College of Management of Technology Facts & Figures 2016
17.5 faculty members
2nd
1/3
1/3
256
in Europe
Women
personnel paid from 3rd party funds
Total Master graduates
in Social Sciences & Humanities, Leiden Ranking 2016
Organizational chart CDM
College of Management of Technology
Christopher Tucci
MTEI
ITPP
Management of Technology & Entrepreneurship Institute
SFI
Institute of Technology & Public Policy
Swiss Finance Institute at EPFL
Matthias Finger
Damir Filipovic
Ralf Seifert
MTE
MFE
Master Program in Management, Technology & Entrepreneurship
Master Program in Financial Engineering
Marc Gruber
Julien Hugonnier
EDMT
EDFI
Doctoral Program in Management of Technology
Doctoral Program in Finance
Pierre Collin-Dufresne
Dominique Foray
Focal areas Management
Policy
Finance
• • • • • •
• • • • • •
• • • • • •
Optimization Business analytics Entrepreneurial strategies Management of innovation Technology commercialization Operations & Supply chain management
Energy policy Environmental policy Green economy IP policy Technology policy Transport policy
Asset pricing Corporate finance Financial economics Financial engineering Macroeconomics Risk management
Faculty members CHRISTOPHER TUCCI Full Professor Chair of Corporate Strategy & Innovation (CSI)
MTEI MARC GRUBER
Full Professor Chair of Entrepreneurship & Technology Commercialization (ENTC) Key words • Entrepreneurship & corporate entrepreneurship • Opportunity identification • Necessity entrepreneurship
DANIEL KUHN Associate Professor Chair of Risk Analytics & Optimization (RAO) Key words • Decision-making under uncertainty • Stochastic programming & robust optimization • Large-scale data-driven optimization • Uncertainty quantification
RALF SEIFERT Full Professor Chair of Technology & Operations Management (TOM) Key words • Supply chain management • Supply chain finance • Technology adoption
Key words • Crowdsourcing • Creativity & innovation in firms • Design thinking • Social media
THOMAS WEBER Associate Professor Chair of Operations, Economics & Strategy (OES) Key words • Design of incentives & markets • Dynamic optimization • Industrial organization & public policy • Resource allocation under uncertainty
PHILIPPE WIESER Adjunct Professor Chair of Logistics, Economics & Management (LEM) Key words • Supply chain management • Logistics optimization • Demand analysis and risk management • Project management
KENNETH YOUNGE Associate Professor Chair of Technology & Innovation Strategy (TIS) Key words • Technology & innovation strategy • Employee mobility • New venture creation • Data Science
ITPP MATTHIAS FINGER
BRUNO OBERLE
Full Professor Swiss Post Chair in Management of Network Industries (MIR)
Adjunct Professor Chair of Green Economy & Resource Governance (GERG)
Key words • Regulation & regulatory policies • De-regulation, competition & privatization • Network governance • Socio-technical systems
Key words • Green economy • Environmental governance • Sustainability transitions
DOMINIQUE FORAY
Full Professor Chair of Economics & Management of Innovation (CEMI) Key words • Evidence-based policy research • Research & innovation performance • Smart specialization
College of Management of Technology Facts & Figures 2016
GAÉTAN DE RASSENFOSSE
Assistant Professor (Tenure Track) Chair of Innovation & IP Policy (IIPP) Key words • Science, technology & innovation policy • Intellectual property • Econometric & bibliometric analyses
2
Swiss Finance Institute (SFI) at EPFL PIERRE COLLIN-DUFRESNE
Full Professor Professor of Finance
Key words • Credit & liquidity risk • Optimal asset allocation • Pricing & hedging
SEMYON MALAMUD
Associate Professor Professor of Finance
