Gabriel Hawawini

The Henry Grunfeld Chaired Professor of Investment Banking
Professor of Finance
 


EDUCATION
  |  APPOINTEMENTS  |    BOOKS AND MONOGRAPHS  |   SELECTED PUBLICATIONS


Research Interests Include

Education

1972        MSc (Chemical Engineering) - University of Toulouse, France
1974        MBA - New York University
1977        PhD (Finance) - New York University

Appointments

1977-79    Assistant Professor of Finance - Graduate School of Business Administration, New York University
1979-80    Associate Professor of Finance - Baruch College, City University of New York
1980-82    Professor of Finance - Baruch College, City University of New York
1982-02    Professor of Finance - INSEAD
1984-87    Coordinator of the Finance Area - INSEAD
1988-94    Director General, Euro-Asia Centre - INSEAD
1996-99    Coordinator of the Finance Area - INSEAD
1998-99    Associate Dean, PhD Program - INSEAD
1998-00    Associate Dean, Development - INSEAD

2000-06    Dean - INSEAD

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Books and Monographs

  1. (2006) "Finance for Executives: Managing for Value Creation", (Third Edition) South-Western College Publishing (with C. Viallet); translated into Chinese.
     
  2. (2002) "Finance for Executives: Managing for Value Creation", (Second Edition)  South-Western College Publishing (with C. Viallet); translated into Chinese.

  3. (1998) "Finance for Executives: Managing for Value Creation", (First Edition)  South-Western College Publishing (with C. Viallet); translated into Chinese.

  4. (1993) "Study Guide: Theory and Problems", (Sixth Edition with P. Warner), to accompany Ritter & Silber's "Principles of Money, Banking and Financial Markets, Basic Books, New York: 1993 (330 pages). First Edition (1980), Second Edition (1983),  Third Edition (1986), Fourth Edition (1988) and Fifth Edition in (1990).

  5. (1993) "Instructor's Manual and Test Bank", (Sixth Edition), to Ritter & Silber's "Principles of Money, Banking and Financial Markets", Basic Books, New York: 1993 (250 pages) (with P. Warner). First Edition (1980), Second Edition (1983), Third Edition (1986), Fourth Edition (1988) and Fifth Edition (1990).

  6. (1990) "Mergers and Acquisitions in the U.S. Banking Industry: Evidence from the Capital Markets", North Holland Publishing Company (with I. Swary). Reviewed in the Journal of Economic Literature.

  7. (1989) "The Transformation of the European Financial Services Industry: From Fragmentation to Integration", Monograph Series in Economics and Finance, Salomon Brothers Center for the Study of Financial Institutions, New York University, Monograph 89/4 (with E. Rajendra).

  8. (1987) "Mandatory Financial Disclosure and Capital Market Equilibrium in Belgium", Garland Publishing Company, New York and London: 1987 (with P. Michel). Reviewed in the Accounting Review.

  9. (1985) "European Equity Markets : Price Behavior and Efficiency", Monograph Series in Economics and Finance, Salomon Brothers Center for the Study of Financial Institutions, New York University, Monograph 84-4/5 (180 pages). Reviewed in the Journal of Economic Literature.

  10. (1984) "European Equity Markets: Risk, Return and Efficiency", Garland Publishing Company, New York and London: 1984 (472 pages) (with P. Michel).

  11. (1982) "Bond Duration and Immunization: Early Developments and Recent Contributions", Garland Publishing Company, New York and London: 1982 (292 pages).

  12. (1980) "The History of Interest Approximations", Arno Press, New York: 1980 (280 pages) (with A. Vora).

  13. (1976) "An Introduction to Money and Banking", Baruch College, CUNY: 1976 (180 pages).

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Selected Publications: 
   
Articles, Notes, Comments and Book Chapters

1978

  1. "A Mean-Standard Deviation Exposition of the Theory of the Firm Under Uncertainty", American Economic Review, Volume 68, March 1978, pp. 194-202.

