Skip to main content
About HEC About HEC
Summer School Summer School
Faculty & Research Faculty & Research
Master’s programs Master’s programs
Bachelor Programs Bachelor Programs
MBA Programs MBA Programs
PhD Program PhD Program
Executive Education Executive Education
HEC Online HEC Online
About HEC
Overview Overview
Who
We Are
Who
We Are
Égalité des chances Égalité des chances
HEC Talents HEC Talents
International International
Sustainability Sustainability
Diversity
& Inclusion
Diversity
& Inclusion
The HEC
Foundation
The HEC
Foundation
Campus life Campus life
Activity Reports Activity Reports
Summer School
Youth Programs Youth Programs
Summer programs Summer programs
Online Programs Online Programs
Faculty & Research
Overview Overview
Faculty Directory Faculty Directory
Departments Departments
Centers Centers
Chairs Chairs
Grants Grants
Knowledge@HEC Knowledge@HEC
Master’s programs
Master in
Management
Master in
Management
Master's
Programs
Master's
Programs
Double Degree
Programs
Double Degree
Programs
Bachelor
Programs
Bachelor
Programs
Summer
Programs
Summer
Programs
Exchange
students
Exchange
students
Student
Life
Student
Life
Our
Difference
Our
Difference
Bachelor Programs
Overview Overview
Course content Course content
Admissions Admissions
Fees and Financing Fees and Financing
MBA Programs
MBA MBA
Executive MBA Executive MBA
TRIUM EMBA TRIUM EMBA
PhD Program
Overview Overview
HEC Difference HEC Difference
Program details Program details
Research areas Research areas
HEC Community HEC Community
Placement Placement
Job Market Job Market
Admissions Admissions
Financing Financing
FAQ FAQ
Executive Education
Home Home
About us About us
Management topics Management topics
Open Programs Open Programs
Custom Programs Custom Programs
Events/News Events/News
Contacts Contacts
HEC Online
Overview Overview
Executive programs Executive programs
MOOCs MOOCs
Summer Programs Summer Programs
Youth programs Youth programs

Bruno SOLNIK

Distinguished Emeritus Professor

Finance

 Profile picture

Biography

Bruno Solnik is Distinguished Emeritus Professor of Finance at HEC-School of Management in France and Visiting Professor of Finance at HKUST in Hong Kong. He holds an Engineer degree from Polytechnique in Paris and a PhD from MIT. He was on the faculty of the Stanford Business School before joining HEC. He has been a visiting professor at the University of California at Berkeley, UCLA , Université de Genève, University of New South Wales and University of Tokyo (todai).

He is a former President of the European Finance Association and Director of the American Finance Association. He has written seven books, five in France and two in the USA, including Global Investments (formerly titled International Investments, the leading textbook in the field, translated into Spanish, Japanese and Chinese). The sixth edition of Global Investment, coauthored by Dennis McLeavey of the CFA Institute, is used for all three levels of the CFA examination. He has published some fifty articles in leading finance and economics journals such as the Journal of Finance, the Financial Analysts Journal, Journal of Financial and Quantitative Analysis, Journal of Economic Theory, Journal of International Money and Finance, etc.. He also serves on the board of editors of several major Finance journals in America, Europe and Asia.

Professor Solnik has served on the Council for Education and Research of the AIMR (now CFA Institute) and on its Research Foundation. He has received many prizes, including two Graham & Dodd Awards for Excellence by the Financial Analysts Journal, The "Finance Award of the Year" at the 1998 Interlaken Finance Symposium, and the Nicholas Molodovsky Award, presented by the AIMR Board of Governors on May 22, 1999. "This award is given periodically only to those individuals who have made outstanding contributions of such significance as to change the direction of the profession and to raise it to higher standards of accomplishment". He was the first non-American to receive the award.

Scientific articles

Drivers of economic and financial integration: A machine learning approach

Journal of Empirical Finance, March 2021, vol. 61, pp 82-102, (in coll. with A. Akbari, L. Ng)

Emerging Markets Are Catching Up: Economic or Financial Integration?

Journal of Financial and Quantitative Analysis, November 2020, vol. 55, n° 7, pp 2270-2303, (in coll. with A. Akbari, L. Ng)

Does Extreme Correlation Matter in Global Equity Asset Allocation?

