IMPRESSUM
Ecole Polytechnique Fédérale de Lausanne CDM - College of Management of Technology Odyssea - Station 5 CH - 1015 Lausanne
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© EPFL - CDM October 2010
TABLE OF CONTENT
1. HIGHLIGHTS_________________________________________ 5 2. TEACHING __________________________________________ 7 3. RESEARCH _________________________________________ 17 4. TECHNOLOGY TRANSFER _____________________________ 33 5. COMMUNICATION __________________________________ 33 6. MANAGERIAL ASPECTS _______________________________ 35
1.
HIGHLIGHTS
In 2009, the College of Management of Technology has pursued major transformations, with firstly the creation of two institutes, namely the Swiss Finance Institute at EPFL and the Management of Technology and Entrepreneurship Institute, secondly, the design and official announcement of a new Master in Management, Technology and Entrepreneurship, as a decisive enhancement upon past CDM teaching in that domain, meant to establish a high level companion academic offering to the already existing master in Financial Engineering. The creation of the two institutes corresponded to the clear identification of existing competences, so as to better value them in terms of both research and corresponding teaching offerings. The Swiss Finance Institute at EPFL has undergone through a substantial stage of academic development, with the nomination of five new professors, suggesting considerable growth of its activities in the coming years. The Management of Technology and Entrepreneurship Institute concentrates a vast diversity of domains and interdisciplinary research activities, with the aim of working on both sides of technological innovation: on the one hand promoting areas of research and teaching supported by technology envisaged as a productive tool and on the other hand, targeting issues, models and knowledge progresses linked with technological innovation as an product. Both strands, however, will meet higher standards in terms of expertise and usage of quantitative methods, with the leading examples of supply chain and operations management. The two specializations proposed to translate these objectives in concrete academic curricula are "Strategy, Innovation & Entrepreneurship" and "Operations Management & Systems Modeling". This new program will start in September 2010. It will leverage various constraints and expectations, complying not only with the Bologna master standard of 120 credits, but also European-level quality certification criteria and strong afterthoughts for high-end targets in terms of our master program participants’ employability. As a matter of fact, the design of the Master in Management, Technology and Entrepreneurship has gone through several seminal steps and quality checks, so as to be able to compare with renowned similar international program and at the same time, maintain its originality tapping on its EPFL strengths, in particular a strong quantitative method orientation and a possibility for bachelors to pursue at master level their engineering interests under the form of a minor. With these decisive steps, the College of Management of Technology has initiated the first part of a medium-term development scheme meant to give it not only a solid reputation in the academic world, but also a good level of innovative knowledge capabilities. Next steps will concern institutes’ development and doctoral program’s improvement, and for all these programs, with increasingly tighter connections with, and information return from the industrial world.
Prof. Martin Vetterli, Dean a.i.
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2.
TEACHING
The Management of Technology and Financial Engineering Section (SMGT) has been reorganized in 2 sections: •
The Section of Management of Technology (SMTE) which organizes, since 2005, 2 education programs: a Minor MTE and a Master MTE. For the session 2009-2010, 9 students have done the Master Project and 16 students began the program for 2009-2010.
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The Section of Financial Engineering (SIF) which organizes since 2008 a Master in Financial Engineering (MFE): 15 students have done the Master Project for 2008-2009 and 16 students were in the classroom 2009-2010.
The CDM is also the only EPFL faculty which offers Executive trainings: •
the Executive Master in Global Supply Chain Management
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the Executive MBA en Management of Technology (MoT)
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the Executive Master en e-Governance
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The global EPFL Executive Master in International Postal Management
the Mastering Technology Enterprise program • This programs will be reported upon section 2.5
2.1
Facts & Figures
MTE section The number of students enrolled in the 2008 edition of our MTE Master was 24, among whom 14 have obtained their degree in Autumn 2009. The number of students who have started their MTE Master that same Autumn was 16. Still in 2009, the section has also welcome 120 students registered in the MTE Minor and 28 exchange students. As far as teaching, the MTE section has organized 26 courses as part of the MTE Master programme. The faculty was composed of 6 internal lecturers, 9 external lecturers and 7 CDM professors.
IF section The first lot of students enrolled in the IF Master 2008-09 was 14. The number of students who have started their IF Master programme in the Autumn 2009 was 16. That same year, the IF section has also welcome 5 exchange students. As far as teaching, in 2009, the IF section has organized 14 courses as part of the IF Master programme. The faculty was composed of 1 internal lecturer, 8 CDM professors and 3 visiting professors.
2.2
BS / MS Education
FE Master Nowadays, finance has become extremely complex. Specialists with a solid analytical background are urgently needed, both to understand what happened in the past, and to drive innovation. Recent events have demonstrated new needs in risk management, asset management, derivatives pricing and hedging, as well as the need to provide better tools to improve financial decision-making. The Master in Financial Engineering is the result of a multi-disciplinary effort, involving the Swiss Finance Institute at EPFL, the College of Management of Technology as well as programs in Mathematics, Computer Science, Communications and others. The curriculum is entirely English-based. It is broad but specific, with an extensive range of electives to choose from so that students can tailor the program to their needs. Through their studies, MFE student learn how to combine modern finance theory and computational methods with a practical knowledge of the fora in which they can employ these skills. The Master in Financial Engineering provides both a deep understanding of the financial markets and their mathematical underpinnings. The program serves students seeking comprehensive technical knowledge of derivatives pricing, asset management, securities trading, market design, and risk management. At the end of their studies, graduates have the perfect profile to integrate rapidly in large investment funds, rating agencies, consulting and auditing companies, insurance companies, online trading companies etc... As an alternative, they could enter top level Ph.D. programs in finance such as the Swiss Finance Institute Ph.D. program at EPFL, with an eye on an academic career. Participants come from a rich diversity of backgrounds and nationalities. They are all united by a high level of intellectual ability, a strong interest in finance, and strong analytical skills. In order to screen for candidates that
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have the ability to succeed in the program, the admissions committee carefully reviews all parts of a student's application.
MTE Master and Minor Minor MTE The Minor in Management of Technology and Entrepreneurship is a complementary education to the engineering education. The Minor MTE is proposed to students with a Bachelor (180 credits) and who have started their Master’s studies at EPFL. This education provides students with the necessary tools to understand and solve problems situated at the interface of management, technology and entrepreneurship, and gives them a basic understanding of how companies operate. The Minor MTE takes place during the Master’s studies and requires obtaining 30 credits before the beginning of the Master Project. Enrollment is made in the student’s section of origin as well as at the secretariat of the MTE program.
Master MTE The Master in Management of Technology and Entrepreneurship is a Double Master; the program is only open to students who already possess a recent Masters degree in engineering or in science of technology. The Master MTE offers scientists and engineers a new and exciting curriculum designed to help them along several dimensions: giving them new knowledge about the field of management, having them build new networks with future managers, and thereupon develop a stronger and more flexible career path. In fact, the holders of this new degree should have a real advantage in the job market. The education is for scientists and engineers who would like to specialize in domains such as management of high-technology firms, logistics / supply-chain management, innovation management, entrepreneurship, R&D management, and operations. The teaching program uses the state of the art in methods and tools, including a heavy emphasis on the case method and in-class exercises. The curriculum includes 60 credits credits of courses and 30 credits credits for the master’s thesis/internship. Curriculum: Core courses (21 ECTS at least) Comportement organisationnel, Corporate and business strategy, Entrepreneurship, Global business environment, Introduction à la finance et à la comptabilité , Management de projet, Managerial accounting, Marketing and service management. Elective courses (10 courses at least) Business law, Business plan, Computer-supported cooperative work (CSCW), Corporate governance, Corporate venturing in technology sectors, Design of market-based solutions, to allocation problems, Early detection of technological, innovation potential, Economie, Économie d’innovation, Enterprise and service-oriented architecture, Entrepreneurial finance, Gestion de production I, II (all-year course), Gestion des réseaux d’entreprises et supply chain management, High-tech marketing, Industry analysis & trends, Information technology, and e-business strategy, Instruments de gestion économique, et financière, International negotiation, Introduction to finance, Logistique et analyse prévisionnelle, Management qualité, Managing multicultural teams, Processus décisionnels, Supply chain management, Technology strategy and entrepreneurship.
2.3
Doctoral education
The objective of this program is to associate PhD students and researchers in this fully evolving science. Two different audiences of PhD students are targeted: •
those interested in a complete PhD program in Management of technology, most likely with an orientation toward an academic job
those of other fields (or schools) who want to improve their knowledge in Management of technology • However, the program is NOT designed to be a "professional” (as opposed to an academic) or "careerchanging” track for external PhD students. We teach about academic research in management of technology, not practical courses in how to start companies.
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2.4
PhD Thesis
Bettina Bastian, CSI chair, Technological Innovation Strategies in Natural Resource Based Industries This thesis analyses innovation and technology strategy within a primary industry, notably the upstream oil and gas industry. Industries that exploit and produce finite natural resources are challenged by specific external risks that do not receive much attention from management literature otherwise, especially with regard to organizational innovation behaviour, and thus merit such research focus. On one hand, primary sector firms are confronted with auto-consumptive nature of finite natural resources. On the other hand, those finite natural resources are fixed to certain locations and companies have to operate in numerous countries in order to exploit resource deposits. In this context, they are often confronted with tremendous socio-political constraints that may have a negative impact on their businesses. Our research work raises questions specific to natural resource based industries, notably (1) how can firms defend or even expand their competitive position when they are challenged by the depletion of their core resources? How can firms compensate for an auto-consumptive resource? (2) How do we evaluate contingencies like political risk for competitive advantage and what role does innovation play in this context? The dissertation takes the format of a “compilation thesis”, in our case, three compiled articles. Within the first paper we focus on the resource based view (RBV), a central theoretical approach in management science, which explains how unique firm resources and capabilities contribute to value creation and lead to sustained competitive advantage. We apply the assumptions of RBV to the context of finite natural resources and ask if its analytical power is sufficient to explain competitive advantage of companies active in the primary sector, such as hydrocarbon and ore production. Paper 2 analyses how firms respond to geophysical constraints, such as natural resource depletion, and how these depletion issues affect organizational capability building and operational performance in terms of resource exploration and recovery. Paper 3 asks if political risk as external threat influences firm technology and innovation strategies. We find that time horizons of political risk play an important role and analyse why mid-and long term threats positively influence the development of technology and innovation strategies. The dissertation makes several important contributions. First, it contributes to our understanding of innovation and technology strategy within a natural resource based industry. Second, the idea that finite natural resources with their auto-consumptive nature are different than the "usual" resources investigated by RBV is novel. Third, the analysis also shows how RBV applies to natural resources extracting industries, and how RBV would gain in explicatory power if it was able to integrate factors like ‘geophysical constraints’ and ‘exposure to political risk’ into the approach. Fourth, the thesis applies RBV and capability approaches to the specific context of primary industries, which is important as it helps to extend the frameworks’ usefulness. Fifth, it combines political risk theory and research on innovation and technology management, and answers why political risk influences firm strategies, differentiation, and entry into new fields.
Marcel Bogers, CEMI Chair, The sources of process innovation in user firms : an exploration of the antecedents and impact of non-R&D innovation and learning-by-doing. Previous research has shown that innovation can have various sources and different forms. Innovation can thus be developed by different types of organizations or individuals for several reasons, and it can be related to product or process technologies. One particular stream of research has explored the role of users as a source of innovation. Examples of user innovations can be found in a variety of fields and settings such as mountain biking, snowboarding, open source software, scientific instruments, oil refining, semiconductor manufacturing, and even the World Wide Web. What these innovations have in common is that they were all initially developed by people or organizations that wanted to solve a specific need and benefited from using their innovation rather than selling it. A particular type of user innovator is a "user firm" which develops new or improved production technology for its own internal use. Such process innovation is characterized by determinants and outcomes, which are fundamentally different from for example product innovation. In particular, process innovation may be driven by learning-by-doing, which is a form of problem-solving or experimentation that takes place on the production floor rather than in research and development (R&D). However, the exact drivers and consequences of process innovation in general and learning-by-doing in particular are not yet fully explored. Therefore, the objective of this thesis is to increase the understanding of the antecedents and impact of process innovation in user firms by exploring the role of non-R&D activities and learning-by-doing.
