EXECUTIVE MASTER OF SCIENCE IN RISK MANAGEMENT
Faculty
Viral V. Acharya – NYU Stern
Edward Altman – NYU Stern
Günter Franke – University
of Konstanz
Dan Galai - Hebrew University, School
of Business Administration
Pierre Hillion - INSEAD
Richard Levich – NYU Stern
Stijn van Nieuwerburgh – NYU Stern
Anthony Saunders – NYU Stern
Lucie Tepla - INSEAD
Theo Vermaelen - INSEAD (EMSRM Program Director)
Ingo Walter – NYU Stern (EMSRM Program Director)
Viral V. Acharya – NYU Stern
Viral V. Acharya is professor of finance at NYU Stern School of Business, academic director of the Coller Institute of Private Equity at London Business School, research associate of the National Bureau of Economic Research in Corporate Finance, research affiliate of the Center for Economic Policy Research in Financial Economics, and an Academic Advisor to the Federal Reserve Banks of Cleveland, New York and Philadelphia.
His research interests are in the regulation of banks and financial institutions, corporate finance, credit risk and valuation of corporate debt, and asset pricing with a focus on the effects of liquidity risk. He has published articles in the Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of Business, Rand Journal of Economics, Journal of Financial Intermediation, Journal of Money, Credit and Banking, and Financial Analysts Journal.
He is the recipient of Best Paper Award in Corporate Finance—Journal of Financial Economics, 2000; Best Paper Award in Equity Trading—Western Finance Association Meetings, 2003; Outstanding Referee Award for the Review of Financial Studies, 2003; the inaugural Lawrence G. Goldberg Prize for the Best Ph.D. in Financial Intermediation; Best Paper Award in Capital Markets and Asset Pricing—Journal of Financial Economics, 2005 (First Prize) and 2007 (Second Prize); the inaugural Rising Star in Finance (one of four) Award, 2008; and European Corporate Governance Institute’s Best Paper on Corporate Governance, 2008. He was appointed as a Senior Houblon-Normal Research Fellow at the Bank of England for the summer of 2008 to conduct research on efficiency of the interbank lending markets. He has coedited the book “Restoring Financial Stability: How to Repair a Failed System,” with Matthew Richardson (John Wiley & Sons, 2009).
Professor Acharya earned a Bachelor of Technology in computer science and engineering from the Indian Institute of Technology, Mumbai, and a Ph.D. in finance from NYU Stern School of Business.
Edward Altman – NYU Stern
Edward I. Altman is the Max L. Heine Professor of Finance at the NYU Stern School of Business. He is director of research in credit and debt markets at the NYU Salomon Center for the Study of Financial Institutions. Prior to serving in his present position, Professor Altman chaired the Stern School's MBA Program for 12 years. He has been a visiting professor at HEC Paris and Université Paris-Dauphine in France, Pontificia Católica Universidade in Rio de Janeiro, Australian Graduate School of Management in Sydney, Luigi Bocconi University in Milan and CEMFI in Madrid. Dr. Altman was named to the Max L. Heine endowed professorship at NYU Stern in 1988.
Dr. Altman has an international reputation as an expert on corporate bankruptcy, high-yield bonds, distressed debt and credit risk analysis. He received his MBA and Ph.D. in finance from the University of California, Los Angeles. In 2005, Professor Altman was named one of the “100 Most Influential People in Finance” by the Treasury & Risk Management magazine and was inducted into the Turnaround Management Association’s (TMA) Turnaround, Restructuring and Distressed Investing Industry Hall of Fame’s inaugural class.
Professor Altman has published or edited almost two dozen books and more than 130 articles in scholarly finance, accounting and economic journals.
Günter Franke – University
of Konstanz
Günter Franke is professor of international finance at the University of Konstanz in Germany, where he is also head of the Center of Finance and Econometrics. In addition, he is research professor at the Center of European Economic Research (ZEW), Mannheim; Fellow of the Centre of Financial Studies, Frankfurt; and head of the research group “Price, Liquidity and Default Risks: Measurement and Distribution,” financed by the German Research Foundation.
Previously, Professor Franke has served on the faculties of the University of Saarbrücken and Justus-Liebig University, as well as being a guest lecturer at Jiao Tong University in Shanghai and a Visiting Scholar at New York University. His research focuses on capital market theory, risk management, international financial management and corporate control, and he has consulted for industrial firms on strategic issues, and for banks on risk management, strategic bank management and asset management.
