CDM Annual Report 2010

ANNUAL REPORT 2010 _ COLLEGE OF MANAGEMENT OF TECHNOLOGY _ 1

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CONTENTS

EdiTORiAL BRidGiNG ENGiNEERiNG ANd BUSiNESS

MANAGEMENT OF TECHNOLOGY ANd ENTREPRENEURSHiP iNSTiTUTE - MTEi

SwiSS FiNANCE iNSTiTUTE - SFi@EPFL

FACTS & FiGURES

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01


EdiTORiAL

BRidGiNG ENGiNEERiNG ANd BUSiNESS

_ when the College of Management of Technology (CdM) was created in 2004, we had the vision of becoming a leading center in “Management Science″. Through the sustained and collaborative efforts of our faculty, students, and staff, we‘ve made great strides towards achieving this goal. Over the last few years, CdM has witnessed major transformations and rapid growth. Two new institutes have been created, the Management of Technology and Entrepreneurship institute (MTEi) and the Swiss Finance institute at EPFL (SFi@EPFL), leading to a substantial increase in CdM’s visibility and to major synergies among professors and teaching programs.

_ CdM’s main research themes include the areas of finance, management, economics and innovation that have close links to technology, engineering and science, and the strategy of the CdM is to build on current strengths both within CdM and at the level of EPFL. Such a College is a strong asset to EPFL, infusing the campus with more entrepreneurial orientation, cross-disciplinary research partnerships, technology transfer research and practice, and attraction of endowed chairs into all parts of EPFL.

_ CdM’s educational mission is to produce engineers who can fit in today’s business world and its challenges of technology commercialization, inno-vation and financial markets. Accordingly, we offer two highly-competitive Bologna Master Programs: the Master in Management, Technology and Entrepreneurship and the Master in Financial Engineering. The former, launched this year, has received almost 150 applications, demonstrating a high need for such a program. The latter has received 180 applications in 2010. in addition to these programs, CdM offers a highly successful PhD program in Management of Technology and one of the world’s premier PhD programs in finance. Both programs have excellent placement of students, both in industry and academia.

It is thus a pleasure to present the annual report of the College of Management of Technology, a work in progress with great progress!

Martin Vetterlidirector a.i.

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HiGHLiGHTS ANd NOTABLE ACHiEvEMENTS FOR 2010

EdUCATiON_ Launch of new Bologna Master in Management, Technology & Entrepreneurship (MTE).

Fall 2010with the development of this new curriculum, EPFL is responding to a growing demand for engineers with management skills. The program is targeted toward students with a Bachelor’s degree in science and engineering and consists of a common set of courses, two orientations (Strategy, innovation & Entrepreneurship / Supply Chain Management & Systems Modeling), and a number of electives. Students will also do a minor in their original field of studies and an internship in a company. Thus, they will acquire a high employability profile for those positions that require both a technology background and solid management skills.

CONFERENCES _ Monte Verità Conference on Knowledge in Organizations. 30 May-3 June 2010The five-day conference gathered nearly 100 participants around the important questions of how to create and share knowledge within organizations and how knowledge sharing influences the process of innovation. The interdisciplinary program comprised several lectures presented by international experts and various workshops. The conference was jointly organized between the institute of Management of Technology and Entrepreneurship at EPFL and the department of Management, Technology and Economics at ETHZ. A highlight of the conference were the keynote speeches of renown researchers given by Prof. ikujiro Nonaka from Hitotsubashi University and Prof. Richard Nelson from Columbia University.

_ 30th Annual Babson College Entrepreneurship Research Conference (BCERC). 9-12 June 2010

widely considered as the most prestigious event for entrepreneurship research, the Babson Conference provides each year an ideal venue for researchers and business representatives to exchange ideas and link theory with practice. This year, the event was hosted jointly by the institute of Management of Technology and Entrepreneurship at EPFL and iMd. it gathered more than 420 participants from about 30 nations and attracted over 700 outstanding paper abstracts. in addition to the official lectures, of which the keynote speeches of Ernesto Bertarelli (Alinghi) and Nicolas Hayek Sr. (Swatch) were absolute highlights, the conference offered also a specific program for Phd students providing them with the opportunity to interact with renowned experts in their field of study.

_ MIR Conference – Trends and Innovation in the Postal Market. 13-14 September 2010The two-day conference addressed challenges in today’s global mail market and discussed innovative approaches in the regulation of the postal sector and e-services. Jointly organized with the international Post Corporation (iPC), this event gathered around 100 delegates from the postal sector, industry and business, as well as regulatory bodies and international organizations. A highlight of the conference was the keynote address given by Jürg Bucher, CEO of Swiss Post.

_ Swissquote Conference. 28-29 October 2010with this conference on “interest Rate and Credit Risk”, the Swissquote Chair of Quantitative Finance and the Swiss Finance institute@EPFL, launched the first edition of a series of conferences showcasing the latest research results in financial research. The conference which brought together more than 160 researchers and representatives of the private sector, featured various lectures of inter-national experts in the area of interest rate and credit risk. A special guest was Jean-Pierre danthine, member of the Swiss National Bank’s Governing Board, who spoke about “Financial innovation after the Crisis”.


iNAUGURATiON OF THE EPFL-UNiL CENTER OF ExCELLENCE iN FiNANCEin August, EPFL and the University of Lausanne inaugurated a new Center of Excellence in Finance which unites the research and educational strengths of the Swiss Finance institute@EPFL and the institute of Banking and Finance at HEC (Faculté des Hautes Etudes Commerciales). This collaborative approach which also includes a strong partnership with the Swiss Finance institute opens important opportunities for developing joint initiatives and will without doubt promote the two institutes’ research excellence in finance. The inaugural session was equally attended by scientists and representatives from the banking and finance sector, including Jean-Pierre danthine (Member of the Governing Board, Swiss National Bank), Olivier Steimer (Chairman of the SFi and of the Banque Cantonale vaudoise Board) and Marc Burki (Founder and CEO of SwissQuote).

PROMOTiONSin december, Professor Marc Gruber, Head of the Entrepreneurship and Technology Commercialization Chair and formerly associate professor, has been promoted by the ETH Board to Full Professor. Marc is widely renowned for his work and publications in the areas of new venture creation, opportunity recognition and marketing of innovative technologies for which he received several prestigious awards. Specifically, he investigates the different kinds of resources and capabilities that founders bring to a new venture and how those resources and capabilities influence both their market entry decisions as well as their eventual performance. At the teaching level, Marc has designed and is directing the new Bologna compatible master program in Management, Technology and Entrepreneurship (MTE).

NEw RECRUiTMENTSin January, Professor damir Filipović, a financial mathematics and risk management specialist of worldwide repute, joined the Swiss Finance institute@EPFL as the Head of the Swissquote Chair in Quantitative Finance. damir’s research is concerned broadly with the development of standards and methods to manage financial risks. Specifically, his publications on the mathematical analysis of interest rate models have left their mark on the international scientific community.damir studied mathematics at the Swiss Federal institute of Technology in Zurich (ETHZ), where he also earned his doctorate. Prior to his assignment at EPFL, he was the Head of the vienna institute of Finance. Before that, damir was on the faculty of the University of Munich and Princeton University. He also worked for the Swiss Financial Market Supervisory Authority, and held a variety of visiting positions in Europe and the USA (University of vienna, Princeton University, Stanford University, Columbia University).

AwARdS_ Rüdiger Fahlenbrach obtained the “Banque Privée Espírito Santo Prize 2010” for his paper “Bank CEO incentives and the Credit Crisis”.

_ Marc Gruber won the “2010 Thought Leader Award” from the Entrepreneurship division of the Academy of Management in recognition of the paper “individual and Opportunity Factors influencing Job Creation in New Firms” and the “Best Paper Award on the Topic of High Technology” at the Babson College Entrepreneurship Conference 2010 for the paper titled “This deal is dead! A longitudinal study of vC decision making”.

_ Loriano Mancini received the “Outstanding international Finance Paper” award at the 46th Annual Meeting of the Eastern Finance Association in Las vegas for the publication “Liquidity in the Foreign Exchange Market: Measurement, Commonality, and Risk Premiums”.

_ Damir Filipovic won the AxA-EGRiE Prize for the paper on “Optimal investment and premium policies under risk shifting and solvency regulation” presented the world Risk and insurance Economics Congress in Singapore (2010)

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02


THE MANAGEMENT OF TECHNOLOGY ANd ENTREPRENEURSHiP iNSTiTUTE (MTEi)

_ Fuelled by intensified global competition, the realization that a firm’s sustai-nable competitive advantage heavily relies on its ability to offer innovative goods and services, and the realization that new firms are instrumental for creating new wealth and employment opportunities in national economies, the topics of Entrepreneurship and Technology/innovation Management have become core areas for research and teaching within the management discipline over the last two decades.

_ while the topics of Entrepreneurship and Technology/innovation have gene-rally moved closer to the core of the management and economics area, we view them as particularly important areas for a college of management of technology that is located at a technological school. Given its strong scientific base, EPFL is ideally suited for research and teaching activities in entrepreneurship, supply chain management, operations management, strategy, and innovation mana-gement. These areas provide a unique platform from which to unlock synergies between the entrepreneurship, innovation management and technology areas.

_ in addition, the MTE institute serves an important role in expanding the horizons of EPFL students and faculty, specifically serving as a complement to the science and technology curriculum, as well as fostering a climate of entrepre-neurship and innovation on campus.

_ we envision the MTEi to be a worldwide leader in research and teaching in Management of Technology and Entrepreneurship, and aim to become an in-ternationally-acknowledged pole of excellence in these fields.

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MATTHiAS FiNGERFull [email protected] industries, Regulation, Governance, infrastructures, Privatization

dOMiNiQUE FORAYFull [email protected] of innovation, Science & Technology indicators, Technology Policy, innovation & development, Knowledge Economy

MARC GRUBERFull [email protected], Business Opportunity identification, Technology Commercialization, venture Capital

PiERRE ROSSELsEnior [email protected] dynamics, Early detection Methods, Futures Studies, iCT Performance Measurement, eGovernance Futures

RALF SEiFERTAssociATE ProFEssor (50% EPFl, 50% iMD)[email protected] & Operations Management, Technology-Based Enterprises, New Product introductions, Operation & Supply Chain Management, Management of Technology Standards

CHRiSTOPHER TUCCiFull [email protected] Strategy, internet Strategy, Networks & innovation, Corporate Governance & innovation, Entrepreneurship & Corporate venture Capital, Alliances & External innovation


RESEARCHERS OF MTEi

rEsEArch AssociATE

dr. Myrna Flores Pineda (95%) dr. Niki Hynesdr. Stephane Lhuillery (50%)dr. vareska van de vrande (20%)

PhD sTuDEnTs

Farah AbdallahStefano BarrufaldiJoana Comas Nicolas CrettenandGeorgeta GeambasuMelvin HaasOlov isakssonEva Lieberherr (jointly with Eawag)Argyro KatsifouMarianna Marinoviviana Munoz vincent Nassar Tilo Peters daniel SeifertMarkus SimethJana ThielAndreas von vangerow Peter vogelAriel Zeballos

PosTDocTorAl FEllows

dr. Marc Laperrouzadr. Carina Lomberg dr. Julio Raffodr. Jean-Sébastien Tancrez

ExTErnAl PhD sTuDEnTs

Bernard Calisti, EM LyonChristof duthaler, SwissgridAnne Greinus, Swiss Federal Office of TransportShameem Hasan, Bank of AmericaEva Läderach, Swiss PostMartin Maegli, Swiss PostMohamad Mahfouz, Microsoftvittorio MischiGianluca Misuraca, iPTS-SevillaBastian Schwark, McKinseyJeannine SrivastavaAndrea Stucki, Swiss PostSharon Tal’itzkovich, Technion - israel institute of TechnologyJames Thompson, wharton School, University of PennsylvaniaLuis Treviño, Cemex

ANU wAdHwAAssisTAnT [email protected] Entrepreneurship, innovation, Alliances & Networks, Emerging industries, New ventures

PHiLiPPE wiESERADjuncT [email protected] Management, Supply Chain, Health Supply Chain, Logistics, Optimization

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2.1 RESEARCH

MATTHiAS FiNGERFull ProFEssor, lA PosTE chAir oF MAnAgEMEnT oF nETwork inDusTriEs & E-goVErnAncE Mir

RESEARCH SUMMARYThe Chair MiR studies and provides competences in the following research areas:The co-evolution between institutions and technology in the different network industries: Analysis between a given state of technology, a state of institutional governance and the performance of these infrastructures.The governance of technological system, focusing on the infrastructures: determination of efficient, effective, and legitimate governance (public, private, third sector) by identifying the most relevant actors, as well as their optimal relationships. The economic regulation of the network industries in the sectors of telecommunications, postal services, transport, energy, and water.Firm behavior and strategy under regulation: development of regulated companies and their infrastructures and how they develop their so-called non-market strategies aimed at shaping their regulatory environment.

