Roubaix, France

EDHEC Business School

www.edhec.edu
Roubaix, France

EDHEC is a French “grande école” specialising in business and management, founded in 1906, and based in Lille. EDHEC Business School offers undergraduate, graduate, and executive education on its campuses in Lille, Nice, Paris, London, and Singapore.EDHEC Business School consistently ranks among the top-5 business schools in France, with excellent reputation in the area of finance research. EDHEC Business School offers the following academic programs:• The Masters’ Programme EDHEC Grande école • The Bachelor’s Programme Espeme • Master of Science Programmes• MBA Programmes • Executive education for managers • PhD in Finance• Research centresIt has 6,000 students enrolled in traditional graduate and undergraduate programmes, 10,000 in executive programmes, and an alumni base of roughly 24,000.EDHEC Business School is EQUIS accredited by the EFMD , and AMBA accredited for the EDHEC MBA and Part-Time Executive MBAs programmes. It is also accredited by the AACSB and the French Conférence des grandes écoles. Wikipedia.

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EDHEC-Risk Institute study shows that goal-based investing principles can be used to design scalable retirement investment strategies that meet individual investors' needs Existing financial products marketed as "retirement investment solutions" do not meet the needs of future retirees, which involve securing their essential goals expressed in terms of minimum levels of replacement income (focus on safety), while generating a relatively high probability of achieving their aspirational goals expressed in terms of target levels of replacement income (focus on performance). Meaningful solutions should therefore combine safety and performance to meet this dual objective. In a new publication entitled "Mass Customisation versus Mass Production in Retirement Investment Management: Addressing a "Tough Engineering Problem", EDHEC-Risk Institute analyses how the retirement investing problem can be formally framed within the context of dynamic portfolio choice theory. The main contribution of this paper is to show that financial engineering can be used to address the "tough engineering problems" posed by the scalability requirements. Indeed, it is hardly feasible to launch a customised dynamic allocation strategy for each investor, and the challenge is to address the needs of a large number of investors through a limited number of funds. To this end, the authors extend portfolio insurance and dynamic core-satellite techniques to the retirement investing context. The solutions make use of a goal-hedging portfolio, which is intended to replicate the value of a deferred annuity, and a performance-seeking portfolio, the objective of which is to efficiently harvest risk premia in order to deliver long-term performance. The allocation to these two building blocks is a function of the risk budget, defined as the difference between the current portfolio value and a suitably chosen floor. In this study, the authors demonstrate that it is possible to construct strategies scalable with respect to entry point levels, contribution levels and aspirational goals, which vary greatly across investors. The authors also show that mass-customised retirement solutions perform better than traditional balanced or target-date funds in reaching investor's goals and have an acceptably low opportunity cost with respect to their fully customised counterparts. Professor Lionel Martellini, Director of EDHEC-Risk Institute, said "dynamic goal-based investing principles can be used to design a parsimonious set of retirement investment strategies that meet the needs of individual investors preparing for retirement as they secure an essential level of replacement income and also have good probabilities of generating much more replacement income than what they would have obtained by investing in annuities, and this is possible in a cost-efficient and reversible format." A copy of the EDHEC-Risk Institute publication can be found here: For more information, please contact: Maud Gauchon Since 2001, EDHEC Business School has been pursuing an ambitious policy in terms of practically relevant academic research. This policy, known as "Research for Business", aims to make EDHEC an academic institution of reference for the industry in a small number of areas in which the school has reached critical mass in terms of expertise and research results. Among these areas, asset and risk management have occupied privileged positions, leading to the creation in 2001 of EDHEC-Risk Institute, which has developed an ambitious portfolio of research and educational initiatives in the domain of investment solutions for institutional and individual investors. This institute now boasts a team of close to 50 permanent professors, engineers and support staff, as well as 38 research associates from the financial industry and affiliate professors. EDHEC-Risk Institute is located at campuses in Singapore, which was established at the invitation of the Monetary Authority of Singapore (MAS); the City of London in the United Kingdom; Nice and Paris in France. The philosophy of the institute is to validate its work by publication in prestigious academic journals, but also to make it available to professionals and to participate in industry debate through its position papers, published studies and global conferences. To ensure the distribution of its research to the industry, EDHEC-Risk also provides professionals with access to its website, www.edhec-risk.com, which is entirely devoted to international risk and asset management research. The website, which has more than 70,000 regular visitors, is aimed at professionals who wish to benefit from EDHEC-Risk's analysis and expertise in the area of applied portfolio management research. Its quarterly newsletter is distributed to more than 200,000 readers. EDHEC-Risk Institute also has highly significant executive education activities for professionals. In partnership with CFA Institute, it has developed advanced seminars based on its research which are available to CFA charterholders and have been taking place since 2008 in New York, Singapore and London. In 2012, EDHEC-Risk Institute signed two strategic partnership agreements, with the Operations Research and Financial Engineering department of Princeton University to set up a joint research programme in the area of asset-liability management for institutions and individuals, and with Yale School of Management to set up joint certified executive training courses in North America and Europe in the area of risk and investment management. As part of its policy of transferring know-how to the industry, EDHEC-Risk Institute has set up ERI Scientific Beta. ERI Scientific Beta is an original initiative which aims to favour the adoption of the latest advances in smart beta design and implementation by the whole investment industry. Its academic origin provides the foundation for its strategy: offer, in the best economic conditions possible, the smart beta solutions that are most proven scientifically with full transparency of both the methods and the associated risks.


