Curriculum Vitae

Ephraim Clark

Professor Ephraim Clark

Full-time academic since 1988 with prior experience as a financial analyst, forecaster and consultant; two PhD’s, one in Development Economics and the other in Financial Economics; lived and worked in the United States, Latin America, England and France. Current interests include continuous time finance, real options, political risk analysis, emerging markets, capital budgeting as well as issues in corporate strategy and international business.

Honours and awards include numerous research grants, best paper awards, teaching awards, keynote addresses to scholarly and professional groups, risk management seminars for business schools, elected offices in professional associations, editorial board memberships, founding editor of the European Journal of Finance.

Author of nine books and over 90 papers in professional and academic journals (e.g. Management Science, Journal of International Money and Finance, Journal of Banking and Finance, European Journal of Operational Research, Journal of Financial Research, European Financial Management, Review of Quantitative Finance and Accounting,International Review of Financial Analysis, Review of International Economics, Garp Risk Review, Euromoney, Global Investor, Wilmott, Revue Banque…).

Business and consulting experience for international banks, multinational corporations and smaller companies. Managerial line experience with budget and personnel responsibilities in business and academia (e.g. managing director, department chair, executive committee…). Creator and manager of postgraduate degree programs including international double diplomas.

Ph.D. (Doctorat d’Etat ès Sciences Economiques), Summa cum Laude, Université de Paris I, Sorbonne Thesis: “L’Application de l’Analyse Financière au Risque-Pays”, June 24, 1986.
Ph.D. (Doctorat de 3eme Cycle en Economie du Développement), Summa cum Laude, Université de Paris I, Sorbonne: Thesis: “Stabilisation et Gestion Optimale des Ressources: le Cas de l’Argentine 1951-1970”, June 29, 1978.
Diplôme d’Etudes Approfondies, Economie du Développement, Université de Paris III, June 16, 1976.
Diplôme de l’Ecole Pratiques des Hautes Etudes, 6eme section des Sciences Economiques et Sociales, October 29, 1975
Diploma de Literatura Espanola, Universidad de Madrid, 1967.

since 1998 – Professor of Finance, Middlesex University, London, UK.

1994 – 1998 – Professor of Economics and Finance and Chairman of the Economics & Finance Department, CERAM School of Business, Sophia Antipolis, France. Responsible for the graduate and undergraduate programs in Finance, Accounting, Economics and Law, managing a team of 7 full time and 20 part time professors.

1988-1994 – Professor of Economics & Finance and Chairman of the Economics & Finance Department, EDHEC Graduate School of Business, Catholic University of Lille, Lille, France. Responsable for the graduate and undergraduate programs in Finance, Accounting, and Economics, managing a team of 12 full time and 35 part time professors.

Université de Paris XII, France; Groupe HEC, Jouy-en-Josas, France; IESEG, Université Catholique de Lille, Lille, France; Université Aix-Marseille, France; IEFSI, Lille, France; Vrije University, Amsterdam, Holland, Université de Grenoble, France.

Other Academic Activities

Since 1993 – Founding Editor of THE EUROPEAN JOURNAL OF FINANCE.

Since 1996 – Associate Editor of THE INTERNATIONAL JOURNAL OF FINANCE.

Since 1999 – Co-Editor of TREASURY AFFAIRS.


Since 2003 – Editor of FRONTIERS IN FINANCE AND ECONOMICS, a refereed academic journal.

2009 – 2014 Editor of ANNALS OF FINANCIAL ECONOMICS, a refereed academic journal.

Since 2004 – Comité de Lecture of REVUE DU FINANCIER


Since 2007 – Associate Editor of MULTINATIONAL FINANCE JOURNAL.

2015-2017 – Special Issue Editor ANNALS OF OPERATIONS RESEARCH.


Journal Referee:



1)   Ephraim Clark, CROSS BORDER INVESTMENT RISK, (London: EUROMONEY Publications, 1991).

2)   Ephraim Clark, Michel Levasseur and Patrick Rousseau, INTERNATIONAL FINANCE, (London: Chapman & Hall, 1993).

3)   Ephraim Clark and Bernard Marois, MANAGING RISK IN INTERNATIONAL BUSINESS: TECHNIQUES AND APPLICATIONS, (London: International Thomson Business Press, June 1996).

4)  Ephraim Clark, Bernard Marois and Joelle Cernès, LE MANAGEMENT DES RISQUES    INTERNATIONAUX, (Paris: Economica, Spring 2001).

5)  Ephraim Clark, Jean Baptiste Lesourd and René Thiéblemont, INTERNATIONAL COMMODITY TRADING: SPOT, FORWARD AND FUTURES MARKETS, (London: John Wiley, 2001).