OTHER ACTiviTiES_ directorship of two MTEi Executive Programs (e-governance & international Postal Management)_ Member of the Editorial Board:

_ “Competition and Regulation in Network industries” Journal_ “Network industries” Newsletter (trimestrial)

ORGANiZATiON OF wORKSHOPS, TRAiNiNG, CONFERENCES_ “Transformation of the Postal industry” Management Trainings for directors of india Post,

Lausanne, January-February 2010_ “Politics and Posts – relations and roles in the future?”. UPU (Universal Postal Union). Berne, April 2010_ “European Railway Regulatory Forum”. Florence School of Regulation. Florence, April 2010_ “1st international Conference on Trends and innovation for the Postal Market”. Lausanne,

September 2010_ “European Air Transport Regulation Forum”. Florence School of Regulation. Florence, October 2010_ “information security and privacy”. 3-day short course, EPFL Middle East. Ras Al-Khaimah,

October 2010_ “Facing the Challenges of the Postal industry”, Management Training with the international Post

Corporation. Brussels, November 2010_ “1st Florence workshop on Rail Transport Regulation: Aims, Models and Powers of Rail Regulators”.

Florence School of Regulation. Florence, November 2010_ “Competition and Regulation in Network industries”. 3rd Annual Conference. Brussels,

November 2010_ “innovation Management in the postal industry”, Training Program for the Ministry of information

and Communication of vietnam. Hanoi, december 2010.

GRANTS_ EU Grant “dG Energy Think Tank (THiNK)”, 2009-2011_ SNSF Grant “Performance and Transformation of Governance and Organization in

the water Sector: A Comparison of Switzerland, Germany and Great Britain”, 2009-2012_ SNSF Grant “Operations and Maturity Model for Customs Risk Management”, 2008-2011_ SBB Research Grant “Governance of Competition in the Swiss Railway Sector”, 2010-2011

MANdATES_ Member of the Swiss Federal Electricity Commission (ElCom)_ director of the Florence School of Regulation - Transport Area


dOMiNiQUE FORAYFull ProFEssor, EconoMics & MAnAgEMEnT oF innoVATion cEMi

RESEARCH SUMMARYAs a research team CEMi strongly believes that effective measures for the promotion of long term economic growth and development through innovation should be based on our understanding of how innovation is generated, distributed and exploited by several actors in the economy. we hope that our research can shed some light on the various aspects of the economics of innovation both in advanced and less developed economies. CEMi is organizing a research platform (access to relevant databases) that facilitates constructive policy discussion on issues related to science, technology and innovation.

OTHER ACTiviTiES_ Co-Organisator of the Conference “Knowledge in Organizations”, Centro Stefano Franscini

at Monte verita, Ascona (in collaboration with Prof. Georg von Krogh, ETHZ)_ Organisation of the seminar “The need for a new generation of policy instruments to respond

to the Grand Policy Challenges” at swissnex Boston

GRANTS_ SNSF Grant to organize the workshop: “The need for a new generation of policy instruments

to respond to the Grand Policy Challenges”, May 2011_ ETHZ Grant to organize the Monte verita conference “Knowledge in Organizations”, May 2010

CONSULTANCiES, MANdATES_ Member of the High-Level Panel to advise the European Commission on the Measurement

of innovation_ Member of the UN Economic Commission for Europe on innovation and Competitiveness_ Member of the SNSF Research Council (division iv)_ Member of the Advisory Board of the Swiss Economic institute (KOF-ETHZ)_ Member of the Global Agenda Council on innovation (world Economic Forum)

MARC GRUBERFull ProFEssor, EnTrEPrEnEurshiP & TEchnology coMMErciAlizATion EnTc

RESEARCH SUMMARYdrawing on theoretical lenses offered by the organizational, entrepreneurship and behavioral decision making literatures, ENTC researchers are engaged in several interrelated research activities in the field of entrepreneurship and technology commercialization, for example:_ Entrepreneurial Opportunity identification _ Entrepreneurship by the Unemployed _ Market Opportunity identification for innovative Technologies_ venture Capital decision Making_ inventive Behavior and the Scope of PatentsOur research is mainly empirical, using unique large-scale quantitative data sets. For instance, in one of the projects named above, Marc Gruber is currently analyzing more than 35000 patents of more than 2000 inventors and their teams in order to understand how the knowledge and experience endowments of inventors shape their inventive output (joint research with scholars from the University of Munich). One of the research highlights of 2010 was a study conducted together with Emmanuelle Fauchart and the support of the AiSTS EPFL on the identities of entrepreneurs and the influence of their

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distinct identities on entrepreneurial decision making. This study was the first to link entrepre-neurship theory with fundamental, long-standing insights in philosophy (“what it means to be a human being”) and thus can provide key new insights on the behaviors and actions of entrepreneurs.

OTHER ACTiviTiES_ director of the MTE Section _ development and launch of new Bologna-compatible master program “Management,

Technology & Entrepreneurship”_ Co-Organizer of the 30th Babson College Entrepreneurship Research Conference (BCERC)

held at EPFL from 9-12 June 2010. Co-director of the BCERC doctoral Consortium._ Member of the Editorial Board:

_ “Academy of Management Journal (AMJ)”_ “Entrepreneurship Theory & Practice (ETP)”_ “Journal of Business venturing”

_ Adjunct Senior Teaching Fellow at the Technion - israel institute of Technology, Haifa (israel)_ Lecturer in the Entrepreneurship doctoral Program of the Academy of Management Conference

GRANTS_ SNFS Grant to study Entrepreneurship & the Unemployed_ Kauffman Foundation Grant to study Entrepreneurship and the Unemployed_ Swiss Government Funding to study Entrepreneurship and the Unemployed

AwARdS_ “Babson College irene M. McCarthy Award” for the best paper on the topic of high technology:

Gruber, M. & J. Petty (2010). in Pursuit of the “Real deal” – a Longitudinal Study of vC decision Making. Journal of Business venturing, in print.

_ “Thought Leader Award” from the Entrepreneurship division of the Academy of Management in recognition of the paper: dencker, J., Gruber, M. & S. Shah (2009). individual and Opportunity Factors influencing Job Creation in New Firms, 52 (6), 1125-1147

CONSULTANCiES_ Mentoring of various start-ups at EPFL (pro bono)

dR. PiERRE ROSSELsEnior sciEnTisT

RESEARCH SUMMARYPierre Rossel has developed a full-fledged teaching and research activity in three complementary areas:_ Future studies: Methodological intricacies of early detection issues regarding key innovation

stakes and options (including radical or disruptive ones) and corporate and public policy arenas, targeting in particular the short and medium term horizons.

_ Emerging technological innovations in the domain of information Society technologies, namely wireless standards, mobile applications and most promising eGov applications domains.

_ Technological cluster management. The objective is to launch a multi-institute and multi-university project on the anchor theory and its seminal explanatory role for technological cluster management.

OTHER ACTiviTiESBoard Member of the committee organizing the international FuMee workshops on “New Methods in Foresight”

RESEARCH


RALF SEiFERT (50%)AssociATE ProFEssor, TEchnology & oPErATions MAnAgEMEnT ToM

RESEARCH SUMMARYTOM’s research activities span three core domains:supply chain strategy: This research stream explicitly targets quantitative analysis of key decision-making tradeoffs at the intersection of supply chain management (SCM) and channel management, SCM and product portfolio management as well as SCM and corporate sustainability programs. it includes the optimization of a company’s manufacturing footprint and the placement of inventory in different sales channels. while predominately focused on identifying key decision variables and quantifying the potential for supply chain optimization, we also engage in scenario planning and the discussion of managerial implications. Field-based case studies complement the quantitative models, exemplify practical approaches and facilitate the transfer into the teaching offering.supply chain Finance: This research stream focuses on the interrelation of operational and financial performance measures as well as the importance of supply chain finance, broadly defined. we apply mathematical modeling and computer simulation to study the role of working capital management in supply chains. we analyze and quantify the impact of varying payment terms, the differences in the cost of capital and the effect of supply disruptions on supply chain networks. At the same time, we use database analysis and practitioner surveys to study the use of trade credit and the implemen-tation of supply chain finance solutions in practice across different sectors.Technology Management and Entrepreneurship: in this research stream we examine technology management and entrepreneurship from both a theoretical as well as from a practical perspective. we study de-facto standardization processes using mathematical models for the adoption dynamics of networked technologies. while not a new phenomenon as such, we incorporated a consumer choice model and explicitly take into account the role converters.

OTHER ACTiviTiES_ Professor in Operations Management at iMd international (50% appointment). Supervision of

international projects and engagement in a variety of company-specific and open-enrolment teaching programs.

_ director of the “Mastering Technology Enterprise (MTE)” Program _ Associate Editor: “international Commerce Review”_ Member of the Editorial Board: “Production & Operations Management”

CHRiSTOPHER TUCCiFull ProFEssor, corPorATE sTrATEgy & innoVATion csi

RESEARCH SUMMARYCSi’s research is in the general area of technology strategy, which means the long-term management of technological resources of the firm for competitive advantage. within this broad area, Prof. Tucci has been working on a more specific topic: incumbent innovation in the context of the value network/supply chain. in this more specific topic, his research is focused on three interrelated themes:_ Technological entry, product development and “creative destruction”_ Alliances and “open innovation” within the value network _ internet strategy of entrants and incumbents

OTHER ACTiviTiES_ delegation to iTT Madras, Chennai, india_ Editorial Board, Organization Science_ department Editor, iEEE Transactions on Engineering Management

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_ Associate Editor, Electronic Commerce Research_ Guest Editor, Journal of Product innovation Management_ invited professor, ENPC, Paris, France_ invited professor, Finmeccanica, FHiNK

GRANTS _ vale: Corporate Research project_ EU Grant: Lean Product & Process development (LeanPPd)_ Nano Tera: Research Grant (Nano-Tera Community development)

ANU wAdHwAAssisTAnT ProFEssor, corPorATE rEnEwAl & EnTrEPrEnEuriAl sTrATEgiEs in TEchnology cET

RESEARCH SUMMARYOur primary research interests are located at the intersection of management of technology, strategic management and entrepreneurship. The common theme underlying these research areas addresses a key challenge confronting firms in high technology contexts - how can technology-based firms successfully create new knowledge and sustain continuous innovation? This is an important issue to focus on especially in technological landscapes where continuous knowledge creation and innovation have become imperatives for growth and competitive advantage. we draw upon a variety of theoretical lenses, including strategy and economics, in order to examine the above questions at multiple levels of analysis. Empirically, we combine qualitative fieldwork with quantitative analysis on large-sample data. Our research can be classified broadly under three inter-related research streams:_ dynamics of corporate entrepreneurship, open innovation, and the subsequent impact on

organizations in fast-moving high-technology industries._ impact of different types of inter-organizational relationships – alliances, minority equity investments

and acquisitions - on organizations. _ Evolution of High-Tech Entrepreneurial ventures.New projects were initiated on vC investments in the emerging clean energy sector and on the unintended consequences of organizational knowledge protection mechanisms for firms engaging in external innovation.

