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Faculty & Research

4 Nations Cup: voting for the most promising young scholars in finance

The 4 Nations Cup is an international competition for young finance researchers, presenting their latest research. Representing four nations, the contestants compete for the support of the audience who vote for the winning team at the end of the day.

​From left to right: Thierry Foucault, HEC professor and organizer of this year’s edition on the HEC Paris campus, Christophe Pérignon, HEC Associate Dean for Research, and Albert Menkveld, initiator of “4 Nations Cup” event.


The participating schools take turns in hosting the event. This year, the eighth edition of these "mini seminars" was held in HEC Paris Le Château on May 10, organized by HEC Professors Thierry Foucault and Guillaume Vuillemey (laureate of the 2018 edition).

The international workshop gathered researchers from HEC Paris, INSEAD, London School of Economics, Cambridge Judge Business School, Erasmus University, Bern and Amsterdam Universities, and more.

“4 Nations Cup” started with the French team, composed of Adrian Buss from INSEAD, presenting his current research, "Learning from Interest Rates: Implications for Stock Market Efficiency". The second member of the team was Jean-Edouard Colliard from HEC Paris, presenting “Financial Restructuring and Resolution of Banks”, a paper written with Professor Denis Gromb (HEC Paris).


Jean-Edouard Colliard, Associate Professor of Finance (HEC Paris) and participant of 4 Nations Cup, Evren Ors, Professor of Finance (HEC Paris), and Aleksandar Andonov, Associate Professor of Finance (University of Amsterdam)


The British team followed with Ahswini Agrawal from London School of Economics on “Takeovers and Endogenous Labor Reallocation,” covering the subject of employee job search increases before Mergers and Acquisitions announcements. 

Oğuzhan Karakaş from Cambridge Judge Business School discussed his paper analyzing the impact of ETFs on shareholder voting. See more on this link "Phantom of the Opera: ETFs and Shareholder Voting".


Pekka Honkanen and Chhavi Rastogi, PhD students in Finance at HEC Paris


Emma Jacobine, a Master’s student in Finance, was invited by Albert Menkveld, her professor of finance at the Vrije University of Amsterdam and initiator of the 4 Nations Cup. She spoke of her pleasure to attend such thought-provoking events on topics of research in finance and economics. “This workshop makes me realize that I actually wish to pursue a career in academia. But of course, I want to complete my Master’s in Finance first. Then, I would like to start another Master’s degree in Economics so I can have a better global understanding of the two transverse fields”.

The Switzerland team presented research on "Exploration, Experimentation, and Corporate Investment" by Julien Cujean from University of Bern, and Laurent Frésard from Universita della Svizzera italiana (USI Lugano) presented on "Finance, Talent Allocation, and Growth".  


How the labor force is impacted by M&A? Stefan Obernberger for the Dutch team at the 4 Nations Cup 2019 at HEC Paris


"Hup Holland Hup!" The Dutch team was represented by Aleksandar Andonov from University of Amsterdam, discussing on "The Subsidy to Infrastructure as an Asset Class", and by Stefan Obernberger from Erasmus University of Rotterdam, on "Mergers and Acquisitions and the Reallocation of Labor". 


The British team: Ahswini Agrawal and Oğuzhan Karakaş received their trophies


 And the winner was… the British team! Ahswini Agrawal (London School of Economics) and Oğuzhan Karakaş (Cambridge Judge Business School) received their trophies from Thierry Foucault and Christophe Pérignon, and were congratulated by Albert Menkveld.


The audience, composed of professors and PhD students, voted for the British team.



This event was funded by HEC Paris and the Agence Nationale de la Recherche (F*STAR grant - ANR - 17 - CE26 - 007). 


More about the program of 4 Nations Cup 2019 and past years here.

Check 4 Nations Cup 2019 on Twitter with #4nationscupfinance.