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René M. Stulz

BiographyCoursesPublicationsWorking Papers

René M. Stulz is the Everett D. Reese Chair of Banking and Monetary Economics and the Director of the Dice Center for Research in Financial Economics at The Ohio State University. He has also taught at the Massachusetts Institute of Technology, the University of Chicago, and the University of Rochester. He received his Ph.D. from the Massachusetts Institute of Technology. He was awarded a Marvin Bower Fellowship from the Harvard Business School, a Doctorat Honoris Causa from the University of Neuchâtel, and the Risk Manager Award of the Global Association of Risk Professionals. In 2004, the magazine Treasury and Risk Management named him one of the 100 most influential people in finance. A recent study found that he was the sixth most often cited contributor to the top journals in financial economics from 2003 to 2008. He is a past president of the American Finance Association and of the Western Finance Association, and a fellow of the American Finance Association, the European Corporate Governance Institute, the Financial Management Association, and the Wharton Financial Institutions Center.

René M. Stulz was the editor of the Journal of Finance, the leading academic publication in the field of finance, for twelve years. He is on the editorial board of more than ten academic and practitioner journals. Further, he is a member of the Asset Pricing and Corporate Finance Programs and the director of the Risk of Financial Institutions Group of the National Bureau of Economic Research. He is also a member of the Squam Lake Group.

He has published more than sixty papers in finance and economics journals, including the Journal of Political Economy, the Journal of Financial Economics, the Journal of Finance, and the Review of Financial Studies. He is the author of a textbook titled Risk Management and Derivatives, a co-author of the Squam Lake Report: Fixing the Financial System, and has edited several books, includingthe Handbook of the Economics of Finance.

René M. Stulz has taught in executive development programs in the U.S., Europe, and Asia. He has consulted for major corporations, law firms, the New York Stock Exchange, the IMF,and the World Bank. He is a director of Banque Bonhote, the president of the Gamma Foundation, and a member of the Board of Trustees of the Global Association of Risk Professionals and the director of its Governance Committee. He is also the chair of the Scientific Committee of the Swiss Finance Institute.

 

 

Areas of Expertise

  • Corporate Finance
  • Mergers & Acquisitions 
  • Cost of Capital 
  • Financial Institutions 
  • Derivatives 
  • International Finance 
  • Risk Management 
  • Valuation 
  • Investments

Education

  • PhD, Massachusetts Institute of Technology 
  • London School of Economics
Finance 829 - Risk Management

This course is designed to train the participants in evaluating and managing risks using an enterprise-wide approach. Most of the course deals with financial risks. The course starts with an analysis of how risk management contributes to firm value. A general framework for how to use risk management to create value is presented next. The course then examines the measurement and management of market risks, cash flow risks for non-financial firms, interest rate risks, credit risks, and operational risks.

