STÉPHANE CHRÉTIEN, CFA, CIPM

Holder of the IG Wealth Management Chair in Financial Planning Head of Carmand-Normand and Jean-Turmel Trading Rooms Full Professor of Finance Finance, Insurance and Real Estate Department Faculty of Business Administration, Laval University (FSA ULaval) Research Affiliate, CRREP, GReFA and LABIFUL Pavillon Palasis-Prince, Room 3632 2325, rue de la Terrasse, City, Quebec, Canada G1V 0A6 Voice: (418) 656-2131, ext. 403380 Fax: (418) 656-2624 E-Mail: [email protected] Web Page : www.fsa.ulaval.ca/stephanechretien Chair Web Page (in French) : www.fsa.ulaval.ca/chaire-ig LinkedIn Profile: www.linkedin.com/in/stephanechretienFSAULaval

EDUCATION

University of North Carolina at Chapel Hill, Kenan-Flagler Business School, Chapel Hill, NC 1996-2000 Ph.D. in Business Administration, Finance, August 2000; Dissertation Title: “Essays on Asset Pricing with Stochastic Discount Factors”. Chairs: Prof. Dong-Hyun Ahn and Prof. Jennifer Conrad

University of , HEC Montreal, Montreal, QC, CA 1994-1996 M.Sc. in Management Science, Finance, October 1996; Thesis Title: “The Importance of Financial Analysts’ Long-Term Forecasts in an Investment Strategy” (in French). Chair: Prof. Jean-François L’Her

University of Quebec at Montreal, École des Sciences de la Gestion, Montreal, QC, CA 1991-1994 B.A.A. (High Distinction), Business Administration, Finance, August 1994.

PROFESSIONAL DESIGNATION AND CONTINUING EDUCATION  CFA (Chartered Financial Analyst), since September 2002.  CIPM (Certificate in Investment Performance Measurement), since December 2011.  Certificate of Achievement, Continuing Education Program, CFA Institute, 2019, 2018, 2017, 2016, 2015, 2014, 2013, 2012, 2011, 2010, 2009, 2008, 2007, 2006, 2005, 2004, 2003.

AREAS OF INTEREST  Research: Portfolio management and performance evaluation, mutual funds and financial services, financial planning, asset pricing, capital markets, financial econometrics, cost of capital and behavioral finance.  Teaching: Investments, portfolio management, financial services, asset pricing, behavioral finance, equity, bond and derivative markets.

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AWARDS AND HONORS

 Head, FSA ULaval Trading Rooms (Carmand-Normand, Jean-Turmel and Deloitte Rooms), Faculty of Business Administration, Laval University, since May 2021.

 Holder, IG Wealth Management Chair in Financial Planning, Faculty of Business Administration, Laval University, since November 2010, renewed in November 2013, November 2016 and November 2019.

 Best Paper Award Semifinalist (Top 10% of scores received from reviewers and strong recommendations from the track chairs), Investments Category, for “Interim Trading Bias in the Performance Evaluation of Equity Mutual Funds” (with Ali Ghali), 2020 Financial Management Association Conference, New York City, NY, October 2020 (held virtually).

 Best Paper Award Semifinalist (Top 10% of scores received from reviewers and strong recommendations from the track chairs), Investments Category, for “Interim Trading Bias in the Performance Evaluation of Equity Mutual Funds” (with Ali Ghali), 2019 Financial Management Association Conference, New Orleans, LA, October 2019.

 Research Medal 2018 Laureate, in recognition of the excellence of the research record in 2016- 2017, Faculty of Business Administration, Laval University, January 2019.

 Certificate of the Distinguished Reviewer, in order to recognize an outstanding contribution to the review procedures in 2018, Risk Governance and Control: Financial Markets & Institutions, published by Virtus Interpress (Ukraine), December 2018.

 CFA Society Toronto & Hillsdale Canadian Investment Research Award for “Equity Premium Predictability: Combination Forecasts versus Multivariate Regression Predictions” (with Claudia Champagne and Frank Coggins), February 2018; award presented at CFA Society Toronto’s Annual Awards Reception at the Toronto Stock Exchange on 15 February 2018 and announced in the Financial Analysts Journal, the Analyst Magazine and CFA Society Toronto’s website, social media channels and member newsletter.

 Best Paper Award Semifinalist (Top 10% of scores received from reviewers and strong recommendations from the track chairs), Investments Category, for “Mutual Fund Styles and Clientele-Specific Performance Evaluation” (with Manel Kammoun), 2016 Financial Management Association Conference, Las Vegas, NV, October 2016.

 Socrate Distinctions, in honor of the quality of teaching in 2015-2016, Faculty of Business Administration, Laval University, May 2016.

 Panel Guest Speaker, Morningstar Executive Forum, on the theme “Is Alpha Shrinking?” (in French), organized by Morninstar Research Inc., Montreal, QC, 19 May 2016.

 President and Past President, Board of Directors, Northern Finance Association (NFA), 2013- 2015.

 Socrate Distinctions, in honor of the quality of teaching in 2014-2015, Faculty of Business Administration, Laval University, August 2015.

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 Best Paper Award Semifinalist (Top 10% of scores received from reviewers and strong recommendations from the track chairs), Investments Category, for “Mutual Fund Performance Evaluation and Best Clienteles” (with Manel Kammoun), 2014 Financial Management Association Conference, Nashville, TN, October 2014.

 Distinguished Instructor for the PhD Seminar and Recipient of the 2014 “Merton H. Miller” Doctorate Seminar Certificate of Appreciation, European Financial Management Association Conference, Rome, Italy, June 25, 2014.

 Coorganizer, Northern Finance Association (NFA) Annual Conference 2013, , QC, September 27-29, 2013.

 Panel Guest Speaker and Member of the Honorary Table, Lunch Conference on the theme “Finance and Entrepreneurship: Opportunities and Challenges for the Mutual Funds Sector in Quebec” (in French), Annual Conference 2012, Quebec Investment Funds Council (CFIQ), 12 September 2012.

 Socrate Distinctions, in honor of the quality of teaching in 2011-2012, Faculty of Business Administration, Laval University, June 2012.

 Honorable mention for “Information Variables and Equity Premium Predictability: Canadian Evidence” (with Frank Coggins), CFA Society Toronto & Hillsdale Canadian Investment Research Award, January 2011.

 Best Paper Award for “Performance and Conservatism of Monthly FHS VaR: An International Investigation” (with Frank Coggins), Global Finance Conference, Poznan, Poland, June 2010.

 Letters of Acknowledgment, in honor of the quality of teaching, Finance, Insurance and Real Estate Department, Laval University, February 2021, May 2016, May 2015, January 2015, January 2014, June 2013, June 2012, August 2011, January 2011, January 2010, July 2008, January 2007.

 Best Paper Award for “Bounds on the Autocorrelation of Admissible Stochastic Discount Factors”, FMA European Meeting, Zurich, Switzerland, June 2004.

 Dean’s Teaching Evaluations Top 10% List, University of Alberta School of Business, 2000- 2001.

 Doctoral Scholarship, Kenan-Flagler Business School, University of North Carolina at Chapel Hill, 1996-2000.

 Master and Doctoral Fellowships, Fonds Québécois de la Recherche sur la Société et la Culture (FQRSC), 1994-1996, 1996-1999.

 High Distinction mention for undergraduate studies, Richardson Greenshield of Canada Finance Award and Raymonde Doyon-Tremblay Business Administration Award, École des Sciences de la Gestion, University of Quebec at Montreal, 1994.

