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COLLEGE OFMANAGEMENT OF TECHNOLOGY

ANNUAL REPORT 2013

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Table of ContentsPreamble . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

CDM at a Glance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

Faculty Members . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

Research . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18Scientific Research Output 2009 – 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20External Grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34Research Seminars . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38

MTEI and ITPP Research Seminars . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38MTEI & ITPP Student Seminars . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40SFI@EPFL Research Seminars . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41SFI@EPFL Brownbag Seminars . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43DEEP-EPFL Seminar Series in Macroeconomics . . . . . . . . . . . . . . . . . . . . . . . . . 44

Education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46Master Programs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48

Master Program in Management, Technology and Entrepreneurship (MTE) . . . 48Master Program in Financial Engineering (MFE) . . . . . . . . . . . . . . . . . . . . . . . . . 54

Doctoral Programs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60Doctoral Program in Management of Technology (EDMT) . . . . . . . . . . . . . . . . . . 60Doctoral Program in Finance (EDFI) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64

Executive Master Programs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68Executive MBA in Management of Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . 68Executive Master in Global Supply Chain Management . . . . . . . . . . . . . . . . . . . . 70

Media Outreach . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72

CDM Organization & Staff . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74

Finances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76

International Collaborations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78

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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 develop-ment 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, inter-nal 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, telecommunica-tions, 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 de-velop CDM’s strengths in innovation, entrepreneurship, and impact, to enhance EPFL’s already growing reputation and contribute to campus life!

Christopher Tucci, Director CDM

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Introduction

CDM AT A GLANCE

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 ed-ucation to prepare students for leading careers in academia and in-dustry. 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 pro-grams 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.

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Management of Technology & Entrepreneurship Institute

Institute of Technology & Public Policy

Swiss Finance Institute @ EPFL

Economics & Management of InnovationEntrepreneurial StrategiesOperations ManagementSupply Chain ManagementTechnology CommercializationTechnology Management

Communications PolicyEnergy PolicyIP PolicyRisk GovernanceTechnology PolicyTransport Policy

Asset PricingCorporate FinanceFinancial EconomicsFinancial EngineeringMacroeconomicsRisk Management

Creation of ITPP

Master Program in Management, Technology and Entrepreneurship

Creation of MTEI, SFI@EPFL and PhD Program in Finance

Master Program in Financial Engineering

PhD Program in Management of Technology

Minor in Management, Technology and Entrepreneurship

Creation of CDM

CDM Milestones

20102013

2009

2008

2006

2005

2004

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CongratulationsJAN 2013. Ecole des Ponts Paris Tech Pro-fessorship for Philippe Wieser.Philippe Wieser receives the title of Professor from the Ecole des Ponts Paris Tech. He has been teaching at “Ponts” for numerous years and also organizes the Executive Master’s program in Global Supply Chain Management in partnership with this university.

JAN 2013. Damir Filipovic and Thomas Weber elected to the CRAG Scientific Com-mittee.Damir Filipovic and Thomas Weber join the scientific committee providing strategic ad-vice and guidance to the EPFL Center on Risk Analysis and Governance (CRAG).

FEB 2013. Marc Gruber to serve as Asso-ciate Editor of the prestigious Academy of Management Journal.Marc Gruber has been appointed as an Asso-ciate Editor of the Academy of Management Journal (AMJ). As part of the editorial team, he will cover the area of innovation and en-trepreneurship. AMJ is the flagship empiri-cal journal in management and one of the 45 journals used by the Financial Times for com-piling their annual Business School research ranking.

MAR 2013. Semyon Malamud nominated for 4nations cup.Semyon Malamud has been selected to rep-resent Switzerland at the 4nations cup host-ed by the London Business School. This event brings the most promising young scholars in financial economics together for one day of “mini seminars”.

APR 2013. Christopher Tucci elected to the Academy of Management’s Board of Gover-nors.Christopher Tucci has been nominated as a representative-at-large member of the Acad-emy of Management (AOM) Board of Gover-

nors. With more than 18,000 members in 110 countries, the AOM is the world’s largest or-ganization devoted to management research and teaching.

MAY 2013. Dominique Foray appointed to the Commission of Experts for Research and Innovation established by the German Government.Dominique Foray has been elected as the only foreign member of the renowned Commission of Experts for Research and Innovation (EFI) providing scientific policy advice to the Ger-man Federal Government. EFI’s periodical re-ports on the strengths and weaknesses of the German innovation system based on an in-ternational comparison usually receive much media attention.

MAY 2013. Anu Wadhwa elected to the AOM Business Policy and Strategy Division.Anu Wadhwa has been appointed for a two-year term as member of the Executive Com-mittee of the Business Policy and Strategy (BPS) division, one of the largest divisions of the Academy of Management (AOM).

AUG 2013. Semyon Malamud elected to the Finance Theory Group.Semyon Malamud has been chosen as a mem-ber of the prestigious Finance Theory Group committed to advancing theoretical research in financial economics, especially in the fields of corporate finance, financial markets, inter-mediation, and institutions.

OCT 2013. New cohort of graduates in Man-agement, Technology & Entrepreneurship and Financial Engineering.CDM is proud of its 49 students who have suc-cessfully completed their Master’s studies and received their certificate before an audi-ence of family, friends and faculty members on 5 October 2013. We wish our graduates all the best for their future professional path!

HIGHLIGHTS

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AwardsMAY & JUL 2013. Pierre Collin Dufresne recognized with two best paper awards.Pierre Collin Dufresne’s working paper “In-sider Trading, Stochastic Liquidity and Equi-librium Prices” receives best paper awards at the 30th International French Finance Asso-ciation (AFFI) Conference in Emlyon and the 11th China International Conference in Fi-nance in Shanghai.

AUG 2013. Christopher Tucci is recipient of AMR 2013 Best Paper Award.Christopher Tucci receives the Best Paper Award for his article “Crowdsourcing as a Solution to Distant Search” published in the prestigious Academy of Management Review. The prize was presented during the Academy of Management annual meeting held in Or-lando.

EducationJAN 2013. Executive Master’s program in Global Supply Chain Management cele-brates its 20th anniversary.The “Global Supply Chain Management” pro-gram directed jointly by EPFL (Philippe Wi-eser), the Ecole des Ponts Paris Tech and AFT-IFTIM celebrates its 20th edition. The 80-ECTS executive program, organized each year since 1993, counts more than 800 graduates representing over 70 nationalities from five different continents.

JUL 2013. MoT Executive MBA accredited by AMBA.The Management of Technology (MoT) Execu-tive MBA offered jointly by EPFL and the Uni-versity of Lausanne since 1998 earns accred-itation from the Association of MBAs (AMBA) for a period of three years.

NOV 2013. Joint doctoral program in Inno-vation & Entrepreneurship with EuroTech partners.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)

to develop a joint program in Innovation & Entrepreneurship. The communal education-al platform enables students to benefit from an international learning experience, a much larger pool of faculty expertise as well as a broader range of PhD courses.

NOV 2013. CTI accreditation of Master’s pro-gram in Management, Technology & Entre-preneurship extended to 2016The Commission for Technology & Innovation (CTI) renews the accreditation of the Master’s program in Management, Technology & En-trepreneurship (MTE) for two years.

DEC 2013. First “Deloitte OES” Prize award-ed to an MTE Master’s student project.Dimitri Cordenier and Alexis Dubil, students in the MTE Master’s program, receive the first Deloitte OES award for their project “GeoRoute at Postlogistics”. The project had been devel-oped during the course “Operations: Econom-ics and Strategy”, offered by Thomas Weber.

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ResearchFEB 2013. IGLUS initiative launched by Mat-thias Finger.Matthias Finger initiates the network “Inno-vative Governance of Large Urban Systems (IGLUS)”, which brings together practitioners and academics from different disciplines to investigate innovative ways to improve the governance and management of big cities. The main focus of this initiative lies in the gov-ernance of urban infrastructure systems like transport, energy, telecommunications, wa-ter, waste, and greens.

FEB 2013. Greek Unemployment Agency and Marc Gruber’s Chair initiate collaboration.Marc Gruber’s Chair of Entrepreneurship and Technology Commercialization (ENTC) and the Greek Unemployment Agency join forces to investigate the impact of Greek government assistance programs on the transition of un-employed individuals to self-employment. To this end, they will investigate five independent assistance programs implemented since 2008 and targeting different population groups. The initial results will be discussed at a workshop hosted by ENTC in fall 2014.

MAR 2013. IGLUS enters partnership with UN-HABITAT.UN-HABITAT, the United Nations agency man-dated by the UN General Assembly to promote socially and environmentally sustainable towns and cities, becomes an official partner of the IGLUS network, directed by Matthias Finger.

MAR 2013. THINK consortium led by Matthi-as Finger releases recommendations for the EU Energy Roadmap 2050.The THINK consortium financed by the EU’s 7th Framework Program and directed by Mat-thias Finger releases its latest report sug-gesting possible paths for a renewed EU ener-gy technology policy towards 2050. Since June 2010, the THINK team has advised the Euro-pean Commission (DG Energy) on a diverse set of energy policies and produced a total of twelve reports.

NOV 2013. Dominique Foray’s “Smart Spe-cialisation Strategy (S3)” goes European.Dominique Foray presents his concept of Smart Specialisation to the Committee of Regional Development at the European Par-liament in the presence of the President of the European Council, Herman Van Rompuy. The initially purely academic concept is today considered by the European Union as a real political instrument for favoring regional de-velopment and innovation strategies and as such forms an important part of the EU 2020 innovation plan.

MAY 2013. 2nd Princeton-Lausanne Work-shop on Quantitative Finance & Economics.The second event of the Princeton-Lausanne workshop series is hosted by the Bendheim Center for Finance and the Department of Op-erations Research and Financial Engineering (ORFE) at Princeton. Organized on a rotating two-year cycle, these workshops offer an ide-al platform for exchanges and collaboration among scholars and students from Princeton University and the University Finance Center of Lausanne (CULF).

MAY 2013. SEI Faculty Workshop hosted by Anu Wadhwa.The 2nd Faculty Workshop of the European Strategy, Entrepreneurship & Innovation (SEI) consortium brings together 40 scholars from various leading European business schools and universities, including HEC Paris, Bocco-ni University, Copenhagen Business School, Imperial College Business School, London Business School and ETH Zurich. SEI Facul-ty workshops provide an important forum for discussion to researchers interested in pre-paring papers for submission to top journals.

JUL 2013. Hoffman-La Roche and Ralf Seif-ert sign research agreement.Roche enters into scientific research collab-oration with Ralf Seifert’s Chair and financ-es a two-year project aimed at investigating the challenges in the pharmaceutical supply chain and modeling benefits related to supply chain risk management.

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SEP 2013. Workshop on anticipation orga-nized by Pierre Rossel. Pierre Rossel hosts the 5th FuMee workshop on the discipline of anticipation. FuMee is an interdisciplinary network of scholars dedicat-ed to producing policy-relevant research in technology foresight.

SEP 2013. Christopher Tucci coordinates Sinergia project.The new Sinergia project “Business Model Dynamics” coordinated by Christopher Tuc-ci studies the nature of the mechanisms and dynamics underlying the emergence and evo-lution of new and existing Business Models (BMs). In addition to EPFL, the network com-bines the expertise of researchers from the ETH Zurich, Università della Svizzera italiana and the University of Bologna.

OCT 2013. Philippe Wieser involved in the realization of the Canton of Valais Infomed project.With the launch of a platform for the electron-ic management of patient records, the project “Infomed” financed by the Canton of Valais

enters its third and final phase. Philippe Wies-er has been involved in the “Infomed” project since its inception and significantly contribut-ed to the development of the new platform.

DEC 2013. CDM part of SCCER Energy CRESTDominique Foray, Matthias Finger and Chris-topher Tucci are part of the Swiss Competence Center for Energy Research (SCCER) “CREST”. The aim of SCCER CREST is to contribute to the energy transition in Switzerland by pro-viding detailed, evidence-based recommen-dations on policies that help to reduce energy demand, foster innovation, and increase the share of renewables in a cost-efficient way. The EPFL team strives to develop innovative concepts for energy policy, provide an in-depth analysis of drivers and barriers to energy ef-ficiency, produce detailed strategies that help firms and regions in adjusting to the new en-ergy system, and establish novel assessment tools for policies and technological solutions.

