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Bruno SOLNIK

Distinguished Emeritus Professor

Finance

 Profile picture

Biographie

Bruno Solnik is Distinguished Emeritus Professor of Finance at HEC-School of Management in France and Visiting Professor of Finance at HKUST in Hong Kong. He holds an Engineer degree from Polytechnique in Paris and a PhD from MIT. He was on the faculty of the Stanford Business School before joining HEC. He has been a visiting professor at the University of California at Berkeley, UCLA , Université de Genève, University of New South Wales and University of Tokyo (todai).

He is a former President of the European Finance Association and Director of the American Finance Association. He has written seven books, five in France and two in the USA, including Global Investments (formerly titled International Investments, the leading textbook in the field, translated into Spanish, Japanese and Chinese). The sixth edition of Global Investment, coauthored by Dennis McLeavey of the CFA Institute, is used for all three levels of the CFA examination. He has published some fifty articles in leading finance and economics journals such as the Journal of Finance, the Financial Analysts Journal, Journal of Financial and Quantitative Analysis, Journal of Economic Theory, Journal of International Money and Finance, etc.. He also serves on the board of editors of several major Finance journals in America, Europe and Asia.

Professor Solnik has served on the Council for Education and Research of the AIMR (now CFA Institute) and on its Research Foundation. He has received many prizes, including two Graham & Dodd Awards for Excellence by the Financial Analysts Journal, The "Finance Award of the Year" at the 1998 Interlaken Finance Symposium, and the Nicholas Molodovsky Award, presented by the AIMR Board of Governors on May 22, 1999. "This award is given periodically only to those individuals who have made outstanding contributions of such significance as to change the direction of the profession and to raise it to higher standards of accomplishment". He was the first non-American to receive the award.

Articles scientifiques

Relative Optimism and the Home Bias Puzzle

Review of Finance, août 2017, vol. 21, n° 5, pp 2045–2074, (in coll. with L. ZUO)

International Correlation Asymmetries: Frequent-but-Small and Infrequent-but-Large Equity Returns

Review of Asset Pricing Studies, décembre 2016, vol. 6, n° 2, pp 221-260, (in coll. with T. WATEWAI)

A Global Equilibrium Asset Pricing Model with Home Preference

Management Science, février 2012, vol. 58, n° 2, pp 273-292, (in coll. with L. Zuo)

Applying Regret Theory to Investment Choices: Currency Hedging Decisions

CFA Digest, février 2009, vol. 39, n° 1, pp 55-56, (in coll. with S. Michenaud)

Applying Regret Theory to Investment Choices: Currency Hedging Decisions

Journal of International Money and Finance, septembre 2008, vol. 27, n° 5, (in coll. with S. Michenaud)

What Determines Expected International Asset Returns

Annals of Economics and Finance, 2002, vol. 3, pp 249-298, (in coll. with C. Harvey, G. Zhou)

Extreme Correlation of International Equity Markets

Journal of Finance (The), avril 2001, vol. 56, n° 2, pp 649-676, (in coll. with F. Longin)

Global pricing of equity

Financial Analysts Journal, juillet-août 2001, vol. 57, n° 4, pp 37-47, (in coll. with J. Diermeier)

On the Term Structure of Default Premia in the Swap and LIBOR Markets

Journal of Finance (The), juin 2001, vol. 56, n° 3, pp 1095-1115, (in coll. with P. Collin-Dufresne)

Dispersion as Cross-Sectional Correlation

Financial Analysts Journal, janvier-février 2000, vol. 56, n° 1, pp 54-61, (in coll. with J. Roulet)

Ouvrages

Marchés Financiers: Gestion de portefeuille et des risques

Dunod, Paris

Marchés Financiers: Gestion de portefeuille et des risques

Dunod, Paris

Global Investments (previously titled International Investments)

