GUNTER DUFEY Professor of CSIB and Finance

EDUCATIONAL BACKGROUND

B.A., (equivalent), Universit!it Wtlrzburg, 1964

M.A., University of Washington, Seattle, 1965

D.B.A., University of Washington, Seattle, 1969

PREVIOUS APPOINTMENTS

University of Michigan

Professor, 1976-present Associate Professor, 1972-76 Assistant Professor, 1969-72

University of Washington

Instructor, 1968 Teaching Associate, 1966-67 Research Assistant, 1965-66

WHUKoblenz

Visiting Research Professor, Spring 1993-98

Ministry of Finance, Japan, (F.A.I.R.)

Visiting Scholar, March, 1992

Universitat des Saarlandes

DFG Visiting Professor, Summer 1987 Europa lnstitut, Summer 1989-92

Stanford University

Hoover Institution, National Fellow, 1981-82 Grad. School ofBus., Visiting Professor ofFinance, Autumn 1981

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Universitat Wurzburg

Visiting Scholar (DFG), Summer 1980

University of Texas at Dallas

Visiting Professor, January-Aprill979

World Bank/IFC, Washington, D.C.

Consultant, 1979

Cranfield Institute, Bedford, U.K.

Visiting Professor, Summer 1975 and 1976

Clark Equipment Co.

Consultant, Corporate Funding Department, 1975

Economic Advisory Board to the U.S. Secretary of Commerce, October 1973-January 1975

Consultant on International Money and Capital Markets, U.S. Department of the Treasury, Fall1972, 1975-76

Pacific Rim Bankers' Program, 1968-present

International Management Institute, Geneva, Switzerland

Visiting Faculty, 1974-1987

Universitat Augsburg, Germany

Visiting Professor, Summer 1974

SCHOLARLY HONORS AND AWARDS

Fulbright Fellowship

Beta Gamma Sigma (Honorary)

Edna Benson Fellowship

Curriculum Vitae of Gunter Dufey 397

SELECTED PUBLICATIONS Articles and Chapters in Multi-Author Books

,Baumag A.G: Funding Multinational Operations", (with Priscilla Rogers) in: Zentes, Joachim (Ed.). Fa/lstudien zum Internationalen Management (Case Studies In International Management), Verlag Gabler, Wiesbaden, 2000, pp 817-820.

,Gute Ernte A.G." (with Priscilla Rogers) in: Zentes, Joachim (Ed.). Fallstudien zum Internationalen Management (Case Studies In International Management), Verlag Gabler, Wiesbaden, 2000, pp. 821-826.

,Asian Financial Markets: A Pedagogic Note", Journal of Asian Business, Vol. 15, No. I, 1999.

,Financing the German Mittelstand" (with Ulrich Hommel). in: The Structure and Dynamics of the German Mittelstand, WHU-Koblenz Otto Beisheim Grad. School of Management (Hrsg.), Physica-Verlag (Contributions to Management Science), Heidelberg, 1999, pp. 183-228.

,International Payments" (with Rolf Mirus). in: Rosalie L. Tung (ed.), International Encyclopedia of Business and Management Handbook of International Business, International Thomson Business Press, London, 1999, pp. 321-336.

,Der Einsatz von Optionskontrakten im Wlilirungsrisikomanagement von Industrie- und Handelsunternehmen" (with Ulrich Hommel), in: Franz Giese! and Martin Glaum (Hrsg.). Globalisierung -- Herausforderungen an die Unternehmensfiihrung zu Beginn des 21. Jahrhunderts, C.H. Beck, Miinchen: 1999.

,Comment: Transformation of Banks and Bank Services", by Gunter Franke, Journal of Institutional and Theoretical Economics, Vol. 154, 1998, pp. 137-143.

,Strukturelle Veranderungen auf europaischen Finanzmii.rkten: Eine angelsiichsische Perspektive", in: Signale, WHU Koblenz School of Corporate Management, No. 1, March 1998, pp. 21-31.

,The Changing Role of Financial Intermediation in Europe", International Journal of Business, Mar. 1998, pp. 49-67.

,The Impact of Offshore Financial Centers on International Financial Markets", The International Executive, special issue, Vol. 39, No.5, Sept/Oct. 1997, pp. 535-579.

,International Perspectives on Corporate Governance",in: Signale, WHU-Koblenz School of Corporate Management, September, 2/97, pp. 27-28.

,Perspectives on International Business: Theory, Research, and Institutional Arrangements", in: Brian Toyne and Douglas Nigh (eds.), International Business: An Emerging Vision, University of South Carolina Press, Columbia, SC, 1997.

,Corporate Governance: European vs. U.S. Perspectives in a Global Capital Market" (with U. Hommel and P. Riemer-Hommel), in: Joachim Zentes (ed.) Strategisches Euro­Management, Vol. II, Schaffer-Poeschel-Verlag, Stuttgart, 1997 (contributed chapter).