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This thesis consists of four parts. Each of them addresses a specific aspect related to the sources of process innovation in user firms. The first paper particularly argues that process innovation relies on different learning mechanisms than product innovation. Using data from the Swiss Innovation Survey of the Swiss Institute of Business Cycle Research (KOF) at ETH Zürich, the paper shows which are the external and internal knowledge sources (related to R&D, manufacturing and marketing) that lead to innovation. The second paper further investigates R&D and non-R&D activities as sources of innovation and develops two measures to quantify the magnitude of non-R&D innovation. The results show that a substantial part of the firms develop innovations without R&D and that non-R&D process innovation has a very large impact on the overall cost reductions in the Swiss economy. In order to better understand the sources and attributes of process innovation in user firms, a questionnaire was conducted in a sample of Swiss manufacturing firms. Based on the results, the third paper shows the pervasiveness of major and especially minor process innovation. It also explores the sources of process innovation within the firms and identifies the practices related to the accounting, protection, appropriation, and monitoring of process innovation, which are often of an informal nature. The fourth paper investigates in more detail how such practices drive learning-by-doing and process innovation. The findings firstly show which complementary systems of practices are implemented in user firms to promote the innovative contribution of production floor workers and secondly how these practices drive learning-by-doing for either major or minor process innovation.
Annamaria Conti, CEMI Chair, Three Essays on University-Industry Technology Transfer and the Economics of Science In the first chapter of this thesis, coauthored with Patrick Gaulé, we reexamine the widely held belief, known as the "European Paradox", that while European academic institutions are good at producing academic research outputs, they lag behind US academic institution when it comes to transfer these outputs to the economy. Using new survey data and controlling for standard factors affecting the productivity of Technology Transfer Offices (TTOs), we find that European TTOs do not execute less licenses than US TTOs. However, they earn significantly less revenue from licenses. We relate the difference in licensing income to differences in the organization and staffing of TTOs. Specifically, US TTOs employ more staff with experience in industry and appear to have greater flexibility in managing their budget. In the second chapter, we examine a policy regime allowing academic institutions to grant industry the intellectual property rights (IPRs) over invention resulting from collaborations. For projects that are close to the market, where a firm plays an important role in generating an invention, the researcher offers the IPRs to the firm, as an incentive to collaborate. However, he retains certain domains where he can exploit an invention without having to apply for a license. The choice of these domains involves a tradeoff. In fact, the researcher either induces the firm's effort, by assigning a broad field of use, or he ensures that he can use an invention in other applications, by granting a narrow field of use. The reverse occurs for projects that are close to the researcher's laboratory, where it is the researcher who plays an important role in generating an invention. The main difference, however, is that if effort were contractible, the firm could reward the researcher for supplying the first best level of effort, because, unlike the researcher, it is not cash constrained. An empirical analysis, based on Ecole Polytechnique Fédérale de Lausanne research contracts, supports the role of broad fields in bolstering a firm's effort, in projects that are close to the market. The third chapter analyzes the extent of state dependence in obtaining basic and applied science grants and the impact of receiving a grant of one type on the probability of being awarded one of the other type in the future. For this purpose, we used a sample of grants for basic and applied research purposes awarded to academic researchers at the two Swiss Federal Institutes of Technology. We find that, having controlled for unobserved heterogeneity, there is persistence in obtaining both basic and applied science grants. Moreover, the impact of having obtained, in the past, only grants of one type on the number of grants of the other type awarded to a researcher is not significantly different from the impact of not having received any grant.
Intan Maizurah Hamdan-Livramento, CEMI Chair, Examining how TRIPS implementation affects access to foreign technologies for developing countries. By the year 2016 every member of the World Trade Organization (WTO) has to comply with its agreement on the protection of intellectual property rights (IPR), Trade-related Aspects of Intellectual Property Rights (TRIPS or the Agreement). This implies that each country party to this multilateral trade agreement is obliged to institutionalize the protection of intellectual property rights (IPR) into its national framework. Developed country members have few, if any, changes to make to their legislations in order to become TRIPS compliant. Most developing country members, however, would have to make significant changes in their system to accommodate this harmonized IPR protection regime.
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This thesis attempts to examine how developing countries are affected by the TRIPS implementation. In particular, I examine whether compliance with the Agreement facilitates developing countries' exposure to foreign technologies. For the first paper, I build an index that captures fifty-three developing countries' compliance with TRIPS by consulting their Trade Policy Review and TRIPS Council review reports, cross-referencing them to their national legislations. I find that most developing countries take advantage of the transition period flexibility offered by the Agreement and that these implementation efforts are relatively independent from their income levels. In addition, countries that are party to regional trade agreements that specify TRIPS protection tend to be compliant earlier than the rest. In the second paper, I apply the TRIPS index to three channels of accessing foreign technology: trade, foreign direct investment (FDI) and licensing activities. I find that countries' compliance with the Agreement has positive impact on FDI in flows, some on inward licensing activities but none on imports. I then argue that actual enforcement of the in-book TRIPS compliance is important in facilitating access to foreign technologies and include an enforcement index. This enforcement proxy is not to be confused with the statutory enforcements mandated by TRIPS itself. When enforcement of the TRIPS compliance is taken into consideration, I observe that on average TRIPS implementation and its enforcement facilitate access to the foreign technologies for developing countries, depending on their level of imitative abilities. The last paper delves further and investigates how local firms are affected by the strengthened IPR protection in using foreign technologies. Using a unique database from the Global Entrepreneurship Monitor on entrepreneurship, I examine how TRIPS implementation affects local entrepreneurs' exploitation of those technologies. I find significant and adverse effects of the IPR reform, which varies according to industrial sectors and categories. The results suggest that stronger IPR protection, via TRIPS implementation, raises the cost of using the foreign technology for entrepreneurs in developing countries.
Patrick GaulĂŠ, CEMI Chair, Three essays on access to knowledge. The first chapter of this thesis, coauthored with Annamaria Conti, seeks to add an economic contribution to the current debate on using university licensing contracts to improve access to medicines in developing countries. We build a simple model in which we have a university licensing out an academic invention to a profit-maximizing pharmaceutical company. We compare three different types of licensing contracts that the university might use to enhance access to pharmaceuticals in the South: (1) an exclusive license limited to the North; (2) an exclusive license worldwide with a price cap in the South; and (3) an exclusive license worldwide with a price cap in the South and a clause specifying that the licensee would lose its exclusivity in the South if it does not supply the Southern market. We show that in a simple model with asymmetric information on production costs the latter type of contract dominates the two others. In the second chapter, coauthored with Nicolas Maystre, we reexamine the widely held belief that free availability of scientific articles increases the number of citations they receive. Since open access is relatively more attractive to authors of higher quality papers, regressing citations on open access and other controls yields upward-biased estimates. Using an instrumental variable approach, we find no significant effect of open access. Instead, selfselection of higher quality articles into open access explains at least part of the observed open access citation advantage. The third chapter uses an evidence-based approach to assess the difficulties faced by developing country scientists in accessing the scientific literature. I compare backward citations patterns of Swiss and Indian scientists in a database of 43'150 scientific papers published by scientists from either country in 2007. Controlling for fields and quality with citing journal fixed effects, I find that Indian scientists (1) have shorter references lists (2) are more likely to cite articles from open access journals and (3) are less likely to cite articles from expensive journals. The magnitude of the effects is small which can be explained by informal file sharing practices among scientists.
Elise Le Nestour, LDMU Chair, Essays on individual decision making under uncertainty This research project is an experimental study of decision-making in very difficult contexts resembling those encountered in financial markets. The starting point was the empirical observation that financial assets are objects of a very complex kind. Specifically, financial assets generate rewards in an unpredictable way (stochastic processes), and they jump regularly (unstable processes). What's more, they are covert: finance practitioners lack information about their nature, and may well be unable to uncover it. After all, can humans really learn the nature of unstable stochastic processes? To address this question, I designed an investment task, the "Boardgame," characterized by assets – in the form of locations displayed on a board – which are, like the financial assets in the real world, unpredictable, unstable, and (initially) unknown. Specifically, the game
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consists of choosing between six locations of initially unknown probability of winning or losing. Each trial, the player selects one location and immediately receives the outcome returned by the chosen location (a reward, a loss, or 0 CHF). She accumulates gains and losses throughout the game, with the goal of maximizing the cumulative earnings. One essential characteristic of the Boardgame is that outcome probabilities – at all locations – jump regularly. An ideal player accounts for jump occurrence and re-learns outcome probabilities once a jump has occurred. Such two-stage mental process – consisting of jump detection and subsequent reappraisal of the probabilities – is extremely demanding. I invited 62 subjects – all undergraduate or graduate students at the EPFL – to play the Boardgame during 30 minutes, and recorded their action in each trial (namely, which location they chose). From their choices, I attempted to infer the nature of their learning in the game. To do so, I followed an inter-disciplinary approach, at the intersection of economics, machine learning, and neurobiology. I first formalized normative learning in the game (how ideal players learn), as well as bounded rational learning (how adaptive – intelligent – agents, albeit of limited cognitive capabilities, are expected to learn). I then examined whether my subjects did a good job of learning in the Boardgame, by comparing the fits of the normative and bounded rational models. I eventually studied the neural implementation of the behavior at work. It appears that for the majority of my subjects, the normative learning model did a much better job of explaining actual behavior than the alternative, bounded rational model. In other words, subjects were apt at learning the outcome probabilities of the locations, despite the difficulty of the enterprise. This suggests that people may be better fit to cope with the instability of financial markets than previously thought. Beyond being of interest for the finance field, this result has actually a broader scope. For it demonstrates the human ability to adapt behavior to suit an uncertain changing environment. This cognitive flexibility, which some eminent neuroscientists have been taken to be the most relevant definition of human intelligence, is essential in many domains beyond the one studied here (reward learning) – in particular, the same neuroscientists have suggested that it is chief in contexts of social interaction. The finding that my subjects were very good at learning the nature of the locations is also important from an epistemological point of view. For one message drawn from this study is that people can be very sophisticated in the face of very complex problems. This message should prompt a reevaluation of the scope of the dominant paradigm in decision making – namely, the limited cognition paradigm. The limited cognition paradigm has led either to a hyperemphasis on cognitive biases as sources of human mistakes (irrationality), or to the idea that complexity in a cognitive task precludes the emergence of optimal behavior (bounded rationality). In contrast, the present work highlights human adaptation, and further suggests that complexity is not necessarily an obstacle for full rationality to emerge. One reason that my subjects could fare so well in my complex task is that the human brain is fit to cope with the Boardgame, which is reminiscent of the living conditions of the early man. For Homo has long had to deal with an uncertain unstable environment. As a result, the hominoid brain was geared to cope with instability. The finding that optimal behavior prevailed in my experiment prompted me to flesh out the neural implementation of this behavior. In the final stage of this project, I conjectured a neural system that is fit to cope with unforeseen and ever-changing conditions. I attempted to describe this neural system rigorously, in the vein of a recent computational trend in decision neuroscience. This computational approach aims to reveal the neural substrates of subjective states that the behavioral models purport to estimate – e.g., how much reward a subject expected on each trial, how much surprise a subject experienced on each trial, how much uncertainty a subject perceived in her environment on each trial. Likewise, I estimated subjective variables that are essential to implement the optimal Bayesian rule in my task. In particular, I estimated how much credit a subject assigned to the belief that a jump occurred on each trial. This estimation enabled me to make precise predictions as to the neural mechanisms involved in the Boardgame. The incoming step shall be to put these predictions to a test in an imaging study of the Boardgame. As such, the present research has laid the basis for a larger research program to be pursued. It is hoped that it shows the utility of bringing the modeling tools from economics to bear on neurobiological questions. I think that such scientific exchanges carry the possibility of insights useful to build an adequate model of individual decision-making.
Catherine Monnin, LEM chair, Impact de la communication voco-visuelle dans le management sur la motivation des collaborateurs. Our research work wishes to highlight the importance of the relationship between the vocal and physical behaviour of the manager and team motivation. In order to investigate this important relationship, a survey by means of a questionnaire and two field studies were undertaken. The survey has notably showed that in communication situations the working population questioned is above all sensitive to physical behaviour. The people questioned often put vocal communication in second place. It should be noted that their principal factor of motivation within the professional environment is recognition and respect for the individual.
