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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).