News Article | September 11, 2017
Site: www.prnewswire.com

"We are thrilled to have Dominique join us in this important new role, as we continue to acquire assets for our subsidiary, Noden Pharma," stated John P. McLaughlin, chief executive officer of PDL.  "Dominique's proven track record of achieving significant commercial success with other biopharmaceutical companies will benefit the current products that Noden has on the market in addition to growing the business through acquisitions." "I am delighted to join the PDL team, and I look forward to partnering with Noden's leadership to build the company into a thriving specialty pharmaceutical enterprise," stated Mr. Monnet. "The current market is rich with acquisition opportunities, and PDL has put itself in an excellent financial position to be able to capitalize on these opportunities." Mr. Monnet brings over 30 years of biotech/pharma experience to PDL BioPharma. He served as senior vice president and chief marketing officer of Alexion Pharmaceuticals in 2014-2015 where he was responsible for commercial operations in the U.S. and Latin America and oversaw new products and global business operations functions. From 2002 to 2013 he was a senior executive at Amgen Inc. where he served in a number of key commercial leadership positions in the US and internationally. As vice president and general manager for Amgen's Inflammation Business Unit in 2011-13, he was responsible for accelerating the growth of the Enbrel® franchise in the highly competitive U.S. market. Prior to this, he served as vice president and head of Amgen's Global Marketing and Commercial Development, where he led the marketing strategy and new product launches in a wide range of therapeutic areas. From 2002 through 2006, Mr. Monnet was based in Zug, Switzerland, where he served as Amgen's vice president of International Marketing and Business Operations, building Amgen's international commercial capability and leading the creation of its successful international franchises in oncology and nephrology. Before joining Amgen, Mr. Monnet held positions of increasing responsibility in line commercial management and global marketing over 19 years at Schering-Plough – including General Manager of its affiliate in the UK and Republic of Ireland -- Ciba-Geigy and Alza Corporation. Mr. Monnet holds a business degree from EDHEC Business School in Lille, France, and an MBA from INSEAD in Fontainebleau, France. In connection with his commencement of employment, on August 28, 2017, PDL BioPharma's compensation committee of the board of directors approved the grant of inducement awards to Mr. Monnet.  Effective September 11, 2017, Mr. Monnet was granted stock options to purchase 961,000 shares of PDL BioPharma's common stock, which stock options have a ten-year term and an exercise price per share equal to the closing price of PDL BioPharma's common stock on the NASDAQ Stock Market on the grant date. One-half of the stock options will vest over a four-year period subject to Mr. Monnet's continued service with PDL BioPharma through the applicable vesting dates. The remaining options will vest based on certain performance objectives related to increases in the price of our common stock. Mr. Monnet will also be granted 240,200 shares of restricted stock, which shares will vest in three equal installments on each of the first three anniversaries of his commencement of employment.  The restricted stock will be granted to Mr. Monnet on the date we file a registration statement on Form S-8 with the Securities and Exchange Commission with respect to the inducement awards. In addition, the inducement awards granted to Mr. Monnet will be subject to accelerated vesting in connection with certain qualifying terminations of service or a change in control of PDL BioPharma, as described in his severance agreement with us.  The stock option and restricted stock awards were made as an inducement that was a material component of Mr. Monnet's compensation and acceptance of employment with the Company and were granted as employment inducement awards pursuant to NASDAQ Listing Rule 5635(c)(4). About PDL BioPharma PDL seeks to provide a significant return for its shareholders by acquiring and managing a portfolio of companies, products, royalty agreements and debt facilities in the biotech, pharmaceutical and medical device industries. In 2012, PDL began providing alternative sources of capital through royalty monetizations and debt facilities, and in 2016, began acquiring commercial-stage products and launching specialized companies dedicated to the commercialization of these products. To date, PDL has consummated 17 such transactions, of which 10 are active and outstanding. PDL has two debt transactions outstanding, representing deployed and committed capital of $170.0 million: CareView and kaléo; one hybrid royalty/debt transaction outstanding, representing deployed and committed capital of $44.0 million: Wellstat Diagnostics; and five royalty transactions outstanding, representing deployed and committed capital of $396.1 million and $397.1 million, respectively: KYBELLA®, AcelRx, University of Michigan, Viscogliosi Brothers and Depomed. PDL's equity and loan investments in Noden represent deployed and committed capital of $179.0 million and $202.0 million, respectively, and its converted equity and loan investment in LENSAR represents deployed capital of $40 million. NOTE:  PDL, PDL BioPharma, the PDL logo and the PDL BioPharma logo are trademarks or registered trademarks of, and are proprietary, to PDL BioPharma, Inc. which reserves all rights therein.


