Eduardo S. Schwartz

VITA

(As of September 14, 2006)

UCLA OFFICE:

UCLA Anderson School of Management

110 Westwood Plaza, Room C409

Los Angeles, CA 90095-1481

Phone : (310) 825-2873

Fax : (310) 825-6384

E-mail : eduardo.schwartz@anderson.ucla.edu

HOME:

536 East Rustic Road

Santa Monica, California 90402

Phone: (310) 454-6998

EDUCATION:

B.Eng., University of Chile, Industrial Engineering, 1963

M.Sc., University of British Columbia, Business Administration, 1973

Ph.D., University of British Columbia, Business Administration, 1975

WORK EXPERIENCE:

1962-63 University of Chile, School of Engineering, Energy Economics, Research Assistant

1964-68 Plastix Chilena SHYF S.A., Engineer and Managing Director

1968-71 Compania Minera Santa Barbara, Chile, Production Engineer, Director and Executive Vice-President

1976 University of British Columbia, Lecturer

1976-79 University of British Columbia, Assistant Professor

1978-79 University of California, Berkeley, Visiting Assistant Professor

1979-83 University of British Columbia, Associate Professor

1982-83 London Business School, London, Visiting Scholar

1983-86 University of British Columbia, Professor

1984-86 University of British Columbia, Chair, W. M. Young Professor of Finance

1986- University of California, Los Angeles, California Professor of Real Estate and Professor of Finance

PROFESSIONAL ACTIVITIES:

A.) Consultative or Similar Service to Civic, State or National Governmental Agencies:

1. Department of Finance, Ottawa, 1981-84.

2. Municipality of Tumbler Ridge, British Columbia, 1985.

3. Department of Transport, Ottawa, 1986.

4. HUD, Washington D.C, 1988-89.

5. Freddie Mac, VA, 1991.

B.) Other Consultative or Professional Activities:

1. MacMillan Bloedel, Vancouver, 1984.

2. Crown Investment Corporation of Saskatchewan, Regina, 1984-85.

3. Member of Scientific Advisory Board of Wells Fargo Investment Advisors, San Francisco, 1984-1990.

4. Merrill Lynch Capital Markets, Chicago, New York, Los Angeles, 1985-1991.

5. American Express Asset Management, London, 1985.

6. Aberford Resources, Calgary, 1985.

7. CitiCorp, London, 1985-86.

8. British Petroleum, London, 1986.

9. Wells Fargo Investment Advisors, San Francisco, 1986-1990.

10. Member Research Advisory Board of LOR, Los Angeles, 1987-1989.

11. Empresa Nacional de Petroleo, Chile, 1988.

12. Union Bank of Switzerland, New York, 1990-1991.

13. Vinson & Wlkins, Houston, 1990.

14. Wells Fargo Nikko Investment Advisors, San Francisco, 1990-91.

15. Analysis Group, Los Angeles, 1991.

16. Hill Samuel Bank, London, 1992.

17. Board of Directors, PIMCO, 1992-94.

18. Pacific Stock Exchange, Advisory Group, 1991-92.

19. Credit Swiss, Zurich, 1992.

20. Swiss Bank Corporation, Basel, 1992.

21. AMGEN, Thousand Oaks, 1992-94.

22. Citicorp, New York, 1993.

23. CS First Boston, New Zealand, 1994.

24. Nikko Securities, Tokyo, 1995-1998.

25. Unocal, Los Angeles, 1995.

26. ARCO, Los Angeles, 1995.

27. Analysis Group, Los Angeles, 1995.

28. Analytic-TSA Global Asset Management, 1995.

29. McKinsey & Co., New York, 1997.

30. UBS, Zurich, 1997-98.

31. Smith Breeden Associates, Inc. Board of Directors, 1996-

32. Finance Consulting Editor, Addison-Wasley, 2000-

33. California State Land Commission, 2002.

34. Covington & Burling, Washington, D.C., 2003-2005.

35. HSBC, Vancouver, BC, 2003-2005.

C.) Associate Editor of Scholarly Journals:

1. The Journal of Finance, 1983 -2000.

2. Revue de L'Association Francaise de Finance, 1983-986.

3. Journal of Financial and Quantitative Analysis, 1983-2003.

4. Journal of Financial Economics, 1987-1997.

5. The Journal of Real Estate Finance and Economics, 1987-1997.

6. Ingeneria de Sistemas, 1987-1995.

7. Journal of Financial Services Research, 1990-1999.

8. Fineco, 1990-1993.

9. Canadian Journal of Administrative Sciences, 1990-1996.

10. The Journal of Fixed Income, 1991-

11. AREUEA Journal, 1992-1996.

12. Estudios de Economia, 1992-

13. Review of Derivatives Research, 1994-

14. Real Estate Economics, 1997-2001.

15. Emerging Markets Quarterly, 1997-2001.

16. European Financial Management, 1997-

17. Journal of Energy Finance and Development, 1998-2000.

18. Journal of Financial Studies, 2000-

19. Energy Economics, 2000-

20. Financial Management, 2002-2005.

21. Estudios de Administracion, 2002-

D.) Awards and Honors:

1. First prize in the 1981 Prize Competition of the Institute for Quantitative Research in Finance for the best paper and presentation: “Bond Pricing and Market Efficiency” (joint with M. J. Brennan).

2. Graduate Teaching Excellence Award for 1985/86, Faculty of Commerce and Business Administration, University of British Columbia.

3. The Greenwich Capital Markets Investment Prize for the best paper in the area of investments presented at the 1989 Meeting of the American Finance Association (“Stochastic Convenience Yield and the Pricing of Oil Contingent Claims,” joint with Rajna Gibson), December 1990.

4. Citibank Teaching Award, 1991-92, Anderson Graduate School of Management, University of California, Los Angeles.

5. Teaching Award, Executive MBA Class of 1995, Anderson Graduate School of Management, University of California, Los Angeles.

6. Fellow of the American Finance Association, 2000.

7. Research Associate of the NBER, 2000.

8. Fellow of the Financial Management Association, 2000.

9. The Graham and Dodd Award for Rational Pricing of Internet Companies, given to the best paper published in the Financial Analysts Journal during the year 2000.

10. Distinguished Scholar, Eastern Finance Association, April 2001.

11. Doctor Honoris Causa, Universidad de Alicante, Spain, October 2001.

12. Neidorf “Decade” Teaching Award, UCLA Anderson School, 2006.

E.) Officer in Professional Societies:

1. American Finance Association: Director (1986-88), Vice-president (1994), President-elect and Program Chairman (1995), President (1996), and Director (1997-1999).

2. Western Finance Association: Director (1981-83), Vice-president (1989), Program Chairman (1990) and President (1991).

PUBLICATIONS:

Books:

1. Schwartz, E.S. and Trigerogis, L., Real Options and Investment Under Uncertainty: Classical Readings and Contributions, editors, MIT Press, 2001.