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RESEARCH GRANTS

 Team Grant from the Social Sciences and Humanities Research Council of Canada (SSHRC), Insight Development Program, for “Performance Evaluation Disagreement: The Impact of Fund Characteristics, Managerial Skills and Fund Flows”, coresearcher, $41,682, 2017-2020.

 Team Grant from the Education and Good Governance Fund for “Finances personnelles et investissements : analyse de la prédisposition des investisseurs à ignorer la corrélation dans la prise de décision à investir”, Autorité des marches financiers (AMF), coresearcher, $63,181, 2017-2020.

 Individual Grant from the Social Sciences and Humanities Research Council of Canada (SSHRC), Insight Program, for “Mutual Fund Performance and Interim Trading”, principal researcher, $81,158, 2016-2020.

 Individual Grant from the Chaire iA Groupe financier en assurance et services financiers for “Performance des fonds communs de placement et transactions intérimaires”, FSA ULaval, principal researcher, $16,000, 2016-2021.

 Financial Contribution from Investors Group and Blouin Julien Potvin for “Symposium : Le transfert d’entreprise, êtes-vous prêt? Les enjeux de la planification financière”, project manager, $13,000, 2016.

 Individual Grant from the Research Support Program (Publications in FT Ranked Journals Section) for “Mutual fund performance evaluation and best clienteles”, FSA ULaval, principal researcher, $2,500, 2016-2017.

 Individual Grant from the Research Support Program (Publications in Ranked Journals Section) for “The performance of market timing measures in a simulated environment”, FSA ULaval, principal researcher, $1,500, 2015-2016.

 Individual Grant from the Research Support Program (Special Section) for “Évaluation des fonds mutuels et clientèles favorables”, FSA ULaval, principal researcher, $12,000, 2014-2015.

 Individual Grant from the Research Support Program (Scientific Conferences Outside Quebec Section) for “2014 Midwest Finance Association Conference”, FSA ULaval, principal researcher, $1,000, 2014.

 Team Grant from the Strategic Groupings Program for “Centre interuniversitaire sur le risque, les politiques économiques et l’emploi (CIRPÉE)”, Fonds de recherche du Québec Société et culture, affiliated researcher, $1,536,000, 2008-2014.

 Team Grant from the Research Support Program (Organisation of Scientific Meetings Section) for “Conférence annuelle de la Northern Finance Association (NFA) 2013”, FSA ULaval, project co-manager with Van Son Lai and Issouf Soumaré, $10,000, 2012-2013.

 Individual Grant from the Education and Good Governance Fund for “Développement d’outils pédagogiques pour l’éducation des investisseurs” (project manager), Autorité des marches financiers (AMF), principal researcher, $135,000, 2011-2013.

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 Financial Contribution from the Autorité des marches financiers (AMF) for “Journée 2013 de la Chaire Groupe Investors en planification financière”, project manager, $5,000, 2013.

 Individual Grant from the Research Support Program (Publications in Ranked Journals Section) for “Bounds on the Autocorrelation of Stochastic Discount Factors”, FSA ULaval, principal researcher, $2,000, 2012-2013.

 Individual Grant from the Research Support Program (Start-Up Section) for “L’évaluation de la performance des fonds mutuels”, FSA ULaval, principal researcher, $20,000, 2004-2007.

 Faculty Recruitment and Retention Individual Support Grant, Institut de Finance Mathématique de Montréal (IFM2), $75,000, 2004-2007.

 Individual Grant from the J.D. Muir Fund for “Research in Asset Pricing”, University of Alberta School of Business, principal researcher, $3,500, 2001-2004.

 Individual Grant from the SAS Funds for “Estimation of Asset Pricing Models”, University of Alberta School of Business, principal researcher, $5,000, 2000-2004.

REFEREED PUBLICATIONS

 “Mutual Fund Styles and Clientele-Specific Performance Evaluation” (with Manel Kammoun), International Journal of Economics and Finance, Vol 11, No 12, December 2019, p. 89-116. (DOI: https://doi.org/10.5539/ijef.v11n12p89.)

 “Effects of pension fund freezing on firm performance and risk” (with Claudia Champagne and Frank Coggins), Canadian Journal of Administrative Sciences / Revue canadienne des sciences de l’administration, Vol 34, No 3, September 2017, p. 306-320. (DOI: https://doi.org/10.1002/CJAS.1338.) (Also available in French: “Les effets du gel d’une caisse de retraite sur la performance et le risque des entreprises”, DOI: https://doi.org/10.1002/CJAS.1339.)

 “Mutual Fund Performance Evaluation and Best Clienteles” (with Manel Kammoun), Journal of Financial and Quantitative Analysis, Vol 52, No 4, August 2017, p. 1577-1604. (DOI: https://doi.org/10.1017/S002210901700045X.)

 “The Performance of Market Timing Measures in a Simulated Environment” (with Frank Coggins and Félix d’Amours), Review of Finance, Vol 20, No 3, May 2016, p. 1153-1187. (DOI: https://doi.org/10.1093/rof/rfv035.)

 “Should Investors Pay Attention to Domestic and US Election Regimes? A Canadian Perspective” (with Claudia Champagne and Frank Coggins), International Journal of Economics and Finance, Vol 7, No 4, April 2015, p. 105-121. (DOI: https://doi.org/10.5539/ijef.v7n4p105.)

 “Bounds on the Autocorrelation of Admissible Stochastic Discount Factors”, Journal of Banking and Finance, Vol 36, No 7, July 2012, p. 1943-1962. (DOI: https://doi.org/10.1016/j.jbankfin.2012.03.002.)

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 “The Impact of Pension Fund Freezes on Firms’ Systematic and Specific Risk” (with Claudia Champagne and Frank Coggins), Global Review of Accounting and Finance, Vol 3 No 1, March 2012, p.43-52.

 “Cost of Equity for Energy Utilities: Beyond the CAPM” (with Frank Coggins), Energy Studies Review, Vol 18, No 2, 2011, p. 17-43. (DOI: https://doi.org/10.15173/esr.v18i2.531.)

 “Performance and Conservatism of Monthly FHS VaR: An International Investigation” (with Frank Coggins), International Review of Financial Analysis, Vol 19, No 5, December 2010, p. 323-333. (DOI: https://doi.org/10.1016/j.irfa.2010.08.006.)

 “Performance of Monthly Multivariate Filtered Historical Simulation Value-at-Risk” (with Frank Coggins and Yves Trudel), Journal of Risk Management in Financial Institutions, Vol 3, No 3, April-June 2010, p. 259-277.

 “Election Outcomes and Financial Market Returns in Canada” (with Frank Coggins), North American Journal of Economics and Finance, Vol 20, No 1, March 2009, p. 1-23. (DOI: https://doi.org/10.1016/j.najef.2009.02.003.)  Lead article of the issue.

 “Portfolio Performance Measurement: A No Arbitrage Bounds Approach” (with Dong-Hyun Ahn and H. Henry Cao), European Financial Management, Vol 15, No 2, March 2009, p. 298-339. (DOI: https://doi.org/10.1111/j.1468-036X.2009.00480.x.)

 “La performance et le conservatisme des modèles VAR mensuelle” (with Frank Coggins and Paul Gallant), Assurances et gestion des risques, Vol. 76, No 2, Juillet 2008, p. 169-202. (http://www.revueassurances.ca/la-performance-et-le-conservatisme-des-modeles-var-mensuelle- par-stephane-chretien-frank-coggins-et-paul-gallant-2/.)  Lead article of the issue.