398 Frenkei/Hommei/Rudolf: Risk Management

,Management of Corporate Foreign Exchange Risk" (with Ian H. Giddy). Chapter 31 in Frederick D.S. Choi (ed.), International Accounting and Finance Handbook, (2nd ed), John Wiley & Sons, Inc., New York, 1997.

,Uses and Abuses of Currency Options" (with Ian H. Giddy), Journal of Applied Corporate Finance, Fall1995, pp. 49-57.

,Currency Exposure Management in Multinational Companies: 'Centralized Coordination' as an Alternative to Outright Centralization" (with Ulrich Hommel). in: Johann Egelhard (ed.) Strategische Fuhrung internationaler Unternehmen, Gabler-Verlag, Wiesbaden, December, 1995.

,International Payments" (with R. Mirus). in: International Encyclopedia of Business and Management, Routledge, 1995.

,Finanzinnovationen," in: Signale, WHU Koblenz School of Corporate Management, September, 1994, pp. 83-86.

,Finanzinnovationen, Innovationsprozess," in: W. Wolfgang Gerke and Manfred Steiner (eds.), Handworterbuch des Bank - und Finanzwesens, Schaffer-Poeschel Verlag, Stuttgart, 1994.

,Money Markets of the Pacific Basin" (with Ian H. Giddy), in: Theodore Bos and Thomas A. Fetherston (eds.), Research in the Financial Markets of the Pacific Basin), JAI Press, Greenwich, CT, 1994.

,Financial Centers and External Financial Markets" (with Ian H. Giddy). Reprinted in: Richard Roberts (ed.), International Financial Centres, Edward Elgar Publishing Ltd., Cheltenham, England, 1994.

,The Japanese Presence in the European Financial Services Sector-- Comment", in: Mark Mason and Dennis Encarnation (eds.), Does Ownership Matter? Japanese Multinationals in Europe, Clarendon Press, Oxford, 1994.

,The Instability of the International Financial System", in: Lars Oxelheim (ed.), The Global Race for Foreign Direct Investment: Prospects for the Future,. Springer Verlag, Heidelberg, 1993.

,Sovereign Lending: Lessons from the Latin American Debt Crisis", in: Hochschulnachrichten, WHU Koblenz School of Corporate Management, February 1993, pp. 22-26

,Impact of EC 92 on European Banking: A Foreign Direct Investment Perspective" (with BernardY. Yeung), in: Journal of Multinational Financial Management, Vol. 2, No. 3/4, 1993. Reprinted in: John Doukas & Mathur (eds.), Financial Management in Post-1992 Europe, International Business Press, Binghamton, NY, 1993.

,Banking in the EC After 1992", in: Hochschulnachrichten, WHU Koblenz School of Corporate Management, October 1992, pp. 57-61.

,Im Binnenmarkt vor scharferem Wettbewerb", in: Arbeitgeber, December 4, 1992, p. 950.

,Banking in the EC After 1992", in: W.J. Adams (ed.), Singular Europe: Economy and Polity of the European Community 1992,. University of Michigan Press, 1992.

Curriculum Vitae of Gunter Dufey 399

,Corporate Debt vs. Country Debt: Distinguishing Between Liquidity and Solvency Problems", in: Robert Grosse (ed.), Private Sector Solutions to the Latin American Debt Problem, University of Miami, North-South Center, Miami, 1992.

,The Demand and Supply of Forward Exchange Contracts Under Incomplete Information", (with Hossein B. Kazemi), Journal of Business and Economics, Vol. 43, No. 4, November 1991, pp. 339-352.

,The Instability of the International Financial System and Its Implications for Trade and Investment", Conference Proceedings of the Elof Hanssen Symposium (1991:H5), Gothenburg University, Sweden, September 19, 1991.

,Interest Rate and Currency Swaps: Rationale, Mechanics, Risks", in: George N. Engler and John A. Boquist, Cases in Managerial Finance, Macmillan Publishing Co., New York, 1991.

,Global Financial Innovation: Supporting the Entrepreneur", Entrepreneurship and Management, Proceedings of The Tenth International Management Conference of the Asian Association of Management Organisations, Hong Kong, November 27-29, 1989, pp. 109-115.

,The Role of Japanese Financial Institutions Abroad," in: Charles Goodhart and George Sutija (eds.), Japanese Financial Growth, Macmillan Academic and Professional Ltd., London, 1990.

,International Financial Markets: A Survey", in: Robert L. Kuhn (ed.), Library of Investment Banking, Dow Jones-Irwin, 1990.

,Foreign Exchange: Markets and Currency Risk and Hedging", in: Dennis E. Logue (ed.), Handbook of Modern Finance, Warren, Gorham & Lamont, Boston, New York, 1989.

