds.), Affine Variance Swap Curve Models. D. Filipovic. Prévenir les crises: ces Cassandres qu’il faut sa- In: R.C. Dalang, M. Dozzi and F. Russo (Eds.), Sem- voir écouter. Armand Colin, 2013. inar on Stochastic Analysis, random Fields and Ap- Business model innovation. C.L. Tucci and L. Mas- plications, Birkhäuser, 2013 . sa. In: M. Dodgson, D.M. Gann and N. Philipps Setting the Scene: Background and Overview of (Eds.), The Oxford Handbook of Innovation Man- Regulatory Reform in the Transport Sector. M. Fin- agement, Oxford University Press, 2013.

– 21 – PhD theses Corporate Science and Voluntary Disclosure: An- alyzing Determinants and Firm Performance. M. Simeth, D. Foray (Dir.). EPFL, Lausanne, 2013.

Entrepreneurship & the Unemployed: Investigat- ing Individual-Level Differences in Idea Generation and Opportunity Development. P. Vogel, M. Gruber (Dir.). EPFL, Lausanne, 2013.

Necessity Entrepreneurship: Individual, Environ- mental and Public Policy-Related Factors Influ- encing the Process of Opportunity Exploitation under Unfavorable Circumstances. M. Haas, M. Gruber (Dir.). EPFL, Lausanne, 2013.

Essays in Equilibrium Asset Pricing. J. Cujean, J. Hugonnier and B. Dumas (Dirs.), EPFL, Lausanne, 2013.

Essays on Asset Pricing with Reference Hetero- geneity. G. A. Curatola, J. Hugonnier (Dir.). EPFL, Lausanne, 2013.

Essays in Information-Based Asset Pricing. M. Hasler, J. Hugonnier (Dir.), EPFL, Lausanne, 2013.

Inventory Management with Working Capital Re- strictions. A. Zeballos Avila, R. W. Seifert (Dir.). EPFL, Lausanne, 2013.

Operational Decisions and Supply Chain Dynam- ics: An Empirical Investigation. O. Isaksson, R. W. Seifert (Dir.). EPFL, Lausanne, 2013.

Variable Product Portfolio Management in Retail Operations. A. Katsifou, R. W. Seifert (Dir.). EPFL, Lausanne, 2013.

Identification and Optimization of Stochastic Sys- tems. N. Chehrazi, T.A. Weber (Dir.), Stanford Uni- versity, Stanford, CA, 2013.

Optimal Information Collection in Dynamic Health Policy. L.E. Cipriano, T.A. Weber (Dir.), Stanford University, Stanford, CA, 2013.

2012

Journals nance: Evidence from Retail – Institutional Fund Twins. R.B. Evans and R. Fahlenbrach. Review of On the Relative Pricing of Long Maturity Index Op- Financial Studies, vol. 25, pp. 3530-3571, 2012. tions and Collateralized Debt Obligations. P. Col- lin-Dufresne, R.S. Goldstein, and F. Yang. Journal This Time is the Same: Using Bank Performance in of Finance, vol. 67(6), pp. 1983-2014, 2012. 1998 to Explain Bank Performance During the Re- cent Financial Crisis. R. Fahlenbrach, R. Prilmei- Institutional Investors and Mutual Fund Gover- er, and R.M. Stulz. Journal of Finance, vol. 67, pp.

– 22 – 2139-2185, 2012. Robust Software Partitioning with Multiple Instan- tiation. S. A. Spacey, W. Wiesemann, D. Kuhn and Approaches to Conditional Risk. D. Filipovic, M. W. Luk. INFORMS Journal on Computing, vol. 24(3), Kupper, and N. Vogelpoth. SIAM Journal on Finan- pp. 500-515, 2012. cial Mathematics, vol. 3(1), pp. 402-432, 2012. The meaning of market efficiency. R. Jarrow and Conditional Density Models for Asset Pricing. D. M. Larsson. Mathematical Finance, vol. 22(1), pp. Filipovic, L.P. Hughston, and A. Macrina. Interna- 1-30, 2012. tional Journal of Theoretical and Applied Finance, vol. 15(1), pp. 1-24, 2012. Financial Markets Equilibrium with Heterogenous Agents. J. Cvitanic, E. Jouini. S. Malamud and C. The Canonical Model Space for Law-Invariant Con- Napp, Review of Finance, vol. 16(1), pp. 285-321, vex Risk Measures is L¹. D. Filipovic and G. Svin- 2012. dland. Mathematical Finance, vol. 22(3), pp. 585- 589, 2012. Corporate Governance and Capital Structure Dy- namics. E. Morellec, B. Nikolov and N. Schürhoff. Towards Legitimate Water Governance? The par- Journal of Finance, vol. 67, pp. 803-848, 2012. tially privatized Berlin waterworks. E. Lieberherr, A. Klinke and M. Finger. Public Management Re- Understanding modelling and managing longevity view, vol. 14(7), pp. 923-946, 2012. risk: Key issues and main challenges. P. Barrieu, H.Bensusan, N. El Karoui, C. Hillairet, S. Loisel, Public R&D and social challenges: What lessons C. Ravanelli and Y. Salhi. Scandinavian Actuarial from mission R&D programs? D. Foray, D.C. Mow- Journal, Vol. 3, pp. 203-23, 2012. ery and R.R. Nelson. Research Policy, vol. 41(10), pp. 1697-1702, 2012. Aligning supply chain portfolios with product portfolios. K.U. Langenberg, R.W. Seifert, J.S. Tancrez. From Minds to Markets: How Human Capital En- International Journal of Production Economics, dowments Shape Market Opportunity Identification vol. 135(1), pp. 500-513, 2012. of Technology Start-Ups. M. Gruber, I.C. MacMil- lan, and J.D. Thompson. Journal of Management, A three-echelon supply chain with price-only con- vol. 38(5), pp. 1421-1449, 2012. tracts and sub-supply chain coordination. R.W. Seifert, R.I. Zequeira and S. Liao. International Rational Asset Pricing Bubbles and Portfolio Con- Journal of Production Economics, vol. 138(2), pp. straints. J. Hugonnier. Journal of Economic Theo- 345-353, 2012. ry, vol. 147(6), pp. 2260-2302, 2012. Designing Service Level Contracts for Supply Chain Endogenous Completeness of Diffusion Driven Coordination. M.A. Sieke, R.W. Seifert and U.W. Equilibrium Markets. J. Hugonnier, S. Malamud Thonemann. Production and Operations Manage- and E. Trubowitz. Econometrica, vol. 80(3), pp. ment, vol. 21(4), pp. 698-714, 2012. 1249-1270, 2012. A Location-Inventory Model for Large Three-Level A Constraint Sampling Approach for Multi-Stage Supply Chains. Tancrez, J.-S., J.-C. Lange and P. Robust Optimization. P. Vayanos, D. Kuhn and B. Semal. Transportation Research Part E: Logistics Rustem. Automatica, vol. 48(3), pp. 459-471, 2012. and Transportation Review, vol. 48(2), pp. 485-502, Multi-Resource Allocation in Stochastic Project 2012. Scheduling. W. Wiesemann, D. Kuhn and B. Rus- A conceptual framework of the impact of NPD proj- tem. Annals of Operations Research, vol. 193(1), ect team and leader empowerment on communi- pp. 193-220, 2012. cation and performance: An alliance case context. Multistage Stochastic Portfolio Optimisation in Y.F. Badir, B. Buechel and C.L. Tucci. Internation- Deregulated Electricity Markets Using Linear al Journal of Project Management, vol. 30(8), pp. 914-926, 2012. Decision Rules. P. Rocha and D. Kuhn. Europe- an Journal of Operational Research, vol. 216(2), Crowdsourcing as a solution for distant search. pp. 397-408, 2012. A. Afuah and C.L. Tucci. Academy of Management Polynomial Approximations for Continuous Linear Review, vol. 37(3), pp. 355-375, 2012. Programs. D. Bampou and D. Kuhn. SIAM Journal Knowledge, Networks, and Knowledge Networks: on Optimization, vol. 22(2), pp. 628-648, 2012. A Review and Research Agenda. C. Phelps, R. Heidl Robust resource allocations in temporal networks. and A. Wadhwa. Journal of Management, vol. 38(4), pp. 1115-1166, 2012. W. Wiesemann, D. Kuhn and B. Rustem. Mathe- matical Programming, vol. 135(1-2), pp. 437-471, An Augmented Becker-DeGroot-Marschak Mech- 2012. anism for Transaction Cycles. T.A. Weber. Eco-

– 23 – nomics Letters, vol. 114(1), pp. 43-46, 2012. PhD theses Special Section: Information and Competitive Essays in Financial Economics. J. P. Kulak, R. Fah- Strategy in a Networked Economy. R. J. Kauffman, lenbrach (Dir.). EPFL, Lausanne, 2012. T.A. Weber and D. J. Wu. Journal of Management Information Systems, vol. 29(2), pp. 7-9, 2012. A Network- and Performance-based Zonal Con- figuration Algorithm for Electricity Systems. C. L. Duthaler, M. Finger and H. B. Püttgen (Dirs.). EPFL, Lausanne, 2012.

Books & book chapters Regulatory Institutions and Governance Costs: The 25 years of Arctic environmental agency: changing Case of the Postal Sector. M. Maegli, M. Finger issues and power relations. M.Finger and Andrea (Dir.). EPFL, Lausanne, 2012. Finger-Stich. In: L. Heininen (Ed.). The 2012 Arc- tic Yearbook. Rovaniemi: University of the Arctic, The Facilitation of Mini and Small Hydropower 2012. in Switzerland: Shaping the Institutional Frame- work (with a Particular Focus on Storage and E-governance, A global journey. M. Finger and Pumped-Storage Schemes). N. Crettenand, M. F.N. Sultana (Eds.), IOS Press, 2012. Finger and H. B. Püttgen (Dirs.). EPFL, Lausanne, 2012. Non-state actors in global environmental governance. M. Finger and D. Svarin. In: P. Dauvergne Transformation of Water Governance and Legit- (Ed.), Handbook Of Global Environmental Politics. imacy: Comparing Swiss, German and English Edward Elgar Publishing, 2012. Water Supply and Sanitation Service Providers. E. Lieberherr, M. Finger and A. Klinke (Dirs.). EPFL, The fragility of experiential knowledge. D. Foray. Lausanne, 2012. In: R. Arena, A. Festré and N. Lazaric (Eds.), Hand- book of Knowledge and Economics, Edward Elgar Social Entrepreneurship: Societal Wealth Creation Publishing, 2012. Under Conditions of Near-Knightian Uncertainty. J. D. Thompson, M. Gruber (Dir.). EPFL, Lausanne, Why Is It So Difficult to Translate Innovation Eco- 2012. nomics into Useful and Applicable Policy Prescrip- tions? D. Foray. In: J. Lerner and S. Stern (Eds.), Three Essays on Navigating the Stages in New The Rate and Direction of Inventive Activity Revisit- Venture Creation. J. Thiel, M. Gruber (Dir.). EPFL, ed. The University of Chicago Press, 2012. Lausanne, 2012.

Real Options and Risk Aversion. J. Hugonnier and Assessing ICT-enabled Innovation for Governance E. Morellec. In: A. Bensoussan, S. Peng and J. and Policy-Making. G. Misuraca. P. Rossel (Dir.). Sung(Eds.), Ambiguity, Real Options, Credit Risk EPFL, Lausanne, 2012. and Insurance, IOS Press, 2012. Corporate Environmental Strategies: Towards Time to gear up for a second generation of eGOV Supply Chain Approaches. J. M. Comas Martí, R. foresight. P. Rossel. In: M. Finger, and N. Sulta- W.Seifert (Dir.). EPFL, Lausanne, 2012. na, E-Governance, a global journey. IOS Press, pp. 200-220, 2012. Creative-Learning Innovation Cycle - CLIC: Work Motivation and Organizational Creativity. V. Nas- Strategic Supply Chain Management. C. Cordon, sar, C. L. Tucci (Dir.). EPFL, Lausanne, 2012. K.S. Hald and R.W. Seifert (Eds.). Routledge, 2012.

