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click here for a pdf file version of the CV
- International Finance, Corporate Finance, Risk Management, and Macroeconomics
- Director of the International Economics Program, The Paul H. Nitze School of Advanced International Studies, The Johns Hopkins University, Sept 2005 - present
- Morris W. Offit Professor of International Finance, The Paul H. Nitze School of Advanced International Studies, The Johns Hopkins University, Sept 2001 - present
- Professor (Courtesy), Carey School of Business, The Johns Hopkins University, Sept 2011 - present
- Professor of International Finance, The Paul H. Nitze School of Advanced International Studies, The Johns Hopkins University, July 1999 - August 2001
- Assistant Professor of Finance, Wharton School, University of Pennsylvania, July 1993 - June 1999
- Assistant Professor of Finance, William E. Simon Graduate School of Business Administration, University of Rochester, July 1990 - June 1993
- Assistant in Instruction, Department of Economics, Princeton University, 1988 - 1990
- Lecturer, (Exec Ed) Wharton School, University of Pennsylvania, July 1999 - present.
- Visiting Adjunct Professor, (Exec Ed) Johnson School of Business, Cornell University, 2004 - 2010, 2012
- Visiting Professor of Finance, Wharton School, University of Pennsylvania, January 2010 - June 2010
- Faculty Research Fellow, National Bureau of Economic Research, 1994 - 2001
- Visiting Lecturer, The Johns Hopkins University, School of Advanced International Studies, Fall 1998
- Metzler Foundation Visiting Professor, J.W. Goethe Universität, Frankfurt am Main, Germany, Summer 1996
- Visiting Scholar, International Monetary Fund, Washington DC, October 1993
- McDermiott, Will & Emory, Sutherland, Garten - Rothkopf, NASD, Southern Company, John Deere, Merrill Lynch, NYFER, Chase Manhattan Bank, Prudential Insurance
- Affiliated Expert: Rutter Associates, New York, NY
- Awards:
- Wharton MBA for Executives (East) Elective Course Teaching Award 2003, 2009
- Johnson School of Management EMBA Outstanding Teaching Award, Class of 2009
- SAIS Excellence in Teaching Award, 2000, 2002
- Outstanding Teaching Award, Wharton School, 1996, 1997, 1998
- Reader's Digest Award for Teaching Economic Principles, Princeton University, 1990
- Connors Scholarship for Top Undergraduate in Economics, University of Wisconsin-Madison, 1986
- Research Grants:
- Wharton International Research Grant, 1998
- University of Pennsylvania Research Foundation Research Grant - 1994, 1995
- Columbia University Center for International Business Research Grant - 1995
Crossing the Lines: The Conditional Relation between Exchange Rate Exposure and Stock Returns in Emerging and Developed Markets, Journal of Intenational Money and Finance, forthcoming. (with S. Bartram). Risk Management for Italian Non-Financial Firms: Currency and Interest Rate Exposure, European Financial Management, forthcoming. (with Costanza Consolandi, Giampaolo Gabbi, and Ameeta Jaiswal-Dale). No Place To Hide: The Global Crisis in Equity Markets in 2008/09, Journal of International Money and Finance, Vol. 28, 2009, pp. 1246 -1292 (with S Bartram). The Foreign Exchange Exposure Puzzle, Managerial Finance, Vol. 33 (9), September 2005. (with S Bartram). The Value Relevance of Foreign Income: An Australian, Canadian and British Comparison, Journal of International Financial Management and Accounting, Vol 14, No. 3, 2003, pp. 171 - 193 (with L-S. Hwang and J. Weintrop). Estimating Exchange Rate Exposures: Issues is Model Structure, Financial Management, Vol. 32, No. 1, 2003, pp. 35-67. (with Franco M. H. Wong). The Impact of Institutional