,Finanzinnovationen auf den internationalen Kapitalmarkten", in: Hartmut Leser, Wertpapierinvestment heute: Praxiswissen fur Profis und Privatanleger, Gabler, , Wiesbaden, 1988.

,International Competition in Banking and Financial Services" (with A. Tschoegl), Chapter 3 in: International Competition in Services, U.S. Congress, Office of Technology Assessment, U.S. Government Printing Office, Washington, D.C., July 1987.

,Finanzinnovationen in den USA -- Entwicklung und Bedeutung fiir das internationale Bankgeschaft", in: Georg Bruns and Karl Hauser (eds.), Innovationen auf Finanzmarkten, Fritz Knapp Verlag, Frankfurt, 1986.

,The International Money Market: Perspectives and Prognosis" (with Ian H. Giddy), in: R.E. Baldwin and J.D. Richardson, International Trade and Finance, 3rd. ed., 1986.

,Eurocurrency Deposit Risk" (with Ian H. Giddy), in: Journal of Banking and Finance, Fall, 1984

,The Case for Corporate Management of Foreign Exchange Risk" (with S.L. Srinivasulu) in: Financial Management, Fall 1983. Reprinted in: ., Donald R. Lessard (ed.), International Financial Management: Theory and Application, 2nd ed, Wiley, New York, 1985.

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,International Financial Management: The Overall Investment and Financing Plan", in: Abraham George and Ian H. Giddy (eds.), International Finance Handbook, Wiley, New York, 1983.

,Germany: National Money and Bond Markets", (with Suresh E. Krishnan), in: Abraham George and Ian H. Giddy (eds.), International Finance Handbook, Wiley, New York, 1983.

,Banking in the Asia Pacific Area", in: R. Moxon, J.F. Truitt, and T. Roehl (eds.), Asia Pacific Dynamics, JAI Press,, Greenwich, CT, 1983.

,Trends in International Banking and Implications for Regulation" (with Ian H. Giddy), in: E.N. Roussakis (ed.), International Banking Principles and Practices, revised ed., Praeger Scientific, 1982.

,Funding Decisions in International Companies." in; Goran Bergendahl (ed.), International Financial Management, Amsterdam/Stockholm, 1982.

,Forecasting Foreign Exchange Rates: A Pedagogical Note" (with R. Mirus), in: Columbia Journal of World Business, Summer 1981. Reprinted in: Boris Anti and Richard Einsor (eds.), The Management of Foreign Exchange Risk, Euromoney Publications, London, 1982.

,Mindestreservepolitik, Geldmengensteuerung, und Euromarket" (with Otmar Issing), in: Hermann Goppelts and Rudolph Henn (eds.), Geld, Banken, und Versicherungen, Band I, West Germany: Athenaum, 1981, pp. 100-19.

,Innovation in the International Financial Markets" (with Ian H. Giddy), in: Journal of International Business Studies, Fall 1981, pp. 33-51. Reprinted in: Donald R. Lessard (ed.), International Financial Management: Theory and Application, 2nd ed. Wiley, New York, 1985. Reprinted in: William A. Dymsza and Robert G. Vambery (eds.), International Business Knowledge: Managing International Functions in the 1990s, Praeger, NY, 1987. Reprinted in: James C. Baker, John K. Ryans, Jr., and Donald G. Howard (eds.), International Business Classics, D.C. Heath & Co., Lexintgon, Mass, 1988.

,The Significance of the International Capital Markets for the Currency Management of Firms Engaged in International Business", in: W.H. Wacker, H. Hausmann and B. Kumar (eds.), Internationale Unternehmensfuhrung: Festschrift for Herrn Profossor Dr. Eugen Sieber, 1981.

,International Capital Markets: Structure and Response in an Era of Instability", in: Sloan Management Review, Spring 1981, pp. 35-45.

,Effect of Euromarket Restraints Doubtful Due to Domestic Credit Control Variance" (with I.H. Giddy), in: The American Banker, March 14, 1980:, p. 13.

,Worldwide Inflation: Is the Eurodollar to Blame?" University of Michigan Business Review, July 1979.

,Alternative Approaches to the Regulation of International Banking" (with Ian H. Giddy), in: Singapore Banking and Finance, 1979.

Curriculum Vitae of Gunter Dufey 401

,Interest Rates in the U.S. and Eurodollar Markets" (with Ian H. Giddy and S. Min), in: Weltwirtschaft/iches Archiv (Journal of World Economics), March 1979.

,International Financial Planning: The Use of Market-Based Forecasts" (with Ian H. Giddy), in: California Management Review, Fall 1978. Reprinted in: International Business 1979: A Selection of Current Readings: Michigan State University Press, East Lansing, MI, 1979. Reprinted in: Heide V. Wortzel and Lawrence Wortzel (eds), Strategic Management of Multinational Corporations: The Essentials, Wiley, New York, 1985. Reprinted in: Jagdish Sheth and Abdolreza Eshghi (eds.). Global Financial Perspectives, South-Western, Cincinnati, 1989.