Price Theory in Economics. T.A. Weber. In: Ö. Özer and R. Phillipps (Eds.), Oxford Handbook of Pricing Management, Oxford University Press, 2012.

Statistical Forecasting and Demand Analysis. P. Wieser. In: P. Wieser and F.L. Perret (Eds), Es- sentials of Logistics and Management, The Global Supply Chain, EPFL Press, 2012.

Essentials of Logistics and Management, The Global Supply Chain. P. Wieser (Ed.). EPFL Press, Lausanne, 2012.

– 24 – 2011

Journals ces. C. Cuchiero, D. Filipovic, E. Mayerhofer and J. Teichmann. Annals of Applied Probability, vol. Differentiable Contributions of Human Amyg- 21(2), pp. 397-463, 2011. dalar Subregions in the Computations Underly- ing Reward and Avoidance Learning. C. Prévost, Dynamic CDO Term Structure Modelling. D. Fili- J.A. McCabe, R.K. Jessup, P. Bossaerts and J.P. povic, L. Overbeck and T. Schmidt. Mathematical O’Doherty. European Journal of Neuroscience, vol. Finance, vol. 21(1), pp. 53-71, 2011. 34, pp. 1-12, 2011. Social Software and Strategy. S. Haefliger, E. Mon- Hedging Your Bets by Learning Reward Correla- teiro, D. Foray and G. von Krogh. Long Range Plan- tions in the Human Brain. K. Wunderlich, M. Sym- ning, vol. 44(5-6), pp. 297-316, 2011. munds, P. Bossaerts and R. Dolan. Neuron, vol. Darwinians, communitarians, and missionaries: 71(6), pp. 1141-1152, 2011. The role of founder identify in entrepreneurship. E. Positive Temporal Dependence of the Biological Fauchart and M. Gruber. Academy of Management Clock Implies Hyperbolic Discounting. D. Ray and Journal, vol. 54(5), pp. 935-957, 2011. P. Bossaerts. Frontiers in Decision Neuroscience, “In pursuit of the real deal”: A longitudinal study vol. 5(2) doi: 10.3389/fnins.2011.00002, 2011. of VC decision making. J.S. Petty and M. Gruber. Separate Encoding of Intuition-Based and Rea- Journal of Business Venturing, vol. 26(2), pp. 172- son-Based Subjective Valuations In The Human 188, 2011. Brain. U.R. Beierholm, C. Anen, S. Quartz and P. An Efficient Method to Estimate the Suboptimality Bossaerts. NeuroImage, vol. 58, pp. 955-962, 2011. of Affine Controllers. M.J. Hadjiyiannis, P.J. Gou- Risk, Unexpected Uncertainty, and Estimation Un- lart and D. Kuhn. IEEE Transactions on Automatic certainty: Bayesian Learning in Unstable Settings. Control, vol. 56, num. 12, pp. 2841-2853, 2011. E. Payzan-LeNestour and P. Bossaerts. PLoS Primal and dual linear decision rules in stochastic Computational Biology, vol. 7(1), pp. 1-14, 2011. and robust optimization. D. Kuhn, W. Wiesemann The Affective Impact of Financial Skewness on and A. Georghiou. Mathematical Programming, Neural Activity and Choice. C.C. Wu, P. Bossaerts vol. 130(1), pp. 177-209, 2011. and B. Knutson. PLoS One, vol. 6(2), c16838 doi ;: Robust portfolio optimization with derivative in- 10.1371, 2011. surance guarantees. S. Zymler, B. Rustem and D. The Human Prefrontal Cortex Mediates Integration Kuhn. European Journal of Operational Research, of Potential Causes Behind Observed Outcomes. K. vol. 210(2), pp. 410-424, 2011. Wunderlich, U.R. Beierholm, P. Bossaerts and J.P. Risky Mortgages in a DSGE Model. C. Forlati and O’Doherty. Journal of Neurophysiology, vol. 106(3), L. Lambertini. International Journal of Central pp. 1558-1569, 2011. Banking, vol. 7(1), pp. 285 – 335, 2011. Explaining Asset Pricing Puzzles Associated with A concave regularization technique for sparse the 1987 Market Crash. L. Benzoni, P. Collin-Du- mixture models. M. Larsson and J. Ugander. Ad- fresne and R.S. Goldstein. Journal of Financial vances in Neural Information Processing Systems Economics, vol. 101(3), pp. 552-573, 2011. (NIPS), vol. 24, pp. 1890-1898, 2011. Bank CEO Incentives and the Credit Crisis. R. Fah- Extremal dependence measure and extremogram: lenbrach and R.M. Stulz. Journal of Financial Eco- the regularly varying case. M. Larsson and S.I. nomics, vol. 99(1), pp. 11-26, 2011. Resnick. Extremes, vol. 15(2), pp. 231-256, 2011. Estimating the Effects of Large Shareholders Us- Extremal behavior of Archimedean copulas. M. ing a Geographic Instrument. B. Becker, H. Cron- Larsson and J. Nešlehová. Advances in Applied qvist and R. Fahlenbrach. Journal of Financial and Probability, vol. 43(1), pp. 195-216, 2011. Quantitative Analysis, vol. 46(4), pp. 907-942, 2011. Convexity Bounds for BSDE Solutions, with Appli- Former CEO Directors: Lingering CEOs or Valuable cations to Indifference Valuation. C. Frei, S. Mal- Resources? R. Fahlenbrach, B.A. Minton and C.H. amud and M. Schweizer. Probability Theory and Pan Review of Financial Studies, vol. 24(10), pp. Related Fields, vol. 150(1-2), pp. 219-255, 2011. 3486-3518, 2011. Price Impact and Portfolio Impact. J. Cvitanic and Affine Processes on Positive Semidefinite Matri-

– 25 – S. Malamud. Journal of Financial Economics, vol. J.E. Valdés. Statistics & Probability Letters, Vol. 100(1), pp. 201-225, 2011. 81(2), pp. 201-206, 2011.

Robust Value at Risk Prediction. L. Mancini and F. Trojani. Journal of Financial Econometrics, vol. 9(2), pp. 281-313, 2011. Books & book chapters Corporate Investment and Financing under Asym- Doubly Stochastic CDO Term Structures, D. Filipo- metric Information. E. Morellec and N. Schürhoff. vic, L. Overbeck, and T. Schmidt. In: R.C. Dalang et Journal of Financial Economics, vol. 99, pp. 262– al. (Eds.), Seminar on Stochastic Analysis, Random 288, 2011. Fields and Applications VI, Progress in Probability, vol. 63,, Springer, 2011. Beyond the obvious: examining ways of consolidating early detection schemes. P. Rossel. Technolog- From ‘Service Public’ to Universal Service: The ical Forecasting & Social Change 78, pp. 375–385, Case of the European Union. M. Finger and D. Fi- 2011. non. In: M. Finger and R.W. Künneke (Eds.), In- ternational Handbook of Network Industries. The Early detection, warnings, weak signals and seeds Liberalization of Infrastructure. Edward Elgar of change: a turbulent domain of futures studies. Publishing, 2011. P. Rossel. Futures Vol. 44 (3), pp. 229-239, 2012. International Handbook of Network Industries. Futures studies and weak signals: a critical survey. The Liberalization of Infrastructure. M. Finger and P. Rossel, R. Miller, and U. Joergensen. Futures R.W. Künneke (Eds.). Edward Elgar Publishing, (spec. ed.) Vol. 44 (3), pp. 195-197, 2012. 2011.

Financing the Chain. R.W. Seifert and D. Seifert. Liberalization of Network Industries in the Euro- International Commerce Review, vol. 10(1), pp. 32- pean Union: Evolving Policy Issues. M. Finger and 44, 2011. M. Laperrouza. In: M. Finger and R.W. Künneke Interrelating operational and financial perfor- (Eds.), International Handbook of Network Indus- mance measurements in a multiproduct invento- tries. The Liberalization of Infrastructure. Edward ry system. M. Protopappa-Sieke and R.W. Seifert. Elgar Publishing, 2011. International Journal of Services and Operations Towards an European Model of Regulatory Gover- Management, vol. 10(3), pp. 328-347, 2011. nance. M. Finger. In: D. Levi-Faur (Ed.), Handbook Managing business dynamics with adaptive supply On The Politics Of Regulation. Edward Elgar Pub- chain portfolios. R.W. Seifert and K.U. Langen- lishing, 2011. berg. European Journal of Operational Research, Knowledge Economy and Services’ Industries – a vol. 215(3), pp. 551-562, 2011. Case Study of the Educational Sector. D. Foray. Does the apple always fall close to the tree? The In: B.J. Krings (Ed.), Brain Drain or Brain Gain? geographical proximity choice of spin-outs. L. Ber- Changes of work in knowledge-based societies. chicci, A. King and C.L. Tucci. Strategic Entrepre- Edition Sigma, 2011. neurship Journal, vol. 5(2), pp. 120-136, 2011. The Knowledge and the Rabbit: can we measure Special Section: Information and Technology: Un- what is on the Other Side Of the Scales? D. Foray. derstanding New Strategies for Firms, Networks, In : H. Sigg and G Folkers (Eds.), Güterabwägung and Markets. E.K. Clemons, R.J. Kauffman and bei der Bewilligung von Tierversuchen. Collegium T.A. Weber. Journal of Management Information Helveticum Heft 11, Zürich, 2011. Systems, vol. 28, pp. 7-10, 2011. Barycentric Bounds in Stochastic Programming: A collaborative demand forecasting process with Theory and Application. K. Frauendorfer, D. Kuhn event-based fuzzy judgements. N. Cheikhrouhou, and M. Schürle. Stochastic Programming: The F. Marmier, O. Ayadi and P. Wieser. Computers State of the Art, In Honor of George B. Dantzig, In- & Industrial Engineering, vol. 61(2), pp. 409-421, ternational Series in Operations Research & Man- 2011. agement Science, 2011.

From health logistics to health supply chain man- Exploring the future of Wi-Fi. P. Rossel and M. Fin- agement. P. Wieser. Supply Chain Forum: an In- ger. In. W. Lemstra, V. Hayes and J. Groenenwegen ternational Journal, vol. 12(1), pp. 4-13, 2011. (eds.), The Innovation Journey of Wi-Fi: the Road to Success. Cambridge University Press, 2011. On the Hazard Rate and Reversed Hazard Rate Or- derings in Two-Component Series Systems with Weak Signals as a Flexible Framing Space for Active Redundancies. G. Brito, R.I. Zequeira and Enhanced Management and Decision-Making. P. Rossel In: S. Mendonça and B. Sapio, Foresight for

– 26 – Dynamic Organisations in Unstable Environments: in Standard Setting Organizations: the Case of a Search for New Frameworks, Routledge. 2011. the Postal Sector. F. Abdallah, M. Finger and A. Wadhwa (Dirs.). EPFL, Lausanne, 2011. Optimal Control Theory with Applications in Eco- nomics. T.A. Weber, MIT Press, Cambridge, 2011. Managing Electricity Sourcing in Europe’s Energy Intensive Industry: A Methodology to Develop an Statistical Forecasting and Demand Analysis. P. Electricity Sourcing Strategy. L. Treviño Villarreal, Wieser. In: P. Wieser and F.L. Perret (Eds.). Essen- M. Finger (Dir.). EPFL, Lausanne, 2011. tials of Logistics and Management. EPFL Press, 2011. Regulatory Uncertainty and Nonmarket Capabili- ties: An Investigation of the Electricity Generation Sector. B. W. Schwark, M. Finger (Dir.). EPFL, Lau- sanne, 2011. PhD theses Co-opetition: Strategy and Performance of Firms

2010

Journals Does Information Drive Trading in Option Strate- gies? R. Fahlenbrach and P. Sandas. Journal of The Impact of Disappointment in Decision Making: Banking and Finance, vol. 34(10), pp. 2370-2385, Inter-Individual Differences and Electrical Neuro- 2010. imaging. H. Tzieropoulos, R. Grave de Peralta, P. Bossaerts and Sara L. Gonzalez Andino. Frontiers Why do Firms Appoint CEOs as Outside Directors? in Human Neuroscience, vol. 4(235), doi: 10.3389/ R. Fahlenbrach, A. Low and R.M. Stulz. Journal of fnhum.2010.00235, 2010. Financial Economics, vol. 97(1), pp. 12-32, 2010.