CDM InternSEP 2013. Christopher Tucci at the helm of the CDM.Christopher Tucci is the new Director of the CDM, where he also holds the research Chair of Corporate Strategy and Innovation (CSI). As Director of the Management of Technology section, Christopher Tucci was instrumental in the launch of the College’s core curric-ulum in the academic year 2003 - 2004 and the subsequent creation of the EDMT doctoral program. His field of research focuses on the way firms acquire and react to new technolo-gies. The appointment of Christopher Tucci is excellent news for the CDM, which had been managed ad interim for the past five years.

SEP 2013. Daniel Kuhn appointed Associate Professor of Operations Research.Daniel Kuhn joins the Institute of Manage-ment and Entrepreneurship (MTEI), where he holds the Chair of Risk Analytics and Optimi-zation (RAO). Daniel received a PhD degree in Economics from the University of St. Gal-len and an MSc degree in Theoretical Physics from ETH Zurich. His research interests focus on the modeling of uncertainty, the develop-ment of efficient computational methods for the solution of stochastic and robust optimi-zation problems and the design of approxima-tion schemes that ensure their computational tractability. This work is primarily applica-tion-driven, the main application areas be-

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ing energy systems, operations management and engineering. Daniel’s Chair is financed by EPFL Valais Wallis.

OCT 2013. Creation of the Institute of Tech-nology & Public PolicyThe new Institute of Technology & Public Pol-icy (ITPP) has been established at CDM to

address the need for research and expertise in governance issues related to public policy, intellectual property, innovation, and tech-nology transfer. The Institute is directed by Matthias Finger and mainly focuses on issues central to today’s major societal challenges such as energy, transportation, urbanization, telecom, natural resources, public health and knowledge development.

OutreachJAN 2013. TEDx talk on Entrepreneurship.Peter Vogel, PhD student in Marc Gruber’s team, gives a talk on Entrepreneurship at the TEDx conference in Lausanne. In his presen-tation, Peter Vogel explores the future of labor markets and the role of entrepreneurial eco-systems.

FEB 2013. Dominique Foray launches blog on smart specialization.With the idea of maintaining the dialog and exchange of ideas between the regions and the EU, Dominique Foray creates a success-ful blog stimulating open discussion on smart specialization issues.

APR 2013. EDMT doctoral students partici-pate in G20 Youth Forum.Abhik Mukherjee and Peter Vogel, PhD stu-dents in Luisa Lambertini’s and Marc Gru-ber’s group, respectively participate in the G20 Youth Summit in Saint-Petersburg. The main purpose of this conference is to discuss world global problems that are on the agenda of the G20, establish an intercultural dialogue and build an international network.

NOV 2013. Infrastructure Day with Federal Councillor Doris Leuthard.The second edition of the Infrastructure Day conferences, organized jointly by Matthias Finger’s research group and Doris Leuthard’s Department of Environment, Transport, En-ergy and Communications (DETEC), brings together more than 250 participants from ac-ademia, government, nongovernmental orga-nizations and the private sector to discuss the

latest research and technical developments related to energy efficiency.

NOV 2013. Swissquote Conference on Com-modities and Energy.The 4th Swissquote Conference organized by Damir Filipovic tackles the issues of commod-ities and energy markets. Conference topics include the role of speculation in oil markets, design and modeling of efficient electricity markets, effects of financialization versus ef-fects of rising demand for commodities, and others.

NOV 2013. CDM heavily represented at CRAG-IRGC symposium.The CRAG-IRGC Symposium on “Uncertainty: from insight to action” receives strong sup-port from CDM faculty members. Several ses-sions are organized by Ruediger Fahlenbrach, Damir Filipovic, Matthias Finger and Thomas Weber.

NOV 2013. 13th Forum Suisse de Logistique organized by Philippe Wieser.This year’s logistics conference focuses on the impact of technological and organizational in-novations on the supply chain. The conference brings together more than 150 participants, including leading practitioners in the fields of purchasing, sales and marketing.

DEC 2013. Matthias Finger inaugurates first “My Post 24” in French-speaking Switzer-land The Post Office choses the EPFL campus as location to install the first automated parcel

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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.

Invited Professors Yan CimonProfessor of StrategyFaculty of Business Administration, Université Laval, CanadaJune 1st to July 31st, 2013

Stuart J.H. GrahamProfessor of Business StrategyScheller College of Business, Georgia Institute of Technology, USAJune 10 to July 12, 2013

Jeffrey PontiffProfessor of FinanceCarroll School of Management, Boston College, USAJuly 1st to August 31st, 2013

Ajay K. SirsiProfessor of MarketingSchulich School of Business, York University, CanadaSeptember 1st to December 15, 2013

B.J.M. (Ben) AleProfessor of Safety Science and Disaster ManagementDelft University of Technology, NetherlandsSeptember 19 to December 20, 2013

New BooksOCT 2013. “Regulating Transport in Europe” by Matthias Finger and Torben HolvadThe 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.

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FACULTY MEMBERS

Management of Technology & Entrepreneurship Institute

Marc GruberFull ProfessorPh.D. in Management, University of St. Gallen, Switzerlandmarc.gruber@epfl.ch

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 KuhnAssociate ProfessorPh.D. in Operations Research, University of St. Gallen, Switzerlanddaniel.kuhn@epfl.ch

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

Ralf SeifertFull ProfessorPh.D. in Management Science, Stanford University, CA, United Statesralf.seifert@epfl.ch

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

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Christopher TucciFull ProfessorPh.D. in Management, Massachusetts Institute of Technology, MA, United Stateschristopher.tucci@epfl.ch

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

Anu WadhwaAssistant Professor (Tenure Track)Ph.D. in Business Administration, Foster School of Business, University of Wash-ington, WA, United Statesanu.wadha@epfl.ch

Research areas: Corporate Renewal and Entrepreneurial Strategies in Technology• Corporate entrepreneurship, strategic renewal and innovation, inter-firm relationships, knowl-

edge networks• Decision making under uncertainty, venture capitalist investments in clean technologies, prior

founder experience and new venture evolution

Thomas WeberAssociate ProfessorPh.D. in Managerial Science and Applied Economics, Wharton School, University of Pennsylvania, PA, United Statesthomas.weber@epfl.ch

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 WieserAdjunct ProfessorPh.D. in Mechanical Engineering, EPF Lausanne, Switzerlandphilippe.wieser@epfl.ch

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

logistics, optimization

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Institute of Technology & Public Policy

Matthias FingerFull ProfessorPh.D. in Education and Ph.D. in Political Science, University of Geneva, Switzer-landmatthias.finger@epfl.ch

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 ForayFull ProfessorPh.D. in Economics, Lumière University Lyon, Francedominique.foray@epfl.ch

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 RosselSenior ScientistPh.D. in Ethnology, University of Neuchâtel, Switzerlandpierre.rossel@epfl.ch

Research areas: • Technology foresight, trend analysis, anticipatory systems, weak signal anal-

ysis, early detection methods, innovative dynamics

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Swiss Finance Institute @ EPFL

Pierre Collin-DufresneFull ProfessorPh.D. in Finance, HEC Paris, Francepierre.collin-dufresne@epfl.ch

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

credit risks, securitization

Rüdiger FahlenbrachAssociate ProfessorPh.D. in Finance, Wharton School, University of Pennsylvania, PA, United States ruediger.fahlenbrach@epfl.ch

Research area: Compensation and Corporate Governance• CEO compensation and incentives, boards of directors, shareholder struc-

ture, causes and consequences of the financial crisis

Damir FilipovicFull ProfessorPh.D. in Mathematics, ETH Zürich, Switzerlanddamir.filipovic@epfl.ch

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 HugonnierAssociate ProfessorPh.D. in Finance, University of Paris 1 and ESSEC, Francejulien.hugonnier@epfl.ch

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

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Luisa LambertiniFull ProfessorPh.D. in Economics, University of California, Berkeley, CA, United States luisa.lambertini@epfl.ch

Research areas: International Finance and Macro Finance• Risky mortgages, monetary-fiscal interactions, exchange rates, monetary

policy, fiscal policy, inflation prices, budget deficits

Semyon MalamudAssistant ProfessorPh.D. in Mathematics, ETH Zürich, Switzerlandsemyon.malamud@epfl.ch

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 ManciniAssistant ProfessorPh.D. in Economics, University of Lugano , Switzerlandloriano.mancini@epfl.ch

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

Erwan MorellecFull ProfessorPh.D. in Finance, HEC Paris, Franceerwan.morellec@epfl.ch

Research area: Corporate Finance • Banking regulation, corporate governance, corporate investment, financing

decisions, risk management, credit risk

Anders TrolleAssistant ProfessorPh.D. in Finance, Copenhagen Business School, Denmark anders.trolle@epfl.ch

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

modeling, interbank risk, liquidity risk

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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, in-cluding companies, regulatory agencies, and the Swiss government. CDM’s research program focuses on topics of high relevance and im-pact and our professors regularly receive research grants from the major funding agencies. They collaborate closely with the local busi-ness community, are frequently solicited for advice and serve on vari-ous 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, entrepre-neurship, innovation, management of technology, operations and sup-ply 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, man-aging innovation and knowledge in product development, manufactur-ing and service activities, optimizing resource allocation among differ-ent R&D projects and within global value chains as well as creating an environment for investments that convert ideas into reality.

RESEARCH

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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 fi-nancial goals. This involves product development (new financial prod-ucts), risk management, and the study of financial markets, as well as advanced mathematical techniques for evaluating the proposed in-struments. 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 perspec-tive, the grand societal challenges such as energy sustainability and security, growing mobility, urbanization, evolving modes of communi-cations 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 pol-icy, combining technological solutions with appropriate policy-relevant strategic thinking and operational responses. Specific areas of inquiry include energy policy, communications policy, mobility policy, the gov-ernance of intellectual property, technology forecasting, and risk gov-ernance. The Institute builds on strong collaborations with other EPFL units across the campus, as well as with private partners, government agencies and international organizations.

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Scientific Research Output 2009 – 2013

2013All journal articlesThe Dynamics of Restraint in Cote d’Ivoire. J. Al-louche and PA. Zadi Zadi. IDS Bulletin, Institute Of Development Studies, vol. 44(1), pp. 72-86, 2013.

CEO Contract Design: How Do Strong Principals Do It?. H. Cronqvist and R. Fahlenbrach. Journal of Financial Economics, vol. 108, pp. 659-674, 2013.

Density Approximations for Multivariate Affine Jump-Diffusion Processes. D. Filipovic, E. Mayer-hofer and P. Schneider. Journal of Econometrics, vol. 176, pp. 93-111, 2013.

The Term Structure of Interbank Risk. D. Filipovic and A. Trolle. Journal of Financial Economics, vol. 109, pp. 707-733, 2013.

A strategic energy technology policy towards 2050: no-regret strategies for European technology push. S. Ruester, S. Schwenen, M. Finger and J.-M. Glachant International Journal of Energy Tech-nology and Policy, vol. 9(2), pp. 160-174, 2013.

Review of electricity sector reform in five large, oil- and gas-exporting MENA countries: Current status and outlook. R.M. Dyllick-Brenzinger and M. Finger. Energy Strategy Reviews, vol. 2(1), pp. 31-45, 2013.

The alignment between institutions and technol-ogy in network industries. N. Crettenand and M. Finger. Competition and Regulation in Network Industries, vol. 14(2), pp. 106-129, 2013.

Competition Effects in a Liberalized Railway Mar-ket. M. Lang, M. Laperrouza and M. Finger. Jour-nal of Industry, Competition and Trade, Vol. 13(3), pp. 375-398, 2013.

Patent-free innovation: a review of economic works including the analysis of a recent work in the field of experimental economics. D. Foray. Re-vue économique, vol. 64(1), pp. 9-27, 2013.