BOOKS AND OTHER PUBLISHED WORKS

 “La réglementation comme approche de résolution des conflits d’intérêts reliés au devoir de conseil en services financiers” (with Kevin Lee and Caroline Palardy), Chapter 5.5 of the Text Collection Éléments de la finance responsable : une perspective multidimensionnelle (edited by Claudia Champagne, Frank Coggins and Lyne Latulippe), Éditions Yvon Blais, 2018, p. 645-668. (https://store.thomsonreuters.ca/fr-ca/pdp/lments-de-la-finance-responsable--une-perspective- multidimensionnelle/30835134.)

 Personal Finance Demystified: Learning Based on Workshops and Web Videos (in French, Lead Researcher, with David Bouchard and Kevin Lee), Website: https://www4.fsa.ulaval.ca/la- recherche/chaires-de-recherche/chaire-ig-gestion-de-patrimoine-en-planification-financiere/la- finance-personnelle-demystifiee/, online since September 2013.

 Essays on Asset Pricing with Stochastic Discount Factors: New Insights on Consumption-Based Asset Pricing and Portfolio Performance Measurement, LAP LAMBERT Academic Publishing, ISBN 987-3-8465-8335-7, February 2012, 136 Pages. (https://www.lap- publishing.com/catalog/details/store/gb/book/978-3-8465-8335-7/essays-on-asset-pricing-with- stochastic-discount-factors.)

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 Evaluation of Gaz Métro’s Rate of Return and Proposal for Annual Formula, Report prepared for the Régie de l’énergie du Québec, 2008 Rate Case of Gaz Métro Limited Partnership, Request R- 3630-2007, May 2007, 102 Pages.

 A Study of Technical Analysis Applied to Bonds (in French), Monographs on International Business and Economics, Number 96-02, International Administration Study Center (CETAI), ISBN 2-920296-55-8, January 1996, 143 Pages.

REFEREED CONFERENCE PROCEEDINGS

 “The Performance of Market Timing Measures in a Simulated Environment” (with Frank Coggins and Félix d’Amours), Proceedings of the Midwest Finance Association 2014 Annual Meeting, 2014 Midwest Finance Association Conference, 5-8 March 2014, Orlando, FL, (Ed. Vijay Gondhalekar), Vol. 11, March 2014.  “Effet du gel d’une caisse de retraite sur la performance et le risque de l’entreprise” (with Claudia Champagne, Frank Coggins and Magali Point), Proceedings of Annual Conference of the Administrative Sciences Association of Canada, Finance Division, ASAC 2012 Meetings, 9-12 June 2012, St. Johns, NF, (Ed. Ahmed Marhfor), Vol. 33, No. 1, June 2012.  “The Impact of Pension Fund Freezes on Firms’ Systematic and Specific Risk” (with Claudia Champagne and Frank Coggins), Proceedings of World Business Economics and Finance Conference, Finance Track, Bangkok Conference 2011, Bangkok, Thailand, 26-27 September 2011, (Ed. Tanzil Hoque), September 2011, www.wbiconpro.com/proceedings_bankok_sept.htm.

WORKING PAPERS

 “Representative Investors versus Best Clienteles: Performance Evaluation Disagreement in Mutual Funds” (with Manel Kammoun), revision requested by Review of Finance, 2020.  “Equity Premium Predictability: Combination Forecasts versus Multivariate Regression Predictions” (with Claudia Champagne and Frank Coggins), revision requested by International Review of Finance, 2020.  “Additional Evidence on Information Variables and Equity Premium Predictability” (with Frank Coggins), revision requested by Canadian Journal of Administrative Sciences, 2021.  “Interim Trading Bias in the Performance Evaluation of Equity Mutual Funds” (with Ali Ghali), submitted to Journal of Financial and Quantitative Analysis, 2021.  “The Tournament Effect for Winning and Losing Funds Analyzed with Predicted Risk Measures” (with Claudia Champagne and Frank Coggins), 2020.  “The Informational Content of the Loan Market: An Equity Portfolio-Based Approach” (with Claudia Champagne and Frank Coggins), 2016.  “Dynamic Factor Model and Predictability of Stock Returns: Canadian Evidence” (with Alexandre Kopoin), 2014.  “Towards a More Efficient VaR Management: The Conditional VaR and its Trend” (with Claudia Champagne and Frank Coggins), 2010.  “Weighting Matrix Choice in GMM Estimation of Asset Pricing Models” (with Michael T. Cliff), 2006.  “Assessing Asset Pricing Model Misspecification with a Returns Decomposition” (with Michael T. Cliff), 2005.

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 “An Anatomy of Pricing Errors of Consumption-Based Asset Pricing Models” (with Dong-Hyun Ahn), 2004.

WORK-IN-PROGRESS

 “Performance Evaluation Disagreement: The Impact of Fund Characteristics, Managerial Skills and Fund Flows” (with Manel Kammoun).  “Finances personnelles et investissements : analyse de la prédisposition des investisseurs à ignorer la corrélation dans la prise de décision à investir” (with Gabriel Amiot, Charles Bellemare and Sabine Kröger).  “Pricing Anomalies with Admissible Stochastic Discount Factors”.  “Parametric and Nonparametric Trading Strategies”.

CONFERENCE AND SEMINAR PRESENTATIONS

2020:  “Interim Trading Bias in the Performance Evaluation of Equity Mutual Funds” (with Ali Ghali), FMA Annual Meetings, New York City, NY, October 2020 (by coauthor). 2019:  “Interim Trading Bias in the Performance Evaluation of Equity Mutual Funds” (with Ali Ghali), 7th Annual Tunisian Society for Financial Studies (TSFS) Finance Conference 2019, Monastir, Tunisie, December 2019 (by coauthor);  “Interim Trading Bias in the Performance Evaluation of Equity Mutual Funds” (with Ali Ghali), Journées des étudiants du CRÉFiR/CRREP/CDER 2019, Québec, QC, November 2019 (by coauthor);  “Interim Trading Bias in the Performance Evaluation of Equity Mutual Funds” (with Ali Ghali), FMA Annual Meetings, New Orleans, LA, October 2019;  “Interim Trading Bias in the Performance Evaluation of Equity Mutual Funds” (with Ali Ghali), 36th annual International Conference of the French Finance Association (AFFI), Quebec City, QC, June 2019 (by coauthor);  “Representative Investors versus Best Clienteles: Performance Evaluation Disagreement in Mutual Funds” (with Manel Kammoun), 36th annual International Conference of the French Finance Association (AFFI), Quebec City, QC, June 2019;  “Interim Trading Bias in the Performance Evaluation of Equity Mutual Funds” (with Ali Ghali), FMA European Conference, Glasgow, UK, June 2019;  “Equity Premium Predictability: Combination Forecasts versus Multivariate Regression Predictions” (with Claudia Champagne and Frank Coggins), INFINITI Conference on International Finance 2019, Glasgow, UK, June 2019;  “Finances personnelles et investissements : analyse de la prédisposition des investisseurs à ignorer la corrélation dans la prise de décision à investir” (with Gabriel Amiot, Charles Bellemare et Sabine Kröger), 59th Annual Meeting of the Société canadienne de science économique, Quebec City, QC, May 2019 (by coauthor);  “Interim Trading Bias in the Performance Evaluation of Equity Mutual Funds” (with Ali Ghali), 59th Annual Meeting of the Société canadienne de science économique, Quebec City, QC, May 2019 (expected, by coauthor).