Associate Professor Professor of Finance
Key words • Portfolio selection • Non-linear filtering • Liquidity and asset prices
Key words • Corporate finance & governance • Causes & consequences of the recent financial crisis • Banking regulation
Assistant Professor (Tenure Track) Professor of Finance
RÜDIGER FAHLENBRACH
DAMIR FILIPOVIC
Full Professor Swissquote Chair in Quantitative Finance (CSF) Key words • Quantitative finance • Risk & insurance • Risk-based insurance solvency • Stochastic models in finance & insurance
JULIEN HUGONNIER
Associate Professor Professor of Finance
Key words • Asset pricing theory • Dynamic corporate finance • Decision making under uncertainty
LUISA LAMBERTINI
Full Professor Chair of International Finance (CFI) Key words • Macroeconomics • International finance • Monetary & fiscal policy
College of Management of Technology Facts & Figures 2016
LORIANO MANCINI
Key words • Liquidity • Volatility • Tail risk • High frequency data
ERWAN MORELLEC
Full Professor Professor of Finance
Key words • Real options • Financing & capital structure decisions • Liquidity management • Risk management
ANDERS TROLLE
Assistant Professor (Tenure Track) Professor of Finance Key words • Derivatives • Interbank risk • Credit risk • Liquidity risk
3
CDM in Rankings REGION
FIELD
EPFL RANK
CWTS Leiden Ranking 20161 Europe
Social sciences & humanities
2
World
Social sciences & humanities
17
The UTD Top 100 Business School Research Rankings (2011-2016)2 Switzerland
Top publications in management, OR & Finance
1
Europe
Top publications in management, OR & Finance
14
(1) Selected indicators: impact and PP (top 10%) (2) Ranked by number of articles
Personnel by Category (FTE) TOTAL
% WOMEN
BUDGETARY FUNDS
3RD PARTY FUNDS
17.5
6%
15.5
2.0
Full professors
8.5
12%
6.5
2
Associate professors
6.0
0
6.0
0
Asssistant professors (tenure track)
3.0
0
3.0
0
81.8
32%
43.9
38
2.9
0
1.9
1
Senior scientists / postdocs
22.8
28%
13.8
9
PhD students
56.1
35%
28.2
28
17.65
71%
13.3
4.4
11.7
97%
9.3
2.4
Technical staff
4.0
0
4.0
0
Apprentices
2.0
50%
0.0
2
116.95
34%
72.6
44.4
Professors
Scientific staff Adjunct professors
Administrative & technical staff Administrative staff
Total
College of Management of Technology Facts & Figures 2016
4
Education Master Programs AY 2015/2016
MTE
MFE
Management, Technology & Entrepreneurship
Financial Engineering
Applications
208
185
Admissions
38
53
Enrollments
21
31
Minor Students
208
14
Exchange Students
17
5
MTE Management, Technology & Entrepreneurship female/total: 4/21 (19%)
MFE Financial Engineering
19+81+A 32+68+A 28+57+510A 10+42+366A 38+20+154A 45+13+29103A Gender
female/total: 10/31 (32%)
Nationality
Switzerland . . . . . . . . . . . 28.6% Europe without Switzerland . . . 57% Asia . . . . . . . . . . . . . . . . 4.8% America . . . . . . . . . . . . . . 9.6%
General Engineering . . . . . . 38.10% Computer Science & Communication Science . . . . . . . . . . . . . 19.05% Civil Engineering & Environmental Sciences . . . . . . . . . . . . . 14.29% Mechanical Engineering . . . . 14.29% Microengineering . . . . . . . . 4.76% Electrical Engineering . . . . . 4.76%
Switzerland . . . . . . . . . . . . 9.7% Europe without Switzerland . . 41.9% Asia . . . . . . . . . . . . . . . 35.4% America . . . . . . . . . . . . . . 6.4% Africa . . . . . . . . . . . . . . . 6.4%
Educational Background
Engineering . . . . . . . . . . . 45.1% Computer Science & Communication Science . . . . . . . . . . . . . . 12.9% Mathematics & Physics . . . . . 29% Economics & Finance . . . . . . 9.7% Various . . . . . . . . . . . . . . . 3.3%
Physics . . . . . . . . . . . . . . 4,76%
College of Management of Technology Facts & Figures 2016
5
