International Finance Program Details

The 2019 Summer Program Schedule will be posted shortly.

For reference, please find the 2018 summer schedule below:

Learning Outcomes

Upon successful completion of the summer program, participants will be able to understand:

  • The international monetary system and how exchange rates are set with special reference to the  subprime and the euro crisis;
  • Interest Rate Arbitrage and the “carry trade” or how money managers can compare the yield on short term investments  denominated in different currencies such as the US dollar, the Japanese yen, the Swiss franc, the euro etc…and how corporate treasurers can compare the cost of financing sourced from different currencies;
  • The dynamics of global capital markets and how debt or equity financing is no different from any other procurement decision except that when it is international, it only means there are far more financing sources to choose from;
  • What is at risk in international business and how firms develop risk-management frameworks within which currency risk can be hedged with derivatives such as forwards, futures, options and swaps;
  • How to value cross-border mergers & acquisitions or simply foreign direct investment.

Learn more about the program in a student's blog post

Academic Team

Laurent L. Jacque, Academic Director of International Finance Summer Program, HEC Paris

Laurent L. Jacque, Academic Director

Laurent L. Jacque holds the Walter B. Wriston Professorship of International Finance & Banking at the Fletcher School of Law and Diplomacy (Tufts University) where he also serves as Academic Dean.  Since 1990 he has also held a joint appointment at the HEC School of Management (France) as a Professor of Economics, Finance, and International Business.  From 1976 to 1987 he was on the faculty of the Wharton School, University of Pennsylvania before teaching at the Carlson School of Management, University of Minnesota (1987-93).  In 1990 he served as the Chin Sophonpanich Foundation Research Professor of Banking and Finance at Chulalongkorn University (Thailand).

He is the author of several books, including, International Corporate Finance  (John Wiley, 2014) which is the primary reference for the HEC Paris Summer School Program.  He has also authored Global Derivative Debacles: From Theory to Malpractice  (World Scientific, 2010), Management and Control of Foreign Exchange Risk  (Kluwer Academic Publishers, 1996), Management of Foreign Exchange Risk: Theory and Praxis  (Lexington Books, 1978) as well as more than 25 articles on International Risk Management  Multinational Control Systems , Capital Markets, which have appeared in the Journal of International Business Studies, Journal of Risk and Insurance, Journal of Operations Research Society, Columbia Journal of World Business, Journal of Applied Corporate Finance, Insurance Mathematics and Economics, Management Science  etc...  He served as an advisor and consultant to the Foreign Exchange Rate Forecasting Service of Wharton Econometrics Forecasting Associates and as a member of Water Technologies Inc.'s board of directors.

A recipient of five teaching awards at The Wharton and Carlson Schools, The Fletcher School and HEC including the James L. Paddock award for teaching excellence at The Fletcher School and the CEMS award at HEC. He is a consultant to a number of firms in the area of corporate finance and risk management and has taught in many Management Development Programs, including Manufacturers Hanover Trust, Merck, Sharp & Dohme, Philadelphia National Bank, General Motors, Bunge and Born (Brazil), Rhone-Poulenc (France), Siam Commercial Bank (Thailand), Daewoo (South Korea), General Electric, Dupont de Nemours, Norwest Bank, Bangkok Bank (Thailand), Pechiney , Petrobras and the International Finance Corporation (IFC) at the World Bank. 

A native of France, Jacque graduated from HEC Paris, taught at the University of Tunis before receiving the MA, MBA, and PhD degrees from the Wharton School at the University of Pennsylvania.  He has held visiting appointments at the University of Hawaii (Pacific Management Institute), Kiel Institute for World Economics (Germany), Instituto de Empresa (Spain) and Chulalongkorn University (Thailand).  He is currently involved in research in the areas of International Financial Risk, Capital Markets and Global Strategic Management for Financial Institutions.

More information about the HEC Paris Finance Department


Student evaluation will be based on the following:

  • Case studies
  • Problem Sets
  • Class participation
  • Final exam.

Successful completion of the program leads to the award of 7 ECTS credits.*

(*) All students are encouraged to consult their home institution to validate credit transfer.