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2018:  “Interim Trading Bias in the Performance Evaluation of Equity Mutual Funds” (with Ali Ghali), 6th Annual Tunisian Society for Financial Studies (TSFS) Finance Conference 2018, Sousse, Tunisie, December 2018 (by coauthor);  “Performance Evaluation Disagreement: The Impact of Fund Characteristics, Active management and Fund Flows” (with Manel Kammoun), 6th Annual Tunisian Society for Financial Studies (TSFS) Finance Conference 2018, Sousse, Tunisie, December 2018 (by coauthor). 2017:  “Mutual Fund Styles and Clientele-Specific Performance Evaluation” (with Manel Kammoun), 2017 Paris Financial Management Conference, Paris, France, December 2017;  “Representative Investors versus Best Clienteles: Performance Evaluation Disagreement in Mutual Funds” (with Manel Kammoun), 2017 Paris Financial Management Conference, Paris, France, December 2017 (by coauthor);  “Additional Evidence on Information Variables and Equity Premium Predictability” (with Frank Coggins), NFA Meetings, Halifax, NS, September 2017;  “The Tournament Effect for Winning and Losing Funds Analyzed with Predicted Risk Measures” (with Claudia Champagne and Frank Coggins), World Finance Conference, Sardinia, Italy, July 2017;  “Equity Premium Predictability: Combination Forecasts versus Multivariate Regression Predictions” (with Claudia Champagne and Frank Coggins), 57th Annual Meeting of the Société canadienne de science économique, Ottawa, ON, May 2017;  “Performance Evaluaiton Disagreement: The Impact of Fund Characteristics, Managerial Skills and Fund Flows” (with Manel Kammoun), 57th Annual Meeting of the Société canadienne de science économique, Ottawa, ON, May 2017 (by coauthor);  “The Informational Content of the Loan Market: An Equity Portfolio-Based Approach” (with Claudia Champagne and Frank Coggins), 2017 FMA Applied Finance Conference, New York City, NY, May 2017 (by coauthor). 2016:  “Mutual Fund Styles and Clientele-Specific Performance Evaluation” (with Manel Kammoun), FMA Meetings, Las Vegas, NV, October 2016 (by coauthor);  “Representative Investors versus Best Clienteles: Performance Evaluation Disagreement in Mutual Funds” (with Manel Kammoun), NFA Meetings, City of Mont-Tremblant, QC, September 2016;  “The Informational Content of the Loan Market: An Equity Portfolio-Based Approach” (with Claudia Champagne and Frank Coggins), World Finance Conference, New York City, NY, July 2016 (by coauthor);  “The Tournament Effect of Winning and Losing Funds Analyzed with Ex Ante Risk Measures” (with Claudia Champagne and Frank Coggins), 14th Annual International Conference on Finance, Athens Institute for Education and Research, Athens, Greece, July 2016 (by coauthor);  “The Informational Content of the Loan Market: An Equity Portfolio-Based Approach” (with Claudia Champagne and Frank Coggins), 14th Annual International Conference on Finance, Athens Institute for Education and Research, Athens, Greece, July 2016 (by coauthor);  “Combination Forecasts and Multivariate Predictive Models of the Equity Premium: Canadian Evidence” (with Claudia Champagne and Frank Coggins), 14th Annual International Conference on Finance, Athens Institute for Education and Research, Athens, Greece, July 2016;  “The Tournament Effect of Winning and Losing Funds Analyzed with Ex Ante Risk Measures” (with Claudia Champagne and Frank Coggins), 56th Annual Meeting of the Société canadienne de science économique, Quebec City, QC, May 2016 (by coauthor);

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 “Transaction intérimaires: impact sur l’évaluation de la performance des fonds mutuels d’actions” (with Ali Ghali), 56th Annual Meeting of the Société canadienne de science économique, Quebec City, QC, May 2016 (by coauthor).  “Mutual Fund Styles and Clientele-Specific Performance Evaluation” (with Manel Kammoun), 56th Annual Meeting of the Société canadienne de science économique, Quebec City, QC, May 2016.  “The Informational Content of the Loan Market: An Equity Portfolio-Based Approach” (with Claudia Champagne and Frank Coggins), 23rd Global Finance Conference, Fresno, CA, April 2016 (by coauthor). 2015:  “Representative Investors versus Best Clienteles: Performance Evaluation Disagreement in Mutual Funds” (with Manel Kammoun), 55th Annual Meeting of the Société canadienne de science économique – SCSE 2015, Montreal, QC, May 2015 (by coauthor);  “The Performance of Market Timing Measures in a Simulated Environment” (with Frank Coggins and Félix d’Amours), GReFa Lunch Research Seminar, Université de , Sherbrooke, QC, February 2015;  “Mutual Fund Performance Evaluation and Best Clienteles” (with Manel Kammoun), University of Quebec in Outaouais, , QC, February 2015 (by coauthor). 2014:  “Representative Investors versus Best Clienteles: Performance Evaluation Disagreement in Mutual Funds” (with Manel Kammoun), 2nd Annual Tunisian Society for Financial Studies (TSFS) Finance Conference 2014, Sousse, Tunisia, December 2014 (by coauthor);  “Mutual Fund Performance Evaluation and Best Clienteles” (with Manel Kammoun), Laval University, Quebec City, QC, November 2014 (by coauthor);  “Mutual Fund Performance Evaluation and Best Clienteles” (with Manel Kammoun), Ryerson University, Toronto, ON, November 2014 (by coauthor);  “Mutual Fund Performance Evaluation and Best Clienteles” (with Manel Kammoun), University of Quebec at Montreal, Montreal, QC, October 2014 (by coauthor);  “Mutual Fund Performance Evaluation and Best Clienteles” (with Manel Kammoun), FMA Meetings, Nashville, TN, October 2014 (by coauthor);  “Mutual Fund Performance Evaluation and Best Clienteles” (with Manel Kammoun), World Finance Conference, Venice, Italy, July 2014 (by coauthor);  “Mutual Fund Performance Evaluation and Best Clienteles” (with Manel Kammoun), European Financial Management Association Conference, Rome, Italy, June 2014 (by coauthor);  “The Northern Finance Association”, Frontiers in Finance 2014, Banff, AB, June 2014;  “Mutual Fund Performance Evaluation and Best Clienteles” (with Manel Kammoun), Mathematical Finance Days 2014, Montreal, QC, April 2014 (by coauthor);  “The Performance of Market Timing Measures in a Simulated Environment” (with Frank Coggins and Félix d’Amours), 2014 Midwest Finance Association Conference, Orlando, FL, March 2014. 2013:  “The Informational Content of the Loan Market” (with Claudia Champagne and Frank Coggins), NFA Meetings, Quebec City, QC, September 2013 (by coauthor);  “Dynamic Factor Model and Predictability of Stock Returns: Canadian Evidence” (with Alexandre Kopoin), Journées du CIRPÉE, Lac Beauport, QC, September 2013 (by coauthor);  “Dynamic Factor Model and Predictability of Stock Returns: Canadian Evidence” (with Alexandre Kopoin), Mathematical Finance Days 2013, Montreal, QC, April 2013 (by coauthor);