,Corporate Finance and Exchange Rate Variations." in: Financial Management, Summer 1972, pp. 51-57. Reprinted in: D.L. Lessard (ed.), International Financial Management: Theory and Applications, Warren, Gorham, and Lamont, Boston, 1979.

,Alternative Strategies for Managing Exchange Risk" (with D.P. Walker) in: T.W.M. McRae and D.P. Walker (eds.), Readings in Foreign Exchange Management, MCB Publications, Bradford, U.K., 1978.

And 23 other articles prior to 1979.

Book Reviews

David M. Meerschwam (1991): ,Breaking Financial Boundaries: Global Capital, National Deregulation, and Financial Services FirmsHarvard Business School Press, ". Boston, MA, 1991, in: Journal of Finance, December 1991, pp. 1942-1946.

Books and Monographs

The International Money Market, 2nd ed. (with Ian H. Giddy). Englewood Cliffs, NJ, Prentice-Hall Foundations ofFinance, 1994.

Cases in International Finance, 2nd ed. (with Ian H. Giddy). Addison-Wesley Publishing Company, 1993.

50 Cases in International Finance (with Ian H. Giddy). Addison Wesley Publishing Company, Reading, MA, 1987.

The International Money Market (with Ian H. Giddy). Englewood Cliffs, NJ, Prentice-Hall Foundations of Finance, 1978. Revised edition, Tokyo University Press, 1984 (in Japanese).

The Evolution of Instruments and Techniques in International Financial Markets (with Ian H. Giddy), S.U.E.R.F. Monograph No. 35A, 1981.

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Research Reports

,The Impact of Offshore Financial Centers on International Financial Markets" (with S.M. Bartram), OECD, 1995.

,International Competition in the Services Industries: Institutional and Structural Characteristics of Financial Services -- With Specific Reference to Banking" (with Adrian Tschoegl), Office of Technology Assessment, U.S. Congress, 312 pp., 1986.

,Perspectives on Foreign and International Capital Markets: Canada, Japan, United Kingdom, West Germany, Eurobond Market" (with Suresh E. Krishnan), Securities Industry Association, New York, 1982.

,The Transportation Sector in the Mexican Economy: Economic Analysis and Projections" (with Arvind K. Jain). A.H Foster & Company, 23 pp., 1979.

,A Study of U.S. Financial Markets: Structure, Trends, and Future in a World of Instability" (with Arvind K. Jain). Booz, Allen, Hamilton, 211 pp., 1979.

,Regulations Affecting International Banking Operations of Banks and Non-Banks in Japan." Financial and Fiscal Affairs Directorate of the OECD, 21 pp., 1978.

,Current Developments in Far East Economies", Group IV, New York, 1978.

,The Structure of Private Foreign Investment -- With Specific Reference to Portfolio Investment" (with Ian H. Giddy and Bruce C. Seifert), OASIA-Research, US. Department of the Treasury, 1976.

,The U.S. Capital Control Program and International and Foreign Financial Markets -­Some Implications (with Ian H. Giddy). US. Treasury, 1972.

Authors

Adams, William J. born in 1947, Jim Adams received an AB summa cum laude, an AM, and a PhD, all in economics, from Harvard University. He joined the University of Michigan faculty in 1973 and is currently Professor of Economics. His monograph, Restructuring the French Economy: Government and the Rise of Market Competition since World War II is widely cited by historians, political scientists, and economists on both sides of the Atlantic.

Brockhoff, Klaus is Dean of the WHU - Otto Beisheim Graduate School of Management in Vallendar near Koblenz and Professor for Corporate Policy. Before he has been director of the ,Institut fiir Betriebswirtschafltiche Innovationsforschung" and of the ,lnstitut fiir Betriebswirtschaftslehre", Christian Albrechts University at Kiel. He also is board member of several scientific councils and societies.

Broil, Udo is acting Professor of International Economies at the University of Saarland, Saarbriicken. He received his doctoral and habilitation degrees at the University ofKonstanz. His major research interests are international trade, foreign direct investment and risk management of international firms.

404 Frenkei!Hommei/Rudolf: Risk Management

Dewenter, Kathryn is an Associate Professor in the Finance and Business Economics Department at the University of Washington. She received her Ph.D. from the University of Chicago in 1993, and an MBA and MA in International Policy Studies from Stanford University in 1985. She also worked in the Asia Division of Chemical Bank and at McKinsey and Co. Inc. At the University of Washington, she teaches International Finance and Competing in the Global Economy. Her research covers empirical analysis of economic and corporate finance models in an international context. Topics of interest include cross-border acquisitions, privatization, business groups, dividend policy, and initial public offers. She has publications in the Journal of Finance, the Journal of Financial Economics, and The American Economic Review.