Escaping the Prior Knowledge Corridor: What Shapes the Number and Variety of Market Oppor-tunities Identified Before Market Entry of Technol-ogy Start-ups? M. Gruber, I.C. MacMillan and J.D. Thompson. Organization Science, vol. 24(1)), pp. 280-300, 2013.

Knowledge Recombination Across Technological Boundaries: Scientists vs. Engineers. M. Gruber,

D. Harhoff and K. Hoisl. Management Science, vol. 59(4), pp. 837-851, 2013.

Health and (Other) Asset Holdings. J. Hugonnier, F. Pelgrin and P. Saint Amour. Review of Economic Studies, vol. 80(2), pp. 663–710, 2013.

A Polynomial-Time Solution Scheme for Quadrat-ic Stochastic Programs. P. Rocha and D.  Kuhn. Journal of Optimization Theory and Applications, vol. 158(2), pp. 576-589, 2013.

Distributionally robust joint chance constraints with second-order moment information. S. Zym-ler, D. Kuhn and B. Rustem. Mathematical Pro-gramming, vol. 137(1-2), pp. 167-198, 2013.

Robust Markov Decision Processes. W. Wiese-mann, D. Kuhn and B. Rustem. Mathematics of Operations Research, vol. 38(1), pp. 153-183, 2013.

Worst-Case Value at Risk of Nonlinear Portfolios. S. Zymler, D. Kuhn and B. Rustem. Management Science, vol. 59(1), pp. 172-188, 2013.

Leaning Against Boom-Bust Cycles in Credit and Housing Prices. L. Lambertini, C. Mendicino and M.T. Punzi, Journal of Economic Dynamics and Control, vol. 37(8), pp. 1500-1522, 2013.

Expectation-driven cycles in the housing market: Evidence from survey data. L. Lambertini, C. Men-dicino and M.T. Punzi. Journal of Financial Stabili-ty, vol. 9(3), pp. 518-529, 2013.

Discretely sampled variance and volatility swaps versus their continuous approximations.  R. Jar-row, Y. Kchia, M. Larsson, P. Protter. Finance and Stochastics, vol. 17(2), pp. 305-324, 2013.

Distributionally Robust Workforce Scheduling in Call Centers with Uncertain Arrival Rates. S. Liao, C. van Delft and J.-P. Vial. Optimization Methods and Software, vol. 28(3), pp. 501-522, 2013.

Liquidity in the Foreign Exchange Market: Mea-surement, Commonality, and Risk Premiums. L. Mancini, A. Ranaldo and J. Wrampelmeyer. Jour-nal of Finance, Vol. 68(5), pp. 1805-1841, 2013.

From Practice to Theory and back to Practice: Reflexivity in Measurement and Evaluation for Evidence-based Policy Making in the Information Society. G. Misuraca, C. Codagnone and P. Ross-el. Government Information Quarterly, vol.  30(1),

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pp. S68-S82, 2013.

Assessing the Comprehensiveness of Supply Chain Environmental Strategies. R.W. Seifert and J.M. Comas Marti. Business Strategy and the Environ-ment, vol. 22(5), pp. 339-356, 2013.

LEGO: Consolidating Distribution (Abridged). C. Cordon and R.W. Seifert. Supply Chain Forum: An International Journal, vol. 14(1), pp. 42-47, 2013.

The Perks and Pitfalls of Knowledge Diffusion in the Supply Chain. R.W. Seifert and O. Isaksson. IMD – Tomorrow’s Challenges, num. 79, 2013.

A Review of Trade Credit Literature: Opportunities for Research in Operations. D. Seifert, R.W. Sei-fert and M. Protopappa-Sieke. European Journal of Operational Research, vol. 231(2), pp. 245-256, 2013.

Assessing the Impact of Stochasticity for Operat-ing Theater Sizing. J.-S. Tancrez, B. Roland, J.-P. Cordier and F. Riane. Decision Support Systems, vol. 55(2), pp. 616-628, 2013.

Corporate Entrepreneurship: State-of-the-Art Re-search and a Future Research Agenda. A. Corbett, J.G. Covin, G.C. O’Connor and C.L. Tucci. Journal of Product Innovation Management, vol.  30(5), pp. 812-820, 2013.

Innovation and Learning Performance Implica-tions of Free Revealing And Knowledge Broker-ing in Competing Communities: Insights From the Netflix Prize Challenge. J.A. Villarroel, J.E. Taylor and C.L. Tucci. Computational and Mathematical Organization Theory, vol. 19(1), pp. 42-77, 2013.

Protecting Growth Options in Dynamic Markets: The Role of Strategic Disclosure in Integrated In-tellectual Property Strategies. T. Peters, J. Thiel and C.L. Tucci. California Management Review, vol. 55(4), pp. 121-142, 2013.

Value Capture and Crowdsourcing. A. Afuah and C.L. Tucci. Academy of Management Review, vol. 38(3), pp. 457-460, 2013.

Can Equity Volatility Explain the Global Loan Pric-ing Puzzle? L. Gaul and P. Uysal. Review of Finan-cial Studies, vol. 26(12), pp. 3225-3265, 2013.

Books & book chaptersAffine Variance Swap Curve Models. D. Filipovic. In: R.C. Dalang, M. Dozzi and F. Russo (Eds.), Sem-inar on Stochastic Analysis, random Fields and Ap-plications, Birkhäuser, 2013 .

Setting the Scene: Background and Overview of Regulatory Reform in the Transport Sector. M. Fin-

ger and T. Holvad. In: M. Finger and T. Holvad (Eds.), Regulating Transport in Europe, pp. 1-35, Edward Elgar Publishing, 2013.

Global Companies and the Environment: The Tri-umph of TNCs in Global Envionmental Gover-nance. M. Finger. In: J. Mikler (Ed.), The Handbook of Global Companies, Wiley, 2013.

L’économie de la connaissance: avenir de la puis-sance? D. Foray. In : B. Badie and D. Vidal (Eds.), Puissance d’hier et de demain. L’Etat du Monde 2014, La Découverte, 2013.

L’économie de la connaissance. D. Foray. In  : Croissance, Emploi et Développement, collection Repères, La Découverte, 2013

Peux-tu me dire si je dois lire cet article  ? Une introduction théorique et expérimentale à l’éval-uation de la recherche par les non-scientifiques. D. Foray, M. Grieder, R. Lalive and C. Zehnder. In : O. Glassey, J.P. Leresche and O. Moeschler (Eds.), Penser la valeur d’usage des sciences, édition des Archives Contemporaines, 2013.

Towards an Improved Understanding of Knowledge Requirements in Entrepreneurship: An Empirical Investigation of Founder and Opportunity Charac-teristics. M. Gruber and J. Dencker. In: J. Brewer and S.W. Gibson (Eds.), Necessity Entrepreneurs: Micro-Enterprise Education & Economic Develop-ment, Edward Elgar Publishing, 2013.

Supporting the Transition from Unemployment to Self-employment – A Comparison of Governmen-tal Support Programs across Europe. M. Haas and P. Vogel. In: J. Brewer and S.W. Gibson (Eds.), Necessity Entrepreneurs: Micro-Enterprise Ed-ucation & Economic Development, Edward Elgar Publishing, 2013.

Linking Progressive and Initial Filtration Expan-sions. Y. Kchia, M. Larsson and P. Protter. In: F. Vi-ens, J. Feng, Y, Hu and E. Nualart (Eds), Malliavin Calculus and Stochastic Analysis: A Festschrift in Honor of David Nualart, Springer, 2013.

Sentiment, Asset Prices, and Systemic Risk. L. Mancini, G. Barone-Adesi and H. Shefrin. In: J.-P. Fouque and J. A. Langsam (Eds.), Handbook of Systemic Risk, Cambridge University Press, New York, 2013.

Cassandre est en nous, l’exorciser n’est pas facile. P. Rossel. In: T. Portal and C. Roux-Dufort (eds.), Prévenir les crises: ces Cassandres qu’il faut sa-voir écouter. Armand Colin, 2013.

Business model innovation. C.L. Tucci and L. Mas-sa. In: M. Dodgson, D.M. Gann and N. Philipps (Eds.), The Oxford Handbook of Innovation Man-agement, Oxford University Press, 2013.

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PhD thesesCorporate 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.

2012JournalsOn the Relative Pricing of Long Maturity Index Op-tions and Collateralized Debt Obligations. P. Col-lin-Dufresne, R.S. Goldstein, and F. Yang. Journal of Finance, vol. 67(6), pp. 1983-2014, 2012.

Institutional Investors and Mutual Fund Gover-

nance: Evidence from Retail – Institutional Fund Twins. R.B. Evans and R. Fahlenbrach. Review of Financial Studies, vol. 25, pp. 3530-3571, 2012.

This Time is the Same: Using Bank Performance in 1998 to Explain Bank Performance During the Re-cent Financial Crisis. R. Fahlenbrach, R. Prilmei-er, and R.M. Stulz. Journal of Finance, vol. 67, pp.

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2139-2185, 2012.

Approaches to Conditional Risk. D. Filipovic, M. Kupper, and N. Vogelpoth. SIAM Journal on Finan-cial Mathematics, vol. 3(1), pp. 402-432, 2012.

Conditional Density Models for Asset Pricing. D. Filipovic, L.P. Hughston, and A. Macrina. Interna-tional Journal of Theoretical and Applied Finance, vol. 15(1), pp. 1-24, 2012.

The Canonical Model Space for Law-Invariant Con-vex Risk Measures is L¹. D. Filipovic and G. Svin-dland. Mathematical Finance, vol. 22(3), pp. 585-589, 2012.

Towards Legitimate Water Governance? The par-tially privatized Berlin waterworks. E. Lieberherr, A. Klinke and M. Finger. Public Management Re-view, vol. 14(7), pp. 923-946, 2012.

Public R&D and social challenges: What lessons from mission R&D programs? D. Foray, D.C. Mow-ery and R.R. Nelson. Research Policy, vol. 41(10), pp. 1697-1702, 2012.

From Minds to Markets: How Human Capital En-dowments Shape Market Opportunity Identification of Technology Start-Ups. M. Gruber, I.C. MacMil-lan, and J.D. Thompson. Journal of Management, vol. 38(5), pp. 1421-1449, 2012.

Rational Asset Pricing Bubbles and Portfolio Con-straints. J. Hugonnier. Journal of Economic Theo-ry, vol. 147(6), pp. 2260-2302, 2012.

Endogenous Completeness of Diffusion Driven Equilibrium Markets. J. Hugonnier, S. Malamud and E. Trubowitz. Econometrica, vol. 80(3), pp. 1249-1270, 2012.

A Constraint Sampling Approach for Multi-Stage Robust Optimization. P. Vayanos, D. Kuhn and B. Rustem. Automatica, vol. 48(3), pp. 459-471, 2012.

Multi-Resource Allocation in Stochastic Project Scheduling. W. Wiesemann, D. Kuhn and B. Rus-tem. Annals of Operations Research, vol.  193(1), pp. 193-220, 2012.

Multistage Stochastic Portfolio Optimisation in Deregulated Electricity Markets Using Linear Decision Rules. P. Rocha and D. Kuhn. Europe-an Journal of Operational Research, vol.  216(2), pp. 397-408, 2012.

Polynomial Approximations for Continuous Linear Programs. D. Bampou and D. Kuhn. SIAM Journal on Optimization, vol. 22(2), pp. 628-648, 2012.

Robust resource allocations in temporal networks. W. Wiesemann, D. Kuhn and B. Rustem. Mathe-matical Programming, vol. 135(1-2), pp. 437-471, 2012.

Robust Software Partitioning with Multiple Instan-tiation. S. A. Spacey, W. Wiesemann, D. Kuhn and W. Luk. INFORMS Journal on Computing, vol. 24(3), pp. 500-515, 2012.

The meaning of market efficiency. R. Jarrow and M. Larsson. Mathematical Finance,  vol. 22(1), pp. 1-30, 2012.