OTHER ACTiviTiES_ Organizer of Caucus: “venture Capital investments in the Emerging Cleantech Sector: An Act of

Passion or Another Bubble in-The-Making?”, 2010 Academy of Management (AoM) Annual Meeting, Montréal, Canada

_ Organizer of the Junior Faculty Consortium, Technology and innovation Management (TiM) division, 2010 Academy of Management (AoM) Annual Meeting, Montréal, Canada

_ Elected Representative-at-large to the Leadership Team of the Technology and innovation Management (TiM) division of the Academy of Management (AoM) for 2008-2010

_ Member of the Editorial Board of the “European Management Review (EMR)”

RESEARCH


PHiLiPPE wiESERADjuncT ProFEssor, logisTics, EconoMy & MAnAgEMEnT lEM

RESEARCH SUMMARYResearch activities include:_ Analysis, design and implementation of logistical systems (for both goods and persons) _ development of tools and methods for the management of logistical systems in particular with

a view of integrating the value chain (such as performance indicators)_ Global supply chain management and sustainable development_ Project management, risk evaluation and resilience_ Analysis, design and optimization of global health management and health supply chain_ information systems applied to health organization

Our activities are carried out in close collaboration with the international institute for the Management of Logistics (iML).

OTHER ACTiviTiES_ director of the Executive Master in “Global Supply Chain Management”_ Organizer of the Conference “Forum Suisse de Logistique 2010: du transfert au partage de données”_ iML Paris, Specialized Master. “Conception et optimisation des supply chains globales”, module

“Prévision et gestion de la demande”_ ENPC, Ecole des Ponts ParisTech, responsible and teacher of the module Master “Conception et

exploitation des systèmes logistiques et de transport“_ Université Lausanne, Master course “Management de projet et logistique appliquée au sport“_ EM Strasbourg, EMBA - Management hospitalier et des structures de santé_ AiSTS, Logistic Module_ EHTP, Ecole Hassania des Travaux Publics, Casablanca, Specialized Master in “Management logistique“

COLLABORATiONS & NETwORKS_ PEAK, Purchasing European Alliance for Knowledge_ GS1 Suisse, Committee Member Romand, member of the Executive office_ GiSEH, conference on engineering in hospitals, permanent member of the committee _ director Committee Member of the “Transportation Center EPFL” _ Committee Member of the SMP (Société suisse de Management de Projets)

CONSULTANCiES, MANdATES_ HUG, Hôpitaux universitaires de Genève_ CHUv, Centre Hospitalier Universitaire vaudois_ SSP, Service de la Santé Public du canton du valais_ Committee member of infoMed & of the iS EMS/CMS, direction council

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2.2 EdUCATiON

MASTER MTE

dESCRiPTiONThe Management, Technology and Entrepreneurship (MTE) master has been launched in the fall of 2010 as a Bologna Master. This program provides engineers with solid knowledge about the field of management, allows them to nurture an entrepreneurial mindset and to build a stronger and more flexible career path. More specifically, the MTE program offers fundamental training in Accounting, Quantitative Methods, Finance, Human Resource Management, Economics, as well as a specialization either in “Strategy, innovation & Entrepreneurship” or in “Operations Management & Systems Modeling”. Students also continue the education in their original technological field through a “disciplinary minor”.

STRUCTUREThe program lasts two years and requires students to obtain 120 ECTS credits, including three semesters of coursework followed by a master project. The master project accounts for 30 ECTS credits. it is undertaken after the completion of the 90 ECTS credits of the master cycle and must be carried out as part of a 6 months internship in the industry. The Master program provides students with rigorous theoretical knowledge and practical, hands-on business know-how and capabilities. The program has several unique features which will allow them to:_ Acquire fundamental quantitative management skills and capabilities in a set of core courses

(26 credits)_ Choose between two orientations in order to deepen their knowledge in their main domain of

interest (20 credits):_ Strategy, innovation & Entrepreneurship_ Operations Management & Systems Modeling

_ Acquire additional expertise in their original technological domain of the Bachelor (“disciplinary Minor” - 30 credits)

_ Round-off their coursework by choosing among an appealing set of elective courses (12 credits)_ Get hands-on practical experience during their master thesis which is carried out during an

internship in a company, a public organization, at EPFL or in an equivalent university institute_ Receive valuable advice from their industry mentor, who will be accessible to them from

the beginning of their master studies.

Besides this, the section MTE offers a Minor in Management of Technology, which is a complement to the engineering education. The Minor MTE is proposed to students with a Bachelor (180 credits) and who have started their Master’s studies at EPFL in another section than MTE.

OBJECTivESMTE graduates will be able to use their skills in the high-tech and industrial sectors, as well as in financial or consulting firms, to design and implement industrial and technological projects, and to develop the processes and institutional contexts needed to innovate.


RECENT dEvELOPMENTSThe MTE section has experienced significant growth over the past few years in terms of master student applications and minor students. The strong growth in the number of students has led to a significant increase in class sizes.

Beyond its teaching offering, MTE has introduced a successful Mentor Program for its master students. This program has been designed to provide master students with additional insights on work life and has been received with enthusiasm, both by the students as well as the mentors (who are all EPFL Alumni). The MTE Mentor Program may serve as a role model for other sections at EPFL not only due to its goal to link students with practice, but also that it provides a “feed-in” to the internship program.Furthermore, the MTE section is developing a professional Alumni Network that will facilitate the recruitment of mentors and internships in the coming years.

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EdUCATiON

* The MTE is a Bologna Master since the academic year 2010/11. Before that, the MTE was proposed as complement to another master.

REGiSTREd STUdENTS - MTE MASTER

MTE 2008/09 MTE 2009/10 MTE 2010/11 (BolognA MAsTEr)*

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64

APPLiEd AdMiTTEd ENROLLEd ExCHANGE STUdENTS MiNOR MTEENROLLEd

94

142

2733

27

916

1215

2317

83

110

122




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MASTER PROJECTS 2009-2010

FIRST nAME nAME MTE MASTER PROJECT TITLE

1 Sergio Klinke State of the Art of Lean Thinking implementation & Measurement in the Product development - with a focus on the Balanced Scorecard Tool

2 Jaudat Mamoon The Accuracy Assessment of Technology Forecasts for Telecommunications

3 Sebastien Mariey Maîtrise d’un projet de démolition d’un bâtiment à caractère d’installation nucléaire de base

4 Abhik Mukherjee Asia Go to Market: identification, sizing and execution

5 Ana Paragis innovation Metric System for Postal Operators

6 Susana Quintana Contreras Key Performance indicators for Corporate Real Estate Porfolio Management: a reference framework to assess and compare different building and maintenance schemes from financial and operational perspective

7 Julien Ramboz SfS CAS Tool Feasibility StudySystemic Enterprise Architecture Methodology for Service Level Requirements Management Computer Assisted design Tool Feasibility Study

8 Mirna isabe Saravia Transfer of Technology: The Link between the dTiS and the Climate Change

9 Seyed Hanif Tabatabaee Benchmarking of a Client Airline


LiST OF COURSES & NUMBER OF STUdENTS REGiSTEREd PER CLASS FOR THE ACAdEMiC YEAR 2009/2010

COURSE TITLE TAUGHT BY nR REGISTRED STUDEnTS CREDITS

1 Analyse sectorielle diane Poulin 52 52 Comportement organisationnel Catherine Monnin 46 53 Corporate and business strategy Anu wadhwa 51 54 Early detection of technological innovation potential Pierre Rossel 53 5

5 Economics and Management of innovation in LS&T Fariba Hashemi, dominique Foray & Christopher Tucci

64 4

6 Economie d’innovation dominique Foray & intan Hamdan Livramento

26 5

7 Entrepreneurship (Autumn) Carina Lomberg 33 58 Entrepreneurship (Spring) Carina Lomberg 55 49 Entrepreneurship and emerging economies

(course)Myrna Flores Pineda 20 2

10 Entrepreneurship and emerging economies (practical project / trip)

Myrna Flores Pineda 14 1

11 Financial & managerial accounting Corinne Poutrain-Chabanon 24 612 Gestion des réseaux d’entreprise & supply

chain managementRémy Glardon, Max Hongler & Philippe wieser

38 3

13 High-tech marketing Jean Micol 24 514 information technology and e-business strategy Christopher Tucci 42 515 instruments de gestion économique et financière Pierre-André Jaccard 60 516 international negotiation Barbara Boldt 70 517 introduction à la finance et à la comptabilité Pierre-André Jaccard 69 518 introduction to finance Rüdiger Fahlenbrach 64 619 Logistique et analyse prévisionnelle Philippe wieser 91 520 Management de projet Philippe wieser 125 521 Management qualité Michel Jaccard 17 322 Managing multicultural teams Barbara Boldt 37 523 Marketing, innovation, and new product

developmentBoris durisin 53 5

24 Micro-économie Jan Alexander Mack 36 525 Practical business law Frédéric Rochat 43 526 Supply chain management Ralf Seifert 18 327 Technology strategy and entrepreneurship

in corporationsAnu wadhwa 21 5

AVERAGE nO OF STUDEnTS PER MTE CLASS

46.1

22 _

dOCTORAL SCHOOL EdMT

dESCRiPTiON & OBJECTivESThe main goal of EdMT is to increase and assess the student’s command of the field of Management of Technology and to improve and evaluate his or her potential to complete a high-quality thesis in a timely manner.

EdMT aims primarily at supporting acquisition of competences and skills. The students must complete specified course work in a quite broad domain – management of technology – which is an applied research field based on various academic disciplines (economics, management, operation research, political science).

RECENT dEvELOPMENTSin 2010, the program has experienced major developments and changes involving the increase of credit requirements (up to 30); the implementation of core courses (all students have to take some common specific courses during their first year for an equivalent of 16 credits); beyond these core courses, the students have the option to choose one among 3 course tracks (supply chain & operation research; management and entrepreneurship; economics and technology policy); finally there is now only one entry in the calendar (September) for the beginners. The hope is that all these changes will help to build a strong community of young scholars working in the field and to improve the efficiency and transparency of our procedures and operations.

various initiatives have been taken by the students themselves to improve the “team spirit” of the group and are strongly appreciated by EdMT’s direction and we are also proud to support the development of the Swiss Society of innovation and Entrepreneurship (swissSiER) which is an initiative of EdMT students spreading over the whole Swiss Universities and Polytechnics.