Eisele, Wolfgang born in 1938, is Professor of Accounting and Finance at the University of Hohenheim. Study of Business Administration and Economics at the Universities of Tilbingen, Munich and Wilrzburg; receiving his diploma, his doctoral (Dr. rer. pol.) as well as his habilitation degrees at the University of Wilrzburg; teaching and research activities in the U.S. (University of Michigan, Ann Arbor, 1979, 1985, 1995) and the People's Republic of China (Jiao Tong University, Shanghai, 1985, 1987, 1989, 1995). Main focus of research activities: Interface between accounting and finance, especially the analysis of efficiency conditions and conflict areas of financial and accounting institutions. Author of publications on accounting, including a standard work on the technique of accounting (,Technik des betrieblichen Rechnungswesens", 6th ed., Munich 1999), and on corporate finance and investments. Professor Eisele is member of various scientific associations.

Authors 405

Frenkel, Michael is Professor of Economics at WHU Koblenz. He is a German national and received his undergraduate and graduate education in economics at the University of Mainz, Germany. He did part of his doctoral dissertation as a visiting scholar of Harvard University. After finishing his doctorate in 1985, he joined the International Monetary Fund in Washington D.C. where he worked on economic adjustment programs of developing countries. In 1993, he became professor of economics at the WHU Koblenz. His academic interests are mainly in the fields of international finance, economic growth, and monetary policy issues. He is also a member of the editorial board of the Inter­national Business Journal and the Global Finance Journal.

Geyer, Christian is member of the executive board of the European Energy Exchange AG (EEX). EEX was founded in 1999 by Eurex, the worlds largest derivatives exchange. He laid the foundations for this Exchange as Project manager since the very beginning in 1998. In this function he reported to the CEO of Deutsche Borse Dr.Seifert. He is with Gruppe Deutsche Borse since 1982, where he began his career in the IT department by participating in the creation of the first electronic trading systems. Afterwards he was for several years responsible for market and product development of the cash market. He received a Diploma in mathematics from the Albert-Ludwigs-Universitat in Freiburg i.Br., where he specialized in Stochastic, mathematical logic and Computer Science.

Glaum, Martin is Professor of International Management and Communications at the Justus-Liebig-Universitat GieBen. He studies Business Administration and Economics at the Justus-Liebig-Universitat GieBen (Diploma, 1987), the University of Bath (England) and at Loughborough University of Technology (England, M.Phil. , 1987). From 1988 to 1995, he was at the Justus-Liebig-Universitat GieBen, where he received his doctoral (1991) and habilitation degrees (1995). Between 1995 and 1999, he was Professor of International Management at the Europa-Universitat Viadrina in Frankfurt (Oder). He held visiting positions at the DePaul

406 Frenkei/Hommei/Rudolf: Risk Management

University, Chicago (1998), and the University of Michigan, Ann Arbor (1999). His main research interests are in the areas of international finance (corporate exchange risk management, economic exposure) and international accounting (harmonization of accounting systems, accounting for financial instruments).

:w--- Harper, Ian Ross is Professorial Fellow in the Melbourne Business School at the University of Melbourne where he held the Ian Potter Chair of International Finance from 1993 until 1997. Prior to joining Melbourne Business School, Ian Harper was Professor of Monetary and Financial Economics in the Faculty of Economics and Commerce at the University of Melbourne. He also held positions at the Australian National University in Canberra, Princeton University in the United States and the Reserve Bank of Australia in Sydney. His research interest lies in the area of banking and finance including the effects of financial deregulation, the economics of saving, bank supervision, reform of the taxation system and the role of superannuation. He is currently Senior Associate with the Allen Consulting Group.

Higgins, Robert is Professor of Finance at the University of Washington where he teaches graduate courses in domestic and international corporate finance. Professor Higgins holds a B.S. in engineering science from Stanford University, an MBA from Harvard, and a Ph.D. in finance from Stanford. His research interests include business valuation, growth management, and corporate foreign exchange exposure. He is past Managing Editor of the Journal of Financial and Quantitative Analysis and has taught at Stanford, IMD, the Darden Graduate School of Business, and the WHU Graduate School of Management.