Chapters in Books:

1. Brennan, M.J. and Schwartz, E.S., “Savings Bonds: Valuation and Optimal Redemptions Strategies,” 202-215, in FINANCIAL ECONOMICS; Essays in Honor of Paul Cootner, Sharpe, W.F. (Ed.), Prentice-Hall (1982).

2. Brennan, M.J., and Schwartz, E.S., “An Equilibrium Model of Bond Pricing and a Test of Market Efficiency,” in Option Pricing: Theory and Application, Brenner, M. (Ed.), Lexington Books, (1983).

3. Brennan, M.J. and Schwartz, E.S., “Duration, Bond Pricing and Portfolio Management,” in Innovations in Bond Portfolio Management: Duration Analysis and Immunization, Bierwag, G.O., Kaufman, G. and Toevs, A. (Eds.), JAI Press (1983).

4. Brennan, M.J. and Schwartz, E.S., “Asset Pricing in a Small Economy: A Test of the Omitted Assets Model,” in Capital Market Equilibria, Bamberg, G., and Spremann, K. (Eds.), Springer Verlag (1986).

5. Heinkel, R. and Schwartz, E.S. “Precommitment to Equity Financing Choices in a World of Asymmetric Information,” in Recent Developments in Corporate Finance, Edwards, J., Franks, J., Mayer, C., and Schaefer, S. (Eds.), Cambridge University Press (1986).

6. Brennan, M.J. and Schwartz, E.S., “Optimal Arbitrage Strategies Under Basis Variability,” 167-180, in Studies in Banking and Finance 5, M.Sarnat (ed.), North Holland, (1988).

7. Gibson, R., and Schwartz, E.S., “Valuation of Long Term Oil-Linked Assets” in Stochastic Models and Option Values: Applications to Resources, Environment and Investment Problems, Dederik Lund (ed.). North Holland, (1991).

8. Schwartz, E.S. and Torous, W.N., “Caps on Adjustable Rate Mortgages: Valuation, Insurance and Hedging,” in NBER Conference Book, Financial Markets and Financial Crises, Hubbard, R.G. (ed.). University of Chicago Press (1991).

9. Schwartz, E.S., “Mortgage-Backed Securities,” 814-17, in The New Palgrave Dictionary of Money and Finance, Newman, P., Milgate, M. and Eatwell, J. (Eds), The Macmillan Press Limited (1992).

10. Brennan, M.J., and Schwartz, E.S., “Convertible Securities,” 453-55, in The New Palgrave Dictionary of Money and Finance, Newman, P., Milgate, M. and Eatwell, J. (Eds), The Macmillan Press Limited (1992).

11. Schwartz, E.S. and Zurita, S., “Sovereign Debt: An Economic Perspective,” in Recent Developments in International Banking and Finance, Sarkis J. Khoury (Ed.), Blackwell (1992), Volume 6, pp. 75-96.

12. Gibson, R. and Schwartz, E.S., “The Pricing of Crude Oil Futures Options Contracts,” in Advances in Futures and Options Markets, Volume 6, Don M. Chance and Robert R. Trippi (Ed.), JAI Press Inc. (1993), pp. 291-311.

13. Brennan, M.J. and Schwartz, E.S., “The Use of Treasury Bill Futures in Strategic Asset Allocation Programs,” in World Wide Asset and Liability Modeling, William T. Ziemba and John M. Mulvey (eds), Cambridge University Press, (1999), pp. 205-228.

14. Schwartz, E.S. and Moon, M., “Evaluation of Research and Development Investments,” in Innovation, Infrastructure and Strategic Options, M. J. Brennan and L. Trigeorgis (eds), Oxford University Press, (2000), pp. 85-106.

15. Gotzenberger, G., Rachev, S.T., and Schwartz, E.S., “Performance Measurements: The Stable Paretian Approach,” in Applied Mathematics Reviews, Volume1, Editor George A. Anastassiou, World Scientific (2000), pp. 329-406.

16. Schwartz, E.S. and Trigeorgis, L., “Real Options and Investment under Uncertainty: An Overview,” in Real Options and Investment under Uncertainty: Classical Readings and Recent Contributions, edited by E.S. Schwartz and L. Trigerogis, MIT Press (2001), pp. 1-16.

17. Schwartz, E.S. and Zozaya, C., “Evaluating Investments in Disruptive Technologies,” in Mathematical Finance - Bachelier Congress 2000, Editors H. Geman, D. Madan, S. Pliska and T. Vost, Springer-Verlag (2002), pp. 463-486.

18. Schwartz, E.S. and Torous, W.N., “Can we Disentangle Risk Aversion from Intertemporal Substitution in Consumption?,” in Essays on Uncertainty, Editors Petter Bjerksund and Oystein Gjerde, Norges Handelshoyskole (2002), pp. 59-78.

19. Cortazar, G., Casassus, J., and Schwartz, E.S., “Optimal Exploration Investments under Price and Geological-Technical Uncertainty: a Real Options Model,” in Real R&D Options edited by Dean Paxson, Butterworth-Heinemann (2003), pp. 149-165.

20. Martin, B., Rachev, S., and Schwartz, E.S., “Stable Non-Gaussian Models for Credit Risk Management,” in Handbook of Heavy Tailed Distributions in Finance, edited by S.T. Rachev, Elsevier/North Holland (2003), pp. 405-441.

21. Tokat, Y., Rachev, S., and Schwartz, E.S., “Asset Liability Management: A Review and Some New Results in the Presence of Heavy Tails,” in Handbook of Heavy Tailed Distributions in Finance, edited by S.T. Rachev, Elsevier/North Holland (2003), pp. 509-546.

22. Ortobelli, S., Huber, I., Rachev, S., and Schwartz, E.S., “Portfolio Choice Theory with non-Gaussian Distributed Returns,” in Handbook of Heavy Tailed Distributions in Finance, edited by S.T. Rachev, Elsevier/North Holland (2003), pp. 547-594.

23. Rachev, S., Schwartz, E.S., and Khindonova, I., “Stable Modeling of Market and Credit Value at Risk,” in Handbook of Heavy Tailed Distributions in Finance, edited by S.T. Rachev, Elsevier/North Holland (2003), pp. 249-328.

24. Rachev, S, Ortobelli, S., and Schwartz, E.S., “The Problem of Optimal Asset Allocation with Stable Distributed Returns,” in Stochastic Processes and Functional Analysis, edited by A. C. Krinik and R. J. Swift, Marcel Dekker, Inc (2004), pp. 295-347.

Monographs:

1. Brennan, M.J., and Schwartz, E.S., Pricing and Investment Strategies for Guaranteed Equity-Linked Life Insurance, Monograph No. 7, The Huebner Foundation, Wharton School, University of Pennsylvania, 124 pp. (1979).

2. Brennan, M.J., and Schwartz, E.S., Savings Bonds: Theory and Empirical Evidence, Monograph Series in Finance and Economics, New York University, 125 pp. (1980).

Professional Journal Articles Published:

1. Brennan, M.J., and Schwartz, E.S., “The Pricing of Equity-Linked Life Insurance Policies with an Asset Value Guarantee,” Journal of Financial Economics, 3, 195-213 (1976).

