CDM Annual Report 2010 by Patrick Bays

contentS

Editorial

MANAGEMENT OF TECHNOLOGY AND ENTREPRENEURSHIP INSTITUTE - MTEI

Swiss Finance Institute - SFI@EPFL

Facts & Figures

Bridging Engineering and Business

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Editorial

Bridging Engineering and Business

_ When the College of Management of Technology (CDM) was created in 2004, we had the vision of becoming a leading center in “Management Science″. Through the sustained and collaborative efforts of our faculty, students, and staff, we‘ve made great strides towards achieving this goal. Over the last few years, CDM has witnessed major transformations and rapid growth. Two new institutes have been created, the Management of Technology and Entrepreneurship Institute (MTEI) and the Swiss Finance Institute at EPFL (SFI@EPFL), leading to a substantial increase in CDM’s visibility and to major synergies among professors and teaching programs. _ CDM’s main research themes include the areas of finance, management, economics and innovation that have close links to technology, engineering and science, and the strategy of the CDM is to build on current strengths both within CDM and at the level of EPFL. Such a College is a strong asset to EPFL, infusing the campus with more entrepreneurial orientation, cross-disciplinary research partnerships, technology transfer research and practice, and attraction of endowed chairs into all parts of EPFL. _ CDM’s educational mission is to produce engineers who can fit in today’s business world and its challenges of technology commercialization, innovation and financial markets. Accordingly, we offer two highly-competitive Bologna Master Programs: the Master in Management, Technology and Entrepreneurship and the Master in Financial Engineering. The former, launched this year, has received almost 150 applications, demonstrating a high need for such a program. The latter has received 180 applications in 2010. In addition to these programs, CDM offers a highly successful PhD program in Management of Technology and one of the world’s premier PhD programs in finance. Both programs have excellent placement of students, both in industry and academia. It is thus a pleasure to present the annual report of the College of Management of Technology, a work in progress with great progress!

Martin Vetterli Director a.i.

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Highlights and notable achievements for 2010 Education

_ Launch of new Bologna Master in Management, Technology & Entrepreneurship (MTE). Fall 2010 With the development of this new curriculum, EPFL is responding to a growing demand for engineers with management skills. The program is targeted toward students with a Bachelor’s degree in science and engineering and consists of a common set of courses, two orientations (Strategy, Innovation & Entrepreneurship / Supply Chain Management & Systems Modeling), and a number of electives. Students will also do a minor in their original field of studies and an internship in a company. Thus, they will acquire a high employability profile for those positions that require both a technology background and solid management skills.

Conferences

_ Monte Verità Conference on Knowledge in Organizations. 30 May-3 June 2010 The five-day conference gathered nearly 100 participants around the important questions of how to create and share knowledge within organizations and how knowledge sharing influences the process of innovation. The interdisciplinary program comprised several lectures presented by international experts and various workshops. The conference was jointly organized between the Institute of Management of Technology and Entrepreneurship at EPFL and the Department of Management, Technology and Economics at ETHZ. A highlight of the conference were the keynote speeches of renown researchers given by Prof. Ikujiro Nonaka from Hitotsubashi University and Prof. Richard Nelson from Columbia University. _ 30th Annual Babson College Entrepreneurship Research Conference (BCERC). 9-12 June 2010 Widely considered as the most prestigious event for entrepreneurship research, the Babson Conference provides each year an ideal venue for researchers and business representatives to exchange ideas and link theory with practice. This year, the event was hosted jointly by the Institute of Management of Technology and Entrepreneurship at EPFL and IMD. It gathered more than 420 participants from about 30 nations and attracted over 700 outstanding paper abstracts. In addition to the official lectures, of which the keynote speeches of Ernesto Bertarelli (Alinghi) and Nicolas Hayek Sr. (Swatch) were absolute highlights, the conference offered also a specific program for PhD students providing them with the opportunity to interact with renowned experts in their field of study. _ MIR Conference – Trends and Innovation in the Postal Market. 13-14 September 2010 The two-day conference addressed challenges in today’s global mail market and discussed innovative approaches in the regulation of the postal sector and e-services. Jointly organized with the International Post Corporation (IPC), this event gathered around 100 delegates from the postal sector, industry and business, as well as regulatory bodies and international organizations. A highlight of the conference was the keynote address given by Jürg Bucher, CEO of Swiss Post. _ Swissquote Conference. 28-29 October 2010 With this conference on “Interest Rate and Credit Risk”, the Swissquote Chair of Quantitative Finance and the Swiss Finance Institute@EPFL, launched the first edition of a series of conferences showcasing the latest research results in financial research. The conference which brought together more than 160 researchers and representatives of the private sector, featured various lectures of international experts in the area of interest rate and credit risk. A special guest was Jean-Pierre Danthine, member of the Swiss National Bank’s Governing Board, who spoke about “Financial Innovation after the Crisis”.

Inauguration of the EPFL-UNIL Center of Excellence in Finance

In August, EPFL and the University of Lausanne inaugurated a new Center of Excellence in Finance which unites the research and educational strengths of the Swiss Finance Institute@EPFL and the Institute of Banking and Finance at HEC (Faculté des Hautes Etudes Commerciales). This collaborative approach which also includes a strong partnership with the Swiss Finance Institute opens important opportunities for developing joint initiatives and will without doubt promote the two institutes’ research excellence in finance. The inaugural session was equally attended by scientists and representatives from the banking and finance sector, including Jean-Pierre Danthine (Member of the Governing Board, Swiss National Bank), Olivier Steimer (Chairman of the SFI and of the Banque Cantonale Vaudoise Board) and Marc Burki (Founder and CEO of SwissQuote).

Promotions

In December, Professor Marc Gruber, Head of the Entrepreneurship and Technology Commercialization Chair and formerly associate professor, has been promoted by the ETH Board to Full Professor. Marc is widely renowned for his work and publications in the areas of new venture creation, opportunity recognition and marketing of innovative technologies for which he received several prestigious awards. Specifically, he investigates the different kinds of resources and capabilities that founders bring to a new venture and how those resources and capabilities influence both their market entry decisions as well as their eventual performance. At the teaching level, Marc has designed and is directing the new Bologna compatible master program in Management, Technology and Entrepreneurship (MTE).

New Recruitments

In January, Professor Damir Filipović, a financial mathematics and risk management specialist of worldwide repute, joined the Swiss Finance Institute@EPFL as the Head of the Swissquote Chair in Quantitative Finance. Damir’s research is concerned broadly with the development of standards and methods to manage financial risks. Specifically, his publications on the mathematical analysis of interest rate models have left their mark on the international scientific community. Damir studied mathematics at the Swiss Federal Institute of Technology in Zurich (ETHZ), where he also earned his doctorate. Prior to his assignment at EPFL, he was the Head of the Vienna Institute of Finance. Before that, Damir was on the faculty of the University of Munich and Princeton University. He also worked for the Swiss Financial Market Supervisory Authority, and held a variety of visiting positions in Europe and the USA (University of Vienna, Princeton University, Stanford University, Columbia University).

Awards

_ Rüdiger Fahlenbrach obtained the “Banque Privée Espírito Santo Prize 2010” for his paper “Bank CEO Incentives and the Credit Crisis”. _ Marc Gruber won the “2010 Thought Leader Award” from the Entrepreneurship Division of the Academy of Management in recognition of the paper “Individual and Opportunity Factors Influencing Job Creation in New Firms” and the “Best Paper Award on the Topic of High Technology” at the Babson College Entrepreneurship Conference 2010 for the paper titled “This deal is dead! A longitudinal study of VC decision making”. _ Loriano Mancini received the “Outstanding International Finance Paper” award at the 46th Annual Meeting of the Eastern Finance Association in Las Vegas for the publication “Liquidity in the Foreign Exchange Market: Measurement, Commonality, and Risk Premiums”. _ Damir Filipovic won the AXA-EGRIE Prize for the paper on “Optimal investment and premium policies under risk shifting and solvency regulation” presented the World Risk and Insurance Economics Congress in Singapore (2010)

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The Management of Technology and Entrepreneurship Institute (MTEI)

_ Fuelled by intensified global competition, the realization that a firmâ&#x20AC;&#x2122;s sustainable competitive advantage heavily relies on its ability to offer innovative goods and services, and the realization that new firms are instrumental for creating new wealth and employment opportunities in national economies, the topics of Entrepreneurship and Technology/Innovation Management have become core areas for research and teaching within the management discipline over the last two decades. _ While the topics of Entrepreneurship and Technology/Innovation have generally moved closer to the core of the management and economics area, we view them as particularly important areas for a college of management of technology that is located at a technological school. Given its strong scientific base, EPFL is ideally suited for research and teaching activities in entrepreneurship, supply chain management, operations management, strategy, and innovation management. These areas provide a unique platform from which to unlock synergies between the entrepreneurship, innovation management and technology areas. _ In addition, the MTE Institute serves an important role in expanding the horizons of EPFL students and faculty, specifically serving as a complement to the science and technology curriculum, as well as fostering a climate of entrepreneurship and innovation on campus. _ We envision the MTEI to be a worldwide leader in research and teaching in Management of Technology and Entrepreneurship, and aim to become an internationally-acknowledged pole of excellence in these fields.

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Matthias Finger

Full Professor matthias.finger@epfl.ch Network Industries, Regulation, Governance, Infrastructures, Privatization

Dominique Foray

Full Professor dominique.foray@epfl.ch Economics of Innovation, Science & Technology Indicators, Technology Policy, Innovation & Development, Knowledge Economy

Marc Gruber

Full Professor marc.gruber@epfl.ch Entrepreneurship, Business Opportunity Identification, Technology Commercialization, Venture Capital

Pierre Rossel

Senior Scientist pierre.rossel@epfl.ch Innovation Dynamics, Early Detection Methods, Futures Studies, ICT Performance Measurement, eGovernance Futures

Ralf Seifert

Associate Professor (50% EPFL, 50% IMD) ralf.seifert@epfl.ch Technology & Operations Management, Technology-Based Enterprises, New Product Introductions, Operation & Supply Chain Management, Management of Technology Standards

Christopher Tucci

Full Professor christopher.tucci@epfl.ch Technology Strategy, Internet Strategy, Networks & Innovation, Corporate Governance & Innovation, Entrepreneurship & Corporate Venture Capital, Alliances & External Innovation

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Anu Wadhwa

Assistant Professor anu.wadhwa@epfl.ch Corporate Entrepreneurship, Innovation, Alliances & Networks, Emerging Industries, New Ventures

Philippe Wieser

Adjunct Professor philippe.wieser@epfl.ch Project Management, Supply Chain, Health Supply Chain, Logistics, Optimization

Researchers of MTEI Research Associate

Postdoctoral fellows

Dr. Myrna Flores Pineda (95%) Dr. Niki Hynes Dr. Stephane Lhuillery (50%) Dr. Vareska van de Vrande (20%)

Dr. Marc Laperrouza Dr. Carina Lomberg Dr. Julio Raffo Dr. Jean-Sébastien Tancrez

PhD students

External PhD students

Farah Abdallah Stefano Barrufaldi Joana Comas Nicolas Crettenand Georgeta Geambasu Melvin Haas Olov Isaksson Eva Lieberherr (jointly with Eawag) Argyro Katsifou Marianna Marino Viviana Munoz Vincent Nassar Tilo Peters Daniel Seifert Markus Simeth Jana Thiel Andreas von Vangerow Peter Vogel Ariel Zeballos

Bernard Calisti, EM Lyon Christof Duthaler, Swissgrid Anne Greinus, Swiss Federal Office of Transport Shameem Hasan, Bank of America Eva Läderach, Swiss Post Martin Maegli, Swiss Post Mohamad Mahfouz, Microsoft Vittorio Mischi Gianluca Misuraca, IPTS-Sevilla Bastian Schwark, McKinsey Jeannine Srivastava Andrea Stucki, Swiss Post Sharon Tal’Itzkovich, Technion - Israel Institute of Technology James Thompson, Wharton School, University of Pennsylvania Luis Treviño, Cemex

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2.1 Research

Matthias Finger

Full Professor, La Poste Chair of Management of Network Industries & E-Governance MIR

Research Summary

The Chair MIR studies and provides competences in the following research areas: The co-evolution between institutions and technology in the different network industries: Analysis between a given state of technology, a state of institutional governance and the performance of these infrastructures. The governance of technological system, focusing on the infrastructures: Determination of efficient, effective, and legitimate governance (public, private, third sector) by identifying the most relevant actors, as well as their optimal relationships. The economic regulation of the network industries in the sectors of telecommunications, postal services, transport, energy, and water. Firm behavior and strategy under regulation: Development of regulated companies and their infrastructures and how they develop their so-called non-market strategies aimed at shaping their regulatory environment.