MAOA-L Carriers are Better at Making Optimal Jump-Diffusions in Hilbert Spaces: Existence, Sta- Financial Decisions under Risk. C. Frydman, C. bility and Numerics. D. Filipovic, S. Tappe and J. Camerer, P. Bossaerts and A. Rangel. Proceed- Teichmann. Stochastics – An International Journal ings of The Royal Society B: Biological Sciences, of Probability and Stochastic Processes, vol. 82(5), doi:10.1098/rspb.2010.2304, 2010. pp. 475-520, 2010.

A Behavioral and Neural Evaluation of Prospec- A Note on the Dai-Singleton Canonical Represen- tive Decision-Making under Risk. M. Symmonds, tation of Affine Term Structure Models, P. Cher- P. Bossaerts and R.J. Dolan. Journal of Neurosci- idito, D. Filipovic and R.L. Kimmel. Mathematical ence, vol. 30(43), pp. 14380-14389, 2010. Finance, vol. 20(3) pp. 509-519, 2010.

Risk and Risk Prediction Error Signals in Anterior Term Structure Models Driven by Wiener Process Insula. P. Bossaerts. Brain Structure and Func- and Poisson Measures: Existence and Positivity. D. tion, vol. 214(5-6), pp. 645-653, 2010. Filipovic, S. Tappe and J. Teichmann. SIAM Jour- nal on Financial Mathematics, vol. 1, pp. 523-554, Exploring the Nature of Trading Intuition. A.J. Bru- 2010. guier, S. Quartz and P. Bossaerts. Journal of Fi- nance, vol. 65(5), pp. 1703-1723, 2010. Regulatory Governance Costs in Network Indus- tries: Observations in Postal Regulation. M. Maeg- Ambiguity in Asset Markets: Theory and Exper- li, C. Jaag and M. Finger. Competition and Regula- iment. P. Bossaerts, P. Ghirardato, S. Guarna- tion in Network Industries, vol. 11(2), pp. 207-238, schelli and W. Zame. Review of Financial Studies, 2010. vol. 23(4), pp. 1325-1359, 2010. What Role for Government in E-Government? M. Equilibrium Asset Pricing Under Heterogeneous Finger. Journal of E-Governance, vol. 33(4), pp. Information. B. Biais, P. Bossaerts and C. Spatt. 197-204, 2010. Review of Financial Studies, vol. 23(4), pp. 1503- 1543, 2010. A primer on patent and innovation. D. Foray. Man- agement International, vol. 14(3), pp. 19-27, 2010.

– 27 – Structural changes in industrial R&D in Europe Trolle and E.S. Schwartz, Journal of Derivatives, and the US: towards a new model? D. Foray and S. vol. 17(3), pp. 15-32, 2010. Lhuillery. Science and Public Policy, vol. 37(6), pp. 401-412, 2010. The innovation-economic growth nexus Global evidence. I. Hasan and C.L. Tucci. Research Policy, Configurations of resources and capabilities and vol. 39(10), pp. 1264-1276, 2010. their performance implications: an exploratory study on technology ventures. M. Gruber, F. Hei- There Is More to Market Learning than Gathering nemann, M. Brettel and S. Hungeling. Strategic Good Information: The Role of Shared Team Values Management Journal, vol. 31(12), pp. 1337-1356, in Radical Product Definition. L. Berchicci and C.L. 2010. Tucci. Journal of Product Innovation Management, vol. 27(1), pp. 972-990, 2010. Exploring the origins of organizational paths: empirical evidence from newly founded firms. M. Gru- Additive Envelopes of Continuous Functions. B.H. ber. Journal of Management, vol. 36(5), pp. 1143- Strulovici, T.A. Weber. Operations Research Let- 1167, 2010. ters, vol. 38(3), pp. 165-168, 2010.

Getting to Plan B: Breaking Through to a Better Carbon Markets and Technological Innovation. T.A. Business Model. M. Gruber. Academy of Manage- Weber and K. Neuhoff. Journal of Environmental ment Perspectives, vol. 24(3), pp. 93-96, 2010. Economics and Management, vol. 60(2), pp. 115- 132, 2010. Mutual Fund Competition in the Presence of Dy- namics Flows. M. Breton, J. Hugonnier and T. Generalized Monotonicity Analysis. B.H. Strulovici Masmoudi, Automatica, vol. 46(7), pp. 1176-1185, and T.A. Weber. Economic Theory, vol. 43(3), pp. 2010. 377-406.

Mutual Fund Portfolio Choice in the Presence of Hicksian Welfare Measures and the Normative En- Dynamic Flows. J. Hugonnier and R. Kaniel. Math- dowment Effect. T.A. Weber. American Economic ematical Finance, vol. 20(2), pp. 187–227, 2010. Journal: Microeconomics, vol. 2(4), pp. 171-194, 2010. Analysis of the rebalancing frequency in log-optimal portfolio selection. D. Kuhn and D. G. Luen- Monotone Approximation of Decision Problems. berger. Quantitative Finance, vol. 10(2), pp. 221- N. Chehrazi and T.A. Weber. Operations Research, 234, 2010. vol. 58(4/2), pp. 1158-1177, 2010.

Maximizing the net present value of a project un- Option Contracting in the California Water Market. der uncertainty. W. Wiesemann, D. Kuhn and B. C.D. Tomkins and T.A. Weber. Journal of Regulato- Rustem. European Journal of Operational Re- ry Economics, vol. 37(2), pp. 107-141, 2010. search, vol. 202(2), pp. 356-367, 2010. Simple Methods for Evaluating and Comparing Bi- Relative Extinction of Heterogenous Agents. J. Cvi- nary Experiments. T.A. Weber. Theory and Deci- tanic and S. Malamud. B.E. Journal of Theoretical sion, vol. 69(2), pp. 257-288, 2010. Economics, vol. 10(1), art. 4, 2010. La stratégie eHealth de l’hôpital du Valais. P. Wie- The Relative Contributions of Private Information ser, A. Gnaegi and G. Dupuis. In: BMS Bulletin des Sharing and Public Information Releases to Infor- Médecins Suisses, num. Août, pp. 91:33, 2010. mation Aggregation. D. Duffie, S. Malamud and G. Manso. Journal of Economic Theory, vol. 145(4), pp. 1574-1601, 2010. Books & book chapters Dynamic Investment and Financing under Person- Affine Models, C. Cuchiero, J. Teichmann and D. al Taxation. E. Morellec and N. Schürhoff. Review Filipovic. In: R. Cont (Ed.), Encyclopedia of Quanti- of Financial Studies, vol. 23(1), pp. 101-146, 2010. tative Finance, pp. 16-20, John Wiley & Sons, 2010. Making anticipatory systems more robust. P. Ros- Pricing and Hedging of CDOs: A Top Down Ap- sel. Foresight 12 (3), p. 72-85, 2010 proach, D. Filipovic and T. Schmidt. In: C. Chiarella Interrelating operational and financial perfor- and A. Novikov (Eds.), Contemporary Quantitative mance measurements in inventory control. M. Finance, pp. 231-253, Springer, 2010. Protopappa-Sieke and R.W. Seifert. European Exploring the future of Wi-Fi. P. Rossel and M. Fin- Journal of Operational Research, vol. 204(3), pp. ger. In: W. Lemstra, V. Hayes and J. Groenewegen 439-448, 2010. (Eds.), The Innovation Journey of Wi-Fi. The Road Variance Risk Premia in Energy Commodities, A.B. to Global Success. Cambridge University Press, 2010.

– 28 – Saudi Post Innovative Address System: Integrating Contracts – A Real Options Approach, E.S. Electronic and Physical Platforms. F. Abdallah and Schwartz and A.B. Trolle. In: W. Hogan and F. M. Finger. In: ICTs, New Services and Transforma- Sturzenegger (Eds.), The Natural Resource Trap, tion of the Post. UPU Universal Postal Union, 2010. MIT Press, 2010.

Transnational Corporations and the Global Envi- Creating Exploratory Innovations by Learning from ronment. M. Finger and D. Svarin. In: R.A. Dene- Entrepreneurial Ventures. A. Wadhwa, C. Phelps mark (Ed.), The International Studies Encyclopedia and S Kotha. In: D.B. Audretsch, G.B. Dagnino, R. (Vol XI). Wiley-Blackwell, 2010. Faraci and R.E. Hoskisson (Eds.). New Frontiers in Entrepreneurship : Recognizing, Seizing, and Ex- Avec les armes de la sociologie de l’innovation: ecuting Opportunities. Springer-Verlag New York, critique d’un travail récent d’économie expérimen- 2010. tale sur l’innovation et la propriété intellectuelle. D. Foray. In : M. Akrich, Y. Barthe, F. Muniesa and P. Mustar (Eds.). Débordements: mélanges offerts à Michel Callon. Presses des Mines, 2010. PhD theses University research and public-private interaction. Socio-Economic Assessment of Fusion Energy Re- D. Foray and F. Lissoni. In: B.H. Hall and N. Rosen- search, Development, Demonstration and Deploy- berg (Eds.), Handbook of The Economics of Innova- ment Programme. D. Bednyagin, D. Foray and E. tion (Vol. 1). North Holland, 2010. Gnansounou (Dirs.). EPFL, Lausanne, 2010.

Looking for Inspirational Studies. P. Rossel. In: A. Essays on Equilibrium Asset Pricing. R. J. Prieto Curaj (ed.), The FOR-UNI Blueprint: A Blueprint for Katunaric, J. Hugonnier (Dir.). EPFL, Lausanne, Organizing Foresight in Universities, Editura Aca- 2010. demei Romane, Bucharest, 2010. Corporate Finance, Asset Returns, and Credit Risk. Overcoming Barriers to Innovation in Egovern- P. Valta, E. Morellec (Dir.). EPFL, Lausanne, 2010. ment: the Swiss Way. G. Misuraca, P. Rossel and O. Glassey. In: P. Nixon, V. Koutrakou and R. Rawal Collaborative working capital management in sup- (eds.), Understanding E-Government in Europe Is- ply networks. D. Seifert, R. W. Seifert (Dir.). EPFL, sues and Challenges, Routledge, 2010. Lausanne, 2010.

Pricing Expropriation Risk in Natural Resource

– 29 – 2009

Journals tion. R. Fahlenbrach. Review of Finance, vol. 13(1), pp. 81-113, 2009. A short introduction to Correlation Markets. P. Col- lin-Dufresne. Journal of Financial Econometrics, Co-Movements of Index Options and Futures vol. 7(1), pp. 12.29, 2009. Quotes. R. Fahlenbrach and P. Sandas. Journal of Empirical Finance, vol. 16(1), pp. 151-163, 2009. Can Interest Rate Volatility be Extracted from the Yield Curve? P. Collin-Dufresne, R. S. Goldstein Consistent Market Extensions under the Bench- and C. Jones. The Journal of Financial Economics, mark Approach. D. Filipovic and E. Platen. Mathe- vol. 94(1), pp. 47-66, 2009. matical Finance, vol. 19(1), pp. 41-52, 2009.

On the Relation between Credit Spread Puzzles Coûts de la régulation des industries de réseaux: and the Equity Premium Puzzle. L. Chen, P. Col- enseignements du secteur postal. M. Maegli, C. lin-Dufresne and R. Goldstein. The Review of Fi- Jaag and M. Finger. Revue d’Economie Indus- nancial Studies, vol. 22(9), pp. 3367-3409, 2009. trielle, vol.127, pp. 47-68, 2009.