Journal of Investment Management, 2019, vol. 17, n° 1, pp 4-26, (in coll. with T. WATEWAI)

Relative Optimism and the Home Bias Puzzle

Review of Finance, August 2017, vol. 21, n° 5, pp 2045–2074, (in coll. with L. ZUO)

International Correlation Asymmetries: Frequent-but-Small and Infrequent-but-Large Equity Returns

Review of Asset Pricing Studies, february, 3 2016, vol. 6, n° 2, pp 221-260, (in coll. with T. WATEWAI)

A Global Equilibrium Asset Pricing Model with Home Preference

Management Science, February 2012, vol. 58, n° 2, pp 273-292, (in coll. with L. Zuo)

Applying Regret Theory to Investment Choices: Currency Hedging Decisions

CFA Digest, February 2009, vol. 39, n° 1, pp 55-56, (in coll. with S. Michenaud)

Applying Regret Theory to Investment Choices: Currency Hedging Decisions

Journal of International Money and Finance, September 2008, vol. 27, n° 5, (in coll. with S. Michenaud)

What Determines Expected International Asset Returns

Annals of Economics and Finance, 2002, vol. 3, pp 249-298, (in coll. with C. Harvey, G. Zhou)

Extreme Correlation of International Equity Markets

Journal of Finance (The), April 2001, vol. 56, n° 2, pp 649-676, (in coll. with F. Longin)

Books

Marchés Financiers: Gestion de portefeuille et des risques

Dunod (in coll. with B. JACQUILLAT, C. PERIGNON )

Marchés Financiers: Gestion de portefeuille et des risques

Dunod (in coll. with C. PERIGNON, B. Jacquillat )

Global Investments (previously titled International Investments)

Pearson - Prentice Hall (in coll. with D. McLeavey )

International investments

Addison Wesley

Gestion financière

Nathan, Paris

International investments

Addison Wesley

La programmation linéaire

Dunod

Les marchés financiers et la gestion de portefeuille

Dunod (in coll. with B. JACQUILLAT )

Gestion financière

Nathan, Paris

Système monétaire international et risque de change

Editions Economica (in coll. with R. Roll )

Chapters in edited books

International factorssecurity prices

Recent Developments In International Finance And Banking, S. Khoury (Ed.), Editions Belin

A semi analytical derivation of the efficient frontier

Geld, Banken And Versicherungen, M. Göpl (Ed.), Athenaum

La mesure de performance des SICAV

Economie Des Intermédiaires Financiers, J. J. Rosa (Ed.), Editions Economica

Proceedings

The financial analyst and the computer

The 8th Annual Congress of the European Federation of Financial Analysts repris in Analyse Financière en décembre 1984 , 1985 , Madrid

Efficiency of the European capital markets and a comparison with the U S market

Proceedings of the First International Congress on Stock Exchange , 1972 , Milan (F. Modigliani, G. Pogue, M. Scholes)

Working papers

Does Extreme Correlation Matter in Global Equity Asset Allocation

Hong Kong University of Science and Technology Working Paper Series , 2017

Characterizing Global Financial and Economic Integration Using Cash Flow Expectations

Hong Kong University of Science and Technology Working Paper Series , 2013

A Global Equilibrium Asset Pricing Model with Home Preference

Mimeo , 2009

Are Expectation Biases of Professional Fund Managers Asset Class Specific?

Mimeo , 2008

Optimal Currency Hedging in International Portfolios

Mimeo , 2008

Applying Regret Theory to Investment Choices: Currency Hedging Decisions

Mimeo , 2006

Equity Home Bias and Regret: An International Equilibrium Model

Mimeo , 2006

Extreme correlation of International Equity Markets

Cahier de Recherche du Groupe HEC , 2000

On the term structure of default premia in the Swap and Libor

Cahier de Recherche du Groupe HEC , 2000

Scientific articles

Drivers of economic and financial integration: A machine learning approach

Journal of Empirical Finance, March 2021, vol. 61, pp 82-102, (in coll. with A. Akbari, L. Ng)

Emerging Markets Are Catching Up: Economic or Financial Integration?

Journal of Financial and Quantitative Analysis, November 2020, vol. 55, n° 7, pp 2270-2303, (in coll. with A. Akbari, L. Ng)

Does Extreme Correlation Matter in Global Equity Asset Allocation?