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According to them, for physical behaviour, it is mainly through the eyes, followed by facial expressions and then the manager's posture that recognition and respect for the individual are expressed. With regard to vocal behaviour, these elements can be expressed through the intonation, tone and loudness of the voice. The field studies and the decision to prioritize the analysis of physical behaviour allowed us to confirm whether this body language, a sign of recognition and respect of the individual and therefore source of motivation, was a reality and resulted in a successful contact. In the working place, the way the manager looks at his team, notably, can be lacking or even absent and consequently this absence can be perceived as a closure. Therefore, if we follow our logic, this could have an influence on staff motivation. We therefore decided to complete our field studies by having the teams pass a connotation test to find out their real feelings towards their manager's behaviour. It appears that the manager's recognition for them takes second place to other equally necessary managerial qualities such as strength, endurance and a proactive personality which are widely accepted. The conclusions of the questionnaire survey have therefore been confirmed by the qualitative study. By proceeding stage by stage, our research has therefore managed to confirm the real relationship between the principal factor of motivation for staff "recognition and respect of the individual" and the physical behaviour "look, facial expression and posture" which expresses this recognition. And by really taking into consideration the relationship of vocal and visual behaviour to motivation, every manager can encourage a better quality of understanding within his team. This active listening will allow him to build a complementary and successful team by placing the right person in the right place! Henceforth, every individual's satisfaction at work becomes progressively a collective effort and a real social culture within the working place begins to grow‌
Gustave Nguene, MIR Chair, Strategic options of energy service companies in competitive energy markets In this dissertation, I determine the strategic options of energy service companies active in urban areas. This work is developed considering the wider EU policy framework, namely a liberalised energy market, environmental protection and security of supply. This framework has created a competitive environment favouring the emergence of a new type of actors, including providers of energy service (ESCOs) competing to increase their market shares. I refer to energy service companies as companies that can potentially provide services beyond the simple procurement in energy commodities (e.g., end-use solutions, energy efficiency services). My empirical analysis is based on a questionnaire targeting managers of energy service companies, and on three field projects illustrating different value configurations (chain, shop, network) as proposed by Stabell and Fjeldstad (1998). The results show that: (1) energy services in competitive energy markets may be defined as the set of activities undertaken by a market player to provide sound solutions to respond to customers' needs; energy companies of all types can provide such services; (2) to remain competitive these companies must have at least two value configurations, i.e., an overarching model and a secondary model; the secondary model must be used to created added value services (3) the strategic options are developed by undertaking activities featuring the secondary model (4) value configuration can be used by practitioners as an analytical tool to determine the strategic options.
Margarita Protopappa, TOM Chair, Interrelating operational and financial performance measurements in inventory theory Financial flows are often treated in a fragmented and disconnected way from the physical product flow. Managers take decisions from an operational point of view concerning inventory, service level or capacity needs. The implementation of such decisions influences financial performance in terms of profit margin, working capital requirements and return on investment. However, the interdependency of operational and financial objectives is rarely well understood. Such practice has serious implications on the profitability of a company and its responsiveness to market needs. Therefore, companies increasingly acknowledge the importance of financial supply chain management as an effective approach to optimize working capital levels and to direct cash flows. Efficient working capital allocation and visibility of accounts payables and receivables can achieve significant cost savings, enhance cash flow predictability and boost company performance. In this dissertation, we weave together financial and operational decisions. We analyze the impact of working capital targets on the optimal ordering policy and the relationship between product flows and cash flows. We also investigate the impact of trade-credit on the operational and financial performance of a supply chain. In the first part of our dissertation, we develop and analyze a model that interrelates operational and financial aspects. We analyze how the optimal solution depends on the financial characteristics of the supply chain. We elaborate on the interrelation between operational and financial performance measurements, such as inventory
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level, service level, return on investment, cash flows and working capital requirements. Our results demonstrate the significance of payment delays on profit margin. We motivate a joint consideration of financial and operational objectives because a higher working capital employed in the system decreases the operational cost but increases the financial cost. In the second part of this dissertation, we extend our modeling framework to accommodate multi-product settings. We focus on the interrelation of working capital and stocking decisions for functional, innovative and heterogeneous product portfolios. We analyze the effect of demand correlation, lead time, payment delays, portfolio size and service level constraints for symmetric and asymmetric product portfolios of various sizes. Our results attest the importance of upstream and downstream payment delays on the profitability of the supply chain. Our analysis demonstrates significant risk-pooling benefits for functional and innovative portfolios under specific demand correlation scenarios. In the third part of this dissertation, we extend our modeling framework and investigate the impact of working capital allocation in a multi-echelon supply chain. We consider a joint working capital allocation, where all the members of the supply chain share a working capital pool and face working capital restrictions jointly. We compare our findings with a dedicated working capital allocation, where the members of the supply chain each have a separate working capital and face individual working capital restrictions. Our research demonstrates significant cost savings when the members of the supply chain share a joint pool of working capital. We investigate the impact of interest rate, payment delays and lead time on the profitability of the supply chain. We show that extending the payment delays to your supplier increases the cost in the supply chain. We finalize this dissertation with a conclusion and a discussion of potential avenues for future research.
2.5
Continuing Education
Executive Masters The College of Management of Technology is the only EPFL faculty which offers Executive Masters.
Executive Master in Global Supply Chain Management The international Institute for the management of Logistics at EPFL (IML), founded in 1990 as a partnership with Ecole des Ponts ParisTech in Paris and AFT-IFTIM in Paris (professional association) (http://iml.epfl.ch), with the active support of some 40 international companies, has organized in 2009 the 30th edition of its course «Global Supply chain Management». Up to date, some 700 IML graduates, representing more than 65 nationalities from 5 continents, have successfully attended the IML post-graduate courses in Lausanne and Paris. In 2009, IML has re-enforced its international network, setting up excellence-targeted partnerships with several universities worldwide, international companies and organizations. (reference: Annual Report IML 2009). 18 students graduate in 2009.
http://iml.epfl.ch Executive MBA in Management of Technology - MoT The Faculty of Business and Economics - HEC of the Université de Lausanne (UNIL) and the College of Management of Technology of the Ecole Polytechnique Fédérale de Lausanne (EPFL) offer a joint program in Management of Technology, the “MoT”, which became an “Executive MBA in MoT”. The program takes place in these institutions. Participants also join the University of Beijing and the China European Business School (CEIBS) in Shanghai, which one of the top 20 business schools in the world according to the Financial Times. The overall objective of the program is to enable professionals concerned with innovation and entrepreneurship to develop the skills they will need to foster the creation of new ventures. This interdisciplinary program provides to about 30 participants of different backgrounds with the competences to start new activities crossing the traditional boundaries between engineering and business cultures. 28 students graduate in 2009. Since the creation of the program in 1998, the MoT Alumni created more than 50 start-ups, raised more than CHF 150 millions and generated more than 600 jobs. As a subset of the MoT Executive MBA, a Certificate of Advanced Study (CAS) in “Management of Biotech, Medtech and Pharma Ventures” has been successfully launched in 2008 and 19 people obtained a CAS in 2009.
http://mot.epfl.ch
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Executive Master in e-governance For several years now the Chair of Management of Network Industries has been running an Executive Master in e-Governance, focusing on the governance of and with Information and Communication Technologies (ICTs) and their relevance for both the public and private sectors. The goal of the program is to equip professionals with the unique skills needed to steer their organizations towards creating effective governance mechanisms using the ICTS. A large area of application is within e-government, also often referred to as cyber-administration. This global program consists of four residential modules taking place in Europe, Asia, and North America in collaboration with prestigious universities. The program concluded its fourth edition with 12 participants from 8 countries.
http://egov.epfl.ch Executive Master in international postal management The Chair of Management of Network Industries is running for the second year now the Executive Master in International Postal Management, a unique Executive Program in the world. The objective of the program is to give experienced managers of the postal and logistics sectors the specific skills and tools to face the challenges of the postal industry and to lead their companies successfully into the future. The Executive Master in International Postal Management consists of five modules conducted over a fifteen-month period, taking place in Switzerland, Belgium, Australia, and North America. The last Module took place in May 2009 in Lausanne and after having successfully defended their master thesis, the 7 graduates of the first edition received their degrees of the Director General of the UPU (Universal Postal Union) in November 2009. The Program was redesigned in 2009 and MIR entered into a partnership with the industry organization IPC (International Post Corporation) in order to further develop the Executive Master and other Training programs related to the postal industry. For the second edition 9 participants of 6 different nationalities have been admitted. The Executive Master program is managed by Erik Swars.
http://postal-management.epfl.ch Mastering Technology Enterprise Program - MTE The Mastering Technology Enterprise program is distinguished from other general management development programs by being focused exclusively on seasoned managers with technical backgrounds; by taking into account issues specific to technology-based enterprise; and by being taught by a multi-disciplinary faculty each of who have the professional credentials and experience to cross business and technology lines. With its distinct positioning, the MTE program has been essential in bringing "alive" the alliance between EPFL, ETH Zurich and IMD in this particular domain. The MTE program has been offered since 1995 and has about 500 alumni worldwide. Over the course of six weeks (offered in two modules of three weeks full-time studies), the program provides a thorough professional grounding in all core business functions and processes of a technology-based enterprise, in general management, and in the personal, organizational and societal challenges of leadership within a technology enterprise. In 2009, the MTE program graduated 24 participants coming fom 19 companies, representing 14 nationalities. The average age of the MTE participants was 44 years and 50% of the participants held a PhD degree in a technical domain.
http://www.imd.org/mte
2.6
Education in other Schools
Prof. Philippe Wieser is teaching a new course at the University of Lausanne “Management de projet et Logistique appliqués au Sport”. Seminars jointly offered by CFI and external academic institutions: In a joint effort with HEC at UNIL, CFI runs the DEEP-EPFL Seminar Series in Macroeconomics. This is a weekly advanced research seminar throughout the academic year. The updated seminar schedule can be found at http://www.hec.unil.ch/deep/evenementsenglish/e-sem-all-2009-10.php Seminars given by the SFI Section: The CIREQ/CIRANO Financial Econometrics Conference in Montreal; Copenhagen Business School; The Energy Finance Conference in Kristiansand; The European Finance Association meeting in Bergen; The Federal Reserve Bank of New York; Imperial College; The Madrid Finance Workshop; New York University; University of Michigan, London School of Economics; University of Colorado
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Boulder; University of Rochester; European Meeting of the Econometric Society; Massachussets Institute of Technology; European School of Management and Technology Berlin; University of Lugano. Professor Seifert also serves a Professorship in Operations Management at IMD International (50% appointment). In this role, he supervises international project work and engages in a variety of company-specific and openenrolment teaching programs.
2.7
Quality of Teaching
Accreditation CTI/OAQ Within the follow-up of the CTI/OAQ accrediting audit carried out in 2006 and the recommendations which it led to, the MTE section has delivered its intermediate report on how to go about the above-mentioned recommendations et on the evolution that would be envisaged for its master programme. In the Spring 2009, a Task Force has been set up with the mission of reorganizing a new MTE master programme for the beginning of the 2010-2011 academic year, with the objective of making it compatible with the Bologna system. The recommendations put forward by the CTI commission have of course been integrated in the design of this new MTE master programme.
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3.
RESEARCH
3.1
Swiss Finance Institute at EPFL
Faculty
Peter Bossaerts
R端diger Fahlenbrach
Damir Filipovic
Julien Hugonnier
Luisa Lambertini
Semyon Malamud
Loriano Mancini
Erwan Morellec
Claudia Ravanelli
Gregor Svindland
Anders Trolle
Recent developments in finance at EPFL impacting both research and teaching At the beginning of 2009, EPFL successfully launched the Swiss Finance Institute at EPFL following a large hiring campaign that led to the hiring of 4 tenure track assistant professors (Ruediger Fahlenbrach, Semyon Malamud, Loriano Mancini, and Anders Trolle), one associate professor (Julien Hugonnier), and one full professor (Damir Filipovic). The goals of the Swiss Finance Institute at EPFL are multiple: 1.
To consolidate all present and future support that the Swiss Finance Institute provides for the development of finance at EPFL.
2.
To have a center for competence in finance that is easily recognizable to the outside world, both for fundraising (from SFI, the SNSF, and others) and recruiting purposes.
3.
To facilitate interaction with other centers that collaborate with the Swiss Finance Institute, in particular, the Institute of Banking and Finance at the University of Lausanne.
4.
To provide a recognizable place where all people involved in finance or financial engineering at EPFL can meet, interact as well as organize seminars, conferences, recruits, etc.
Because the Swiss Finance Institute at EPFL cannot cover all areas of finance, it has been decided to focus on the areas that are most relevant to EPFL, namely (1) mathematical finance, (2) market microstructure and market design, and (3) entrepreneurial finance. The first two areas foster links with other parts of campus, such as mathematics, communications, or computer science. Entrepreneurial finance provides bridges within the College of Management. This specialization also allows the finance groups at EPFL and at the University of Lausanne (UNIL) to be complementary, UNIL focusing essentially on mainstream finance (corporate finance, asset pricing).