6)  Ephraim Clark, INTERNATIONAL FINANCE, 2nd edition, (London: International Thomson Learning, Spring 2002) and simplified Chinese translation Peking: University of Peking Press, 2002).

7) Michel Bouchet, Ephraim Clark and Bertrand Groslambert, COUNTRY RISK ASSESSMENT, (London: John Wiley, (2003).

8) Ephraim Clark and Dilip Ghosh, ARBITRAGE, HEDGING AND SPECULATION: THE FOREIGN EXCHANGE MARKET, (New York: Praeger, 2004).

9) Ephraim Clark, EVALUATING COUNTRY RISK FOR INTERNATIONAL INVESTMENTS,     (Singapore: World Scientific, 2017).

Refereed Journal Articles

1) With N. Radic and A. Sharipova, Bank Competition and Stability in the CIS markets, JOURNAL OF INTERNATIONAL FINANCIAL MARKETS, INSTITUTIONS AND MONEY. (forthcoming) (3* ABS, 2* CNRS, A ABDC). 

2) With D. Salvatore and N. Radic, “Cooperative banks: what do we know about competition and risk preferences?”, JOURNAL OF INTERNATIONAL FINANCIAL MARKETS, INSTITUTIONS AND MONEY. (forthcoming). (3* ABS, 2* CNRS, A ABDC)

3) With Y. Belghitar and N. Deshmukh, “Importance of the fund management company in the performance of socially responsible mutual funds”, JOURNAL OF FINANCIAL RESEARCH. (forthcoming). (3*ABS, 2* CNRS, A Abdc).

4) With Sélima Baccar, “Modelling credit spreads with time volatility, skewness and kurtosis”, ANNALS OF OPERATIONS RESEARCH. (forthcoming) DOI 10.1007/s10479-015-1975-5  (3* ABS, 3* CNRS, A Abdc).

5) With Konstantino Kassimatis, “Macroeconomic Effects on Emerging-Markets Sovereign Credit Spreads”, JOURNAL OF FINANCIAL STABILITY (forthcoming) doi:10.1016/j.jfs.2015.06.002 (3* ABS, B Abdc).

6) With Zhuo Qiao and Wing-Keung Wong, Theories of Risk: Testing Investor Behaviour on the Taiwan Stock and Stock Index Futures Markets, ECONOMIC INQUIRY 54 (2), (2015), pp 907-924. (3 ABS, 3* CNRS 3*, A Abdc).

7) With Y. Belghitar, “Managerial incentives and investment related agency costs”, INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS, 38, (2015) DOI: 10.1016/j.irfa.2014.11.012 (3 ABS, 2* CNRS, A Abdc).

8) With Y. Belghitar and A. Saeed, “Political Connections and Leverage: Firm level Evidence from Pakistan”, MANAGERIAL AND DECISION ECONOMICS, (forthcoming) (2 ABS,  2*CNRS, B Abdc).

9) With Y. Belghitar, and A. Saeed, “Theoretical motives of corporate cash holdings and political connections: firm level evidence from a developing economy”,  INTERNATIONAL REVIEW OF APPLIED ECONOMICS, (forthcoming) (2 ABS, 1* CNRS, B Abdc).

10) With Abubakr Saeed , Professor Yacine Belghitar, “Do political connections affect firm performance? Evidence from a developing country”, EMERGING MARKETS, FINANCE AND TRADE. (forthcoming).

11) With Y. Belghitar and N. Deshmukh, “Does it pay to be ethical? Evidence from the FTSE4Good”, JOURNAL OF BANKING AND FINANCE, Vol 47, October (2014), pp. 54-62 (3 ABS, 4* CNRS, A* Abdc).

12) With O. Jokung, “The role of regulatory credibility in effective bank regulation”, JOURNAL OF BANKING AND FINANCE, Vol. 50, January (2015) pp. 506-513 (3 ABS, 4* CNRS, A* Abdc).

13) With K. Kassimatis, “Exploiting stochastic dominance to generate abnormal stock returns”, JOURNAL OF FINANCIAL MARKETS, Vol 20, September (2014), pp. 20-38 (3ABS, 2* CNRS, A* Abdc).

14) With Y. Belghitar, Convexity, Magnification and Translation: The Effect of Option Based Managerial Compensation on Corporate Cash Holdings, JOURNAL OF FINANCIAL RESEARCH, 37 (2) (2014), pp. 191-210 (3 ABS, 2* CNRS,  A Abdc).