Financial Markets Equilibrium with Heterogenous Agents. J. Cvitanic, E. Jouini. S. Malamud and C. Napp, Review of Finance, vol. 16(1), pp. 285-321, 2012.

Corporate Governance and Capital Structure Dy-namics. E. Morellec, B. Nikolov and N. Schürhoff. Journal of Finance, vol. 67, pp. 803-848, 2012.

Understanding modelling and managing longevity risk: Key issues and main challenges. P. Barrieu, H.Bensusan, N. El Karoui, C. Hillairet, S. Loisel, C. Ravanelli and Y. Salhi. Scandinavian Actuarial Journal, Vol. 3, pp. 203-23, 2012.

Aligning supply chain portfolios with product port-folios. K.U. Langenberg, R.W. Seifert, J.S. Tancrez. International Journal of Production Economics, vol. 135(1), pp. 500-513, 2012.

A three-echelon supply chain with price-only con-tracts and sub-supply chain coordination. R.W. Seifert, R.I. Zequeira and S. Liao. International Journal of Production Economics, vol. 138(2), pp. 345-353, 2012.

Designing Service Level Contracts for Supply Chain Coordination. M.A. Sieke, R.W. Seifert and U.W. Thonemann. Production and Operations Manage-ment, vol. 21(4), pp. 698-714, 2012.

A Location-Inventory Model for Large Three-Level Supply Chains. Tancrez, J.-S., J.-C. Lange and P. Semal. Transportation Research Part E: Logistics and Transportation Review, vol. 48(2), pp. 485-502, 2012.

A conceptual framework of the impact of NPD proj-ect team and leader empowerment on communi-cation and performance: An alliance case context. Y.F. Badir, B. Buechel and C.L. Tucci. Internation-al Journal of Project Management, vol. 30(8), pp. 914-926, 2012.

Crowdsourcing as a solution for distant search. A. Afuah and C.L. Tucci. Academy of Management Review, vol. 37(3), pp. 355-375, 2012.

Knowledge, Networks, and Knowledge Networks: A Review and Research Agenda. C. Phelps, R. Heidl and A. Wadhwa. Journal of Management, vol. 38(4), pp. 1115-1166, 2012.

An Augmented Becker-DeGroot-Marschak Mech-anism for Transaction Cycles. T.A. Weber. Eco-

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nomics Letters, vol. 114(1), pp. 43-46, 2012.

Special Section: Information and Competitive Strategy in a Networked Economy. R. J. Kauffman, T.A. Weber and D. J. Wu. Journal of Management Information Systems, vol. 29(2), pp. 7-9, 2012.

Books & book chapters25 years of Arctic environmental agency: changing issues and power relations. M.Finger and Andrea Finger-Stich. In: L. Heininen (Ed.). The 2012 Arc-tic Yearbook. Rovaniemi: University of the Arctic, 2012.

E-governance, A global journey. M. Finger and F.N. Sultana (Eds.), IOS Press, 2012.

Non-state actors in global environmental gover-nance. M. Finger and D. Svarin. In: P. Dauvergne (Ed.), Handbook Of Global Environmental Politics. Edward Elgar Publishing, 2012.

The fragility of experiential knowledge. D. Foray. In: R. Arena, A. Festré and N. Lazaric (Eds.), Hand-book of Knowledge and Economics, Edward Elgar Publishing, 2012.

Why Is It So Difficult to Translate Innovation Eco-nomics into Useful and Applicable Policy Prescrip-tions? D. Foray. In: J. Lerner and S. Stern (Eds.), The Rate and Direction of Inventive Activity Revisit-ed. The University of Chicago Press, 2012.

Real Options and Risk Aversion. J. Hugonnier and E. Morellec. In: A. Bensoussan, S. Peng and J. Sung(Eds.), Ambiguity, Real Options, Credit Risk and Insurance, IOS Press, 2012.

Time to gear up for a second generation of eGOV foresight. P. Rossel. In: M. Finger, and N. Sulta-na, E-Governance, a global journey. IOS Press, pp. 200-220, 2012.

Strategic Supply Chain Management. C. Cordon, 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.

PhD thesesEssays in Financial Economics. J. P. Kulak, R. Fah-lenbrach (Dir.). EPFL, Lausanne, 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.

Regulatory Institutions and Governance Costs: The Case of the Postal Sector. M. Maegli, M.  Finger (Dir.). EPFL, Lausanne, 2012.

The Facilitation of Mini and Small Hydropower in Switzerland: Shaping the Institutional Frame-work (with a Particular Focus on Storage and Pumped-Storage Schemes). N. Crettenand, M. Finger and H. B. Püttgen (Dirs.). EPFL, Lausanne, 2012.

Transformation of Water Governance and Legit-imacy: Comparing Swiss, German and English Water Supply and Sanitation Service Providers. E. Lieberherr, M. Finger and A. Klinke (Dirs.). EPFL, Lausanne, 2012.

Social Entrepreneurship: Societal Wealth Creation Under Conditions of Near-Knightian Uncertainty. J. D. Thompson, M. Gruber (Dir.). EPFL, Lausanne, 2012.

Three Essays on Navigating the Stages in New Venture Creation. J. Thiel, M. Gruber (Dir.). EPFL, Lausanne, 2012.

Assessing ICT-enabled Innovation for Governance and Policy-Making. G. Misuraca. P.  Rossel (Dir.). EPFL, Lausanne, 2012.

Corporate Environmental Strategies: Towards Supply Chain Approaches. J. M. Comas Martí, R. W.Seifert (Dir.). EPFL, Lausanne, 2012.

Creative-Learning Innovation Cycle - CLIC: Work Motivation and Organizational Creativity. V. Nas-sar, C. L. Tucci (Dir.). EPFL, Lausanne, 2012.

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2011JournalsDifferentiable Contributions of Human Amyg-dalar Subregions in the Computations Underly-ing Reward and Avoidance Learning. C. Prévost, J.A. McCabe, R.K. Jessup, P. Bossaerts and J.P. O’Doherty. European Journal of Neuroscience, vol. 34, pp. 1-12, 2011.

Hedging Your Bets by Learning Reward Correla-tions in the Human Brain. K. Wunderlich, M. Sym-munds, P. Bossaerts and R. Dolan. Neuron, vol. 71(6), pp. 1141-1152, 2011.

Positive Temporal Dependence of the Biological Clock Implies Hyperbolic Discounting. D. Ray and P. Bossaerts. Frontiers in Decision Neuroscience, vol. 5(2) doi: 10.3389/fnins.2011.00002, 2011.

Separate Encoding of Intuition-Based and Rea-son-Based Subjective Valuations In The Human Brain. U.R. Beierholm, C. Anen, S. Quartz and P. Bossaerts. NeuroImage, vol. 58, pp. 955-962, 2011.

Risk, Unexpected Uncertainty, and Estimation Un-certainty: Bayesian Learning in Unstable Settings. E. Payzan-LeNestour and P.  Bossaerts. PLoS Computational Biology, vol. 7(1), pp. 1-14, 2011.

The Affective Impact of Financial Skewness on Neural Activity and Choice. C.C. Wu, P. Bossaerts and B. Knutson. PLoS One, vol. 6(2), c16838 doi ;: 10.1371, 2011.

The Human Prefrontal Cortex Mediates Integration of Potential Causes Behind Observed Outcomes. K. Wunderlich, U.R. Beierholm, P. Bossaerts and J.P. O’Doherty. Journal of Neurophysiology, vol. 106(3), pp. 1558-1569, 2011.

Explaining Asset Pricing Puzzles Associated with the 1987 Market Crash. L. Benzoni, P. Collin-Du-fresne and R.S. Goldstein. Journal of Financial Economics, vol. 101(3), pp. 552-573, 2011.

Bank CEO Incentives and the Credit Crisis. R. Fah-lenbrach and R.M. Stulz. Journal of Financial Eco-nomics, vol. 99(1), pp. 11-26, 2011.

Estimating the Effects of Large Shareholders Us-ing a Geographic Instrument. B. Becker, H. Cron-qvist and R. Fahlenbrach. Journal of Financial and Quantitative Analysis, vol. 46(4), pp. 907-942, 2011.

Former CEO Directors: Lingering CEOs or Valuable Resources? R. Fahlenbrach, B.A. Minton and C.H. Pan Review of Financial Studies, vol. 24(10), pp. 3486-3518, 2011.

Affine Processes on Positive Semidefinite Matri-

ces. C. Cuchiero, D. Filipovic, E. Mayerhofer and J. Teichmann. Annals of Applied Probability, vol. 21(2), pp. 397-463, 2011.

Dynamic CDO Term Structure Modelling. D. Fili-povic, L. Overbeck and T. Schmidt. Mathematical Finance, vol. 21(1), pp. 53-71, 2011.

Social Software and Strategy. S. Haefliger, E. Mon-teiro, D. Foray and G. von Krogh. Long Range Plan-ning, vol. 44(5-6), pp. 297-316, 2011.

Darwinians, communitarians, and missionaries: The role of founder identify in entrepreneurship. E. Fauchart and M. Gruber. Academy of Management Journal, vol. 54(5), pp. 935-957, 2011.

“In pursuit of the real deal”: A longitudinal study of VC decision making. J.S. Petty and M. Gruber. Journal of Business Venturing, vol. 26(2), pp. 172-188, 2011.

An Efficient Method to Estimate the Suboptimality of Affine Controllers. M.J. Hadjiyiannis, P.J. Gou-lart and D. Kuhn. IEEE Transactions on Automatic Control, vol. 56, num. 12, pp. 2841-2853, 2011.

Primal and dual linear decision rules in stochastic and robust optimization. D. Kuhn, W. Wiesemann and A. Georghiou. Mathematical Programming, vol. 130(1), pp. 177-209, 2011.

Robust portfolio optimization with derivative in-surance guarantees. S. Zymler, B. Rustem and D. Kuhn. European Journal of Operational Research, vol. 210(2), pp. 410-424, 2011.

Risky Mortgages in a DSGE Model. C. Forlati and L. Lambertini. International Journal of Central Banking, vol. 7(1), pp. 285 – 335, 2011.

A concave regularization technique for sparse mixture models. M. Larsson and J. Ugander. Ad-vances in Neural Information Processing Systems (NIPS), vol. 24, pp. 1890-1898, 2011.

Extremal dependence measure and extremogram: the regularly varying case. M. Larsson and S.I. Resnick. Extremes, vol. 15(2), pp. 231-256, 2011.

Extremal behavior of Archimedean copulas. M. Larsson and J.  Nešlehová. Advances in Applied Probability, vol. 43(1), pp. 195-216, 2011.

Convexity Bounds for BSDE Solutions, with Appli-cations to Indifference Valuation. C. Frei, S. Mal-amud and M. Schweizer. Probability Theory and Related Fields, vol. 150(1-2), pp. 219-255, 2011.

Price Impact and Portfolio Impact. J. Cvitanic and

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S. Malamud. Journal of Financial Economics, vol. 100(1), pp. 201-225, 2011.

Robust Value at Risk Prediction. L. Mancini and F. Trojani. Journal of Financial Econometrics, vol. 9(2), pp. 281-313, 2011.

Corporate Investment and Financing under Asym-metric Information. E. Morellec and N. Schürhoff. Journal of Financial Economics, vol. 99, pp. 262–288, 2011.

Beyond the obvious: examining ways of consolidat-ing early detection schemes. P. Rossel. Technolog-ical Forecasting & Social Change 78, pp. 375–385, 2011.

Early detection, warnings, weak signals and seeds of change: a turbulent domain of futures studies. P. Rossel. Futures Vol. 44 (3), pp. 229-239, 2012.

Futures studies and weak signals: a critical survey. P. Rossel, R. Miller, and U. Joergensen. Futures (spec. ed.) Vol. 44 (3), pp. 195-197, 2012.

Financing the Chain. R.W. Seifert and D. Seifert. International Commerce Review, vol. 10(1), pp. 32-44, 2011.

Interrelating operational and financial perfor-mance measurements in a multiproduct invento-ry system. M. Protopappa-Sieke and R.W. Seifert. International Journal of Services and Operations Management, vol. 10(3), pp. 328-347, 2011.