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In the summer of 2009, EPFL and UNIL have implemented the second part of the vision by signing a cooperation agreement that shares the fields of finance between the two institutions and by creating the Lausanne Center for Finance, which physically hosts both the Swiss Finance Institute at EPFL and the Institute of Banking and Finance of the University of Lausanne. The Lausanne Center for Finance is responsible for the organization of the seminar series in finance and hosts the Léman PhD program in finance, which is a joint initiative of the Universities of Lausanne and Geneva and EPFL. In the meantime, EPFL has launched a new PhD program in finance that is part of the Swiss Finance Institute Léman PhD program. This program is expected to take 6 to 8 students per year from a pool of more than 200 applicants from the best institutions around the world and provides a nice complement to the Master of Financial Engineering that has been launched successfully in the Fall of 2007. At the end of 2009, EPFL had 2 full professors, 1 associate professor, and four assistant professors of finance plus a number of PhD students and senior researchers. It was providing educational programs in finance both at the Master and at the Doctoral level. The Swiss Finance Institute at EPFL participates in two teaching programs, the Master in Financial Engineering at EPFL, which is a highly selective 18-month master program, and the PhD in Finance, which is organized jointly with the Swiss Finance Institute and the Universities of Geneva and Lausanne (see the “Teaching section” of the report).
Chair of International Finance – CFI (Prof. L. Lambertini) The following projects were started and/or completed in 2009: Boom-bust cycles in housing markets: This project finds that expectations on the conduct of monetary policy and future productivity can generate housing market boom-bust cycles in accordance with empirical findings. Optimal monetary policy with expectations-driven cycles in the housing market: This project shows that a strong anti-inflationary stance is strongly sub-optimal in models where news can generate boom-bust cycles in the housing market. Housing and risky mortgages: This project builds a model with housing where mortgages can be defaulted on. An unexpected increase in the mortgage risk generates a credit crunch and a macroeconomic recession. Genetic algorithm learning in macroeconomic models: This project applies genetic algorithms to learning about the central bank’s objectives in a model characterized by uncertainty and strategic interaction between monetary and fiscal policies. Exchange-rate targeting with large labor unions: This project studies whether it is optimal to target the exchange rate in an open economy with non-atomistic unions. Commitment to an exchange-rate target helps reducing wage demands and raising employment. However, limited exchange-rate flexibility is detrimental in the presence of country-specific shocks. An external research collaboration is particularly worth mentioning, with the Center for Fiscal Policy: The Center for Fiscal Policy is an affiliate of CFI and it promotes research on economic policy issues. The Center has a Visiting Fellows program and a Working Paper Series. The Visitors in the year 2009 include Professor Jasmina Arifovic, Simon Fraser University; and Professor Stephanie Schmitt-Grohe, Columbia University.
Finance seminars in 2009 The Swiss Finance Institute at Ecole Polytechnique Fédérale de Lausanne and the Institute of Banking and Finance at the University of Lausanne organize joint research seminars in finance. The seminars attract speakers from academic institutions around the world and cover a variety of topics of interest to both academics and researchoriented professionals.
List of seminars for 2009: December 18, 2009: Wei Xiong (Princeton University) December 11, 2009 : Rodolfo Prieto (Swiss Finance Institute, EPFL) December 4, 2009: Alexandre Jeanneret (Swiss Finance Institute, Université de Lausanne) November 27, 2009 : Pierre Mella-Barral (EDHEC Business School) November 20, 2009 : Harjoat Bhamra (Sauder School of Business, University of British Columbia) November 13, 2009 : Philip Valta (Swiss Finance Institute, EPFL) November 6, 2009 : Joshua Rauh (Kellogg School of Management , Northwestern University) November 4, 2009 : Belén Villalonga (Harvard Business School) November 3, 2009 : Jean-Charles Rochet (Université de Toulouse) October 30, 2009 : Thierry Foucault (HEC Paris)
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October 27, 2009 : Paolo Pasquariello (University of Michigan) October 23, 2009 : Paolo Fulgieri (University of North Carolina, Kenan-Flagler Business School) October 16, 2009 : Jaksa Cvitanic (California Institute of Technology) October 12, 2009 : Daniel Ferreira (London School of Economics) October 7, 2009 : Terrence Hendershott (University of California Berkeley) October 2, 2009 : Peter Kondor (Central European University) September 25, 2009 : Ron Kaniel (Duke University) September 18, 2009 : Olivier Ledoit (University of Zürich) June, 5, 2009: Elisa Luciano (University of Torino) June 2, 2009: Jay R. Ritter (University of Florida) May 19, 2009: Christopher Hennessy (University of California Berkeley) May 15, 2009: Sydney C. Ludvigson (New York University) May 8, 2009: Robert Whitelaw (New York University) May 1st, 2009: Anna Pavlova (London Business School) April 28, 2009: Dimitri Vayanos (London School of Economics) April 24, 2009: Michelle Lowry (Penn State University) April 3rd, 2009: Ioanid Rosu (University of Chicago) March 27, 2009: Emmanuel Fahri (Harvard University) March 13, 2009: Stanley E. Zin (Carnegie Mellon University) March 6, 2009: Roni Michaely (Cornell University) February 11, 2009: Costas Xiouros (University of Southern California) February 6, 2009: Alexander Michaelides (London School of Economics) February 3rd, 2009: Rui Albuquerque (Boston University) January 30, 2009: Guillaume Plantin (London Business School) January 23, 2009: Georgy Chabakauri (London Business School) January 16, 2009: Gustavo Manso (MIT) January 9, 2009: Matthias Kahl (University of North Carolina)
External collaborations In 2001, the Swiss National Science Foundation launched a National Centre of Competence in Research (NCCR) in the field of "Financial Valuation and Risk Management". FINRISK has developed rapidly into a worldclass academic forum for cutting-edge research in finance, advanced doctoral education and knowledge transfer between finance researchers and Switzerland's finance professionals. Erwan Morellec is the head of project B2 within NCCR FinRisk. The project encompasses several sub-projects investigating issues related to or interacting with real options, firm’s financial decisions, and financial innovation. In particular, the project supports research that relates to the risk of default of corporations (also called credit risk). It also incorporates applications of option pricing analysis to corporate finance issues (financing decisions, risk management, executive compensation). In addition, a number of sub-projects relate to the impacts of financial innovation either from a pricing or financing perspective (demand side) or from a supply perspective (e.g. the relation between the degree of competitiveness of the investment banking industry and the patterns of innovation and imitation of new corporate finance products). This project involves numerous collaborations with researchers from other Swiss Universities or from other Universities abroad.
Publications A. Trolle and E. Schwartz (2009) “A general stochastic volatility model for the pricing of interest rate derivatives”, Review of Financial Studies, vol. 22 (5), pp. 2007–2057 A. Trolle and E. Schwartz (2009) “Unspanned stochastic volatility and the pricing of commodity derivatives”, Review of Financial Studies, vol. 22 (11), pp. 4423–446. C. Henrik, and R. Fahlenbrach (2009) “Large shareholders and corporate policies,” Review of Financial Studies 22, 3941-3976. D. Duffie, S Malamud, and G. Manso (2009 ) “Information Percolation with Equilibrium Search Dynamics,” Econometrica, Vol. 77, 1513-1574.
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E. Asparouhova and P. Bossaerts (2009) "Modeling Price Pressure in Financial Markets," Journal of Economic Behavior and Organization 72, 119-130. J. Fan and L. Mancini (2009)”Option pricing with model guided nonparametric methods,” Journal of the American Statistical Association, Vol. 104, 1351-1372. P. Bossaerts, M. d’Acremont and M. Gilli (2009) “Predicting Risk in a Multiple Simulus – Multiple Reward Environment,” in : Reward And Decision Making, ed. J.C. Dreher and L. Tremblay, Academic Press P. Bossaerts, H.V. Curran, R. Dolan, K. Friston, A. Pine, J. Roiser and B. Seymour (2009) “Encoding of marginal utility across time in the human brain”, Journal of Neuroscience, (29), 9575-9581. P. Bossaerts, G. Christopoulos, R. Dolan, W. Schultz and P. Tobler (2009) “Neural Correlates of Value, Risk and Risk Aversion Contributing to Decision Making under Risk,“ Journal of Neuroscience, 29, 12574-83. P. Bossaerts (2009) “What Decision Neuroscience Teaches Us About Financial Decision Making,“ Annual Review of Financial Economics (1), 383-404. R. Fahlenbrach (2009) “Founder-CEOs, investment decisions, and stock market performance,” Journal of Financial and Quantitative Analysis 44, 439-466. R. Fahlenbrach and R. Stulz (2009) “Managerial ownership dynamics and firm value,” Journal of Financial Economics 92, 342-361. R. Fahlenbrach, A. Low, and R. Stulz (2009) “ Why do firms appoint CEOs as outside directors?” accepted for publication in Journal of Financial Economics. V. Cuciniello (2009) “The Impact of Fiscal-Monetary Policy Interactions on Government Size and Macroeconomic Performance,” Economic Modeling, 26, 918-925 (2009)
Working papers A. Bollard, P. Bossaerts, R. Liu, A. Nursimulu and A. Rangel (2010) "Risk and Reward Preferences Under Time Pressure: A Behavioral Study Based On Neurobiological Insights," working paper EPFL. A. Campolmi, H. Fadinger, C. Chiara Forlati, (2009), “Trade Policy: Home Market Effect vs Terms of Trade Externality“, CFI Working papers, EPFL-CDM, Lausanne. A. Trolle (2009) “The price of interest rate variance risk and optimal investments in interest rate derivatives,” working paper EPFL. B. Becker, H. Cronqvist, and R. Fahlenbrach (2009,)“Estimating the effects of large shareholders using a geographic instrument," working paper EPFL. C. Anen, U. Beierholm, P. Bossaerts, and S. Quartz "Separate Encoding of Intuition-Based and Reason-Based Subjective Valuations The Human Brain," working paper EPFL. C. Forlati, (2009), “On the Benefits of a Monetary Union: Does it Pay to Be Bigger? “, CFI Working papers, EPFL-CDM, Lausanne. C. Forlati, (2009), “Optimal Monetary and Fiscal Policy in the EMU: Does Fiscal Policy Coordination Matter?”, CFI Working papers, EPFL-CDM, Lausanne. E. Asparouhova, P. Bossaerts, J. Copic, B. Cornell, J. Cvitanic and D. Meloso (2009) “Delegated Portfolio Management: Experiments," working paper EPFL. E. Asparouhova, P. Bossaerts, J. Eguia and W. Zame (2009) “Cognitive Biases, Ambiguity Aversion, and Asset Pricing in Financial Markets," working paper EPFL. E. Morellec, and B. Nikolov (2009) “Cash holdings and competition," working paper EPFL. E. Morellec, B. Nikolov, and N. Schuerhoff (2009) “Dynamic capital structure under managerial entrenchment: Evidence from a structural estimation," working paper EPFL. J. Cvitanic and S. Malamud (2009) “Equilibrium Driven by Discounted Dividend Volatility,” working paper EPFL. J. Cvitanic and S. Malamud (2009) “Risk Aversion and Equilibrium Optimal Portfolios in Large Markets,” working paper EPFL. J. Cvitanic, E. Jouini, S. Malamud, and C Napp (2009) “Financial Markets Equilibrium with Heterogeneous Agents,” working paper EPFL. J. Hugonnier, F. Pelgrin, and P. St Amour (2009) “A Structural Analysis of the Health Expenditures and Portfolio Choices of Retired Agents," working paper EPFL. J. Hugonnier, F. Pelgrin, and P. St Amour (2009) “Health and (other) asset holdings," working paper EPFL. J. Hugonnier, S. Malamud, and E. Trubowitz (2009) “Endogenous Completeness of Diffusion Driven Equilibrium Markets,” working paper EPFL. L. Mancini and F. Trojani (2009) “Robust Value at Risk prediction," working paper EPFL.
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L. Mancini, A. Ranaldo and J. Wrampelmeyer (2009) “Liquidity in the foreign exchange market: Measurement, commonality, and risk premiums," working paper EPFL. M. Chesney, R. Crameri, and L. Mancini (2009)”Detecting informed trading activities in the options markets," working paper EPFL. P. Bossaerts and D. Meloso (2009) “On the power of the Gibbons-Ross-Shanken test of optimality of a portfolio,” working paper EPFL. P. Bossaerts and E. Paysan (2009) "Bayesian Learning When Probabilities Jump: An Account of Three Levels of Uncertainty," working paper EPFL. P. Bossaerts and E. Paysan (2009) "Learning and Choice under Nonstationary and Unknown Probabilities," working paper EPFL. P. Bossaerts and J. Ledyard (2009) Price Formation In Continuous Double Auctions; With Implications For Finance," working paper EPFL. P. Bossaerts and M. Itten (2009) “Voting to ensure existence and Pareto-optimality of insurance and loan markets,” working paper EPFL. P. Bossaerts, D. Meloso and W. Zame (2008) "Prices and Allocations in Dynamically Complete Markets: Experimental Evidence," working paper EPFL. P. Bossaerts, M. d'Acremont and M. Van der Linden (2009) "Adolescents' Decision Making In Economic Games," working paper EPFL. P. Bossaerts, S. Gonzalez, R. Grave de Peralta, and H. Tzieropoulos (2009) "Be Rational: Do Not Let Disappointment Lead To Despair," working paper EPFL. R. Fahlenbrach and R. Stulz,(2009) Bank CEO incentives and the credit crisis," working paper EPFL.