15) With Zhuo Qiao and Wing-Keung Wong, “Investors’ Preference towards Risk: Evidence from the Taiwan Stock and Stock Index Futures Markets”, ACCOUNTING AND FINANCE, Vol 54 (1) (2014),pp. 251-274 (2 ABS, 2* CNRS, A Abdc).

16) With K. Kassimatis, “International equity flows, marginal conditional stochastic dominance, and diversification”, REVIEW OF QUANTITATIVE FINANCE AND ACCOUNTING, 40 (2) (2013) pp 251-271, (3 ABS, 2* CNRS, B Abdc).

17) With Y. Belghitar and S. Mefteh, “Foreign currency derivatives use and shareholder value”, INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS, 29 (2013), pp. 283–293 (3 ABS, 2* CNRS, A Abdc).

18) With K. Kassimatis, An empirical analysis of marginal conditional stochastic dominance, JOURNAL OF BANKING AND FINANCE, 36, (2012) pp 1044-1151 (3 ABS, 4* CNRS, A* Abdc).

19) With K. Kassimatis, “An alternative measure of the ‘world market portfolio’: determinants, efficiency, and information content”, JOURNAL OF INTERNATIONAL MONEY AND FINANCE, Vol 30, n° 5, (2011) pp 724-748, (3 ABS, 3*CNRS, A*Abdc). Summarized in CFA Digest, 2011.

20) With Y. Belghitar and K. Kassimatis, “The prudential effect of strategic institutional ownership on stock performance”, INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS, vol. 20(4), ‘2011) pp. 191-199, August (3ABS, 2* CNRS, A Abdc).

21) With Y. Belghitar, “The Effect of CEO Risk Appetite on Firm Volatility: An Empirical Analysis of Financial Firms, INTERNATIONAL JOURNAL OF THE ECONOMICS OF BUSINESS, Vol. 19 (2) 2012 pp 195-211 (3 ABS, 2* CNRS).

22) With O. Jokung and K. Kassimatis, “Making inefficient market indices efficient”, EUROPEAN JOURNAL OF OPERATIONAL RESEARCH, (2011, Vol. 209, pp. 83-93) (4* CNRS, 4 ABS, A* Abdc).

23)With S. Mefteh, “Asymmetric foreign currency exposures and derivatives use: Evidence from France, JOURNAL OF INTERNATIONAL FINANCIAL MANAGEMENT AND ACCOUNTING, Vol 22, n°1, 2011, pp 28-47) (2*CNRS, 2 ABS, B Abdc).

24)With S. Baccar, Pricing Default Risk with Parisian Options: Empirical Evidence from High Growth Companies, ANNALS OF FINANCIAL ECONOMICS, Vol. 5 N°1, 2009.

25) With S. Mefteh, “Foreign currency exposure and derivatives use: Evidence from France from 2002 to 2005”, BANKERS, MARKETS AND INVESTORS, vol 104, (2010) pp 21-29  (2* CNRS).

26)With S. Mefteh, “Foreign currency Derivatives Use, Firm Value and the Effect of the Exposure Profile: Evidence from France, INTERNATIONAL JOURNAL OF BUSINESS, Vol 15, n°2, (2010) pp 183-196 (C Abdc, 2* CNRS).

27) With U. Broll and E. Lukas, “Hedging mean-reverting commodities” IMA JOURNAL OF MANAGEMENT MATHEMATICS, Vol 21 (2010), pp. 19-26. (2* ABS).

28) With K. Kassimatis, “The Effect of Country Default Risk on Foreign Direct investment”, ECONOMIA INTERNAZIONALE, Vol. LXII, n° 3, (August 2009), pp. 341-361. (C Abdc).

29) With M. Gadad and P. Rousseau, “Investor Valuation of the Abandonment Option: Empirical Evidence from UK Divestitures 1985-1991”, MULTINATIONAL FINANCE JOURNAL, Vol 14, n° 3/4 (2010) pp. 291–317. (A Aus, 2* ABS).

30) With R. Tunaru, “Modelling Stochastic Political Risk for Capital Budgeting: Currency Crises”, BANQUE ET MARCHES, (July-August 2008), pp 45-56. (2* CNRS).

31) With A. Judge, “Foreign Currency Derivatives versus Foreign Currency Debt and the Hedging Premium”, EUROPEAN FINANCIAL MANAGEMENT, Vol 15, n° 3, (June 2009) pp. 606-642. (A Abdc, 3 ABS, 2*CNRS).

32) With A. Zenaidi and M. G. Trabelsi, “Capital market integration, currency crises and exchange rate regimes”, INTERNATIONAL JOURNAL OF FINANCE AND ECONOMICS, Vol 13, n°3, (2008), pp 280-306. (B Abdc, 2 ABS, 2* CNRS).