MTE & MFE Minor Students by EPFL Section SV – Life Science SIE – Environmental Science & Engineering SC – Communication Science PH - Physics MX – Materials Science MT - Microengineering MA - Mathematics IN – Computer Science GM – Mechanical Engineering GC – Civil Engineering EL – Electrical Engineering CGC – Chemistry AR - Architecture EPFL Middle East
1 3 14 12 22
1
50
1
4 25 5 5
20 6 19
3 20
Minor MTE – Minor students (Spring 2016: 208) Minor MFE – Minor students (Spring 2016: 14)
College of Management of Technology Facts & Figures 2016
6
Doctoral Programs SEPTEMBER 2016
EDMT
EDFI
Management of Technology
Financial Engineering
Applications
174
210
Admissions
19
4
Enrollments
19
4
EDMT Management of Technology
female/total: 22/50 (44%)
Switzerland . . . . . . 24% Europe . . . . . . . . . 47% Asia, Americas, Africa 29%
Academic . . . . . . 53.1% Industry . . . . . . . 46.9%
44+56+A 24+47+29A 53+47+A
EDFI Financial Engineering
Gender
Nationality
Career
9
19+81+A 24+66+10A 57+43+A
female/total: 4/21 (19%)
Switzerland . . . . . . 24% Europe . . . . . . . . . 66% Asia . . . . . . . . . . 10%
Academic . . . . . . . 57% Industry . . . . . . . . 43%
2
Number of Thesis awarded in 2016
College of Management of Technology Facts & Figures 2016
7
MOOCS Running / Ending MOOC Name
Professor in charge
Management of Urban Infrastructures
Matthias Finger
Smart Cities – Management of Smart Urban Infrastructures
Matthias Finger
Launching New Ventures (English, French & Chinese versions)
Christopher Tucci and Marc Gruber
Designing a Smart Specialisation Strategy (English & French versions) (1st “pay to get in” MOOC of EPFL)
Dominique Foray
Interest Rate Models
Damir Filipovic
In preparation MOOC Name
Professor in charge
Credit Risk
Pierre Collin-Dufresne
Global Arctic
Matthias Finger
Market Opportunity Identification for Technologies
Marc Gruber
Macroeconomics and Financial Markets
Luisa Lambertini
Engineering Economy
Thomas Weber
Executive Education Executive Masters Program Name
Since
Average number of students per class
Graduates students since inception
Global Supply Chain Management
1993
20-25
over 1000
EPFL Executive MBA (EPFL EMBA)
1998
30
518
Innovative Governance of Large Urban Systems (IGLUS)
2014
20
12
Certificates of Advanced Studies Global Supply Chain Management (10 ECTS) Healthcare Supply Chain Management (12 ECTS) Management of Biotech, Medtech, Pharma Ventures (10 ECTS) College of Management of Technology Facts & Figures 2016
8
Expenditures in 2016 EXPENDITURES
%
Federal funds
CHF 11 482 490
69%
Executive education / MOOC's
CHF 1 626 481
10%
Sponsored Chairs
CHF 1 799 235
11%
SNSF
CHF
947 973
5.7%
Industry contracts
CHF
177 007
1.1%
Swiss Finance Institue
CHF
250 394
1.5%
European programs
CHF
217 388
1.3%
CTI (SCCER)
CHF
143 077
0.9%
CEPF Energy Program
CHF
36 501
0.2%
Total
CHF 16 680 546
College of Management of Technology Facts & Figures 2016
9
Publications Journals Self-employment, start-up incentives and political ideology. S. H. Baruffaldi, M. Marino and P. Parrotta. Applied Economics Letters, vol. 23 (4), pp. 250-254, 2016. Valuing quantity flexibility under supply chain disintermediation risk. I. Bicer and V. Hagspiel. International Journal of Production Economics, vol. 180, pp. 1-15, 2016. Infrequent rebalancing, return autocorrelation, and seasonality. V. Bogousslavsky. Journal of Finance, vol. 71 (6), pp. 2967-3006, 2016. Insider trading, stochastic liquidity, and equilibrium prices. P. Collin-Dufresne, V. Fos. Econometrica, vol. 84 (4), pp. 1441-1475, 2016. Parameter learning in general equilibrium: The asset pricing implications. P. Collin-Dufresne, M. Johannes, L.A Lochstoer, American Economic Review, vol. 