Differences on Derivatives Usage: A Comparative Study of U.S. and Dutch Firms, European Financial Management, Vol 9, No 3, (2003). (with Abe de Jong and Victor Macrae) Pass-through and Exposure, Journal of Finance, Vol. 57, No.1, (2002) pp. 199 - 231. (with Bernard Dumas and Richard C. Marston) Derivative Usage by Non-Financial Firms in the US and Germany: A Comparative Survey, Journal of International Financial Management and Accounting, Vol. 10, No. 3, (1999) pp. 153-87. (with G. Gebhardt) Wharton 1998 Survey of Risk Management by U.S. Non-Financial Firms, Financial Management, Winter Vol. 27, No. 4, (1998). (with G. Hayt and R. Marston) The Valuation of the Foreign Income of U.S. Multinational Firms: A Growth Opportunity Perspective, Journal of Accounting and Economics, Vol. 24, (1997). (with J. Weintrop) Wharton 1995 Survey of Derivative Usage by U.S. Non-Financial Firms, Financial Management, Winter Vol. 25 (1996). (with G. Hayt and R. Marston) Exchange Rate Volatility and the Riskiness of U.S. Multinational Firms: Evidence from the Breakdown of the Bretton Woods System, Journal of Financial Economics, Vol. 42, No. 1, (1996). (with E. Bartov and A. Kaul) Are Exchange Rates Excessively Volatile? And What Does that Mean Anyways? IMF Staff Papers, Vol 43, No. 1, (1996). (with L. Bartolini) Alternative Accounting Methods, Information Asymmetry, and Liquidity: Theory and Evidence, The Accounting Review, Vol.71, No. 3, (1996). (with E. Bartov) Foreign Currency Translation Reporting and the Exchange Rate Exposure Effect, Journal of International Financial Management and Accounting, Vol. 6, No. 2, (1995). (with E. Bartov) Wharton Survey of Derivative Usage by U.S. Non-Financial Firms, Financial Management, Summer, Vol. 24, (1995). (with G. Hayt, R. Martson, and C. Smithson) Firm Valuation, Earnings Expectations and the Exchange-Rate Exposure Effect, Journal of Finance, Vol. 45, No. 5, (1994). (with E. Bartov) The Impact of Capital Liberalization on the Financial Markets in the European Monetary System: An Empirical Investigation, Journal of International Financial Markets, Institutions, and Money, Vol. 4, Nos. 1 and 2, (1994). Exchange Rate Exposure and Industry Characteristics: Evidence from Canada, Japan and the U.S., Journal of International Money and Finance, 12, (1993). Target Zones and Forward Rates in a Model with Repeated Realignments, Journal of Monetary Economics, December, (1992). (with L. Bartolini)
Review of “Handbook of the Economics of Finance: Volume 1 and Volume 2,” Journal of Economic Literature, Volume 44, No. 1, pp. 159-161, March 2006. Exchange Rate Exposure: A Simple Model, in Global Risk Management: Financial, Operational and Insurance Strategies, J Choi and M. Power (eds), International Finance Review, Vol 3, (Elsevier Science: JAI), 2002, pp. 107-116. (with Richard C. Marston) A Simple Model of Foreign Exchange Exposure, in Economic Theory, Dynamics and Markets: Essays in Honor of Ryuzo Sato, edited by Takashi Negishi, Rama Ramachandran and Kazuo Mino, (Kluwer: New York), 2001. (with Richard C. Marston) Risk Allocation, in RISK, (Risk Waters Group: London), February, 2001, p. 58-59. (with Charles Smithson) Comment on 'Evaluating the credit risk of firms from the emerging markets' by E. Altman," Emerging Market Capital Flows, (Kluwer: Boston, MA) 1998. Exchange Rate Exposure and Market Value, Financial Times, Mastering Finance Series, 1997, Vol. 4, p. 2. (reprinted in The Complete Finance Companion, (Pittman Press: London)), 1998. Derivatives as a Way of Reducing Risk, Financial Times, Mastering Finance Series, 1997, Vol. 9, p. 10. (reprinted in The Complete Finance Companion, (Pittman Press: London)), 1998.