  2. "Market Model and Risk Evaluation on the Brussels Stock Exchange" (in French) Analyse Financire, Volume 32, March 1978, pp. 67-76 (with P. Michel).

  3. "Temporal Aggregation and Serial Correlation", Economics Letters, Volume 1, 1978, pp. 237-242.

    1979

  4. "An Assessment of Risk in Thinner Markets: The Belgian Case", Journal of Economics and Business, Volume 31, Spring/Summer 1979, pp. 196-201 (with P. Michel), reprinted in European Equity Markets: Risk, Return and Efficiency, Garland Publishing Company: New York and London: 1984.

  5. "Theory of the Risk Averse Producer Cooperative Firm Facing Uncertain Demand", Annals of Public and Cooperative Economy, Volume 50, April/June 1979, pp. 43-62 (with P. Michel).

  6. "Production as Behavior Toward Risk", Recherches Economiques de Louvain, Volume 45, September 1979, pp. 299-311 (with P. Michel).

  7. "The Time-Covariance Function: Properties and Application", Economics Letters, Volume 2, 1979, pp. 235-238.

    1980

  8. "Intertemporal Cross Dependence in Securities Daily Returns and the Short Term Intervaling Effect on Systematic Risk", Journal of Financial and Quantitative Analysis, Volume 15, March 1980, pp. 139-149.

  9. "Implications of Microstructure Theory for Empirical Research in Stock Price Behavior", Journal of Finance, Volume 35, May 1980, pp. 249-257 (with K. Cohen, S. Maier, R. Schwartz and D. Whitcomb).

  10. "Labor-Managed Enterprise and Uncertainty: Reply", Annals of Public and Cooperative Economy, Volume 51, April/June 1980, pp. 327-333 (with P. Michel).

  11. "Evidence of Intertemporal Systematic Risk in the Daily Price Movement of NYSE and AMEX Common Stocks", Journal of Financial and Quantitative Analysis, Volume 15, June 1980, pp. 331-339 (with A. Vora).

  12. "On the Theoretic and Numeric Problems of Approximating the Bond Yield to Maturity", Engineering Economist, Volume 25, Summer 1980, pp. 301-325. Abstracted in the Proceedings of the Eastern Finance Association (1979) and reprinted in the History of Interest Approximations, Arno Press, New York, 1980 (with A. Vora).

  13. "Multiple Variable Factors, Demand Uncertainty and the Cooperative Firm", Economics Letters, Volume 5, 1980, pp. 15-19.

  14. "The Intertemporal Cross Price Behavior of Common Stocks: Evidence and Implications", Journal of Financial Research, Volume 5, Fall 1980, pp. 153-167.

  15. "Temporal Aggregation and the Estimation of the Market Price of Risk", Economics Letters, Volume 5, 1980, pp. 165-170 (with A. Vora).

  16. "An Analytical Examination of the Intervaling Effect on Skewness and Other Moments", Journal of Financial and Quantitative Analysis, Volume 15, December 1980, pp. 1121-1129.

  17. "A Historical Review of Interest Approximations" (30 pages), in The History of Interest Approximations, Arno Press, New York: 1980, edited by G. Hawawini and A. Vora.

    1981

  18. "The Capital Asset Pricing Model and Investment Horizon: Comment", Review of Economics and Statistics, Volume 64, November 1981, pp. 633-647 (with A. Vora).

    1982

  19. "Yield Approximations: A Historical Perspective", Journal of Finance, Volume 37, March 1982, pp. 145-156 (with A. Vora).

  20. "Investment Horizon, Diversification, and the Efficiency of Alternative Beta Forecasts", Journal of Financial Research, Volume 5, Spring 1982, pp. 1-15 (with A. Vora).

  21. "The Pricing of Risky Assets on the Belgian Stock Market", Journal of Banking and Finance, Volume 6, June 1982, pp. 161-178 (with P. Michel). Reprinted in European Equity Markets: Risk, Return and Efficiency, Garland Publishing Company: New York and London: 1984.