Authors 407

Holtdorf, Claudia is assistant teacher at the Chair for Financial Intermediation and Capital Market Theory, WHU Koblenz Otto Beisheim Graduate School of Management since October 1998. Before she worked at the Finance Institute in Cologne for Prof. Dr. Dr. h. c. Herbert Hax. She studied economics and political sciences at University of Bonn. Her major research interests are capital market theory, risk measurement and management and regulation of banks

Hommel, Ulrich holds the Chair of Investment and Risk Management at the European Business School, Oestrich-Winkel (Germany). He has previously been an Assistant Professor of International Corporate Finance at the WHU Koblenz and a Visiting Assistant Professor of International Business at the University of Michigan Business School. He received his Ph.D. degree in Economics from the University of Michigan in 1994, his M.A. in Economics from the University of Michigan in 1988 and B.A. equivalents in Economics and Political Science from the University of Freiburg im Breisgau in 1985 and 1986. His research focuses on real option valuation, corporate governance and risk management.

Huchzermeier, Arnd is the chair of the Production Management Department at the WHU. He received his Ph.D. degree from the Wharton School of the University of Pennsylvania and taught for three years at the Graduate School of Business of the Univ. of Chicago. Since then, he held visiting appointments at the Univ. of Chicago, the Univ. of Pennsylvania, the Univ. of Western Ontario in Canada, INSEAD in France, the Leipzig GSM and the Univ. of Vienna in Austria. Currently, he serves as a member of the academic advisory board to the ECR Board of Europe and conducts the annual Industrial Excellence Award competition jointly with INSEAD. Professor Huchzermeier has published articles on global supply chain management under exchange rate uncertainty in Operations Research and the application of real options pricing theory to the evaluation of R&D projects under risk in Management Science . His research interests are production and service operations management, logistics/supply chain management & optimization, real option evaluation and product bundling and pricing.

408 Frenkel/Hommel/Rudolf: Risk Management

Issing, Otmar born in 1936, has been a member of the Executive Board of the European Central Bank since 1 June 1998. The business area for which he is responsible includes the Directorates General Economics and Research. Until May 1998 he was a Member of the Board of the Deutsche Bundesbank with a seat in the Central Bank Council. Prior to that he held Chairs of Economics at the Universities ofWiirzburg and Erlangen-Niirnberg. In 1991 he was awarded an honorary professorship at the University of Wiirzburg. From 1988 to 1990 he was a member ofthe Council of Experts for the Assessment of Overall Economic Developments. He is an active member of Akademie der Wissenschaften und der Literatur (Academy of Sciences and Literature), Mainz, and of the Academia Scientiarum et Artium Europaea (European Academy of Sciences and Arts). In addition to publishing numerous articles in scientific journals and periodicals, he is the author of, inter alia, two textbooks, namely ,Einfiihrung in die Geldtheorie" (Introduction to monetary theory), eleventh edition, 1998, and ,Einfiihrung in die Geldpolitik" (Introduction to monetary policy), sixth edition, 1996

Jain, Arvind teaches at Concordia University in Montreal. He earned his Ph. D. from The University of Michigan under the guidance of Prof. Gunter Dufey. His current research focuses on corruption, management of exchange risk, and capital markets. His past research papers dealing with the debt crisis and various other topics in international banking and finance have appeared in many academic journals. He has written two book, Commodity Futures Markets and the Law of One Price (1981) and International Financial Markets and Institutions (1994), and edited a volume titled Economics of Corruption (1998). He is on the editorial board of two journals, including the Journal of International Business Studies.

Authors 409

, Kaen, Fred R. is Professor of Finance and Co-director of the International Private Enterprise Center at the Whittemore School of the University of

' New Hampshire. He received his Ph.D. degree in finance and international business from the University of Michigan in 1972, his M.B.A. from Michigan in 1967 and his undergraduate degree

:-..._,.__. from Lehigh University in 1963. Kaen has published in leading

academic journals and has written textbooks. His research focuses on international finance, corporate governance and corporate finance. He has been a visiting professor at the University of Oregon, The Norwegian School of Economics and Business (Bergen), the Norwegian School of Management (Oslo) and the University of Hamburg.

Keller, Joachim has been a student of economics at the University of Pisa, Italy and at the University of Saarland, Germany, where he graduated as a Diplom-Volkswirt in 1995. There he is writing at his thesis ,The effect of New Information on the Exchange Rate" under the supervision of Professor Richter. His research interests lie in the field of monetary and international economics as well as banking and finance.

Knobloch, Alois, Paul born in 1966, is teaching and research assistant at the department of accounting and finance at the University of Hohenheim (Prof. Dr. W. Eisele). From 1986 to 1991, he studied economics and engineering at the University of Karlsruhe and received his doctoral degree at the University ofHohenheim in 1997. Between 1997 and 1999 he worked as a financial analyst at the department of strategic management at the Stidwestdeutsche Landesbank and the department of management information at the Landesbank Baden-Wtirttemberg. His major research interests focus on investment decisions in complete and incomplete markets, cash management for multinational firms and the accounting for financial innovations and hedges.

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Liekweg, Armin is teaching assistant at the Arthur Andersen-Center for Accounting and Taxation, Chair of Controlling and Logistics at the WHU School of Corporate Management in Vallendar, Germany. His research interest lies in the areas of accounting, financial reporting, risk and risk management.

