Next Steps

PROGRAM

PROGRAM SCHEDULE & CONTENT


OPENING SESSION
Opening Ceremony & Group Integrative Project Initial Session
Nov 17, 2014 (Mon)
Hong Kong



Hong Kong: In-residency at HKUST Campus

 

Topics:
- Introduction to Integrative Project
- Social Activities

 

Module 1
Global Macro & Asian Markets
Nov 17-20, 2014 (Mon - Thurs)
Hong Kong



Hong Kong: In-residency at HKUST campus       

This course introduces students to macroeconomic forces that affect global and Asian financial markets. Students will discuss various global macroeconimic concepts, the influences of global finance on long-run economic growth, and the structure/size of foreign exchange markets. This course will also cover recent developments in global/Asian financial markets, macroeconomics in a post-crises world, and exchange rates.

 

Module 2
Foundations of Corporate Finance
Nov 21-24, 2014 (Fri - Mon)
Hong Kong

 

Hong Kong: In-residency at HKUST campus

The aim of the module is to provide students with a comprehensive overview of the financing and investment decisions made by firms. It covers capital budgeting, dividend policy, financing policy and managerial incentives. Topics include:

Topics:
- Investing in risk free and risky projects
- Capital allocation and corporate strategy
- Taxes and financing choices
- Debt holder-equity holder conflicts
- Financial structure and corporate strategy
- Basics of valuation

 

Module 3
Foundations of Investments
Jan 9-12, 2015 (Fri - Mon)
Hong Kong


Hong Kong


This module provides an introduction to modern asset pricing theory. We begin by briefly reviewing portfolio theory. We then move on to discussing current determinants of asset prices such as cash risk and liquidity. One of the module's goals is to apply asset pricing theories to investment decision-making. A second goal is to prepare students for upcoming modules. A third goal is to build a fundamental knowledge of fixed income and derivative products. 

 

Topics include:
- Frictionless markets vs. markets with frictions
- Portfolio diversification 
- Models of equilibrium asset prices
- Introduction to fixed income securities 
- Introduction to forwards and futures 
- Introduction to options 
- Static replication  
- Determinants of option prices
   

 

Module 4
Portfolio Management & Asset Allocation
Feb 6-9, 2015 (Fri - Mon)
Hong Kong


 

Hong Kong

The aim of the module is to provide students with tools and knowledge in global asset allocation, with particular emphasis on the management of risk. Topics include construction of global benchmarks, portfolio construction, factor models, currency risk management, investment strategies, performance evaluation and attribution.  The module also introduces participants to behavioral finance and the implication for asset allocation.

 

Topics:
- Design of investment strategies and products
- Hedging currency risk in global asset allocation
- Performance measure and attribution
- Measuring risk for institutional portfolios, mutual funds and hedge funds
- Managing hedge funds: present and future

 

Module 5
Derivatives Markets
Mar 15-17, 2015 (Sat - Tue) (Tutorial on Mar 14)
New York



New York 

This is a module in derivatives markets: structure, valuation and strategies. It builds on the content of module Foundations of Investments and combines theory, empirical findings and practical applications. The main applications include the equities markets, foreign exchange and commodities. The key derivative instruments discussed include fowards, futures and options. Cases and examples include the 1987 crash, LTCM, Metallgesellschaft, Amaranth, etc.

 

Topics:
- Overview of derivatives markets
- Futures Markets
 
  • Recent developments in the structure of futures markets
  • The Cost of Carry Model
  • Hedging with Futures
- Options Markets
 
  • Review of options strategies and markets
  • Options valuation
  • Options on FX, indices, futures
  • Risk management: VAR
  • Exotic options
  • Applications

 

Module 6
Fixed Income Instruments & Markets
Mar 19-21, 2015 (Thu - Sat) (Tutorial on Mar 18)
New York

 

New York

The module addresses fixed income financial instruments and their derivatives, covering types of debt instruments, interest rate structures and building the yield curve, the valuation of debt securities, debt default and related topics. There is also consideration of fixed income instruments in portfolio strategies, as well as the role of financial structures and options and derivatives such as credit default swaps. 