He was the associate editor of the European Finance Review until 2003, Schmalenbach’s Business Review, The Geneva Papers on Risk and Insurance, The Review of Derivatives Research, and Financial Markets and Portfolio Management.
Professor Franke studied business administration at the Universities of Hamburg and Saarbrücken, received his MBA from the University of Saarbrücken and received an Honorary Doctorate from the University of Mannheim in 2006.
Dan Galai - Hebrew University, School
of Business Administration
Dan Galai is the Abe Gray Professor of Finance and Business Administration at the School of Business Administration at Hebrew University in Jerusalem. He was a visiting professor of finance at INSEAD, University of California, Los Angeles, and NYU Stern School of Business. He has also taught at the University of Chicago and at the University of California, Berkeley. Dr. Galai holds a Ph.D. from the University of Chicago and undergraduate and graduate degrees from Hebrew University.
He has served as a consultant for the Chicago Board Options Exchange and the American Stock Exchange as well as for major banks. He coinvented the volatility index based on the prices of traded index options.
He has published numerous articles in leading business and finance journals, on options, financial assets, and corporate finance, and serves on the boards of a few academic journals. He is a coauthor of Risk Management (McGraw-Hill, 2000) and of The Essentials of Risk Management (McGraw-Hill, 2005). He was a winner of the First Annual Pomeranze Prize for excellence in options research presented by the CBOE. He is a member of the Blue Ribbon Panel and Regional codirector for Israel of PRMIA.
Dr. Galai is a Principal in Sigma P.C.M. Ltd., which is engaged in portfolio management and corporate finance. In the company, he is responsible for risk management consulting to financial institutions as well as nonbank corporations.
Pierre Hillion - INSEAD
Pierre Hillion is the de Picciotto Chair at INSEAD in alternative investments and Visiting Professor at UCLA and CalTech. He received his MBA from HEC Paris, holds a DEA from the Université Paris-Dauphine and a Ph.D. from the University of California. He teaches in various executive programs at INSEAD and Amsterdam Institute of Finance and is program director of the Macquarie-INSEAD Master of Finance.
In addition, he is academic advisor at Lombard Odier Darier Hentsch and Union Bancaire Privée in Geneva. At INSEAD, he has received the Best Teacher Award for Electives, Singapore campus on several occasions.
His research interests lie in the areas of empirical tests of asset pricing models, options pricing models and empirical corporate finance. He has published in many journals, including the Journal of Political Economy, Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Mathematical Finance and Journal of Econometrics.
Richard Levich – NYU Stern
Richard M. Levich is a professor of finance at NYU Stern School of Business and deputy chairman for the Department of Finance. He is a research associate with the National Bureau of Economic Research in Cambridge, Massachusetts, and serves as editor of the Journal of International Financial Management and Accounting. Professor Levich teaches courses in international finance and international financial management.
Professor Levich’s primary research areas include exchange rates, financial risk management, international capital markets and multinational financial management. He has authored or edited 15 books on various topics dealing with international finance.
In addition to his work at NYU Stern, Professor Levich has consulted and lectured for numerous organizations that include the Board of Governors of the Federal Reserve System, General Motors, Morgan Stanley, and the International Monetary Fund. He has been a visiting professor at the University of Chicago, Yale University, and University of New South Wales, among others.
Professor Levich received his Bachelor of Arts, MBA, and Doctor of Philosophy degrees from the University of Chicago.
Stijn van Nieuwerburgh – NYU Stern
Stijn Van Nieuwerburgh is the Charles Schaefer Family fellow at NYU Stern School of Business. His primary research covers the interaction between finance, real estate and macroeconomics. One strand of his current work focuses on general equilibrium asset pricing and the role of housing in the macro economy. This research studies investors who are constrained in their borrowing by the value of their housing collateral. This collateral mechanism has important implications for risk premia on stocks and bonds. In another strand, he focuses on optimal portfolio choice in the presence of information processing constraints. This research explains the apparent lack of diversification in individual and institutional asset portfolios, both domestically and internationally. It also provides a new lens through which to study the mutual fund industry.
Professor Van Nieuwerburgh has published in the Journal of Finance, Review of Financial Studies, Journal of Financial Economics, Review of Economic Studies, Journal of Monetary Economics and several other journals. He also contributed to NYU Stern’s “Restoring Financial Stability: How to Repair a Failed System” (John Wiley & Sons, 2009).