Other activities

_ Directorship of two MTEI Executive Programs (e-governance & International Postal Management) _ Member of the Editorial Board: _ “Competition and Regulation in Network Industries” Journal _ “Network Industries” Newsletter (trimestrial)

Organization of workshops, training, conferences

_ “Transformation of the Postal Industry” Management Trainings for Directors of India Post, Lausanne, January-February 2010 _ “Politics and Posts – relations and roles in the future?”. UPU (Universal Postal Union). Berne, April 2010 _ “European Railway Regulatory Forum”. Florence School of Regulation. Florence, April 2010 _ “1st International Conference on Trends and Innovation for the Postal Market”. Lausanne, September 2010 _ “European Air Transport Regulation Forum”. Florence School of Regulation. Florence, October 2010 _ “Information security and privacy”. 3-day short course, EPFL Middle East. Ras Al-Khaimah, October 2010 _ “Facing the Challenges of the Postal Industry”, Management Training with the International Post Corporation. Brussels, November 2010 _ “1st Florence Workshop on Rail Transport Regulation: Aims, Models and Powers of Rail Regulators”. Florence School of Regulation. Florence, November 2010 _ “Competition and Regulation in Network Industries”. 3rd Annual Conference. Brussels, November 2010 _ “Innovation Management in the postal industry”, Training Program for the Ministry of Information and Communication of Vietnam. Hanoi, December 2010.

Grants

_ EU Grant “DG Energy Think Tank (THINK)”, 2009-2011 _ SNSF Grant “Performance and Transformation of Governance and Organization in the Water Sector: A Comparison of Switzerland, Germany and Great Britain”, 2009-2012 _ SNSF Grant “Operations and Maturity Model for Customs Risk Management”, 2008-2011 _ SBB Research Grant “Governance of Competition in the Swiss Railway Sector”, 2010-2011

Mandates _ Member of the Swiss Federal Electricity Commission (ElCom) _ Director of the Florence School of Regulation - Transport Area

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Dominique Foray

Full Professor, Economics & Management of Innovation CEMI

Research Summary

As a research team CEMI strongly believes that effective measures for the promotion of long term economic growth and development through innovation should be based on our understanding of how innovation is generated, distributed and exploited by several actors in the economy. We hope that our research can shed some light on the various aspects of the economics of innovation both in advanced and less developed economies. CEMI is organizing a research platform (access to relevant databases) that facilitates constructive policy discussion on issues related to science, technology and innovation.

Other Activities _ Co-Organisator of the Conference “Knowledge in Organizations”, Centro Stefano Franscini at Monte Verita, Ascona (in collaboration with Prof. Georg von Krogh, ETHZ) _ Organisation of the seminar “The need for a new generation of policy instruments to respond to the Grand Policy Challenges” at swissnex Boston

Grants

_ SNSF Grant to organize the Workshop: “The need for a new generation of policy instruments to respond to the Grand Policy Challenges”, May 2011 _ ETHZ Grant to organize the Monte Verita conference “Knowledge in Organizations”, May 2010

Consultancies, Mandates

_ Member of the High-Level Panel to advise the European Commission on the Measurement of Innovation _ Member of the UN Economic Commission for Europe on Innovation and Competitiveness _ Member of the SNSF Research Council (Division IV) _ Member of the Advisory Board of the Swiss Economic Institute (KOF-ETHZ) _ Member of the Global Agenda Council on Innovation (World Economic Forum)

Marc Gruber

Full Professor, Entrepreneurship & Technology Commercialization ENTC

Research Summary

Drawing on theoretical lenses offered by the organizational, entrepreneurship and behavioral decision making literatures, ENTC researchers are engaged in several interrelated research activities in the field of entrepreneurship and technology commercialization, for example: _ Entrepreneurial Opportunity Identification _ Entrepreneurship by the Unemployed _ Market Opportunity Identification for Innovative Technologies _ Venture Capital Decision Making _ Inventive Behavior and the Scope of Patents Our research is mainly empirical, using unique large-scale quantitative data sets. For instance, in one of the projects named above, Marc Gruber is currently analyzing more than 35000 patents of more than 2000 inventors and their teams in order to understand how the knowledge and experience endowments of inventors shape their inventive output (joint research with scholars from the University of Munich). One of the research highlights of 2010 was a study conducted together with Emmanuelle Fauchart and the support of the AISTS EPFL on the identities of entrepreneurs and the influence of their

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research

distinct identities on entrepreneurial decision making. This study was the first to link entrepreneurship theory with fundamental, long-standing insights in philosophy (“what it means to be a human being”) and thus can provide key new insights on the behaviors and actions of entrepreneurs.

Other activities

_ Director of the MTE Section _ Development and launch of new Bologna-compatible master program “Management, Technology & Entrepreneurship” _ Co-Organizer of the 30th Babson College Entrepreneurship Research Conference (BCERC) held at EPFL from 9-12 June 2010. Co-director of the BCERC Doctoral Consortium. _ Member of the Editorial Board: _ “Academy of Management Journal (AMJ)” _ “Entrepreneurship Theory & Practice (ETP)” _ “Journal of Business Venturing” _ Adjunct Senior Teaching Fellow at the Technion - Israel Institute of Technology, Haifa (Israel) _ Lecturer in the Entrepreneurship Doctoral Program of the Academy of Management Conference

Grants

_ SNFS Grant to study Entrepreneurship & the Unemployed _ Kauffman Foundation Grant to study Entrepreneurship and the Unemployed _ Swiss Government Funding to study Entrepreneurship and the Unemployed

Awards

_ “Babson College Irene M. McCarthy Award” for the best paper on the topic of high technology: Gruber, M. & J. Petty (2010). In Pursuit of the “Real Deal” – a Longitudinal Study of VC Decision Making. Journal of Business Venturing, in print. _ “Thought Leader Award” from the Entrepreneurship Division of the Academy of Management in recognition of the paper: Dencker, J., Gruber, M. & S. Shah (2009). Individual and Opportunity Factors Influencing Job Creation in New Firms, 52 (6), 1125-1147

Consultancies

_ Mentoring of various start-ups at EPFL (pro bono)

Dr. Pierre Rossel

Senior Scientist

Research Summary

Pierre Rossel has developed a full-fledged teaching and research activity in three complementary areas: _ Future studies: Methodological intricacies of early detection issues regarding key innovation stakes and options (including radical or disruptive ones) and corporate and public policy arenas, targeting in particular the short and medium term horizons. _ Emerging technological innovations in the domain of Information Society technologies, namely wireless standards, mobile applications and most promising eGov applications domains. _ Technological cluster management. The objective is to launch a multi-institute and multi-university project on the anchor theory and its seminal explanatory role for technological cluster management.

Other activities

Board Member of the committee organizing the International FuMee workshops on “New Methods in Foresight”

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Ralf Seifert (50%)

Associate Professor, Technology & Operations Management TOM

Research Summary

TOM’s research activities span three core domains: Supply Chain Strategy: This research stream explicitly targets quantitative analysis of key decisionmaking tradeoffs at the intersection of supply chain management (SCM) and channel management, SCM and product portfolio management as well as SCM and corporate sustainability programs. It includes the optimization of a company’s manufacturing footprint and the placement of inventory in different sales channels. While predominately focused on identifying key decision variables and quantifying the potential for supply chain optimization, we also engage in scenario planning and the discussion of managerial implications. Field-based case studies complement the quantitative models, exemplify practical approaches and facilitate the transfer into the teaching offering. Supply Chain Finance: This research stream focuses on the interrelation of operational and financial performance measures as well as the importance of supply chain finance, broadly defined. We apply mathematical modeling and computer simulation to study the role of working capital management in supply chains. We analyze and quantify the impact of varying payment terms, the differences in the cost of capital and the effect of supply disruptions on supply chain networks. At the same time, we use database analysis and practitioner surveys to study the use of trade credit and the implementation of supply chain finance solutions in practice across different sectors. Technology Management and Entrepreneurship: In this research stream we examine technology management and entrepreneurship from both a theoretical as well as from a practical perspective. We study de-facto standardization processes using mathematical models for the adoption dynamics of networked technologies. While not a new phenomenon as such, we incorporated a consumer choice model and explicitly take into account the role converters.

Other activities _ Professor in Operations Management at IMD International (50% appointment). Supervision of international projects and engagement in a variety of company-specific and open-enrolment teaching programs. _ Director of the “Mastering Technology Enterprise (MTE)” Program _ Associate Editor: “International Commerce Review” _ Member of the Editorial Board: “Production & Operations Management”

Christopher Tucci

Full Professor, Corporate Strategy & Innovation CSI

Research Summary

CSI’s research is in the general area of technology strategy, which means the long-term management of technological resources of the firm for competitive advantage. Within this broad area, Prof. Tucci has been working on a more specific topic: incumbent innovation in the context of the value network/supply chain. In this more specific topic, his research is focused on three interrelated themes: _ Technological entry, product development and “creative destruction” _ Alliances and “open innovation” within the value network _ Internet strategy of entrants and incumbents

Other activities

_ Delegation to ITT Madras, Chennai, India _ Editorial Board, Organization Science _ Department Editor, IEEE Transactions on Engineering Management

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research

_ Associate Editor, Electronic Commerce Research _ Guest Editor, Journal of Product Innovation Management _ Invited professor, ENPC, Paris, France _ Invited professor, Finmeccanica, FHINK

Grants

_ Vale: Corporate Research project _ EU Grant: Lean Product & Process Development (LeanPPD) _ Nano Tera: Research Grant (Nano-Tera Community Development)

Anu Wadhwa

Assistant Professor, Corporate renewal & Entrepreneurial strategies in Technology CET

Research Summary

Our primary research interests are located at the intersection of management of technology, strategic management and entrepreneurship. The common theme underlying these research areas addresses a key challenge confronting firms in high technology contexts - how can technology-based firms successfully create new knowledge and sustain continuous innovation? This is an important issue to focus on especially in technological landscapes where continuous knowledge creation and innovation have become imperatives for growth and competitive advantage. We draw upon a variety of theoretical lenses, including strategy and economics, in order to examine the above questions at multiple levels of analysis. Empirically, we combine qualitative fieldwork with quantitative analysis on large-sample data. Our research can be classified broadly under three inter-related research streams: _ Dynamics of corporate entrepreneurship, open innovation, and the subsequent impact on organizations in fast-moving high-technology industries. _ Impact of different types of inter-organizational relationships – alliances, minority equity investments and acquisitions - on organizations. _ Evolution of High-Tech Entrepreneurial Ventures. New projects were initiated on VC investments in the emerging clean energy sector and on the unintended consequences of organizational knowledge protection mechanisms for firms engaging in external innovation.