  22. "The CAPM and the Investment Horizon: Comment", Journal of Portfolio Management, Volume 9, Fall 1982, pp. 66-68, (with A. Vora).

  23. "On the Mathematics of Macaulay's Duration" (12 pages), in Bond Duration and Immunization, Garland Publishing Company, New York and London: 1982, edited by G. Hawawini.

  24. "Bond Duration and Immunization: An Introduction and a Bibliographical Index" (30 pages), in Bond Duration and Immunization, Garland Publishing Company, New York and London, 1982, edited by G. Hawawini.

    1983

  25. "Estimating and Adjusting for the Intervaling Effect Bias in Beta", Management Science, Volume 29, January 1983, pp. 135-148 (with K. Cohen, S. Maier, R. Schwartz and D. Whitcomb).

  26. "The Effects of Production Uncertainty on the Labor-Managed Firm", Journal of Comparative Economics, Volume 7, March 1983, pp. 25-42 (with P. Michel).

  27. "Temporal Aggregation and the Strength of the Association Between Securities' Risk and Return", Economics Letters, Volume 11, 1983, pp. 269-278 (with A. Vora).

  28. "An Assessment of the Risk and Return of French Common Stocks", Journal of Business Finance and Accounting, Volume 10, Autumn 1983, pp. 333-351 (with P. Michel and C. Viallet), reprinted in European Equity Markets : Risk, Return and Efficiency, Garland Publishing Company, New York and London, 1984.

  29. "Why Beta Shifts as the Return Interval Changes", Financial Analyst Journal, Volume 39, May/June 1983, pp. 73-77.

  30. "Is Adjusting Beta Estimates an Illusion?", Journal of Portfolio Management, Volume 10, Fall 1983, pp. 23-26 (with A. Vora).

  31. "Friction in the Trading Process and the Estimation of Systematic Risk", Journal of Financial Economics, Volume 12, August 1983, pp. 263-278 (with K. Cohen, S. Maier, R. Schwartz and D. Whitcomb).

  32. "The Theory of Risk Aversion and Liquidity Preference: A Geometric Exposition", American Economist, Volume 27, Fall 1983, pp. 42-49.

    1984

  33. "Uncertainty and the Production Decisions of Owner-Managed and Labor-Managed Firms", Oxford Economic Papers, Volume 36, March 1984, pp. 119-130.

  34. "On the Relationship Between Macaulay's Bond Duration and the Term to Maturity", Economics Letters, Volume 16, 1984, pp. 331-337.

  35. "Market Reaction to Mandatory Financial Disclosure: The Belgian Experience" (27 pages), in European Equity Markets: Risk, Return and Efficiency, Garland Publishing Company, New York and London: 1984, edited by G. Hawawini and P. Michel.

  36. "European Equity Markets: A Review of the Evidence on Price Behavior and Efficiency" (80 pages), in European Equity Markets: Risk, Return and Efficiency, Garland Publishing Company, New York and London: 1984, edited by G. Hawawini and P. Michel.

  37. "Proportional vs. Logarithmic Models of Asset Pricing", Finance (the Journal of the French Finance Association), Volume 5, April 1984, pp. 117-142 (with A. Vora), reprinted in Research in Finance, edited by Haim Levy, JAI Press, Inc., Volume 5, 1984.

    1985

  38. "An Uncertainty Model of the Professional Partnership", The Geneva Papers on Risk and Insurance, Volume 10, N 36, July 1985, pp.174-191.

  39. "New Evidence on Beta Stationarity and Forecast for Belgium Common Stocks", Journal of Banking and Finance, Volume 9, December 1985, pp. 553-560 (with A. Corhay and P. Michel).

    1986

  40. "The Geometry of Risk Aversion: A Pedagogic Note", Journal of Economics and Business, Volume 38, May 1986, pp. 93-104.