Prior to earning his Ph.D., Professor van Nieuwerburgh obtained a master’s degree in financial mathematics from Stanford University and a bachelor’s degree in economics from the University of Ghent in Belgium. He also received the Olin Fellowship from the Stanford Institute for Economic Policy Research and was elected as a National Bureau of Economic Research faculty fellow and a Center for European Policy Research faculty fellow.
Anthony Saunders – NYU Stern
Anthony Saunders is the John M. Schiff Professor of Finance and Chair of the Department of Finance at NYU Stern School of Business. Professor Saunders received his Ph.D. from the London School of Economics. He has taught both undergraduate and graduate level courses at NYU since 1978.
Throughout his academic career, his teaching and research have specialized in financial institutions and international banking.
Professor Saunders has served as a visiting professor all over the world, including at INSEAD, Stockholm School of Economics and University of Melbourne. He holds positions on the Board of Academic Consultants of the Federal Reserve Board of Governors as well as the Council of Research Advisors for the Federal National Mortgage Association. In addition, Professor Saunders has acted as a visiting scholar at the Comptroller of the Currency and at the Federal Monetary Fund. His research has been published in all of the major finance and banking journals and in several books.
Lucie Tepla - INSEAD
Lucie Tepla is affiliate professor of finance at INSEAD business school where she teaches at the Fontainebleau and Singapore campuses. Her teaching and research interests include risk management, derivatives and portfolio investment. Her work has been published in Management Science, Journal of Economic Dynamics and Control and European Financial Review, among others.
Lucie Tepla has worked for BZW, Crédit Suisse and Cornerstone Research, a litigation consulting firm. She has also taught graduate-level and executive education courses at Stanford University and London Business School. She regularly teaches on recent developments in credit markets to executive audiences at various banks and consulting firms.
She holds a Ph.D. in engineering-economic systems and operations research from Stanford University, an MBA in finance and accounting from the William E. Simon Graduate School of Business, University of Rochester, New York, and a Bachelor of Arts in management science with computing from the University of Kent in the United Kingdom.
Theo Vermaelen - INSEAD
Theo Vermaelen is the Schroders Chaired Professor in International Finance and Asset Management at INSEAD, where he teaches in the MBA and Executive MBA programs. He is a graduate in commercial engineering from the Department of Applied Economics at the Catholic University of Leuven and obtained an MBA and Ph.D. in finance from the Graduate School of Business at the University of Chicago.
Theo Vermaelen started his career at the University of British Columbia, Canada, in 1979 and joined the finance faculty of the Catholic University of Leuven, Belgium, in 1982. From 1987, he has been on the faculty at INSEAD. He has also been a visiting professor at the London Business School and UCLA and is a regular visitor at the Graduate School of Business, University of Chicago.
He has published numerous articles on share buybacks, dividend policy, capital structure, death spiral convertibles, initial public offerings, mergers and acquisitions in leading academic journals. He is coeditor of the Journal of Empirical Finance. He is also a consultant to various corporations and government agencies and program director of the Amsterdam Institute of Finance.
At INSEAD, he is program director of the Corporate Financial Strategies in Global Markets Program and codirector of the Global Investment Workshop and the Macquarie Master’s in Finance (investment banking) program. He has also directed various programs for banks such as Van Lanschot, Mees Pierson, BBL, JP Morgan and Deutsche Bank.
Ingo Walter – NYU Stern
Ingo Walter is the Seymour Milstein Professor of Finance, Corporate Governance and Ethics at NYU Stern School of Business. He received his AB and M.Sc. from Lehigh University and his Ph.D. in 1966 from New York University. He taught at the University of Missouri–St. Louis from 1965 to 1970 and has been on the faculty at New York University since 1970.
From 1971 to 1979, he was Associate Dean for Academic Affairs and subsequently served a number of terms as Chairman of International Business and Chairman of Finance as well as Director of the NYU Salomon Center for the Study of Financial Institutions from 1990 to 2003. He currently serves as Vice Dean of the Faculty of the Stern School of Business.
He has had visiting professorial appointments at the Free University of Berlin, University of Mannheim, University of Zurich, University of Basel, the Institute of Southeast Asian Studies in Singapore and various other academic and research institutions, including a collateral appointment at INSEAD.
Dr. Walter’s principal areas of academic and consulting activity include international trade policy, international banking, environmental economics and the economics of multinational corporate operations. He has published papers in various professional journals in these fields and is the author, co-author or editor of 26 books.
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