Managing business dynamics with adaptive supply chain portfolios. R.W. Seifert and K.U. Langen-berg. European Journal of Operational Research, vol. 215(3), pp. 551-562, 2011.

Does the apple always fall close to the tree? The geographical proximity choice of spin-outs. L. Ber-chicci, A. King and C.L. Tucci. Strategic Entrepre-neurship Journal, vol. 5(2), pp. 120-136, 2011.

Special Section: Information and Technology: Un-derstanding New Strategies for Firms, Networks, and Markets. E.K. Clemons, R.J. Kauffman and T.A. Weber. Journal of Management Information Systems, vol. 28, pp. 7-10, 2011.

A collaborative demand forecasting process with event-based fuzzy judgements. N. Cheikhrouhou, F. Marmier, O. Ayadi and P.  Wieser. Computers & Industrial Engineering, vol. 61(2), pp. 409-421, 2011.

From health logistics to health supply chain man-agement. P. Wieser. Supply Chain Forum: an In-ternational Journal, vol. 12(1), pp. 4-13, 2011.

On the Hazard Rate and Reversed Hazard Rate Or-derings in Two-Component Series Systems with Active Redundancies. G. Brito, R.I. Zequeira and

J.E. Valdés. Statistics & Probability Letters, Vol. 81(2), pp. 201-206, 2011.

Books & book chaptersDoubly Stochastic CDO Term Structures, D. Filipo-vic, L. Overbeck, and T. Schmidt. In: R.C. Dalang et al. (Eds.), Seminar on Stochastic Analysis, Random Fields and Applications VI, Progress in Probability, vol. 63,, Springer, 2011.

From ‘Service Public’ to Universal Service: The Case of the European Union. M. Finger and D. Fi-non. In: M. Finger and R.W. Künneke (Eds.), In-ternational Handbook of Network Industries. The Liberalization of Infrastructure. Edward Elgar Publishing, 2011.

International Handbook of Network Industries. The Liberalization of Infrastructure. M. Finger and R.W. Künneke (Eds.). Edward Elgar Publishing, 2011.

Liberalization of Network Industries in the Euro-pean Union: Evolving Policy Issues. M. Finger and M. Laperrouza. In: M. Finger and R.W. Künneke (Eds.), International Handbook of Network Indus-tries. The Liberalization of Infrastructure. Edward Elgar Publishing, 2011.

Towards an European Model of Regulatory Gover-nance. M. Finger. In: D. Levi-Faur (Ed.), Handbook On The Politics Of Regulation. Edward Elgar Pub-lishing, 2011.

Knowledge Economy and Services’ Industries – a Case Study of the Educational Sector. D. Foray. In: B.J. Krings (Ed.), Brain Drain or Brain Gain? Changes of work in knowledge-based societies. Edition Sigma, 2011.

The Knowledge and the Rabbit: can we measure what is on the Other Side Of the Scales? D. Foray. In : H. Sigg and G Folkers (Eds.), Güterabwägung bei der Bewilligung von Tierversuchen. Collegium Helveticum Heft 11, Zürich, 2011.

Barycentric Bounds in Stochastic Programming: Theory and Application. K. Frauendorfer, D. Kuhn and M. Schürle. Stochastic Programming: The State of the Art, In Honor of George B. Dantzig, In-ternational Series in Operations Research & Man-agement Science, 2011.

Exploring the future of Wi-Fi. P. Rossel and M. Fin-ger. In. W. Lemstra, V. Hayes and J. Groenenwegen (eds.), The Innovation Journey of Wi-Fi: the Road to Success. Cambridge University Press, 2011.

Weak Signals as a Flexible Framing Space for Enhanced Management and Decision-Making. P. Rossel In: S. Mendonça and B. Sapio, Foresight for

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Dynamic Organisations in Unstable Environments: a Search for New Frameworks, Routledge. 2011.

Optimal Control Theory with Applications in Eco-nomics. T.A. Weber, MIT Press, Cambridge, 2011.

Statistical Forecasting and Demand Analysis. P. Wieser. In: P. Wieser and F.L. Perret (Eds.). Essen-tials of Logistics and Management. EPFL Press, 2011.

PhD thesesCo-opetition: Strategy and Performance of Firms

in Standard Setting Organizations: the Case of the Postal Sector. F. Abdallah, M. Finger and A. Wadhwa (Dirs.). EPFL, Lausanne, 2011.

Managing Electricity Sourcing in Europe’s Energy Intensive Industry: A Methodology to Develop an Electricity Sourcing Strategy. L. Treviño Villarreal, M. Finger (Dir.). EPFL, Lausanne, 2011.

Regulatory Uncertainty and Nonmarket Capabili-ties: An Investigation of the Electricity Generation Sector. B. W. Schwark, M. Finger (Dir.). EPFL, Lau-sanne, 2011.

2010JournalsThe Impact of Disappointment in Decision Making: Inter-Individual Differences and Electrical Neuro-imaging. H. Tzieropoulos, R. Grave de Peralta, P. Bossaerts and Sara L. Gonzalez Andino. Frontiers in Human Neuroscience, vol. 4(235), doi: 10.3389/fnhum.2010.00235, 2010.

MAOA-L Carriers are Better at Making Optimal Financial Decisions under Risk. C. Frydman, C. Camerer, P. Bossaerts and A. Rangel. Proceed-ings of The Royal Society B: Biological Sciences, doi:10.1098/rspb.2010.2304, 2010.

A Behavioral and Neural Evaluation of Prospec-tive Decision-Making under Risk. M. Symmonds, P. Bossaerts and R.J. Dolan. Journal of Neurosci-ence, vol. 30(43), pp. 14380-14389, 2010.

Risk and Risk Prediction Error Signals in Anterior Insula. P. Bossaerts. Brain Structure and Func-tion, vol. 214(5-6), pp. 645-653, 2010.

Exploring the Nature of Trading Intuition. A.J. Bru-guier, S. Quartz and P. Bossaerts. Journal of Fi-nance, vol. 65(5), pp. 1703-1723, 2010.

Ambiguity in Asset Markets: Theory and Exper-iment. P. Bossaerts, P. Ghirardato, S. Guarna-schelli and W. Zame. Review of Financial Studies, vol. 23(4), pp. 1325-1359, 2010.

Equilibrium Asset Pricing Under Heterogeneous Information. B. Biais, P. Bossaerts and C. Spatt. Review of Financial Studies, vol. 23(4), pp. 1503-1543, 2010.

Does Information Drive Trading in Option Strate-gies? R. Fahlenbrach and P. Sandas. Journal of Banking and Finance, vol. 34(10), pp. 2370-2385, 2010.

Why do Firms Appoint CEOs as Outside Directors? R. Fahlenbrach, A. Low and R.M. Stulz. Journal of Financial Economics, vol. 97(1), pp. 12-32, 2010.

Jump-Diffusions in Hilbert Spaces: Existence, Sta-bility and Numerics. D. Filipovic, S. Tappe and J. Teichmann. Stochastics – An International Journal of Probability and Stochastic Processes, vol. 82(5), pp. 475-520, 2010.

A Note on the Dai-Singleton Canonical Represen-tation of Affine Term Structure Models, P. Cher-idito, D. Filipovic and R.L. Kimmel. Mathematical Finance, vol. 20(3) pp. 509-519, 2010.

Term Structure Models Driven by Wiener Process and Poisson Measures: Existence and Positivity. D. Filipovic, S. Tappe and J. Teichmann. SIAM Jour-nal on Financial Mathematics, vol. 1, pp. 523-554, 2010.

Regulatory Governance Costs in Network Indus-tries: Observations in Postal Regulation. M. Maeg-li, C. Jaag and M. Finger. Competition and Regula-tion in Network Industries, vol. 11(2), pp. 207-238, 2010.

What Role for Government in E-Government? M. Finger. Journal of E-Governance, vol. 33(4), pp. 197-204, 2010.

A primer on patent and innovation. D. Foray. Man-agement International, vol. 14(3), pp. 19-27, 2010.

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Structural changes in industrial R&D in Europe and the US: towards a new model? D. Foray and S. Lhuillery. Science and Public Policy, vol. 37(6), pp. 401-412, 2010.

Configurations of resources and capabilities and their performance implications: an exploratory study on technology ventures. M. Gruber, F. Hei-nemann, M. Brettel and S. Hungeling. Strategic Management Journal, vol. 31(12), pp. 1337-1356, 2010.

Exploring the origins of organizational paths: em-pirical evidence from newly founded firms. M. Gru-ber. Journal of Management, vol. 36(5), pp. 1143-1167, 2010.

Getting to Plan B: Breaking Through to a Better Business Model. M. Gruber. Academy of Manage-ment Perspectives, vol. 24(3), pp. 93-96, 2010.

Mutual Fund Competition in the Presence of Dy-namics Flows. M. Breton, J. Hugonnier and T. Masmoudi, Automatica, vol. 46(7), pp. 1176-1185, 2010.

Mutual Fund Portfolio Choice in the Presence of Dynamic Flows. J. Hugonnier and R. Kaniel. Math-ematical Finance, vol. 20(2), pp. 187–227, 2010.

Analysis of the rebalancing frequency in log-opti-mal portfolio selection. D. Kuhn and D. G. Luen-berger. Quantitative Finance, vol.  10(2), pp.  221-234, 2010.

Maximizing the net present value of a project un-der uncertainty. W. Wiesemann, D. Kuhn and B. Rustem. European Journal of Operational Re-search, vol. 202(2), pp. 356-367, 2010.

Relative Extinction of Heterogenous Agents. J. Cvi-tanic and S. Malamud. B.E. Journal of Theoretical Economics, vol. 10(1), art. 4, 2010.

The Relative Contributions of Private Information Sharing and Public Information Releases to Infor-mation Aggregation. D. Duffie, S. Malamud and G. Manso. Journal of Economic Theory, vol. 145(4), pp. 1574-1601, 2010.

Dynamic Investment and Financing under Person-al Taxation. E. Morellec and N. Schürhoff. Review of Financial Studies, vol. 23(1), pp. 101-146, 2010.

Making anticipatory systems more robust. P. Ros-sel. Foresight 12 (3), p. 72-85, 2010

Interrelating operational and financial perfor-mance measurements in inventory control. M. Protopappa-Sieke and R.W. Seifert. European Journal of Operational Research, vol. 204(3), pp. 439-448, 2010.

Variance Risk Premia in Energy Commodities, A.B.

Trolle and E.S. Schwartz, Journal of Derivatives, vol. 17(3), pp. 15-32, 2010.

The innovation-economic growth nexus Global ev-idence. I. Hasan and C.L. Tucci. Research Policy, vol. 39(10), pp. 1264-1276, 2010.

There Is More to Market Learning than Gathering Good Information: The Role of Shared Team Values in Radical Product Definition. L. Berchicci and C.L. Tucci. Journal of Product Innovation Management, vol. 27(1), pp. 972-990, 2010.

Additive Envelopes of Continuous Functions. B.H. Strulovici, T.A. Weber. Operations Research Let-ters, vol. 38(3), pp. 165-168, 2010.

Carbon Markets and Technological Innovation. T.A. Weber and K. Neuhoff. Journal of Environmental Economics and Management, vol. 60(2), pp. 115-132, 2010.

Generalized Monotonicity Analysis. B.H. Strulovici and T.A. Weber. Economic Theory, vol. 43(3), pp. 377-406.

Hicksian Welfare Measures and the Normative En-dowment Effect. T.A. Weber. American Economic Journal: Microeconomics, vol. 2(4), pp. 171-194, 2010.

Monotone Approximation of Decision Problems. N. Chehrazi and T.A. Weber. Operations Research, vol. 58(4/2), pp. 1158-1177, 2010.

Option Contracting in the California Water Market. C.D. Tomkins and T.A. Weber. Journal of Regulato-ry Economics, vol. 37(2), pp. 107-141, 2010.

Simple Methods for Evaluating and Comparing Bi-nary Experiments. T.A. Weber. Theory and Deci-sion, vol. 69(2), pp. 257-288, 2010.