with J Graham, C. Harvey, and R. Marston, Managing Risk Management, Dec 2011, SSRN.com/abstract=1787144 with C. Y. Tang and J. Weintrop, "The Value Impact of Corporate International Diversification. mimeo 2004
with J Graham, C. Harvey, and R. Marston, Managing Risk Management, Dec 2011, SSRN.com/abstract=1787144 with C. Y. Tang and J. Weintrop, "The Value Impact of Corporate International Diversification. mimeo 2004 with B. Dumas and R. Marston, "Cross Border Valuation: The International Cost of Equity Capital". 2003. NBER WP # 10115.
with C. Y. Tang and J. Weintrop, "Both Sides of Corporate Diversification: The Value Impacts of Geographic and Industrial Diversification", 1999, NBER WP # 6224
with C. Consolandi, G. Gabbi, and A. Jaiswal-Dale, Risk Management and Usage of Derivatives Contracts: Non-Listed and Listed Non-Financial Italian Firms, 2010
with A. Demyanets, TheBehavior of International Equity Correlations - drafting
Masters of International Affairs Program:
SAIS 380.760 Corporate Finance
SAIS 380.761 Multinational Corporate Finance
SAIS 380.762 Private Sector Project Finance
Essentials of Finance - Winter intersession skill course
Executive Education - Wharton MBA for Executives (Philadelphia, PA)
FNCE 731 International Corporate Finance WEMBA 2006 - present
Executive Education - Wharton MBA for Executives (San Francisco, CA)
FNCE 731 International Corporate Finance WEMBA 2006 - present
Executive Education - Wharton MBA for Executives (Philadelphia, PA)
FNCE 748 International/Multinational Corporate Finance WEMBA 2002 - 2005
Executive Education - Wharton MBA for Executives (San Francisco, CA)
FNCE 748 International/Multinational Corporate Finance WEMBA 2002 - 2005
Executive Education - Wharton Executive MBA Program (Philadlephia, PA)
FNCE 719 International Finance, 1997 - 2001
MBA and Undergraduate Courses:
FNCE 208/731 International Corporate Finance Spring 2010
FNCE 208/731 Multinational Corporate Finance 1993 - 1999
Executive Education - EMBA program (Ithaca NY)
NBAE 5440 International Finance - 2012
Executive Education - EMBA program (Palisades, NY)
NBAE 5440 International Finance - 2004 - present
Executive Education:
Economics of International Business; 1991 - 1996
MBA Courses:
International Economics and Finance; and Macroeconomics for Business; 1991 - 1993
Diploma level course and Ph.D. seminar in International Finance, summer 1996
Aresty Institute of Executive Education – University of Pennsylvania: - Merrill Lynch Advisors Investment Programs 2010 – present.
- Pension Funds and Money Management Programs, 1995, 1996, 1999, 2004, and 2010 – present.
- IFEBP Advanced Investments Programs, 2005 – present.
- IFEBP Basic Investments Programs, 2010 – present.
- Merger & Acquisition Program, 1998 – present.
- Wharton/Shanghai Municipal Government ED Program, 2004 – present.
- IFEBP International Investing and Emerging Markets, 2008 and 2011.
- IMCA Program, 2009
- KUBS MBA Finance Seminar - 2008 -present
- Wharton - Merrill Lynch Investment Banking Institute, 2001 – 2008.
- Pension Funds and Money Management Program, 1995, 1996, 1999, 2004.
- Managing Financial Risk in Multinational Corporations, 2003.
- Morgan Stanley Dean Witter Financial Advisor Program, 1998 – 2002.
- Creating Value through Financial Management, 2000.
- Advanced Management Seminar, Swedbank 2000.
- USSALEP Seminar, 1997, 1998, 2000.
- Financial Executive Institute, 1999.
- Fundamentals of Finance and Accounting Program – Consulting Sessions, 1998.
- National School of Administration Guest Lecture Program, Beijing China, 1998.
- Wharton - Taiwan CEO Circle, Taipei, Taiwan, 1998.
- Wharton Chinese Executive Development Program, 1998.
- Advanced Management Seminar, Samsung, 1996 and 1997.
Other Programs: - Fundamentals of Finance and Accounting, SAIS, Johns Hopkins University, 1998, 1999.