EdUCATiON


PHd GRAdUATES iN 2010

PhD grADuATEFarah Abdallah

suPErVisorsMatthias FingerAnu wadhwa

PhD grADuATEdenis Bednyagin

suPErVisorsdominique ForayEdgar Gnansounou

PhD grADuATEdaniel Seifert

suPErVisor Ralf Seifert

ThEsis TiTlE Co-opetition: Collaborating with your Rivals in Standards Setting Organizations

ThEsis TiTlE Socio-Economic Assessment of Fusion Energy Research, development, demonstration & deployment Programme

ThEsis TiTlE Collaborative working Capital Management in Supply Networks

inTErnAl sTuDEnTs ExTErnAl sTuDEnTs

2007 2008 2009 2010

40

35

30

25

20

15

10

5

0



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5

8 11

23

912

267

EdMT dOCTORAL STUdENTS

24 _

EdUCATiON

COURSE PROFESSOR CREDITS nR PARTICIPAnTS

1 Entrepreneurial Opportunity identification & Exploitation

Marc Gruber 4 21

2 European Research Area Myrna Flores & Patrick Furrer 2 293 Topics in Econ. Of innovation in Life Science

& Technology 2 8

4 venturechallenge@epfl Christopher Tucci, Marc Gruber, Anu wadhwa & Jean Micol

2 2

5 Organization design for innovation, Tech. & Prod. development

Jay Galbraith 2 19

6 Advanced Topics in Mathematical Finance Jaksa Cvitanic 3 87 Mathematical Models in Supply Chain

ManagementRalf Seifert 2 7

8 Qualitative Methods Matthias Finger 2 139 Corporate Foresight Pierre Rossel 2 710 Engaged Scholarship Ron Sanchez 4 1211 Managerial decision-Making Ron Sanchez 2 2312 integrated Risk Management dimitris Chorafas 2 2213 Advances in Econ. Of innovation

& decision MakingFariba Hashemi 2 15

14 Using secondary data in OM research vinod Singhal 1 715 Research Methods in Organizations Niki Hynes & Christopher Tucci 2 1316 data Analysis in Management Research Andrew King 2 2317 Theoretical Foundations of Entrepreneurship Anu wadhwa & Michael Ensley 2 518 Publishing in Management, Technology

and innovationdominique Foray 1 4

19 Theory development in Corporate Strategy & Technology inn.

Allan Afuah 2 21

AVERAGE nUMBER OF PARTICIPAnTS

13.63

LiST OF COURSES & NUMBER OF STUdENTS REGiSTEREd PER CLASS


ExECUTivE MASTER PROGRAMS

MASTERiNG TECHNOLOGY ENTERPRiSE MTE

_ name of Academic Partner Institutes_ ETH Zurich_ iMd

_ Objectives_ Prepares technically trained managers from technology- or knowledge-based industries

to be company leaders_ Gives the participants a deeper understanding of the business functions, processes

and challenges facing the technology enterprise_ Help them grow personally, develop their leadership potential, boost their self-confidence

and show them how to use cutting-edge management tools to lead organizational change

_ Target AudienceTechnical managers with typically 8 to 15 years of professional experience in R&d, science, engineering, manufacturing, technical sales or iT. Most participants are in their mid-30s to mid-40s.

_ Duration6 weeks (2 modules of 3 weeks each)

_ Start dateJanuary 18, 2010

_ Tuition FeeCHF 38 000.- (excludes accommodation)

_ Graduates 2010The MTE program graduated 29 participants. The average participant age was 43 years, business experience ranged from 8 to 28 years and about half of the participants held a Phd degree in a technical domain. The 2010 group span 13 nationalities and represented 21 companies in a variety of different industries.

ProgrAM DirEcTorProf. Ralf Seifert

www.imd.ch/mte

26 _

ExECUTivE MASTER iN iNTERNATiONAL POSTAL MANAGEMENT

_ name of Academic Partner Institutes_ Schulich School of Business of York University in Toronto_ victoria University in Melbourne

_ Objectives_ Build and refresh business fundamentals_ develop an in-depth understanding of the particularities of the postal sector

and other related industries_ Acquire business tools and leadership skills and apply them immediately _ Profit from the experience of highly qualified international classmates_ Learn from business leaders as from first-class professors_ Build an international network of contacts

_ Target AudienceMotivated and high-performing managers of postal operators, regulators, or suppliers with at least 5-15 years of business experience who are willing to share their knowledge and aim to become leaders in the postal industry.

_ Duration15 months

_ Start date18 January 2010

_ Tuition fee29’000 CHF

_ Graduates 20108 graduates representing different nationalities (Switzerland, The Netherlands, Rwanda, Nigeria and Brazil)

ProgrAM DirEcTorProf. Matthias Finger

http://postal-management.epfl.ch

EdUCATiON


ExECUTivE MASTER iN E-GOvERNANCE

_ name of Academic Partner Institutes_ Universidad Cristobal Colon (Mexico)_ National University of Rwanda (Rwanda)_ United Nations University (iiST) (Macau, China)_ Asian institute of Technology (Thailand)_ Anna University (india)_ e-Governance Academy (Estonia)_ EPFL Middle East (Ras Al-Khaimah)

_ Objectives_ describe and apply concepts of e-Governance_ Lead successful e-Governance projects using modern and appropriate tools_ Plan strategically and evaluate projects related to e-Government_ Understand the role of iCTs as a development tool_ deliver government services online efficiently_ Elaborate a successful public sector modernization thanks to iCTs_ develop state of the art e-Governance policies

_ Target audienceParticipants must have at least 5 years of relevant experience and already have a degree. Average age is 38. Professional background may vary; participants typically are from the public sector, NGOs or are consultants with a background in iT or administration.

_ Duration15 months

_ Start dateMay 31 2010

_ Tuition Fee20’000 CHF

_ Graduates 20107 graduates representing different nationalities (Rwanda, St-Kitts and Nevis, Haiti, Poland, ivory Coast, and Nepal)

ProgrAM DirEcTorProf. Matthias Finger

http://egov.epfl.ch

28 _

ExECUTivE MBA iN MANAGEMENT OF TECHNOLOGY - MOT

_ name of Academic Partner Institutes_ UNiL-HEC_ University of Peking _ China European international Business School (CEiBS), Shanghai

_ Objectives_ To develop and stimulate entrepreneurship and intrapreneurship competencies;_ To ensure success in innovation by fostering a multidisciplinary approach for the conception,

production and commercialization of products or services;_ To provide insights into the constraints and interactions within the technological, business,

social and international environments

_ Target audienceUniversity graduates in Business/Humanities on one hand and in Engineering/Natural and Bio/Med Sciences on the other hand; people with professional experience (normally at least 5 years, unless already entrepreneurial) who wish to boost their career potential through a multidisciplinary approach, and who are especially motivated by entrepreneurship and the management of innovation projects.

_ Duration15 months

_ Start dateSeptember 1

_ Tuition FeeCHF 30‘000

_ Graduates 201031 graduates representing different nationalities (italy, denmark, Belgium, Spain, France, Germany, Great Britain, from Canada, india, Australia, Russia, Trinidad/Tobago

ProgrAM DirEcTorJean Micol

http://mot.epfl.ch

EdUCATiON


ExECUTivE MASTER iN GLOBAL SUPPLY CHAiN MANAGEMENT

_ Academic Partner Institutes_ iML - international institute for the Management of Logistics_ Ecole des Ponts ParisTech (ENPC)

_ ObjectivesTo provide participants with the know-how, the competence and confidence necessary for the planning and implementation of logistical and supply chain projects at the strategic as well as the operational levels

_ Target AudienceExecutives and future executives specifically interested in supply chain management; some previous experience at executive level is required

_ Duration1 year full time (theoretical part: 25 weeks + internship of minimum 20 weeks)

_ Start dateTwo sessions per year: Lausanne in English (from January to december) Paris in French (from September to February)

_ Tuition feeLausanne: 17’000 CHFParis: 13’000€ students / 15’000 € companies

_ Graduates 201021 graduates representing different nationalities

ProgrAM DirEcTorProf. Philippe wieser

http://iml.epfl.ch

30 _

REFEREEd PUBLiCATiONS_ Finger, M. (2010). what Role for Government in E-Government? (2010). Journal of E-Governance,

33 (4), 197-202._ Foray, d. (2010). A Primer on Patent and innovation. international Management, 14 (3): 19-28._ Foray, d. & S. Lhuillery (2010). Structural Changes in industrial R&d in Europe and the US:

Towards a New Model? Science and Public Policy, 37 (6): 401-412._ Gruber, M. (2010). Exploring the Origins of Organizational Paths: Empirical Evidence from Newly

Founded Firms. Journal of Management, 36 (5): 1143-1167._ Gruber, M., Brinckmann, J. & S.M. Kim (2010). How Experience Shapes the Subjective Evaluation

of Opportunities. Frontiers of Entrepreneurship Research. Proceedings of the 30th Annual Entrepreneurship Research Conference.

_ Gruber, M. & E. Fauchart (2010). darwinians, Communitarians and Missionaries: The Role of Founder identity in Entrepreneurship. Academy of Management Journal, forthcoming.

_ Gruber, M., Heinemann, F., Brettel, M. & S. Hungeling (2010). Configurations of Resources & Capabilities and their Performance implications: An Exploratory Study on Technology ventures. Strategic Management Journal, 31 (12): 1337-1356.

_ Gruber, M., MacMillan, i.C. & J.d. Thompson (2010). From Minds to Markets: How Human Capital Endowments Shape Market Opportunity identification of Technology Start-Ups. Journal of Management, forthcoming.

_ Gruber, M. & J. Petty (2010). in Pursuit of the “Real deal” – a Longitudinal Study of vC decision Making. Journal of Business venturing, forthcoming.

_ Maegli, M., Jaag, C. & M. Finger (2010). Regulatory Governance Costs in Network industries: Observations in Postal Regulation. Competition and Regulation in Network industries, 11 (2), 207-237.

_ Polat, B. & A. wadhwa (2010). venture Capitalists in Firm Governance: impact on Founder Turnover. Frontiers of Entrepreneurship Research. Proceedings of the 30th Annual Entrepreneurship Research Conference.

_ Protopappa-Sieke, M. & Seifert, R.w. (2010). interrelating Operational and Financial Performance Measurements in inventory Control. European Journal of Operational Research, 204 (3), 439-448.

_ Protopappa-Sieke, M. & Seifert, R.w. (2010). interrelating Operational and Financial Performance Measurements in a Multi-Product inventory System. international Journal of Services and Operations Management., forthcoming.

_ Rossel, P. (2010). Making anticipatory systems more robust. Foresight 12 (3) (2010) 72-85._ Seifert, R.w. & Comas, J.M. (2010). Being Proactive about Supply Chain Environmental Management.

iMd - Perspectives for Managers. No. 183, August 2010._ Seifert, R. w. & Seifert, d. (2011). Financing the Chain. international Commerce Review, forthcoming._ Tucci, Ch. & Berchicci, L. (2010). There is more to market learning than gathering good information:

The role of shared team values in radical product definition. Journal of Product innovation Management, vol. 27, No. 7, 972-990.

_ Tucci, Ch., Berchicci, L. & King, A. (2010). does the apple always fall close to the tree? The geographical proximity choice of spinouts. Strategic Entrepreneurship Journal, forthcoming.

_ Tucci, Ch., Ginsberg A. & Hasan, i. (2010). Unpacking the effects of corporate venture capital investor ties on the reduction of price discounting among iPO firms. Entrepreneurship Research Journal, forthcoming.

_ Tucci, Ch., Ginsberg A. & Hasan, i. (2010). The influence of Corporate venture Capital investment on the Likelihood of Attracting a Prestigious Underwriter: An Empirical investigation. Advances in Financial Economics, vol. 14, forthcoming.

_ Tucci, Ch. & Hasan, i. (2010). The innovation-economic growth nexus: Global evidence. Research Policy, vol. 39, 2010, 1264–1276.

_ van de vrande, v., vanhaverbeke, w. & Gassmann, O. (2010). Broadening the scope of open innovation: past research, current state and future directions. international Journal of Technology Management, vol. 52, 221-235.

_ valdés, J.E., Arango, G., Zequeira, R.i. & Brito, G. (2010). Some Stochastic Comparisons in Series Systems with Active Redundancy. Statistics & Probability Letters, volume 80 (11-12), 945-949.