The Experimental Study of Asset Pricing Theory. Reforms in the Urban Water Sector: Vulnerabili- P. Bossaerts. Foundations and Trends in Finance, ty Analysis of the Main Elements at Risk. P. Luis vol. 3, pp. 289-361, 2009. Manso and M. Finger. Competition and Regula- tion in Network Industries, vol. 108(2), pp.115-138, Modeling Price Pressure in Financial Markets. E. 2009. Asparouhova and P. Bossaerts. Journal of Eco- nomic Behavior and Organization, vol. 72(1), pp. Science, Technology and Innovation for Economic 119-130, 2009. Growth: Linking Policy Research and Practice in ‘STIG Systems’. P. Aghion, P.A. David and D. Foray. Promoting Intellectual Discovery: Patents Versus Research Policy, vol. 38(4), pp. 681-693, 2009. Markets. D. Meloso, J. Copic and P. Bossaerts. Science, vol. 323(5919), pp. 1335-1339, 2009. Individual and Opportunity Factors Influencing Job Creation in New Firms. J.C. Dencker, M. Gruber What Decision Neuroscience Teaches Us About and S.K. Shah. Academy of Management Journal, Financial Decision Making. P. Bossaerts. Annual vol. 52(6), pp. 1125-1147, 2009. Review of Financial Economics, vol. 1, pp. 383-404, 2009. Pre-Entry Knowledge, Learning, and the Survival of New Firms. J.C. Dencker, M. Gruber and S.K. Neural Correlates of Value, Risk, and Risk Aver- Shah. Organization Science, vol. 20(3), pp. 516- sion Contributing to Decision Making under Risk. 537, 2009. G.I. Christopoulos, P.N. Tobler, P. Bossaerts, R.J. Dolan, and W. Schultz. Journal of Neuroscience, An Information-Based Approximation Scheme for vol. 29(40), pp. 12574-12583, 2009. Stochastic Optimization Problems in Continuous Time. D. Kuhn. Mathematics of Operations Re- Encoding of Marginal Utility across Time in the search, vol. 34, num. 2, p. 428-444, 2009. Human Brain. A. Pine, B. Seymour, J.P. Roiser, P. Bossaerts, K.J. Friston, H.V. Curran and R.J. Convergent Bounds for Stochastic Programs Dolan. Journal of Neuroscience, vol. 29(30), pp. with Expected Value Constraints. D. Kuhn. Jour- 9575-9581, 2009. nal of Optimization Theory and Applications, vol. 141(3), pp. 597-618, 2009. Large Shareholders and Corporate Policies. H. Cronqvist and R. Fahlenbrach. Review of Financial Dynamic Mean-Variance Portfolio Analysis under Studies, vol. 22(10), pp. 3941-3976, 2009. Model Risk. D. Kuhn, P. Parpas, B. Rustem and R. Fonseca. Journal of Computational Finance, Founder-CEOs, Investment Decisions, and Stock vol. 12(4), pp. 91-115, 2009. Market Performance. R. Fahlenbrach. Journal of Financial and Quantitative Analysis, vol. 44(2), pp. Valuation of electricity swing options by multistage 439-466, 2009. stochastic programming. G. Haarbrücker and D. Kuhn. Automatica, vol. 45(4), pp. 889-899, 2009. Managerial Ownership Dynamics and Firm Value. R. Fahlenbrach and R.M. Stulz. Journal of Finan- Information Percolation with Equilibrium Search cial Economics, vol. 92(3), pp. 342-361, 2009. Dynamics. D. Duffie, S. Malamud and G. Manso. Econometrica, vol. 77(5), pp. 1513-1574, 2009. Shareholder Rights, Boards, and CEO Compensa-

– 30 – – 31 – Option Pricing With Model-Guided Nonparamet- Books & book chapters ric Methods. J. Fan and L. Mancini. Journal of the American Statistical Association, vol. 104(488), pp. Decision Making in Financial Markets, 1351-1372, 2009. P. Bossaerts. In: L. Squire (ed.), Encyclopedia of Neuroscience, pp. 339-346, Elsevier, 2009. Cash Sub-Additive Risk Measures under Interest Rate Ambiguity. N. El Karoui and C. Ravanelli. Predicting Risk in a Multiple Stimulus – Multiple Mathematical Finance, Vol. 19, pp. 561-590, 2009. Reward Environment, M d’Acremont, M. Gilli and P. Bossaerts In: J.C. Dreher and L. Tremblay (eds.), Weak Signals as a Flexible Framing Space for Handbook of Reward and Decision Making, pp. Enhanced Management and Decision-Making. P. 459-473, Academic Press, 2009. Rossel Technology Analysis & Strategic Manage- ment, Vol. 21 (3), p. 307-320, 2009 The History of a European Information Society: Shifts from Governments to Governance. J. Shahin Adoption of Network Technologies in the Presence and M. Finger. In: J. Tubtimhin and R. Pipe (eds.), of Converters. R.W. Seifert and A.X. Varé. Econom- Global e-Governance: Advancing e-Governance ics of Innovation and New Technology, vol. 18(1), through Innovation and Leadership, Volume 2 pp. 69-91, 2009. Global E-Governance Series, IOS Press, 2009.

Pièges Mortels pour Jeunes Pousses High-Tech. Regulatory Practices and the Role of Technology in B.F. Leleux and R.W. Seifert. L’Expansion Entre- Network Industries: The case of Europe. M. Finger preneuriat, vol. 3 (Septembre), pp. 51-55, 2009. and F. Varone. In: R.W. Künneke, J. Groenewegen and J.F. Auger. The Governance Of Network Indus- Third-Party Provision of Conversion Technologies tries. Edward Elgar Publishing, 2009. in Network Markets. A.X. Varé and R.W. Seifert. Journal of Technology Management and Innova- L’économie de la connaissance. D. Foray (ed.). Col- tion, vol. 4(2), pp. 1-20, 2009. lection Repères, La Découverte, Paris, 2009.

Unspanned Stochastic Volatility and the Pricing L’économie de la connaissance. D. Foray. In : of Commodity Derivatives. A.B. Trolle and E.S. P. Combemale (ed.), Les grandes questions Schwartz. Review of Financial Studies, vol. 22(11), économiques et sociales. La Découverte, 2009. pp. 4423-4461, 2009. The New Economics of Technology Policy. D. Foray A General Stochastic Volatility Model for the Pric- (ed.). Edward Elgar Publishing, 2009. ing of Interest Rate Derivatives. A.B. Trolle and E.S. Schwartz. Review of Financial Studies, vol. Optimal Control Theory with Applications in Eco- 22(5), pp. 2007-2057, 2009. nomics. T.A. Weber. Moscow State University Press, 2009. The Performance Impact of Intra-Firm Organiza- tional Design on an Alliance’s NPD Projects. Y.F. Badir, B. Buechel and C.L. Tucci. Research Policy, vol. 38(8), pp. 1350-1364, 2009. PhD theses Fair Welfare Maximization. A. Goel, A. Meyerson Strategic Options of Energy Service Companies in and T.A. Weber. Economic Theory, vol. 41(3), pp. Competitive Markets. G. Nguene, M. Finger (Dir.). 465-494, 2009. EPFL, Lausanne, 2009.

Special Section: Competitive Strategy, Econom- ics, and Information Systems. E.K. Clemons, R.J. Kauffman and T.A. Weber. Journal of Management Information Systems, vol. 26(2), pp. 7-13, 2009.

Some Stochastic Comparisons in Series Systems with Active Redundancy. J.E. Valdés, G. Arango, R.I. Zequeira, and G. Brito. Statistics & Probability Letters, Volume 80(11-12), pp. 945-949, 2010.

Note: Pierre Collin-Dufresne, Thomas Weber and Daniel Kuhn joined the College of Management of Technology in 2011, respectively in 2013. Their publications prior to joining EPFL are also mentioned in this document.

– 32 – – 33 – External Grants

2013 Project Awards

Funding agency / company Principal Investigator Project Title

Bühler Management AG Tucci Christopher Innovation strategies CTI Foray Dominique SCCER Competence Center for Research in (Coordinator), Finger Energy, Society and Transition (CREST) Matthias & Tucci Christopher EFI Foray Dominique Smart specialization / mission-oriented innovation policy FP7 - Cooperation Tucci Christopher FutureEnterprise: road mapping, research coordination and policy activities supporting future internet-based enterprise innovation McKinsey Seifert Ralf Operations management and strategies SERI - AAL Rossel Pierre MEDiATE: collaborative and intermediating solution for managing daily activities for the elderly at home SFI Hugonnier Julien Financial and health-related allocations over the life cycle SFI Malamud Semyon Liquidity and leverage SFI Mancini Loriano (Co-PI) Sentiment and risk in financial markets SFI Mancini Loriano (Co-PI) Term structures and cross-sections of asset risk premia SFI Morellec Erwan Corporate liquidity, governance, and agency costs SFI Fahlenbrach Rüdiger Analyst coverage and managerial ownership SFI Morellec Erwan CDS market liquidity SNSF Foray Dominique The role of supervisors on PhD students' outcomes: how do supervisors affect their students' productivity and career perspectives?

– 34 – Funding agency / company Principal Investigator Project Title

SNSF Gruber Marc Antecedents, processes, and consequences of business model design in technology ventures SNSF Weber Thomas A framework for empirical nonmarket valuation and cash-equivalent welfare assessment SNSF Sinergia Foray Dominique Innovation, diffusion and green growth SNSF Sinergia Tucci Christopher Business model dynamics (Coordinator)

Abbreviations: AAL - Ambient Assisted Living Programme, CTI - Commission pour la technologie et l’innovation, EFI - Expertenkommission Forschung und Innovation, SERI - State Secretariat for Education, Research and Innovation, SFI – Swiss Finance Institute, SNSF – Swiss National Science Foundation

– 35 – Ongoing Projects in 2013

Funding agency / company Principal Investigator Project Title

FP7 - ERC Filipovic Damir POLYTE - Polynomial term structure models FP7 - Cooperation Finger Matthias A think tank hosting an interdisciplinary network to provide knowledge support to EU energy policy making (THINK) FWF Filipovic Damir Dynamic collateralized debt obligations modeling Hoffmann-La Roche Seifert Ralf Supply chain resiliency Nestec Ltd Wieser Philippe A convergent approach on sustainable value chain performance SCOR Switzerland Filipovic Damir Mathematics for contingent capital SERI Finger Matthias Intelligent governance of large urban systems: developing a model for Latin American cities SFI Fahlenbrach Rüdiger The end of Germany incorporated: causes and consequences SNCF Finger Matthias Divers travaux pour le compendium d’économie politique sur le ferroviaire SNIS Foray Dominique Examining global partnerships to improve innovation and access to medicines on a sustainable, priority needs basis SNSF Fahlenbrach Rüdiger Private equity sponsors and the structure of CEO compensation and employment contracts SNSF Gruber Marc Founder identity, business opportunity identification and new firm creation SNSF Gruber Marc Entrepreneurship & the unemployed: a multinational empirical study

– 36 – Funding agency / company Principal Investigator Project Title

SNSF Malamud Semyon Endogenous matching structures and information percolation in large decentralized markets SNSF Seifert Ralf Inventory management strategies and the financial performance of the firm SNSF Seifert Ralf Variable product assortment and inventory management optimization SNSF Wadhwa Anu Venture capital investment practices in the cleantech sector: An empirical study SNSF Wadhwa Anu (PI), Tucci Technological discontinuities: firm capabilities, Christopher entry mode and market performance in the disk drive industry SNSF NCCR Filipovic Damir Dynamic asset pricing SNSF NCCR Morellec Erwan Dynamic corporate finance: theory and tests SNSF Sinergia Lambertini Luisa The macroeconomics of financial crises (Coordinator) Vale International S.A. Tucci Christopher New strategic modalities for Swiss-Brazilian collaborations

Abbreviations: AAL - Ambient Assisted Living Programme, CTI - Commission pour la technologie et l’innovation, EFI - Expertenkommission Forschung und Innovation, FWF - Austrian Science Foun- dation, SCOR - Global Reinsurance Company, SERI - State Secretariat for Education, Research and Innovation, SFI – Swiss Finance Institute, SNIS - Swiss Network for International Studies, SNSF – Swiss National Science Foundation

– 37 – Research Seminars

MTEI and ITPP Research Seminars

08.01.2013 Prof. Jeffrey Petty, UNIL* From Invention Breadth to Impact: Effects of Experience and Mindfulness

08.01.2013 Dr. Florian Ueberbacher, University of St Gallen* Toward a Culture Learning Perspective on Entrepreneurs

08.01.2013 Dr. Emmanuelle Fauchart, University of Strasbourg* Symbolic projections in Entrepreneurship: An Identity-based Analysis

11.01.2013 Prof. Caroline Flammer, Global Economics and Management, MIT Sloan School of Manage- ment* Does Product Market Competition Foster Corporate Social Responsibility?