Journal of Investment Management, 2019, vol. 17, n° 1, pp 4-26, (in coll. with T. WATEWAI)

Relative Optimism and the Home Bias Puzzle

Review of Finance, August 2017, vol. 21, n° 5, pp 2045–2074, (in coll. with L. ZUO)

Books

Marchés Financiers: Gestion de portefeuille et des risques

Dunod (in coll. with B. JACQUILLAT, C. PERIGNON )

Marchés Financiers: Gestion de portefeuille et des risques

Dunod (in coll. with C. PERIGNON, B. Jacquillat )

Global Investments (previously titled International Investments)

Pearson - Prentice Hall (in coll. with D. McLeavey )

International investments

Addison Wesley

Chapters in edited books

International factorssecurity prices

Recent Developments In International Finance And Banking, S. Khoury (Ed.), Editions Belin

A semi analytical derivation of the efficient frontier

Geld, Banken And Versicherungen, M. Göpl (Ed.), Athenaum

La mesure de performance des SICAV

Economie Des Intermédiaires Financiers, J. J. Rosa (Ed.), Editions Economica

Proceedings

The financial analyst and the computer

The 8th Annual Congress of the European Federation of Financial Analysts repris in Analyse Financière en décembre 1984 , 1985 , Madrid

Efficiency of the European capital markets and a comparison with the U S market

Proceedings of the First International Congress on Stock Exchange , 1972 , Milan (F. Modigliani, G. Pogue, M. Scholes)

Working papers

Does Extreme Correlation Matter in Global Equity Asset Allocation

Hong Kong University of Science and Technology Working Paper Series , 2017

Characterizing Global Financial and Economic Integration Using Cash Flow Expectations

Hong Kong University of Science and Technology Working Paper Series , 2013

A Global Equilibrium Asset Pricing Model with Home Preference

Mimeo , 2009

Education

  • Doctorat d'Etat en sciences de gestion (Ph.D.), _ - France
  • Ph.D. in Management, MIT, Massachusetts Institute of Technology - USA
  • Doctorat de 3e cycle en sciences de gestion (Ph.D.), Université Paris Dauphine - France
  • Engineer Degree, Ecole Polytechnique, Ecole Polytechnique - France

Academic appointments

Academic Responsibilities at HEC

  • 2011- Distinguished Emeritus Professor, Finance HEC Paris
  • 2007-2011 Affiliate Professor, Finance HEC Paris
  • 2004-2007 Member, GREGHEC (CNRS) HEC Paris
  • 2000-2007 Membre du Conseil scientifique du Doctorat HEC Paris
  • 1973-2007 Professor, Finance HEC Paris

Scientific Activities

Membership in Academic or Professional Organisation

  • Former President of the European Finance Association
  • Membre de l'Association Francaise de Finance
  • Conseiller scientifique de l'Institut Europlace de Finance
  • Member, American Finance Association
  • Council Member, Conseil Superieur de la Recherche et de la Technologie 1997-1999
  • Board Member of the Council on Education and Research of the AIMR
  • Membre, Scientific Council, Europlace Institute of Finance, Paris
  • Membre, Scientific Council, AFG, the professional body of French asset managers
  • Membre, CEFEN
  • Membre, Investment Management Advisory Council of Zurich Financial Services (top five global insurance company)

Editorial activities

  • 1977-1994 Associate Editor of Journal of Finance
  • Associate Editor of Finance
  • Associate Editor of Journal of Portfolio Management
  • Associate Editor of Global Finance Journal
  • Associate Editor of Journal of Empirical Finance
  • Associate Editor of Journal of International Financial Management and Accounting
  • Associate Editor of Journal of International Money and Finance
  • Associate Editor of Journal of Banking and Finance
  • Associate Editor of Asia Pacific Journal of Management
  • Associate Editor of Investing
  • Associate Editor of Review of International Economics
  • Member of the Advisory Board of: Emerging Markets Review
  • 2000- Membre du Comite editorial de : Journal of Asset Management
  • 2002- Membre du Comite editorial de : Journal of Investment Management
  • 1998-2003 Membre du Comite editorial de : Financial Analysts Journal
  • 1996- Membre du Comite editorial de : European Financial Management
  • 1977-1985 Membre du Comite editorial de : Journal of Financial and Quantitative Analysis
  • 1984-1990 Membre du Comite editorial de : Annales d'Economie et de Statistiques

  • Awards & honors

    • 2002 2002 AIMR Graham Dodd Award of Excellence
    • 1999 1999 Nicholas Molodovsky Award
    • 1998 1998 The Finance Award of the Year 1998, Finance Symposium Interlaken
    • 1994 1994 Graham and Dodd Scroll Award, for "Lessons for International asset allocation", Financial Analysts Journal, March-April 1993
    • 1993 Best French Financial Economist
    • 1991 1991 First Prize, Inquire (Europe)
    • 1990 1990 Prize for the best book in Finance, L'Express
    • 1989 1989 Prix for the best article, First International Conference on the Pacific Basin Markets, Taipei
    • 1983 1983 Prize Harvard - l'Expansion for the best book: "Les marches financiers et la gestion de portefeuille", Dunod
    • Prize Fondation HEC for: "The relationship between stock returns and inflationary expectations: the international evidence", Journal of Finance, March 1983