Other activities

_ Organizer of Caucus: “Venture Capital Investments in the Emerging Cleantech Sector: An Act of Passion or Another Bubble In-The-Making?”, 2010 Academy of Management (AoM) Annual Meeting, Montréal, Canada _ Organizer of the Junior Faculty Consortium, Technology and Innovation Management (TIM) Division, 2010 Academy of Management (AoM) Annual Meeting, Montréal, Canada _ Elected Representative-at-large to the Leadership Team of the Technology and Innovation Management (TIM) Division of the Academy of Management (AoM) for 2008-2010 _ Member of the Editorial Board of the “European Management Review (EMR)”

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Philippe Wieser

Adjunct Professor, Logistics, Economy & Management LEM

Research Summary

Research activities include: _ Analysis, design and implementation of logistical systems (for both goods and persons) _ 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) _ Global supply chain management and sustainable development _ Project management, risk evaluation and resilience _ Analysis, design and optimization of global health management and health supply chain _ Information systems applied to health organization Our activities are carried out in close collaboration with the International Institute for the Management of Logistics (IML).

Other activities

_ Director of the Executive Master in “Global Supply Chain Management” _ Organizer of the Conference “Forum Suisse de Logistique 2010: Du transfert au partage de données” _ IML Paris, Specialized Master. “Conception et optimisation des supply chains globales”, module “Prévision et gestion de la demande” _ ENPC, Ecole des Ponts ParisTech, responsible and teacher of the module Master “Conception et exploitation des systèmes logistiques et de transport“ _ Université Lausanne, Master course “Management de projet et logistique appliquée au sport“ _ EM Strasbourg, EMBA - Management hospitalier et des structures de santé _ AISTS, Logistic Module _ EHTP, Ecole Hassania des Travaux Publics, Casablanca, Specialized Master in “Management logistique“

Collaborations & networks

_ PEAK, Purchasing European Alliance for Knowledge _ GS1 Suisse, Committee Member Romand, member of the Executive office _ GISEH, conference on engineering in hospitals, permanent member of the committee _ Director Committee Member of the “Transportation Center EPFL” _ Committee Member of the SMP (Société suisse de Management de Projets)

Consultancies, mandates

_ _ _ _

HUG, Hôpitaux universitaires de Genève CHUV, Centre Hospitalier Universitaire Vaudois SSP, Service de la Santé Public du canton du Valais Committee member of InfoMed & of the IS EMS/CMS, direction council

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2.2 education

Master MTE Description

The Management, Technology and Entrepreneurship (MTE) master has been launched in the fall of 2010 as a Bologna Master. This program provides engineers with solid knowledge about the field of management, allows them to nurture an entrepreneurial mindset and to build a stronger and more flexible career path. More specifically, the MTE program offers fundamental training in Accounting, Quantitative Methods, Finance, Human Resource Management, Economics, as well as a specialization either in “Strategy, Innovation & Entrepreneurship” or in “Operations Management & Systems Modeling”. Students also continue the education in their original technological field through a “Disciplinary minor”.

Structure

The program lasts two years and requires students to obtain 120 ECTS credits, including three semesters of coursework followed by a master project. The master project accounts for 30 ECTS credits. It is undertaken after the completion of the 90 ECTS credits of the master cycle and must be carried out as part of a 6 months internship in the industry. The Master program provides students with rigorous theoretical knowledge and practical, hands-on business know-how and capabilities. The program has several unique features which will allow them to: _ Acquire fundamental quantitative management skills and capabilities in a set of core courses (26 credits) _ Choose between two orientations in order to deepen their knowledge in their main domain of interest (20 credits): _ Strategy, Innovation & Entrepreneurship _ Operations Management & Systems Modeling _ Acquire additional expertise in their original technological domain of the Bachelor (“Disciplinary Minor” - 30 credits) _ Round-off their coursework by choosing among an appealing set of elective courses (12 credits) _ Get hands-on practical experience during their master thesis which is carried out during an internship in a company, a public organization, at EPFL or in an equivalent university institute _ Receive valuable advice from their industry mentor, who will be accessible to them from the beginning of their master studies. Besides this, the section MTE offers a Minor in Management of Technology, which is a complement 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 in another section than MTE.

Objectives

MTE graduates will be able to use their skills in the high-tech and industrial sectors, as well as in financial or consulting firms, to design and implement industrial and technological projects, and to develop the processes and institutional contexts needed to innovate.

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Recent Developments

The MTE section has experienced significant growth over the past few years in terms of master student applications and minor students. The strong growth in the number of students has led to a significant increase in class sizes. Beyond its teaching offering, MTE has introduced a successful Mentor Program for its master students. This program has been designed to provide master students with additional insights on work life and has been received with enthusiasm, both by the students as well as the mentors (who are all EPFL Alumni). The MTE Mentor Program may serve as a role model for other sections at EPFL not only due to its goal to link students with practice, but also that it provides a â&#x20AC;&#x153;feed-inâ&#x20AC;? to the internship program. Furthermore, the MTE section is developing a professional Alumni Network that will facilitate the recruitment of mentors and internships in the coming years.

ANNUAL REPORT 2010 _ COLLEGE OF MANAGEMENT OF TECHNOLOGY _ 19

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pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp ppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp ppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp ENROLLED pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp ppppppppppppppppppppppppppppppppppppppppppppppppppppp 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Before that, the MTE was proposed as complement to another master. pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp ppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp ppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp ppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp ppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppp

education

REGISTRED STUDENTS - MTE MASTER

rrrrrrrrrrrrrr rrrrrrrrrrrrrr rrrrrrrrrrrrrr rrrrrrrrrrrrrr rrrrrrrrrrrrrr rrrrrrrrrrrrrr rrrrrrrrrrrrrr rrrrrrrrrrrrrr

a reference framework to assess and compare different building and maintenance schemes from financial and operational perspective

Julien

Ramboz

SfS CAS Tool Feasibility Study Systemic Enterprise Architecture Methodology for Service Level Requirements Management Computer Assisted Design Tool Feasibility Study

Mirna Isabe

Saravia

Transfer of Technology: The Link between the DTIS and the Climate Change

Seyed Hanif

Tabatabaee

Benchmarking of a Client Airline

20 _

List of courses & number of students registered per class for the academic year 2009/2010 NR REGISTRED STUDENTS

COURSE TITLE

TAUGHT BY

Analyse sectorielle

Diane Poulin

CREDITS

Comportement organisationnel

Catherine Monnin

Corporate and business strategy

Anu Wadhwa

Early detection of technological innovation potential

Pierre Rossel

Economics and Management of innovation in LS&T Fariba Hashemi, Dominique Foray & Christopher Tucci

Economie d’innovation

Dominique Foray & Intan Hamdan Livramento

Entrepreneurship (Autumn)

Carina Lomberg

Entrepreneurship (Spring)

Carina Lomberg

Entrepreneurship and emerging economies (course)

Myrna Flores Pineda

Entrepreneurship and emerging economies (practical project / trip)

Myrna Flores Pineda

Financial & managerial accounting

Corinne Poutrain-Chabanon

Gestion des réseaux d’entreprise & supply chain management

Rémy Glardon, Max Hongler & Philippe Wieser

High-tech marketing

Jean Micol

Information technology and e-business strategy

Christopher Tucci

Instruments de gestion économique et financière

Pierre-André Jaccard

International negotiation

Barbara Boldt

Introduction à la finance et à la comptabilité

Pierre-André Jaccard

Introduction to finance

Rüdiger Fahlenbrach

6 5

Logistique et analyse prévisionnelle

Philippe Wieser

Management de projet

Philippe Wieser

125

Management qualité

Michel Jaccard

Managing multicultural teams

Barbara Boldt

Marketing, innovation, and new product development

Boris Durisin

Micro-économie

Jan Alexander Mack

Practical business law

Frédéric Rochat

Supply chain management

Ralf Seifert

Technology strategy and entrepreneurship in corporations

Anu Wadhwa

Average no of students per MTE class

46.1

ANNUAL REPORT 2010 _ COLLEGE OF MANAGEMENT OF TECHNOLOGY _ 21

education

Doctoral School EDMT Description & Objectives

The main goal of EDMT is to increase and assess the student’s command of the field of Management of Technology and to improve and evaluate his or her potential to complete a high-quality thesis in a timely manner. EDMT aims primarily at supporting acquisition of competences and skills. The students must complete specified course work in a quite broad domain – management of technology – which is an applied research field based on various academic disciplines (economics, management, operation research, political science).

Recent Developments

In 2010, the program has experienced major developments and changes involving the increase of credit requirements (up to 30); the implementation of core courses (all students have to take some common specific courses during their first year for an equivalent of 16 credits); beyond these core courses, the students have the option to choose one among 3 course tracks (supply chain & operation research; management and entrepreneurship; economics and technology policy); finally there is now only one entry in the calendar (September) for the beginners. The hope is that all these changes will help to build a strong community of young scholars working in the field and to improve the efficiency and transparency of our procedures and operations. Various initiatives have been taken by the students themselves to improve the “team spirit” of the group and are strongly appreciated by EDMT’s direction and we are also proud to support the development of the Swiss Society of Innovation and Entrepreneurship (swissSIER) which is an initiative of EDMT students spreading over the whole Swiss Universities and Polytechnics.

22 _

PhD Graduates in 2010

PhD Graduate Farah Abdallah

Thesis title Co-opetition: Collaborating with your Rivals in Standards Setting Organizations

Supervisors Matthias Finger Anu Wadhwa

PhD Graduate Denis Bednyagin

Thesis title Socio-Economic Assessment of Fusion Energy Research, Development, Demonstration & Deployment Programme

Supervisors Foray Dominique pppppppppppppppppppppppppppppppppppppppppppppppppp ppppppppppppppppppppppppppppppppppppppppppppppppp Edgar Gnansounou pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppp ppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp ppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppp ppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp ppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppp ppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp ppppppppppppppppppppppppppppppppppppppppppppppppp ppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp 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pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp ppppppppppppppppppppppppppppppppppppppppppppppppp ppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp ppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp ppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp ANNUAL REPORT 2010 _ COLLEGE OF MANAGEMENT OF TECHNOLOGY _ 23 ppppppppppppppppppppppppppppppppppppppppppppppppp ppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp ppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp 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education

List of courses & number of students registered per class PROFESSOR

Entrepreneurial Opportunity Identification & Exploitation

Marc Gruber

European Research Area

Myrna Flores & Patrick Furrer

Topics in Econ. Of Innovation in Life Science & Technology

Venturechallenge@epfl

Organization Design for Innovation, Tech. & Prod. Jay Galbraith Development

Advanced Topics in Mathematical Finance

Jaksa Cvitanic

Mathematical Models in Supply Chain Management

Ralf Seifert

Qualitative Methods

Matthias Finger

Corporate Foresight

Pierre Rossel

Engaged Scholarship

Ron Sanchez

Christopher Tucci, Marc Gruber, Anu Wadhwa & Jean Micol

CREDITS

NR PARTICIPANTS

COURSE

Managerial Decision-Making

Ron Sanchez

Integrated Risk Management

Dimitris Chorafas

Advances in Econ. Of Innovation & Decision Making

Fariba Hashemi

Using secondary data in OM research

Vinod Singhal

Research Methods in Organizations

Niki Hynes & Christopher Tucci

Data Analysis in Management Research

Andrew King

Theoretical Foundations of Entrepreneurship

Anu Wadhwa & Michael Ensley

Publishing in Management, Technology and Innovation

Dominique Foray

Theory Development in Corporate Strategy & Technology Inn.