2.3 LATEST & SiGNiFiCANT PUBLiCATiONS


BOOK CHAPTERS_ Abdallah, F. & Finger, M. (2010). Saudi Post innovative Address System: integrating Electronic and

Physical Platforms. in: iCTs, New Services and Transformation of the Post. Universal Postal Union (UPU), Berne.

_ Basu, S., wadhwa, A., & Kotha, S. B. Corporate venture Capital: important Themes and Future directions. in Zahra, S.A. (ed.) Handbook of Corporate Entrepreneurship. Edward Elgar Academic Publishing, Northhampton, MA, forthcoming.

_ Braga, T. M., ionescu-Somers, A. & Seifert, R.w. (2010). Unilever Sustainable Tea. Part i: Leapfrogging to Mainstream. The dutch Sustainable Trade initiative: Utrecht, idH007-21, december 2010.

_ Cherian M., Flores M. & Srinivasan G., (2010). Critical Success Factors to Collaborate in Cross Boarder Alliances: Experiences of the indian Manufacturing Enterprises. in: Sinha A.P (ed.). Changing ideas in Strategy, Narosa Publishing House

_ Finger, M. & Rossel,P. (2010). Exploring the future of wi-Fi. in: Lemstra, w., Hayes, v. & J. Groenewegen (eds.). The innovation Journey of wi-Fi. The Road to Global Success. Cambridge University Press, Cambridge.

_ Finger, M. & d. Svarin (2010). Transnational Corporations and the Global Environment. in: denemark, R. (ed.). The international Studies Encyclopedia, 11, Blackwell, London

_ Foray, d. (2010). Knowledge Policy for development. in Kraemer-Mbula E. & w. wamae (eds.), innovation and the development Agenda, OECd innovation Strategy. OECd Publishing, Paris

_ Foray, d. & F. Lissoni (2010). University Research and Public-Private interactions. in Hall, B. & N. Rosenberg (eds.), Handbook of the Economics of innovation, Elsevier North Holland

_ Laperrouza. M. (2010). Trade, Technology Transfer and institutional Catch-Up. in: Lehmann, F. & J.-P. Lehmann (eds.). Peace and Prosperity Through world Trade. Cambridge University Press, Cambridge.

_ Rossel, P., (2010). Looking for inspirational Studies. in Curaj, Adrian (ed.). The FOR-UNi Blueprint: A Blueprint for Organizing Foresight in Universities. Editura Academei Romane, Bucharest.

_ wadhwa, A., Phelps, C. & S. Kotha (2010). Creating Exploratory innovation by Learning from Entrepreneurial ventures. in: Audretsch, d.B., dagnino, G.B., Faraci, R., Hoskisson, R.E. (eds.). New Frontiers in Entrepreneurship: Recognizing, Seizing, and Executing Opportunities. international Studies in Entrepreneurship, 26 (3): 147-173.

OTHER PUBLiCATiONS_ Braga, T.M., ionescu-Somers A. & Seifert, R.w. (2010). Unilever Sustainable Tea: Leapfrogging

to Mainstream. iMd-2-0157. iMd, Switzerland_ Cordon, C., Seifert R.w., & wellian, E. (2010). Rethinking Corporate Strategy: Reduced Product

Range and deliveries. Financial Times (25 November)_ Foray, d., Lhuillery, S. & J. Raffo (2010). Le positionnement et les perspectives stratégiques des

nanotechnologies en France. Etude pour la direction Générale de la Recherche et de l’innovation. Ministère de l’Education Nationale et de l’Enseignement Supérieur

_ Foray, d. & E.S. Phelps (2010). The Challenge of innovation in Turbulent Times: A Report Submitted to the Global Agenda Council of the world Economic Forum

_ Gnaegi, A., wieser, P. & dupuis, G. (2010). La stratégie eHealth en valais. Bulletin des Médecins Suisses, 91 (33) : 1247-1250

_ Seifert, R.w. (2010). Common Traits of Leaders from Logitech, SAP and Swatch – Tapping the Talent Pool of Technical Experts, iMd – Tomorrow’s Challenges, 48 (June)

_ Seifert, R.w. (2010). Будьте понятным — и вы станете успешным; Что объединяет руководителей Logitech, SAP и Swatch? Forbes Russia (10 November)

_ Seifert, R.w. & Comas, J.M. (2010). Analyzing Companies’ Best Practice. Economist intelligence Unit, The Economist (22 October)

_ Seifert, R.w. & Comas, J.M. (2010). Creating Business Opportunities through Supply Chain Environmental Management – Analyzing Companies’ Best Practice. iMd – Tomorrow’s Challenges, 65 (September)

_ Seifert, R.w. & Comas, J.M. (2010). Analyzing Companies’ Best Practice. Jakarta Post (2 October)

32 _

_ Seifert, R.w. & Seifert, d. (2010). Financiación de la cadena de suministro: ¿cuál es su valor? Harvard-deusto Finanzas & Contabilidad, 95, 44-50

_ Seifert, R.w. & varé, A.x. (2010). Las nuevas reglas de la competición entre estándares tecnológi-cos. Harvard deusto Business Review, 192, 67-72

REviEwSFinger M. Review of: Gilardi, F. (2008). delegation in the Regulatory State. independent Regulatory Agencies in western Europe. Edward Elgar Publishing, Cheltenham. Review published in Competition and Regulation in Network industries (2010), 11 (1)

Gruber M. Review of: Mullins, J. & R. Komisar (2010). Getting to Plan B: Breaking through to a Better Business Model. Academy of Management Perspectives 24 (3), 93-96. Book Review

wORKiNG PAPERS_ Comas, J.M. & Seifert, R.w. (2010). An Analysis of Supply Chain Environmental Management

Practices of Sustainability Leaders. MTEi-TOM working Paper, Ecole Polytechnique Fédérale de Lausanne (EPFL).

_ Langenberg, K. U., Seifert, R. w. & Tancrez, J-S. (2010). Aligning Supply Chain and Product Portfolios. working Paper, Ecole Polytechnique Fédérale de Lausanne (EPFL).

_ Sieke, M. A., Seifert, R.w & Thonemann, U. w. (2010). designing Service Level Contracts for Supply Chain Coordination. working Paper, University of Cologne, Germany.

_ Seifert, R. w. & Langenberg, K. U. (2010). Responding to Business dynamics with Adaptive Supply Chain Portfolios. working Paper, Ecole Polytechnique Fédérale de Lausanne (EPFL).

_ Seifert, d. & Seifert, R. w. (2010). Trade Credit: Literature Review and Research directions. working Paper, Ecole Polytechnique Fédérale de Lausanne (EPFL).

_ Tancrez, J.-S., Chevalier, Ph. & Semal, P. (2010). A Tight Bound on the Throughput of Queueing Networks with Blocking. MTEi-TOM working Paper, Ecole Polytechnique Fédérale de Lausanne (EPFL).

_ Tancrez, J.-S., Lange, J.C. & Semal, P. (2010). A Location-inventory Model for Large Three Layer Supply Chains. MTEi-TOM working Paper, Ecole Polytechnique Fédérale de Lausanne (EPFL).

_ Tancrez, J.-S., Roland, B., Cordier, J.-P. & Riane, F. (2010). Rational Management of Stochasticity in Operating Theatres. MTEi-TOM working Paper, Ecole Polytechnique Fédérale de Lausanne (EPFL).

_ Tucci, Ch. & Ettlie, J. (2010). Trust and integrated information technology. MTEi working Paper, Ecole Polytechnique Fédérale de Lausanne (EPFL).

_ Zeballos, A.C., Seifert R.w. & Protopappa-Sieke, M. (2010). working Capital Management with Short-term Loans. CdM-TOM working Paper, Ecole Polytechnique Fédérale de Lausanne (EPFL).

LATEST & SiGNiFiCANT PUBLiCATiONS


_ MTE is the only Master’s in Management of Technology in Europe that gives the student the opportunity to acquire knowledge from renowned professors while allowing them to have real contact with industry.roberto silveira, MTE student 2010-2011

_ The courses, the subject and the teachers are very inspiring. i can conceive concrete implications of what is taught in the classes, for the industry and for my field.Thomas Dols, MTE student 2010-2011

34 _

03


THE SwiSS FiNANCE iNSTiTUTE AT EPFL (SFi@EPFL)

_ The Swiss Finance institute at EPFL was established at the beginning of 2009 to encourage interdisciplinary research in finance and financial engineering at the Ecole Polytechnique Fédérale de Lausanne (EPFL).

_ in 2010, the faculty of the Swiss Finance institute @ EPFL consisted of one senior researcher (Claudia Ravanelli), four tenure track assistant professors (Ruediger Fahlenbrach, Semyon Malamud, Loriano Mancini, and Anders Trolle), one associate professor (Julien Hugonnier), and two full professors (damir Filipovic and Erwan Morellec), and one term professor (Peter Bossarts). Attached to the Swiss Finance institute at EPFL is Prof. Luisa Lambertini’s Chair of internatio-nal Finance.

_ damir Filipovic holds the Swissquote Chair in Quantitative Finance. He took up his position in January 2010. This chair is financed by Swissquote, the leader in financial services and online trading in Switzerland. The mission of the chair is the development of research and training in financial engineering at EPFL.

_ At the end of October, the Swissquote Chair in Quantitative Finance and the Swiss Finance institute at EPFL organized the first Swissquote Conference on interest Rate and Credit Risk. This two day event featured eleven presentations by leading experts and scholars in the area of interest rate and credit risk, attrac-ted more than 160 participants from the industry and academic institutions.

_ Also in 2010, the institute hired Pierre Collin-dufresne as an additional full professor, who is scheduled to take up his position in September 2011.

_ The Swiss Finance institute at EPFL, together with the institute of Banking and Finance of the University of Lausanne, is hosted by the Centre Universitaire Lausannois de Finance (CULF), which was launched in March 2009. The CULF is responsible for the organization of the seminar series in finance and hosts the Léman Phd program in finance, which is a joint initiative of the Universities of Lausanne and Geneva and EPFL.

_ The Swiss Finance institute at EPFL provides a recognizable place where all people involved in finance or financial engineering at EPFL can meet, interact as well as organize seminars, conferences, etc.

36 _

PETER BOSSAERTSProFEssor (20% EPFl, 80% cAlTEch)[email protected] Finance, decision Neuroscience (”neuroeconomics”), Convergence of Markets to Competitive Equilibrium

RüdiGER FAHLENBRACHAssisTAnT [email protected] Governance, Empirical Corporate Finance, Empirical Research in derivatives

dAMiR FiLiPOviCFull ProFEssorswissquoTE chAir in quAnTiTATiVE [email protected] & insurance Mathematics, Risk Management & Solvency, Convex Risk Measures, Credit & interest Rate Risk, Affine Processes, Stochastic differential Equations

JULiEN HUGONNiERAssociATE [email protected] Pricing, General Equilibrium, incomplete Markets, Mathematical Finance, Probability Theory, decisions Under Uncertainty.