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3.2
Management of Technology and Entrepreneurship Institute (MTEI) Economics and Management of Innovation – CEMI (Prof. Dominique Foray) Ongoing research activities and projects Measuring smart specialization: A current project involves a pilot study based on existing statistics to demonstrate that smart specialization is measurable and that aggregate statistics can be produced. Innovation in public services: case studies have been developed on :
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the emergence and development of an industry for instructional technologies
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the impact of medical technology diffusion on health care costs.
Innovation in turbulent time: CEMI participates in the reviewing of strategic and policy to be an input to the next Global Agenda Council (Dubaï) and WEF in Davos. Licensing university inventions to facilitate access to medicines: This project seeks to make an economic contribution to the debate on humanitarian licensing. Nanotech clusters: The different actors in nano-sciences and nano-technologies as well as their networking strategies are primarily investigated, starting with the French case and aiming at understanding more specifically the determinants of university-industry integration including its internationalization. What is behind scientific publications by firms? In this recently initiated PhD research project, we aim to contribute new insights both for the broader Open Innovation debate and the literature concerning science-industry interactions. Exposure to foreign technology and development: a CEMI research project which involves the assessing of developing countries’ exposure to foreign technologies under the new context of the TRIPS agreement. Technology transfers towards the least developed countries: The Lausanne Group (LG) has been created to explore the problem of technologies transfer with a particular focus on the Least Developed Countries, with the aim of generating a new conceptual model and creating a coalition of stakeholders in Switzerland in order to start experimenting it. Technology measurement: The precise measurement of technology is crucial for carrying unbiased studies and developing proper policy recommendations. At CEMI, several databases related to innovation and IP, such as patent (PATSTAT, WIPO, NBER, INPADOC) or trademarks (OHIM) data have been constructed and several tools have been developed to merge micro-data sources with these databases, applied in such areas as medical technologies, education technologies, general purpose technologies (GPTs) and SMEs’ IP strategies. Grants: NSF Grant n° 100014-120216 – “Selling university intellectual property or licensing? Evaluation of university technology transfer policies” has been finished in 2009. Two Grants are running: n°100014-125513 “Open model of innovation” and n° 100014 - 122610 “The impact of medical technologies diffusion on health care costs”. CEMI research has involved external collaborations with: G.von Krogh, Mtech ETHZ (FNS Grant), J.E.Sturm, KOF, ETHZ (FNS proposal), B.Hall (UC Berkeley) and P.A.David (Stanford), on smart specialization,, R.Lalive (UNIL), C.Zehnder (UNIL), on research evaluation (ETH Rat program on evaluation), E.Phelphs (Columbia), GAC/WEF, P.Zagamé (Ecole Centrale Paris), K.Lamiraud, A.Olli (UNIL), for an NSF Grant.
Other highlights Swiss representative in the ESF Research Networking Programme ‘Academic Patenting in Europe’ (APE-INV, 20092013).
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Corporate renewal and Entrepreneurial strategies in Technology –CET (Prof. Anu Wadhwa) Ongoing research activities •
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Dynamics of corporate entrepreneurship, open innovation, and the subsequent impact on organizations in fast-moving high-technology industries: Multiple projects on this theme are being conducted in collaboration with universities in USA and France. o Portfolios of Interorganizational Relationships and Exploratory Knowledge
Creation o Real Options and Equity Relationships o Exploration, Uncertainty and Resource Commitment in Corporate Venture Capital Relationships Impact of different types of inter-organizational relationships – alliances, minority equity investments and acquisitions - on organizations. We investigate how different types of inter-organizational relationships – alliances, minority equity investments and acquisitions – impact knowledge creation, innovativeness and success of organizations. This research also examines how organizations attempt to overcome the coordination challenges associated with such relationships in different technological settings and at multiple levels. o Networks, knowledge, and knowledge networks o Influence of prior Alliances on Post-Merger Performance o Strategic Growth Options for Firms in Developing Market Economies o Coopetition in Standard Setting Organizations: Incentives and Strategies for Firms to Collaborate in a Network of Rivals. Joint project in collaboration with MIR, EPFL. Evolution and Performance of High-Tech Entrepreneurial Ventures: We study new technology-based ventures which are resource-poor and face huge obstacles developing and commercializing their technologies. We explore how entrepreneurial ventures can overcome the obstacles to growth and the role played by venture capitalists, large corporations and universities in enabling new venture survival and success. o Venture Capitalists in Firm Governance: Impact on Founder Turnover o Industry Dynamics and Entrepreneurship in Nanotechnology
New Research CET started two new research projects:. o The Paradox of Being Open: Unpacking knowledge protection o Institutional effects on Cleantech VC Investments o Spinouts in Disk Drives CET research has involved internal collaborations with Chris Tucci (CDM) and external collaborations with the following schools/universities: California State University, European Business School, Foster Business School, University of Washington, HEC-Paris, San Francisco State University, University of Colorado at Boulder, Temple University.
Other CET highlights • • •
Prof. Wadhwa was elected as a Representative-at-large to the Leadership Team of the Technology and Innovation Management (TIM) Division of the Academy of Management (AoM) for 2008-2010. She organized the TIM Division’s Junior Faculty Consortium at the AoM Conference in 2009. Prof. Wadhwa was nominated to the Editorial Board of European Management Journal. Conference-related highlight:, the paper: "An Option to Partner: A Dyadic Analysis of CVC Relationships," with C. Phelps, presented at the AOM Conference, August, 2009, Chicago, received the Best Paper Award at the Entrepreneurship Division
Corporate Strategy & Innovation – CSI (Prof. Chris Tucci) Ongoing research activities
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Crowdsourcing and open source corporate strategy
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Organization structure and innovation
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Corporate venture capital and new ventures
Corporate venture capital in the context of corporate R&D • Incumbent reaction to technological change in the energy sector
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Spinouts in disk drives
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Innovation and economic growth
New research activities 2009 •
Handbook of Technology Strategy, book project with Ron Sanchez (Copenhagen Business School), and National University of Singapore colleagues
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Patents and innovation: evidence from emerging markets
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Innovation in financial services
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Entrepreneurial orientation, market orientation, and learning outcomes
Motivating wiki participation • CSI research activities have involved internal collaborations with Peter Bradley (Nano-Tera), Touradj Ebrahimi (STI, Anu Wadhwa (CDM) and external collaborations with Allan Afuah (Michigan), Bettina Bastian (Bern), Luca Berchicci (Erasmus), Henry Chesbrough (UC-Berkeley), Bill Francis (RPI), Ari Ginsberg (NYU), Iftekhar, Hasan (RPI). Ron Sanchez (Copenhagen Business School), Sridhar Seshadri (UT-Austin), Zur Shapira (NYU), Jeffrey Sugheir (Boise State), Vareska van de Vrande (Erasmus), Andrei Villarroel (Universidade Catolica Portuguesa).
Energy Systems Management Chair – CGSE (Prof. Hans Björn Püttgen) Research highlights Urban Energy Systems Planning: The MEU (Management Energétique Urbain) project aims at creating a comprehensive urban energy planning decision-aide tool, in collaboration with four Swiss cities and through the funding of the Swiss Federal Office of Energy (SFOE), as well as of the research fund of the Swiss gas industry (FOGA). Along with the EPFL Laboratory for Industrial Energy Systems (LENI) and Laboratory for Solar Energy and Building Physics (LESO-PB), this project also encompasses the expertise of the HES-SO Valais and of the CREM (Centre de recherches énergétiques et municipales). HydroNET: This project aims at developing methodologies for the design and management of pump-turbines and involves the Laboratory for hydraulic machines, LMH, the Laboratory of hydraulic constructions, LCH, the Laboratory of electric machines, LME, all from EPFL, as well as EMPA and the Hochschule für Technik + Architektur, Luzern. The project covers the Sept. 2007- Sept. 2010 period; its budget is 1’000 kCHF. Roundtable on Sustainable Biofuels (RSB): Launched in 2006 by the Energy Center, this initiative aims at developing standards to qualify biofuels with regards to key sustainability criteria (green house gas emission reductions, environmental impact, working conditions, rural development etc). In 2009, the Roundtable adopted Version One of its Principles & Criteria and developed a certification system. This system will allow economic operators to be audited against the RSB Principles & Criteria. Sustainable hydrogen production and storage: PECHouse and NanoPEC. • •
Since 2007, the Energy Center manages the PECHouse competence center in collaboration with the EPFL Laboratory of Photonics and Interfaces led by Prof. Michael Grätzel. The purpose of PECHouse is to create a competence center in the field of the solar-based photo-electrochemical production of hydrogen. The Energy Center is coordinating a large European project (FP7) in the field of PEC-based hydrogen production, named NanoPEC, which includes seven other institutional, as well as industrial partners; the total funding for EPFL reaches more than 600kEuros. In order to encompass both production and storage aspects linked with hydrogen, the CCEM-funded project HyTech has been launched, with the participation of two EPFL laboratories, as well as EMPA, PSI and ZHAW and the overall coordination of the Energy Center.
CELTOR: In collaboration with LCOM, the Energy Center has conducted a broad project with the company CELTOR SA, based in Tavannes (BE), on the hydrogen production potential of municipal waste landfills. The results clearly show a relevant potential for sustainable hydrogen extraction. ECLEER: This initiative European Center and Laboratories for Energy Efficiency Research was launched under the leadership of Electricité de France (EDF) and involves Ecole des Mines of Paris and EPFL, by way of the Energy Center. The objective is to create a broad interdisciplinary platform dealing with: (a) industrial energy efficiency, (b) heat-pumps, (c) building technologies, and (d) socio-economical energy impacts. In 2009, three projects directly financed through ECLEER were under way in three EPFL laboratories. Broad FP7-funded proposal was submitted under the leadership of the Energy Center in the field of low-temperature waste heat valorisation, with a broad involvement of large industrial partners.
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With CREM, Urban energy and water systems: Professor Püttgen is Vice-President of the Centre de recherches énergétiques et municipales (CREM), in Martigny and chairs its scientific board. CREM is involved in a number of projects related to urban energy systems. FIFEL: Professor Püttgen is Chairman of the board of the FIFEL Foundation. The International energy film festival, held every other year, is sponsered by the FIFEL Foundation, and managed by the Energy Center as a permanent activity. Annual granting: 80 CHF.
External collaborations and other highlights ISCN-GULF CONFERENCE : the conference too place between June 10 and June 12 FIFEL 2009 : the 2009 edition of the FIFEL Festival took place between March 31 and April 3. 21.04.09 Energy Event, co-organised with Euresearch 03.06.09 Industry Day, co-organised with Alliance 29.09.09 Journée romande de l’énergie, co-organised with CREM, suisse énergie-OFEN 08.10.09 Soirée électrique co-organised with Electrosuisse
Entrepreneurship and Technology Commercialization – ENTC (Prof. Marc Gruber) ENTCs mission is to be an internationally recognized center of excellence in research and teaching in Entrepreneurship and Technology Commercialization. The center wants to be a strong partner to the entrepreneurship community at EPFL and in the Lausanne region, and a key player in an international network of entrepreneurship institutions.
• • •
Drawing on theoretical lenses offered by organization theory, strategic management theory and marketing theory, research at ENTC focuses on the following interrelated topics: New venture creation Opportunity recognition Marketing of innovative technologies
This research activity has been developed in collaboration with: Prof. Malte Brettel, RWTH Aachen, Prof. Jan Brinckmann, ESADE, Barcelona, Prof. John C. Dencker, University of Illinois at Urbana-Champaign, Prof. Dietmar Harhoff, Ludwig-Maximilians-University Munich, Prof. Sung Min Kim, Loyola University Chicago, Prof. Ian C. MacMillan, Wharton School, University of Pennsylvania.
2009 highlights Three prestigious research awards: 1.
The Entrepreneurship Division of the Academy of Management (held in Chicago, August 2009) awarded Marc Gruber, Ian MacMillan and Jim Thompson with the 2008 "Thought Leaders Award" for their paper "Look before you Leap: Market Opportunity Identification in Emerging Technology Firms".