  41. "Industry Influence on Corporate Working Capital Decisions", Sloan Management Review, Volume 27, Summer 1986, pp. 15-24 (with C. Viallet and A. Vora).

    1987

  42. "Seasonality in the Risk-Return Relationship: Some International Evidence", Journal of Finance, Volume 42, March 1987, pp. 49-68 (with A. Corhay and P. Michel).

  43. "Financial Innovation and Recent Developments in the French Capital Markets", University of Pennsylvania Journal of International Business Law, Volume 9, April 1987, pp. 145-179. An earlier version of this paper appeared in the Proceedings of the OECD - Capital Market Board Conference, July 1985, Izmir, Turkey. A shorter French version appeared in Politique Economique, Volume 6, October 1986.

  44. "Equity Pricing and Stock Market Anomalies", Financial Markets and Portfolio Management, Volume 1, N 3, 1987, pp. 7-15 (with R. Banz).

  45. "Controlling the Interest-Rate Risk of Bonds: An Introduction to Duration Analysis and Immunization Strategies", Financial Markets and Portfolio Management, Volume 1, N 4, 1987, pp. 8-18.

    1988

  46. "The Pricing of Equity on the London Stock Exchange: Seasonality and Size Premium", in Stock Market Anomalies, edited by E. Dimson, Cambridge University Press, 1988 (with A. Corhay and P. Michel).

    1989

  47. "A Look at the Validity of the Capital Asset Pricing Model in Light of Equity Market Anomalies: The Case of Belgian Common Stocks", in A Reappraisal of the Efficiency of Financial Markets, edited by S.J. Taylor, B.G. Kingsman and R.M.C. Guimaraes, Springer-Verlag, 1989 (with A. Corhay and P. Michel).

  48. "A Prognosis for European Equity Markets : Evolving Market Structures and Dynamics", Equities International, N 107, July 1989, pp. 9-10 (with E. Rajendra).

  49. "A Prognosis for European Equity Markets : Implications for Key Market Participants", Equities International, N 108, July 1989, pp. 11-13 (with E. Rajendra).

    1990

  50. "Integration of European Equity Market", Revista Valenciana De Hacienda Publica (in English), Volume 9, September-December 1989, pp. 33-44 (with E. Rajendra).

  51. "European Equity Markets : Toward 1992 and Beyond", in European Banking in the 1990's, edited by J. Dermine, Basil Blackwell : Oxford, 1990 (with B. Jacquillat).

  52. "The Integration of EEC Equity Markets: Analysis and Implications for Switzerland", Financial Markets and Portfolio Management, Volume 4, N 3, 1990, pp. 263-280 (with E. Rajendra).

  53. "The Valuation of Strategic Alliances" (in French), Harvard-L'Expansion, Fall 1990, pp. 47-52 (with B. Chaintron et C. Franois).

    1991

  54. Integrating and Legislating Rapid Changes in the Financial Services Industry", in Single Market Europe : Opportunities and Challenges for Business, edited by S. Makridakis, Jossey-Bass : San Francisco, 1991 (with E. Rajendra). Also translated into French and Spanish.

  55. "Stock Market Anomalies and the Pricing of Equity on the Tokyo Stock Exchange", in Japanese Financial Market Research, edited by W.T. Ziemba, W. Bailey and Y. Hamao, North Holland, Amsterdam, 1991.

    1992

  56. "The Valuation of Cross-Border Mergers & Acquisitions", Financial Markets and Portfolio Management, Volume 6, N 1, 1992, pp. 38-60.

  57. "Current State and Prospects of Equity Trading in the European Community", The Journal of International Securities Markets, Volume 6, Winter 1992, pp. 325-340 (with M. Schill).

    1993

  58. "European Equity Markets" in European Banking in 1990's (second edition), edited by Jean Dermine, Basil Blackwell : Oxford, 1993 (with B. Jacquillat).