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 “The Performance of Market Timing Measures in a Simulated Environment” (with Frank Coggins and Félix d’Amours), 16th Conference of the Swiss Society for Financial Market Research, Zurich, Switzerland, April 2013 (by coauthor);  “The Performance of Market Timing Measures in a Simulated Environment” (with Frank Coggins and Félix d’Amours), PRISM Research Seminar at Sorbonne, Université Paris- Sorbonne, Paris, France, February 2013 (by coauthor). 2012:  “The Performance of Market Timing Measures in a Simulated Environment” (with Frank Coggins and Félix d’Amours), European Financial Management Association Conference, Barcelona, Spain, June 2012 (by coauthor);  “Effet du gel d’une caisse de retraite sur la performance et le risque de l’entreprise” (with Claudia Champagne, Frank Coggins and Magali Point), ASAC 2012 Meetings, St. Johns, NF, June 2012 (by coauthor);  “The Informational Content of the Loan Market” (with Claudia Champagne and Frank Coggins), Mathematical Finance Days 2012, Montreal, QC, May 2012 (by coauthor). 2011:  “The Impact of Pension Fund Freezes on Firms’ Systematic and Specific Risk” (with Claudia Champagne and Frank Coggins), World Business, Economics and Finance Conference, Bangkok, Thailand, September 2011;  “Information Variables and Equity Premium Predictability: Canadian Evidence” (with Frank Coggins), Asian Finance Association International Conference, Macao, China, July 2011;  “The Performance of Market Timing Measures in a Simulated Environment” (with Frank Coggins and Félix d’Amours), “Finance appliquée en contexte socialement responsable” Conference, ACFAS Meetings, Sherbrooke, QC, May 2011 (by coauthor);  “Effet du gel d’une caisse de retraite sur la performance et le risque de l’entreprise” (with Claudia Champagne, Frank Coggins and Magali Point), “Finance appliquée en contexte socialement responsable” Conference, ACFAS Meetings, Sherbrooke, QC, May 2011 (by coauthor);  “Information Variables and Equity Premium Predictability: Canadian Evidence” (with Frank Coggins), Mathematical Finance Days 2011, Montreal, QC, May 2011;  “The Performance of Market Timing Measures in a Simulated Environment” (with Frank Coggins and Félix d’Amours), Mathematical Finance Days 2011, Montreal, QC, May 2011 (by coauthor). 2010:  “Performance and Conservatism of Monthly FHS VaR: An International Investigation” (with Frank Coggins), Journées du CIRPÉE, Sainte-Adèle, QC, October 2010;  “Performance and Conservatism of Monthly FHS VaR: An International Investigation” (with Frank Coggins), Global Finance Conference, Poznan, Poland, June 2010;  Winner of the Best Paper Award for the conference. 2009:  “Performance and Conservatism of Monthly FHS VaR: An International Investigation” (with Frank Coggins), EFM Risk Management in Financial Institutions Symposium, Nantes, France, April 2009 (by coauthor);  “Performance of Monthly Multivariate Filtered Historical Simulation Value-at-Risk” (with Frank Coggins and Yves Trudel), Université de Sherbrooke, Journée de la recherche en finance, Sherbrooke, QC, March 2009 (by coauthor);  “Performance and Conservatism of Monthly FHS VaR: An International Investigation” (with Frank Coggins), Université de Sherbrooke, Journée de la recherché en finance, Sherbrooke, QC, March 2009 (by coauthor);

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 “Towards a More Efficient VaR Management: The Conditional VaR and its Trend” (with Frank Coggins), Conférence en gestion des risques financiers, Hydro-Québec, Montreal, QC, February 2009 (by coauhor);  “La performance et le conservatism des modèles VAR mensuelle” (with Frank Coggins and Paul Gallant), Midi-Recherche, Groupe conseil en gestion de risque Aon, Montreal, QC, February 2009 (by coauthor). 2008:  “Bounds on the Autocorrelation of Admissible Stochastic Discount Factors”, WFA Meetings, Waikoloa, HI, June 2008;  “Portfolio Performance Measurement: A No Arbitrage Bounds Approach” (with Dong-Hyun Ahn and H. Henry Cao), EFM Risk and Asset Management Symposium, Nice, France, April 2008;  “Towards a More Efficient VaR Management: The Conditional VaR and its Trend” (with Frank Coggins), Université de Sherbrooke, Journée de la recherche en finance, Sherbrooke, QC, April 2008 (by coauthor). 2007:  “Performance of Monthly Multivariate Filtered Historical Simulation Value-at-Risk” (with Frank Coggins and Yves Trudel), Administrative Sciences Association of Canada (ASAC), Ottawa, ON, June 2007 (by coauthor);  “Portfolio Performance Measurement: A No Arbitrage Bounds Approach” (with Dong-Hyun Ahn and H. Henry Cao), Université de Sherbrooke, Journée de la recherché en finance, Sherbrooke, QC, March 2007;  “La performance et le conservatism des modèles VAR mensuelle” (with Frank Coggins and Paul Gallant), Université de Sherbrooke, Journée de la recherche en finance, Sherbrooke, QC, March 2007 (by coauthor). 2005:  “Weighting Matrix Choice in GMM Estimation of Asset Pricing Model” (with Michael T. Cliff), NFA Meetings, Vancouver, BC, October 2005;  “Bounds on the Autocorrelation of Admissible Stochastic Discount Factors”, EFA Meetings, Moscow, Russia, August 2005;  “Weighting Matrix Choice in GMM Estimation of Asset Pricing Model” (with Michael T. Cliff), Virginia Tech, Blacksburg, VA, August 2005 (by coauthor). 2004:  “Bounds on the Autocorrelation of Admissible Stochastic Discount Factors”, AFBC Meetings, Sydney, Australia, December 2004;  “Portfolio Performance Measurement: A No Arbitrage Bounds Approach” (with Dong-Hyun Ahn and H. Henry Cao), HEC Montreal, Montreal, QC, October 2004;  “Portfolio Performance Measurement: A No Arbitrage Bounds Approach” (with Dong-Hyun Ahn and H. Henry Cao), NFA Meetings, St. Johns, NF, September 2004;  “Bounds on the Autocorrelation of Admissible Stochastic Discount Factors”, FMA European Meetings, Zurich, Switzerland, June 2004;  Winner of the Best Paper Award for the conference.  “Weighting Matrix Choice in GMM Estimation of Asset Pricing Model” (with Michael T. Cliff), Purdue University, West Lafayette, IN, April 2004 (by coauthor);  “Bounds on the Autocorrelation of Admissible Stochastic Discount Factors”, Laval University, Quebec City, QC, January 2004. 2003:  “Portfolio Performance Measurement: A No Arbitrage Bounds Approach” (with Dong-Hyun Ahn and H. Henry Cao), Korea University, Seoul, South Korea, December 2003 (by coauthor);