Allan Afuah

Average nUMBER OF pARTICIPANTS

24 _

13.63

Executive Master Programs Mastering Technology Enterprise MTE Program Director Prof. Ralf Seifert www.imd.ch/mte

_ Name of Academic Partner Institutes _ ETH Zurich _ IMD _ Objectives _ Prepares technically trained managers from technology- or knowledge-based industries to be company leaders _ Gives the participants a deeper understanding of the business functions, processes and challenges facing the technology enterprise _ Help them grow personally, develop their leadership potential, boost their self-confidence and show them how to use cutting-edge management tools to lead organizational change _ Target Audience Technical managers with typically 8 to 15 years of professional experience in R&D, science, engineering, manufacturing, technical sales or IT. Most participants are in their mid-30s to mid-40s. _ Duration 6 weeks (2 modules of 3 weeks each) _ Start date January 18, 2010 _ Tuition Fee CHF 38 000.- (excludes accommodation) _ Graduates 2010 The MTE program graduated 29 participants. The average participant age was 43 years, business experience ranged from 8 to 28 years and about half of the participants held a PhD degree in a technical domain. The 2010 group span 13 nationalities and represented 21 companies in a variety of different industries.

ANNUAL REPORT 2010 _ COLLEGE OF MANAGEMENT OF TECHNOLOGY _ 25

education

Executive Master in International Postal Management Program Director Prof. Matthias Finger http://postal-management. epfl.ch

_ Name of Academic Partner Institutes _ Schulich School of Business of York University in Toronto _ Victoria University in Melbourne _ Objectives _ Build and refresh business fundamentals _ Develop an in-depth understanding of the particularities of the postal sector and other related industries _ Acquire business tools and leadership skills and apply them immediately _ Profit from the experience of highly qualified international classmates _ Learn from business leaders as from first-class professors _ Build an international network of contacts _ Target Audience Motivated and high-performing managers of postal operators, regulators, or suppliers with at least 5-15 years of business experience who are willing to share their knowledge and aim to become leaders in the postal industry. _ Duration 15 months _ Start date 18 January 2010 _ Tuition fee 29â&#x20AC;&#x2122;000 CHF _ Graduates 2010 8 graduates representing different nationalities (Switzerland, The Netherlands, Rwanda, Nigeria and Brazil)

26 _

Executive Master in e-Governance Program Director Prof. Matthias Finger http://egov.epfl.ch

_ Name of Academic Partner Institutes _ Universidad Cristobal Colon (Mexico) _ National University of Rwanda (Rwanda) _ United Nations University (IIST) (Macau, China) _ Asian Institute of Technology (Thailand) _ Anna University (India) _ e-Governance Academy (Estonia) _ EPFL Middle East (Ras Al-Khaimah) _ Objectives _ Describe and apply concepts of e-Governance _ Lead successful e-Governance projects using modern and appropriate tools _ Plan strategically and evaluate projects related to e-Government _ Understand the role of ICTs as a development tool _ Deliver government services online efficiently _ Elaborate a successful public sector modernization thanks to ICTs _ Develop state of the art e-Governance policies _ Target audience Participants must have at least 5 years of relevant experience and already have a Degree. Average age is 38. Professional background may vary; participants typically are from the public sector, NGOs or are consultants with a background in IT or administration. _ Duration 15 months _ Start date May 31 2010 _ Tuition Fee 20â&#x20AC;&#x2122;000 CHF _ Graduates 2010 7 graduates representing different nationalities (Rwanda, St-Kitts and Nevis, Haiti, Poland, Ivory Coast, and Nepal)

ANNUAL REPORT 2010 _ COLLEGE OF MANAGEMENT OF TECHNOLOGY _ 27

education

Executive MBA in Management of Technology - MoT Program Director Jean Micol http://mot.epfl.ch

_ Name of Academic Partner Institutes _ UNIL-HEC _ University of Peking _ China European International Business School (CEIBS), Shanghai _ Objectives _ To develop and stimulate entrepreneurship and intrapreneurship competencies; _ To ensure success in innovation by fostering a multidisciplinary approach for the conception, production and commercialization of products or services; _ To provide insights into the constraints and interactions within the technological, business, social and international environments _ Target audience University graduates in Business/Humanities on one hand and in Engineering/Natural and Bio/Med Sciences on the other hand; people with professional experience (normally at least 5 years, unless already entrepreneurial) who wish to boost their career potential through a multidisciplinary approach, and who are especially motivated by entrepreneurship and the management of innovation projects. _ Duration 15 months _ Start date September 1 _ Tuition Fee CHF 30â&#x20AC;&#x2DC;000 _ Graduates 2010 31 graduates representing different nationalities (Italy, Denmark, Belgium, Spain, France, Germany, Great Britain, from Canada, India, Australia, Russia, Trinidad/Tobago

28 _

Executive Master in Global supply Chain Management Program Director Prof. Philippe Wieser

_ Academic Partner Institutes _ IML - International Institute for the Management of Logistics _ Ecole des Ponts ParisTech (ENPC)

http://iml.epfl.ch

_ Objectives To provide participants with the know-how, the competence and confidence necessary for the planning and implementation of logistical and supply chain projects at the strategic as well as the operational levels _ Target Audience Executives and future executives specifically interested in supply chain management; some previous experience at executive level is required _ Duration 1 year full time (theoretical part: 25 weeks + internship of minimum 20 weeks) _ Start date Two sessions per year: Lausanne in English (from January to December) Paris in French (from September to February) _ Tuition fee Lausanne: 17’000 CHF Paris: 13’000€ students / 15’000 € companies _ Graduates 2010 21 graduates representing different nationalities

ANNUAL REPORT 2010 _ COLLEGE OF MANAGEMENT OF TECHNOLOGY _ 29

2.3 Latest & significant publications Refereed publications

_ Finger, M. (2010). What Role for Government in E-Government? (2010). Journal of E-Governance, 33 (4), 197-202. _ Foray, D. (2010). A Primer on Patent and Innovation. International Management, 14 (3): 19-28. _ Foray, D. & S. Lhuillery (2010). Structural Changes in Industrial R&D in Europe and the US: Towards a New Model? Science and Public Policy, 37 (6): 401-412. _ Gruber, M. (2010). Exploring the Origins of Organizational Paths: Empirical Evidence from Newly Founded Firms. Journal of Management, 36 (5): 1143-1167. _ Gruber, M., Brinckmann, J. & S.M. Kim (2010). How Experience Shapes the Subjective Evaluation of Opportunities. Frontiers of Entrepreneurship Research. Proceedings of the 30th Annual Entrepreneurship Research Conference. _ Gruber, M. & E. Fauchart (2010). Darwinians, Communitarians and Missionaries: The Role of Founder Identity in Entrepreneurship. Academy of Management Journal, forthcoming. _ Gruber, M., Heinemann, F., Brettel, M. & S. Hungeling (2010). Configurations of Resources & Capabilities and their Performance Implications: An Exploratory Study on Technology Ventures. Strategic Management Journal, 31 (12): 1337-1356. _ Gruber, M., MacMillan, I.C. & J.D. Thompson (2010). From Minds to Markets: How Human Capital Endowments Shape Market Opportunity Identification of Technology Start-Ups. Journal of Management, forthcoming. _ Gruber, M. & J. Petty (2010). In Pursuit of the “Real Deal” – a Longitudinal Study of VC Decision Making. Journal of Business Venturing, forthcoming. _ Maegli, M., Jaag, C. & M. Finger (2010). Regulatory Governance Costs in Network Industries: Observations in Postal Regulation. Competition and Regulation in Network Industries, 11 (2), 207-237. _ Polat, B. & A. Wadhwa (2010). Venture Capitalists in Firm Governance: Impact on Founder Turnover. Frontiers of Entrepreneurship Research. Proceedings of the 30th Annual Entrepreneurship Research Conference. _ Protopappa-Sieke, M. & Seifert, R.W. (2010). Interrelating Operational and Financial Performance Measurements in Inventory Control. European Journal of Operational Research, 204 (3), 439-448. _ Protopappa-Sieke, M. & Seifert, R.W. (2010). Interrelating Operational and Financial Performance Measurements in a Multi-Product Inventory System. International Journal of Services and Operations Management., forthcoming. _ Rossel, P. (2010). Making anticipatory systems more robust. Foresight 12 (3) (2010) 72-85. _ Seifert, R.W. & Comas, J.M. (2010). Being Proactive about Supply Chain Environmental Management. IMD - Perspectives for Managers. No. 183, August 2010. _ Seifert, R. W. & Seifert, D. (2011). Financing the Chain. International Commerce Review, forthcoming. _ Tucci, Ch. & Berchicci, L. (2010). There is more to market learning than gathering good information: The role of shared team values in radical product definition. Journal of Product Innovation Management, Vol. 27, No. 7, 972-990. _ Tucci, Ch., Berchicci, L. & King, A. (2010). Does the apple always fall close to the tree? The geographical proximity choice of spinouts. Strategic Entrepreneurship Journal, forthcoming. _ Tucci, Ch., Ginsberg A. & Hasan, I. (2010). Unpacking the effects of corporate venture capital investor ties on the reduction of price discounting among IPO firms. Entrepreneurship Research Journal, forthcoming. _ Tucci, Ch., Ginsberg A. & Hasan, I. (2010). The Influence of Corporate Venture Capital Investment on the Likelihood of Attracting a Prestigious Underwriter: An Empirical Investigation. Advances in Financial Economics, Vol. 14, forthcoming. _ Tucci, Ch. & Hasan, I. (2010). The innovation-economic growth nexus: Global evidence. Research Policy, Vol. 39, 2010, 1264–1276. _ Van de Vrande, V., Vanhaverbeke, W. & Gassmann, O. (2010). Broadening the scope of open innovation: past research, current state and future directions. International Journal of Technology Management, Vol. 52, 221-235. _ Valdés, J.E., Arango, G., Zequeira, R.I. & Brito, G. (2010). Some Stochastic Comparisons in Series Systems with Active Redundancy. Statistics & Probability Letters, Volume 80 (11-12), 945-949.