11.01.2013 Prof. Yuliya Snihur, IESE Business School* Legitimacy without Imitation: How to Achieve Robust Business Model Innovation

11.01.2013 Michael Bikard, Massachusetts Institute of Technology, Sloan School of Management* Is Knowledge Trapped Inside the Ivory Tower? Technology Spawning and the Genesis of New Science-Based Inventions

17.01.2013 Dr. Ad van den Oord, Durham University Business School The Relatedness of Technology: Towards a New Measure of Technological Distance

27.02.2013 Valeria Cavotta, UNIL* Sensemaking of Corporate Intervention in Broad Societal Issues: Implications for institutional Change

28.02.2013 Prof. Veroniek Collewaert, Vlerick Business School An Interdependence Theory of Entrepreneurial over Optimism: Evidence from vc-Backed Firms

08.03.2013 Prof. Filippo Carlo Wezel, University of Lugano Being There: Domain Contrast and the Impact of Technological Innovations

12.03.2013 Prof. Zur Shapira, NYU Stern Imprinting, Inheritance and Potency: A Genealogical Perspective on Industry Evolution

13.03.2013 Prof. Isabel Fernandez-Mateo, London Business School* Coming with Baggage: Past Rejections and Future Relationships in Executive Search

09.04.2013 Prof. Holger Patzelt, TU Munich Overcoming The Walls That Constrain Us: The Role Of Entrepreneurship Education Programs In Prison

17.04.2013 Prof. Rashedur Chowdhury, University of Cambridge* A Political Stakeholder Theory Model For Firms’ Engagement Strategies With Marginalized Stakeholders

24.04.0213 Valeria Cavotta, UNIL* Transforming Trash Into Gold: The Illegal Dumping of Hazardous Waste by the Mafia

01.05.2013 Prof. Ulrich Wassmer, Concordia University of Montreal* Collaboration Between Firms And NGOs: An Agency Perspective

– 38 – 07.05.2013 Prof. André Spicer, Cass Business School, City University London* A Stupidity-Based Theory of Organizations

13.05.2013 Prof. Isabel Maria Bodas Freitas, Grenoble University Formalized Problem-Solving Practices and the Impact of Collaborations with Suppliers on Firms’ Innovative Performance

15.05.2013 Prof. Guido Palazzo, Prof. Ulrich Hoffrage & Prof. Franciska Krings, UNIL* Time and Decision Making in Organizations

05.06.2013 Dr. Hans Frankort, Cass Business School, City University London* Buyer Seller Contact Initiation in Electronic B2B Marketplaces

10.06.2013 Prof. Per Davidsson, QUT Business School Part I: Do “Entrepreneurial Opportunities” Offer a Great Future for Entrepreneurship Re- search?. Part II: In the Head of a JBV Editor

24.06.2013 Prof. Rosemarie Ziedonis, University of Oregon State Governments as Financiers of Technology Startups: Implications for Firm Performance

25.06.2013 Prof. Arvidis Ziedonis, University of Oregon The Private Value of Patents for Entrepreneurial Ventures: Evidence from Medical Devices, Semiconductors, and Software

11.07.2013 Prof. Stuart Graham, Georgia Institute of Technology Do Inventors Value Secrecy in Patenting? Evidence from the American Inventor’s Protection Act of 1999

09.11.2013 Prof. Dirk Czarnitzki, KU Leuven Counterfactual Impact Evaluation of Cohesion Policy at the Firm Level

24.09.2013 Dr. Gaétan de Rassenfosse, University of Melbourne Why Do Patents Facilitate Trade in Technology? Testing the Appropriation and Disclosure Effects

07.10.2013 Prof. Xavier Lecocq, University of Lille 1 Capabilities of Governance Structures

09.10.2013 Adriana Orellana, HEC Lausanne The Private Sector Building Peace in Conflict areas: The Case of Colombia

16.10.2013 Prof. Brian Tjemkes, VU Amsterdam* The Effect of Individualism on Opportunism Propensity in International Strategic Alliances

28.10.2013 Prof. Giacomo Negro, Emory Goizeta Business School Category Signaling and Reputation”

30.10.2013 Prof. Antonio Vaccaro (IESE Business School, Barcelona) Mafia’s driven Moral Distortion: Insights from Sicily

15.11.2013 Prof. Samina Karim, Boston University Structural Recombination and Innovation: Unlocking Internal Knowledge Synergy through Structural Change

– 39 – 18.11.2013 Prof. Michael Heeley, Colorado School of Mines Capturing Value Through Patenting: An Exploration Of Dense Versus Dispersed Patent Port- folios

18.11.2013 Prof. Sharon Matusik, Colorado School of Mines Breaking Away: Strategic Action in the Face of Countervailing Norms and Contagion

20.11.2013 Prof. Simona Grassi (HEC Lausanne)* Information Acquisition, Referral and Organization

27.11.2013 Prof. José Mata (University Nova from Lisbon) Entrepreneurial Firms Created Abroad: Liability of Foreignness and Survival

04.12.2013 Prof. Tomaso Duso, Heinrich-Heine Universität Düsseldorf Ex-Post Merger Evaluation in the UK Retail Market for Books

04.12.2013 Prof. Andrew Newman, Boston University* Loopholes and the Evolution of Contract Form

12.12.2013 Prof. Yuan Ding, China Europe International Business School (CEIBS) Making Sense of Financial Information by Sophisticated Users: The Case of R&D Reporting

17.12.2013 Prof. D. J. Wu, Georgia Tech IT Knowledge Spillovers and Productivity: Evidence from Enterprise Software

18.12.2013 Amer Maistriau Estefania, University of Geneva / UNIL* To What Extent Does Negative Public Exposure on Environmental Issues Increase Environ- mental Performance?

MTEI & ITPP Student Seminars

13.02.2013 MTEI Student seminar Empirical Research in the Social Sciences – Crafting, Using and Analyzing Surveys PhD Student presenting: Melvin Haas

11.01.2013 MTEI Student seminar Crime and Security in Global Supply Chains - Constructing Defensible Research Design Discussant: Erik Swars PhD Student presenting: Toni Männistö

05.03.2013 Brownbag seminar by Prof. Christopher Tucci The Role of Advice Sources for Entrepreneurship and Innovation

20.03.2013 Brownbag Seminar by Dr. Kamal Munir (University of Cambridge)* Power and Persuasion: Explaining the Rise of Microfinance

11.09.2013 MTEI Student seminar Knowledge Spillovers in the Supply Chain - Evidence from the High Tech Sectors Discus- sant: Stefano H. Baruffaldi PhD Student presenting: Olov Isaksson

06.11.2013 MTEI Student seminar The Fate of Patents: An Exploratory Analysis of Patents as IPO Signals of Reputation Advan- tage Discussant: Markus Simeth PhD Student presenting: Ali Mohammadi, School from Politecnico di Milano * Seminars organized by UNIL-HEC

– 40 – SFI@EPFL Research Seminars

18.01.2013 Prof. Evgeny Lyandres, Boston University What Determines Investment and Operating Strategies of Public And Private Firms: Theory and Evidence

25.01.2013 Prof. Paolo Ghirardato, University of Torino Ambiguity in the Small and in the Large

01.02.2013 Prof. Sergey Tsyplakov, Darla Moore School of Business, University of South Carolina Incentive Effects of Contingent Capital

08.02.2103 Prof. Miguel Ferreira, Nova School of Business and Economics, Lisbon Equity Lending, Investment Restrictions and Fund Performance

15.02.2013 Prof. Daniel Paravisini, London School of Economics The Information and Agency Effects of Scores: Randomized Evidence from Credit Committees

22.02.2013 Prof. Nathalie Moyen, University of Colorado, Leeds School of Business Corporate Cash Holdings and Credit Line Usage

01.03.2013 Prof. Christopher Hennessy, London Business School Demand-Based Security Design

08.03.2013 Prof. Andrew Karolyi, Cornell University, Johnson Graduate School of Management Regulatory Arbitrage and Cross-Border Bank Acquisitions

15.03.2013 Prof. Sebastian Gryglewicz, Erasmus School of Economics, Erasmus University Rotterdam Dynamic Agency and Real Options

22.03.2013 Prof. Darren Kisgen, Boston College The Real and Financial Effects of Credit Ratings: Evidence from Moody’s Adjustments

12.04.2013 Prof. Margarita Tsoutsoura, The University of Chicago, Booth School of Business Tax Evasion Across Industries: Soft Credit Evidence from Greece

19.04.2013 Prof. Lars A. Lochstoer, Columbia University, Graduate School of Business Learning About Consumption Dynamics

24.04.2013 Prof. Bill Zame, UCLA Experiments on the Lucas Asset Pricing Model

26.04.2013 Prof. Michael Johannes, Columbia Business School Volatility Around the Clock: Bayesian Modeling and Forecasting of Intraday Volatility in the Financial Crisis

17.05.2013 Prof. Andrea Eisfeldt, UCLA, Anderson School of Management Measuring the Financial Soundness of US Firms 1926-2012

31.05.2013 Prof. Gregory Duffee, Johns Hopkins University Expected Inflation and Other Determinants of Treasury Yields

05.06.2013 Prof. Stefan Hirth, Aarhus University, School of Business and Social Sciences Credit Rating Dynamics and Competition

07.06.2013 Prof. Michael Weisbach, The Ohio State University Learning about CEO Ability and Stock Return Volatility

09.07.2013 Prof. Eckhard Platen, UTS Sydney The Affine Nature of Aggregate Wealth

06.09.2013 Prof. Zhiguo He, University of Chicago A Macroeconomic Framework for Quantifying Systemic Risk

– 41 – 20.09.2013 Prof. Ernst Maug, University of Mannheim Labor Representation in Governance as an Insurance Mechanism

27.10.2013 Prof. Leonid Kogan, MIT Technological Innovation: Winners and Losers

04.10.2103 Prof. Grigory Vilkov, University of Frankfurt Asymmetric Volatility Risk: Evidence from Option Markets

11.10.2013 Prof. Timothy J. McQuade, Stanford Graduate School of Business Stochastic Volatility and Asset Pricing Puzzles

18.10.2013 Prof. Jennifer La’O, Columbia University A Traffic Jam Theory of Recessions

25.10.2013 Prof. Kris Jacobs, University of Houston The Factor Structure in Equity Options

08.11.2013 Prof. Per Stromberg, Stockholm School of Economics Private Equity and the Resolution of Financial Distress

15.11.2013 Prof. Haoxiang Zhu, MIT Dynamic Information Asymmetry, Financing, and Investment Decisions

12.11.2013 Dr. Giovanni Favara, Federal Reserve Board Mortgage Market Concentration, Foreclosures and House Prices

22.11.2013 Prof. Elyès Jouini, Universite Paris-Dauphine Corporate Governance and Shareholders Heterogeneity: A General Equilibrium Approach

29.11.2013 Dr. Jean-Edouard Colliard, European Central Bank Cash Providers: Asset Dissemination Over Intermediation Chain

06.12.2013 Prof. Jacob Boudoukh, IDC Herzliya Which News Moves Stock Prices? A Textual Analysis

– 42 – SFI@EPFL Brownbag Seminars

29.01.2013 Prof. Julien Hugonnier, EPFL, Internal Brown Bag Speculative behavior in OTC markets

05.02.2013 Prof. Semyon Malamud, EPFL, Internal Brown Bag Decentralized Exchange

27.02.2013 Dr. Sergio Pulido, Carnegie Mellon University Quadratic BSDEs Arising from a Price Impact Model with Exponential Utility

28.02.2013 Prof. Paul Schneider, University of Lugano Generalized Risk Premia - The Economic Value of Predictability

19.03.2013 Prof. Kenza Benhima, UNIL Booms and Busts with Dispersed Information

26.03.2013 Dr. Martin Larsson, EPFL, Internal Brown Bag Non-Equivalent Beliefs and Subjective Bubbles

09.04.2013 Prof. Ron Siegel, Northwestern University Large Contests

16.04.2013 Prof. Loriano Mancini, EPFL, Internal Brown Bag A Tale of Two Investors: Estimating Optimism and Overconfidence