McCracken, Paul Paul W. McCracken, Edmund Ezra Day Distinguished University Professor Emeritus of Business Administration, Economics, and Public Policy, the University of Michigan, and former Chairman of the President's Council of Economic Advisers, is a native of Iowa. He holds an A.B. degree from William Penn College, Oskaloosa, Iowa, and M.A. and Ph.D. degrees in eonomics from Harvard University. Additionally, he holds honorary degrees from several colleges and universities, including William Penn College, Albion, Berea, Central Michigan University, and Northern Michigan University. After graduate study at Harvard, he worked as an economist in the U.S. Department of Commerce, Washington D.C., and then as a financial economist and director of research at the Federal Reserve Bank of Minneapolis.

Misawa, Mitsuru is Professor of Finance at the College of Business Administration and the Director of the Center for Japanese Global Investment and Finance at the University of Hawaii. He worked at the Industrial Bank of Japan (IBJ) for 30 years and served as a member of the board of directors at the leasing headquarters in Tokyo and as president ofiBJ Leasing in New York. His assignments included various investment banking operations in New York and Tokyo. He joined the faculty of the University of Hawaii in August, 1996. LL.B., 1960, Tokyo University Law School. LL.M., 1964, Harvard University Law School. M.B.A., 1965, University of Hawaii, Ph.D., 1967, University of Michigan.

Authors 411

Nassauer, Frank born in Marburg, Germany, 1966. Study of economics at Justus­Liebig University GieBen, Germany. 1993 master's degree in business administration (Dipi.-Kfin). Since 1993 scientific assistant on the chair for , Multinational Enterprises and Corporate Mergers" at Justus-Liebig University GieBen, chairholder Prof. Dr. E. Pausenberger. Doctoral dissertation to ,Corporate Governance and the Internationalization of Firms".

Pausenberger, Ehrenfried born in Teisnach, Germany, 1931. Study of economics and jurisprudence in Munich and Freiburg!Breisgau. 1955 master's degree of business administration (Dipi.-Kfin.), 1957 Dr. oec. publ., scientific assistant at Munich University, two years in an auditing company, two years lecturer at Siegen Higher Business School (,Hohere Wirtschaftsfachschule"). 1967 habilitation and university lecturer at Erlangen-Niirnberg University, 1968-1973 professor at Hamburg University for business and policy, 1973-1999 chairholder for Business Administration, especially Multinational Enterprises and Corporate Mergers" at Justus-Liebig University GieBen; 1980/81 and 1991 /92 dean of the department of economic sciences. 1975-1999 scientific leader of the ,Arbeitskreis Organisation und Fiihrung international Uitiger Unternehmen" ofSchrnalenbach Society. Since 1981 fellow of the Academy of International Business; member of the European International Business Academy. Major research areas: multinational enterprises and corporate mergers; numerous publications in this field ; editor of the GieBen serial publication about multinational enterprises (,GieBener Schriftenreihe zur Internationalen Unternehrnung").

Pfeil, Christian obtained his Ph.D. from the University of Saarland, Germany in summer 1999. His thesis ,Capital Structure, Managerial Incentives and Corporate Governance" under the supervision of Professor Jiirgen Eichberger dealt with the financing decision of the firm in a corporate governance context. He has been a student of economics at the University of Michigan, Ann Arbor, USA and at the University of Saarland, Germany from which he graduated as a Diplom-Volkswirt in 1995. During semester 2, 1999 he held a

412 Frenke1/Hommel/Rudolf: Risk Management

position as a visiting lecturer at the University of Melbourne, Australia where he was teaching a course on ,Organisations, Economics and Incentives". His research interests lie in the area of contract theory, banking and finance, financial systems and economic history. From March 2000 he will take up a position at Johann Wolfgang Goethe-University in Frankfurt a.M. to work with Professor Reinhard Schmidt.

Rehm, Florian was born in Wiesbaden, Germany, in 1975. Between 1994 and 1998, he studied business administration at WHU Otto Beisheim Graduate School of Management, Germany, ESC Rouen, France, and Copenhagen Business School, Denmark. Since November 1998, he is teaching assistant and research assistant at the Chair of International Corporate Finance (Prof. Gunter Dufey) at WHU, Germany. In summer 1999, he joined the University of Michigan Business School, Ann Arbor, MI, USA for a research project on systemic default risk and hedge funds. His major research interest is credit risk measurement and management including credit derivatives and the pricing of credit risk in a portfolio context.

Riemer-Hommel, Petra is currently a research associate at the University of Trier. She received her Ph.D. in economics from the University of Michigan (Ann Arbor, USA) in 1996. Between 1997-1998 she was working as a research fellow at the Institute of Labour Law and Labour Economics at the University of Trier. In 1998, she joined the Department of Services, Administration & Management at the University of Trier. Her research interests focus primarily on issues related to health care reform in industrialized countries and the economic evaluation of health care.