La stratégie eHealth de l’hôpital du Valais. P. Wie-ser, A. Gnaegi and G. Dupuis. In: BMS Bulletin des Médecins Suisses, num. Août, pp. 91:33, 2010.

Books & book chaptersAffine Models, C. Cuchiero, J. Teichmann and D. Filipovic. In: R. Cont (Ed.), Encyclopedia of Quanti-tative Finance, pp. 16-20, John Wiley & Sons, 2010.

Pricing and Hedging of CDOs: A Top Down Ap-proach, D. Filipovic and T. Schmidt. In: C. Chiarella and A. Novikov (Eds.), Contemporary Quantitative Finance, pp. 231-253, Springer, 2010.

Exploring the future of Wi-Fi. P. Rossel and M. Fin-ger. In: W. Lemstra, V. Hayes and J. Groenewegen (Eds.), The Innovation Journey of Wi-Fi. The Road to Global Success. Cambridge University Press, 2010.

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Saudi Post Innovative Address System: Integrating Electronic and Physical Platforms. F. Abdallah and M. Finger. In: ICTs, New Services and Transforma-tion of the Post. UPU Universal Postal Union, 2010.

Transnational Corporations and the Global Envi-ronment. M. Finger and D. Svarin. In: R.A. Dene-mark (Ed.), The International Studies Encyclopedia (Vol XI). Wiley-Blackwell, 2010.

Avec les armes de la sociologie de l’innovation: critique d’un travail récent d’économie expérimen-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.

University research and public-private interaction. D. Foray and F. Lissoni. In: B.H. Hall and N. Rosen-berg (Eds.), Handbook of The Economics of Innova-tion (Vol. 1). North Holland, 2010.

Looking for Inspirational Studies. P. Rossel. In: A. Curaj (ed.), The FOR-UNI Blueprint: A Blueprint for Organizing Foresight in Universities, Editura Aca-demei Romane, Bucharest, 2010.

Overcoming Barriers to Innovation in Egovern-ment: the Swiss Way. G. Misuraca, P. Rossel and O. Glassey. In: P. Nixon, V. Koutrakou and R. Rawal (eds.), Understanding E-Government in Europe Is-sues and Challenges, Routledge, 2010.

Pricing Expropriation Risk in Natural Resource

Contracts – A Real Options Approach, E.S. Schwartz and A.B. Trolle. In: W. Hogan and F. Sturzenegger (Eds.), The Natural Resource Trap, MIT Press, 2010.

Creating Exploratory Innovations by Learning from Entrepreneurial Ventures. A. Wadhwa, C. Phelps and S Kotha. In: D.B. Audretsch, G.B. Dagnino, R. Faraci and R.E. Hoskisson (Eds.). New Frontiers in Entrepreneurship : Recognizing, Seizing, and Ex-ecuting Opportunities. Springer-Verlag New York, 2010.

PhD thesesSocio-Economic Assessment of Fusion Energy Re-search, Development, Demonstration and Deploy-ment Programme. D. Bednyagin, D. Foray and E. Gnansounou (Dirs.). EPFL, Lausanne, 2010.

Essays on Equilibrium Asset Pricing. R. J. Prieto Katunaric, J. Hugonnier (Dir.). EPFL, Lausanne, 2010.

Corporate Finance, Asset Returns, and Credit Risk. P. Valta, E. Morellec (Dir.). EPFL, Lausanne, 2010.

Collaborative working capital management in sup-ply networks. D. Seifert, R. W. Seifert (Dir.). EPFL, Lausanne, 2010.

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2009JournalsA short introduction to Correlation Markets. P. Col-lin-Dufresne. Journal of Financial Econometrics, vol. 7(1), pp. 12.29, 2009.

Can Interest Rate Volatility be Extracted from the Yield Curve? P. Collin-Dufresne, R. S. Goldstein and C. Jones. The Journal of Financial Economics, vol. 94(1), pp. 47-66, 2009.

On the Relation between Credit Spread Puzzles and the Equity Premium Puzzle. L. Chen, P. Col-lin-Dufresne and R. Goldstein. The Review of Fi-nancial Studies, vol. 22(9), pp. 3367-3409, 2009.

The Experimental Study of Asset Pricing Theory. P. Bossaerts. Foundations and Trends in Finance, vol. 3, pp. 289-361, 2009.

Modeling Price Pressure in Financial Markets. E. Asparouhova and P. Bossaerts. Journal of Eco-nomic Behavior and Organization, vol. 72(1), pp. 119-130, 2009.

Promoting Intellectual Discovery: Patents Versus Markets. D. Meloso, J. Copic and P. Bossaerts. Science, vol. 323(5919), pp. 1335-1339, 2009.

What Decision Neuroscience Teaches Us About Financial Decision Making. P. Bossaerts. Annual Review of Financial Economics, vol. 1, pp. 383-404, 2009.

Neural Correlates of Value, Risk, and Risk Aver-sion Contributing to Decision Making under Risk. G.I. Christopoulos, P.N. Tobler, P. Bossaerts, R.J. Dolan, and W. Schultz. Journal of Neuroscience, vol. 29(40), pp. 12574-12583, 2009.

Encoding of Marginal Utility across Time in the Human Brain. A. Pine, B. Seymour, J.P. Roiser, P. Bossaerts, K.J. Friston, H.V. Curran and R.J. Dolan. Journal of Neuroscience, vol. 29(30), pp. 9575-9581, 2009.

Large Shareholders and Corporate Policies. H. Cronqvist and R. Fahlenbrach. Review of Financial Studies, vol. 22(10), pp. 3941-3976, 2009.

Founder-CEOs, Investment Decisions, and Stock Market Performance. R. Fahlenbrach. Journal of Financial and Quantitative Analysis, vol. 44(2), pp. 439-466, 2009.

Managerial Ownership Dynamics and Firm Value. R. Fahlenbrach and R.M. Stulz. Journal of Finan-cial Economics, vol. 92(3), pp. 342-361, 2009.

Shareholder Rights, Boards, and CEO Compensa-

tion. R. Fahlenbrach. Review of Finance, vol. 13(1), pp. 81-113, 2009.

Co-Movements of Index Options and Futures Quotes. R. Fahlenbrach and P. Sandas. Journal of Empirical Finance, vol. 16(1), pp. 151-163, 2009.

Consistent Market Extensions under the Bench-mark Approach. D. Filipovic and E. Platen. Mathe-matical Finance, vol. 19(1), pp. 41-52, 2009.

Coûts de la régulation des industries de réseaux: enseignements du secteur postal. M. Maegli, C. Jaag and M. Finger. Revue d’Economie Indus-trielle, vol.127, pp. 47-68, 2009.

Reforms in the Urban Water Sector: Vulnerabili-ty Analysis of the Main Elements at Risk. P. Luis Manso and M. Finger. Competition and Regula-tion in Network Industries, vol. 108(2), pp.115-138, 2009.

Science, Technology and Innovation for Economic Growth: Linking Policy Research and Practice in ‘STIG Systems’. P. Aghion, P.A. David and D. Foray. Research Policy, vol. 38(4), pp. 681-693, 2009.

Individual and Opportunity Factors Influencing Job Creation in New Firms. J.C. Dencker, M. Gruber and S.K. Shah. Academy of Management Journal, vol. 52(6), pp. 1125-1147, 2009.

Pre-Entry Knowledge, Learning, and the Survival of New Firms. J.C. Dencker, M. Gruber and S.K. Shah. Organization Science, vol. 20(3), pp. 516-537, 2009.

An Information-Based Approximation Scheme for Stochastic Optimization Problems in Continuous Time. D. Kuhn. Mathematics of Operations Re-search, vol. 34, num. 2, p. 428-444, 2009.

Convergent Bounds for Stochastic Programs with  Expected Value Constraints. D. Kuhn. Jour-nal of Optimization Theory and Applications, vol. 141(3), pp. 597-618, 2009.

Dynamic Mean-Variance Portfolio Analysis under Model Risk. D. Kuhn, P. Parpas, B. Rustem and R. Fonseca. Journal of Computational Finance, vol. 12(4), pp. 91-115, 2009.

Valuation of electricity swing options by multistage stochastic programming. G. Haarbrücker and D. Kuhn. Automatica, vol. 45(4), pp. 889-899, 2009.

Information Percolation with Equilibrium Search Dynamics. D. Duffie, S. Malamud and G. Manso. Econometrica, vol. 77(5), pp. 1513-1574, 2009.

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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.

Option Pricing With Model-Guided Nonparamet-ric Methods. J. Fan and L. Mancini. Journal of the American Statistical Association, vol. 104(488), pp. 1351-1372, 2009.

Cash Sub-Additive Risk Measures under Interest Rate Ambiguity. N. El Karoui and C. Ravanelli. Mathematical Finance, Vol. 19, pp. 561-590, 2009. 

Weak Signals as a Flexible Framing Space for Enhanced Management and Decision-Making. P. Rossel Technology Analysis & Strategic Manage-ment, Vol. 21 (3), p. 307-320, 2009

Adoption of Network Technologies in the Presence of Converters. R.W. Seifert and A.X. Varé. Econom-ics of Innovation and New Technology, vol. 18(1), pp. 69-91, 2009.

Pièges Mortels pour Jeunes Pousses High-Tech. B.F. Leleux and R.W. Seifert. L’Expansion Entre-preneuriat, vol. 3 (Septembre), pp. 51-55, 2009.

Third-Party Provision of Conversion Technologies in Network Markets. A.X. Varé and R.W. Seifert. Journal of Technology Management and Innova-tion, vol. 4(2), pp. 1-20, 2009.

Unspanned Stochastic Volatility and the Pricing of Commodity Derivatives. A.B. Trolle and E.S. Schwartz. Review of Financial Studies, vol. 22(11), pp. 4423-4461, 2009.

A General Stochastic Volatility Model for the Pric-ing of Interest Rate Derivatives. A.B. Trolle and E.S. Schwartz. Review of Financial Studies, vol. 22(5), pp. 2007-2057, 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.

Fair Welfare Maximization. A. Goel, A. Meyerson and T.A. Weber. Economic Theory, vol. 41(3), pp. 465-494, 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.

Books & book chaptersDecision Making in Financial Markets, P.  Bossaerts. In: L. Squire (ed.), Encyclopedia of Neuroscience, pp. 339-346, Elsevier, 2009.

Predicting Risk in a Multiple Stimulus – Multiple Reward Environment, M d’Acremont, M. Gilli and P. Bossaerts In: J.C. Dreher and L. Tremblay (eds.), Handbook of Reward and Decision Making, pp. 459-473, Academic Press, 2009.

The History of a European Information Society: Shifts from Governments to Governance. J. Shahin and M. Finger. In: J. Tubtimhin and R. Pipe (eds.), Global e-Governance: Advancing e-Governance through Innovation and Leadership, Volume 2 Global E-Governance Series, IOS Press, 2009.

Regulatory Practices and the Role of Technology in Network Industries: The case of Europe. M. Finger and F. Varone. In: R.W. Künneke, J. Groenewegen and J.F. Auger. The Governance Of Network Indus-tries. Edward Elgar Publishing, 2009.

L’économie de la connaissance. D. Foray (ed.). Col-lection Repères, La Découverte, Paris, 2009.

L’économie de la connaissance. D. Foray. In  : P. Combemale (ed.), Les grandes questions économiques et sociales. La Découverte, 2009.

The New Economics of Technology Policy. D. Foray (ed.). Edward Elgar Publishing, 2009.

Optimal Control Theory with Applications in Eco-nomics. T.A. Weber. Moscow State University Press, 2009.

PhD thesesStrategic Options of Energy Service Companies in Competitive Markets. G. Nguene, M. Finger (Dir.). EPFL, Lausanne, 2009.

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External Grants

2013 Project Awards

Funding agency / company Principal Investigator Project Title

Bühler Management AG Tucci Christopher Innovation strategies

CTI Foray Dominique (Coordinator), Finger Matthias & Tucci Christopher

SCCER Competence Center for Research in Energy, Society and Transition (CREST)

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?