2.
Jeffrey Petty & Marc Gruber's paper "This Deal is Dead! A Longitudinal Study of VC Decision Making" has been awarded the Irene M. McCarthy Award for the Best Paper on the Topic of High Technology at the Babson College Entrepreneurship Research Conference (BCERC). The award will be presented at the 2010 BCERC conference.
3.
Marc Gruber, Ian MacMillan and James Thompson have been awarded the Best Paper Prize in Innovation Management 2009 at the European Business School for their paper "Look before you leap - Market Opportunity Identification in Emerging Technology Firms" (Management Science, 9/2008)
Two New Editorial Board Memberships at the two foremost Entrepreneurship Research Journals •
Journal of Business Venturing (JBV)
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Entrepreneurship Theory & Practice (ETP)
Logistics, Economics and Management – LEM (Prof. Philippe Wieser) Research activities LEM research activities include: •
Analysis, design and implementation of logistical systems
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Development of tools and methods for the management of logistical systems in particular with a view of integrating the value chain (such as performance indicators)
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Global supply chain management and sustainable development
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Project management, risk evaluation and resilience
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Analysis, design and optimization of global health management and health supply chain
Information systems applied to health organization • Worth mentioning: the delivering of LEM activities is carried out in close collaboration with the International Institute for the Management of Logistics (IML). Some examples of recent projects are: •
Development of an information system for hospitals and a Global Health System in Valais
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Optimization by numerical simulation of an medical emergency service
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Supply chain optimization of public services
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Global supply chain reengineering
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Contributions, within major European organizations’ projects, to global supply chain management and health supply chain management
Other highlights Organization of a conference : the 9th Forum Suisse de Logistique, «Supply Chain Management et Développement Durable : Un Enjeu Stratégique pour l’Entreprise», december 3, 2009.
Management of Network Industries – MIR (Prof. Matthias Finger) Research activities The Chair MIR pursues two main research activities pertaining to the transformation of the network industries, as well as their evolving regulation and governance; 1) the co-evolution between institutions and technology in the different network industries and 2) network industries’ regulation and governance, the focus here being on the emergence of the new regulatory functions and institutions (e.g., public-private partnerships in financing and management), as well as on the role of the information and communication technologies in such regulatory governance. In 2009, the Chair MIR has been involved in 2009 in the following research projects: •
Co-principal investigator, EU Project Think Tank Energy (directed by Prof. Jean-Michel Glachant, Florence School of Regulation); in charge of a policy document for the European Commission on Transport and Energy, 2009-2011
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Co-principal investigator, Project “Performance and change in the local water sector (Switzerland, Germany, England)”, joint project with Prof. Andreas Klinke, EAWAG, financed by the Swiss National Science Foundation, 2009-2011
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Co-principal investigator, Project “Customs Risk Management”, joint project with Prof. Ari-Pekka Hameri, University of Lausanne, financed by the Swiss National Science Foundation, 2008-2010
Organization of conferences •
The Chair MIR organizes the annual GPREN Conference (Global Postal Research and Education Network Conference), of which the third edition was held on April 27th 2009 at EPFL. 97 academics, regulators, suppliers and managers of the postal industry participated and exchanged their views on the topic “New Business Models in a Changing Industry”.
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The Chair MIR co-organized the second annual conference on Competition and Regulation in Network Industries (Brussels, November 20, 2009) in partnership with TU Delft and CEPS. More than 100 participants from 19 countries attended the conference and 35 papers were presented. The third annual conference will take place on November 19, 2010.
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The Chair ran a one-day seminar (May 19) on ERTMS in Geneva with representatives of the major stakeholders in the European railway sector. A summary report was circulated to the participants.
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The Chair co-organized a full section at the biannual European Consortium of Political Research in Potsdam (September 9-12, 2009). 35 scientific papers were presented in the “Regulation of networks and networks of regulation” section.
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Other highlights •
The Chair manages the scientific journal Competition and Regulation in Network Industries in collaboration with TU Delft. Prof. M. Finger acts as Editor-in-Chief and Dr. Marc Laperrouza as Managing Editor.
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The Chair publishes Network Industries Quarterly, a newsletter in collaboration with TU Delft (http://newsletter.epfl.ch/mir/index.php?module=Newspaper&func=view).
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The Chair manages a discussion paper series on Coherence between institutions and technologies in infrastructures (http://mir.epfl.ch/page75011.html).
Technology & Operations Management -TOM (Prof. Ralf Seifert) Research activities TOM’s research activities are focused on bridging between academia and industry. Supply Chain Strategy This research stream explicitly targets quantitative analysis of key tradeoffs related to the decision-making at the intersection of supply chain management and channel management, product portfolio management and corporate sustainability with respect to a company’s manufacturing footprint. While predominately focused on identifying key decision variables and quantifying benefits of alternative solutions, we also engage in scenario planning and a discussion of managerial implications. Supply Chain Finance This research stream focuses on the interrelation of operational and financial performance measures. We apply mathematical modelling, computer simulation, database analysis and practitioner surveys to study the importance of supply chain finance, broadly defined. We look at working capital management from both a theoretical as well as from a practical perspective to analyse the impact of payment terms, differences in the cost of capital and supply disruptions on supply chain networks. Technology Management and Entrepreneurship A book project on entrepreneurship with science-based companies entitled "Nurturing Science-based Ventures: An International Case Perspective". We present case studies of more than 30 businesses in scientific fields such as biotechnology, biomedicine, high-tech engineering and information technology. TOM research activities have involved collaborations in particular with the College of Management, Georgia Institute of Technology, USA (Joint research projects) and Waseda Business School, Waseda University, Japan (hosting of doctoral students).
Other highlights Professional Affiliations Professor Seifert serves a Professorship in Operations Management at IMD International (50% appointment). In this role he supervises international project work and engages in a variety of company-specific and openenrolment teaching programs. Professional Service Associate Editor for International Commerce Review, Editorial Review Board Member for Production & Operations Management, Referee for European Journal of Operational Management, Referee for International Journal of Production Economics, Referee for International Journal of Production Research. Professional award Ralf Seifert was the 2009 Winner of EFMD Annual Case Writing Competition in the Supply Chain Management Category with the Lego Consolidating Distribution (A&B) Case Series.
MTEI Seminars 20.02.2009, Prof. Daniel Forbes from the University of Minnesota (Carlson School of Management): "Recognizing and responding to the Problem of ephemeral Records in emerging Industries" 06.03.2009, Prof Georg Von Krogh from ETHZ: "Leadership in organizational Knowledge Creation” 13.03.09, Prof. Andreas Rauch, Erasmus University: "Long-term Success and Failure of Newly Founded Business Ventures: the Role of Human Capital, Start-up Business Planning and Risk Taking" 17.03.09, Matthias Dewatripont, ULB (Brussels), "Academia versus private research in the process of innovation : on the value of academic freedom and openness".
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31.03.09, Max Boisot (University of Birmingham), and Martin Ihrig (Wharton School, Univ. of Pennsylvania), "Smash Hit: Some Reflections on Knowledge Creation in the ATLAS Collaboration at CERN" 09.04.2009, Peter Reiser (Principal Engineer at the CTO Office at Sun Microsystems and Chief Architect for SunSpace). "Community Equity - A social value system for social networks and communities". 21.04.09, Prof. Keld Laursen, Copenhagen Business School "In The Know: Exploring the Effect of Geographical Proximity on Industry-University Collaboration in the UK" (written with Toke Reichstein and Ammon Salter). 08.05.09, Dr. Dr. Holger Patzelt, Max Planck Institute, Jena, "Entrepreneurial Emotions" 12.05.09, Prof. Xavier Castaner, UNIL: "The Project Performance Consequences of Collaborative vs. Autonomous Product Development: A Study of the Worldwide Aircraft Industry 1942-1998" 28.05.09, Prof David Levine, Washington University, St. Louis, "Intellectual Property". 29.05.09, Prof. Anju Seth, Pamplin College of Business, Virginia Tech. "Institutions, the Theory of the Firm and Value Creation: Evidence from Acquisition Activity". 17.06.09, Prof. Bronwyn H. Hall and Prof. Luc Soete "R&D and innovation in times of crisis. From macroeconomics to climate change: European and Swiss challenges". This seminar was co-organized by Avenir Suisse and EPFL. 29.06.09, Prof Sanjay Jain, San Francisco State University, "Institutional entrepreneurship in technology standards evolution: The case of Ethernet". 29.06.09, Prof Lourdes Sosa, London Business School, "Decoupling Market Incumbency from Organizational Pre-History". 07.07.09, Prof. Reinhilde Veugelers / Prof. Jerry Thursby / Prof. Marie Thursby "University-industry technology transfer: Best Practices and impact on academic research". 03.11.09, Prof Dr William van Caenegem, Faculty of Law, Bond University, Australia, "The law's impact on the mobility of employees' tacit knowle". 09.11.09, Prof. Maw Der Foo, University of Colorado, Boulder, "How Do Feelings Influence Effort? An Empirical Study of Entrepreneurs' Affect and Venture Effort". 16.11.09, Prof. Francisco Veloso, Carnegie Mellon University, "Technological Spillovers and the Agglomeration of the Semiconductor Industry in Silicon Valley". 27.11.09, Prof. Erwin Danneels (Worcester Polytechnic Institute), "(De-)institutionalizing Organizational Competence: Olivetti's Transition from Mechanical to electronic Technology". 03.12.09, Dr Norris Krueger, from the Max Planck Institute of Economics, "Social? Sustainable? Entrepreneurial? Lessons in Mapping the Opportunity Space". 09.12.09, Prof. Louise Mors, Assistant Professor of Strategic and International Management, London Business School, "A Bridge too far: spanning different boundaries and the effects on exploration performance".
Publications Books Foray, D., 2009, The New Economics of Technology Policy, Edward Elgar, Cheltenham. Foray, D., 2009, L’économie de la connaissance, La Découverte (Repères), Paris (nouvelle édition entièrement revue).