106 (3), pp. 664698, 2016. Why don’t all banks practice regulatory arbitrage? Evidence from usage of trust-preferred securities, N.M, Boyson, R. Fahlenbrach, R.M. Stulz. Review of Financial Studies, vol. 29 (7), pp. 1821-1859, 2016. Elliptical tempered stable distribution. H. Fallahgoul, Y. Kim, and F. Fabozzi. Quantitative Finance, vol. 16 (7), pp. 1069-1087, 2016. Fed funds futures variance futures. D. Filipovic, A. Trolle. Quantitative Finance, vol. 16 (9), pp. 1413-1422, 2016. Old-age provision: past, present, future. H. Albrecher, P. Embrechts, D. Filipovic, W.W. Harrison, P. Koch, S. Loisel, P. Vanini, and J. Wagner. European Actuarial Journal, vol. 6 (2), pp. 287-306, 2016. Polynomial diffusions and applications in finance. D. Filipovic, and M. Larsson. Finance and Stochastics, vol. 20 (4), pp. 931-972, 2016. Quadratic variance swap models. D. Filipovic, E. Gourier, and L. Mancini. Journal of Financial Economics, vol. 119 (1), pp. 44-68, 2016. To fully net or not to net: Adverse effects of partial multilateral netting. H. Amini, and D. Filipovic, A. Minca. Operations Research, vol. 64 (5), pp. 1135-1142, 2016. Uniqueness of equilibrium in a payment system with liquidation costs. H. Amini, D. Filipovic, and A. Minca, Operations Research Letters, vol. 44 (1), pp. 1-5, 2016. On the policy space of smart specialization strategies. D. Foray. European Planning Studies, vol. 24(8), pp. 14281437, 2016.
Measuring the social identity of entrepreneurs: Scale development and international validation. Sieger, P, M. Gruber, E. Fauchart and, T. Zellweger. Journal of Business Venturing, vol. 31 (5), pp. 542–572, 2016. R&D team diversity and performance in hypercompetitive environments. K. Hoisl, M Gruber and A. Conti. Strategic Management Journal, 2016. Flight-scheduling optimization et automation for AnadoluJet. B. Kepir, C. Kocyigit, I. Koyuncu, M. B. Ozer and B. Y. Kara et al. Interfaces, vol. 46 (4), pp. 315-325, 2016. A comment on “computational complexity of stochastic programming problems”. G. A. Hanasusanto, D. Kuhn, and W. Wiesemann. Mathematical Programming, vol. 159 (1), pp. 557-569, 2016. Distributionally robust control of constrained stochastic systems. B. P. G. Van Parys, D. Kuhn, P. J. Goulart, and M. Morari. IEEE Transactions on Automatic Control, vol. 61(2), pp. 430-442, 2016. Generalized Gauss inequalities via semidefinite programming. B. P. G. Van Parys, P. J. Goulart, and D. Kuhn. Mathematical Programming, vol. 156 (1), pp. 271-302, 2016. K-adaptability in two-Stage distributionally robust binary programming. G. A. Hanasusanto, D. Kuhn and W. Wiesemann. Operations Research Letters, vol. 44 (1), pp. 6-11, 2016. A linear programming approach to the optimization of residential energy systems. D. Lauinger, P. Caliandro, J. Van herle, D. Kuhn. Journal of Energy Storage, Vol. 7, Pages 24-37, 2016. Optimal exchange rate flexibility with large labor unions. V. Cuciniello, L. Lambertini. Journal of International Money and Finance, vol. 63, pp. 112-136, 2016. Optimal reinsurance with multiple tranches. S. Malamud, H. Rui, and A. Whinston, Journal of Mathematical Economics. vol. 65, pp. 71-82, 2016. Scientific research measures. M. Frittelli, and L. Mancini, I. Peri. Journal of the Association for Information Science and Technology, vol. 67 (12), pp. 3051-3063, 2016. The euro interbank repo market. L. Mancini, A. Ranaldo, and J. Wrampelmeyer. Review of Financial Studies, vol. 29 (7), pp. 1747-1779, 2016. Satisficing measure approach for vehicle routing problem with time windows under uncertainty. V. A. Nguyen, J. Jiang, K. M. Ng, and K. M. Teo. European Journal Of Operational Research, vol. 248 (2), pp. 404-414, 2016.