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Book chapters

_ Abdallah, F. & Finger, M. (2010). Saudi Post Innovative Address System: Integrating Electronic and Physical Platforms. In: ICTs, New Services and Transformation of the Post. Universal Postal Union (UPU), Berne. _ Basu, S., Wadhwa, A., & Kotha, S. B. Corporate Venture Capital: Important Themes and Future Directions. In Zahra, S.A. (ed.) Handbook of Corporate Entrepreneurship. Edward Elgar Academic Publishing, Northhampton, MA, forthcoming. _ Braga, T. M., Ionescu-Somers, A. & Seifert, R.W. (2010). Unilever Sustainable Tea. Part I: Leapfrogging to Mainstream. The Dutch Sustainable Trade Initiative: Utrecht, IDH007-21, December 2010. _ Cherian M., Flores M. & Srinivasan G., (2010). Critical Success Factors to Collaborate in Cross Boarder Alliances: Experiences of the Indian Manufacturing Enterprises. In: Sinha A.P (ed.). Changing Ideas in Strategy, Narosa Publishing House _ Finger, M. & Rossel,P. (2010). Exploring the future of Wi-Fi. In: Lemstra, W., Hayes, V. & J. Groenewegen (eds.). The Innovation Journey of Wi-Fi. The Road to Global Success. Cambridge University Press, Cambridge. _ Finger, M. & D. Svarin (2010). Transnational Corporations and the Global Environment. In: Denemark, R. (ed.). The International Studies Encyclopedia, 11, Blackwell, London _ Foray, D. (2010). Knowledge Policy for Development. In Kraemer-Mbula E. & W. Wamae (eds.), Innovation and the Development Agenda, OECD Innovation Strategy. OECD Publishing, Paris _ Foray, D. & F. Lissoni (2010). University Research and Public-Private Interactions. In Hall, B. & N. Rosenberg (eds.), Handbook of the Economics of Innovation, Elsevier North Holland _ Laperrouza. M. (2010). Trade, Technology Transfer and Institutional Catch-Up. In: Lehmann, F. & J.-P. Lehmann (eds.). Peace and Prosperity Through World Trade. Cambridge University Press, Cambridge. _ Rossel, P., (2010). Looking for Inspirational Studies. In Curaj, Adrian (ed.). The FOR-UNI Blueprint: A Blueprint for Organizing Foresight in Universities. Editura Academei Romane, Bucharest. _ Wadhwa, A., Phelps, C. & S. Kotha (2010). Creating Exploratory Innovation by Learning from Entrepreneurial Ventures. In: Audretsch, D.B., Dagnino, G.B., Faraci, R., Hoskisson, R.E. (eds.). New Frontiers in Entrepreneurship: Recognizing, Seizing, and Executing Opportunities. International Studies in Entrepreneurship, 26 (3): 147-173.

Other publications

_ Braga, T.M., Ionescu-Somers A. & Seifert, R.W. (2010). Unilever Sustainable Tea: Leapfrogging to Mainstream. IMD-2-0157. IMD, Switzerland _ Cordon, C., Seifert R.W., & Wellian, E. (2010). Rethinking Corporate Strategy: Reduced Product Range and Deliveries. Financial Times (25 November) _ Foray, D., Lhuillery, S. & J. Raffo (2010). Le positionnement et les perspectives stratégiques des nanotechnologies en France. Etude pour la Direction Générale de la Recherche et de l’Innovation. Ministère de l’Education Nationale et de l’Enseignement Supérieur _ Foray, D. & E.S. Phelps (2010). The Challenge of Innovation in Turbulent Times: A Report Submitted to the Global Agenda Council of the World Economic Forum _ Gnaegi, A., Wieser, P. & Dupuis, G. (2010). La stratégie eHealth en Valais. Bulletin des Médecins Suisses, 91 (33) : 1247-1250 _ Seifert, R.W. (2010). Common Traits of Leaders from Logitech, SAP and Swatch – Tapping the Talent Pool of Technical Experts, IMD – Tomorrow’s Challenges, 48 (June) _ Seifert, R.W. (2010). Будьте понятным — и вы станете успешным; Что объединяет руководителей Logitech, SAP и Swatch? Forbes Russia (10 November) _ Seifert, R.W. & Comas, J.M. (2010). Analyzing Companies’ Best Practice. Economist Intelligence Unit, The Economist (22 October) _ Seifert, R.W. & Comas, J.M. (2010). Creating Business Opportunities through Supply Chain Environmental Management – Analyzing Companies’ Best Practice. IMD – Tomorrow’s Challenges, 65 (September) _ Seifert, R.W. & Comas, J.M. (2010). Analyzing Companies’ Best Practice. Jakarta Post (2 October)

ANNUAL REPORT 2010 _ COLLEGE OF MANAGEMENT OF TECHNOLOGY _ 31

Latest & significant publications

_ Seifert, R.W. & Seifert, D. (2010). Financiación de la cadena de suministro: ¿cuál es su valor? Harvard-Deusto Finanzas & Contabilidad, 95, 44-50 _ Seifert, R.W. & Varé, A.X. (2010). Las nuevas reglas de la competición entre estándares tecnológicos. Harvard Deusto Business Review, 192, 67-72

Reviews

Finger M. Review of: Gilardi, F. (2008). Delegation in the Regulatory State. Independent Regulatory Agencies in Western Europe. Edward Elgar Publishing, Cheltenham. Review published in Competition and Regulation in Network Industries (2010), 11 (1) Gruber M. Review of: Mullins, J. & R. Komisar (2010). Getting to Plan B: Breaking through to a Better Business Model. Academy of Management Perspectives 24 (3), 93-96. Book Review

Working papers

_ Comas, J.M. & Seifert, R.W. (2010). An Analysis of Supply Chain Environmental Management Practices of Sustainability Leaders. MTEI-TOM Working Paper, Ecole Polytechnique Fédérale de Lausanne (EPFL). _ Langenberg, K. U., Seifert, R. W. & Tancrez, J-S. (2010). Aligning Supply Chain and Product Portfolios. Working Paper, Ecole Polytechnique Fédérale de Lausanne (EPFL). _ Sieke, M. A., Seifert, R.W & Thonemann, U. W. (2010). Designing Service Level Contracts for Supply Chain Coordination. Working Paper, University of Cologne, Germany. _ Seifert, R. W. & Langenberg, K. U. (2010). Responding to Business Dynamics with Adaptive Supply Chain Portfolios. Working Paper, Ecole Polytechnique Fédérale de Lausanne (EPFL). _ Seifert, D. & Seifert, R. W. (2010). Trade Credit: Literature Review and Research Directions. Working Paper, Ecole Polytechnique Fédérale de Lausanne (EPFL). _ Tancrez, J.-S., Chevalier, Ph. & Semal, P. (2010). A Tight Bound on the Throughput of Queueing Networks with Blocking. MTEI-TOM Working Paper, Ecole Polytechnique Fédérale de Lausanne (EPFL). _ Tancrez, J.-S., Lange, J.C. & Semal, P. (2010). A Location-Inventory Model for Large Three Layer Supply Chains. MTEI-TOM Working Paper, Ecole Polytechnique Fédérale de Lausanne (EPFL). _ Tancrez, J.-S., Roland, B., Cordier, J.-P. & Riane, F. (2010). Rational Management of Stochasticity in Operating Theatres. MTEI-TOM Working Paper, Ecole Polytechnique Fédérale de Lausanne (EPFL). _ Tucci, Ch. & Ettlie, J. (2010). Trust and integrated information technology. MTEI Working Paper, Ecole Polytechnique Fédérale de Lausanne (EPFL). _ Zeballos, A.C., Seifert R.W. & Protopappa-Sieke, M. (2010). Working Capital Management with Short-term Loans. CDM-TOM Working Paper, Ecole Polytechnique Fédérale de Lausanne (EPFL).

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_ MTE is the only Masterâ&#x20AC;&#x2122;s in Management of Technology in Europe that gives the student the opportunity to acquire knowledge from renowned professors while allowing them to have real contact with industry. Roberto Silveira, MTE student 2010-2011

_ The courses, the subject and the teachers are very inspiring. I can conceive concrete implications of what is taught in the classes, for the industry and for my field. Thomas Dols, MTE student 2010-2011

ANNUAL REPORT 2010 _ COLLEGE OF MANAGEMENT OF TECHNOLOGY _ 33

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The Swiss Finance Institute at EPFL (SFI@EPFL)

_ The Swiss Finance Institute at EPFL was established at the beginning of 2009 to encourage interdisciplinary research in finance and financial engineering at the Ecole Polytechnique Fédérale de Lausanne (EPFL). _ In 2010, the faculty of the Swiss Finance Institute @ EPFL consisted of one senior researcher (Claudia Ravanelli), four tenure track assistant professors (Ruediger Fahlenbrach, Semyon Malamud, Loriano Mancini, and Anders Trolle), one associate professor (Julien Hugonnier), and two full professors (Damir Filipovic and Erwan Morellec), and one term professor (Peter Bossarts). Attached to the Swiss Finance Institute at EPFL is Prof. Luisa Lambertini’s Chair of International Finance. _ Damir Filipovic holds the Swissquote Chair in Quantitative Finance. He took up his position in January 2010. This chair is financed by Swissquote, the leader in financial services and online trading in Switzerland. The mission of the chair is the development of research and training in financial engineering at EPFL. _ At the end of October, the Swissquote Chair in Quantitative Finance and the Swiss Finance Institute at EPFL organized the first Swissquote Conference on Interest Rate and Credit Risk. This two day event featured eleven presentations by leading experts and scholars in the area of interest rate and credit risk, attracted more than 160 participants from the industry and academic institutions. _ Also in 2010, the institute hired Pierre Collin-Dufresne as an additional full professor, who is scheduled to take up his position in September 2011. _ The Swiss Finance Institute at EPFL, together with the Institute of Banking and Finance of the University of Lausanne, is hosted by the Centre Universitaire Lausannois de Finance (CULF), which was launched in March 2009. The CULF 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. _ The Swiss Finance Institute at EPFL provides a recognizable place where all people involved in finance or financial engineering at EPFL can meet, interact as well as organize seminars, conferences, etc.

ANNUAL REPORT 2010 _ COLLEGE OF MANAGEMENT OF TECHNOLOGY _ 35

Peter Bossaerts

Professor (20% EPFL, 80% CALTECH) peter.bossaerts@epfl.ch Experimental Finance, Decision Neuroscience (”neuroeconomics”), Convergence of Markets to Competitive Equilibrium

Rüdiger Fahlenbrach

Assistant Professor ruediger.fahlenbrach@epfl.ch Corporate Governance, Empirical Corporate Finance, Empirical Research in Derivatives

Damir Filipovic

Full Professor Swissquote Chair in Quantitative Finance damir.filipovic@epfl.ch Finance & Insurance Mathematics, Risk Management & Solvency, Convex Risk Measures, Credit & Interest Rate Risk, Affine Processes, Stochastic Differential Equations

Julien Hugonnier

Associate Professor julien.hugonnier@epfl.ch Asset Pricing, General Equilibrium, Incomplete Markets, Mathematical Finance, Probability Theory, Decisions Under Uncertainty.

Luisa Lambertini

Full Professor luisa.lambertini@epfl.ch DSGE Macroeconomic Models, Monetary & Fiscal Policies, Financial Markets & the Macroeconomy, Open-Economy Macroeconomics

Semyon Malamud

Assistant Professor semyon.malamud@epfl.ch Equilibrium Asset Pricing, Over-the-Counter Markets, Repeated Games, Optimal Contracting

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Loriano Mancini

Assistant Professor loriano.mancini@epfl.ch Financial Econometrics, Statistical Modeling for Financial Engineering, Volatility and Non-Parametric Estimation of Pricing Kernels

Erwan Morellec

Full Professor erwan.morellec@epfl.ch Corporate Finance, Investment under Uncertainty & Real Options, Capital Structure, Risk Management, Liquidity Management, Corporate Restructurings

Claudia Ravanelli

Senior Scientist claudia.ravanelli@epfl.ch Mathematical Finance, Risk Measures, Option Pricing, Longevity Risk

Anders Trolle

Assistant Professor Anders.trolle@epfl.ch General Asset Pricing, Derivatives Pricing, Term Structure Modeling, Financial Econometrics, Dynamic Asset Allocation, Incomplete Information & Learning

Researchers of SFI Postdoctoral fellows

PhD students

Dr. Chiara Forlati Dr. Elise Le Nestour Dr. Gregor Svindland Dr. Pinar Uysal

Julien Cujean Antonio Giuliano Curatola Michael Hasler Christopher Hemmens Ngoc Giang Hoang Ilya Kolpakov Jan Kulak Emmanuel Leclercq Jules Munier Victoria Nuguer Anjali Nursimulu RĂŠmy Praz Rodolfo Prieto Philip Valta ANNUAL REPORT 2010 _ COLLEGE OF MANAGEMENT OF TECHNOLOGY _ 37

3.1 Research

_ The focus of the Swiss Finance Institute @ EPFL is on the areas within finance that have a natural interaction with mathematics, statistics, engineering, and science, namely, mathematical finance, financial econometrics, market microstructure and market design, and entrepreneurial finance. The first three areas foster links with other parts of EPFL campus, such as mathematics, communications, or computer science. Entrepreneurial finance provides bridges within the Institute of Management of Technology and Entrepreneurship. 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).