Peer reviewed articles Aghion, P., David, P.A., Foray, D., 2009, “Science, technology and innovation for economic growth: linking policy research and practice in ‘STIG’ systems”, Research Policy, vol.38 (4) Badir, Y., Buechel, B., Tucci, C., 2009, "The performance impact of intra-firm organizational design on an alliance’s NPD projects." Research Policy, Vol. 38, No. 8, October, 2009, pp. 1350-1364. Flores M., Boër C., Huber C., Plüss P., Schoch R., Pouly M., 2009, “Universities as key enablers to develop new collaborative environments for innovation: successful experiences from Switzerland and India”, International Journal of Production Research, 1366-588X, Volume 47, Issue 17, 2009, pp. 4935 – 4953 Gaulé, P., 2009, “Access to the scientific literature in India”, Journal of the American Society for Information Science and Technology, Vol. 60 (12), 2009, pp. 2548-2553 Gruber, M., Dencker, J.C., Shah, S.K., 2009, “Individual and Opportunity Factors Influencing Job Creation in New Firms”, Academy of Management Journal, No. 6/2009, Vol. 52, pp. 1125-1147
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Gruber, M., Dencker, J.C., Shah, S.K., 2009, “Pre-Entry Knowledge, Learning & the Survival of New Firms”, Organization Science, Vol. 20, No. 3/2009, pp. 516-537 Hynes, N., 2009, “Why colour matters: The importance of colour in corporate visual identity. Journal of Brand Management », Vol. 16, pp 545-555 Hynes N., 2009, “Corporate Culture, Strategic Orientation, and Business Performance: New Approaches to Modeling Complex Relationships”, Technological Forecasting and Social Change, Vol. 76. Issue 5, pp 644-651 Leleux, B. F., Seifert, R.. W., 2009, “Pièges Mortels pour Jeunes Pousses High-Tech,” L’Expansion Entrepreneuriat (3), Septembre 2009, pp. 51-55 Lhuillery, S., Pfister, E., 2009, “R&D cooperation and failures in innovation projects: Empirical evidence from French CIS data”, Research Policy, Elsevier, Vol. 38 (1), 2009, pp. 45-57 Mägli, M., Jaag, C., Finger, M., 2009, « Coûts de la regulation des industries de réseaux: enseignements du secteur postal ». Revue d’économie industrielle, No.127, pp.47-68. Manso, P., Finger, M., 2009, « Reforms in the urban water sector : vulnerability analysis of the main elements at risk”. Competition and Regulation in Network Industries, Vol.10, No.2, pp.115-138 Ping, S., Hynes N., 2009, “Internet Segmentation strategies in Hong Kong”, Singapore Management Review, Vol. 31 (2), pp 1-18 Raffo, J., Lhuillery, S., 2009, “How to play the ‘Names Game’: Patent retrieval comparing different heuristics”, Research Policy, Elsevier, Vol. 38 (10), 2009, pp. 1617-1627 Rossel, Pierre, 2009, “Weak signals as a flexible framing space for enhanced management and decisionmaking”, Technology Analysis & Strategic Management, Volume 21 Issue 3, 307-320 Seifert, R. W., Seifert, D., 2009, “Supply Chain Finance – What is it Worth?” IMD – Perspective for Managers, No. 175, October 2009. Seifert, R. W., Varé A. X., 2009, “Adoption of Network Technologies in the Presence of Converters,” Economics of Innovation and New Technology, Vol. 18 (1), pp. 69-91 Varé, A. X., Seifert, R. W., 2009, “Third-party Provision of Conversion Technologies in Network Markets,” Journal of Technology Management and Innovation, Vol. 4 (2), pp. 1-20 Vrande, V.J.A. van de, Jong, J.P.J. de, Vanhaverbeke, W., Rochemont, M. de, 2009, « Open Innovation in SMEs: Trends, Motives and Management Challenges”. Technovation, 29, pp. 423-437 Vrande, V.J.A. van de, Vanhaverbeke, W., Duysters, G.M., 2009, « External technology sourcing: the effect of uncertainty on governance mode choice”. Journal of Business Venturing, 24, 62-80 Wilson, J., Hynes N., 2009, “Evolution and Co-evolution of Strategic alliances”, Technology Forecasting and Social Change, Vol. 76. Issue 5, pp 620-628
Chapters in books Finger, M., 2009, “E-Gov and Public Sector Reform: what roles for government in e-government?”, in: Janowski, T., Davies, J. (eds.), Proceedings of the 3rd International Conference on Theory and Practice of Electronic Governance, The American Association for Computing Machinery, New York, pp. 1-4. Finger, M., Shahin, J., 2009, “The history of a European information society: shifts from governments to governance”, in: Tuptimhin, J., Pipe, R. (eds.), Global e-Governance. Advancing Governance Through Innovation and Leadership, IOS Press, Amsterdam, pp. 62-83. Finger, M., Varone, F., 2009, “Regulatory practices and the role of technology in network industries: the case of Europe”, in: Künneke, R. et al. (eds.). The governance of network industries, Edward Elgar, London, pp. 90-105 Foray, D., Lissoni, F., 2009, “University research and public-private interactions”, in: Hall, B., Rosenberg, N. (eds.), Handbook of Economics of Innovation, Elsevier, Amsterdam. Misuraca, G., Rossel, P., Glassey, O., 2009, “Overcoming barriers to innovation in eGovernment: the Swiss way”, in: Paul G. Nixon, Vassiliki N. Koutrakou and Rajash Rawal (eds.), Understanding E-Government in Europe Issues and Challenges, Routledge, London. Roehrl, R.A., 2009, “Carbon dioxide sources and geological storage in Germany: status and issues”, in: Toth, F. (ed.), Geological Disposal of Carbon Dioxide and Radioactive Waste: A Comparative Assessment, Springer, Dordrecht. Roehrl, R.A., 2009, “Sources of nuclear waste and geological storage in Germany: status and issues”, In: Toth, F. (ed.). Geological Disposal of Carbon Dioxide and Radioactive Waste: A Comparative Assessment. Springer, Dordrecht.
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Reports Keupp, M., Lhuillery, S, Garcia-Torres, A., Raffo, J., 2009, Economic Focus Study on SMEs and Intellectual Property in Switzerland, Publication n°5, Swiss federal Institute of Intellectual Property, EPFL and HSG. Foray, D., 2009, “Introduction” and “Structuring a policy response to a Grand Challenge”, in: European Commission (ed.), Knowledge for Growth: Prospects for Science, Technology and Innovation, EUR24047 Foray, D., 2009, Technology transfer in the TRIPS Age, ICTSD programme on IPR and Sustainable development, issue paper n°23 Foray, D., Lhuillery, S., Raffo, J., 2009, “Le positionnement et les perspectives stratégiques des nanotechnologies en France”. Rapport pour la Direction générale de la recherche et de l’innovation, Service de l’innovation et de l’action régionale et Bureau de la recherche et développement en entreprise, Ministère de l’enseignement supérieur et de la recherché, Paris. Wieser Ph, 2009, «Concept et implantation d’un Système d’information sanitaire intégré pour le canton du Valais. 3ème étape de réalisation : projet d’intégration de la médecine ambulatoire», Rapport d’étude, EPFLCDM-IML / Etat du Valais, 11/2009
Conference presentations, papers and proceedings Abdallah, F., Finger, M., 2009, “The co-opetitive edge: Drivers for rivals to collaborate in Standard Setting Organizations”, ISPIM Symposium 2009, New York City, USA, December 6-9. Bartle, I., Laperrouza, M., 2009, “Systemic risk in the network industries: is there a governance gap?”, 5th ECPR Conference, 10-12 September, University of Potsdam, Germany. Chérix, G., Capezzali, M., 2009, « Action and influence of the multiple decision levels over the whole energy chain”, Proceedings of the 5th Dubrovnik conference on the development of sustainable energy, water and environment systems, Sept. 30-Oct. 3, 2009. Cherix, G, Capezzali M., Chapuis A., Finger M., Püttgen H.B., 2009, “Action and influence of multiple decision levels over the whole Energy Chain”. Sustainable development for Energy, Water and Environmental Systems (SDEWES) 2009. Dubrovnik, Croatia, September 30 – October 3. Cherix, G., 2009, “Le projet de management énergétique urbain (MEU) en cours de réalisation dans quatre communes romandes. Journée romande de l’énergie”. JRE 2009, Onex, Suisse, Septembre 29. Crettenand, N., 2009, “Coherence between institutions and technologies - The case of mini hydropower in Switzerland. Innovation in Network Industries - Markets and Regulation, Pull and Push ». 8th Conference on Applied Infrastructure Research (INFRADAY) 2009, TU Berlin, Germany, October 9-10. de Tilière, G., Laperrouza, M., 2009, “Coherence between technology, policy and institutions: Managing innovation in the new European rail market”, 9th Swiss Transport Research Conference, 9–11 September, Monte Verità. de Tilière, G., Laperrouza, M., 2009, “Coherence between technology, policy and institutions: Managing innovation in the new European rail market”, European Transport Conference, 5-7 October, Leeuwenhorst Conference Centre, The Netherlands. Duthaler, C., Finger, M., 2009, “Evolution of Transmission Rights in the European Electricity Market”, Enerday, Dresden, April 3. Duthaler, C., Finger, M., (2009) “Europe Nodal: A Simulation of the European Electricity Market based on the Full Network Model”. Competition and Regulation in Network Industries, Brussels, November 20. Duthaler, C., 2009, “Coherence between Institutions and Technology: The Case of the European Electricity Market”. Student Chapter of the Swiss Association for Energy Economics, Zurich, September 25. Duthaler, C., 2009, “Application of Nodal Pricing on the European Electricity Market“. The Economics of Energy Markets, Toulouse, January 28-29, 2010. Finch, J., Wagner, B. and Hynes N., 2009, “Social Capital Prospectively: On Forming and Combining Business Resources”, Proceedings of the International Marketing and Purchasing Group Conference, 2009, Marseille. France. Hynes , N., 2009, “Great minds think alike: Why choosing alliance partners with similar strategic orientations matters”, Proceedings of the UIC Marketing-Entrepreneurship Conference, Chicago. Hynes N., Wilson, J., 2009, “Separating the birds and the bees - the coevolution of network dynamics”. Proceedings of the International Marketing and Purchasing Group Conference, 2009, Marseille, France. Kuchler F., Cherix G., Sauvain R., Storelli S., Lindemann D., Andrey E., 2009, “SyGEMe, Système de gestion municipale intégrée du cycle de l’eau : Présentation de l’outil, choix de technologie, interfaçage hommemachine, business opportunities et perspectives”. Conférence ESRI France 2009, Paris, France, September 30October 2.
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Laperrouza, M., 2009, “Does liberalization increase systemic risk in the railway sector”, Third Annual IFIP Working Group 11.10 International Conference on Critical Infrastructure Protection, 22-25 March, Dartmouth College, Hanover, New Hampshire, USA. Laperrouza, M., Finger M., 2009, “Regulating Europe’s single railway market: Integrating performance and governance”, 5th ECPR Conference, 10-12 September, University of Potsdam, Germany. Laperrouza, M., Finger M., 2009, “Regulating Europe’s single railway market: Integrating performance and governance”, 2nd Annual Conference on Competition and Regulation in Network Industries, 20 November, CEPS, Brussels. Maegli, M., Jaag, C., 2009, “Regulatory Governance Costs in Network Industries: Implications for Postal Regulation”, Global Postal research and Education Network GPREN 2009, Lausanne, Switzerland, April 27. Maegli, M., Jaag, C., 2009, “Regulatory Governance Costs in Network Industries: Implications for Postal Regulation”, European Consortium of Political research ECPR General Conference 2009, Potsdam, Germany, September 11-12. Maegli, M., Jaag, C., 2009, “Regulatory Risk and Uncertainty in British Postal Regulation - A Governance Perspective”, Second Annual Conference on Competition and Regulation in Network Industries CRNI 2009, Brussels, Belgium, November 20. Peters, T., 2009, “The Existence of Inventors’ Bias and its Possible Effects”, Proceedings of the 1st Annual Research Exchange Workshop on Technological Entrepreneurship and Innovation Management, Padua, Italy, May 2009. Peters, T., 2009, “Investigating the Existence of Inventors’ Bias and its Effects on Corporate Innovation”, Proceedings of the XX ISPIM Annual Conference, Vienna, Austria, June 2009. Roehrl , R.A., 2009, "Testing the link between performance and techno-institutional coherence of the trans-Asian land transport system, 1980-2008", Second Annual Conference ‘Reform and innovation in times of crisis’ Competition and Regulation in Network Industries (CRNI). Brussels, Belgium, 20 November 2009. Roehrl, R.A., Toth, F., 2009, "A critical comparison of geological storage of carbon dioxide and nuclear waste in Germany: status, issues, and policy implications", 8th Conference on Applied Infrastructure Research (INFRADAY 2009). Berlin, Germany, 9-10 October 2009. Schwark, B., 2009, “Influence of regulatory uncertainty on capacity investments – Are investments in new technologies a risk mitigation measure?” Innovation in Network Industries -Markets and Regulation, Pull and Push. 8th Conference on Applied Infrastructure Research – INFRADAY 2009. Berlin, Germany, October 10-11. Schwark, B., 2009, “Strategies of coping with regulatory uncertainty in power generation”. Reform and innovation in times of crisis. Second annual conference of the multidisciplinary journal “Competition and Regulation in Network Industries” – CRNI 2009, Brussels, Belgium, November 20. Seifert, R., 2009, “On the Optimal Working Capital Allocation in a Multi-echelon Supply Chain”, INFORMS Annual Meeting, San Diego, USA, November 2009. Seifert, R., 2009, “The Effect of Supply Chain Disruptions on Suppliers, Customers, and Rivals” POMS 2009, Orlando, USA, May 2009. Stucki, A., 2009, “External and Internal Factors Influencing the Implementation of Open Innovation Models: The Case of the Postal Sector”, GPREN 2009 Conference, Lausanne, April 27. Stucki, A., 2009, “Open Innovation Models in Public Utilities as an Option to React on Reform Processes: The Case of the Postal Sector”. CRNI 2009 Conference. Brussels, November 20. Stucki, A.; Finger, M., 2009, “Open Innovation as an Option to React on Reform and Crisis: What Factors are Influencing the Adoption of Open Innovation?” ISPIM 2009 Symposium, New York, December 6-9. Trevino, L., 2009, “Methodology to formulate the energy sourcing strategy”. Resource Management and Technology for Material and Energy Efficiency”, R`09 Twin World Congress,l Davos, Switzerland, September 1416. Trevino, L., 2009, “Vertical integration as response to market changes”, Second Annual Conference on Competition and Regulation in Network Industries. Center for European Policy Studies. Brussels, November 20. von Vangerow, A., Fischer, A., von Krogh, G., Tucci, C., 2009, “Innovation in Service: A Knowledge-Based View”, Proceedings of the Frontiers in Service Science Conference. Oct. 29 – Nov. 1, 2009, Honolulu, Hawaï. Wadhwa, A. & F. Abdallah, 2009, " Collaborating with your Rivals: Identifying Sources of Coopetitive Performance ", DRUID Conference, June 2009, Copenhagen. Wadhwa, A., Basu, S., 2009, “Constraints & Discretion in Relationship Governance: Examining Level of Investment by Corporate VCs”, SMS Conference, October, 2009, Washington D.C.
