Laurent Calvet,
Chaired Professor of Finance
EDHEC Business School

Over the past decades, researchers have uncovered hundreds of firm characteristics associated with persistent deviations from the Capital Asset Pricing Model, as well as linkages between these characteristics (Cochrane 2011, Harvey, Liu, and Zhu 2016). This vast body of empirical findings has prompted the rise of factor-based investing (Ang 2014) and a deep reassessment of asset pricing theory. Omitted risk factors, such as time variation in investment opportunities, labour income, and liquidity, have been proposed as possible explanations for the properties of stock returns. Given the abundance of deviations from the Capital Asset Pricing Model (CAPM) and related explanations, the next step for financial economists is to develop integrated models that jointly generate a number of anomalies and their linkages to economic fundamentals (Cochrane 2008, 2017).
In a recent paper, Sebastien Betermier, Evan Jo, and I propose that the cross-sectional properties of stock returns are natural consequences of the interaction of supply and demand forces in financial markets. Read More…

Turan Bali,
Robert S. Parker Chair Professor
of Business Administration,
Georgetown University,
specialist in asset pricing, risk management, fixed income securities,
and financial derivatives.

“The biggest challenge for the traditional PhD students is to come up with new ideas with practical implications, whereas the EDHEC PhD students typically have many ideas originating from their work and their challenge is finding time to execute them.”

Marat Molyboga,
Chief Risk Officer,
Director of Research
at Efficient Capital Management,
USA

“I appreciated that the programme is designed for industry professionals because of its flexibility and a strong focus on research that is on the edge of academia and industry.”

A new cohort of 13 PhD participants has embarked on the EDHEC doctoral programme and on 23 September 2019, the programme management was delighted to welcome them for their first residential week of core courses on the London campus. Out of the applicants matriculated this year, eleven of them are part of the programme's executive track and two belong to the residential track. This class again boasts great cultural diversity, and strong professional and academic credentials. Read More…