33) With A. Judge, “The Determinants of Foreign Currency Hedging: Does Foreign Currency Debt Induce a Bias?” EUROPEAN FINANCIAL MANAGEMENT, Vol 14, n°3, (June 2008), pp 445-469. (A Abdc, 3 ABS, 2*CNRS).

34) With O. Masood and R. Tunaru, “The effect of political events on the Pakistan Stock Exchange 1947-2001”, INVESTMENT MANAGEMENT AND FINANCIAL INNOVATIONS, Vol 5, n°3, (2008). (B Aus, 1 ABS).

35) With G. Lakshmi, “Asymmetric information and the pricing of sovereign Eurobond spreads”, GLOBAL FINANCE JOURNAL, Vol. 18, n°1, (2007) pp. 124-142. (B Abdc, 2 ABS).

36) With Y. Belghitar and A. Judge, “The value effects of foreign currency and interest rate hedging: the UK evidence”, INTERNATIONAL JOURNAL OF BUSINESS, Vol 13, n° 1, (2008). (C Abdc, 2* CNRS).

37) With Joshy Easaw, “Optimal Access Pricing for Natural Monopoly Networks when Costs are Sunk and Revenues are Uncertain”, EUROPEAN JOURNAL OF OPERATIONAL RESEARCH, Vol 178, n°2, (2007), pp 595-602. (A* Abdc, 4* CNRS, 4 ABS).

38) With A. Zenaidi and S. Baccar, “Market valuation of technology stocks before and after the crash”, INTERNATIONAL JOURNAL OF BUSINESS, 12 (2), (2007), pp 209-216. (C Abdc, 2* CNRS).

39) With O. Jokung, “The role of population and wealth in international capital flows”, STUDIES IN ECONOMICS AND FINANCE, Vol 23, n°.1, (2006), pp 4-12. (B Abdc, 1 ABS).

40) With O. Jokung, “General portfolio rules: Application to multivariate normal distributions”, ICFAI JOURNAL OF FINANCIAL ECONOMICS, Vol 4, n° 3, (2006), pp.7-13.

41) With A. Zenaidi and A. Hachicha, “Trading patterns and prices in the Tunisian Interbank foreign exchange market: evidence from high frequency data”, EURO-MEDITERRANEAN ECONOMICS AND FINANCE REVIEW, Vol 1, n° 1, (2006), pp 97-115.

42) With G. Lakshmi, “Are currency crises anticipated? Evidence from Mexican government guaranteed bonds 1993-1995”, INTERNATIONAL JOURNAL OF FINANCE, Vol 17, n°4, (2005). (C Abdc).

43) With A. Judge, “Motives for corporate hedging: evidence from the UK”, ANNALS OF FINANCIAL ECONOMICS, Vol 1, n° 1, (2005), pp 57-78.

44) With R. Tunaru and H. Viney, “An option pricing framework for the valuation of football players”, REVIEW OF FINANCIAL ECONOMICS, vol 14, no. 3, (2005), pp 281-295. (C Abdc, 1 ABS).

45) With K. Giannapoulos and R. Tunaru, “Portfolio selection under VaR constraints”, COMPUTATIONAL MANAGEMENT SCIENCE, Vol 2, (2005), pp 123-138.

46) With K. Kassimatis, “Country financial risk and stock market performance: the case of Latin America”, JOURNAL OF ECONOMICS AND BUSINESS, vol. 56, no. 1, (2004) pp 21-41.

47) With G. Lakshmi, “Sovereign debt and the cost of migration: India 1990-1992”, JOURNAL OF ASIAN ECONOMICS, vol. 15, no.1, January-February, (2004) pp. 111-134.

48) With R. Tunaru and M. Tan, “Cross hedging jet fuel on the Singapore spot market”, INTERNATIONAL JOURNAL OF BANKING AND FINANCE, vol. 1, no 2, (2004).

49) With G. Lakshmi, “War and emerging market default risk: the case of India and the Iraqi invasion of Kuwait”, INTERNATIONAL JOURNAL OF BUSINESS, vol. 8, no. 4, pp.395-408. (2003). (C Abdc, 2* CNRS).

50) With R. Tunaru, “Quantification of political risk with multiple dependent sources”, JOURNAL OF ECONOMICS AND FINANCE, vol. 27, no. 2, (summer 2003), pp 125-135. (B Abdc, 1 ABS).

51) With G. Mondello, “Water management in France: delegation and market based auto-regulation”, INTERNATIONAL JOURNAL OF PUBLIC ADMINISTRATION, vol. 26, no. 3, (2003) pp 317-328. (2 ABS).