2. Schwartz, E.S., “The Valuation of Warrants: Implementing a New Approach,” Journal of Financial Economics, 4, 79-93 (1977); reprinted in Options: Classical Approaches to Pricing and Modeling, edited by Lane Hughston, RISK Books, 1999.

3. Brennan, M.J. and Schwartz, E.S., “Savings Bonds, Retractable Bonds and Callable Bonds,” Journal of Financial Economics, 5, 67-88 (1977).

4. Boyle, P.P. and Schwartz, E.S., “Equilibrium Prices of Guarantees Under Equity-Linked Contracts,” The Journal of Risk and Insurance, XLIV, 4, 639-660 (1977).

5. Brennan, M.J. and Schwartz, E.S., “The Valuation of American Put Options,” The Journal of Finance, 32, 2, 449-462 (May 1977).

6. Brennan, M.J., and Schwartz, E.S., “Convertible Bonds: Valuation and Optimal Strategies for Call and Conversion,” The Journal of Finance, 32, 5, 1699-1715 (December 1977).

7. Brennan, M.J. and Schwartz, E.S., “Corporate Income Taxes, Valuation and the Problem of Optimal Capital Structure,” Journal of Business, 51, 1, 103-114 (January 1978).

8. Brennan, M.J., and Schwartz, E.S., “Finite Difference Methods and Jump Processes Arising in the Pricing of Contingent Claims: A Synthesis,” Journal of Financial and Quantitative Analysis, XIII, 3, 461-474 (September 1978).

9. Brennan, M.J. and Schwartz, E.S., “Alternative Investment Strategies for the Issuers of Equity-Linked Life Insurance Policies with an Asset Value Guarantee,” Journal of Business, 52, 1, 63-93 (January 1979).

10. Brennan, M.J., and Schwartz, E.S., “A Continuous Time Approach to the Pricing of Bonds,” Journal of Banking and Finance, 3, 2, 133-155, (July 1979).

11. Anathanarayanan, A.L., and Schwartz, E.S., “Retractable and Extendable Bonds: The Canadian Experience,” The Journal of Finance, 35, 1, 31-47 (March 1980).

12. Brennan, M.J. and Schwartz, E.S., “Conditional Predictions of Bond Prices and Returns,” The Journal of Finance, 35,2,405-417 (May 1980).

13. Brennan, M.J. and Schwartz, E.S., “Analyzing Convertible Securities,” Journal of Financial and Quantitative Analysis, XV, 4, 907-929 (November 1980).

14. Brennan, M.J. and Schwartz, E.S., “Regulation and Corporate Investment Policy,” The Journal of Finance, 37, 2, 289-300 (May 1982).

15. Schwartz, E.S., “The Pricing of Commodity-Linked Bonds,” The Journal of Finance, 37, 1, 525-539 (May 1982).

16. Brennan, M.J. and Schwartz, E.S., “The Case for Convertibles,” Chase Financial Quarterly, 1, 3, 27-46 (Spring 1982).

17. Brennan, M.J. and Schwartz, E.S., “Bond Pricing and Market Efficiency,” Financial Analysts Journal, 38, 5, 49-56 (September/October 1982).

18. Brennan, M.J. and Schwartz, E.S., “An Equilibrium Model of Bond Pricing and a Test of Market Efficiency,” Journal of Financial and Quantitative Analysis, XVII, 3, 301-329 (September 1982).

19. Brennan, M.J. and Schwartz, E.S., “Consistent Regulatory Policy Under Uncertainty,” The Bell Journal of Economics, 13,, 2, 507-521 (Autumn 1982).

20. Brennan, M.J. and Schwartz, E.S., “Alternative Methods for Valuing Debt Options,” Finance, 4, 2, 119-137 (October 1983).

21. Brennan, M.J. and Schwartz, E.S., “Optimal Financial Policy and Firm Valuation,” The Journal of Finance, 39, 3, 593-607 (July 1984).

22. Schaefer, S.M. and Schwartz, E.S., “A Two-Factor Model of the Term Structure: An Approximate Analytical Solution,” Journal of Financial and Quantitative Analysis, 19, 4, 413-424 (December 1984).

23. Brennan, M.J. and Schwartz, E.S., “A Note on the Geometric Mean Index,” Journal of Financial and Quantitative Analysis, 20, 1, 119-122 (March 1985).

24. Brennan, M.J. and Schwartz, E.S., “Evaluating Natural Resource Investments,” The Journal of Business 58, 2,135-157 (April 1985).

25. Brennan, M.J. and Schwartz, E.S., “A New Approach to Evaluating Natural Resource Investments,” Midland Corporate Finance Journal,3, 1, 37-47 (Spring 1985).

26. Brennan, M.J. and Schwartz, E.S., “Determinants of GNMA Mortgage Prices,” Journal of AREUEA, 13, 3, 209-228 (Fall 1985).

27. Heinkel, R. and Schwartz, E.S., “Rights Versus Underwriting Offerings: An Asymmetric Information Approach,” The Journal of Finance, 41 1, 1-18 (March 1986).

28. Dietrich-Campbell, B. and Schwartz, E.S., “Valuing Debt Options: Empirical Evidence,” Journal of Financial Economics, 16, 3, 321-343 (July 1986).

29. Jorion, P. and Schwartz, E.S., “Segmentation vs. Integration in the Canadian Stock Market,” The Journal of Finance, 41, 3, 603-614 (July 1986).

30. McConnell, J. and Schwartz, E.S., “Taming LYONS,” The Journal of Finance, 41, 3, 561-576 (July 1986). Reprinted in The Handbook of Financial Engineering, C.W. Smith and C.W. Smithson (Ed.), Harper Business Books, 1990.

31. Schwartz, E.S., “Options and Portfolio Insurance,” Financial Markets and Portfolio Management, 1, 1, 9-17 (1986-87).

32. Schaefer, S.M. and Schwartz, E.S., “Time Dependent Variance and the Pricing of Bond Options,” The Journal of Finance, 42, 5 (December 1987).

33. Schwartz, E.S. and Van Order, R., “Valuing the Implicit Guarantee of the Federal National Mortgage Association,” Journal of Real Estate Finance and Economics 1:1, 23-34 (April 1988).

34. Brennan, M.J. and Schwartz, E.S., “Time Invariant Portfolio Insurance Strategies,” The Journal of Finance, 43:2, 283-300 (June 1988).

35. Giammarino, R., Schwartz, E.S., and Zechner, J., “Market Valuation of Bank Assets and Deposit Insurance in Canada,” Canadian Journal of Economics, 22:1, 109-127 (February 1989).

36. Hughes, P. and Schwartz, E.S., “The LIFO/FIFO Choice: An Asymmetric Information Approach,” The Journal of Accounting Research, 26, 41-58 (1989).

37. Schwartz, E.S., and Torous, W.N., “Prepayment and the Valuation of Mortgage Backed Securities,” Journal of Finance, 44:5, 375-392 (June 1989).