25.04.2013 Francesca Zucchi, PhD - EPFL, Internal Brown Bag Cash Holdings and Competition Emmanuel Leclercq, PhD - EPFL, Internal Brown Bag Finite-Jump Tangent Lévy Models

07.05.2013 Prof. Claire Celerier, Zurich University What Drives Financial Complexity? A Look into the Retail Market for Structured Products

08.05.2013 Prof. Theodosios Dimopoulos, UNIL Merger Activity in Industry Equilibrium

10.05.2013 Prof. Christoph Frei, University of Alberta Optimal Execution of a VWAP Order: a Stochastic Control Approach

21.05.2013 Prof. Kent Daniel, Columbia University Momentum Crashes

15.07.2013 Prof. Jeffrey Pontiff, Boston College Does Academic Research Destroy Stock Return Predictability?

– 43 – DEEP-EPFL Seminar Series in Macroeconomics

19.12.2013 Prof. Martin Uribe, Columbia University Prudential Policy for Peggers

18.04.2013 Prof. Aurélien Eyquem, Lumière University Lyon 2 Wars as Large Depreciation Shocks

14.05.2013 Prof. Jeffrey C. Fuhrer, Federal Reserve Bank of Boston Real Expectations: Replacing Rational Expectations with Survey Expectations in Dynamic Macro Models

06.11.2013 Prof. Rigas Oikonomou, HEC Montréal, Canada Multiple Maturities Incomplete Financial Markets and Government Debt Management

28.11.2013 Prof. Kevin Sheedy, London School of Economics Debt and Incomplete Financial Markets: A Case for Nominal GDP Targeting

04.12.2013 Prof. Vincenzo Quadrini, USC Marshall School of Business Risky Investments with Limited Commitment

– 44 – – 45 – EDUCATION

Master programs Doctoral programs Executive master programs

Management, Financial Engineering Management of Technology Finance (EDFI) Management of Global Supply Chain Technology & (MFE) (EDMT) Technology (MoT) Management Entrepreneurship (MTE)

Director Marc Gruber Julien Hugonnier Dominique Foray Pierre Collin-Dufresne Jean Micol Philippe Wieser

Duration 2 years 2 years 3-4 years (courses & 1st year only courses 13 months 12 months research) followed by 3-4 years research

Credits 120 ECTS 120 ECTS 30 ECTS 30 ECTS 90 ECTS 80 ECTS

Tuition Fees CHF 1,266 per year CHF 1,266 per year CHF 1,200 (Registration fee CHF 1,200 (Registration fee CHF 35,000 (Full program) CHF 18,000 (Full program) for oral examination) for oral examination)

Number of 47 54 41 18 36 48 (Lausanne & Paris) students in 2013

Start date September September September September September January

Requirement Bachelor degree in Bachelor degree in a Master degree or equivalent Master degree or equivalent University degree, 5 - University degree, engineering or in another technical discipline such solid background in solid background in 7 years professional experience at executive technical discipline such as mathematics, physics, engineering economics and/or in experience level as mathematics, physics, computer science, financial mathematics chemistry or life sciences engineering or economics

Teaching English English English English English English & French Language

Website mtei.epfl.ch/master sfi.epfl.ch/mfe phd.epfl.ch/edmt phd.epfl.ch/edfi mot.epfl.ch iml.epfl.ch

Contact [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] +41 21 693 01 22 +41 21 693 24 66 +41 21 693 01 39 +41 21 693 01 43 +41 21 693 53 24 +41 21 693 24 65

– 46 – EDUCATION

Master programs Doctoral programs Executive master programs

Management, Financial Engineering Management of Technology Finance (EDFI) Management of Global Supply Chain Technology & (MFE) (EDMT) Technology (MoT) Management Entrepreneurship (MTE)

Director Marc Gruber Julien Hugonnier Dominique Foray Pierre Collin-Dufresne Jean Micol Philippe Wieser

Duration 2 years 2 years 3-4 years (courses & 1st year only courses 13 months 12 months research) followed by 3-4 years research

Credits 120 ECTS 120 ECTS 30 ECTS 30 ECTS 90 ECTS 80 ECTS

Number of 47 54 41 18 36 48 (Lausanne & Paris) students in 2013

Start date September September September September September January

Teaching English English English English English English & French Language

Website mtei.epfl.ch/master sfi.epfl.ch/mfe phd.epfl.ch/edmt phd.epfl.ch/edfi mot.epfl.ch iml.epfl.ch

– 47 – Master Programs

Master Program in Management, Technology and Entrepreneurship (MTE)

The two-year Master program in Management, Technology and Entre- preneurship (MTE), offered since fall 2010, is specifically tailored to engineers and scientists interested in complementing their technical field with management skills. The 120-ECTS credit program leads to a Master of Science (MSc) degree and spans the entire spectrum of modern management science. The primary goal of the program is to enable students to bridge the worlds of technology and management, understand the functioning of modern business organizations in a holistic manner, “think out of the box” in order to develop new approaches, manage key firm-internal processes and engage with external stakeholders. Since 2010, the MTE Section offers an Industry Student Mentorship Program, pairing up MTE students with professionals for a four-semester working relationship. The primary goal of this initiative is to provide students with the opportunity to interact with and learn from business leaders working in areas related to their career interests. Currently in its fourth year this unique initiative involves around 40 mentors from a wide range of industries (e.g. Dell, Medtronic Interna- tional, Nestlé, Siemens, Swatch Group, Swisscom).

– 48 – List of MTE Courses & Number of Students Registered per Class

Autumn semester 2012-13

Course title Faculty Credits Number of students

Applied probability & stochastic processes Lévêque Olivier 4 40 B2B - high-tech marketing Micol Jean 4 42 Conception, modélisation et simulation de Pouly Michel; 5 26 systèmes de production Cheikhrouhou Naoufel

Corporate strategy Strecker Nanja 4 35 Econometrics: Data analysis & empirical Raffo Julio Diego 4 20 methods Salvador Entrepreneurship laboratory (e-lab) Lebret Hervé 4 16 Entrepreneurship & new venture strategy Gruber Marc 4 48 (a) Financial & managerial accounting Siegrist Alain 4 51 Global business environment Lambertini Luisa 4 49 Information systems Riboni Stefano 4 23 Information technology and e-business Tucci Christopher 2 57 strategy Innovation management: Between early Rossel Pierre 4 19 detection and systematic creativity Management de projet et analyse du risque Wieser Philippe 4 141 Negotiation techniques Boldt Barbara 2 45 Operations: Economics & strategy Weber Thomas 4 26 Politiques économiques et technologiques: Foray Dominique 2 20 une application au changement climatique Presentation skills Boldt Barbara 2 59 Principles of finance Morellec Erwan 4 123 Principles of microeconomics Mack Jan Alexander Karl 4 107 Production management Glardon Rémy 5 36 Strategic marketing & technology Durisin Boris 4 50 commercialization Technology & innovation management (a) Tucci Christopher 4 64 Technology & innovation management (b) Petty Jeffrey 4 29

– 49 – Spring semester 2013

Course title Faculty Credits Number of students

Corporate governance Finger Matthias 4 48 Entrepreneurship & new venture strategy Gruber Marc 4 48 (b) Industry dynamics, models & trends Finger Matthias 4 72

Information : Strategy & economics Weber Thomas 4 17 Innovation & management in the energy Püttgen Hans Björn 2 39 industry Introduction to quality management and Jaccard Michel 4 23 management systems Leadership & human resource Winzenried Nicola 4 46 management in a global context Logistique et analyse de la demande Wieser Philippe 4 114 Management of enterprise networks and Glardon Rémy, Hongler 4 62 supply chain management Max-Olivier, Wieser Philippe Optimal decision analysis Lebret Hervé 4 46 Practical Business law Rochat Frédéric 4 28 Principles of IP management Soltmann Christian, 4 8 Mueller Heinz, Wagner Stefan Quantitative systems modeling techniques Zufferey Nicolas 4 23 Supply chain management Seifert Ralf 4 54

– 50 – MTE Master Thesis Projects (Industry Internships)

Project title Company

Development of a comprehensive model to improve the sales Edwards Lifesciences, Switzerland forecasting accuracy based on empirical evidence at Edwards Lifesciences Analysis of firms’ innovation strategies & practices Innovation Strategy Center, Switzerland Innovation practices benchmarking implementation Innovation Strategy Center, Switzerland

Competences based management for the R&D organization Nestlé, Switzerland Productivity in logistics Nestlé, Switzerland The future of the bioplastics industry for food packaging Nestlé, Switzerland Optimization of a new liquid processing line through Nestlé PTC Konolfingen, Switzerland simulation-project BINTANG Malaysia” Business process reengineering (BPR) at Nestrade TSS Nestrade SA, Nestlé World Trade (technical supply services) Corporation, Switzerland CRM software as a source of information for business Orange Communications SA, Switzerland innovation Exploring the capabilities of VoLTE for market value creation Orange Communications SA, Switzerland Challenges with open web technology: performance Open Web Technology, Switzerland assessment, positioning and knowledge management Policy analysis of access to health technology Organisation for Economic Co-operation and Development, France The 7-step strategic sourcing process: the example of Pepsico Pepsico, Switzerland Leveraging mobile technologies to create a disruptive global Philip Morris International, Switzerland marketing and sales operating model Process analysis and opportunity identification to perform Philip Morris International, Switzerland automation in IS Reviewing and improving performance measurement process Philip Morris International, Switzerland at the global IS organization The new pattern of marketing: from mass marketing Philip Morris International, Switzerland to consumer centric approach – impact and strategy recommendations Tradecraft & tobacco: competitive intelligence in the cigarette Philip Morris International, Switzerland industry – design, implementation and methodologies Developing a financial reporting tool for maintenance Syngenta Crop Protection Monthey SA, engineers: case study at a multinational agricultural Switzerland corporation

– 51 – MTE Admissions and Enrollment Statistics

AY 2010-11 AY 2011-12 AY 2012-13

184 178

142

Applications 25 23 New enrollments 11 47 34

Total enrollments 11 25% 25%

Acceptance rate 19% (Number of admits / number of applicants)

19 17 Exchange students 13

155 142 Minor students 143

– 52 – MTE First-Year Student Profile (AY 2012-13)

Gender Geography

Male 52% Female 48% South Africa, 4% America, 8% North America, 4% Asia, 20% 48+52C Europe, 64%

Educational background

Computer science & communication systems, 16% Civil engineering, 8% Electrical engineering, 12%

Environmental science & engineering, 4% Chemistry & chemical engineering, 28% General engineering, 4%

Life Sciences & technology, 16% Mechanical engineering, 8% Materials science & engineering, 4%

– 53 – Master Program in Financial Engineering (MFE)

SFI@EPFL offers a highly selective two-year Master program in Fi- nancial Engineering (MFE) comprising a total of 120 ECTS credits. The MFE program is broad yet specific, involving faculty members with a variety of disciplinary backgrounds, e.g. asset pricing, computer science, corporate finance, economics, mathematical finance, mathematics, statistics, operations research. Overall, MFE students learn how to combine modern finance theory and computational methods with a practical knowledge of the real business world in which they can employ these skills. They will thus have the perfect profile to rapidly integrate into banks, investment and hedge funds, re-insurance companies, financial software firms, con- sulting and auditing firms or to pursue an academic career in a top international PhD program in finance or financial engineering.