52) “Strategic capital budgeting: the abandonment option with political risk”, ADVANCES IN FINANCIAL PLANNING AND FORECASTING, vol. 11, (2003) pp. 113-132.

53) With G. Mondello, “Erratum: An Introduction to Water Management”, INTERNATIONAL JOURNAL OF PUBLIC ADMINISTRATION, vol. 26, no. 13, (2003) pp. 1553-1556. (2 ABS).

54) With A. Judge, “Risk management disclosure practices of UK non-financial firms after FRS13”, FINANCE LETTERS, vol. 1, no. 2, (2003). (C Abdc).

55) With G. Lakshmi, “Controlling the risk: a case study of the Indian liquidity crisis 1990-92, JOURNAL OF INTERNATIONAL DEVELOPMENT, 14, (2002) pp. 1-14. (B Abdc, 2* CNRS, 1 ABS).

56) With R. Tunaru, “Emerging markets: investing with political risk”, MULTINATIONAL FINANCE JOURNAL, vol. 5, no. 3, (2001) pp. 155-173. (A Abdc, 2 ABS).

56) “Pricing the cost of expropriation risk”, REVIEW OF INTERNATIONAL ECONOMICS, vol. 11, (May 2003) pp. 412-422. (B Abdc, 3 ABS, 3* CNRS).

57) With P. Rousseau, “Strategic parameters for capital budgeting when abandonment value is stochastic”, APPLIED FINANCIAL ECONOMICS, 12, (2002) pp 123-130. (C Abdc, 2 ABS, 1* CNRS).

58) With M.H. Bouchet and B. Groslambert, “Revisiting the Asian financial crisis: were capital markets caught by surprise?” INTERNATIONAL JOURNAL OF FINANCE, vol. 13, n° 2 (2001). (C Abdc).

59) With A. Zenaidi, “The quantification of country risk: effects on the sovereign debt discount”, FINANCE INDIA QUARTERLY REVIEW, (September 2001) pp 805-820. (C Abdc).

60) With M. Gadad, “The option to divest as a strategic management tool”, CORPORATE FINANCE REVIEW, (november-december 2001) pp 16-20. (C Abdc, 1 ABS).

61) With G. Mondello, “Regulating natural monopolies: the case of drinking water in France”, WATER RESOURCES UPDATE,  issue no. 121, (January 2002), pp 72-78.

62) With G. Mondello, “Water management in France: delegation and irreversibility”, JOURNAL OF APPLIED ECONOMICS, vol. 3, no. 2, (November 2000) pp. 325-352. (B Abdc, 2 ABS).

63) “Agency conflict and the signalling snafu in the Mexican peso conflict of 1994”, INTERNATIONAL JOURNAL OF PUBLIC ADMINISTRATION, vol. 23, n° 5-8, (2000) pp.837-876. (2 ABS).

64) With G. Mondello, “Resource management and the mayor’s guarantee in French water  allocation”, ENVIRONMENTAL AND RESOURCE ECONOMICS, vol. 15, no. 2, (February 2000) pp. 103-113. (A Abdc, 3* CNRS, 3 ABS).

65) With O. Jokung, “Asset proportions, stochastic dominance and the 50% rule”, MANAGEMENT SCIENCE, (December, 1999) pp.1724-1737. (A* Abdc, 5* CNRS, 4* ABS).

66) With C. Adcock, “Beta lives: Some statistical perspectives on the CAPM”, EUROPEAN JOURNAL OF FINANCE,   (vol. 4, n° 3, 1999) pp. 213-224. (A Abdc, 3 ABS).

67) With A. Zenaidi, “Sovereign debt discounts and the unwillingness to pay”, FINANCE, vol. 20, no. 2, (1999) pp.185-199. (3* CNRS, C Abdc).

68) “L’effet de réunification sur le risque politique à Hong Kong”, BANQUE ET MARCHES, (July-August 1999) pp 50-55. (2* CNRS).

69) E. Clark and G. Mondello, “Institutional constraints in water management: the French case”,WATER INTERNATIONAL, (vol. 24, n° 3, 1999).

70) “Political risk in Hong Kong and Taiwan: Pricing the China factor”, JOURNAL OF ECONOMIC INTEGRATION, 13, n° 2, (1998) pp 278-293. (C Abdc, 2* CNRS).

71) With O. Jokung, “Risk aversion, wealth and international capital flows”, REVIEW OF    INTERNATIONAL ECONOMICS, 6, n° 3, (1998) pp 507-515. (B Abdc, 3 ABS, 3* CNRS).