Grants

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 world-class academic forum for cutting-edge research in finance, advanced doctoral education and knowledge transfer between finance researchers and Switzerland’s finance professionals. Damir Filipovic is the head of project A5 (“Dynamic Asset Pricing”) within NCCR FINRISK. The project has been approved in 2010 for a duration of three years and an overall budget of 0.6M CHF. The team also includes Julien Hugonnier, Semyon Malamud, Loriano Mancini, Claudia Ravanelli, Gregor Svindland and Anders Trolle from EPFL, and Tony Berrada from the University of Geneva. The project deals with equilibrium asset pricing under market imperfections with a particular focus on the major risk sources in the financial markets: credit, interest rate, and volatility risks. One part addresses some open problems in dynamic asset pricing and portfolio choice in complete and incomplete market economies with heterogeneous agents. Another part elaborates on credit risk, which includes the pricing and optimal hedging of collateralized debt obligations among others. A third part studies modeling issues for the term structure of interest rates, volatility and variance swaps. A fourth part addresses topics in liquidity risk and fragmented markets. This includes among others percolation of information in segmented over the counter markets. Erwan Morellec is the head of project B2 (“Dynamic Corporate Finance: Theory and Tests”) within NCCR FINRISK. The project has been approved in 2008 for a duration of four years and an overall budget of 1.1M CHF. The team also includes Ruediger Fahlenbrach from EPFL and Norman Schürhoff and Alexei Zhdanov from the University of Lausanne. 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). Both projects involve numerous collaborations with researchers from other Swiss Universities or from other Universities abroad. Moreover, many of the findings will have practical uses throughout the financial industry. As the market conditions remain tight, it is critical that accurate and reliable models be developed that help to mitigate risk for financial institutions and ultimately assist in repairing the markets through increased investment and restored investor confidence.

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Awards

Damir Filipovic: AXA-EGRIE Prize for the paper on “Optimal investment and premium policies under risk shifting and solvency regulation” presented the World Risk and Insurance Economics Congress in Singapore (2010)

Prof. Luisa Lambertini

Chair of International Finance attached to SFI The research goal of Prof. Luisa Lambertini and her team is to develop DSGE (Dynamic Stochastic General Equilibrium) macroeconomic models that capture the interaction between financial markets, the housing sector and the macroeconomy for the analysis of monetary and fiscal policy. Following projects have been developed recently: _ Housing Models with Risky Mortgages: The returns to housing are subject to aggregate and idiosyncratic risk. Mortgages are defaulted in equilibrium when housing returns are low. To capture recent events, we consider an increase in the riskiness of mortgages. An increase in mortgage risk raises default and generates a credit crunch and a recession. _ Boom-bust Cycles in Housing Markets: This project finds that expectations on the future conduct of monetary policy, productivity and credit conditions can generate housing market boom-bust cycles in accordance with empirical findings. _ Monetary and Macro-prudential Policies in Boom-bust Cycles: This project analyzes the gains of monetary and macro-prudential policies that lean against boom-bust cycles in credit and housing prices. It finds that interest rate rules that respond to credit growth and countercyclical loan-to-value ratios reduce macroeconomic volatility and improve welfare relative to the estimated interest rate rule. _ The Role of Bank Capital: This project develops a model for the financing decision of banks and the portfolio decision of savers. The goal is to analyze the effect of bank capital regulation (as required by Basel III) as well as recent bank recapitalization efforts during the financial crisis. _ A Macroeconomic Model of Global Banking. This project plans to analyze bank regulation and policy options for economies with large financial sectors like.

Other activities

The Center for Fiscal Policy is an affiliate of Prof. Luisa Lambertini’s research group 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 2010 include Professor Alessia Campolmi, Central European University Budapest and Magyar Nemzeti Bank; and Professor Stefano Gnocchi, Universidad Autonoma de Barcelona.

Grants

Luisa Lambertini (jointly with UNIL and the Graduate Institute in Geneva) has been awarded a 1.2M CHF Sinergia Grant by the Swiss National Science Foundation for the 3-year project entitled “The Macroeconomics of Financial Crises”. The goal of this project is to understand the macroeconomic dimension of the recent financial crisis and to introduce financial realities into macroeconomic models.

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3.2 education

Master MFE Description

The Master in Financial Engineering (MFE) is the result of a multi-disciplinary effort involving the Swiss Finance Institute at EPFL, the Institute of Management of Technology and Entrepreneurship as well as EPFL faculty members from Mathematics, Economics, Statistics, Computer Science and Operations Research and Communications among others.

Structure

The MFE is a highly selective 2-years master program that includes three semesters of intensive coursework followed by a mandatory six month internship in the financial industry leading to a master thesis. The program provides financial education at the forefront of both academic thinking and industry practice. In the first three semesters of the program, MFE students follow courses on the EPFL campus, divided into three groups: _ Foundation courses: In-depth coverage of the key concepts and topics with which every finance professional should be familiar with. _ Advanced courses: Cover important aspects of finance and financial engineering. _ Electives courses: Free choice of courses in order to tailor the program to the requirements of a career choice.

Objectives

The MFE is aimed at very bright students seeking comprehensive knowledge of derivatives pricing, asset management, securities trading, risk management, corporate valuation and market design. As such, the MFE is of particular relevance to those wishing to work in: portfolio management and security analysis, hedge funds, risk management, securities trading, structuring and underwriting, corporate finance and corporate restructurings as well as in venture capital and private equity. Through their studies, MFE students learn how to combine modern finance theory and computational methods with a practical knowledge of the forums in which they can employ these skills. At the end of their studies at EPFL, MFE students will have the ideal profile to integrate rapidly in financial institution such as investment banks, rating agencies, consulting and auditing companies, insurance companies and online trading companies. As an alternative, MFE graduates also enter top level PhD programs in finance or financial engineering, such as the Swiss Finance Institute PhD program at EPFL, with an eye on an academic career.

Recent Developments

Starting in the academic year 2010-2011 the Financial Engineering section offers EPFL master students the possibility of pursuing a disciplinary Minor in Financial Engineering. This minor complements the master programs offered at EPFL by providing students with the key concepts and tools of Financial Engineering through the choice of 30 credits of courses.

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ppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp ppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp ppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp ppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp ppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp ppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp ppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp ppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp ppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp ppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp ppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp ppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp ppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp REGISTRED STUDENTS - MFE MASTER pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp ppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp ppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp ppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp ppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp 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Fundamental Option Pricing with Realistic Processes

ANNUAL REPORT 2010 _ COLLEGE OF MANAGEMENT OF TECHNOLOGY _ 41

education

List of courses & number of students registered per class

COURSE TITLE

TAUGHT BY

NR REGISTRED STUDENTS

CREDITS

Foundation Courses 1

Econometrics

Loriano Mancini

Introduction to finance

Rüdiger Fahlenbrach

Quantitative methods in finance

Claudia Ravanelli

Macrofinance

Luisa Lambertini

Stochastic calculus I

Olivier Lévêque

Anders Trolle

Advanced Courses 1

Advanced derivatives

Cases in finance

Erwan Morellec

Credit risk and fixed income analysis

Julien Hugonnier

Derivatives

Semyon Malamud; Julien Hugonnier

Financial Econometrics

Eric Jondeau

Investments

Daniel Andrei

Real options and financial structuring

Erwan Morellec

Stochastic Calculus for Finance

Damir Filipovic

Elective Courses 1

Advanced topics in financial econometrics

Loriano Mancini

Design of market-based solutions to allocation problems

Peter Bossaerts

Global business environment

Luisa Lambertini

Private equity

Rüdiger Fahlenbrach

Average no of students per MFE class

42 _

25.1

Doctoral School EDFI Description & Objectives

The doctoral program in Finance is targeted towards the pursuit of academic excellence. The program covers a wide range of subjects including Asset Pricing, Financial Economics, Financial Econometrics, Corporate Finance, and Mathematical Finance. Applicants should have a strong interest in research and the desire to pursue an academic career or to continue their career doing research in Finance within the public or private sector. The program is part of the Swiss Finance Institute PhD program for the Léman area, including EPFL, the University of Lausanne, and the University of Geneva. This program takes about 10 to 15 students per year from a pool of applicants from the best institutions around the world and provides a nice complement to the Master of Financial Engineering. After their first year the students decide in which of the three Léman area institutions, EPFL, University of Lausanne, or University of Geneva, they want to pursue their PhD studies.

Recent Developments

Over the last few years, these students have been placed either in the industry or in premier academic institutions such as Boston University (USA), Carnegie Mellon University (USA), Duke University (USA), HEC Paris (France), the London School of Economics (UK), or the University of Rochester (USA). In 2010, the number of applications for the Swiss Finance Institute PhD program for the Léman area has further increased to more than 200 in total. Twelve students have been admitted and enrolled in the program. Four students passed their candidacy exam, and entered their second year in the program at EPFL. Two students graduated from the Doctoral Program in Finance at EPFL. Both students got excellent academic placements at HEC Paris and Boston University.