LUiSA LAMBERTiNiFull [email protected] Macroeconomic Models, Monetary & Fiscal Policies, Financial Markets & the Macroeconomy, Open-Economy Macroeconomics

SEMYON MALAMUdAssisTAnT [email protected] Asset Pricing, Over-the-Counter Markets, Repeated Games, Optimal Contracting


LORiANO MANCiNiAssisTAnT [email protected] Econometrics, Statistical Modeling for Financial Engineering, volatility and Non-Parametric Estimation of Pricing Kernels

ERwAN MORELLECFull [email protected] Finance, investment under Uncertainty & Real Options, Capital Structure, Risk Management, Liquidity Management, Corporate Restructurings

CLAUdiA RAvANELLisEnior [email protected] Finance, Risk Measures, Option Pricing, Longevity Risk

ANdERS TROLLEAssisTAnT [email protected] Asset Pricing, derivatives Pricing, Term Structure Modeling, Financial Econometrics, dynamic Asset Allocation, incomplete information & Learning

RESEARCHERS OF SFi

PosTDocTorAl FEllows

dr. Chiara Forlati dr. Elise Le Nestourdr. Gregor Svindlanddr. Pinar Uysal

PhD sTuDEnTs

Julien Cujean Antonio Giuliano Curatola Michael Hasler Christopher HemmensNgoc Giang Hoang ilya Kolpakov Jan Kulak Emmanuel Leclercq Jules Muniervictoria NuguerAnjali Nursimulu Rémy PrazRodolfo PrietoPhilip valta

38 _

3.1 RESEARCH

_ The focus of the Swiss Finance institute @ EPFL is on the areas within finance that have a natural interaction with mathematics, statistics, enginee-ring, and science, namely, mathematical finance, financial econometrics, market microstructure and market design, and entrepreneurial finance. The first three areas foster links with other parts of EPFL campus, such as mathematics, commu-nications, or computer science. Entrepreneurial finance provides bridges within the institute of Management of Technology and Entrepreneurship. This specializa-tion also allows the finance groups at EPFL and at the University of Lausanne (UNiL) to be complementary, UNiL focusing essentially on mainstream finance (corporate finance, asset pricing).

GRANTSin 2001, the Swiss National Science Foundation launched a National Centre of Competence in Research (NCCR) in the field of “Financial valuation and Risk Management“. FiNRiSK has developed rapidly into a world-class academic forum for cutting-edge research in finance, advanced doctoral education and knowledge transfer between finance researchers and Switzerland’s finance professionals.

damir Filipovic is the head of project A5 (“dynamic Asset Pricing”) within NCCR FiNRiSK. The project has been approved in 2010 for a duration of three years and an overall budget of 0.6M CHF. The team also includes Julien Hugonnier, Semyon Malamud, Loriano Mancini, Claudia Ravanelli, Gregor Svindland and Anders Trolle from EPFL, and Tony Berrada from the University of Geneva. The project deals with equilibrium asset pricing under market imperfections with a particular focus on the major risk sources in the financial markets: credit, interest rate, and volatility risks. One part addresses some open problems in dynamic asset pricing and portfolio choice in complete and incomplete market economies with heterogeneous agents. Another part elaborates on credit risk, which includes the pricing and optimal hedging of collateralized debt obligations among others. A third part studies modeling issues for the term structure of interest rates, volatility and variance swaps. A fourth part addresses topics in liquidity risk and fragmented markets. This includes among others percolation of information in segmented over the counter markets.

Erwan Morellec is the head of project B2 (“dynamic Corporate Finance: Theory and Tests”) within NCCR FiNRiSK. The project has been approved in 2008 for a duration of four years and an overall budget of 1.1M CHF. The team also includes Ruediger Fahlenbrach from EPFL and Norman Schürhoff and Alexei Zhdanov from the University of Lausanne. The project encompasses several sub-projects investigating issues related to or interacting with real options, firm’s financial decisions, and financial innovation. in particular, the project supports research that relates to the risk of default of corporations (also called credit risk). it also incorporates applications of option pricing analysis to corporate finance issues (financing decisions, risk management, executive compensation). in addition, a number of sub-projects relate to the impacts of financial innovation either from a pricing or financing perspective (demand side) or from a supply perspective (e.g. the relation between the degree of competitiveness of the investment banking industry and the patterns of innovation and imitation of new corporate finance products).

Both projects involve numerous collaborations with researchers from other Swiss Universities or from other Universities abroad. Moreover, many of the findings will have practical uses throughout the financial industry. As the market conditions remain tight, it is critical that accurate and reliable models be developed that help to mitigate risk for financial institutions and ultimately assist in repairing the markets through increased investment and restored investor confidence.


AwARdSdamir Filipovic: AxA-EGRiE Prize for the paper on “Optimal investment and premium policies under risk shifting and solvency regulation” presented the world Risk and insurance Economics Congress in Singapore (2010)

PROF. LUiSA LAMBERTiNichAir oF inTErnATionAl FinAncE ATTAchED To sFi

The research goal of Prof. Luisa Lambertini and her team is to develop dSGE (dynamic Stochastic General Equilibrium) macroeconomic models that capture the interaction between financial markets, the housing sector and the macroeconomy for the analysis of monetary and fiscal policy. Following projects have been developed recently:_ housing Models with risky Mortgages: The returns to housing are subject to aggregate

and idiosyncratic risk. Mortgages are defaulted in equilibrium when housing returns are low. To capture recent events, we consider an increase in the riskiness of mortgages. An increase in mortgage risk raises default and generates a credit crunch and a recession.

_ Boom-bust cycles in housing Markets: This project finds that expectations on the future conduct of monetary policy, productivity and credit conditions can generate housing market boom-bust cycles in accordance with empirical findings.

_ Monetary and Macro-prudential Policies in Boom-bust cycles: This project analyzes the gains of monetary and macro-prudential policies that lean against boom-bust cycles in credit and housing prices. it finds that interest rate rules that respond to credit growth and countercyclical loan-to-value ratios reduce macroeconomic volatility and improve welfare relative to the estimated interest rate rule.

_ The role of Bank capital: This project develops a model for the financing decision of banks and the portfolio decision of savers. The goal is to analyze the effect of bank capital regulation (as required by Basel iii) as well as recent bank recapitalization efforts during the financial crisis.

_ A Macroeconomic Model of global Banking. This project plans to analyze bank regulation and policy options for economies with large financial sectors like.

OTHER ACTiviTiESThe Center for Fiscal Policy is an affiliate of Prof. Luisa Lambertini’s research group and it promotes research on economic policy issues. The Center has a visiting Fellows program and a working Paper Series. The visitors in the year 2010 include Professor Alessia Campolmi, Central European University Budapest and Magyar Nemzeti Bank; and Professor Stefano Gnocchi, Universidad Autonoma de Barcelona.

GRANTSLuisa Lambertini (jointly with UNiL and the Graduate institute in Geneva) has been awarded a 1.2M CHF Sinergia Grant by the Swiss National Science Foundation for the 3-year project entitled “The Macroeconomics of Financial Crises”. The goal of this project is to understand the macroeconomic dimension of the recent financial crisis and to introduce financial realities into macroeconomic models.

40 _

EdUCATiON

MASTER MFE

dESCRiPTiONThe Master in Financial Engineering (MFE) is the result of a multi-disciplinary effort involving the Swiss Finance institute at EPFL, the institute of Management of Technology and Entrepreneurship as well as EPFL faculty members from Mathematics, Economics, Statistics, Computer Science and Operations Research and Communications among others.

STRUCTUREThe MFE is a highly selective 2-years master program that includes three semesters of intensive coursework followed by a mandatory six month internship in the financial industry leading to a master thesis. The program provides financial education at the forefront of both academic thinking and industry practice.in the first three semesters of the program, MFE students follow courses on the EPFL campus, divided into three groups:_ Foundation courses: in-depth coverage of the key concepts and topics with which every finance

professional should be familiar with. _ Advanced courses: Cover important aspects of finance and financial engineering._ Electives courses: Free choice of courses in order to tailor the program to the requirements

of a career choice.

OBJECTivESThe MFE is aimed at very bright students seeking comprehensive knowledge of derivatives pricing, asset management, securities trading, risk management, corporate valuation and market design. As such, the MFE is of particular relevance to those wishing to work in: portfolio management and security analysis, hedge funds, risk management, securities trading, structuring and underwriting, corporate finance and corporate restructurings as well as in venture capital and private equity.

Through their studies, MFE students learn how to combine modern finance theory and computational methods with a practical knowledge of the forums in which they can employ these skills.

At the end of their studies at EPFL, MFE students will have the ideal profile to integrate rapidly in financial institution such as investment banks, rating agencies, consulting and auditing companies, insurance companies and online trading companies. As an alternative, MFE graduates also enter top level Phd programs in finance or financial engineering, such as the Swiss Finance institute Phd program at EPFL, with an eye on an academic career.

RECENT dEvELOPMENTSStarting in the academic year 2010-2011 the Financial Engineering section offers EPFL master students the possibility of pursuing a disciplinary Minor in Financial Engineering. This minor complements the master programs offered at EPFL by providing students with the key concepts and tools of Financial Engineering through the choice of 30 credits of courses.

3.2


REGiSTREd STUdENTS - MFE MASTER




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APPLiEd AdMiTTEd ENROLLEd ExCHANGE STUdENTS

157

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MFE 2008 MFE 2009 MFE 2010




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MASTER PROJECTS 2009-2010

FIRST nAME nAME MFE MASTER PROJECT TITLE

1 Audrey Barras The Changing Nature of Commodity Futures Returns

2 Jacques Chastenet de Castaing

A Practical Approach of valuation in an M&A Context: A Focus on the Online Gaming industry

3 Martin dudler Two Step Estimation of Covariance Matrices Based on Ultra High Frequency data

4 Lucy Liang Building multi-factor commodity investment models using economic-based signals and other measures

5 Thinh-Phuc Nguyên Equilibrium Analysis of Portfolio insurance and its Effects on Option Prices

6 Adrien Treccani Pricing Asset Swapped Convertible Option Transcations by Monte Carlo simulation

7 Caroline weber Fundamental Option Pricing with Realistic Processes

42 _

EdUCATiON


COURSE TITLE TAUGHT BY nR REGISTRED STUDEnTS CREDITS

Foundation Courses1 Econometrics Loriano Mancini 25 62 introduction to finance Rüdiger Fahlenbrach 64 63 Quantitative methods in finance Claudia Ravanelli 18 64 Macrofinance Luisa Lambertini 24 65 Stochastic calculus i Olivier Lévêque 51 4

Advanced Courses1 Advanced derivatives Anders Trolle 16 42 Cases in finance Erwan Morellec 14 43 Credit risk and fixed income analysis Julien Hugonnier 19 64 derivatives Semyon Malamud;

Julien Hugonnier22 6

5 Financial Econometrics Eric Jondeau 18 66 investments daniel Andrei 31 67 Real options and financial structuring Erwan Morellec 25 48 Stochastic Calculus for Finance damir Filipovic 23 4

Elective Courses1 Advanced topics in financial econometrics Loriano Mancini 8 42 design of market-based solutions to allocation

problemsPeter Bossaerts 6 4

3 Global business environment Luisa Lambertini 47 44 Private equity Rüdiger Fahlenbrach 16 4

AVERAGE nO OF STUDEnTS PER MFE CLASS

25.1


dOCTORAL SCHOOL EdFi

dESCRiPTiON & OBJECTivESThe doctoral program in Finance is targeted towards the pursuit of academic excellence. The program covers a wide range of subjects including Asset Pricing, Financial Economics, Financial Econometrics, Corporate Finance, and Mathematical Finance. Applicants should have a strong interest in research and the desire to pursue an academic career or to continue their career doing research in Finance within the public or private sector.

The program is part of the Swiss Finance institute Phd program for the Léman area, including EPFL, the University of Lausanne, and the University of Geneva. This program takes about 10 to 15 students per year from a pool of applicants from the best institutions around the world and provides a nice complement to the Master of Financial Engineering. After their first year the students decide in which of the three Léman area institutions, EPFL, University of Lausanne, or University of Geneva, they want to pursue their Phd studies.