du Jardin P.,EDHEC Business School
Expert Systems with Applications | Year: 2017

The optimal forecasting horizon of bankruptcy prediction models is usually one year. Beyond this point, their accuracy decreases as the horizon recedes. However, the ability of models to provide good mid-term forecasts is an essential characteristic for financial institutions due to prudential reasons. This is why we have studied a method of improving their forecasts up to a 5-year horizon. For this purpose, we propose to quantize how firm financial health changes over time, typify these changes and design models that fit each type. Our results show that, whatever the modeling technique used to design prediction models, model accuracy can be significantly improved when the horizon exceeds two years. They also show that when our method is used in combination with ensemble-based models, model accuracy is always improved whatever the forecasting horizon, when compared to traditional models used by financial institutions. The method we propose in this article appears to be a reliable solution that makes it possible to solve a real problem most models are unable to overcome, and it can therefore help financial companies comply with the current recommendations made by the Basel Committee on Banking Supervision. It also provides the scientific community (which is interested in designing reliable failure models) with insights about how the evolution of firms’ financial situations over time can be modeled and efficiently used to make forecasts. © 2017 Elsevier Ltd


This article extends the understanding of oil-stock market relationships over the last turbulent decade. Unlike previous empirical investigations, which have largely focused on broad-based market indices (national and/or regional indices), we examine short-term linkages in the aggregate as well as sector by sector levels in Europe using different econometric techniques. Our main findings suggest that the reactions of stock returns to oil price changes differ greatly depending on the activity sector. In the out-of-sample analysis we show that introducing oil asset into a diversified portfolio of stocks allows to significantly improve its risk-return characteristics. © 2010 Elsevier Ltd.


Arouri M.E.H.,EDHEC Business School | Jouini J.,University of Carthage
Energy Economics | Year: 2012

The objective of this paper is to investigate the volatility spillovers between oil and stock markets in Europe. As not all industries are expected to be equally affected by oil price changes, we conduct our study at both the aggregate as well as sector levels. Empirically, we make use of a recently developed VAR-GARCH approach which allows for transmissions in volatilities. In addition, we analyze the optimal weights and hedge ratios for oil-stock portfolio holdings based on our results. On the whole, our findings show significant volatility spillovers between oil price and sector stock returns, and suggest that a better understanding of those links is crucial for portfolio management in the presence of oil price risk. © 2011 Elsevier B.V.


Roquilly C.,EDHEC Business School
MIS Quarterly: Management Information Systems | Year: 2011

Game companies use five components-four core components and one complementary one-in a 5Cs model to ensure the control and development of virtual worlds. A multidisciplinary review of the literature reveals that game companies make use of copyright, codes, creativity, and community to do this. They use the contract as a complementary component to reinforce their control over the four basic components and to compensate for the lacunae they present. In order to examine the extent to which game companies use the contract in this way, an analysis is performed of all contractual documents from a sample of 20 virtual worlds, providing evidence of general trends and emphasizing any differences between the virtual worlds in terms of the business and gaming models sought by each game company. An explanation is provided of why these contracts do not constitute a sustainable model for the game companies, given the high level of legal insecurity they present. Some basic recommendations can be made in order to improve the sustainability of the 5Cs model by modifying these contracts in such a way that they are enforceable and by matching their content with appropriate business and gaming models. This could lead to further studies aimed at providing answers to some of the intriguing issues affecting scholars and practitioners.