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Wadhwa, A., Phelps, C., 2009, “An Option to Partner: A Dyadic Analysis of CVC Relationships”, AOM Conference, August, 2009, Chicago, Academy of Management Best Paper Proceedings (Recipient of the Best Paper Award at the Entrepreneurship Division). Wieser Ph. ,2009, «Chef de projet : quel avenir?», Soirée-débat AMMP, Casablanca, 27 février 2009
Non peer-reviewed publications Abdallah, F., Finger, M., 2009, “The coopetitive edge”, Union Postale, March 2009. Abdallah, F., 2009, “Book Review: Standards and Public Policy”, Competition and Regulation in Network Industries, Vol.10, No. 2. Cherix G., 2009, “Viewpoint: European local sustainable policies”, CBD association of property service and real estate development companies”, CBD APSRED Beijing, 2009/06, pp 16-21. Maegli, M., 2009, “Book Reviev: Handbook of Worldwide Postal Reform”, Competition and Regulation in Network Industries, Vol. 10, No.3 p.305-307. Püttgen, H.-J., Grätzel M., Le Formal , K., Sivula, K., 2009, « Stocker l’énergie solaire : une solution d’avenir », AES Bulletin, July 2009 Schwark, B. ,2009, “Influence of regulatory uncertainty on capacity investments”, Network Industries Quarterly, Vol. 11, No. 2
Working papers Chapuis A., Cherix, G., 2009, “A conceptual framework for energy planning and CO2 emission counting in urban areas”, CDM-MIR Working Paper 2009. Conti, A., 2009, “Managing innovations resulting from university-industry collaborations, CDM-CEMI working paper series, No 002. Conti, A., Gaulé, P., 2009, “Are the US outperforming Europe in university technology licensing? A new perspective on the European paradox”, CDM-CEMI working paper series, No 003 (Best junior paper award at the DRUID 2009 Conference). Gaulé, P., 2009, “Access to the scientific literature in India”, CDM-CEMI working paper series, No 004. Hamdan-Livramento, I. M., 2009, “How compliant are developing countries with their TRIPS obligation?”, CDMCEMI working paper series, No 001. Lhuillery, S., 2009, “In search of lost disincentive effects from intra-industry spillovers”, CDM-CEMI working paper series, No 005. Roehrl, R.A., 2009, “Trans-Asian land transport infrastructure: Issues and conceptual framework for investigating techno-institutional coherence and system performance”, Discussion paper series on the coherence between institutions and technologies in infrastructures, CDM, EPFL. Roehrl, R.A., 2009, “The role of economic growth and political risk in transnational road development in Asia: Asian Highway and POLCON databases”, CDM-MIR Working Paper, EPFL. Seifert, D., Seifert, R. W., 2009, “Inventory Models with Permissible Delay in Payment – A Cross-industry Empirical Investigation”, CDM-TOM Working Paper, EPFL – Ecole polytechnique fédérale de Lausanne, Switzerland. Seifert, D., K. B., Hendricks, V. R., Singhal, Seifert, R. W., 2009 “The Effect of Supply Chain Disruptions on Suppliers, Customers, and Rivals”, CDM-TOM Working Paper, EPFL – Ecole polytechnique fédérale de Lausanne, Switzerland. Seifert, R. W., Seifert, D., 2009, “Supply Chain Finance: Foundations, Benefits, and Success Factors,” CDMTOM Working Paper, IMD International, Switzerland.
Practitioners’ articles Seifert, D. and R.W. Seifert (2009) “Supply Chain Finance Solutions” Supply Chain Magazine, Vol. 9, Springer, September 2009. (English Version) Seifert, D. and R.W. Seifert (2009) “De Waarde Van Supply Chain Finance” Supply Chain Magazine, Vol. 9, Springer, September 2009. (Dutch Version) Seifert, R. W. and D. Seifert (2009) “Supply Chain Finance – What is it Worth?” IMD – Tomorrow’s Challenges, No. 73, November 2009.
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4.
TECHNOLOGY TRANSFER
The government of the Canton of Valais decided to commission the Ecole Polytechnique Fédérale de Lausanne to carry out a study aimed at defining an information system to be used by every public health stakeholder in the canton. The study began in 2000 with a concept that covered the 9 hospitals subsidized by the canton. In 2002 it was extended to include medico-social establishments (more than 40 homes for the elderly) and 12 centers that organize at-home care for 11,500 people. In 2009, we started the last part of the project, with the integration of the private medicine doctors in the programme.
5.
COMMUNICATION
5.1
Main conferences
28.01.2009: "Financial Strength and Product Market Behavoir: The Real Effects of Corporate Cash Holdings" by Professor Laurent Frésard, HEC Paris. 05.01.09: "Bio" modules du MoT 5 modules on the theme "Management of Biotech/Medtech/Pharma Ventures": Module 1: Strategic Alliances, Partnership and Outsourcing Module 2: Marketing in Life Sciences Module 3: Assessing the Valuation of New Ventures Module 4: Clinical Trial Management & Regulatory Affairs Module 5: Project Management 15-16.04.09, Congrès du Management de Projet at UNIL 30.04.09: MoT Event: Managing Risk of/for New Ventures "There are ways to avoid or limit risks in real life and in new ventures" 14.05.09: BioStart Forum: Discover a success factor of new ventures: Operation and Manufacturing", first BioStart forum, co-organized by Eclosion, BioAlps and MoT-EPFL 10-12.06.09: Conférence ISCN-GULF : "Sustainable Academic and Corporate Campuses: Time to Implement” 15-18.06.09: short continuing education program "Energies renouvelables aujourd'hui et demain" organized by the Energy Center. 22.06.09: seminar "Mutualisation des schémas logistiques de la grande distribution : vers une logistique plus durable ?" by Dr Eric Ballot, Ecole des Mines ParisTech 25.06.09: in Bruxelles took place the final conference of the experts group "Knowledge for growth" : Title of the conference "S&T policy in times of crisis: European opportunities and challenges" 08.10.09, conference Solar Impulse: "L'innovation pour un futur durable" presented by André Borschberg, CEO and pilot. 20-24.10.2009, La Conférence 2009 de l'association EAMSA (Euro Asia Management Studies Association) took place at EPFL. This conference wa organized by CSI Chair. 20.11.2009, second annual conference on Competition and Regulation in Network Industries. "Reform and innovation in times of crisis". Centre for European Policy Studies, Bruxelles. 03.12.2009, 9th Swiss Logistics and Supply Chain Management Forum Suisse : "SCM et Développement Durable: Un Enjeu Stratégique"
5.2
Press Review
02.12.09 : "Supply Chain Finance: What is it worth?” Seifert, R. W. and D. Seifert (2009) “Jakarta Post 01.10.09: interview of Prof Matthias Finger: "Méli-mélo de câbles ou intervention de l’Etat ? Pour une politique cohérente" in Le Temps 09.09.09: "Révolution dans les industries de réseau chinoises": an analysis of Marc Laperrouza in Le Temps
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11.08.09: For the first time ever, a Swiss national is taking up the position of Secretary General of the World Energy Council (WEC). A Professor at the EPFL Energy Systems Management Chair, over the past eight years Christoph Frei has concurrently been working at the World Economic Forum as Senior Director for energy security, anticorruption and climate change. 31.07.09: The New York Times mentioned the research of Prof. Ruediger Fahlenbrach on "Bank CEO Incentives and the Credit Crisis". 10.06.09: Damir Filipovic, a financial mathematics and risk management specialist of worldwide repute, will fill the Swissquote chair in quantitative finance at the EPFL. Named a full professor on June 3 by the Board of the Swiss Federal Institutes of Technology, the 39-year-old Swiss citizen’ work consists notably in defining standards and methods to anticipate financial risks. He is positioned to become a key player in the development of the banking system. 02.06.09: Vittorio Mischi, lecturer in financial entrepreneurship at EPFL organized a 14 weeks course were students have to create a company based on a new concept or product. 27.04.09: Interview of Professor Philippe Wieser in "Transport et Logistique". 24.04.09: Professor Hans Björn Püttgen is the new coordinator of the Centre de recherches énergétiques municipales (CREM) in Martigny 13.03.09: At its meeting on March 11-12, the Board of the Swiss Federal Institutes of Technology appointed Anders Trolle a tenure-track assistant professor of finance at the College of Management of Technology.. 13.03.09: At its meeting on March 11-12, the Board of the Swiss Federal Institutes of Technology appointed Rüdiger Fahlenbrach as a tenure-track assistant professor of finance at the College of Management of Technology. 13.03.09: At its meeting on March 11-12, the Board of the Swiss Federal Institutes of Technology appointed Loriano Mancini a tenure-track assistant professor of finance in the College of Management of Technology. 13.03.09: At its meeting on March 11-12, the Board of the Swiss Federal Institutes of Technology appointed Julien Hugonnier an associate professor of finance at the College of Management of Technology. 13.03.09: the University of Lausanne (UNIL) and the Ecole Polytechnique Fédérale de Lausanne (EPFL) have decided to intensify cooperation in the field of finance and to jointly develop a UNIL-EPFL Center of Competence with national and global reach.
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6.
MANAGERIAL ASPECTS
6.1
Budget
Initial budget supported by EPFL: 8'514’000 CHF Third party funding (income) : 3'404'630 CHF
6.2
Human Resources
FTPE (full-time position equivalents, averaged on a monthly basis): •
CDM-GE : 9.70
•
MTEI : 32
•
TPI : 10.55
SFI : 16.25 • Number of collaborators (averaged on a yearly basis): •
CDM-GE : 14
•
MTEI : 36
•
TPI : 13
•
SFI : 18
6.3
Structure CDM DIRECTION Vetterli Martin a.i. Secr: Marianne Cachin
CDM GENERAL SERVICES Philippe Wieser
CDM MANAGEMENT Philippe Wieser Pascal Bangerter Patrick Bays Natalie Bireima Grégoire Bovy Marianne Cachin Tamara Fankhauser Frédéric Medana Pierre Rossel
CDM HR
CDM FINANCE
Jean-Pierre Wassmer
Philippe Wieser
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CDM-IT Pascal Bangerter Grégoire Bovy Tamara Fankhauser Frédéric Medana
6.4
Organization
The following charts reflect the situation as of end of 2009. CDM Director’s office
CDM Council
Vetterli Martin a.i. Matthias Finger Michel Jaccard Erwan Morellec Christopher Tucci Philippe Wieser
Management of Technology and Entrepreneurship Institute
Vetterli Martin a.i. Natalie Bireima Barbara Boldt Stéphane Lhuillery Sarah Marthe Erwan Morellec Jean Micol Jane Quillet Christopher Tucci
Technology & Policy Institute Matthias Finger (PO) Hans Björn Püttgen (PO)
Christopher Tucci (PO) Dominique Foray (PO) Marc Gruber (PO) Ralf Seifert (PA) Philippe Wieser (PT) Anu Wadhwa (PATT)
Management of Technology Section
Marc Gruber Françoise Jeannotat Emanuela Mancianti Matthias Finger Fariba Hashemi Jean Micol Pierre Rossel Christopher Tucci Philippe Wieser Alan Cabello Ioannis Psaroudakis
Erwan Morellec (PO) Peter Bossaerts (PO) Luisa Lambertini (PO) Julien Hugonnier (PA) Loriano Mancini (PATT) Rüdiger Fahlenbrach (PATT) Semyon Malamud (PATT) Anders Trolle (PATT)
Financial Engineering Section
Marc Gruber Françoise Jeannotat Emanuela Mancianti
Teaching Committee: Management of Technology Section
Swiss Finance Institute at EPFL
Julien Hugonnier Françoise Jeannotat Emanuela Mancianti
Teaching Committee: Financial Engineering Section
IT& Communication Committee Philippe Wieser Patrick Bays Pascal Bangerter Tea Danelutti Emanuela Mancianti Patrick Léonard Lara Rossi Rosangela Crausaz Jennifer Willenshofer Kristian Sund
Julien Hugonnier Françoise Jeannotat Emanuela Mancianti Ruediger Fahlenbrach Erwan Morellec Konstantinos Tsoulos Marcelo Savoia Jérémie Smaga
CDM General Assembly All CDM Staff
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Documentation Committee
Philippe Wieser Natalie Bireima Patrick Bays Jean Micol Stéphane Lhuillery Joana Maria Comas Marti
6.5
Buildings
BASSENGES Technology & Policy Institute
EXTRANEF Swiss Finance Institute at EPFL
ODYSSEA Management of Technology and Entrepreneurship Institute General Services Sections Administration
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