Published Papers
Professional Journal Articles, Book Reviews, Notes and Comments
  • Review of "Managing Foreign Exchange Risk," Richard J. Herring, ed., Journal of Money, Credit and Banking (February 1985), 124-125.
  • "On Capital Mobility in the World Economy," Carnegie-Rochester Conference Series on Public Policy (Spring, 1986), 105-114.
  • "Portfolio Management in International Capital Markets," Financial Markets and Portfolio Management (1, 1986), 18-23.
  • "Portfolio Insurance, Program Trading and the Crash of 1987," Financial Markets and Portfolio Management (1, 1988), 11-22.
  • "SMI Futures," with T. Stucki and W. Wasserfallen, Financial Markets and Portfolio Management (4, 1989), 288-300.
  • "Benefits of International Diversification with Daily Data: The Case of Pacific-Basin Stock Markets," with Warren Bailey, Journal of Portfolio Management (4,1990), 57-61.
  • "Portfolio Insurance with Options and Futures on the SMI," with T. Stucki and W. Wasserfallen, Financial Markets and Portfolio Management (2,1990), 99-115.
  • "Securities Transaction Taxes: Lessons from the International Experience," in The Globalization of Equity Markets, Jeffrey Frankel, ed., University of Chicago Press, 1994.
  • "Identifying and Quantifying Exposures," with Rohan Williamson, in Financial Risk and the Corporate Treasury: New Developments in Strategy and Control," Robert Jameson, ed., Risk Publications, London, 1997, 33-51. Reprinted in Corporate Risk: Strategies and Management, Gregory W. Brown and Donald H. Chew, eds., Risk Publications, London, 1999. Pre-publication Working Paper
  • "What's Wrong with Modern Capital Budgeting?," Financial Practice and Education, Fall/Winter 1999, p.5-9. Pre-publication Working Paper
  • "Diminishing the Threats to Shareholder Wealth," Financial Times, Mastering Risk Series, April 25, 2000.
  • "Why Risk Management is not Rocket Science," Financial Times, Mastering Risk Series, June 27, 2000.
  • "An Emotional High for Stocks?," a review of "Irrational Exuberance" by Robert J. Shiller, Science (June 30, 2000), 2323.
  • "Demystifying Financial Derivatives," The Milken Institute Review, Third Quarter 2005, 20-31.
  • "Merton Miller," New Palgrave Dictionary, 2006.
  • "Financial Derivatives: Lessons from the Subprime Crisis," The Milken Institute Review, First Quarter 2009, 59-70.
  • "Six Ways Companies Mismanage Risk," Harvard Business Review, February 2009, v87(3), 86-94.
Books
  • Risk Management and Derivatives, Southwestern College Publishing, 2003.
  • Handbook of the Economics of Finance, volumes 1 and 2, edited with George Constantinides and Milton Harris, North-Holland, 2003.
  • Handbook of the Economics of Finance, volumes 3 and 4, edited with George Constantinides and Milton Harris, North-Holland, in preparation.
  • International Capital Markets, 3 volumes, edited with Andrew Karolyi, Edward Elgar, 2003.
  • Readings for the Financial Risk Manager, edited with Richard Apostolik, Wiley, 2004.
  • Readings for the Financial Risk Manager, edited with Richard Apostolik, Wiley, 2005.
  • The Risks of Financial Institutions, edited with Mark Carey, University of Chicago Press, 2006.
  • The Squam Lake Report: Fixing the Financial System, co-authored with the Squam Lake Group, Princeton University Press, 2010.

See Amazon.com listing

  • Limited Managerial Attention and Corporate Aging (with Claudio Loderer and Urs Waelchli) 2013-13
  • Do Firms Issue More Equity when Markets are More Liquid?(with Dimitrios Vagias and Mathijs A. van Dijk ) 2013-10
  • Why High Leverage is Optimal for Banks (with Harry DeAngelo) 2013-8
  • Globalization, Country Governance, and Corporate Investment Decisions: An Analysis of Cross-Border Acquisitions (with Jesse Ellis, Sara B. Moeller, and Frederik P. Schlingemann) 2012-3
  • Corporate Acquisitions, Diversification, and the Firm's Lifecycle (with Asli M. Arikan) 2011-18 
  • Why Did U.S. Banks Invest in Highly-Rated Securitization Tranches? (with Isil Erel, Taylor Nadauld) 2011-16 
  • Do Target CEOs Sell Out Their Shareholders to Keep Their Job in a Merger? ( with Leonce Bargeron, Frederik Schlingemann, and Chad Zutter) 2009-2
  • The U.S. Left Behind: The Rise of IPO Activity Around the World (with Craig Doidge, G. Andrew Karolyi) 2011-8
  • Globalization, Governance, and the Returns to Cross-Border Acquisitions (with Jesse Ellis, Sara B. Moeller, and Frederik P. Schlingemann) 2011-1
  • This Time Is the Same: Using Bank Performance in 1998 to Explain Bank Performance During the Recent Financial Crisis (with Rüdiger Fahlenbrach, Robert Prilmeier) 2011-10
  • Liquidity Shocks and Hedge Fund Contagion (with Nicole M. Boyson, Christof W. Stahel) 2011-12
  • Financial Policies, Investment, and the Financial Crisis: Impaired Credit Channel or Diminished Demand for Capital? (with Kathleen M. Kahle) 2011-3
  • Financial Policies and the Financial Crisis: How Important Was the Systemic Credit Contraction for Industrial Corporations? (with Kathleen M. Kahle) 2010-13
  • Are Acquisition Premiums Lower because of Target CEOs' Conflicts of Interest? (with Leonce Bargeron, Frederik P. Schlingemann, and Chad J. Zutter) 2010-8
  • The Dark Side of Outside Directors: Do They Quit When They are Most Needed? (with Rüdiger Fahlenbrach and Angie Low) 2010-7