Authors 413

Rudolf, Markus is a full Dresdner Bank Professor for Financial Intermediaries and Capital Market Theory at WHU - Otto-Beisheim-University and head of the center for finance at the WHU. Between January and June 1999 he was visiting on this position. Between 1995 and 1998 he was with the University of St. Gallen as an Assistant Professor of Finance. He received his Ph.D. at this institution in

fall 1994. After research visits at the University of California in Los Angeles (UCLA) and the University of British Columbia

(UBC) in Vancouver he finished his habilitation thesis on term structure models in St. Gallen, Switzerland, in May 1999. His major research interests are asset management, international capital markets, risk management, pension and life insurance fund

management, term structure models. His recent publications focus

on the deposit insurance systems, on surplus management, and on

term structure modeling. He teaches at WHU Koblenz, University of Cologne, University of Greifswald, at the Universita di Verona and several practitioners institutions. As coeditor of the journal

,Financial Markets and Portfolio Management" he is responsible

for the organization of annual conferences of the Swiss Society for

Financial Market Research.

Seifert, Werner G. is Chief Executive Officer of Deutsche Borse AG. Deutsche Borse operates FWB, the Frankfurt Stock Exchange, and, together with

SWX Swiss Exchange, Eurex, the worlds largest derivatives market. Deutsche Borse AG owns Deutsche Borse Systems, the systems operational arm for the exchanges and holds a 50 percent stake in the European Clearing House. Seifert joined Deutsche Borse in 1993. Before joining Deutsche Borse, he served with Schweizerische ROckversicherungs Gesellschaft as General Manager and Member of the Group's Senior Management Board from 1987 to 1993. Seifert startet his career at McKinsey & Co. Inc. in 1978 where be became Partner in 1982. Seifert has studied Business Administration at the University of Frankfurt and earned his PHD at the University of Hamburg.

414 Frenkel!Hommei/Rudolf: Risk Management

Simin, Tim is currently a Ph.D. student at the University of Washington. He graduated Summa Cum Laude from the University of Texas with a Bachelors of Science in Economics and Finance. He also worked for two years at the Federal Reserve Board of Governors in the Division of Monetary Affairs. At the University of Washington he teaches Micro Economics, Corporate Finance, and Investments. His research focus is on empirical asset pricing. Topics of interest include forecasting performance of asset pricing models, robust statistics, and international finance. He has publications in the Journal of Economics and Business and the Journal of Financial Markets.

Trauth, Thomas is Senior Economist at Swiss Re in Zurich. He received an economics degree from the University of Mainz in 1993 and joined the Institute of General and International Economics there. His major field of interest was the effect of international trade on economic growth. In 1996 he completed his doctoral thesis and joined Swiss Re Economic Research & Consulting in Zurich. Since then he has been researching the life and health markets and the implications of the EURO for insurance. He has published sigma studies on public pension systems, on the market prospects for private life and health insurance, and on the causes and consequences of the merger wave in the life insurance industry. Furthermore, he has authored various articles in professional journals and the press.

Wahl, Jack holds the chair of investments and finance at Dortmund University. He received his doctoral degree at the University of Giessen and his habilitation degree at the University of Konstanz. He was also visiting assistant professor of finance at the University of Michigan Business School. His major research interests are concepts of risk aversion, informational finance, financial intermediation and hedging policy of the firm.

Authors 415

Walter, Ingo is the Charles Simon Professor of Applied Financial Economics at the Stem School of Business, New York University, and Director of the New York University Salomon Center, an independent academic research institute founded in 1972 to focus on financial institutions, instruments and markets. He is also affiliated with INSEAD in Fontainebleau, France as Professor of International Management. His research interests focus on competitive structure, conduct and performance in the international banking and financial services industry, as well as international trade and investment issues. He has published numerous books and articles in these areas, the most recent of which is Investment Banking in the Euro-Zone, published in 2000 by The Financial Times -Prentice-Hall.

Weber, Jiirgen holds the Chair of Controlling and Logistics at the WHU School of Corporate Management in Vallendar, Germany. He is currently Associate Dean of the University, co-editor of several journals in the fields of business economics, and holds positions on the advisory boards of Lufthansa Cargo, Wrede Industrial Holding, and Gesundheitszentrum e. V. His research interest lies in the areas of theory of the firm, controlling, logistics, new public management, accounting, and telecommunications; he has written more than 400 publications in these areas, including standards which are currently running in their 8th, 5th, and 5th editions. He has chaired or presented at over 1 00 congresses and conferences, and does practical research in the form of consultancy projects, work groups, and publicly and privately funded research projects.