ANNUAL REPORT 2010 _ COLLEGE OF MANAGEMENT OF TECHNOLOGY _ 43

PhD Graduates in 2010

PhD Graduate Rodolfo Prieto

Thesis title Essays on Equilibrium Asset Pricing

Supervisors Julien Hugonnier

PhD Graduate Philip Valta

Thesis title Corporate Finance, Asset Returns, and Credit Risk

Supervisors Erwan Morellec

List of courses & number of students registered per class

COURSE

TEACHER

CREDITS

NR PARTICIPANTS

Asset pricing 1: Arbitrage

Tony Berrada

Asset Pricing 2: Equilibrium

Pascal St Amour

Financial econometrics

Eric Jondeau

Game theory

Thomas Mariotti

Theoretical corporate finance

Erwan Morellec

Empirical corporate finance

Norman Schuerhoff & R端diger Fahlenbrach

Empirical asset pricing

Michael Rockinger

Advanced topics in asset pricing

Julien Hugonnier

Advanced topics in empirical asset pricing

Olivier Scaillet

Advanced topics in mathematical finance

Damir Filipovic

Macro-finance

Jean Imbs

Mathematics (stochastic calculus)

Semyon Malamud

nUMBER OF STUDENTS pER CLASS

44 _

3.3 Latest & significant publications Publications and papers accepted for publication

_ Fahlenbrach, R., Becker, B. & Cronqvist, H. (2010). Estimating the effects of large shareholders using a geographic instrument. Journal of Financial and Quantitative Analysis, forthcoming. _ Fahlenbrach, R., Low, A. & Stulz, R. M. (2010). Why do firms appoint CEOs as outside directors? Journal of Financial Economics 97, 12-32. _ Fahlenbrach, R., Minton B. & Pan, C. (2010). Former CEO directors: Lingering CEOs or valuable resources? Review of Financial Studies, forthcoming. _ Fahlenbrach, R. & Sandas, P. (2010). Does information drive trading in option strategies? Journal of Banking & Finance 34, 2370-2385. _ Filipovic, D., Cheridito, P. & Kimmel, R. (2010). A Note on the Dai-Singleton Canonical Representation of Affine Term Structure Models. Mathematical Finance 20, 509-519. _ Filipovic, D., Cuchiero, C., Mayerhofer, E. & Teichmann, J. (2010). Affine Processes on Positive Semidefinite Matrices. The Annals of Applied Probability, forthcoming. _ Filipovic, D., Cuchiero, C. & Teichmann, J. (2010). Affine Models. Encyclopedia of Quantitative Finance, ed. Rama Cont et al., 16-20. John Wiley & Sons Ltd. _ Filipovic, D. & Schmidt, T. (2010). Pricing and Hedging of CDOs: A Top Down Approach, Contemporary Quantitative Finance, 231-253, Springer Berlin Heidelberg. _ Filipovic, D., Tappe, S. & Teichmann, J. (2010). Term Structure Models Driven by Wiener Process and Poisson Measures: Existence and Positivity. SIAM Journal on Financial Mathematics 1, 523-554. _ Hugonnier, J., Breton, M. & Masmoudi, T. (2010). Mutual fund competition in the presence of dynamic flow. Automatica, 46:1176-1185. _ Hugonnier, J. & Kaniel, R. (2010). Mutual fund portfolio choice in the presence of dynamic flows. Mathematical Finance, 20(2):187-227. _ Lambertini, L. & Forlati, Ch. Risky Mortgages in a DSGE Model. International Journal of Central Banking, forthcoming. _ Malamud, S. & Cvitanic, J. (2010). Relative Extinction of Heterogeneous Agents. B. E. Journal of Theoretical Economics, Vol. 10(1). _ Malamud, S. & Cvitanic, J. Price Impact and Portfolio Impact. Journal of Financial Economics, forthcoming. _ Malamud, S., Duffie, D. & Manso, G. (2010). The Relative Contributions of Private Information Sharing and Public Information Releases to Information Aggregation. Journal of Economic Theory, Vol. 145(4), 1574-1601. _ Mancini, L. & Trojani, F. Robust value at risk prediction. Journal of Financial Econometrics, forthcoming. _ Morellec, E. & Schuerhoff, N. Corporate investment and financing under asymmetric information. Journal of Financial Economics, forthcoming. _ Morellec, E. & Schuerhoff, N. (2010). Dynamic investment and financing under personal taxation. Review of Financial Studies 23, 101-146. _ Ravanelli, C., Barrieu, P., Bensusan, H., El Karoui, N., Hillairet, C. Loisel, S. & Salhi, Y. Understanding, modelling and managing longevity risk: key issues and main challenges. Scandinavian Actuarial Journal, forthcoming. _ Trolle, A. & Schwartz, E. S. (2010). Pricing expropriation risk in natural resource contracts - A real options approach. In William Hogan and Federico Sturzenegger, eds.: “The Natural Resource Trap”, MIT press. _ Trolle, A. & Schwartz, E. S. (2010). Variance risk premia in energy commodities. Journal of Derivatives, vol. 17, p. 15-32.

Working Papers

_ Campolmi, A., Fadinger, H. & Forlati, Ch. Trade Policy: Terms of Trade Externality vs. Home Market Effect. Working Paper, Ecole Polytechnique Fédérale de Lausanne. _ Fahlenbrach, R. & Evans, R. B. (2010). Institutional investors and mutual fund governance. SFI Working Paper, Ecole Polytechnique Fédérale de Lausanne. _ Fahlenbrach, R. Low, A. & Stulz, R. M. (2010). The dark side of outside directors: Do they quit when they are most needed? SFI Working Paper, Ecole Polytechnique Fédérale de Lausanne.

ANNUAL REPORT 2010 _ COLLEGE OF MANAGEMENT OF TECHNOLOGY _ 45

Latest & significant publications

_ Fahlenbrach, R. & Stulz, R. M. (2010). Bank CEO incentives and the credit crisis. SFI Working Paper, Ecole Polytechnique Fédérale de Lausanne. _ Filipovic, D. & Macrina, A. & Hughston, L. P. (2010). Conditional Density Models for Asset Pricing. SFI Research Paper No. 10-44. _ Forlati, Ch. (2009). On the Benefits of a Monetary Union: Does it Pay to Be Bigger? Working Paper, Ecole Polytechnique Fédérale de Lausanne. _ Forlati, Ch. (2009). Optimal Monetary Policy in the EMU: Does Fiscal Policy Coordination Matter? Working Paper, Ecole Polytechnique Fédérale de Lausanne. _ Forlati, Ch. & Gnocci S. (2010). Policy Targets in a Linear-Quadratic Framework. Working Paper, Ecole Polytechnique Fédérale de Lausanne. _ Gaul, L., Pavlia, A. & Uysal, P. Corporate Loan and Government Debt Maturity: Evidence from the Syndicated Loan Market. Submitted to The Financial Review. _ Gaul, L. & Uysal, P. (2010). Volatility and Syndicated Loan Spreads. Working Paper, Ecole Polytechnique Fédérale de Lausanne. _ Gaul, L. & Uysal, P. (2010). Do Audit Fees Influence Credit Risk and Asymmetric Information Problems? Evidence from the Syndicated Loan Market. Working Paper, Ecole Polytechnique Fédérale de Lausanne. _ Hugonnier, J. (2010). Rational bubbles and portfolio constraints. SFI Working Paper, Ecole Polytechnique Fédérale de Lausanne. _ Hugonnier, J. & Berrada, T. Continuous-time industry equilibrium with adjustment costs, UNIGE & SFI Working Paper. _ Hugonnier, J. & Berrada, T. Incomplete information, idiosyncratic volatility and stock returns. UNIGE & SFI Working Paper. _ Hugonnier, J. Prieto, R. Arbitrageurs, bubbles and credit conditions. SFI & Boston University Working Paper _ Lambertini, L. & Cucinniello, V. Optimal Exchange-Rate Targeting with Large Labor Unions. Submitted to Journal of International Economics. _ Lambertini, L. Mendicino, C. & Punzi, M. T. (2010). Expectations-Driven Cycles in the Housing Market, Working Paper 1021, Central Bank of Spain. _ Lambertini, L. Mendicino, C. & Punzi, M. T. (2010). Leaning Against Boom-Bust Cycles in Credit and Housing Prices. Manuscript. _ Malamud, S. & Cvitanic, J. Nonmyopic Optimal Portfolios in Viable Markets. SFI Working Paper N.42, Ecole Polytechnique Fédérale de Lausanne. _ Malamud, S, Duffie, D. & Manso, G. Information Percolation in Segmented Markets. SFI working paper N. 9, Ecole Polytechnique Fédérale de Lausanne. _ Malamud, S., Whinston, A. & Rui,H. Optimal Securitization with Heterogeneous Investors. SFI Working Paper N.10, Ecole Polytechnique Fédérale de Lausanne. _ Mancini, L., Ranaldo, A. & Wrampelmeyer, J. Liquidity in the foreign exchange market: Measurement, commonality, and risk premiums. SFI Working Paper, Ecole Polytechnique Fédérale de Lausanne. _ Morellec, E. Credit supply and corporate policies. SFI Working Paper, Ecole Polytechnique Fédérale de Lausanne. _ Morellec, E., Hugonnier, J. & Malamud, S. Capital supply uncertainty, investment, and cash holdings. SFI Working Paper, Ecole Polytechnique Fédérale de Lausanne. _ Ravanelli, C. & Svindland, G. Pareto Optimal allocations for law invariant and convex risk functions. _ Trolle, A. & Schwartz, E. S. An empirical analysis of the swaption cube. NBER working paper # 16549. _ Uysal, P. (2010). Foreign Direct Investment: Is There Room for Human Capital Spillovers? Working Paper, Ecole Polytechnique Fédérale de Lausanne. _ Uysal, P. & Yotov, Y. (2010). Trade Liberalization, Firm Heterogeneity, and Labor Layoffs: An Empirical Investigation. Journal of International Economics, submitted.

46 _

_ Very diversified, the Master in Financial Engineering is fascinating: the extensive knowledge acquired is put into practice through examples from the real industry. Marcelo Savoia, MFE student 2009-2010

_ The MFE Master was for me the most appropriate as it allows to understand the major financial tools from an academic training. Konstantinos Tsoulos, MFE Student 2009-2010

ANNUAL REPORT 2010 _ COLLEGE OF MANAGEMENT OF TECHNOLOGY _ 47

48 _

Facts & Figures

4.1 Organization CDM COUNCIL

direction cdm martin vetterli, a.i.

GENERAL SERVICES

Commissions

SWISS FINANCE INSTITUTE@EPFL SFI

MANAGEMENT OF TECHNOLOGY & ENTREPRENEURSHIP INSTITUTE MTEI

DIR. ERWAN MORELLEC

DIR. CHRISTOPHER TUCCI

SECTION OF MANAGEMENT, TECHNOLOGY & ENTREPRENEURSHIP MTE DIR. MARC GRUBER

SECTION OF FINANCIAL ENGINEERING FE DIR. JULIEN HUGONNIER

DOCTORAL SCHOOL EDMT DIR. DOMINIQUE FORAY

DOCTORAL SCHOOL EDFI DIR. DAMIR FILIPOVIC

CONTINUING EDUCATION EXECUTIVE MASTERS

Status: end 2010 ANNUAL REPORT 2010 _ COLLEGE OF MANAGEMENT OF TECHNOLOGY _ 49

4.2 Events

Organized conferences _ _ _ _

Knowledge in Organizations, Monte Verita, Ascona, Switzerland, Mai 2010 Babson Entrepreneurship Conference, EPFL, Lausanne, Switzerland, June 2010 (co-hosted with IMD) Conference on Trends and Innovation for the Postal Market, Lausanne, Switzerland, September 2010 Swissquote Conference on Interest Rate and Credit Risk, EPFL, Lausanne, Switzerland, October 2010

Organized Seminars DEEP-EPFL Seminar Series in Macroeconomics

(hosted by Prof. Luisa Lambertini and jointly organized with University of Lausanne) _ Gianluca Benigno, London School of Economics: Revisiting Overborrowing and its Policy Implications (March 25th, 2010) _ Stefano Gnocchi, Universitat Autònoma de Barcelona: Labor Market Participation, Unemployment and Monetary Policy (May 12th, 2010) _ Marc Giannoni, Columbia Business School, New York: Optimal Target Criteria for Stabilization Policy (Sept 22nd, 2010) _ Mark Gertler, New York University: Financial Crises, Bank Risk Exposure and Government Financial Policy (Oct 14th, 2010) _ David de la Croix, Université Catholique de Louvain: Do Brain Drain and Poverty Result from Coordination Failures ? (Oct 20th, 2010) _ Nicolas Coeurdacier, London Business School: Credit constraints and growth in a global economy (Dec 8th, 2010) _ Matteo Iacoviello, Federal Reserve Board, Washington: Financial Business Cycles (Dec 22nd, 2010)