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 “Bounds on the Autocorrelation of Admissible Stochastic Discount Factors”, NFA Meetings, Quebec City, QC, September 2003. 2002:  “Portfolio Performance Measurement: A No Arbitrage Bounds Approach” (with Dong-Hyun Ahn and H. Henry Cao), Laval University, Quebec City, QC, December 2002;  “An Anatomy of Pricing Errors of Consumption-Based Asset Pricing Models”, Simon Fraser University, Burnaby, BC, November 2002;  “Assessing Asset Pricing Model Misspecification with a Returns Decomposition” (with Michael T. Cliff), FMA Meetings, San Antonio, TX, October 2002 (by coauthor);  “Assessing Asset Pricing Model Misspecification with a Returns Decomposition” (with Michael T. Cliff), Utah WFC Meetings, Salt Lake City, UT, March 2002. 2001:  “Portfolio Performance Measurement: A No Arbitrage Bounds Approach” (with Dong-Hyun Ahn and H. Henry Cao), Yale University, New Haven, CT, October 2001 (by coauthor);  “Assessing Asset Pricing Model Misspecification with a Returns Decomposition” (with Michael T. Cliff), NFA Meeting, Halifax, NS, September 2001;  “An Anatomy of Pricing Errors of Consumption-Based Asset Pricing Models”, WFA Meetings, Tucson, AZ, June 2001;  “Assessing Asset Pricing Model Misspecification with a Returns Decomposition” (avec Michael T. Cliff), Purdue University, West Lafayette, IN, May 2001 (by coauthor);  “Portfolio Performance Measurement: A No Arbitrage Bounds Approach” (with Dong-Hyun Ahn and H. Henry Cao), AFA Meetings, New Orleans, LA, January 2001. 2000:  “An Anatomy of Pricing Errors of Consumption-Based Asset Pricing Models”, FMA Meetings, Seattle, WA, October 2000;  “An Anatomy of Pricing Errors of Consumption-Based Asset Pricing Models”, University of North Carolina, Chapel Hill, NC, May 2000;  “Portfolio Performance Measurement: A No Arbitrage Bounds Approach” (with Dong-Hyun Ahn and H. Henry Cao), University of Southern California, Los Angeles, CA, February 2000;  “Portfolio Performance Measurement: A No Arbitrage Bounds Approach” (with Dong-Hyun Ahn and H. Henry Cao), Cornell University, Ithaca, NY, February 2000;  “Portfolio Performance Measurement: A No Arbitrage Bounds Approach” (with Dong-Hyun Ahn and H. Henry Cao), Simon Fraser University, Burnaby, BC, February 2000;  “Portfolio Performance Measurement: A No Arbitrage Bounds Approach” (with Dong-Hyun Ahn and H. Henry Cao), University of Calgary, Calgary, AB, January 2000;  “Portfolio Performance Measurement: A No Arbitrage Bounds Approach” (with Dong-Hyun Ahn and H. Henry Cao), University of Alberta, Edmonton, AB, January 2000;  “Portfolio Performance Measurement: A No Arbitrage Bounds Approach” (with Dong-Hyun Ahn and H. Henry Cao), York University, Toronto, ON, January 2000. 1999:  “Portfolio Performance Measurement: A No Arbitrage Bounds Approach” (with Dong-Hyun Ahn and H. Henry Cao), University of Western Ontario, London, ON, December 1999;  “An Anatomy of Pricing Errors of Consumption-Based Asset Pricing Models”, HEC Montreal, Montreal, QC, December 1999;  “Portfolio Performance Measurement: A No Arbitrage Bounds Approach” (with Dong-Hyun Ahn and H. Henry Cao), University of North Carolina, Chapel Hill, NC, December 1999;  “An Anatomy of Pricing Errors of Consumption-Based Asset Pricing Models”, FMA Doctoral Student Seminar, FMA Meetings, Orlando, FL, October 1999.

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TEACHING EXPERIENCE

Laval University, Faculty of Business Administration (FSA ULaval)  Courses taught: . GSF-6091 – Financial Management of Organisations (MBA Management for Executives, Hybrid Format); . GSF-6015 / GSF-6016 – Capital Markets and Portfolio Management (MBA Finance, M.Sc. Finance, M.Sc. Financial Engineering); . GSF-3100 – Capital Markets (B.A.A. and Certificates, Finance, Financial Planning); . GSF-2102 – Corporate Finance (B.A.A. and Certificates, Finance, Financial Planning). . PFP-6501 – Financial Planning End-of-Study Project (MBA Financial Planning). . ADM-7900 – Directed Readings (Ph. D. in Finance and Insurance).  Doctoral Supervision activities: . Director, Ph.D. Dissertation Committee: Ali Ghali, Manel Kammoun (2015). . Member, Ph.D Dissertation Committee: David Walker, Yulin Nie (2017, Concordia University), Habiba Mrissa (2015), Marie-Hélène Gagnon (2010), Chawki Mouelhi (2009). . Director, Ph.D. Examination Committee: Ali Ghali (2016), Manel Kammoun (2012), Félix d’Amours (2012). . Member, Ph.D. Examination Committee: David Walker (2016), Daouda Camara (2014), Habiba Mrissa (2010), Moujahed Hadj-Taieb (2007), Hambdi Ben Nasr (2006), Chawki Mouelhi (2005), Hichem Baccour (2005).  Master’s Supervision activities: . Supervisor, M.Sc. in Finance Essay: Olivier Godbout (2019), Philippe-Antoine Larue (2017), Pierre-Vincent Shehyn-Plante (2017), Frantz Axel Ahounoud (2017), Stéphanie Hamel (2016), Frédéric Gagnon (2016), Vincent Hugo Desrosiers (2014), Cindy Veilleux (2012), David Légaré (2010), Nicolas Breton (2010), Jean-Michel Prince (2009). . Supervisor, M.Sc. in Finance Thesis: Nandrasana Pascal Morel (2020), Gabriel Amiot (2020), Ali Ghali (2015), Martin Soucy (2011). . Supervisor, M.Sc. in Financial Engineering Essay: Nicolas Cadelis (2019), Alexandre Kopoin (2013), Kevin Gauvin (2011), Leticia Eugenia Corona Callejas (2011), Claudia Dupont (2010), Ararat Yesayan (2007), Christian Boucher (2007), Vincent Blais (2006), Ndiaye Oumar Sy (2006). . Supervisor, M.B.A. in Finance Essay: Simon Genest (2021), Jean-Sébastien Nadeau (2013), Julien Gagnon Paré (2013), Mohamadou Dieye (2012), Mamadou Gueye (2011), Hoang Ahn Vu (2011), Simon Aubé (2010), Ahmadou Félix Keita (2009), Wejih Ouarghi (2008), Mohamed Amine Essalhi (2007), Martina Allaire (2006), Fanny Alvarez (2006), Guillaume Tremblay (2006), Hassana Abdoulaye (2005). . Supervisor, M.B.A. in Financial Planning End-of-Study Project: Tanoh Hulda Blanche Aka (2018), Tamine Mawlah Ba (2018), Nelson L’Heureux Boily (2018), Na-Drey Djerah Likane-Yagui (2018), Yolande Mekomou Heute (2018), Jeffrey Morrow (2018), Ange Koudou (2018), Gilbert Audesse (2018), Koutouan Eliette Djiro (2018), Manu Lellie Djite (2018), Warsama Mohamed Ahmed (2018), Zakaria Rakib (2018), Aurelia Daboiko (2017), Djeneba Koné (2017), Enrique Sidoine Roland AhoGlele (2017), Marc-André Drouin (2017), Mbaye Ndior (2017), Segla Amouzoun (2017). . Member, M.Sc. in Finance Thesis Committee: Catherine Deslauriers (2020, Université de Sherbrooke), Mélissa Rochette (2020, Economics Department), Simon Mathieu (2018, Université de Sherbrooke), Maxime Brochu (2017, Université de Sherbrooke), Édith Breault (2015, Université de Sherbrooke), Maxime Brisebois-Lemelin (2015, Université de Sherbrooke), Guillaume Lamoureux-Bélair (2014, Université de Sherbrooke), Maxime Dépôt (2012, Université de Sherbrooke), David Lamoureux (2012, Université de Sherbrooke), Félix

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d’Amours (2010, Université de Sherbrooke), Manel Kammoun (2010), Éric Gaudreau (2007), Michaël Bourdeau-Brien (2007). . Reader, M.B.A. Finance Essay: Limayem Naoufel (2012), Salah Chahibi (2006), René Jalbert (2005), Guillaume Pichard (2005). . Reader, M.Sc. in Finance Essay: Mathieu Marois (2020), David-Alexandre Bédard (2020), Bénédicte Laberge (2019), Guillaume Bédard-Pagé (2010). . Reader, M.Sc. in Financial Engineering Essay: Karl Bélanger-Demers (2018), Mehdi Aguejdad (2010), Alexandre Bannon (2007), Louis Beaulieu (2006).