38. Brennan, M.J. and Schwartz, E.S., “Portfolio Insurance and Financial Market Equilibrium,” Journal of Business, 62: 4, 455-472 (October 1989).

39. Schwartz, E.S., and Torous, W.N., “Stripped Mortgage Backed Securities,” Housing Finance Review, 8:4, 241-251 (Fall 1989).

40. Morck, R., Schwartz, E.S., and Stangeland, D., “The Valuation of Forestry Resources Under Stochastic Prices and Inventories,” Journal of Financial and Quantitative Analysis, 24:4, 473-488 (December 1989).

41. Brennan, M.J. and Schwartz, E.S. “Arbitrage in Stock Index Futures,” Journal of Business, 63: 1, 57-531 (January 1990).

42. Gibson, R., and Schwartz, E.S., “Stochastic Convenience Yield and the Pricing of Oil Contingent Claims,” The Journal of Finance, 45:3, 959-976 July 1990.

43. Franks, J.R. and Schwartz, E.S., “The Stochastic Behavior of Market Variance Implied in the Prices of Index Options: Leverage, Volume and Other Effects,” Economic Journal, 101, 1460-1475 (November 1991).

44. Schwartz, E.S., and Torous, W.N., “Prepayment, Default and the Valuation of Mortgage Pass-Through Securities,” Journal of Business, 65:2, 221-239, April 1992.

45. Longstaff, F.A. and Schwartz, E.S., “Interest Rate Volatility and the Term Structure: A Two-Factor General Equilibrium Model,” Journal of Finance, 47:4, 1259-82, (September 1992).

46. McConnell, J.J. and Schwartz, E.S. “The Origin of LYONs: A Case Study in Financial Innovation,” Journal of Applied Corporate Finance, 4:4, 40-47, (Winter 1992).

47. Schwartz, E.S. and Zurita, S., “Sovereign Debt: Optimal Contract, Underinvestment and Forgiveness,” Journal of Finance, 47:3, 981-1004 (July 1992).

48. Longstaff, F.A. and Schwartz, E.S., “A Two Factor Interest Rate Model and contingent Claims Valuation,” Journal of Fixed Income, 2:3, 16-23, (December 1992).

49. Longstaff, F.A. and Schwartz, E.S., “Interest Rate Volatility and Bond Prices,” Financial Analysts Journal, 70-74 (July/August 1993).

50. Grunbichler, A. and Schwartz, E.S., “The Volatility of the German and Swiss Equity Market,” Financial Markets and Portfolio Management 7:2, 1993, 205-215.

51. Cortazar, G., and Schwartz E.S., “A Compound Option Model of Production and Intermediate Inventories,” Journal of Business, 66:4, 517-540 (October 1993).

52. Longstaff, F.A. and Schwartz, E.S., “Implementation of the Longstaff-Schwartz Interest rate Model,” Journal of Fixed Income, 3:2, 7-14 (September 1993).

53. Schwartz, E.S. and Torous, W.N., “Mortgage Prepayment and Default Decisions: A Poissson Regression Approach,” AREUEA Journal 21:4, 1993, 431-449.

54. Hughes, P.J., Schwartz, E.S. and Thakor, A.V., “Capital Structure and the LIFO/FIFO Choice,” Journal of Accounting, Auditing and Finance, 9:1, 1-19 (Winter 1994).

55. Cortazar, G. and Schwartz, E.S., “The Valuation of Commodity Contingent Claims,” Journal of Derivatives, 1:4, 27-39 (Summer 1994).

56. Grunbichler, A., Longstaff, F.A., and Schwartz, E.S., “Electronic Screen Trading and the Transmission of Information: An Empirical Examination,” Journal of Financial Intermediation, 3, 166-187 (1994).

57. Longstaff, F.A. and Schwartz, E.S., “Comments on “A Note on Parameter Estimation in the Two-Factor Longstaff and Schwartz Interest Rate Model,” The Journal of Fixed Income, 3:4, 101-102 (March 1994).

58. Schwartz, E.S. and Venezia, I., “The Determinants of Bond Call Premia: Theory and Empirical Tests,” Journal of Financial Services Research, 8, 243-256 (December 1994).

59. Longstaff, F.A. and Schwartz, E.S., “Valuing Credit Derivatives,” The Journal of Fixed Income, 5:1, 6-12 (June 1995).

60. Longstaff, F.A. and Schwartz, E.S., “A Simple Approach to Valuing Risky Fixed and Floating Rate Debt,” The Journal of Finance, 50:3, 789-819 (July 1995).

61. Cornell, B., Longstaff, F.A., and Schwartz, E.S., “Throwing Good Money after Bad? Cash Infusions and Distressed Real Estate,” AREUEA Journal, 24:1, 23-41 (Spring 1996).

62. Brennan, M.J, Schwartz, E.S., and Lagnado R., “Strategic Asset Allocation,” Journal of Economic Dynamics and Control, 21, 1377-1403 (1997).

63. Cortazar, G. and Schwartz, E.S., “Implementing a Real Options Model for Valuing an Undeveloped Oil Field,” International Transactions in Operational Research 4:2, 125-137 (1997).

64. Schwartz, E.S. “The Stochastic Behavior of Commodity Prices: Implications for Valuation and Hedging,” Presidential Address at the American Finance Association meetings in New Orleans in January 1997, Journal of Finance, 52:3, 923-973 (July 1997).

65. Cortazar, G., Schwartz, E.S. and Salinas, M., “Evaluating Environmental Investments: A Real Options Approach,” Management Science, 44:8, 1059-1070 (August 1998).

66. Miltersen, K.R. and Schwartz, E.S., “Pricing Options on Commodity Futures with Stochastic Term Structures of Convenience Yields and Interest Rates,” Journal of Financial and Quantitative Analysis, 33:1, 33-59 (March 1998).

67. Schwartz, E.S., “Valuing Long Term Commodity Assets,” Financial Management, 27:1, 57-66 (Spring 1998).

68. Cortazar, G., Schwartz, E.S., and Lowener, A., “Optimal Investment and Production Decisions and Firm Valuation,” Review of Derivatives Research 2:1, 39-57 (1998).

69. Cortazar, G. and Schwartz, E.S., “Monte Carlo Evaluation of an Undeveloped Oil Field,” Journal of Energy, Finance & Development, 3:1, 73-84 (1998).

70. Schwartz, E.S. and Moon, M., “Rational Pricing of Internet Companies,” Financial Analysts Journal 56:3, 62-75 (2000).

71. Corzo, T. and Schwartz, E.S., “Convergence within the European Union: evidence from Interest Rates,” Economic Notes, 29:2, pp. 243-268 (2000).

72. Schwartz, E.S. and Smith, J.E., “Short-term Variations and Long-term Dynamics in Commodity Prices,” Management Science, 46:7, pp. 893-911 (2000).