College of Management of Technology Facts & Figures 2016
10
Barriers to innovation and firm productivity. G. Pellegrino, A. Coad, and M. Savona. Economics of Innovation and New Technology, vol. 25 (3), pp. 321-334, 2016.
E Hardi, G. Dijkema, and M. Weijnen. International Journal of Complexity in Applied Science and Technology, vol. 1(1), pp. 5-21, 2016.
Pitfalls in aggregating performance measures in higher education. R. Williams, and G. de Rassenfosse. Studies in Higher Education, vol. 41 (1), pp. 51-62, 2016.
Information production and social value for public policy: A conceptual modeling perspective. G. Viscusi, and C. Batini. Policy & Internet, vol. 8 (3), pp. 334-353, 2016.
Venture debt financing: Determinants of the lending decision. G. de Rassenfosse and T. Fischer. Strategic Entrepreneurship Journal, vol. 10 (3), pp. 235-256, 2016.
Innovation capacity and the role of information systems : A qualitative study. A. Achi, C. Salinesi, and G. Viscusi. Journal of Management Analytics, vol. 3 (4), pp. 333-360, 2016.
Why do patents facilitate trade in technology? Testing the disclosure and appropriation effects. G. de Rassenfosse, A. Palangkaraya and E. Webster. Research Policy, vol. 45 (7), pp. 1326-1336, 2016.
The productivity of science & engineering PhD students hired from supervisors’ networks. S. H. Baruffaldi, F. Visentin, and A. Conti. Research Policy, vol. 45 (4), pp. 785–796, 2016.
External design for reputation, perspective and exposure. C. Abecassis-Moedas and J. Rodrigues Pereira. Accepted by Creativity and Innovation Management, vol. 25 (3), pp. 396-407, 2016.
A robust resolution of Newcomb’s paradox. T. A. Weber. Theory and Decision, vol. 81 (3), pp. 339-356, 2016.
Multi-period portfolio optimization: Translation of autocorrelation risk to excess variance. B.-G. Choi, N. Rujeerapaiboon, and R. Jiang. Operations Research Letters, vol. 44 (6), pp. 801-807, 2016. Robust growth-optimal portfolios. N. Rujeerapaiboon, D. Kuhn, and W. Wiesemann. Management Science, vol. 62 (7), pp. 2090-2109, 2016. Dynamic product portfolio management with life cycle considerations. R. W. Seifert, I. Biçer, and J.-S. Tancrez. International Journal of Production Economics, vol. 171, pp. 71-83, 2016. Knowledge spillovers in the supply chain: Evidence from the High Tech Sectors. O. Isaksson, M. Simeth, and R. W. Seifert. Research Policy, vol. 45 (3), pp. 699-706, 2016. Quantifying the bullwhip effect using two-echelon data: A cross-industry empirical investigation. O. H. D. Isaksson, and R. W. Seifert. International Journal of Production Economics, vol. 171, pp. 311-320, 2016. Evolving Takagi-Sugeno model based on online Gustafson-Kessel algorithm and kernel recursive least square method. S. Shafieezadeh-Abadeh, and A. Kalhor. Evolving Systems, vol. 7 (1), pp. 1-14, 2016. The total benefit of alternative assets to pension fund portfolios. J. Jackwerth, and A. Slavutskaya. Journal of Financial Markets, vol. 31, pp.25-42. 2016.