Pearson - Prentice Hall

International investments

Addison Wesley

Gestion financière

Nathan, Paris

International investments

Addison Wesley

La programmation linéaire

Dunod, Paris

Les marchés financiers et la gestion de portefeuille

Dunod, Paris

Gestion financière

Nathan, Paris

Système monétaire international et risque de change

Economica

Chapitres d'ouvrages

International factorssecurity prices

Recent Developments In International Finance And Banking, S. Khoury (Ed.), Editions Belin

A semi analytical derivation of the efficient frontier

Geld, Banken And Versicherungen, M. Göpl (Ed.), Athenaum

La mesure de performance des SICAV

Economie Des Intermédiaires Financiers, J. J. Rosa (Ed.), Economica

Actes de conférence

The financial analyst and the computer

The 8th Annual Congress of the European Federation of Financial Analysts repris in Analyse Financière en décembre 1984 , 1985 , Madrid

Efficiency of the European capital markets and a comparison with the U S market

Proceedings of the First International Congress on Stock Exchange , 1972 , Milan (F. Modigliani, G. Pogue, M. Scholes)

Cahiers de recherche

Does Extreme Correlation Matter in Global Equity Asset Allocation

Hong Kong University of Science and Technology Working Paper Series , 2017

Characterizing Global Financial and Economic Integration Using Cash Flow Expectations

Hong Kong University of Science and Technology Working Paper Series , 2013

A Global Equilibrium Asset Pricing Model with Home Preference

Mimeo , 2009

Are Expectation Biases of Professional Fund Managers Asset Class Specific?

Mimeo , 2008

Optimal Currency Hedging in International Portfolios

Mimeo , 2008

Applying Regret Theory to Investment Choices: Currency Hedging Decisions

Mimeo , 2006

Equity Home Bias and Regret: An International Equilibrium Model

Mimeo , 2006

Extreme correlation of International Equity Markets

Cahier de Recherche du Groupe HEC , 2000

On the term structure of default premia in the Swap and Libor

Cahier de Recherche du Groupe HEC , 2000

Articles scientifiques

Relative Optimism and the Home Bias Puzzle

Review of Finance, août 2017, vol. 21, n° 5, pp 2045–2074, (in coll. with L. ZUO)

International Correlation Asymmetries: Frequent-but-Small and Infrequent-but-Large Equity Returns

Review of Asset Pricing Studies, décembre 2016, vol. 6, n° 2, pp 221-260, (in coll. with T. WATEWAI)

A Global Equilibrium Asset Pricing Model with Home Preference

Management Science, février 2012, vol. 58, n° 2, pp 273-292, (in coll. with L. Zuo)

Applying Regret Theory to Investment Choices: Currency Hedging Decisions

CFA Digest, février 2009, vol. 39, n° 1, pp 55-56, (in coll. with S. Michenaud)

Ouvrages

Marchés Financiers: Gestion de portefeuille et des risques

Dunod, Paris

Marchés Financiers: Gestion de portefeuille et des risques

Dunod, Paris

Global Investments (previously titled International Investments)

Pearson - Prentice Hall

International investments

Addison Wesley

Chapitres d'ouvrages

International factorssecurity prices

Recent Developments In International Finance And Banking, S. Khoury (Ed.), Editions Belin

A semi analytical derivation of the efficient frontier

Geld, Banken And Versicherungen, M. Göpl (Ed.), Athenaum

La mesure de performance des SICAV

Economie Des Intermédiaires Financiers, J. J. Rosa (Ed.), Economica

Actes de conférence

The financial analyst and the computer

The 8th Annual Congress of the European Federation of Financial Analysts repris in Analyse Financière en décembre 1984 , 1985 , Madrid

Efficiency of the European capital markets and a comparison with the U S market

Proceedings of the First International Congress on Stock Exchange , 1972 , Milan (F. Modigliani, G. Pogue, M. Scholes)

Cahiers de recherche

Does Extreme Correlation Matter in Global Equity Asset Allocation

Hong Kong University of Science and Technology Working Paper Series , 2017

Characterizing Global Financial and Economic Integration Using Cash Flow Expectations