72) With O. Jokung, “Capital budgeting, political risk and prudence”, INTERNATIONAL JOURNAL OF FINANCE, vol. 10, n° 1 (1998) pp 933-943. (C Abdc).

73) With G. Mondello, “La gestion préventive des risques et pollutions environmentales: accords  volontaires et responsabilité”, REVUE D’ECONOMIE INDUSTRIELLE, n° 83, 1er trimestre, (1998) pp.183-196. (2* CNRS).

74) “Valuing political risk as an insurance policy”, JOURNAL OF INTERNATIONAL MONEY AND FINANCE, 16,  (1997) pp. 477-490. (A* Abdc, 3* CNRS, 3 ABS).

75) “Les contrats à terme sur matières premières: Ce que les investisseurs devraient savoir”, BANQUE ET MARCHES, ( mars/avril 1996). (2* CNRS).

76) “L’évaluation du risque dans les prêts internationaux: le cas du Mexique en 1994”, ECONOMIE INTERNATIONALE, n° 64, (4ème trimestre 1995). (2* CNRS).

77) “A general international market index”, INTERNATIONAL JOURNAL OF FINANCE, vol. 7, n°    3, (1995). (C Abdc).

78) With P. Rousseau, “Bond duration with uncertain cash flows”, JOURNAL OF INTERNATIONAL SECURITIES MARKETS, (Spring, 1991).

79) “Cross border risk analysis: An application of the market value approach”, JOURNAL OF INTERNATIONAL SECURITIES MARKETS, (Autumn, 1988).

80) “Fusions et acquisitions: Stratégie et risque transnationaux”, EUREPARGNE, n° 23/24, (août-septembre, 1988).

81) “Duration as a risk management tool”, JOURNAL OF INTERNATIONAL SECURITIES MARKETS, (Spring, 1988).

82) “Le système monétaire international: liquidités privées et réserves officielles”, EUREPARGNE, 8eme année, n° 9, (September 1978).

83) “Le Problème de la mesure des liquidités internationales”, EUREPARGNE, 7eme année, n° 12, (December 1977).


  • “Contemporary China: The reunification effect on political risk in Hong Kong”, GARP RISK REVIEW, no. 10, (January/February 2003) pp 24-28.
  • “Sovereign debt default risk: quantifying the (un)willingness to pay”, WILMOTT, (Spring 2003).
  • “Country rulers: Macrometrics for country risk assessment”, GARP RISK REVIEW, no. 8, (September/October 2002) p. 36.
  • “Measuring country risk as implied volatility”, WILMOTT, (Fall 2002).
  • “Les contrats à terme sur les matières premières”, MTF HAUTE FINANCE, n° 72, (juillet/août,  1995).
  • “Applying the theory”, CAPITAL HORIZONS, (January, 1992).
  • “A market value approach to country allocation”, GLOBAL INVESTOR, (April, 1991)
  • “Maximum country debt levels”, EUROMONEY, (April, 1991).
  • “Options pricing theory and financial risk analysis”, EUROMONEY, (February, 1991).
  • “European integration, mergers, and protectionism”, EUROPEAN AFFAIRS, vol. 3, (Autumn, 1989).
  • “The debt crisis: Is there a solution?”, INTERNATIONAL CORRESPONDANT BANKER, (September , 1988).
  • “Cross border risk analysis: Ranking by the market value approach”, EUROMONEY, (September, 1988).
  • “Spain’s role in a pan-European strategy”, iCB NEWSLETTER, (August, 1988).
  • “Mergers and acquisitions: The market value approach”, iCB NEWSLETTER, (July, 1988).
  • “Chairman’s introduction: Strategy and risk in transnational mergers and acquisitions”, EUROMONEY INTERNATIONAL MERGERS AND ACQUISITIONS SEMINAR TRANSCRIPTS, (London: Euromoney Publications, 1988).
  • “All credit to efficient portfolios”, INTERNATIONAL CORRESPONDANT BANKER, (April 1988).
  • “Country risk analysis in globalized financial markets”, THE BUSINESS ECONOMIST, vol. 18, n° 4, (Autumn 1987).
  • “L’analyse du risk-pays des années 70 à la période actuelle”, REVUE BANQUE, n° 477, (November, 1987).
  • “Back to the country risk”, INTERNATIONAL CORRESPONDANT BANKER, (September 1987).
  • “Chairman’s introduction”, EUROMONEY COUNTRY RISK SEMINAR TRANSCRIPTS, (London: Euromoney Publications, June 1987).
  • “L’application de l’analyse financière au risque-pays”, DOSSIERS DE NORD-SUD EXPORT, n° 108, (September 1986).

