EDHEC-Risk Concept Industry Analysis Featured Analysis Latest EDHEC-Risk Surveys Features Interviews Indexes and Benchmarking FTSE EDHEC-Risk Efficient Index Series FTSE EDHEC-Risk ERAFP SRI Index EDHEC-Risk Alternative Indexes EDHEC IEIF Quarterly Commercial Property Index (France) Hedge Fund Index Research Equity Index Research Amundi "ETF, Indexing and Smart Beta Investment Strategies" Research Chair Rothschild & Cie "Active Allocation to Smart Factor Indices" Research Chair Index Regulation and Transparency ERI Scientific Beta Performance and Risk Reporting Hedge Fund Performance Performance Measurement for Traditional Investment CACEIS "New Frontiers in Risk Assessment and Performance Reporting" Research Chair Asset Allocation and Alternative Diversification Real Assets Meridiam Infrastructure/Campbell Lutyens "Infrastructure Equity Investment Management and Benchmarking" Research Chair Natixis "Investment and Governance Characteristics of Infrastructure Debt Instruments" Research Chair Société Générale Prime Services (Newedge) "Advanced Modelling for Alternative Investments" Research Chair CME Group "Exploring the Commodity Futures Risk Premium: Implications for Asset Allocation and Regulation" Strategic Research Project Asset Allocation and Derivative Instruments Volatility Research Eurex "The Benefits of Volatility Derivatives in Equity Portfolio Management" Strategic Research Project SGCIB "Structured Investment Strategies" Research ALM and Asset Allocation Solutions ALM and Private Wealth Management AXA Investment Managers "Regulation and Institutional Investment" Research Chair BNP Paribas Investment Partners "ALM and Institutional Investment Management" Research Chair Deutsche Bank "Asset-Liability Management Techniques for Sovereign Wealth Fund Management" Research Chair Lyxor "Risk Allocation Solutions" Research Chair Merrill Lynch Wealth Management "Risk Allocation Framework for Goal-Driven Investing Strategies" Research Chair Ontario Teachers' Pension Plan "Advanced Investment Solutions for Liability Hedging for Inflation Risk" Research Chair Non-Financial Risks, Regulation and Innovations Risk and Regulation in the European Fund Management Industry Index Regulation and Transparency Best Execution: MiFID and TCA Mitigating Hedge Funds Operational Risks FBF "Innovations and Regulations in Investment Banking" Research Chair EDHEC-Risk Publications All EDHEC-Risk Publications EDHEC-Risk Position Papers IPE EDHEC-Risk Institute Research Insights AsianInvestor EDHEC-Risk Institute Research Insights P&I EDHEC-Risk Institute Research for Institutional Money Management Books EDHEC-Risk Newsletter Events Events organised by EDHEC-Risk Institute EDHEC-Risk Smart Beta Day Amsterdam 2017, Amsterdam, 21 November, 2017 EDHEC-Risk Smart Beta Day North America 2017, New York, 6 December, 2017 Events involving EDHEC-Risk Institute's participation EDHEC-Risk Institute Presentation Research Programmes Research Chairs and Strategic and Private Research Projects Partnership International Advisory Board Team EDHEC-Risk News EDHEC-Risk Newsletter EDHEC-Risk Press Releases EDHEC-Risk in the Press Careers EDHEC Risk Institute-Asia EDHEC Business School EDHEC-Risk Executive Education EDHEC-Risk Advances in Asset Allocation Blended Learning Programme 2017-2018 Yale School of Management - EDHEC-Risk Institute Certificate in Risk and Investment Management Yale SOM-EDHEC-Risk Harvesting Risk Premia in Alternative Asset Classes and Investment Strategies Seminar, New Haven, 5-7 February, 2018 Investment Management Seminars Contact EDHEC-Risk Executive Education Contact Us ERI Scientific Beta EDHEC PhD in Finance
EDHEC-Risk Information
Asset Management Education - September 25, 2012

A Rich New Harvest

Gideon Ozik  

While the EDHEC-Risk Institute PhD in Finance allows participants to work on fundamental research pursuits, its differentiating ambition is to train a new breed of practitioners who will be combining their practical, in-field expertise with the knowledge and research skills acquired through the programme to exert thought-leadership and introduce radical innovation in the finance industry.