– 54 – List of MFE Courses & Number of Students Registered per Class

Autumn semester 2012-13

Course title Faculty Credits Number of students

Advanced derivatives Trolle Anders 4 30 Advanced topics in financial econometrics Mancini Loriano 4 10 Computational game theory & applications Faltings Boi 4 8 Credit risk Collin Dufresne Pierre 4 31 Econometrics Mancini Loriano 6 39 Financial & managerial accounting Siegrist Alain 4 51 Fixed income analysis Filipovic Damir 6 31 Global business environment Lambertini Luisa 4 49 Intelligent agents Faltings Boi 6 43 Introduction to finance Fahlenbrach Rüdiger 6 35 Macrofinance Lambertini Luisa 6 38 Mathematical modelling of behavior Bierlaire Michel 4 63 Quantitative methods in finance Ravanelli Claudia 6 34 Real options and financial structuring Valta Philip 4 26 Securitization & the financial crisis Gauthier Laurent 2 5 Stochastic calculus I Malamud Semyon 4 37 Venture capital Fahlenbrach Rüdiger 4 15

Spring semester 2013

Course title Faculty Credits Number of students

Behavioral finance Goette Lorenz 2 34 Derivatives Hugonnier Julien 6 43 Financial econometrics Jondeau Eric 6 36

Investments Trolle Anders 6 38 Quantitative risk management Boldi Marc-Olivier 4 62 Stochastic calculus II Filipovic Damir 4 36 Time series Davison Anthony C. 4 70

– 55 – MFE Master Thesis Projects (Industry Internships)

Project title Company

Analysing private equity: buyout funds versus venture capital Aeris Capital AG, Switzerland funds Delta-hedging of power plants: a case of combined-cycle gas AXPO AG, Switzerland turbine plants Evaluation of various approaches in dealing with missing BAK Basel Economics, Switzerland values and outliers in financial and economic time series The optimization of a trading system using a genetic algorithm Banca Comerciala Romana, Romania Implementation of a pricing model on commodities, Banque privée Edmond de Rothschild, simulations and formulation of options strategies Switzerland Measure of counterparty risk and Heston Model BNP Paribas, France Risks and rewards of structured products; the study of barrier Credit Suisse, Switzerland reverse convertibles in Swiss market Volatility dispersion trading, an implementation on SMI Credit Suisse AG, Switzerland Pricing and hedging of FX options Deutsche Bank AG, Germany Consistent modeling of VIX and equity derivatives Dominicé &Co, Switzerland Buyers and sellers behaviours in eBay auctions among eBay International AG, Switzerland categories with different clientele Statistical arbitrage Egerton Capital, UK Essays on asset pricing with asymmetric information Ernst & Young, Switzerland Numerical solution of black scholes equations arising from Hesabi, Iran American option Risk Premia in commodity futures markets JP Morgan, UK High frequency dynamics of risk exposures in hedge fund Lombard Odier, Switzerland replication Theta analysis for securities finance product Murex, France Creation and management of mutual pension funds Nathal, actuaries and consultants, Mexico Complexity and cross-sectional returns Ontonix, Italy Pricing puttable bonds in the Chinese market Orient Security Company, Hong Kong Fixed income securities for small and medium sized Patrimonium, Switzerland companies - An overview Portfolio optimization with market, liquidity and credit risk SAGE SA, Switzerland Modeling leveraged loan portfolio with prepayment option Swiss Capital Alternative Investments AG, Switzerland

– 56 – Project title Company

New aspects of the replicating portfolio for group life Swiss Life AG, Switzerland insurance Statistical properties of an investment strategy in volatility Swiss Life Asset Management, Switzerland Building & simulating investment strategies for the Swissquote Bank, Switzerland Swissquote's ePrivate Banking solution Portfolio selection and allocation: methods and advances from Swissquote Bank, Switzerland practice Credit cycle estimation - From historical defaults and UBS AG, Switzerland macroeconomics Counterparty credit exposure and CVA UBS AG, UK The use of risk budgeting methodology: a case study applied to Umnyah Advisors S.A., Switzerland wealth management Cyclicality in private equity Unigestion, Switzerland

– 57 – MFE Admissions and Enrollment Statistics

AY 2010-11 AY 2011-12 AY 2012-13

187 180 179 Applications

26 25 21 New enrollments

54 48 44 Total enrollments

29% 28% 25% Acceptance rate (Number of admits / number of applicants) 11 3 2 Exchange students

16 8 2 Minor students

– 58 – MFE First-Year Student Profile (AY 2012-13)

Gender Geography

Male 80% Female 20%

North America, 4% Africa, 4%

Asia, 28% 20+80C Europe, 64%

Educational background

Others, 8% Chemistry & chemical engineering, 4% Physics, 4% Microengineering, 8% Computer science & communication systems, 16% Mechanical engineering, 4% Mathematics, 4%

Economics, 24%

General Engineering, 20% Electrical engineering, 8%

– 59 – Doctoral Programs

Doctoral Program in Management of Technology (EDMT)

The Doctoral Program in Management of Technology (EDMT) strives to train the world’s foremost experts and leaders in the Management of Technology. The program pools the resources of a variety of research units across EPFL’s campus, including engineering, mathematics, financial engineering, and economics. Starting in 2014, EDMT will offer joint courses with the Technical Uni- versity of Munich (TUM), the Technical University of Denmark (DTU) and the Eindhoven University of Technology (TU/e) under the EuroTech initiative.

2013 EDMT Student Profile

Gender Geography

Male 58% Female 42%

South America, 6% Asia, 25% North America, 5%

Europe, 64%

42+58C – 60 – EDMT Admissions and Enrollment Statistics

AY 2010-11 AY 2011-12 AY 2012-13

130

120

99 Applications

7 7 5 New enrollments

33 Total enrollments: 27 27 PhD students with EPFL contract 12 11 Total enrollments: 8 Industrial PhD students 8% Acceptance rate 6% (Number of admits / number of applicants) 4%

– 61 – List of EDMT Courses & Number of Students Registered per Class (AY 2012-13)

Course title Faculty Credits Number of students

Concepts in operations, economics and Weber Thomas 4 6 strategy De- and re-regulation of network industries Finger Matthias 2 2 Managerial decision making: Theoretical Sanchez Ron 2 4 foundations and implications for research in technology management Mathematical models in supply chain Seifert Ralf 2 3 management Microeconomics Mack Alexander 4 5 MINTT: Management of innovatIon and Clerc Gabriel 2 23 technology transfer Presentation skills in English Boldt Barbara 0 2 Publishing in management, technology and Foray Dominique, Gruber 2 3 Innovation Marc Qualitative research methods Finger Matthias 4 7 Readings in organization economics Visentin Fabiana 2 5 Research methods I: Engaged scholarship Sanchez Ron 4 2 Research methods II: Surveys and Tucci Christopher 4 8 psychometrics Technology foresight Rossel Pierre, various 2 9 other lecturers Theoretical foundations of Ensley Michael 4 5 entrepreneurship Venture challenge@EPFL Micol Jean, Tucci 2 21 Christopher, Wadhwa Anu, Gruber Marc

– 62 – EDMT Graduates in 2013

Student Thesis Title Dissertation First placement director (s)

Golnam Arash Problem structuring with the Alain Wegmann Postdoctoral systemic enterprise architecture Researcher, IC, method: representation of EPFL and Professor systems and value in business at Business School contexts and integration with Lausanne (BSL) operations research methods Melvin Haas Necessity entrepreneurship: Marc Gruber On job market Individual, environmental and public policy-related factors influencing the process of opportunity exploitation under unfavorable circumstances Olov Isaksson Operational decisions and supply Ralf Seifert Postdoctoral chain dynamics: an empirical Researcher, CDM, investigation EPFL Argyro Katsifou Variable product portfolio Ralf Seifert Supply Planning management in retail operations Analyst, Novartis Consumer Health Huanqing Li An Integrated Strategy for Philippe Thalmann & Consultant on Sustainable Underground Aurèle Parriaux Sustainable Urbanism, Urbanization WAA International, Montréal Markus Simeth Corporate science and Dominique Foray Postdoctoral voluntary disclosure: analyzing Researcher, University determinants and firm of Leuven performance Peter Vogel Entrepreneurship & the Marc Gruber Head of Competence unemployed: investigating Center New Ventures individual-level differences in & Postdoctoral idea generation and opportunity Researcher, University development of St. Gallen Ariel Zeballos Inventory management with Ralf Seifert Supply Chain Process working capital restrictions Analyst at Novartis Consumer Health

– 63 – Doctoral Program in Finance (EDFI)

The Doctoral Program in Finance (EDFI) is targeted towards the pursuit of academic excellence. The program covers a wide range of sub- jects including asset pricing, financial economics, financial econometrics, corporate finance, and mathematical finance. EDFI is part of the Swiss Finance Institute PhD program in finance, which is a centrally coordinated program and operating on multiple campuses.

List of EDFI Courses & Number of Students Registered per Class (AY 2012-13)

Course title Faculty Credits Number of students

Game theory Mariotti Thomas 2 10 Theoretical corporate finance Morellec Erwan 2 10 Financial econometrics Jondeau Eric 2 10 Dynamic asset pricing Hugonnier Julien 2 9 Mathematics for financial economics Malamud Semyon 2 10 Empirical asset pricing Rockinger Michael 2 10 Asset pricing Collin-Dufresne Pierre 2 10 International finance Chaieb Inès & Hau Harald 2 10 Financial institutions Sato Yuki 2 10 Empirical corporate finance Fahlenbrach Rüdiger & 2 9 Schürhoff Norman

– 64 – EDFI Graduates in 2013

Student Thesis Title Dissertation First placement director (s)

Julien Cujean Essays in equilibrium asset Julien Hugonnier Assistant Professor pricing & Bernard Dumas of Finance, Robert (INSEAD) H. Smith School of Business, University of Maryland, USA Giuliano Curatola Essays on asset pricing with Julien Hugonnier Junior Professor of preference heterogeneity Asset Pricing and Trading, Goethe Universität, Frankfurt Michael Hasler Essays in information-based Julien Hugonnier Assistant-Professor asset pricing of Finance, Rotman School of Management, University of Toronto, Canada

2013 EDFI Student Profile

Gender Geography

Male 58% Female 42%

Asia 19% 42+58C Europe 81% – 65 – EDFI Admissions and Enrollment Statistics

AY 2010-11 AY 2011-12 AY 2012-13

164 156

134 Applications (SFI PhD program)

5 3 3 New enrollments (EDFI)

18 14 16 Total enrollments (EDFI)

Acceptance rate (Number of admits 9% 8% 5% SFI PhD program / number of applicants SFI PhD program)

– 66 – – 67 – Executive Master Programs

Executive MBA in Management of Technology

The Executive MBA in Management of Technology (MoT) has been offered jointly by EPFL and the Faculty of Business and Economics (HEC) of the University of Lausanne since 1998. The overall objective of this interdisciplinary program is to enable professionals concerned with innovation and entrepreneurship to develop the skills they will need to foster the creation of new ventures. MoT offers two tracks, Entrepreneurship (creation of new companies) and Intrapreneurship (creation of new activities within existing enterprises) as well as the opportunity to take innovation-related optional courses in High-Tech and/or Life Science domains. The 90-ECTS program starts in September each year and is composed of a 10-month teaching period followed by a 3-month practical part carried out in a company or start-up enterprise. Teaching is based on a concrete, pragmatic approach with extensive use of case studies, fostering class participation and group work. A key element is the development of business plans by teams. The industry project can be pursued within the company in which the participant already works. The program offers the possibility to maintain 60-80% of professional activities and is targeted to experienced professionals with an international background wishing to boost their career potential and interested in entrepreneurship and the management of innovative projects. With 30 to 35 graduates per year, the MoT today counts more than 430 alumni around the globe. Noteworthy: six of the 100 most important start-up companies in Switzerland were founded or are directed by former MoT students. For several years now, two Certificate of Advanced Studies (CAS) programs have been offered under the MoT umbrella: the CAS in Manage- ment of Biotech, Medtech & Pharma Ventures since 2008, and the CAS Doing Business in Asia since 2012. The latter is organized jointly with Peking University and the Indian Institute of Management in Banga- lore. In 2013, the two programs together drew almost 100 participants.