MTEI Seminars

_ Michael Jacobides, London Business School: Who wins in a sector, and why? How the dynamics of a segment shape its position in the industry architecture (March 1st, 2010) _ Corey Phelps, HEC (Paris): Knowledge Sharing within Multipartner Alliances: The Influence of Coalitions, Competition and Power (March 8th, 2010) _ Paul Windrum, Nottingham University Business School: The Role of Design in Product Innovation: Design Frames and the Development of the Portable Computer (March 25th, 2010) _ Vinod Singhal, Georgia Institute of Technology: Demand-supply mismatch and shareholder value:Evidence from excess inventory announcements (April 16th, 2010) _ Michael Ensley, Top Management Team Evaluator: Leadership Balance (June 18th, 2010) _ Gunnar Eliasson, Royal Institute of Technology (KTH) Stockholm: Advanced Public Procurement as Industrial Policy- Aircraft industry as a technical university (Oct 11th, 2010) _ David Gann & Mark Dodgson, Imperial College: The future of innovation studies (Oct 22nd, 2010) _ Daniel Corsten, IE Business School: Out-of-Stocks - Extent, Causes and Consequences (Nov 10th, 2010) _ Thomas Weber, Stanford University: Models and decisions: A robust approach to finding both (Nov. 11th, 2010) _ François Margot, Carnegie Mellon: Upper and Lower Bounds for Optimization Problems (Nov. 11th, 2010) _ David Levine, Washington University: Is Behavioral Economics Doomed? (Dec 6th, 2010) _ Nathan Furr, Brigham Young University: The Dangers of Deep Knowledge: New Ventures in the U.S. Solar Industry (Dec 10th, 2010) _ Bhaven Sampat, Columbia University (Dec 15th, 2010)

50 _

SFI Seminars - The Jean-François Leuba Seminars

(hosted by the Centre Universitaire Lausannois de Finance (CULF) and jointly organized with University of Lausanne) _ Eric Ghysels, University of North Carolina (Jan 8th, 2010) _ Jörg Rocholl, European School of Management and Technology (Jan 11th, 2010) _ Ioanid Rosu, University of Chicago, Booth School of Business (Feb 5th, 2010) _ Cesare Robotti, Federal Reserve Bank of Atlanta (Feb 12th, 2010) _ Peter Feldhutter, Copenhagen Business School (Feb 19th, 2010) _ Mark van Achter, University of Mannheim (Feb 22nd, 2010) _ René Stulz, Ohio State University (Feb 23rd, 2010) _ Florian Peters, University of California (March 2nd, 2010) _ Christian Dorion, HEC Montréal (March 5th, 2010) _ Craig Brown, Zicklin School of Business at Baruch College (March 9th, 2010) _ Christine Parlour, Berkeley University, Haas School of Business (March 19th, 2010) _ Dmitry Livdan, Berkeley University, Haas School of Business (March 26th, 2010) _ Ekkehart Boehmer, University of Oregon, Lundquist College of Business (April 13th, 2010) _ Arvind Krishnamurthy, Kellogg School of Management, Northwestern University (April 30th, 2010) _ Henri Servaes, London Business School (May 7th, 2010) _ Pierre Collin-Dufresne, Columbia University, Graduate School of Business (May 25th, 2010) _ Clemens Sialm, McCombs School of Business University of Texas (May 31st, 2010) _ Gustavo Manso, Massachusetts Institute of Technology, Sloan School of Business (June 4th, 2010) _ Ilya Strebulaev, Stanford University (June 18th, 2010) _ Carlo Acerbi, Riskmetrics Geneva (July 17th, 2010) _ Nicole El Karoui, Ecole Polytechnique, Paris, Centre de Mathématiques Appliquées (Sept 17th, 2010) _ Zhiguo He, University of Chicago, Booth School of Business (Dec 16th, 2010) _ Yuki Sato, London School of Economics (Sept 24th, 2010) _ Markus Brunnermeier, Princeton University, Department of Economics (Sept 28th, 2010) _ Hayne Leland, Berkeley University, Haas School of Business (Oct 5th, 2010) _ Jakub Jurek, Princeton University, Bendheim Center for Finance (Oct 22nd, 2010) _ Chris Rogers, Cambridge University, Cambridge Finance (Nov 5th, 2010) _ Fabio Trojani, University of Lugano, Swiss Finance Institute (Nov 12th, 2010) _ Lars-Alexander Kuehn, Carnegie-Mellon University, Tepper School of Business (Nov. 19th, 2010) _ Sergei Kovbasyuk, University of Toulouse 1, Toulouse School of Economics (Dec 1st, 2010) _ Sascha Steffen, University of Mannheim, Department of Banking and Finance (Dec 2nd, 2010) _ Philippe Mueller, London School of Economics (Dec 3rd, 2010) _ Anna Cieslak, University of Lugano, Swiss Finance Institute (Dec 6th, 2010) _ Lasse Pedersen, New York University, Stern School of Business (Dec 7th, 2010) _ Theodosios Dimopoulos, London Business School (Dec 8th, 2010) _ Stavros Panageas, University of Chicago, Booth School of Business (Dec 10th, 2010) _ Gyuri Venter, London School of Economics (Dec 13th, 2010) _ Christophe Spaenjers, Tilburg University, Department of Finance (Dec 15th, 2010) _ Patrick Cheridito, Princeton University, Bendheim Centre for Finance (Dec 17th, 2010)

CDM Invited Professors _ Alessia Campolmi, Central European University Budapest (April 2010) _ Stefano Gnocchi Universidad Autònoma de Barcelona (May 2010) _ Eric Jondeau, HEC, Université Lausanne _ Diane Poulin, Université Laval (Jan-July 2010) _ Ron Sanchez, Copenhagen Business School (Jan-June & Oct-Dec 2010) _ Ann Scheck McAlearney, Ohio State University (Jan-June 2010)

ANNUAL REPORT 2010 _ COLLEGE OF MANAGEMENT OF TECHNOLOGY _ 51

4.3 Staff summary

STAFF CATEGORY

TOTAL NUMBER

WHEREOF WOMEN

FULL-TIME EQUIVALENTS

Full professors

7.2

Associate professors

1.5

Tenure Track Assistant Professors

Titular Professors

MER

WHEREOF FINANCED WITH EXTERNAL FUNDS 2 2

Scientific staff

2.5

Postdoctoral fellows

11.15

3.95

PhD students (internal)

27.5

2.55

External PhD students

Technical support

4.25

Administrative support

9.8

Apprentices

86.9

TOTAL

52 _

1.5

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pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pp ppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppp 8% pp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppp pppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppp pp pp pppppppp pp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp ppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pp pp pppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pp pp pp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp EUROPEAN pp pp pp pp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp ppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppp COMMISSION pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp 2% ppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp VARIOUS MANDATES pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp 11% pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp ppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp

4.4 Finances

rrrrrrrrrrr rrrrrrrrrrrrrr rrrrrrrrrrrrrr rrrrrrrrrrrrrr rrrrrrrrrrr rrrrrrrrrrrrrr rrrrrrrrrrrrrr rrrrrrrrrrrrrr rrrrrrrrrrr rrrrrrrrrrrrrr rrrrrrrrrrrrrr rrrrrrrrrrrrrr rrrrrrrrrrr rrrrrrrrrrrrrr rrrrrrrrrrrrrr rrrrrrrrrrrrrr rrrrrrrrrrr rrrrrrrrrrrrrr rrrrrrrrrrrrrr rrrrrrrrrrrrrr rrrrrrrrrrr rrrrrrrrrrrrrr rrrrrrrrrrrrrr rrrrrrrrrrrrrr rrrrrrrrrrr rrrrrrrrrrrrrr r rrrrrrrrrrrrr r rrrrrrrrrrrrr rrrrrrrrrrrrrr rrrrrrrrrrr rrrrrrrrrrrrrr rrrrrrrrrrrrrr rrrrrrrrrrrrrr rrrrrrrrrrrrrr rrrrrrrrrrrrrr rrrrrrrrrrrrrr rrrrrrrrrrrrrr rrrrrrrrrrrrrr rrrrrrrrrrrrrr rrrrrrrrrrrrrr kkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkk kkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkk kkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkk kkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkk kkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkk kkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkk kkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkk kkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkk kkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkk kkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkk kkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkk kkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkk kkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkk kkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkk kkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkk kkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkk

aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp ANNUAL REPORT 2010 _ COLLEGE OF MANAGEMENT OF TECHNOLOGY _ 53

4.5 International Collaborations

Austria

France

Italy

_ Vienna University of Economics and

_ University of Paris 1 – Sorbonne

_ Florence School of Regulation

_ HEC Paris

_ University of Bocconi, Milano

_ École des Ponts ParisTech, Paris

_ Politecnico di Milano

Business _ University of Vienna

_ EMLYON Business School, Lyon Canada _ Uni Laval, Québec

_ Institut National des Sciences Appliquées (INSA), Lyon

LEBANNON _ American University of Beyrouth

_ École Polytechnique de Montréal Germany

MAROCCO

Denmark

_ RWTH Aachen

_ École Hassania des Travaux Publics (EHTP),

_ Copenhagen Business School

_ Technical University of Munich

Casablanca

_ Ludwig-Maximilians-University Munich

54 _

_ European Business School, Mainz

Mexico

_ University of Cologne

_ Technologico de Monterrey

Portugal

United Kingdom

_ Universidade Catolica Portuguesa, Braga

_ University of Surrey

_ Loyola University Chicago, IL

_ University of Warwick

_ Boston University, MA

Spain

_ University of Michigan, Ann Arbor, MI

_ ESADE Business School, Barcelona

USA

_ Universitat Autonoma de Barcelona

_ Stanford University, CA

_ Stevens Institute of Technology, New York, NY

_ Dartmouth College, Paso Robles, CA

_ NYU, New York, NY

The Netherlands

_ UC-Berkeley, CA

_ Columbia University, New York, NY

_ TU Delft

_ California State University,

_ RPI, Troy, NY

_ Erasmus University Rotterdam

_ University of Pennsylvania,

Los Angeles, CA _ California Institute of Technology (Caltech),

Turkey _ Bahรงesehir University, Istanbul

Philadelphia, PA _ Temple University, Philadelphia, PA

Los Angeles, CA _ San Francisco State University, CA

_ UT Austin (USA) Austin, TX

_ University of Colorado at Boulder, CO

_ Foster Business School, University of

_ University of Illinois at Urbana-Champaign, IL

Washington, Seattle, WA

ANNUAL REPORT 2010 _ COLLEGE OF MANAGEMENT OF TECHNOLOGY _ 55

EPFL – CDM Odyssea, Station 5 CH - 1015 Lausanne T + 41 21 693 00 36 F + 41 21 693 24 89

http://cdm.epfl.ch cdm@epfl.ch

Publication details _ Concept, editing, translation Alexandra von Schack _ Coordination Barbara Baumann _ Contributors MTEI / Christopher Tucci Master MTE / Marc Gruber Doctoral School EDMT / Dominique Foray SFI & Doctoral School EDFI / Damir Filipovic Master MFE / Julien Hugonnier _ All photography Alain Herzog _ Design l’atelier de aude www.latelierdeaude.ch _ Printing REPRO EPFL _ Copyright © 2010-2011 Ecole Polytechnique Fédérale de Lausanne Reproduction is permissible with citation of the source “EPFL - CDM, Annual Report 2010”.

56 _

EPFL – CDM Odyssea, Station 5 CH - 1015 Lausanne T + 41 21 693 00 36 F + 41 21 693 24 89

http://cdm.epfl.ch