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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 (Coordinator)

Business model dynamics

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

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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 multi-national empirical study

– 37 –

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

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 Christopher

Technological discontinuities: firm capabilities, 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 (Coordinator)

The macroeconomics of financial crises

Vale International S.A. Tucci Christopher New strategic modalities for Swiss-Brazilian collaborations

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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 institution-al 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

– 39 –

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

– 40 –

 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

– 41 –

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

– 42 –

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

– 43 –

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?

– 44 –

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

– 45 –

– 46 –

Master programs Doctoral     programs Executive master programs

Management, Technology & Entrepreneurship (MTE)

Financial Engineering (MFE)

Management of Technology (EDMT)

Finance (EDFI) Management of Technology (MoT)

Global Supply Chain Management

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

Duration 2 years 2 years 3-4 years (courses & research)

1st year only courses followed by 3-4 years research

13 months 12 months

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 feefor oral examination)

CHF 1,200 (Registration fee for oral examination)

CHF 35,000 (Full program) CHF 18,000 (Full program)

Number of students in 2013

47 54 41 18 36 48 (Lausanne & Paris)

Start date September September September September September January

Requirement Bachelor degree in engineering or in another technical discipline such as mathematics, physics, chemistry or life sciences

Bachelor degree in a technical discipline such as mathematics, physics, computer science, engineering or economics

Master degree or equivalent solid background in engineering

Master degree or equivalent solid background in economics and/or in financial mathematics

University degree, 5 - 7 years professional experience

University degree, experience at executive level

Teaching Language

English English English English English English & French

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

Contact smte@epfl.ch+41 21 693 01 22

mfe@epfl.ch+41 21 693 24 66

edmt@epfl.ch +41 21 693 01 39

edfi@epfl.ch +41 21 693 01 43

mot@epfl.ch +41 21 693 53 24

direction.iml@epfl.ch +41 21 693 24 65

EDUCATION

– 47 –

Master programs Doctoral     programs Executive master programs

Management, Technology & Entrepreneurship (MTE)

Financial Engineering (MFE)

Management of Technology (EDMT)

Finance (EDFI) Management of Technology (MoT)

Global Supply Chain Management

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

Duration 2 years 2 years 3-4 years (courses & research)

1st year only courses followed by 3-4 years research

13 months 12 months

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 feefor oral examination)

CHF 1,200 (Registration fee for oral examination)

CHF 35,000 (Full program) CHF 18,000 (Full program)

Number of students in 2013

47 54 41 18 36 48 (Lausanne & Paris)

Start date September September September September September January

Requirement Bachelor degree in engineering or in another technical discipline such as mathematics, physics, chemistry or life sciences

Bachelor degree in a technical discipline such as mathematics, physics, computer science, engineering or economics

Master degree or equivalent solid background in engineering

Master degree or equivalent solid background in economics and/or in financial mathematics

University degree, 5 - 7 years professional experience

University degree, experience at executive level

Teaching Language

English English English English English English & French

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

Contact smte@epfl.ch+41 21 693 01 22

mfe@epfl.ch+41 21 693 24 66

edmt@epfl.ch +41 21 693 01 39

edfi@epfl.ch +41 21 693 01 43

mot@epfl.ch +41 21 693 53 24

direction.iml@epfl.ch +41 21 693 24 65

EDUCATION

– 48 –

Master Programs

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-se-mester 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).

Master Program in Management, Technology and Entrepreneurship (MTE)

– 49 –

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 systèmes de production

Pouly Michel; Cheikhrouhou Naoufel

5 26

Corporate strategy Strecker Nanja 4 35

Econometrics: Data analysis & empirical methods

Raffo Julio Diego Salvador

4 20

Entrepreneurship laboratory (e-lab) Lebret Hervé 4 16

Entrepreneurship & new venture strategy (a)

Gruber Marc 4 48

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 strategy

Tucci Christopher 2 57

Innovation management: Between early detection and systematic creativity

Rossel Pierre 4 19

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: une application au changement climatique

Foray Dominique 2 20

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 commercialization

Durisin Boris 4 50

Technology & innovation management (a) Tucci Christopher 4 64

Technology & innovation management (b) Petty Jeffrey 4 29

– 50 –

Spring semester 2013

Course title Faculty Credits Number of students

Corporate governance Finger Matthias 4 48

Entrepreneurship & new venture strategy (b)

Gruber Marc 4 48

Industry dynamics, models & trends Finger Matthias 4 72

Information : Strategy & economics Weber Thomas 4 17

Innovation & management in the energy industry

Püttgen Hans Björn 2 39

Introduction to quality management and management systems

Jaccard Michel 4 23

Leadership & human resource management in a global context

Winzenried Nicola 4 46

Logistique et analyse de la demande Wieser Philippe 4 114

Management of enterprise networks and supply chain management

Glardon Rémy, Hongler Max-Olivier, Wieser Philippe

4 62

Optimal decision analysis Lebret Hervé 4 46

Practical Business law Rochat Frédéric 4 28

Principles of IP management Soltmann Christian, Mueller Heinz, Wagner Stefan

4 8

Quantitative systems modeling techniques Zufferey Nicolas 4 23

Supply chain management Seifert Ralf 4 54

– 51 –

MTE Master Thesis Projects (Industry Internships)

Project title Company

Development of a comprehensive model to improve the sales forecasting accuracy based on empirical evidence at Edwards Lifesciences

Edwards Lifesciences, Switzerland

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 simulation-project BINTANG Malaysia”

Nestlé PTC Konolfingen, Switzerland

Business process reengineering (BPR) at Nestrade TSS (technical supply services)

Nestrade SA, Nestlé World Trade Corporation, Switzerland

CRM software as a source of information for business innovation

Orange Communications SA, Switzerland

Exploring the capabilities of VoLTE for market value creation Orange Communications SA, Switzerland

Challenges with open web technology: performance assessment, positioning and knowledge management

Open Web Technology, Switzerland

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 marketing and sales operating model

Philip Morris International, Switzerland

Process analysis and opportunity identification to perform automation in IS

Philip Morris International, Switzerland

Reviewing and improving performance measurement process at the global IS organization

Philip Morris International, Switzerland

The new pattern of marketing: from mass marketing to consumer centric approach – impact and strategy recommendations

Philip Morris International, Switzerland

Tradecraft & tobacco: competitive intelligence in the cigarette industry – design, implementation and methodologies

Philip Morris International, Switzerland

Developing a financial reporting tool for maintenance engineers: case study at a multinational agricultural corporation

Syngenta Crop Protection Monthey SA, Switzerland

– 52 –

MTE Admissions and Enrollment Statistics

142

184178

Applications

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

143

142

155

Minor students

17 1319

Exchange students

19%

25% 25%

Acceptance rate(Number of admits /

number of applicants)

11

34

47

Total enrollments

23 25

11New enrollments

– 53 –

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

Gender Geography

Female 48%Male 52%

Educational background

48+52CAfrica, 4%

Asia, 20%

Europe, 64%

NorthAmerica, 4%

SouthAmerica, 8%

Chemistry & chemicalengineering, 28%

Civil engineering, 8%

Computer science &communication systems, 16%

Electrical engineering, 12%

Environmental science& engineering, 4%General engineering, 4%

Life Sciences & technology, 16%

Materials science& engineering, 4%

Mechanical engineering, 8%

– 54 –

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 sci-ence, corporate finance, economics, mathematical finance, mathe-matics, 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.

Master Program in Financial Engineering (MFE)

– 55 –

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

– 56 –

MFE Master Thesis Projects (Industry Internships)

Project title Company

Analysing private equity: buyout funds versus venture capital funds

Aeris Capital AG, Switzerland

Delta-hedging of power plants: a case of combined-cycle gas turbine plants

AXPO AG, Switzerland

Evaluation of various approaches in dealing with missing values and outliers in financial and economic time series

BAK Basel Economics, Switzerland

The optimization of a trading system using a genetic algorithm Banca Comerciala Romana, Romania

Implementation of a pricing model on commodities, simulations and formulation of options strategies

Banque privée Edmond de Rothschild, Switzerland

Measure of counterparty risk and Heston Model BNP Paribas, France

Risks and rewards of structured products; the study of barrier reverse convertibles in Swiss market

Credit Suisse, Switzerland

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 categories with different clientele

eBay International AG, Switzerland

Statistical arbitrage Egerton Capital, UK

Essays on asset pricing with asymmetric information Ernst & Young, Switzerland

Numerical solution of black scholes equations arising from American option

Hesabi, Iran

Risk Premia in commodity futures markets JP Morgan, UK

High frequency dynamics of risk exposures in hedge fund replication

Lombard Odier, Switzerland

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 companies - An overview

Patrimonium, Switzerland

Portfolio optimization with market, liquidity and credit risk SAGE SA, Switzerland

Modeling leveraged loan portfolio with prepayment option Swiss Capital Alternative Investments AG, Switzerland

– 57 –

Project title Company

New aspects of the replicating portfolio for group life insurance

Swiss Life AG, Switzerland

Statistical properties of an investment strategy in volatility Swiss Life Asset Management, Switzerland

Building & simulating investment strategies for the Swissquote's ePrivate Banking solution

Swissquote Bank, Switzerland

Portfolio selection and allocation: methods and advances from practice

Swissquote Bank, Switzerland

Credit cycle estimation - From historical defaults and macroeconomics

UBS AG, Switzerland

Counterparty credit exposure and CVA UBS AG, UK

The use of risk budgeting methodology: a case study applied to wealth management

Umnyah Advisors S.A., Switzerland

Cyclicality in private equity Unigestion, Switzerland

– 58 –

MFE Admissions and Enrollment Statistics

180187

179Applications

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

28

16

Minor students

3 211

Exchange students

25%29% 28%

Acceptance rate(Number of admits /

number of applicants)

44 4854

Total enrollments

2126 25

New enrollments

– 59 –

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

Gender Geography

Female 20%Male 80%

Educational background

20+80CChemistry & chemicalengineering, 4%

Computer science &communication systems, 16%

Economics, 24%

Electrical engineering, 8%General Engineering, 20%

Mathematics, 4%

Mechanical engineering, 4%

Microengineering, 8%

Physics, 4%

Others, 8%

Africa, 4%

Asia, 28%

Europe, 64%

North America, 4%

– 60 –

Doctoral Programs

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, fi-nancial 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.

Doctoral Program in Management of Technology (EDMT)

2013 EDMT Student Profile

Gender Geography

Female 42%Male 58%

42+58CAsia, 25%

Europe, 64%

North America, 5%South America, 6%

– 61 –

EDMT Admissions and Enrollment Statistics

99

130

120

Applications

7 7 5New enrollments

3327 27Total enrollments:

PhD studentswith EPFL contract

12 118Total enrollments:

Industrial PhD students

8%6%

4%

Acceptance rate(Number of admits /

number of applicants)

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

– 62 –

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 strategy

Weber Thomas 4 6

De- and re-regulation of network industries Finger Matthias 2 2

Managerial decision making: Theoretical foundations and implications for research in technology management

Sanchez Ron 2 4

Mathematical models in supply chain management

Seifert Ralf 2 3

Microeconomics Mack Alexander 4 5

MINTT: Management of innovatIon and technology transfer

Clerc Gabriel 2 23

Presentation skills in English Boldt Barbara 0 2

Publishing in management, technology and Innovation

Foray Dominique, Gruber Marc

2 3

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 psychometrics

Tucci Christopher 4 8

Technology foresight Rossel Pierre, various other lecturers

2 9

Theoretical foundations of entrepreneurship

Ensley Michael 4 5

Venture challenge@EPFL Micol Jean, Tucci Christopher, Wadhwa Anu, Gruber Marc

2 21

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EDMT Graduates in 2013

Student Thesis Title Dissertation director (s)

First placement

Golnam Arash Problem structuring with the systemic enterprise architecture method: representation of systems and value in business contexts and integration with operations research methods

Alain Wegmann Postdoctoral Researcher, IC, EPFL and Professor at Business School Lausanne (BSL)

Melvin Haas Necessity entrepreneurship: Individual, environmental and public policy-related factors influencing the process of opportunity exploitation under unfavorable circumstances

Marc Gruber On job market

Olov Isaksson Operational decisions and supply chain dynamics: an empirical investigation

Ralf Seifert Postdoctoral Researcher, CDM, EPFL

Argyro Katsifou Variable product portfolio management in retail operations

Ralf Seifert Supply Planning Analyst, Novartis Consumer Health

Huanqing Li An Integrated Strategy for Sustainable Underground Urbanization

Philippe Thalmann & Aurèle Parriaux

Consultant on Sustainable Urbanism, WAA International, Montréal

Markus Simeth Corporate science and voluntary disclosure: analyzing determinants and firm performance

Dominique Foray Postdoctoral Researcher, University of Leuven

Peter Vogel Entrepreneurship & the unemployed: investigating individual-level differences in idea generation and opportunity development

Marc Gruber Head of Competence Center New Ventures & Postdoctoral Researcher, University of St. Gallen

Ariel Zeballos Inventory management with working capital restrictions

Ralf Seifert Supply Chain Process Analyst at Novartis Consumer Health

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The Doctoral Program in Finance (EDFI) is targeted towards the pur-suit of academic excellence. The program covers a wide range of sub-jects including asset pricing, financial economics, financial economet-rics, 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.

