Bernard Dumas



42, boulevard Thiers, 77300 Fontainebleau, France













Finance department


Finance department





Wharton School



77305 Fontainebleau Cedex


University of Pennsylvania





Philadelphia, PA19104-6367



tel #: 33 1 60 72 49 92





fax #: 33 1 60 72 40 45


fax #: 1 215 898 62 00







(July 1999)




Ecole Centrale des Arts et Manufactures






Faculté de Sciences Economiques de Paris (Licence)






Columbia University (New York): Master of Science






Columbia University: Ph.D.






Columbia University: Assistant Professor




Jan. 1976/


Ecole Supérieure des Sciences Economiques et Commerciales (E.S.S.E.C.):

Sept. 1980


Professeur Adjoint then Professeur Associé




Autumn 1978


Wharton School of the University of Pennsylvania: Visiting Associate Professor




Autumn 1980


Columbia University: Visiting Professor




Jan. 1981


HEC School of Management:




June 1982


Professeur Attaché




June 1982-August 1999


HEC School of Management: Professeur




Autumn 1982


University of California, Berkeley:



Visiting Professor




July 1985-1993


Wharton School, Professor of Finance



Alvin Shoemaker Term Chair until 1990



Nippon Life Professor of Finance until 1993




September 1985-today


Research Associate of the National Bureau of Economic Research




June 1991-today


Research Fellow of the Centre for Economic Policy Research (London)



(Program director 1995-1997)




September 1992-1997, 1998-1999


Duke University: Research Professor of Finance




September 1992-1999


Research Associate at Delta (Paris)




September 1997-September 1998


Visiting Professor London Business School




July 1, 1999-today


Adjunct Professor of Finance, Wharton School of the University of Pennsylvania




September 1, 1999-today


Professor of Finance, INSEAD


3. PUBLICATIONS (other than Discussions)

"The Long Term Financial Decisions of the Multinational Corporation," International Capital Market, E. ELTON and M. GRUBER, eds., North-Holland, 1975, M. ADLER, co-author.

"Optimal International Acquisitions," Journal of Finance, March 1975, M. ADLER, co-author.

"Portfolio Choice and the Demand for Forward Exchange," American Economic Review, May 1976, M. ADLER, co-author.

"Anticipations rationnelles et efficience du marché," Institutions et Marchés Financiers, Séminaire E.S.S.E.C. - F.N.E.G.E., 3/4/5 June 1976.

"Default Risk and the Demand for forward Exchange," Financial Decision Making Under Uncertainty, H. LEVY and M. SARNAT, eds., Academic Press, 1977, M. ADLER, co-author.

"The Micro-economics of the Firm in an Open Economy," American Economic Review, February 1977, M. ADLER, co-author.

"The Theory of the Trading Firm Revisited," Journal of Finance, June 1978.

Book review of: R. J. Herring & R. C. Marston, National Monetary Policy and International Financial Markets, in Vie et Science Economique, July 1978.

"Financial Decision Making for the Firm in an Open Economy," Handbook of Financial Economics, J. BICKSLER, ed., North-Holland, 1978, M. ADLER, co-author.

"Le coût du capital, valeur de la firme et interdépendence des décisions d'investissement et de financement," Analyse Financiere, ler trimestre 1979, P. PONCET, co-author.

"Minimiser les risques de change," Revue Francaise de Gestion, no. 23, November/December 1979.

"La politique agricole commune et les marchés mondiaux: proposition de marchés à terme de prélèvement et restitution," with B. YON and M. L. DEBATISSE, Banque, no. 392, pp. 147, 152, February 1980.

"Controlling E.E.C. External Trade by Open Market Intervention," with M. L. DEBATISSE and B. YON, The Banker, Vol. 130, no. 649, March 1980.

"The Exposure of Long-Term Foreign Currency Bonds," Journal of Financial and Quantitative Analysis, Vol. XV, no. 4, November 1980, M. ADLER co-author.

"The Theorems of International Trade Under Generalized Uncertainty," Journal of International Economics, 10 (1980), pp. 481-498.

"Foreign Exchange Risk Management," in B. ANTL, ed., Currency Risk and the Corporation, Euromoney Publications, 1980, M. ADLER co-author.

"Should Exposure Management Depend on Translation Accounting Methods?" Euromoney, June 1981, M. ADLER co-author.

"Sharing Rules and Equilibrium in a Monetary Economy," in M. SARNAT and G. SZEGO, eds., Saving, Investment and Capital Markets in an Inflationary Economy, Ballinger 1982.

"A Quadratic Rational Expectations Theory of Capital Markets," Finance, 1982, no. 4.