73. Longstaff, F.A. and Schwartz, E.S., “Valuing American Options by Simulation: A Simple Least-Square Approach,” Review of Financial Studies, 14:1, pp. 113-147 (Spring 2001).

74. Khindanova, I., Rachev, S., and Schwartz, E.S., “Stable Modeling of Value at Risk,” Mathematical and Computer Modeling, 34 (2001), pp. 1223-1259.

75. Longstaff, F.A., Santa-Clara, P., and Schwartz, E.S., “The Relative Valuation of Interest Rate Caps and Swaptions: Theory and Empirical Evidence,” Journal of Finance 56:6, pp. 2067-2110 (December 2001).

76. Cortazar, G., Schwartz, E.S., and Casassus, J., “Optimal Exploration Investments under Price and Geological Uncertainty: a Real Options Model,” R&D Management Journal, 31:2, pp181-189 (April 2001).

77. Longstaff, F.A., Santa-Clara, P., and Schwartz, E.S., “Throwing Away a Billion Dollars: The Cost of Sub-optimal Exercise Strategies in the Swaption Market,” Journal of Financial Economics 62:1, pp. 39-66 (2001).

78. Schwartz, E.S. and Moon, M., “Rational Pricing of Internet Companies Revisited,” Financial Review, 36 (2001), pp 7-26.

79. Lucia, J. and Schwartz, E.S., “Electricity Prices and Power Derivatives: Evidence from the Nordic Power Exchange,” Review of Derivatives Research, 5:1 (2002), pp. 5-50.

80. Mittnik, S., S. Rachev, and Schwartz, E.S., “Value-at-risk and asset allocation with stable return distributions,” Allgemeines Statistisches Archiv, 86:1 (2002), pp. 53-68.

81. Tokat, Y. and Schwartz, E.S., “The impact of fat tailed returns on asset allocation,” Mathematical Methods of Operations Research, Special Issue on Mathematical Models in Market and Credit Risk, Editor, S. Rachev , 55:2 (2002), pp. 165-185.

82. Ortobelli, S., Huber, I., and Schwartz, E.S., “Portfolio selection with stable distributed returns,” Mathematical Methods of Operations Research, Special Issue on Mathematical Models in Market and Credit Risk, Editor, S. Rachev , 55:2 (2002), pp. 265-300.

83. Tokat, Y., Rachev, S., and Schwartz, E.S., “The Stable non-Gaussian Asset Allocation: A Comparison with the Classical Approach,” Journal of Economic Dynamics and Control, 27:6 (2003), pp. 937-969.

84. Schwartz, E.S. and Zozaya, C., “Investment under Uncertainty in Information Technology: Acquisition and Development Projects,” Management Science, 49:1, (2003), pp. 57-70.

85. Cortazar, G. and Schwartz, E.S., “Implementing a Stochastic Model for Oil Futures Prices,” Energy Economics, 25:3 (2003), pp. 215-238.

86. Nelsen, M.J. and Schwartz, E.S., “Theory of Storage and the Pricing of Commodity Claims,” Review of Derivatives Research 7 (2004), pp. 5-24.

87. Schwartz, E.S., “Patents and R&D as Real Options,” Economic Notes, 33:1, (2004), pp. 23-54.

88. Miltersen, K.R. and Schwartz, E.S., “R&D Investments with Competitive Interactions,” Review of Finance 8, (2004), pp. 1-47.

89. Roll, R., Schwartz, E.S., and Subrahmanyam, A., “Liquidity and the Law of One Price: The Case of the Futures/Cash Basis, Journal of Finance, forthcoming.

90. Schwartz, E.S. and Torous, W.N., “Commercial Office Space: Tests of a Real Options Model with Competitive Interactions,” Real Estate Economics, forthcoming.

91. Cortazar, G., Schwartz, E.S., and Naranjo, L., “Term Structure Estimation in Low-Frequency Transaction Markets: A Kalman Filter Approach with Incomplete Panel-Data,” International Journal of Finance and Economics, forthcoming.

92. Cauley, S.D., Pavlov, A.D., and Schwartz, E.S., “Homeownership as a Constraint on Asset Allocation,” Journal of Real Estate Finance and Economics, forthcoming.

Conference Proceedings Published:

1. Brennan, M.J. and Schwartz, E.S., “Canada Savings Bonds: Valuation and Redemptions,” 73-84, Collected Papers, The Annual Conference of the Finance Division, Administrative Sciences Association of Canada, University of Saskatchewan (May 1979).

2. Brennan, M.J. and Schwartz, E.S., “Analyzing Convertible Bonds,” Geld, Banken und Versicheringer, Band I, Herausgegeben von Hermann Goppl und Rudoff Henn, Athenaum, Universitat Karlsruhe (1981).

3. Brennan, M.J. and Schwartz, E.S., “Savings Bonds: Valuation and Optional Redemption Strategies,” Geld, Banken und Versicheringer, Band I, Herausgegeben von Hermann Goppl und Rudoff Henn, Athenaum, Universitat Karlsruhe (1981).

Discussions and Book Reviews:

1. Schwartz, E.S., Discussion, The Journal of Finance, 34, 386-387 (May 1979).

2. Schwartz, E.S., Discussion, The Journal of Finance, 35: 2, 595-596 (May 1980).

3. Schwartz, E.S., Review of The Theory of Financial Decision Making, Ingersoll,J., in The Journal of Finance, 43,1, 259-260 (March 1988).

4. Schwartz, E.S., Review of Investment Under Uncertainty, Dixit A.K. and Pindyck R.S., in The Journal of Finance, 49:5, 1924-1928 (December 1994).

Reports:

1. Brennan, M.J. and Schwartz, E.S., “A Model to Evaluate the Effects of Abnormal Capital Structures,” 77 pp. Department of Finance, Ottawa, January 1982.

2. Brennan, M.J. and Schwartz, E.S., “Canadian Estimates of the Capital Asset Pricing Model,” 102 pp., Department of Finance, Ottawa, July 1982.

3. Brennan, M.J. and Schwartz, E.S., “Evaluating Natural Resource Investments,” 38 pp., Department of Finance, Ottawa, September 1983.

Working Papers:

1. Hsu, J. and Schwartz, E.S., “A Model of R&D Valuation and the Design of Research Incentives,” May 2006.

2. Schwartz, E.S. and Tebaldi, C., “Illiquid Assets and Optimal Portfolio Choice,” December 2004.

3. Trolle, A.B. and Schwartz, E.S., “A general stochastic volatility model for the pricing of interest rate derivatives,” May 2006.

Presentations since 1986:

1. “Evaluation of Natural Resource Investments,” University of Chile, Santiago, August 1986.

2. “Options and Portfolio Insurance,” Karlsruhe University, West Germany, March 1987.

3. “Stationary Portfolio Insurance Strategies,” University of British Columbia, Vancouver, April 1987; and University of California, Berkeley, April 1987.

4. “Valuation of Fixed Income Options,” European Options Colloquium, Zurich, September 1987.

5. “Portfolio Insurance,” and “Arbitrage in Stock Index Futures,” University of St. Gallen, Switzerland, September 1987.