Du Jardin P.,EDHEC Business School | Severin E.,Lille University of Science and Technology
Decision Support Systems | Year: 2011

The aim of this study is to show how a Kohonen map can be used to increase the forecasting horizon of a financial failure model. Indeed, most prediction models fail to forecast accurately the occurrence of failure beyond 1 year, and their accuracy tends to fall as the prediction horizon recedes. So we propose a new way of using a Kohonen map to improve model reliability. Our results demonstrate that the generalization error achieved with a Kohonen map remains stable over the period studied, unlike that of other methods, such as discriminant analysis, logistic regression, neural networks and survival analysis, traditionally used for this kind of task. © 2011 Elsevier B.V. All rights reserved.


Lioui A.,EDHEC Business School | Sharma Z.,Long Island University
Ecological Economics | Year: 2012

This paper assesses the impact of environmental corporate social responsibility (ECSR) on Corporate Financial Performance (CFP) measured by ROA and Tobin's Q. We show that the relationship between firms' return on assets (ROA) and ECSR, strengths and concerns, is negative and statistically significant. We also show that firms' Tobin Q and ECSR, strengths and concerns, are negatively correlated in a statistically significant way. However, accounting for the interaction between firms' environmental efforts and R&D yields a different perspective: while the direct impact of ECSR on CFP is still negative, the interaction of ECSR and R&D has a positive and significant impact on it. ECSR strengths and concerns harm CFP since they are perceived as a potential cost. However, this CSR activity fosters R & D efforts of firms which generates additional value (indirect effect). © 2012 Elsevier B.V.


We evaluate the prediction accuracy of models designed using different classification methods depending on the technique used to select variables, and we study the relationship between the structure of the models and their ability to correctly predict financial failure. We show that a neural network based model using a set of variables selected with a criterion that it is adapted to the network leads to better results than a set chosen with criteria used in the financial literature. We also show that the way in which a set of variables may represent the financial profiles of healthy companies plays a role in Type I error reduction. © 2010 Elsevier B.V.


News Article | March 3, 2017
Site: www.fastcompany.com

Michael Carter* knew his friendship with his boss had gotten a little too close when his boss confided that he was cheating on his wife. Before he worked for this fortysomething oversharer, Carter worked in recruitment for a large, well-known tech company when he realized there weren’t many growth opportunities in his division. At 27, Carter landed a job with much more responsibility at a startup where he was one of six employees. The open office and the size of the staff made it easy for people–even introverts like Carter–to get close quickly. That included Carter’s boss. “He wanted to be everybody’s friend,” Carter recalls. “He would often just start talking about his kids, his family, Formula One, make a few jokes.” But things started to get awkward when his boss insisted that the whole staff go out for drinks together every couple of weeks. “Some Fridays after work I just want to go home,” Carter says. “But he wanted to be friends, and he was my boss and signed my paychecks, so I felt obligated to be friends and go for a beer with him, even if sometimes it was exhausting.” Not to mention that it created the kind of tipsy intimacy that would lead to the boss confiding to one of his junior employees that he was having an affair. Having a friend at work can make us feel happier and more motivated to get stuff done. So being chummy with your manager could have additional benefits. “If you are closely connected to someone at a higher level in the organization, they may be able to promote you, spread your reputation, [or] provide you with access to information that is useful,” said Monique Valcour, a professor of management at EDHEC Business School in France in a previous interview with the Harvard Business Review. But that’s exactly what put Carter in a tough spot: In his mind, his salary was inexorably tied to his relationship with his boss, so he had to maintain a friendship he was less than comfortable with. While great bosses use emotional intelligence to bring teams together, surface talent, and resolve conflicts, others have trouble setting healthy boundaries. That’s what happened to Jessica Harris* when she was 22 and working at a large media nonprofit. She and her manager, a 35-year-old man, started working together more closely during a really stressful project. “We vented to each other a lot and commiserated, which brought us closer together,” she says. But, says Harris, “in hindsight it was a really unhealthy relationship.” She recognized it when he asked Harris to accompany him to a strip club to entertain an important client. She went, but acknowledges it was “so inappropriate.” There was no way to reestablish a professional boundary after that, Harris admits, but she was able to move to another department. “He resented me for it,” she recalls. “We stopped being friendly after that.”

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