Optimal multi attribute screening. T.A. Weber. Ural Mathematical Journal, vol. 2 (2), pp. 87-107, 2016. Product pricing in a peer-to-peer economy. T.A. Weber. Journal of Management Information Systems, vol. 33 (2), pp. 573-596, 2016. Special section: When machine meets society: Social impacts of information and information economics. E. K. Clemons, R. M. Dewan, R. J. Kauffman, and T. A. Weber. Journal of Management Information Systems, vol. 33 (2), pp. 542-545, 2016. Three-level inventory deployment for a luxury watch company facing various perturbations. J. Respen, N. Zufferey, and Ph. Wieser. Journal of the Operational Research Society, pp. 1-16, 2016. The value of employee retention: Evidence from a natural experiment. K. A. Younge, and M. Marx. Journal of Economics & Management Strategy, vol. 25 (3), pp. 652-677, 2016.
Books & book chapters Fractional calculus and fractional processes with applications to financial economics: Theory and application. H. Fallahgoul, S. Focardi, and F. Fabozzi. Academic Press, 2016. Rail economics, regulation and policy in Europe. M. Finger, and P. Messulam. Edward Elgar Publishing, Cheltenham, 2016.
When do firms undertake open, collaborative activities? C. L. Tucci, H. Chesbrough, F. Piller, and J. West. Industrial & Corporate Change, vol. 25 (2), pp. 283–288, 2016.
Towards cognitive cities. Advances in cognitive computing and its application to the governance of large urban systems. E. Portmann and M. Finger (eds.) Berlin: Springer, 2016.
Modelling socio-ecological systems with MAIA: A biogas infrastructure simulation. R. Verhoog, A. Ghorbani, and G. P. J. Dijkema. Environmental Modelling & Software, vol. 81, pp. 72-85, 2016.
Technological innovation and economic transformation: A method for contextual analysis. H. C. Gautschi, and D. Gautschi. Palgrave Macmillan, New York, NY, 978-1137-54868-9, 2016.
Structuring socio-technical complexity in infrastructure systems: an agent-based model. R. Verhoog, A. Ghorbani,
Information systems for innovation: A comparative analysis of maturity models’ characteristics. A. Achi, C. Salinesi,
College of Management of Technology Facts & Figures 2016
11
and G. Viscusi. Advanced Information Systems Engineering Workshops, pp. 78-90, Lecture Notes in Business Information Processing 249, 2016. Governing energy transitions: Transition goals in the swiss energy sector. R. Verhoog, and M. Finger. In Energy and Finance (pp. 107-121). Springer International Publishing. 2016.
Doctoral dissertations Essays on Capital Calculation in Insurance. M. Cambou, A. Davison and D. Filipovic (Co-Dirs.). EPFL, 2016. Innovation dynamics in the medical device sector: network of collaborations, knowledge spillovers and regulation. M. Coffano, D. Foray (Dir.). EPFL, Lausanne, 2016. Financing rail infrastructure by multi-annual performance contracts: A case-based evaluation. D. A. Greinus, M. Finger (Dir.). EPFL, Lausanne, 2016. Essays on the market structure and pricing of credit derivatives. B. Junge, A. Trolle (Dir.). EPFL, Lausanne, 2016. Signaling and self-regulation in venture capital: Evidence from investments in the clean technology sector. G. Liotta, C. Tucci, and A. Wadhwa (Dirs.). EPFL, Lausanne, 2016. Supply chain disruption risk management: Modeling risk mitigation strategies. F. C. M. Lücker, R. W. Seifert (Dir.). EPFL, Lausanne, 2016. Supply chain management in process industries: Empirical investigations for commodity markets. P. U. Moser, R. W. Seifert (Dir.). EPFL, Lausanne, 2016. The beacon: A new framework for business model reconfiguration for complex enterprises. D. R. Parekh, C. Tucci (Dir.). EPFL, Lausanne, 2016. An action research inquiry into professional training and development for addressing complex urban problems. M. Razaghi, M. Finger (Dir.). EPFL, Lausanne, 2016. Dimensionality reduction in dynamic optimization under uncertainty. N. Rujeerapaiboon, D. Kuhn, and W. Wiesemann (Dirs.). EPFL, Lausanne, 2016. Essays in financial economics. C. Trevisan, P. Collin-Dufresne (Dir.). EPFL, Lausanne, 2016.
College of Management of Technology Facts & Figures 2016
12