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EDHEC Research Quality Acknowledged
Leading personalities involved with EDHEC research
When Nobel prize winner Edward Prescott and the US Securities and Exchange Commissioner Paul Atkins show an interest in EDHEC's research, there can be no doubt in the strength of EDHEC's reputation. The school's innovative policy of Research for Business insures that all research work is of use from both an academic and business point of view.
One of the School's Research Centres, the EDHEC Risk and Asset Management Research Centre conducts ground-breaking research into asset allocation, based on the expectations of the industry. Through its privileged working relationships with global corporations, its institutional partners provide the Centre with €2.5 million euros in annual sponsorship. EDHEC's Finance professors are involved in applied research and the findings from the EDHEC Risk and Asset Management Research Centre are a core component of the Finance programmes in EDHEC's wide range of Master of Science programmes.
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Nobel prize winner, Edward Prescott
Last month the annual ADRES conference co-organised by EDHEC Business School and the Université du Maine took place at the Maison de la Chimie in Paris. This event, which aimed to underline the differences between the job markets in Europe and the United States, saw over 160 attendees from Europe, Africa and the US come to discover the latest scientific research in the area.
The research papers presented underlined notably the consequences of institutional differences (unemployment benefit, job market and real estate regulations...) on the employment situation on both sides of the Atlantic. These elements highlighted in particular the difficulties encountered in France by young people and senior workers.
Among the participants who came to present their research were Olivier Blanchard from MIT, Edward Prescott, Nobel laureate 2004 and Richard Rogerson, co-editor of the American Economic Review, from the University of Arizona and Robert Shimer, editor of the Journal of Political Economy, from the University of Chicago. Antoine Magnier, director of DARES, and Selma Mahfouz of the DGTPE presented the current French job market situation and its recent development following government reforms and conducted a round-table debate with researchers.
Arnaud Chéron, director of the EDHEC research program on the evaluation of employment and competition policy in France, presented a research document, co-written with François Langot and Jean-Olivier Hairault, on the comparative performances of the job market in France and the US. The weaker employment levels in France concerning young workers and workers over 55 are explained in part by the nature of French institutions, according to Chéron. Job protections and unemployment benefit systems and high minimum wages may not penalise the employment of the 25-54 year olds in France, but they do go a substantial way to explaining the employment difficulties encountered by young people; the under-employment of the over 55's is linked to the conditions for early retirement in France.
US Securities and Exchange Commissioner, Paul Atkins
In an interview published in the EDHEC Risk and Asset Management Research Centre's monthly newsletter, US SEC Commissioner Paul Atkins has affirmed that hedge funds are likely to be an important part of the solution to the subprime crisis.
In response to a question from EDHEC on whether hedge funds could be considered to be at the origin of the subprime crisis, or whether they were in fact victims of the crisis, Commissioner Atkins, who stressed that the views he expressed did not necessarily reflect those of the SEC or of his fellow commissioners, said that, Although we and our counterparts in government are monitoring and looking into the origins of the events of the last year, it does not seem that hedge funds were the origin of the subprime problems. Certainly, hedge funds, along with many other market participants, have been hit quite hard by the problems in the subprime market.
Commissioner Atkins remained optimistic however about the outlook for the hedge fund industry, declaring that he was, confident in predicting that the hedge fund sector will continue to flourish. In remarks that have wider relevance for investors, he also said that the SEC can do little to control hedge fund risks, nor is it our role to do so. The SEC does not issue a seal of approval for hedge funds, so it is incumbent upon investors to demand information about the fund both before and after investing.
For the full version of the interview, please refer to the EDHEC-Risk website
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