Asset & Risk Management


The center runs an applied research program focusing on practical applications for education and the professional community.  The research program is organized along three lines of research.

  • Asset Management: Research activities on asset management focus on optimal allocation strategies under different economic contexts. The strategies which are examined in this program range from traditional portfolio optimization techniques under a mean-variance to advanced optimization under a higher-moment framework as well as to smart beta or alternative strategies. We evaluate the risks and performance of these strategies with a particular attention on the more dynamic trading strategies performed by hedge funds and mutual funds. Our future research agenda integrates smart beta strategies which have proved to be resilient to economic turmoil in the financial markets.
  • Financial Risk Management: Financial risks and their impacts on our markets are more than ever a matter of crucial interest to market participants, regulators and public authorities. Research activities on financial risk management focus on modeling and pricing firm and/or country specific markets, exchange rate, liquidity and credit risks in equity and bond markets. The current work of our team is concentrated on three lines of research: (i) the role of market conditions in the underlying mechanisms and implications of financial risks, (ii) the analysis of the time-varying dynamics along which financial risks propagate across markets and market participants, as well as (iii) the way institutional and macroeconomic conditions alter markets’ and market participants’ resilience to risk across developed, emerging and developing markets.
  • Corporate finance: The objective is to investigate drivers of growth in firm value. The program involves several aspects of equity research. First, it focuses on financial analysis and security valuation with its consequence on asset pricing and market anomalies in equity markets (size and book-to-market, profitability and investment policy). Second, it focuses on private investments as sources of innovation and performance. We especially target the role of private investors (VC, PE) in those markets. Finally, optimal allocation strategy of private investors/entrepreneurs is part of our research agenda.



  • Centre for Asset and Risk Management (CARM)




CORHAY Albert, Full Professor, PhD


HAMBUCKERS Julien, Assistant Professor, PhD


HUBNER Georges,  Full Professor, Phd


LAMBERT Marie,  Full Professor, PhD


MULLER Aline,  Full Professor, PhD


SOUGNE DanielleFull Professor, PhD

TORSIN Wouter, Assistant Professor, PhD  



DARE Wale, Researcher, PhD





BABAEI Hamid, PhD Candidate


DAVOLI JoachimResearcher


DEBAY Michel, Researcher, PhD Candidate


DOUMBIA Souleymane, Researcher


GILLAIN Cédric, Researcher, PhD Candidate


MATABARO Borauzima Luc, PhD Candidate


MORENO NicolasResearcher, PhD Candidate


ROSU Stéphanie, Teaching & Research Assistant, PhD Candidate


RUTH Jérôme, Research, PhD Candidate


SCIVOLETTO Alexandre, Teaching & Research Assistant, PhD Candidate


TAQUET Simon, Researcher

THONUS Célina, Teaching & Research Assistant, PhD Candidate    


Last update :21/12/2020