6. “Options and Futures,” Banamex Executive Seminar, Mexico City, October 1987.

7. “Revolution in World Financial Markets,” 38th Annual Forecasting Conference, UCLA, December 1987.

8. “Arbitrage in Stock Index Futures,” Nanzan University, Nagoya, Japan, January 1988.

9. “Bond Portfolio Insurance,” Nikko Securities Seminar, Tokyo, January 1988.

10. Portfolio Insurance and Financial Market Equilibrium,” i) Berkeley Program in Finance, Santa Barbara, March 1988; ii) University of Utah, Salt Lake City, March 1988; iii) Champery Conference, Switzerland, March 1988; iv) University of Washington, Seattle, May 1988; v) University of British Columbia, Vancouver, May 1988; vi) Duke University, North Carolina, September 1988; vii) Indiana University, Bloomington, September 1988; viii) Ohio State University, Columbus, September 1988.

11. Dynamic Hedging Strategies,” Frontiers of Options and Futures Strategies, UCLA, May 1988.

12. “Arbitrage in Stock Index Future,” i) Miller Conference, Maui, June 1988; ii) HEC Conference, Paris, July 1988.

13. “The Stochastic Behavior of Market Variance Implied in the Price of Index Options,” HEC Conference, Paris, July 1988.

14. “State of the Art on Debt Option Pricing,” Institute for International Research, London, July 1988.

15. “Portfolio Insurance,” University of Chile, Santiago, December 1988.

16. “Prepayments and the Valuation of Mortgage Backed Securities,” i) University of British Columbia, Vancouver, November 1988; ii) University of New Mexico, Albuquerque, March 1989; iii) Northwestern University, Evanston, Illinois, April 1989.

17. “Portfolio Insurance,” i) Laval University, Quebec City, April 1989; ii) University of Bergen, Norway, August 1989.

18. “Debt Option Pricing Model,” conference on Recent Developments of International Banking and Finance, Palm Springs, April 1989.

19. “The Valuation of Long Term Oil-Linked Assets,” i) University of British Columbia, Vancouver, June 1989; ii) London Business School, London, July 1989; iii) Conference on Stochastic Models and Option Prices, Loen, Norway, September 1989; iv) University of Chile, November 1989.

20. “Recent Developments on Debt Options Pricing Models,” Institute for International Research, London, July 1989.

21. “Options and Futures,” i) Tokyo, July 1989; ii) Riordan Program, UCLA, August 1989; iii) University of Chile, November 1989.

22. “Prepayment, Default and the Valuations of Mortgage Backed Securities,” i) Vanderbilt University, Nashville, October 1989; ii) University of Rochester, Rochester, October 1989; iii) International Conference in Finance, Paris, June 1990.

23. “Stochastic Convenience Yield and the Pricing of Oil Contingent Claims,” i) London Business School, July 1989; ii) University of Chile, November 1989; iii) International Conference, Italy, June 1990.

24. “Caps on Adjustable Rate Mortgages: Valuation, Insurance and Hedging,” i) NBER Conference on Financial Crises, Florida, March 1989; ii) University of British Columbia, April 1989.

25. “Recent Developments on the Term Structure,” i) Nikko-LOR Seminar, Tokyo, January 1990; ii) Berkeley Program in Finance, Napa, March 1990.

26. “Recent Developments on the Term Structure and the Pricing of Interest Rate Options,” Institute for International Research, London, July, 1990.

27. “ Sovereign Debt: Optimal Contract, Underinvestment and Forgiveness,” i) London School of Economics, London, July 1990; ii) University of California, Los Angeles, July 1990; iii) University of British Columbia, Vancouver, July 1990; iv) Stanford University, Palo Alto, December 1990; v) Indiana University, Bloomington, August 1991.

28. “Market Volatility,” Institute for International Research, London, January 1991.

29. “New Financial Products and Strategies,” University of Chile, January 1991.

30. “Interest Rate Volatility and the Term Structure: A Two-Factor General Equilibrium Model,” i) University of Colorado, Boulder, March 1991; ii) University of St. Gallen, Switzerland, June 1991; iii) Research Institute of the Finnish Economy, Helsinki, June 1991; iv) International Conference in Finance (AFFI), Louvain-La-Neuve, Belgium, July 1991; v) The Second Summer Symposium of the European Science Foundation Network in Financial Markets, Gerzensee, Switzerland, July 1991; vi) University of Geneva, Switzerland, July 1991; vii) University of British Columbia, August 1991; viii) Washington University, St. Louis, October 1991; ix) Harvard University, Cambridge, October 1991; x) New York University, New York, October 1991; xi) Columbia University, New York, October 1991; xii) University of California, Los Angeles, November 1991.

31. “Evaluation of Natural Resource Investments,” i) University of Colorado, Boulder, March 1991; ii) Australian Graduate School of Management, Sydney, September 1992.

32. “Sovereign Debt: An Economic Perspective,” Recent Developments in International Banking and Finance, Berlin, May 1991.

33. “Latest Developments in Term Structure Modeling and Pricing Interest Rate Options,” Institute of International Research, London, July 1991.

34. “New Financial Products and Strategies,” University of Zurich, Switzerland, May 1991.

35. “Latest Developments in Term Structure Modeling and Pricing Interest Rate Options,” Institute of International Research, London, July 1992.

36. “The Valuation of Commodity Contingent Claims,” i) University of British Columbia, Vancouver, August 1992; ii) Australian Graduate School of Management, Sydney, September 1992; iii) University of Michigan, Ann Arbor, October 1992; iv) University of Osaka, Japan, January 1993.

37. National University of Singapore-UCLA Executive Program, Singapore, September 1992, i) “New Approaches to Capital Budgeting,” ii) “Derivative Securities,” iii) “Hedging Interest Rate Risk.”

38. Instituto Tecnologico de Monterey-UCLA Executive Program. Monterey, Mexico, October 1992. Cuernavaca, February 1993. Puerto Vallarta, October 1993. Puerto Vallarta, October 1994, i) “Value Based Management,” ii) “New Approaches to Capital Budgeting,” iii) “Derivative Securities,” iv) “Financial Engineering.”

39. “Implementation of Longstaff-Schwartz two factor model of the term structure,” i) Nansan University, Nagoya, Japan, January 1993; ii) First Mathematical Finance Symposium, Tokyo, Japan, January 1993; iii) Institute for International Research, London, January 1993; iv) Price Waterhouse, London, January 1993.

40. “A Compound Option Model of Production and Intermediate Inventories,” i) MIT, Cambridge, Mass., March 1993; ii) Federal Reserve Board, Washington D.C., March 1993; iii) University of British Columbia, Vancouver, July 1993; iv) University of Perugia, Italy, September 1993.

41. “Recent Developments in Financial Engineering,” IESA, Caracas, Venezuela, March 1993.

42. “Commodity Price Movements and the Valuation of Commodity Contingent Claims,” Institute of International Research, London, July 1993.