  59. "Market Efficiency and Equity Pricing : International Evidence", in International Finance : Contemporary Issues, edited by Dilip K. Das, Routledge : London and New York, 1993.

  60. "The Information Content of the Belgian Royal Decree of October 8, 1976, Relative to Companies' Annual Financial Statements", (in French), in Liber Amicorum edited by the Belgian Institute of Auditors, June 1993 (with P. Michel, M. Bourguignon and G. Hubner).

    1994

  61. "The Japanese Presence in the European Financial Services Sector : Historical Perspective and Future Prospects", Does Ownership Matter : Japanese Multinationals in Europe, edited by M. Mason and D. Encarnation, Oxford University Press, 1994 (with M. Schill).

  62. "Myths and Realities of the Global Market for Capital : Lessons for Financial Managers", Journal of Applied Corporate Finance, Volume 6, Winter 1994, pp. 6-15 (with L. Jacque).

  63. "Equity Price Behavior : Some Evidence from Markets around the World" Journal of Banking and Finance, Volume 18, N 4, Winter 1994, pp. 603-620.

    1995

  64. "On the Predictability of Common Stock Returns : Worldwide Evidence", in Handbooks in Operations Research and Management Science - Finance Volume, edited by R.A. Jarrow, V. Maksimovic and W.T. Ziemba, North Holland : Amsterdam, 1995 (with D. Keim).

    1996

  65. "EC Trade and Investment Relations with the Developing Asia-Pacific Economies : Evolution in the 1980's", in The Emerging Growth Pole : The Asia-Pacific, edited by Dilip K. Das, Prentice Hall : Simon & Schuster : Singapore, 1996 (with J. Probert).

    1998

  66. "Better Ways to Calculate Beta", in Mastering Finance, Pitman Publishing : London, 1998 (with D. Keim).

    1999

  67. "The Cross Section of Common Stock Returns: A Synthesis of the Evidence and Explanations", in Security Market Imperfections in Worldwide Equity Markets, edited by W.T. Ziemba and D. Keim : Cambridge University Press (with D. Keim).

    2001

  68. "Are 'Old' Strategy Concepts Still Working?", in European Business Forum, Winter 2001, N 8, pp. 23-26 (with P. Verdin and V. Subramanian). Read more on INSEAD Knowledge.

    2002
     
  69. "Investment Banking: Old and New Challenges", in Financial Services in the Evolving Global Marketplace, edited by E. Lyn and G. Papaioannou: Hofstra University Press, Hempstead, New York (2002).

  70. "INSEAD: Management education with a mission", in Warriors on the High Wire: The Balancing Act of Brand Leadership in the 21st Century, edited by F. Gilmore, Harper Collins Business (2002).

          2003

  1. "Is Profitability Driven by Industry- or Firm-Specific Factors? A New Look at the Evidence", Strategic Management Journal, Volume 34, N 1; January 2003, pp. 1-16 (with P. Verdin and V. Subramanian).

    2004
     

  2. "The relative importance of country, industry and firm effects on firm performance", the Journal of World Business, Volume 39, N 2, May 2004, pp. 121 - 135, (with P. Verdin and V. Subramanian).
     

  3. "The Globalization of Business Education", in The INSEAD-Wharton Alliance on Globalizing, edited by H. Gatignon and J. Kimberly: Cambridge University Press (2004) (with A. De Meyer and P. Harker).

    2005
     

  4. "Is Performance Driven by Industry- or Firm-specific Factors? A Reply to McNamara, Aime and Vaaler", Strategic Management Journal, Volume 26, N 4, November 2005, pp. 1083-1086 (with P. Verdin and V. Subramanian).
     

  5. "The Future of Business Schools", the Journal of Management Development, Volume 24, N 9, November 2005, pp. 770-782.

    2006
     

  6. "A Brief History of Yield Approximations", in 20th Century Pioneers of Financial Economics, edited by Geoffrey Poitras: Edward Elgar Publishing (with Ashok Vora); forthcoming

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