Hong Kong University of Science and Technology Working Paper Series , 2013

A Global Equilibrium Asset Pricing Model with Home Preference

Mimeo , 2009

Formation

  • Doctorat d'Etat en sciences de gestion, __ - France
  • Ph.D. in Management, MIT, Massachusetts Institute of Technology - USA
  • Doctorat de 3e cycle en sciences de gestion, Université Paris Dauphine - France
  • Ancien élève de l'Ecole Polytechnique, Ecole Polytechnique - France

Nominations académiques

Responsabilités académiques à HEC

  • 2011- Distinguished Emeritus Professor, Finance HEC Paris
  • 2007-2011 Professeur Affilié, Finance HEC Paris
  • 2004-2007 Membre du GREGHEC (CNRS) HEC Paris
  • 2000-2007 Membre du Conseil scientifique du Doctorat HEC Paris
  • 1973-2007 Professeur, Finance HEC Paris

Activités scientifiques

Adhésion à l'organisation académique ou professionnelle

  • Membre et ancien président de l'European Finance Association
  • Membre de l'Association Française de Finance
  • Conseiller scientifique de l'Institut Europlace de Finance
  • Membre de l'American Finance Association
  • Membre du Conseil Supérieur de la Recherche et de la Technologie (1997-2001)
  • Administrateur de la Research Fondation de l'AIMR (2000-2003)
  • Membre, Scientific Council, Europlace Institute of Finance, Paris
  • Membre, Scientific Council, AFG, the professional body of French asset managers
  • Membre, CEFEN
  • Membre, Investment Management Advisory Council of Zurich Financial Services (top five global insurance company)

Activités scientifiques

  • 1977-1994 Membre du Comité éditorial de : Journal of Finance
  • 1983-1995 Membre du Comité éditorial de : Finance
  • 1984- Membre du Comité éditorial de : Journal of Portfolio Management
  • 1988-2002 Membre du Comité éditorial de : Global Finance Journal
  • 1991- Membre du Comité éditorial de : Journal of Empirical Finance
  • 1988- Membre du Comité éditorial de : Journal of International Financial Management and Accounting
  • 1982- Membre du Comité éditorial de : Journal of International Money and Finance
  • 1977-1999 Membre du Comité éditorial de : Journal of Banking and Finance
  • 1990-2003 Membre du Comité éditorial de : Asia Pacific Journal of Management
  • 1987-1995 Membre du Comité éditorial de : Investing
  • 1991-2000 Membre du Comité éditorial de : Review of International Economics
  • 1999- Membre du Comité éditorial de : Emerging Markets Review
  • 2000- Membre du Comité éditorial de : Journal of Asset Management
  • 2002- Membre du Comité éditorial de : Journal of Investment Management
  • 1998-2003 Membre du Comité éditorial de : Financial Analysts Journal
  • 1996- Membre du Comité éditorial de : European Financial Management
  • 1977-1985 Membre du Comité éditorial de : Journal of Financial and Quantitative Analysis
  • 1984-1990 Membre du Comité éditorial de : Annales d'Economie et de Statistiques

  • Prix ​​& honneurs

    • 2002 AIMR Graham & Dodd Award of Excellence
    • 1999 Nicholas Molodovsky Award
    • 1998 The Finance Award of the Year 1998, Finance Symposium Interlaken
    • 1994 Graham and Dodd Scroll, pour l'article "Lessons for International asset allocation", Financial Analysts Journal, mars-avril 1993
    • 1993 Prix du Meilleur Economiste Financier, Le Nouvel Economiste
    • 1991 Premier Prix, Inquire (Europe)
    • 1990 Prix du meilleur ouvrage en finance, l'Express
    • 1989 Prix du meilleur article First International Conference on the Pacific Basin Markets, Taïpeï
    • 1983 Prix Harvard - l'Expansion pour l'ouvrage : "Les marchés financiers et la gestion de portefeuille", Dunod
    • Prix de la Fondation HEC pour l'article : "The relationship between stock returns and inflationary expectations: the international evidence", Journal of Finance, mars 1983