"Accounting Standards and Exposure Measurement" in R. ENSOR and B. ANTL, eds., The Management of Foreign Exchange Risk, Euromoney Publications, 1982, M. ADLER co-author.

"International Portfolio Choice and Corporate Finance: A Synthesis," Journal of Finance, June 1983, M. ADLER co-author.

"La demande de dollars des agents économiques ne résidant pas aux U.S.A.," Archives de 1'I.S.M.E.A., 1983, P. PONCET, co-author.

"Exposure to Currency Risk: Definition and Measurement," Financial Management, Summer 1984, M. ADLER, co-author.

"Two-Person Dynamic Equilibrium in the Capital Market," Review of Financial Studies, 2 (1989), 2, 157-188.

"Performance of Currency Portfolios Chosen by a Bayesian Technique: 1967-1985," Journal of Banking and Finance, 14 (1990), 2/3, 539-558, with B. JACQUILLAT.

"The Money and Bond Markets in France: Segmentation vs Integration," Journal of Banking and Finance, 14 (1990), 2/3 613-636, with B. JACQUILLAT.

"Super Contact and Related Optimality Conditions," Journal of Economic Dynamics and Control, 15 (1991), 675-685.

"An Exact Solution to a Portfolio Choice Problem under Transactions Costs," with E. LUCIANO, Journal of Finance, 46, June 1991, 577-595.

"Target Zones Broad and Narrow," in P. KRUGMAN and M. MILLER eds, Exchange Rate Targets and Currency Bands, Cambridge University Press, 1992.

"Capital Market Equilibrium and the Real Exchange Rate in a Spatially Separated World," Review of Financial Studies, 5 (1992), 2, 153-180.

"Monetary Contracting and the Design of Sustainable Exchange Rate Zones," with F. DELGADO, Journal of International Economics, 34 (1993), 201-224.

"Partial vs General Equilibrium Models of the International Capital Market," in R. VAN DER PLOEG, ed., Handbook of International Macroeconomics, 1994, Cambridge, U.K.: Basil Blackwell publishers.

"Currency Option Pricing within a Credible Target Zone," L. P. JENNERGREN and B. NASLUND, co-authors, Review of Futures Markets, 12 (1993), 323-346.

"How Long do Unilateral Target Zones Last?," with L.E.O. SVENSSON, Journal of International Economics, 36 (1994), 467-481.

"Some Models of the International Capital Market," proceedings of the EEA, European Economic Review, 38 (1994), 923-931.

"A Test of the International CAPM Using Business Cycles Indicators as Instrumental Variables," in J. A. FRANKEL, ed., The Internationalization of Securities Markets, University of Chicago Press, 1994.

"Siegels's Paradox and the Pricing of Currency Options," L. P. JENNERGREN and B. NASLUND, co-authors, Journal of International Money and Finance, 14 (1995), 213-223.

"The World Price of Foreign Exchange Risk," B. SOLNIK, co-author, Journal of Finance, 50 (1995), 445-479.

"Realignment Risk and Currency Option Pricing within a Target Zone," L. P. JENNERGREN and B. NASLUND, co-authors, European Economic Review, 39 (1995), 1523-1544.

Les titres financiers: équilibre du marché et méthodes d'évaluation, with B. ALLAZ, Presses Universitaires de France, 1995.

Financial Securities: Market Equilibrium and Pricing Methods, with B. ALLAZ, South Western publishing company, 1996.

"Implied Volatility Smiles: an Empirical Investigation," J. Fleming and R. E. Whaley, co-authors, The Journal of Finance, December 1998.


Chief Editor


Finance Journal of the Association Francaise de Finance (until 1985)






Review of Financial Studies, 1997-today




Associate Editor


Journal of Banking and Finance (until 1991)



Journal of International Business Studies (until 1987)



Journal of International Financial Management and Accounting



European Economic Review (until 1994)



Review of Financial Studies (until September 1996)



European Financial Management



Journal of Multinational Financial Management



Journal of Business Research



The European Finance Review


"Are Common Swings in International Stock Returns Justified by Subsequent Changes in National Outputs?" with C. R. Harvey and P. Ruiz

"Efficient Inter-temporal Allocations with Recursive Utility," with R. Uppal and T. Wang, submitted to Journal of Economic Theory

"Pass-through and Exposure," with G. Bodnar and R. C. Marston, submitted to The Journal of Finance

"Global Diversification, Growth and Welfare with Imperfect Markets for Goods," with R. Uppal, submitted to the Review of Financial Studies

"The Statistical Analysis of Option Pricing Smiles," with A. Buraschi and R. E. Whaley