Doctoral Program in Finance (EDFI)

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 & Schürhoff Norman

2 9

– 65 –

2013 EDFI Student Profile

Gender Geography

Female 42%Male 58%

42+58C

EDFI Graduates in 2013

Student Thesis Title Dissertation director (s)

First placement

Julien Cujean Essays in equilibrium asset pricing

Julien Hugonnier & Bernard Dumas (INSEAD)

Assistant Professor of Finance, Robert H. Smith School of Business, University of Maryland, USA

Giuliano Curatola Essays on asset pricing with preference heterogeneity

Julien Hugonnier Junior Professor of Asset Pricing and Trading, Goethe Universität, Frankfurt

Michael Hasler Essays in information-based asset pricing

Julien Hugonnier Assistant-Professor of Finance, Rotman School of Management, University of Toronto, Canada

Asia 19%

Europe 81%

– 66 –

EDFI Admissions and Enrollment Statistics

134

156164

Applications(SFI PhD program)

5 3 3New enrollments (EDFI)

14 16 18

Total enrollments (EDFI)

9% 8%5%

Acceptance rate(Number of admitsSFI PhD program /

number of applicantsSFI PhD program)

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

– 67 –

– 68 –

Executive Master Programs

The Executive MBA in Management of Technology (MoT) has been of-fered 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 enter-prises) 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 stud-ies, 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 inter-national background wishing to boost their career potential and inter-ested 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) pro-grams 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.

Executive MBA in Management of Technology

– 69 –

Program structure

GENERAL MANAGEMENT I

core modules

GENERAL MANAGEMENT II

core modules

INNOVATION & HIGH-TECH

electives

INNOVATION & LIFE SCIENCES

electives

ENTREPRENEURSHIP track

INTRAPRENEURSHIPtrack

Financial accounting

Business economics

Creating new venture project

Entrepreneurial finance

Venture legal aspects

Managing & executing sales

International negociations

Organizational implementation

From creativity to internal buy-in

Entrepreneurship Outside - Inside

Sustainable leadership

New Venture strategy

Innovating from within project

Management of innovation

Alliance/Partnership& outsourcing

Business statistics

Operations management

Intellectual Property management

Assessing Valuationof new ventures

Finance fundamentals

Managing your career

Hi-Tech marketing

Mgt of Clinical Trials& regulatory affairs

Business law

Business & society

Study Trip to China + IndiaDoing Business in Asia

Strategic and Innovative Project3 months within a company or a new venture

Business in emerging markets

Biotech & Medtechmanufacturing - GMP

Marketing management

Leading organization

Project management

Marketingin life sciences

– 70 –

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, com-petence and confidence necessary for the planning and implementa-tion of logistical and supply chain projects at the strategic and opera-tional 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 manage-ment. 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 pro-gram.

After 40 successful editions in Lausanne and Paris, the Executive Mas-ter in Global Supply Chain Management counts more than 800 grad-uates among its alumni representing over 70 nationalities from five different continents.

Executive Master in Global Supply Chain Management

– 71 –

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

– 72 –

MEDIA OUTREACHJournal / 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 Fahlenbrach

CEO Contract Design: How Do Strong 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 Fahlenbrach

Lafley At P&G, Ullman At Penney: When Does It Make Sense To Rehire The CEO?

24.05.2013 Financial Times Rüdiger Fahlenbrach

Executive encores

01.06.2013 The Economist Rüdiger Fahlenbrach

When retired chiefs make a comeback 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 Fahlenbrach

Rémunérations abusives?

25.09.2013 NZZ Rüdiger Fahlenbrach

Der Schweizer Ansatz zu "Say-on-Pay"

27.09.2013 Le Temps Dominique Foray Lorsqu'une idée de l'EPFL est reprise par l'Europe

10.2013 IMD – Tomorrow’s Challenges, No. 79, October 2013.

Ralf Seifert The Perks and Pitfalls of Knowledge Diffusion in the Supply Chain

– 73 –

– 74 –

CDM ORGANIZATION & STAFF(as of 31.12.2013)

Management of Technology and Entrepreneurship

InstituteR. Seifert (a.i.)

Master in Management, Technology and Entrepreneurship M. Gruber

Master in Financial Engineering J. Hugonnier

PhD in FinanceP. Collin-Dufresne

PhD in Management of TechnologyD. Foray

Executive Education ProgramsM. Finger, P. Wieser

Institute of Technology and Public Policy

M. Finger

DirectorC. Tucci

Swiss Finance Institute @ EPFL

D. Filipovic

General ServicesCollege Council

Executive Education ManagementCollege Assembly

Committees

– 75 –

18+3+14+47+13+5A18% Faculty members

3% MER & Seniorresearchers

14% Postdocs

47% PhDs

13% Administrative staff

5% Technical staff

TOTAL:97 FTE

(104 Headcount)

– 76 –

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 current-ly 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 relat-ed 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 cov-er the salaries of approximately 60% of our PhD stu-dents and 55% of our postdoctoral students with third party funds.

– 77 –

Budgetary fundsCHF 9.5 MIO

Third party fundsCHF 4.3 MIO

Sponsoring (CHF 1.9 MIO) - 32%

Executive Education(CHF 1.4 MIO) - 24%

Swiss NationalScience Foundation

(CHF 1.3 MIO) - 21%

Research Mandates(CHF 0.5 MIO) - 8%

Research Projects financed bythe Swiss Finance Institute

(CHF 0.4 MIO) - 7%

Other Funding Agencies(CHF 0.3 MIO) - 5%

Conferences & Workshops(CHF 0.17 MIO) - 3%

Divers (CHF 0.03 MIO) <0%

Expenditures in 2013

Third-Party Revenues in 2013

TOTAL:13.7 M CHF

TOTAL:6 M CHF

– 78 –

INTERNATIONAL COLLABORATIONS

AFRICACameroonYaoundéEcole Polytechnique

MoroccoCasablancaEcole Hassania, Casablanca

AMERICACanadaMontrealEcole Polytechnique de MontréalHEC MontrealQuebec Uni Laval Université LAVAL, QuébecLondon The University of Western Ontario

ChileSantiagoPontificia Universidad Catolica de Chile

MexicoGuadalajara CampusTechnologico de Monterrey

United StatesAnn Arbor, MI University of Michigan Atlanta, GA Georgia TechAustin, TXThe University of Texas at AustinBabson Park, MABabson College Berkeley, CA UC-BerkeleyBlacksburg, VA Virginia TechBoston, MABoston UniversityHarvard Business SchoolBoulder, CO University of Colorado at Boulder Cambridge, MAMITClaremont, CAClaremont McKenna CollegeChicago, IL Loyola University Cincinnati, OHUniversity of CincinnatiColumbia, SCUniversity of South CarolinaColumbus, OHOhio State UniversityDallas, TX UT Dallas

East Lansing MI Michigan State UniversityEvanston, IL Northwestern UniversityHoboken NJ Stevens Institute of TechnologyIllinois, ILCollege of Business at IllinoisIndianapolis Indiana UniversityIthaca, NYCornell UniversityLos Angeles, CA UCLAUniversity of Southern CaliforniaMadison, WIUniversity of WisconsinMinneapolis, MNUniversity of MinnesotaNew Haven, CTYale UniversityNew York, NY Columbia University Fordham University NYUPasadena, CACaltechPaso Robles Dartmouth College Philadelphia, PATemple University University of Pennsylvania

– 79 –

Pittsburgh, PACarnegie Mellon UniversityPrinceton, NJPrinceton UniversityRochester, NYUniversity of RochesterSan Francisco, CA

San Francisco State University Santa Clara, CA

Santa Clara University Seattle, WA University of Washington

Stanford, CAStanford University

St Louis, MOWashington University in St. Louis

Storrs, CTUniversity of Connecticut

Troy, NY RPIUrbana-Champaign, IL University of Illinois at Urbana-Champaign Washington, DCAmerican Institute for Research Georgetown University

ASIAChinaHong KongHong Kong University of Science and Tech-nology University of Hong Kong

IndiaHyderabadIndian School of Business

MalaysiaSelangorUniversity of Nottingham

SingaporeSingaporeNanyang Technological UniversityNational University of Singapore Singapore Management University

South KoreaSeoulSungkyunkwan University

ThailandKlong LuangAsian Institute of Technology (AIT)

United Arab EmiratesRas Al-Khaimah EPFL Middle EastSharjahAmerican University in Sharjah

AUSTRALIAAustraliaMelbourneUniversity of MelbourneSydneyUniversity of New South Wales

EUROPEAustriaViennaVienna Graduate School of FinanceWirtschaftsuniversität Wien (Vienna Uni-versity of Economics and Business)

BelgiumLouvainUniversité catholique de Louvain

DanemarkCopenhagenCopenhagen Business School

FranceGrenobleGrenoble Ecole de ManagementLyonEM LyonNiceEDHEC Business SchoolParisEcole des Ponts ParisTechEcole Polytechnique HEC ParisParisTech-ENSAEUniversity Paris VIStrasbourgEM Strasbourg University of Strasbourg

GermanyBerlinDIW - Deutsches Institut für Wirtschafts-forschung Humboldt University of BerlinChemnitzChemnitz University of TechnologyCologneUniversity of CologneMunichLudwig Maximilian University of MunichMax Planck Institute for Innovation and Competition

EnglandCoventryUniversity of WarwickLondonCity University LondonImperial College London London Business SchoolLondon School of EconomicsUniversity College London

ItalyBolognaUniversity of BolognaFlorenceEuropean University InstituteMessinaUniversity of MessinaMilanoPolytecnico Di MilanoUniversità degli Studi di MilanoPisaUniversity Sant’Anna

LebanonBeirutAmerican University of Beirut

NorwayBergenNorwegian School of Economics

PortugalBragaUniversidade Catolica Portuguesa

RussiaMoscowSkolkovo Institute of Science & Technology

ScotlandSt AndrewsUniversity of St Andrews

SpainBarcelonaESADE Barcelona IESE Business SchoolUniversitat Autònoma de Barcelona

SwitzerlandGenevaUniversity of GenevaLausanneIMD University of Lausanne LuganoUniversity of LuganoSt GallenUniversity of St. Gallen ZurichETHZUniversity of Zurich

The NetherlandsDelftDelft University of TechnologyRotterdam Erasmus University RotterdamUtrecht Utrecht University

TurkeyIstanbulKadir Has University

Project: Barbara Baumann, Carole Bonardi & Alexandra von SchackGraphic design & decoration photos: Jean-Sébastien MonzaniCopyright: College of Management of Technology

CONTACT

EPFL – CDMODY – Station 5

CH – 1015 LausanneTel: +41 21 693 0036http://cdm.epfl.ch

cdm@epfl.ch