Refereed Book Chapters

  • “A national accounting framework for assessing international country creditworthiness”, RESEARCH PAPERS IN MANAGEMENT AND BUSINESS, (Paris: ESKA, 1997).
  • With Radu Tunaru, “Les options réelles et des risques politiques multiples dépendents: une comparaison avec le modèle du risque unique”, in GESTION DES RISQUES DANS UN CADRE INTERNATIONAL, edited by Mondher Bellalah, (Paris: Economica, 2000).
  • With Radu Tunaru, “Political Risk in Taiwan: valuing the doubly stochastic China factor”, STUDIES ON GLOBAL FINANCIAL MARKETS edited by Dilip K. Ghosh and Mohamed Ariff, Greenwood Press, (2004).
  • with M. H. Bouchet and B. Groslambert, “Was the Asian crisis really a surprise?”, STUDIES ON GLOBAL FINANCIAL MARKETS (edited by Dilip K. Ghosh and Mohamed Ariff, Greenwood Press, 2004).
  • With G. Lakshmi, “The Market Reaction to Reported Country Risk in India”, Michael H. Stierle and Thomas Birringer (Eds.): ECONOMICS OF TRANSITION: THEORY, EXPERIENCES AND EU ENLARGEMENT; INFER Annual Conference 2001, Verlag für Wissenschaft und Forschung, Berlin 2001.
  • With G. Mondello, “Dynamic uncertainty and the pricing of natural monopolies: the case of urban water management “, FRONTIERS IN WATER RESOURCE ECONOMICS, Natural Resource Management and Policy, (edited by A. Dinar, P. Goetz, and D. Zilberman, Kluwer Academic Publisher, 2005).
  • “Derivative securities for country risk coverage: implied volatility swaps”, GLOBAL RISK ASSESSMENT: ISSUES, CONCEPTS AND APPLICATIONS, Book 5, (Riverside CA: Global Risk Assessments, Inc. 2003).
  • With R.Tunaru, “Political risk in Taiwan: Valuing the Doubly stochastic China Factor”, GLOBAL FINANCIAL MARKETS: ISSUES AND STRATEGIES, ed. Dilip K. Ghosh and Mohammed Ariff. (Praeger Publishers, 2004).
  • with A. Zenaidi, “Country default risk and the determinants of sovereign debt discounts”, SOVEREIGN RISK AND FINANCIAL CRISES, ed. Frenkel, A. Karmann and B. Sholtens, (Berlin: Springer-Verlag, 2004) pp. 29-50.
  • “Modelling and measuring sovereign credit risk”, THE BEST OF WILMOTT, (London: John Wiley & Sons, 2004)
  • “Measuring country risk as implied volatility”, THE BEST OF WILMOTT, (London: John Wiley & Sons, 2004)
  • “Sovereign debt default risk: quantifying the (un)willingness to pay”, THE BEST OF WILMOTT, (London: John Wiley & Sons, 2004).
  • “Foreign direct investment: the incentive to expropriate and the cost of expropriation risk”, ed. Michèle Breton, NUMERICAL METHODS IN FINANCE,(London: Kluwer Academic Publisher 2005).
  • With Y. Belghitar, “Capital Budgeting and Political Risk” CAPITAL BUDGETING VALUATION: ANALYSIS FOR TODAY’S INVESTMENT PROJECTS, ed: Kent Baker; (John Wiley & Sons 2011).
  • “Modelling and measuring the sovereign borrower’s option to default”, PROGRESS IN FINANCIAL MARKETS RESEARCH, ed: Catherine Kyrtsou and Costas Vorlow, (New York: Nova Science Publishers, 2013)
  • With R. Tunaru, “The Evolution of International Geo-Political Risk 1956-2001” in Berlemann, M. and Maltritz, D., “Financial Crises and Sovereign Risk”, (Springer, 2014).

PhD Supervision

Oussama Bader, The nature, causes and consequences of financial analysts’ forecasts in the UK, Middlesex Business School, London, September 20, 2017. 

Aruoriwo Marian Chijoke-Mgbame, The Effect of CEO Background Risks on Risk Taking and Firm Performance, Middlesex Business School, London, September 28, 2016.

Selima Baccar, Trois Essais Empiriques sur le Marché Obligataire International Privé, IHEC Carthage, Tunis, March 10, 2016.

Lin-Sheng Wu, “Foreign direct investment in Taiwan: Post 1980s”, Middlesex University Business School, London, January 24, 2014.


Thomas Pitsaris, “Occupational pension funds’ monitoring, firms’ profitability and corporate governance: The UK case”, Middlesex University, London, November 1, 2013.