Hong Kong University of Science and Technology, HKUST Business School  Courses taught: . FINA 4304 – Fixed Income Securities (BBA); . FINA 5360 – Fixed Income Analysis (MBA).

University of Alberta School of Business  Courses taught: . FIN 416 – Advanced Portfolio Management (B.Com.); . FIN 436 – Investment Management (B.Com.); . FIN 495 – Individual Research Project I (B.Com.); . FIN 701 – Advanced Seminar in Finance I (Ph.D.).  Average Teaching Evaluation: 4.32 out of 5 for “Overall, the instructor was excellent”.  Supervision activities: . Member, Ph.D. Dissertation Committee: Fan Yang (2004), Shanxiu He (2004), Craig Wilson (2002), Jian Ping Huang (2001). . Supervisor, M.A. in Economics and Finance Essay: Chad Gyorfi-Dyke (2002); . Reader, M.A. in Economics and Finance Essay: Gengyu Gai (2001), Steven Yong (2001). . Supervisor, B.Com with Honors Thesis: M. Jared Laneus (2004). . Supervisor, Research Project: Craig Golinowski (2002), Ronnie Y. Hoy (2001). . Judge, local competition, Inter-Collegiate Business Competition (ICBC), 2002-2004. . Coach, finance, national competition, ICBC: 2nd place (2004), 1st place (2003).  Other teaching activities: . Program Committee Chair and Member of the Board of Directors, Program for Research and Investment Management Excellence (PRIME), August 2001-June 2004. . Organizer, PRIME Investment Professionals Seminar Series, August 2001-June 2004.

University of North Carolina at Chapel Hill, Kenan-Flagler Business School  Course taught: BA 180 – Principles of Financial Management (BSBA).

Executive Education and Professional Development  Academic Supervision, executive education program entitled “Parcours intensif en gestion dans le contexte des entreprises de services financiers”, in collaboration with the Institut québécois de planification financière, since April 2016; program offered in Montreal, QC, and Quebec City, QC, for two semesters per year since September 2016 (except for Fall 2020).  Development and teaching, online executive education session entitled “Être un actionnaire chez Norda Stelo”, for Norda Stelo, Quebec City, QC, April 21, 2021.  Animation, executive education session entitled “Financial Services Governance”, for the Collège des administrateurs de société, Montreal, QC, May 7-8, 2013, May 6-7, 2014.  Development and teaching, professional development session entitled “The Portfolio Approach – Tendencies of the 21st Century” (in French, with Pierre Jean, Portfolio Manager at MD

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Management Ltd), for the Institut québécois de planification financière (IQPF), IQPF 2013 Meetings, Quebec City, QC, June 6-7, 2013.  Development and teaching, professional development session entitled “Financial Products from A to Z” (in French), for the Comité de formation, Direction principale de la rédaction des lois, Revenu Québec, Quebec City, QC, February 19, 2013, Montreal, QC, March 19 and April 16, 2013.  Development and teaching, talk entitled “Better Understanding of Investor Behavior for Better Advices” (in French), for the Placements SFL Meetings 2012, Lévis, QC, November 9, 2012.  Development and teaching, executive education session entitled “Recent Developments in Performance Evaluation” (in French), for the Institut de finance mathématique de Montréal (IFM2), Montréal, QC, November 11-12, 2010.  Development and teaching, executive education session entitled “A Universal Asset Pricing Approach with Applications in Performance Measurement” (in French), for the Institut de finance mathématique de Montréal (IFM2), Montréal, QC, March 9-10, 2006.

ACADEMIC SERVICE

Laval University, Faculty of Business Administration (FSA ULaval)  Member, Research Commission at Laval University, 2019-2022.  Member, Student Rights Applications Committee, since September 2017.  Member, Graduate Programs Committee, from September 2016 to December 2018.  Faculty Advisor, Finance BAA concentrations, from April 2005 to May 2011, since March 2012.  Faculty Advisor, Financial Planning Programs, since May 2011.  Member, Carmand-Normand and Jean-Turmel Trading Rooms Director Committee, since May 2021.  Member, IG Wealth Management Chair in Financial Planning Director Committee, since November 2010.  Representative of FSA ULaval for the agreement Partenaire académique IQPF, since February 2017.  Initiator and negotiator of the agreement Partenaire académique IQPF with the Institut québécois de planification financière (IQPF), from August 2015 to February 2017. The agreement, signed in February 2017, allows financial service students to obtain a cost reduction from IQPF in the form of awards worth an annual value of more than $34,500, and includes additional benefits like a collaboration to favor the continuous improvment of training in financial planning and an access to ressources at IQPF.  Sollicitor, Campagne de financement de l’Université Laval, since January 2010.  Member, Committee for the creation of a new Personal Finance Microprogram at the undergraduate level, from December 2016 until March 2017.  Organizer, Symposium: Le transfert d’entreprise, êtes-vous prêt? Les enjeux de la planification financière, October 19, 2016.  Member, Undergraduate Programs Committee, from March 2012 to September 2016.  Member, Finance Recruiting Committee, from Feb. 2005 to August 2007, from May 2012 to April 2016.  Member, RBC Chair in Financial Innovations Director Committee, from November 2006 until May 2016.  Member, Finance Major Reform Committee, from September to November 2013.  Organizer, Journée de la Chaire Groupe Investors en planification financière, May 22, 2013.

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 Member, Appointment commitee for the holder of the Industrial-Alliance Chair in Insurance and Financial Services, from January 2013 to February 2013.  Member, New MBA in Financial Services Committee, from August to November 2012.  Member, Financial Services Major Reform Committee, from January 2011 to November 2012.  Member, Assurance of Learning Committee, from September 2008 to June 2011.  Responsible of the implementation of a new CFA Preparation Microprogram for Graduate Students, 2010.  Organizer, Finance, Insurance and Real Estate Dept. Seminars, from April 2008 to May 2010.  Member, New MBA Finance Implementation Committee, from March to April 2005.  Member, Royal Bank Finance Funds Committee, from July 2004 to November 2006.

University of Alberta School of Business  Faculty Advisor, B.Com with Honors in Finance program, May 2003-June 2004.  Member, Undergraduate Studies Policy Committee, July 2001-June 2004.  Member, Ph.D. Comprehensive Examination Committee, May 2001-June 2004.  Member, Group responsible for creating the B.Com. with Honors in Finance program, 2002.  Member, Faculty Library Committee, September 2000-October 2001.