In the course of the last calendar year, five programme participants from the 2008 inaugural class successfully defended their theses:

  • Gideon Ozik authored two essays on hedge funds. In his first essay, Dr Ozik advances that share restrictions can adversely induce information asymmetry between managers and their clients about future fund flows. Dr Ozik’s second paper looks at the relationship between the media coverage of funds and their future performance. In early 2012, Dr Ozik left his position as Head of Investment Solutions for the $3 billion alternative investment manager Nexar Capital Group (now part of UBP) to start Alphanes, a big-data start-up serving large institutions by turning some of the ideas initiated in the dissertation process into an innovative investment process.

  • Daniel Mantilla-Garcia studied idiosyncratic volatility and the predictability of returns in a paper that documents that the cross-sectional dispersion of stock returns can be regarded as a consistent and efficient estimator for idiosyncratic volatility. The second essay by Dr Mantilla-Garcia, jointly written with another EDHEC-Risk Institute PhD in Finance alumnus, Dr Vijay Vaidyanathan, deals with the power of the dividend price ratio to predict future stock returns. Dr Mantilla-Garcia joined Koris International as Head of Research and Development. Koris International is a boutique investment advisor specialising in dynamic asset allocation, which has recently signed strategic partnerships with Rothschild and Lyxor Asset Management.

  • In addition to the paper co-authored with Dr Mantilla-Garcia, Dr Vijay Vaidyanathan wrote two essays on venture capital. The first of these looks at how the threat of “decertification” by a venture capitalist, i.e. the possibility of its non-participation in a follow-up financing round, may affect the market. The second essay on venture capital addresses the disconnect between academics and entrepreneurs on the sensitive topic of the value delivered to entrepreneurs by venture capitalists. After serving as President of EDHEC Risk Indices and Benchmarks–North America, Dr Vaidyanathan is currently exploring new ventures that would offer solutions to practitioners based on advances from EDHEC-Risk Institute and other research institutions.

  • In his first essay, Kelvin Foo Chiah Shiung looked at international volatility transmission. He tested the contention that revenue exposure to foreign markets was a mechanism by which volatility from foreign equity markets was transmitted to S&P500 stocks. Dr Foo’s second paper centred on improving corporate default predictions by incorporating liquidity and macroeconomic variables, in addition to traditional firm-level variables, in a canonical discriminant analysis. Dr Foo has been Senior Risk Manager for Global Private Banking and Wealth Management at Standard Chartered Bank in Singapore since 2010.

  • Kaipichit Ruengsrichaiya studied theoretical aspects of corporate governance at the microeconomic and macroeconomic levels. His first essay considers the corporate governance mechanism in the context of dynamic agency problems and focuses on the optimal contract between manager and investor. Dr Ruengsrichaiya’s second essay looks at how the co-existence of stealing and empire-building decisions, as illegal and legal investor expropriations, affect macroeconomic performance. Dr Ruengsrichaiya is aiming for a career as a professor and is actively scouting the academic job market.
To celebrate these achievements, the first graduation ceremony for the EDHEC-Risk Institute PhD in Finance programme will be held on October 2, 2012 at EDHEC Business School’s London premises.

Forthcoming programme presentations will be held in London (October 2), Dubai (October 5), Melbourne (October 23), Sydney (October 25), Frankfurt (November 20), Amsterdam (November 21) and Zurich (November 22).

To reserve your place, to receive our brochure, or to learn more about the EDHEC-Risk Institute PhD in Finance, please contact Brigitte Bogaerts at phd.admissions@edhec-risk.com or on +33 493 183 267 or on +65 64 389 896.

The next deadline for application is 17 December, 2012 (February 2013 admission for the Asia-based programme, October 2013 admission for the Europe-based programme).