43. “Strategic Asset Allocation,” i) University of North Carolina, November 1993; ii) Stanford University, Palo Alto, December 1993; iii) University of California, Berkeley, December 1993; iv) Universidad Catolica de Chile, Santiago, December 1993; v) Universidad de Chile, Santiago, December 1993; vi) Texas Christian University, Fort Worth, April 1994; vii) IESA, Caracas, Venezuela, June 1994; viii) USC, Los Angeles, May 1995; ix) UC Irvine, Irvine, June 1995; x) University of Odense, Denmark, September 1995; xi) University of Lousanne, Switzerland, September 1995; xii) University of Chicago, May 1996.

44. “The Valuation of Risky Debt: A New Approach,” i) Conference on Financial Innovation : 20 Years of Black/Scholes and Merton, Duke University, North Carolina, November 1993; ii) American Stock Exchange Options & Derivatives Colloquium, Keynote presentation, New York, March 1994; iii) Texas Christian University, Fort Worth, April 1994; iv) European Institute for Financial Analysis and Portfolio Management, Geneva, June 1994; v) University of British Columbia, Vancouver, July 1994.

45. “Derivative Securities and Financial Engineering,” i) Universidad Catolica de Chile, Santiago, April 1994; ii) Green Honors Public Lecture, Texas Christian University, Fort Worth, April 1994; iii) Universidad Catolica de Chile, Santiago, December 1994.

46. “Derivatives: The Risks,” UCLA Forecasting Conference, September 1994.

47. “Nuevos Methodos en la Administracion Financiera,” UCLA Extension program in Mexico City, September 1994.

48. “Evaluation of Research and Development Investments,” i) Universidad Catolica de Chile, Santiago, December 1994; ii) University of British Columbia, Vancouver, August 1995; iii) University of Siena, Italy, September 1995; iv) University of Lousanne, Switzerland 1995.

49. “The Term Structure of Interest Rates and the Longstaff-Schwartz Two Factor Model,” Nikko Research Center, Tokyo, January 1995.

50. “Interest Rate Models and Huge Derivative Losses,” International Bond Congress, London, September 1995.

51. “Recent Developments on Interest Rate Modeling and Yield Curve Dynamics,” Institute for International Research, London, September 1995.

52. “Continuous Time Models in Finance,” Istitute for International Research, London, September 1995.

53. “Financial Engineering: A Case Study in Contingent Claims Analysis,” University of Lousanne, Switzerland, September 1995.

54. “The Risks of Derivatives,” Anderson Faculty Speaker Series, Los Angeles, April 1996.

55. “Financial Engineering: Strategies for Value Creation,” ITAM, Mexico City, April 1996.

56. “The Use of Treasury Bill Futures in Strategic Asset Allocation Programs,” i) University of California, Riverside, May 1996; ii) University of Vienna, Austria, June 1996; iii) University of British Columbia, Vancouver, July 1996; iv) Nikko Securities Research Seminar, Tokyo, October 1996; v) New York University, New York, December 1996; vi) Columbia University, New York, December 1996; vii) EHESS, Marseille, June 1998 ; viii) Workshop in Finance, Segovia, Spain, July 1998.

57. Keynote Speaker at the 1996 Texas Finance Symposium: “Strategic Asset Allocation,” Texas Christian University, Forth Worth, October 1996.

58. “Valuation of Risky Debt and Credit Derivatives,” Nikko Securities, October 1996.

59. “Risk Management and Financial Engineering,” Universidad Catolica de Chile, Santiago, December 1996.

60. “The Stochastic Behavior of Commodity Prices: Implications for Valuation and Hedging,” i) Duke University, Chapel Hill, March 1997; ii) Wharton School, Philadelphia, March 1997; iii) Rice University, Houston, March 1997; iv) London Business School, April 1997; v) University of British Columbia, July 1997.

61. “Short Term Variations and Long Term Dynamics in Commodity Prices,” i) Mathematical Finance Day, Boston University, April 1998; ii) EHESS, Marseille, June 1998 ; iii) Workshop in Finance, Segovia, Spain, July 1998; iv) University of British Columbia, Vancouver, August 1998; v) University of California, Santa Barbara, November 1998; vi) Technion, Haifa, Israel, December 1998; vii) Hebrew University, Jerusalem, Israel, December 1998.

62. “Derivatives and Risk Management,” The Seventh Conference on the Theories and Practices of Security and Financial Markets, Kaohsiung, Taiwan, December 1998.

63. “New Approaches to Capital Budgeting” Faculty Seminar, UCLA, February 1999.

64. “Valuing American Options by Simulation: A Simple Least-Squares Approach,” University of British Columbia, Vancouver, July 1999.

65. “Real Options Approach to Valuation,” i) Oregon State University, Corvallis, Oregon, October 1999; ii) Tulane University, New Orleans, March 2000.

66. “Rational Pricing of Internet Companies,” i) Anderson Board of Visitors Retreat, Indian Wells, October 1999; ii) Universidad Catolica de Chile, Santiago, October 1999; iii) University of British Columbia, Vancouver, December 1999; iv) Anderson Board of Visitors, Los Angeles, January 2000; v) Concordia University, Montreal, April 2000; vi) Mathematical Finance Group, Montreal, April 2000; vii) Fields Institute, Toronto, April 2000; viii) Kline Hawkes 2000 Annual Meeting, Los Angeles, May 2000; ix) ITAM, Mexico City, May 2000; x) Keynote Speaker, Campus for Finance, WHU, Vallendar, Germany, January 2001; xi) CMIE Anderson Conference, UCLA, Los Angeles, February 2001.

67. “Rational Pricing of Internet Companies and High-Tech Projects,” i) Amsterdam Institute of Finance, Amsterdam, October 2000; ii) Amsterdam Institute of Finance, Amsterdam, May 2001.

68. “Rational Pricing of Internet Companies Revisited,” i) University of Arizona, April 2001; ii) Harvard University, April 2001; iii) Carnegie Mellon University, May 2001; iv) Princeton University, May 2001; v) University of Amsterdam, Holland, May 2001; vi) Insead, France, May 2001; vii) Academia Sinica, Taipei, June 2001; viii) Peking University, Beijing, June 2001; ix) Universidad de Alicante, Spain, October 2001; x) Universidad Catolica de Chile, December 2001; xi) Quantitative Investment Association, Los Angeles, June 2002.

69. “Patents and R&D as Real Options,” i) RiskLab Conference, Madrid, October 2001; ii) CEMFI, Madrid, October 2001; iii) Universidad de Valencia, Spain, October 2001; iv) UCLA School of Public Health, October 2001; v) Universidad Catolica de Chile, December 2001; vi) ITAM, México City, April 2002; vii) New York University, April 2002; viii) Emery University, Atlanta, April 2002; ix) University of Maryland, April 2002; x) CIRANO, Montreal, May 2002.

70. “Opciones Reales,” Instituto MEFF, Madrid, May 2002.