– 68 – Program structure

GENERAL ENTREPRENEURSHIP INTRAPRENEURSHIP INNOVATION MANAGEMENT I track track & HIGH-TECH core modules electives Creating new venture Innovating from within Financial accounting Management of project project innovation

Marketing management Entrepreneurship Outside - Inside Project management

Business statistics Sustainable leadership Intellectual Property management

Finance fundamentals New Venture strategy Hi-Tech marketing

From creativity to Business in emerging Business law Entrepreneurial finance internal buy-in markets

Organizational Venture legal aspects implementation GENERAL INNOVATION MANAGEMENT II Managing & executing sales & LIFE SCIENCES core modules electives International negociations Business economics Alliance/Partnership & outsourcing

Leading organization Marketing in life sciences

Operations management Assessing Valuation of new ventures

Mgt of Clinical Trials Managing your career & regulatory affairs

Biotech & Medtech Business & society manufacturing - GMP

Study Trip to China + India Doing Business in Asia

Strategic and Innovative Project 3 months within a company or a new venture

– 69 – Executive Master in Global Supply Chain Management

Created in 1993 in partnership with EPFL, the École des Ponts Paris- Tech, and the AFT-IFTIM group, the Executive Master in Global Supply Chain Management provides its participants with the know-how, competence and confidence necessary for the planning and implementation of logistical and supply chain projects at the strategic and operational levels. The 80-ECTS program starts in January each year and is based on an interdisciplinary approach, aimed at the integration of technology and management. The academic program consists of 20 modules of 40 hours each, plus three weeks of case studies, designed to expand the practical and methodological knowledge of the participants in theory, tools and best practices related to supply chain management. Once the theoretical part is successfully accomplished, students carry out a practical project of at least 20 weeks with a company. While some previous experience at executive level is required, the program is open to executives and future executives with a university degree in science, engineering, architecture, economics and management. Courses are taught in English at EPFL and in French at the École des Ponts ParisTech. Since 2013, the program also offers a CAS for students who successfully complete four modules of the whole program. After 40 successful editions in Lausanne and Paris, the Executive Mas- ter in Global Supply Chain Management counts more than 800 graduates among its alumni representing over 70 nationalities from five different continents.

– 70 – Program structure

Block 1 • Global Supply Chain Management • Distribution and Warehousing • Industrial Production Systems • Accounting Principles • Case Studies: Collaboration Platform

Block 2 • Modeling and Simulation in Logistics • Planning and Control • Marketing and Customer Service • Statistical Forecasting and Demand Management

Block 3 • Supply Chain Information Systems • Transportation Systems • Purchasing Management and Global Sourcing • Logistics Project Management

Block 4 • Lean Organisation, Reliability and Maintenance • Supply Chain Connective Technologies • Decision Support and Optimization in Supply Chain Management • International Trade: Intercultural and Legal Issues • Case Studies: Strategic Game

Block 5 • Robust and Resilient Supply Chain Design • Financial and Risk Evaluation • Human Resources Management • Business Strategy • Case Studies: Internship Tutorial

– 71 – MEDIA OUTREACH

Journal / Media Faculty Member Title

01.01.2013 Swissquote Damir Filipovic La finance est devenue une affaire d'ingénieurs 01.01.2013 Success & Career 2013 MFE program Lombard Odier & Cie 07.02.2013 Liechtensteiner Vaterland Marc Gruber 4. Euram Early Career Colloquium 02.03.2013 Neue Zürcher Zeitung Matthias Finger Neuordnung der Eisenbahn am Horizont 03.04.2013 La Liberté Matthias Finger Des dizaines d'emplois supprimés 24.04.2013 The Harvard Law School Rüdiger CEO Contract Design: How Do Strong Fahlenbrach Principals Do It? 03.05.2013 Neue Zürcher Zeitung Matthias Finger Massivere Leitplanken für die Eisenbahn 14.05.2013 Le Temps Matthias Finger Les liens entre Swisscom et l'Etat sont à nouveau sujets à controverse 17.05.2013 Bloomberg Damir Filipovic Swiss Life Insurers Seen Lobbying Government Over Bonds 21.05.2013 Tribune de Genève Matthias Finger De la poste au bazar 21.05.2013 24 Heures Lausanne Matthias Finger La poste se fait bazar 24.05.2013 Forbes Rüdiger Lafley At P&G, Ullman At Penney: When Fahlenbrach Does It Make Sense To Rehire The CEO? 24.05.2013 Financial Times Rüdiger Executive encores Fahlenbrach 01.06.2013 The Economist Rüdiger When retired chiefs make a comeback Fahlenbrach their return is often less than triumphant 14.06.2013 L'Agefi Matthias Finger Bourse d'intégration 14.06.2013 La Regione Ticino Matthias Finger Necessaria una borsa dell'energia per accedere alla rete europea 18.07.2013 Handelszeitung Matthias Finger In der Schlangengrube 24.07.2013 Radio SRF 1 Matthias Finger Wie geht es weiter mit der Swisscom nach dem Tod von CEO Carsten Schloter? 15.08.2013 L'Hebdo Matthias Finger L'Unification, quatre ans après l'Europe 24.08.2013 Walliser Bote Matthias Finger Der Innovationspark wird zum Politikum 01.09.2013 Horizons Rüdiger Rémunérations abusives? Fahlenbrach 25.09.2013 NZZ Rüdiger Der Schweizer Ansatz zu "Say-on-Pay" Fahlenbrach 27.09.2013 Le Temps Dominique Foray Lorsqu'une idée de l'EPFL est reprise par l'Europe 10.2013 IMD – Tomorrow’s Ralf Seifert The Perks and Pitfalls of Knowledge Challenges, No. 79, Diffusion in the Supply Chain October 2013.

– 72 – – 73 – CDM ORGANIZATION & STAFF

(as of 31.12.2013)

Director C. Tucci

College Council General Services

Executive Education College Assembly Management

Committees

Management of Technology Institute of Technology and Swiss Finance Institute @ and Entrepreneurship Public Policy EPFL Institute R. Seifert (a.i.) M. Finger D. Filipovic

Master in Financial Master in Management, Technology and Entrepreneurship Engineering M. Gruber J. Hugonnier

PhD in Management of Technology PhD in Finance D. Foray P. Collin-Dufresne

Executive Education Programs M. Finger, P. Wieser

– 74 – 5% Technical staff 18% Faculty members 13% Administrative staff

3% MER & Senior researchers TOTAL: 97 FTE (104 Headcount) 14% Postdocs 47% PhDs 18+3+1447135A

– 75 – FINANCES

In 2013, the College spent a total of 13.7 Mio CHF, of which one third was covered by external funds. Over 90% of CDM’s spending were used for salary costs. Our external sources include sponsored research chairs, executive education programs and grants awarded by funding agencies and industry. The College is currently home to six sponsored chairs, three of which were created thanks to contributions from the Swiss Finance Institute and finance the salaries of three tenure track assistant professors at SFI@EPFL. The other chairs are funded by Swiss Post, Swissquote and EPFL Valais Wal- lis, respectively, and provide funding for the salaries of three professors as well as for general expenses related to the chairs’ research programs. The executive programs offered by CDM raised around CHF 1.4 Mio in 2013 from tuition fees of which 20% were transferred to the Formation Continue UNIL-EPFL foundation as overheads. The remaining funds were used for operational costs of the individual programs. CDM has a very successful track record in fundraising by competing for grants and cooperating with industry. Current grants include support from the Swiss Nation- al Science Foundation (individual projects, Sinergia, NCCR), the European Commission (cooperation, ideas), the State Secretariat for Education, Research and In- novation, the Swiss Finance Institute, Swiss Post and mandates from several enterprises, allowing us to cover the salaries of approximately 60% of our PhD students and 55% of our postdoctoral students with third party funds.

– 76 – Expenditures in 2013

Third party funds CHF 4.3 MIO

TOTAL: 13.7 M CHF

Budgetary funds CHF 9.5 MIO

Third-Party Revenues in 2013

Conferences & Workshops Other Funding Agencies (CHF 0.17 MIO) - 3% (CHF 0.3 MIO) - 5% Divers (CHF 0.03 MIO) <0% Research Projects financed by the Swiss Finance Institute (CHF 0.4 MIO) - 7%

Research Mandates Sponsoring (CHF 1.9 MIO) - 32% (CHF 0.5 MIO) - 8% TOTAL: 6 M CHF

Swiss National Science Foundation (CHF 1.3 MIO) - 21% Executive Education (CHF 1.4 MIO) - 24%

– 77 – INTERNATIONAL COLLABORATIONS

AFRICA United States East Lansing MI Ann Arbor, MI Michigan State University Cameroon University of Michigan Evanston, IL Yaoundé Atlanta, GA Northwestern University Ecole Polytechnique Georgia Tech Hoboken NJ Austin, TX Stevens Institute of Technology Morocco The University of Texas at Austin Illinois, IL Casablanca Babson Park, MA College of Business at Illinois Ecole Hassania, Casablanca Babson College Indianapolis Berkeley, CA Indiana University AMERICA UC-Berkeley Ithaca, NY Blacksburg, VA Cornell University Canada Virginia Tech Los Angeles, CA Montreal Boston, MA UCLA Ecole Polytechnique de Montréal Boston University University of Southern California HEC Montreal Harvard Business School Madison, WI Quebec Boulder, CO University of Wisconsin Uni Laval University of Colorado at Boulder Minneapolis, MN Université LAVAL, Québec Cambridge, MA University of Minnesota London MIT New Haven, CT The University of Western Ontario Claremont, CA Yale University Claremont McKenna College New York, NY Chile Chicago, IL Columbia University Santiago Loyola University Fordham University Pontificia Universidad Catolica de Chile Cincinnati, OH NYU University of Cincinnati Pasadena, CA Mexico Columbia, SC Caltech Guadalajara Campus University of South Carolina Paso Robles Technologico de Monterrey Columbus, OH Dartmouth College Ohio State University Philadelphia, PA Dallas, TX Temple University UT Dallas University of Pennsylvania

– 78 – Pittsburgh, PA EUROPE Lebanon Carnegie Mellon University Beirut Princeton, NJ Austria American University of Beirut Princeton University Vienna Rochester, NY Vienna Graduate School of Finance Norway University of Rochester Wirtschaftsuniversität Wien (Vienna Uni- Bergen San Francisco, CA versity of Economics and Business) Norwegian School of Economics San Francisco State University Santa Clara, CA Belgium Portugal Santa Clara University Louvain Braga Seattle, WA Université catholique de Louvain Universidade Catolica Portuguesa University of Washington Stanford, CA Danemark Russia Stanford University Copenhagen Moscow St Louis, MO Copenhagen Business School Skolkovo Institute of Science & Technology Washington University in St. Louis Scotland Storrs, CT France University of Connecticut Grenoble St Andrews Troy, NY Grenoble Ecole de Management University of St Andrews Lyon RPI Spain Urbana-Champaign, IL EM Lyon Barcelona University of Illinois at Urbana-Champaign Nice ESADE Barcelona Washington, DC EDHEC Business School IESE Business School American Institute for Research Paris Universitat Autònoma de Barcelona Georgetown University Ecole des Ponts ParisTech Ecole Polytechnique Switzerland HEC Paris ASIA ParisTech-ENSAE Geneva University of Geneva China University Paris VI Strasbourg Lausanne Hong Kong EM Strasbourg IMD Hong Kong University of Science and Tech- University of Strasbourg University of Lausanne nology Lugano University of Hong Kong Germany University of Lugano St Gallen India Berlin DIW - Deutsches Institut für Wirtschafts- University of St. Gallen Hyderabad forschung Zurich Indian School of Business Humboldt University of Berlin ETHZ Malaysia Chemnitz University of Zurich Selangor Chemnitz University of Technology The Netherlands University of Nottingham Cologne University of Cologne Delft Singapore Munich Delft University of Technology Rotterdam Singapore Ludwig Maximilian University of Munich Erasmus University Rotterdam Nanyang Technological University Max Planck Institute for Innovation and Utrecht National University of Singapore Competition Utrecht University Singapore Management University England Turkey South Korea Coventry Istanbul Seoul University of Warwick Kadir Has University Sungkyunkwan University London City University London Thailand Imperial College London Klong Luang London Business School Asian Institute of Technology (AIT) London School of Economics University College London United Arab Emirates Ras Al-Khaimah Italy EPFL Middle East Bologna Sharjah University of Bologna American University in Sharjah Florence European University Institute Project: Barbara Baumann, Carole AUSTRALIA Messina Bonardi & Alexandra von Schack University of Messina Graphic design & decoration photos: Australia Milano Jean-Sébastien Monzani Polytecnico Di Milano Melbourne Copyright: College of Management of University of Melbourne Università degli Studi di Milano Sydney Pisa Technology University of New South Wales University Sant’Anna

– 79 – CONTACT

EPFL – CDM ODY – Station 5 CH – 1015 Lausanne Tel: +41 21 693 0036 http://cdm.epfl.ch [email protected]