RECENT dEvELOPMENTSOver the last few years, these students have been placed either in the industry or in premier academic institutions such as Boston University (USA), Carnegie Mellon University (USA), duke University (USA), HEC Paris (France), the London School of Economics (UK), or the University of Rochester (USA).

in 2010, the number of applications for the Swiss Finance institute Phd program for the Léman area has further increased to more than 200 in total. Twelve students have been admitted and enrolled in the program. Four students passed their candidacy exam, and entered their second year in the program at EPFL. Two students graduated from the doctoral Program in Finance at EPFL. Both students got excellent academic placements at HEC Paris and Boston University.

44 _

PHd GRAdUATES iN 2010

PhD grADuATERodolfo Prieto

suPErVisorsJulien Hugonnier

PhD grADuATEPhilip valta

suPErVisorsErwan Morellec

ThEsis TiTlE Essays on Equilibrium Asset Pricing

ThEsis TiTlE Corporate Finance, Asset Returns, and Credit Risk


COURSE TEACHER CREDITS nR PARTICIPAnTS

1 Asset pricing 1: Arbitrage Tony Berrada 2 192 Asset Pricing 2: Equilibrium Pascal St Amour 2 193 Financial econometrics Eric Jondeau 2 194 Game theory Thomas Mariotti 2 195 Theoretical corporate finance Erwan Morellec 2 196 Empirical corporate finance Norman Schuerhoff & Rüdiger

Fahlenbrach2 19

7 Empirical asset pricing Michael Rockinger 2 198 Advanced topics in asset pricing Julien Hugonnier 2 199 Advanced topics in empirical asset pricing Olivier Scaillet 2 1910 Advanced topics in mathematical finance damir Filipovic 2 1911 Macro-finance Jean imbs 2 1912 Mathematics (stochastic calculus) Semyon Malamud 2 19

nUMBER OF STUDEnTS PER CLASS

19


PUBLiCATiONS ANd PAPERS ACCEPTEd FOR PUBLiCATiON_ Fahlenbrach, R., Becker, B. & Cronqvist, H. (2010). Estimating the effects of large shareholders

using a geographic instrument. Journal of Financial and Quantitative Analysis, forthcoming._ Fahlenbrach, R., Low, A. & Stulz, R. M. (2010). why do firms appoint CEOs as outside directors?

Journal of Financial Economics 97, 12-32._ Fahlenbrach, R., Minton B. & Pan, C. (2010). Former CEO directors: Lingering CEOs or valuable

resources? Review of Financial Studies, forthcoming._ Fahlenbrach, R. & Sandas, P. (2010). does information drive trading in option strategies?

Journal of Banking & Finance 34, 2370-2385._ Filipovic, d., Cheridito, P. & Kimmel, R. (2010). A Note on the dai-Singleton Canonical Representation

of Affine Term Structure Models. Mathematical Finance 20, 509-519._ Filipovic, d., Cuchiero, C., Mayerhofer, E. & Teichmann, J. (2010). Affine Processes on Positive

Semidefinite Matrices. The Annals of Applied Probability, forthcoming._ Filipovic, d., Cuchiero, C. & Teichmann, J. (2010). Affine Models. Encyclopedia of Quantitative

Finance, ed. Rama Cont et al., 16-20. John wiley & Sons Ltd._ Filipovic, d. & Schmidt, T. (2010). Pricing and Hedging of CdOs: A Top down Approach,

Contemporary Quantitative Finance, 231-253, Springer Berlin Heidelberg._ Filipovic, d., Tappe, S. & Teichmann, J. (2010). Term Structure Models driven by wiener Process

and Poisson Measures: Existence and Positivity. SiAM Journal on Financial Mathematics 1, 523-554._ Hugonnier, J., Breton, M. & Masmoudi, T. (2010). Mutual fund competition in the presence of dynamic

flow. Automatica, 46:1176-1185._ Hugonnier, J. & Kaniel, R. (2010). Mutual fund portfolio choice in the presence of dynamic flows.

Mathematical Finance, 20(2):187-227._ Lambertini, L. & Forlati, Ch. Risky Mortgages in a dSGE Model. international Journal of Central

Banking, forthcoming._ Malamud, S. & Cvitanic, J. (2010). Relative Extinction of Heterogeneous Agents. B. E. Journal of

Theoretical Economics, vol. 10(1)._ Malamud, S. & Cvitanic, J. Price impact and Portfolio impact. Journal of Financial Economics,

forthcoming. _ Malamud, S., duffie, d. & Manso, G. (2010). The Relative Contributions of Private information

Sharing and Public information Releases to information Aggregation. Journal of Economic Theory, vol. 145(4), 1574-1601.

_ Mancini, L. & Trojani, F. Robust value at risk prediction. Journal of Financial Econometrics, forthcoming._ Morellec, E. & Schuerhoff, N. Corporate investment and financing under asymmetric information.

Journal of Financial Economics, forthcoming._ Morellec, E. & Schuerhoff, N. (2010). dynamic investment and financing under personal taxation.

Review of Financial Studies 23, 101-146._ Ravanelli, C., Barrieu, P., Bensusan, H., El Karoui, N., Hillairet, C. Loisel, S. & Salhi, Y. Understanding,

modelling and managing longevity risk: key issues and main challenges. Scandinavian Actuarial Journal, forthcoming.

_ Trolle, A. & Schwartz, E. S. (2010). Pricing expropriation risk in natural resource contracts - A real options approach. in william Hogan and Federico Sturzenegger, eds.: “The Natural Resource Trap”, MiT press.

_ Trolle, A. & Schwartz, E. S. (2010). variance risk premia in energy commodities. Journal of derivatives, vol. 17, p. 15-32.

wORKiNG PAPERS_ Campolmi, A., Fadinger, H. & Forlati, Ch. Trade Policy: Terms of Trade Externality vs. Home Market

Effect. working Paper, Ecole Polytechnique Fédérale de Lausanne._ Fahlenbrach, R. & Evans, R. B. (2010). institutional investors and mutual fund governance.

SFi working Paper, Ecole Polytechnique Fédérale de Lausanne._ Fahlenbrach, R. Low, A. & Stulz, R. M. (2010). The dark side of outside directors: do they quit when

they are most needed? SFi working Paper, Ecole Polytechnique Fédérale de Lausanne.

3.3 LATEST & SiGNiFiCANT PUBLiCATiONS

46 _

LATEST & SiGNiFiCANT PUBLiCATiONS

_ Fahlenbrach, R. & Stulz, R. M. (2010). Bank CEO incentives and the credit crisis. SFi working Paper, Ecole Polytechnique Fédérale de Lausanne.

_ Filipovic, d. & Macrina, A. & Hughston, L. P. (2010). Conditional density Models for Asset Pricing. SFi Research Paper No. 10-44.

_ Forlati, Ch. (2009). On the Benefits of a Monetary Union: does it Pay to Be Bigger? working Paper, Ecole Polytechnique Fédérale de Lausanne.

_ Forlati, Ch. (2009). Optimal Monetary Policy in the EMU: does Fiscal Policy Coordination Matter? working Paper, Ecole Polytechnique Fédérale de Lausanne.

_ Forlati, Ch. & Gnocci S. (2010). Policy Targets in a Linear-Quadratic Framework. working Paper, Ecole Polytechnique Fédérale de Lausanne.

_ Gaul, L., Pavlia, A. & Uysal, P. Corporate Loan and Government debt Maturity: Evidence from the Syndicated Loan Market. Submitted to The Financial Review.

_ Gaul, L. & Uysal, P. (2010). volatility and Syndicated Loan Spreads. working Paper, Ecole Polytechnique Fédérale de Lausanne.

_ Gaul, L. & Uysal, P. (2010). do Audit Fees influence Credit Risk and Asymmetric information Problems? Evidence from the Syndicated Loan Market. working Paper, Ecole Polytechnique Fédérale de Lausanne.

_ Hugonnier, J. (2010). Rational bubbles and portfolio constraints. SFi working Paper, Ecole Polytechnique Fédérale de Lausanne.

_ Hugonnier, J. & Berrada, T. Continuous-time industry equilibrium with adjustment costs, UNiGE & SFi working Paper.

_ Hugonnier, J. & Berrada, T. incomplete information, idiosyncratic volatility and stock returns. UNiGE & SFi working Paper.

_ Hugonnier, J. Prieto, R. Arbitrageurs, bubbles and credit conditions. SFi & Boston University working Paper

_ Lambertini, L. & Cucinniello, v. Optimal Exchange-Rate Targeting with Large Labor Unions. Submitted to Journal of international Economics.

_ Lambertini, L. Mendicino, C. & Punzi, M. T. (2010). Expectations-driven Cycles in the Housing Market, working Paper 1021, Central Bank of Spain.

_ Lambertini, L. Mendicino, C. & Punzi, M. T. (2010). Leaning Against Boom-Bust Cycles in Credit and Housing Prices. Manuscript.

_ Malamud, S. & Cvitanic, J. Nonmyopic Optimal Portfolios in viable Markets. SFi working Paper N.42, Ecole Polytechnique Fédérale de Lausanne.

_ Malamud, S, duffie, d. & Manso, G. information Percolation in Segmented Markets. SFi working paper N. 9, Ecole Polytechnique Fédérale de Lausanne.

_ Malamud, S., whinston, A. & Rui,H. Optimal Securitization with Heterogeneous investors. SFi working Paper N.10, Ecole Polytechnique Fédérale de Lausanne.

_ Mancini, L., Ranaldo, A. & wrampelmeyer, J. Liquidity in the foreign exchange market: Measurement, commonality, and risk premiums. SFi working Paper, Ecole Polytechnique Fédérale de Lausanne.

_ Morellec, E. Credit supply and corporate policies. SFi working Paper, Ecole Polytechnique Fédérale de Lausanne.

_ Morellec, E., Hugonnier, J. & Malamud, S. Capital supply uncertainty, investment, and cash holdings. SFi working Paper, Ecole Polytechnique Fédérale de Lausanne.

_ Ravanelli, C. & Svindland, G. Pareto Optimal allocations for law invariant and convex risk functions._ Trolle, A. & Schwartz, E. S. An empirical analysis of the swaption cube. NBER working paper # 16549._ Uysal, P. (2010). Foreign direct investment: is There Room for Human Capital Spillovers? working

Paper, Ecole Polytechnique Fédérale de Lausanne._ Uysal, P. & Yotov, Y. (2010). Trade Liberalization, Firm Heterogeneity, and Labor Layoffs: An Empirical

investigation. Journal of international Economics, submitted.


_ The MFE Master was for me the most appropriate as it allows to understand the major financial tools from an academic training.konstantinos Tsoulos, MFE student 2009-2010

_ very diversified, the Master in Financial Engineering is fascinating: the extensive knowledge acquired is put into practice through examples from the real industry.Marcelo savoia, MFE student 2009-2010

48 _

04


FACTS & FiGURES

4.1 ORGANiZATiON

Status: end 2010

COMMISSIOnS

MAnAGEMEnT OFTECHnOLOGY &EnTREPREnEURSHIPInSTITUTEMTEI

DIR. CHRISTOPHER TUCCI

COnTInUInGEDUCATIOn

EXECUTIVE MASTERS

DOCTORAL SCHOOL EDMTDIR. DOMInIQUE FORAY

DOCTORAL SCHOOL EDFIDIR. DAMIR FILIPOVIC

SECTIOn OF MAnAGEMEnT, TECHnOLOGY & EnTREPREnEURSHIP MTE DIR. MARC GRUBER

SWISS FInAnCEInSTITUTE@EPFLSFI

DIR. ERWAn MORELLEC

CDM COUnCIL DIRECTIOn CDMMARTIn VETTERLI, A.I.