Abubakr Saeed, “Do political connections matter? Empirical evidence from listed firms in Pakistan”, Middlesex University , London, February 26, 2013.

Nitin Deshmukh, “Performance of ethical investing in the UK: active, passive and criteria”, Middlesex University Business School, March 26, 2012.

Michael Osborne, “The use and meaning of all solutions (interest rates) to the time value of money equation”, January 2011.


Naaguesh Appadu, “The determinants of the interest rate exposure of corporate”, Middlesex University, July 2010.


Dinara Apiyeva, “The Determinants of Stock Market Performance in Emerging Economies: the Case of Latin America and Asia Pacific, Middlesex University, October 2, 2007.


John Thorp, Middlesex University, Sept 19, 2006, « Fixed income investment risk management : the term structure dynamics of credit risk in risky bonds ».


Melita Stephanou, Middlesex University, January 27, 2005, « The usefulness of earnings and cash flows in valuing security returns : empirical evidence for the UK, USA and France ».



Amel Zenaidi, Université de Tunis III, June 1998, “L’option réelle de défaut souverain et le marché secondaire de la dette extérieure des pays en voie de développement”.

PhD Examination

Hatem Rjiba, Essays on the determinants and implications of annual report readability, Université Paris-Est, Créteil, December 20, 2017.

Syrine Sassi, Essays on product market competition, Université Paris-Est, Créteil, December 15, 2017.


VO Dinh Tri, Essays on Enterprise Risk Management: the case of European insurance industry, Université Paris-Saclay, Paris, July 1, 2016.

Alma Sharipova, “Essays on Banking Sector Performance in the CISs”, Middlesex University Business School, London, December, 9, 2015.

Ruaa Bin Saddig, “The determinants of the financial policies: evidence from the kingdom of Saudi Arabia, School of Business Economics and Informatics, Birkbeck College, University of London, London, December 12, 2013.

Xin Zhao, “Long term risk analysis and modelling”, University of Paris 1, Pantheon-Sorbonne, France, December 2, 2013.


Mercedes Alda Garcia, “Pension funds and pension plans in Europe: Comparative performance analysis in Spain and the United Kingdom”, University of Zaragoza, Spain, July 2012.

Kristina Vasileva, Foreign direct investment: a behavioural finance approach”, Cass Business School, May 11, 2011.

Alexandros Gabrielson, “Modelling the Dynamics of Credit Spreads of European Corporate Bond Indices”, Cass University January 12, 2011.

Hayette Gatfaoui, Habilitation de Diriger des Thèses (HDR) 2010.

Duc Khuong NGUYEN, Recherche en finance des marches émergents”, Habilitation à Diriger des Thèses, HDR)U de Cergy Pontoise 2009.

Atef Hamdi,  Les performances économiques et financiers des enterprises intensives en recherché et développement, U de Cergy Pontoise, mai 2009.

Karin Ben Khediri, « L’utilisation des instruments financiers dérivés pour la gestion des risques de l’entreprise, U de Cergy Pontoise, 2008.

Abhilash S. Nair, Indian Institute of Technology, Bombay, September 2007, “Test of Conditional Capital Asset Pricing Model in Indian Stock Market: Two Alternative Approaches”.

Olivier Leyvne, University de Cergy-Pontoise, June 11, 2007, Habilitation à Diriger des Recherches.

Eric Vernier, Universite du Littoral, April 4, 2006, Habilitation à Diriger des Recherches.

Cyril Caillault, Ecole Normale Supérieure de Cachan, April 18, 2005, « Le Risque de Marché. Measures et Backtesting. Approche par les Copules Dynamiques ».

Salma Mefteh, 17 December 2004, Université de Paris-Dauphine.

Inass El Farissi, Universite de Cergy Pontoise, 17 December, 2004, «Decisions d’investissement et de financement: approche optionnelle ».

Alois Kanyinda, Université de Paris-Dauphine, 8 Octobre, 2004.

Sanah Mahfoudh,  Université du Maine, 20 November, 2003.

Yves Landry, Université de Paris V, 23 January 2003, “Contribution à l’évaluation prospective du risque pays dans le nouveau contexte international”.

Catherine Kyrtsou, Université de Montpellier I, 21 February 2002, “Hétérogénéité et chaos stochastique dans les marchés boursiers”.

Laurent Chrétien, Université de Lyon I, 1 October 2001, “Evaluation de produits financiers à barrière”.

Konstatinos Kassimatis, Middlesex University, December 1999, “Stock market development and economic growth in emerging economies”.

Ping Wang, Middlesex University, December 1999, “Econometric analysis of exchange rates in East Asia”.


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