Other  President and Past President, Board of Directors, Northern Finance Association (NFA), 2013- 2015.  Editorial Board Member, Journal of Reviews on Global Economics, published by Lifescience Global (Canada), since November 2012.  Editorial Board Member, Trends and Development in Management Studies, published by Jyoti Academic Press (India), since April 2012.  Scientific Board Member, The Journal of Economics and Technology Transfer, published by Dunarea de Jos University of Galati (Roumania), since October 2010.  Editorial Board Member, Risk Governance and Control: Financial Markets & Institutions, published by Virtus Interpress (Ukraine), since September 2010.  Member, Expert in Retirement Table, Retraite Québec, since June 2020.  External Examiner, Undergraduate Programs in Finance, Concordia University, 2019.  Member, Professionnel Development Committee, Institut québécois de planification financière (IQPF), since August 2018.  Evaluation Committee Member, Fonds de recherche du Québec Société et culture, 2016-2017, 2015-2016, 2014-2015, 2013-2014.  Member of the Jury, Prix de journalism en littératie financière of the Institut québécois de planification financière (IQPF), 2017, 2016, 2015, 2014, 2013.  Coorganizer, Northern Finance Association (NFA) Annual Conference 2013, Quebec City, QC, September 27-29, 2013.  Scientific Committee Member, 53rd Annual Meeting of the Société canadienne de science économique, Quebec City, QC, May 15 to 17 2013.  Deputy Member, Research Committee, IFM2, 2009, 2011.  Ad Hoc Referee: Emerging Markets Finance and Trade, 2021, 2011, Jounral of Multinational Financial Management, 2021, 2020 (two times), Risk Governance and Control: Financial Markets & Institutions, 2021, 2020, 2018, 2017, The Financial Review, 2020, Canadian Journal of Administrative Sciences, 2018, 2007, Applied Economics, 2017, 2016, 2015 (two times), Journal of Business Cycle Research, 2017, North American Journal of Economics and Finance, 2016, Journal of Reviews on Global Economics, 2016 (two times), 2015, 2012, Fonds de recherche du Québec Société et culture, 2016, 2015, 2014, 2013, L’actualité économique, 2013,

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Journal of Economics and Business, 2012, Journal of Banking and Finance, 2012, 2010, Pearson, 2011, Social Sciences and Humanities Research Council of Canada, 2013 (two evaluations), 2010, 2009, 2007, 2005, Institut de finance mathématique de Montréal, 2011, 2009, European Journal of Finance, 2003, Energy Studies Review, 2003, Academic Press, 2001.  Program Committee Member and Reviewer: NFA Conference 2020, 2019, 2018, 2017, 2016, 2015, 2014, 2013, AFFI 2019, INFINITI 2019.  Session Chair: NFA Conference 2020, 2014, 2005, 2004, 2003, International Conference of the French Finance Association (AFFI) 2019, FMA European Conference 2019, INFINITI Conference on International Finance 2019, World Finance Conference 2017, Société Canadienne de Science Économique Conference 2016, Midwest Finance Association Conference 2014 (two sessions), World Business, Economics and Finance Conference 2011, Mathematical Finance Days 2011, Global Finance Conference 2010, AFBC Meeting 2004.  Discussant: FMA Meetings 2019, International Conference of the French Finance Association (AFFI) 2019, FMA European Conference 2019, 2004 (two discussions), INFINITI Conference on International Finance 2019, NFA Conference 2018, 2017, 2016, 2015, 2014 (two discussions), 2005, 2004, 2003, 2002, 2001, Paris Financial Management Conference 2017, World Finance Conference 2017, 2014, EFMA Meetings 2014 (for the PhD Seminar), Financial Intermediation Research Society Finance Conference 2014, Midwest Finance Association Conference 2014, Asian Finance Association International Conference 2011, Journées du CIRPÉE 2010, Global Finance Conference 2010, EFM Risk and Asset Management Symposium 2008, EFA Meetings 2005.

PROFESSIONAL AFFILIATIONS

 Research Affiliate, Centre for Research on Risks, Economic Issues and Public Policies (CRREP), Research Group in Applied Finance (GReFA), Laboratory for Financial Engineering of Laval University (LABIFUL).  Member, Northern Finance Association (NFA), American Finance Association (AFA), Canadian Economics Association (CEA), Financial Management Association (FMA), Society for Financial Studies (SFS) and Western Finance Association (WFA).  Member, CFA Institute, CFA-Quebec Society, CFA-Montreal Society.  Member, Professional Risk Managers’ International Association (PRMIA).

PROFESSIONAL EXPERIENCE

Laval University, Faculty of Business Administration (FSA ULaval) Holder of the IG Wealth Management Chair in Financial Planning, November 2010-present. Head of Carmand-Normand and Jean-Turmel Trading Rooms, May 2021-present. Full Professor of Finance, June 2014-present. On a Year of Study and Research, January-December 2019. Associate Professor of Finance, June 2010-May 2014. On a Year of Study and Research, May-December 2011. Assistant Professor of Finance, June 2004-May 2010.

National University of Singapore, NUS Business School, Department of Finance Visiting Scholar, July-August 2019.

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Hong Kong University of Science and Technology, HKUST Business School Visiting Associate Professor of Finance, July-December 2011.

University of Alberta School of Business Assistant Professor of Finance, July 2000-June 2004.

University of North Carolina at Chapel Hill, Kenan-Flagler School of Business Research Assistant for Prof. Jennifer Conrad and other faculty, 1996-2000.

Other  Academic Supervisor, executive education program entitled “Parcours intensif en gestion dans le contexte des entreprises de services financiers”, in collaboration with the Institut québécois de planification financière, since May 2016; program offered in Montreal, QC, and Quebec City, QC, for two semesters per year since September 2016.  Expert-Developer and Instructor, online executive session entitled “Être un actionnaire chez Norda Stelo”, for Norda Stelo, Quebec City, QC, April 21, 2021.  Expert Member of the Expanded Investment Committee of the Fonds commun de placement des régimes de retraite de l’Université Laval, from January 1, 2016, to December 31, 2018.  Expert-Counsel for a Fintech company on portfolio performance measurement and presentation issues, 2016-2017.  Animation Supervisor, executive education session entitled “Financial Services Governance” (in French), for the Collège des administrateurs de société, from September 2012 to August 2015; session offered in Montreal, QC, May 7-8, 2013, May 6-7, 2014.  Instructor and Expert-Collaborator for the Institut québécois de planification financière (IQPF). Expert-Collaborator in the writing and development of a Preparatory Notebook and a session entitled “The Portfolio Approach – Tendencies of the 21st Century” (with Pierre Jean), IQPF, 2013. Expert-Collaborator in the development of a case study entitled “Martin accroche ses patins et revient au Canada: le transfert d’entreprise et le retour au pays d’un resident américain” (with Sylvain Houde, Writer, and nine other collaborators), IQPF, 2013, 24 Pages. Instructor at the Congrès de l’IQPF 2013, June 5-7, 2013.  Expert-Developer and Instructor, professional development session entitled “Financial Products from A to Z” (in French), for Revenu Québec, Comité de formation, Direction principale de la rédaction des lois, January to April 2013; Sessions given in Quebec City, QC, February 19, 2013, Montreal, QC, March 19 and April 16, 2013.  Expert Witness at the Régie de l’énergie du Québec, 2008 Rate Case of Gaz Métro Limited Partnership, August 29-30, 2007. Report prepared for the Régie de l’énergie du Québec entitled “Evaluation of Gaz Métro’s Rate of Return and Proposal for Annual Formula”.  Expert-Counsel for Gaz Métro Limited Partnership on rate of return issues regarding their 2008 rate case.  Research Intern at Desjardins-Laurentienne Life Insurance, Financial Investment Department, in fixed income portfolio management, Summer and Fall 1995. Professional report prepared for the company: “A Study of Technical Analysis Applied to Bonds” (in French), published in the series Monographs on International Business and Economics, Number 96-02, International Administration Study Center, 1996, 143 Pages.

SPOKEN AND WRITTEN LANGUAGES

French and English

Curriculum Vitae, May 2021