71. “R&D Investments with Competitive Interactions,” i) Vanderbilt University, Nashville, October 2002; ii) Simon Fraser University, Vancouver, BC, March 2003; iii) University of Utah, Salt Lake City, March 2003.

72. “La Gestion del Riesgo Financiero: Evidencia Internacional,” Santiago, Chile, December 2002.

73. “Introduction to Real Options and Patents and R&D,” Global Association of Risk Professionals, Los Angeles, February 2003.

74. “A Model of R&D Valuation and the Design of Research Incentives,” i) University of Rochester, Rochester, NY, April 2003; ii) New York University, New York, April 2003; iii) University of Texas at Austin, October 2003; iv) California State at Fullerton, October 2003; v) University of British Columbia, Vancouver, April 2004; vi) University of Calgary, Calgary, April 2004; vii) University of Alberta, Edmonton, April 2004; viii) Fields Institute, Toronto, May 2004; ix) Indian School of Business, Hyderabad, December 2004; x) Duke-UNC joint seminar, Chapel Hill, April 2005; x) LUISS University, Rome, March 2006.

75. “Valuation of R&D Projects,” MIT, Cambridge, April 2003.

76. “Term Structure Estimation in Low-Frequency Transaction Markets: A Kalman Filter Approach with Incomplete Panel-Data,” University of Verona, Italy, June 2003.

77. “Homeownership as a Constraint on Asset Allocation,” i) UBC Summer Conference, Tofino, August 2004; ii) University of California, Berkeley, February 2005; iii) La Sapienza University, Rome, March 2006.

78. “Real Asset and Portfolio Management,” Keynote talk at the Gutmann Center Symposium, University of Vienna, March 2006.

Papers Presented at Professional Societies since 1986:

1. “Time Dependent Variance and the Pricing of Bond Options,” American Finance Association, New Orleans, December 1986.

2. “Arbitrage in Stock Index Futures,” Western Finance Association, San Diego, June 1987.

3. Discussant, Western Finance Association, San Diego, June 1987.

4. “Arbitrage in Stock Index Futures,” Western Economic Association, Vancouver, July 1987.

5. “Stationary Portfolio Insurance Policies,” European Finance Association, Madrid, September 1987.

6. Discussant, European Finance Association, Madrid, September 1987.

7. “Time Invariant Portfolio Insurance Strategies,” American Finance Association, Chicago, December 1987.

8. Discussant, American Finance Association, Chicago, December 1987.

9. “The Valuation of Long Term Oil-Linked Assets,” European Finance Association, Stockholm, September 1989.

10. “Stochastic Convenience Yield and the Pricing of Oil Contingent Claims,” American Finance Association, Atlanta, December 1989.

11. “Sovereign Debt: Optimal Contract, Underinvestment and Forgiveness,” American Finance Association, New Orleans, January 1992.

12. “Sovereign Debt: Optimal Contract, Underinvestment and Forgiveness,” French Finance Association, Paris, June 1992.

13. “Current Research on Theories of the Term Structure of Interest Rates,” 1992 Financial Management Association Doctoral Student Consortium, San Francisco, October 1992.

14. “The Valuation of Commodity Contingent Claims,” Western Finance Association, Whistler, June 1993.

15. “A Compound Option Model of Production and Intermediate Inventories,” Invited Speaker at the French Finance Association Meetings in La Baule, July 1993.

16. “A Compound Option Model of Production and Intermediate Inventories,” European Finance Association Meetings, Copenhagen, Denmark, August 1993.

17. “A Compound Option Model of Production and Intermediate Inventories,” Invited speaker at the annual meetings of the Association of Applied Mathematics to Economic and Social Sciences (AMASES), Ischia, Italy, September 1993.

18. “Strategic Asset Allocation,” Keynote address at the Northern Finance Association Meetings, Vancouver, September 1994.

19. “A Simple Approach to Valuing Risky Fixed and Floating Rate Debt,” American Finance Association Meetings, Washington D.C., January 1995.

20. “The Use of Treasury Bill Futures in Strategic Asset Allocation Programs,” Keynote address at the Sixteenth International Symposium on Forecasting, Istanbul, Turkey, June 1996.

21. “The Stochastic Behavior of Commodity Prices: Implications for Valuation and Hedging,” Presidential Address at the American Finance Association meetings in New Orleans, January 1997.

22. “Short Term Variations and Long Term Dynamics in Commodity Prices,” Keynote address at the European Finance Association Meetings in Vienna, August 1997.

23. “Valuing Long Term Commodity Assets,” Keynote address at the Financial Management Association Meetings in Honolulu, October 1997.

24. “Short Term Variations and Long Term Dynamics in Commodity Prices,” Keynote address at the Asia-Pacific and Nippon Finance Association Meetings in Tokyo, July 1998.

25. “Short Term Variations and Long Term Dynamics in Commodity Prices,” Keynote address at the Conference on the Theories and Practices of Security and Financial Markets, Kaohsiung, Taiwan, December 1998.

26. “Short Term Variations and Long Term Dynamics in Commodity Prices,” Keynote address at the Annual Australasian Finance and Banking Conference, Sydney, Australia, December 1998.

27. “Real Options Approach to Valuation,” keynote address at the 1999 FMA European Conference, Barcelona, Spain, June 1999.

28. “Real Options Approach to Valuation,” invited address to the Latin American Meetings of the Econometric Society, Cancun, Mexico, August 1999.

29. “Real Options Approach to Valuation,” keynote address to the American Association of Risk and Insurance, Vancouver, Canada, August 1999.

30. “Real Options Approach to Valuation,” keynote address to the LACEA meetings in Santiago, Chile, October 1999.

31. “Valuing American Options by Simulation: A Simple Least-Squares Approach,” invited talk The First World Congress of the Bachelier Finance Society, College de France, Paris, June 2000.

32. “Rational Pricing of Internet Companies,” invited talk German Finance Association meetings in Konstanz, October 2000.

33. “Valuing American Options by Simulation: A Simple Least-Squares Approach,” Financial Mathematics Conference, IPAM, UCLA, January 2001.

34. “Valuing Investments in Information Technology as Real Options,” American Finance Association Meetings in New Orleans, January 2001.

35. “Rational Pricing of Internet Companies Revisited,” Distinguished Scholar, Eastern Finance Association, April 2001.

36. “Rational Pricing of Internet Companies Revisited,” keynote address, Real Options Conference, UCLA, July 2001.

37. “Patents and R&D as Real Options,” Global Derivatives and Risk Management Conference, Barcelona, May 2002.

38. “Valuing American Options by Simulation: A Simple Least-Square Approach,” Derivatives Day, Amsterdam, May 2002.

39. “A Model of R&D Valuation and the Design of Research Incentives,” WFA meetings in Vancouver, June 2004.

40. “Homeownership as a Constraint on Asset Allocation,” Euro Working Group on Financial Modelling, Brescia, Italy, May 2005.

41. “A Model of R&D Valuation and the Design of Research Incentives,” Keynote talk in the Festkolloquium in honour of Phelim Boyle, University of Waterloo, June 2006.