GEnERALSERVICES

SECTIOn OF FInAnCIAL EnGInEERInG FEDIR. JULIEn HUGOnnIER

50 _

4.2 EvENTS

ORGANiZEd CONFERENCES

_ Knowledge in Organizations, Monte verita, Ascona, Switzerland, Mai 2010_ Babson Entrepreneurship Conference, EPFL, Lausanne, Switzerland, June 2010 (co-hosted with iMd)_ Conference on Trends and innovation for the Postal Market, Lausanne, Switzerland, September 2010_ Swissquote Conference on interest Rate and Credit Risk, EPFL, Lausanne, Switzerland, October 2010

ORGANiZEd SEMiNARS

dEEP-EPFL SEMiNAR SERiES iN MACROECONOMiCS (hosted by Prof. luisa lambertini and jointly organized with university of lausanne)_ Gianluca Benigno, London School of Economics: Revisiting Overborrowing and its Policy implications

(March 25th, 2010)_ Stefano Gnocchi, Universitat Autònoma de Barcelona: Labor Market Participation, Unemployment

and Monetary Policy (May 12th, 2010)_ Marc Giannoni, Columbia Business School, New York: Optimal Target Criteria for Stabilization

Policy (Sept 22nd, 2010)_ Mark Gertler, New York University: Financial Crises, Bank Risk Exposure and Government Financial

Policy (Oct 14th, 2010)_ david de la Croix, Université Catholique de Louvain: do Brain drain and Poverty Result from

Coordination Failures ? (Oct 20th, 2010)_ Nicolas Coeurdacier, London Business School: Credit constraints and growth in a global economy

(dec 8th, 2010)_ Matteo iacoviello, Federal Reserve Board, washington: Financial Business Cycles (dec 22nd, 2010)

MTEi SEMiNARS _ Michael Jacobides, London Business School: who wins in a sector, and why? How the dynamics

of a segment shape its position in the industry architecture (March 1st, 2010)_ Corey Phelps, HEC (Paris): Knowledge Sharing within Multipartner Alliances: The influence of

Coalitions, Competition and Power (March 8th, 2010)_ Paul windrum, Nottingham University Business School: The Role of design in Product innovation:

design Frames and the development of the Portable Computer (March 25th, 2010)_ vinod Singhal, Georgia institute of Technology: demand-supply mismatch and shareholder

value:Evidence from excess inventory announcements (April 16th, 2010)_ Michael Ensley, Top Management Team Evaluator: Leadership Balance (June 18th, 2010)_ Gunnar Eliasson, Royal institute of Technology (KTH) Stockholm: Advanced Public Procurement as

industrial Policy- Aircraft industry as a technical university (Oct 11th, 2010)_ david Gann & Mark dodgson, imperial College: The future of innovation studies (Oct 22nd, 2010)_ daniel Corsten, iE Business School: Out-of-Stocks - Extent, Causes and Consequences

(Nov 10th, 2010)_ Thomas weber, Stanford University: Models and decisions: A robust approach to finding both

(Nov. 11th, 2010)_ François Margot, Carnegie Mellon: Upper and Lower Bounds for Optimization Problems

(Nov. 11th, 2010)_ david Levine, washington University: is Behavioral Economics doomed? (dec 6th, 2010)_ Nathan Furr, Brigham Young University: The dangers of deep Knowledge: New ventures in the U.S.

Solar industry (dec 10th, 2010)_ Bhaven Sampat, Columbia University (dec 15th, 2010)


SFi SEMiNARS - THE JEAN-FRANçOiS LEUBA SEMiNARS (hosted by the centre universitaire lausannois de Finance (culF) and jointly organized with university of lausanne)_ Eric Ghysels, University of North Carolina (Jan 8th, 2010)_ Jörg Rocholl, European School of Management and Technology (Jan 11th, 2010)_ ioanid Rosu, University of Chicago, Booth School of Business (Feb 5th, 2010)_ Cesare Robotti, Federal Reserve Bank of Atlanta (Feb 12th, 2010)_ Peter Feldhutter, Copenhagen Business School (Feb 19th, 2010)_ Mark van Achter, University of Mannheim (Feb 22nd, 2010)_ René Stulz, Ohio State University (Feb 23rd, 2010)_ Florian Peters, University of California (March 2nd, 2010)_ Christian dorion, HEC Montréal (March 5th, 2010)_ Craig Brown, Zicklin School of Business at Baruch College (March 9th, 2010)_ Christine Parlour, Berkeley University, Haas School of Business (March 19th, 2010)_ dmitry Livdan, Berkeley University, Haas School of Business (March 26th, 2010)_ Ekkehart Boehmer, University of Oregon, Lundquist College of Business (April 13th, 2010)_ Arvind Krishnamurthy, Kellogg School of Management, Northwestern University (April 30th, 2010)_ Henri Servaes, London Business School (May 7th, 2010)_ Pierre Collin-dufresne, Columbia University, Graduate School of Business (May 25th, 2010)_ Clemens Sialm, McCombs School of Business University of Texas (May 31st, 2010)_ Gustavo Manso, Massachusetts institute of Technology, Sloan School of Business (June 4th, 2010)_ ilya Strebulaev, Stanford University (June 18th, 2010)_ Carlo Acerbi, Riskmetrics Geneva (July 17th, 2010)_ Nicole El Karoui, Ecole Polytechnique, Paris, Centre de Mathématiques Appliquées (Sept 17th, 2010)_ Zhiguo He, University of Chicago, Booth School of Business (dec 16th, 2010) _ Yuki Sato, London School of Economics (Sept 24th, 2010)_ Markus Brunnermeier, Princeton University, department of Economics (Sept 28th, 2010)_ Hayne Leland, Berkeley University, Haas School of Business (Oct 5th, 2010)_ Jakub Jurek, Princeton University, Bendheim Center for Finance (Oct 22nd, 2010)_ Chris Rogers, Cambridge University, Cambridge Finance (Nov 5th, 2010)_ Fabio Trojani, University of Lugano, Swiss Finance institute (Nov 12th, 2010)_ Lars-Alexander Kuehn, Carnegie-Mellon University, Tepper School of Business (Nov. 19th, 2010)_ Sergei Kovbasyuk, University of Toulouse 1, Toulouse School of Economics (dec 1st, 2010)_ Sascha Steffen, University of Mannheim, department of Banking and Finance (dec 2nd, 2010)_ Philippe Mueller, London School of Economics (dec 3rd, 2010)_ Anna Cieslak, University of Lugano, Swiss Finance institute (dec 6th, 2010)_ Lasse Pedersen, New York University, Stern School of Business (dec 7th, 2010)_ Theodosios dimopoulos, London Business School (dec 8th, 2010)_ Stavros Panageas, University of Chicago, Booth School of Business (dec 10th, 2010)_ Gyuri venter, London School of Economics (dec 13th, 2010)_ Christophe Spaenjers, Tilburg University, department of Finance (dec 15th, 2010)_ Patrick Cheridito, Princeton University, Bendheim Centre for Finance (dec 17th, 2010)

CdM iNviTEd PROFESSORS

_ Alessia Campolmi, Central European University Budapest (April 2010)_ Stefano Gnocchi Universidad Autònoma de Barcelona (May 2010)_ Eric Jondeau, HEC, Université Lausanne _ diane Poulin, Université Laval (Jan-July 2010)_ Ron Sanchez, Copenhagen Business School (Jan-June & Oct-dec 2010)_ Ann Scheck McAlearney, Ohio State University (Jan-June 2010)

52 _

4.3 STAFF SUMMARY

STAFF CATEGORY TOTAL nUMBER

WHEREOF WOMEn

FULL-TIME EQUIVALEnTS

WHEREOF FInAnCED WITH EXTERnAL FUnDS

Full professors 8 1 7.2 2Associate professors 2 - 1.5Tenure Track Assistant Professors 5 1 5 2Titular Professors 1 - 1MER 1 - 1Scientific staff 3 - 2.5 1Postdoctoral fellows 12 8 11.15 3.95Phd students (internal) 28 9 27.5 2.55External Phd students 15 5 15 7Technical support 5 1 4.25Administrative support 16 15 9.8 1.5Apprentices 1 - 1

TOTAL 97 40 86.9 20


CdM BUdGET dEvELOPMENT CHF (iN MiLLiONS)

2007 2008 2009 2010

14

12

10

8

6

4

2

0

FEDErAl FunDs





ThirD PArTy FunDs






















2.14

6.95 8.06 8.96

2.40

3.98

9.15

2.56

4.4 FiNANCES

pppppppppppppppppppppp
















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aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa

SPONSOREd CHAiRS42%

OTHER ACTiviTiES1%

vARiOUS MANdATES11%

EUROPEANCOMMiSSiON

2%

SwiSS NATiONALSCiENCE FOUNdATiON

8%

CONFERENCES2%

CONTiNUiNG EdUCATiON34%

THiRd-PARTY REvENUES (2010)

TOTAL: 4.06M CHF

54 _

4.5 iNTERNATiONAL COLLABORATiONS

AUSTRIA_ vienna University of Economics and

Business_ University of vienna

CAnADA_ Uni Laval, Québec_ École Polytechnique de Montréal

DEnMARK_ Copenhagen Business School

FRAnCE_ University of Paris 1 – Sorbonne_ HEC Paris_ École des Ponts ParisTech, Paris_ EMLYON Business School, Lyon_ institut National des Sciences Appliquées

(iNSA), Lyon

GERMAnY_ RwTH Aachen_ Technical University of Munich_ Ludwig-Maximilians-University Munich_ European Business School, Mainz_ University of Cologne

ITALY_ Florence School of Regulation_ University of Bocconi, Milano_ Politecnico di Milano

LEBAnnOn_ American University of Beyrouth

MAROCCO_ École Hassania des Travaux Publics (EHTP),

Casablanca

MEXICO_ Technologico de Monterrey


PORTUGAL_ Universidade Catolica Portuguesa, Braga

SPAIn_ ESAdE Business School, Barcelona_ Universitat Autonoma de Barcelona

THE nETHERLAnDS_ TU delft_ Erasmus University Rotterdam

TURKEY_ Bahçesehir University, istanbul

UnITED KInGDOM_ University of Surrey_ University of warwick

USA_ Stanford University, CA_ dartmouth College, Paso Robles, CA_ UC-Berkeley, CA_ California State University,

Los Angeles, CA_ California institute of Technology (Caltech),

Los Angeles, CA_ San Francisco State University, CA_ University of Colorado at Boulder, CO_ University of illinois at Urbana-Champaign, iL

_ Loyola University Chicago, iL_ Boston University, MA_ University of Michigan, Ann Arbor, Mi_ Stevens institute of Technology,

New York, NY_ NYU, New York, NY_ Columbia University, New York, NY_ RPi, Troy, NY_ University of Pennsylvania,

Philadelphia, PA_ Temple University, Philadelphia, PA_ UT Austin (USA) Austin, Tx_ Foster Business School, University of

washington, Seattle, wA

56 _

EPFL – CDMOdyssea, Station 5CH - 1015 LausanneT + 41 21 693 00 36F + 41 21 693 24 89

http://cdm.epfl.ch

[email protected]

PUBLiCATiON dETAiLS

_ Concept, editing, translationAlexandra von Schack

_ CoordinationBarbara Baumann

_ ContributorsMTEi / Christopher TucciMaster MTE / Marc Gruberdoctoral School EdMT / dominique ForaySFi & doctoral School EdFi / damir FilipovicMaster MFE / Julien Hugonnier

_ All photographyAlain Herzog

_ Designl’atelier de audewww.latelierdeaude.ch

_ PrintingREPRO EPFL

_ Copyright© 2010-2011 Ecole Polytechnique Fédérale de LausanneReproduction is permissible with citation of the source “EPFL - CDM, Annual Report 2010”.

EPFL – CDMOdyssea, Station 5CH - 1015 LausanneT + 41 21 693 00 36F + 41 21 693 24 89

http://cdm.epfl.ch

Documents

CDM Annual Report 2010