- Executive Editor, Journal of Asian Economics
- Editorial Board, Journal of International Financial Management and Accounting European Financial Management
- Ad hoc reviewer for : Accounting and Finance, American Economic Review, Applied Financial Economics, European Economic Review, European Financial Review, Financial Management, Global Finance Journal, International Economic Review, International Journal of Finance and Economics, Journal of Accounting and Finance, Journal of Banking and Finance, Journal of Business, Journal of Corporate Finance, Journal of Economics and Business, Journal of Empirical Finance, Journal of Finance, Journal of Financial Economics, Journal of Financial and Quantitative Analysis, Journal of Institutional and Theoretical Economics, Journal of International Economics, Journal of International Money and Finance, Journal of Monetary Economics, Journal of Real Estate Economics, Management Science, Pacific Basin Finance Journal, Review of Economics Studies, and Review of Financial Studies.
- Member: American Finance Association, American Economic Association, Financial Management Association, and Academy of International Business.
- American Finance Association Annual Meetings, Chicago, IL January 2012, "Managing Risk Management".
- 4th Annual McGill Conference on International Finance, McGill University, June 2009, "Crossing the Lines: The Conditional Relation between Exchange Rate Exposure and Stock Returns in Emerging and Developed Markets".
- European Financial Management Association Annual Meetings, London, June, 2002, "The Impact of Institutional Differences on Derivatives Usage: A Comparative Study of U.S. and Dutch Firms."
- 2nd Annual International Business Research Forum, Philadelphia, PA, April 2001, “A Simple Model of Foreign Exchange Exposure.”
- European Financial Management Association Meetings, Paris June, 1999, ““Derivatives Usage in Risk Management by U.S. and German Non-Financial Firms.”
- Western Finance Association 1999 Annual Meetings, Monterrey, CA, June 1998, "Both Sides of Corporate Diversification: The value impacts of corporate geographic and industrial diversification."
- German Finance Association 1998 Annual Meetings, Hamburg, Germany, September 1998, “Derivatives Usage in Risk Management by U.S. and German Non-Financial Firms.”
- American Finance Association 1998 Annual Meeting, Chicago IL, January 1998, "Pass-through and Exposure."
NBER Summer Institute, International Finance and Macro Economics Workshop, National Bureau of Economic Research, Cambridge, MA, July 1997, "Pass-through and Exposure" - NBER Summer Institute, International Finance and Macro Economics Workshop, National Bureau of Economic Research, Cambridge, MA, July 1996, "Wharton 1995 Survey of Derivative Usage by U.S. Non-Financial Firms."
- American Finance Association 1995 Annual Meeting, Washington DC, January 1995, "Exchange Rate Volatility and the Riskiness of U.S. Multinational Firms: Evidence from the Breakdown of the Bretton Woods System."
- American Finance Association 1994 Annual Meeting, Boston, MA January 1994, "Firm Valuation, Earnings Expectations and the Exchange-Rate Exposure Effect."
- American Accounting Association 1993 Annual Meeting, San Francisco, CA, August 1993, "The Association between Foreign and Domestic Income, Revenues, and Expenses and Corporate Returns."
- Mid-West Economic Association 1993 Annual Meeting, Indianapolis, IN, April 1993, "Exchange Rate Exposure and Industry Characteristics: Evidence from Canada, Japan and the U.S."
- American Accounting Association 1992 Annual Meeting, Washington DC, August 1992, "Determinants of the Choice between Foreign Currency and Dollar as Functional Currency by Multinational Firms."
- NBER Summer Institute, International Finance and Macro Economics Workshop, National Bureau of Economic Research, Cambridge, MA, July 1992, "Firm Valuation, Earnings Expectations and the Exchange-Rate Exposure Effect."
- First North American European Research Conference, Baltimore MD, March 1992, "The Impact of Capital Liberalization on the Financial Markets in the European Monetary System: An Empirical Investigation."
- Conference on Exchange Rate Regimes, National Bureau of Economic Research, Cambridge, MA, December 1990, "Are Target Zone Models Relevant?"
- Conference on Trade and Competitiveness, National Bureau of Economic Research, Cambridge, MA, July 1990, "Exchange Rate Exposure and Industry Characteristics."
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