 

Topics:
- Fixed income instruments and markets - cash and derivatives
- Term structure dynamics
- Fixed income valuation, default probability and portfolio optimization

 

Module 7
Applied Corporate Finance & Valuation
May 22-25, 2015 (Fri - Mon)
Hong Kong



Hong Kong

This module focuses on the valuation of companies and the creation of shareholder value by looking at the interplay of corporate strategy and finance.  The module exposes participants to valuation frameworks that can readily be applied to improve business and strategic decision-making.

 

Topics:
- Valuation of businesses and subsidiaries
- Value drivers
- Relative valuations
- Mergers and Acquisitions
- Payment methods and financing
- Takeover defences
- Cross-border transactions
- Corporate restructuring transactions - divestitures, spin-offs, and equity carveouts 
- Value creation in private equity transactions

 

Module 8
Banking Reform & Corporate Risk Management in China
Jun 26-30, 2015 (Fri - Tue)
Beijing


Beijing

This module provides an overview of China's financial markets, reform of financial institutions and corporate risk management. Students will gain an understanding of the recent development of financial services and corporate practices in China. In addition to regular lectures, there is also a speaker session delivered by related regulator. Since the module is held in Beijing / Shanghai, company visits will be arranged allowing participants to have a better understanding of doing business in China. Networking opportunities with executives in China also exist.

 

Topics:
- Financial Market in China
- Banking Reform
- Corporate Risk Management
- Company Visits
- Speaker Sessions

 

Modules 9 & 10
Risk Management in Financial Institutions & Topics in Financial Markets & Innovation
Aug 10-20, 2015 (Mon - Thu)
New York



New York

Module 9: Risk Management in Financial Institutions

The module covers the state-of-the-art and new developments in major areas of risk management in financial institutions and business firms in general - credit risk, market risk, liquidity risk, operational risk, sovereign risk, strategic risk, and reputational risk. Emphasis is placed on risk integration.

Topics:
- Market risk and liquidity risk, VAR and RAROC
- Credit risk and distressed debt
- Sovereign risk assessment
- Operational and reputational risk
- Risk integration


Module 10: Topics in Financial Markets & Innovation

Capstone module covering advanced topics in finance, the selection of which will depend on market developments and student interest. The module builds on material covered in other modules in the program, and is taught at the research-driven frontier.

Topics:
- Financial market microstructure
- Behavioral finance
- Corporate restructuring
- Volatility
- Structured financial products 
- Credit and exotic derivative products
- Family-dominated and closely held firms
- Hedge funds

 

CLOSING SESSION
Project Presentation & Closing
Nov 12-13, 2015 (Tentative)
Hong Kong


Hong Kong: In-residency at HKUST Campus

 

Topics:
- Integrative Project Presentations
- Speaker Session
- Social Activities
- Closing Ceremony

 

INTEGRATIVE PROJECT (GROUP)
 
Throughout the year

A Group Project 

The aim of the project is to enable students to apply what they have learned in each module to the global banking and financial markets.  Students will work throughout the year on a team project, which will culminate with a presentation to a panel of faculty and executives from cooperating firms (if applicable).

 

PROFESSOR MARK SEASHOLES

is Professor of Finance at HKUST. He received his Bachelor of Arts from Wesleyan University where he graduated with high honors in physics, Phi Beta Kappa, and University Honors (the university’s highest award). University Honors was awarded to 5 of 650 graduates in his year. Professor Seasholes received his Master of Arts and Doctor of Philosophy degrees in Business Economics from Harvard University. He taught at the University of California, Berkeley Haas School from 2000 to 2007 where he won teaching awards in three programs: Daytime MBA, Undergrad Program, and Berkeley-Columbia Executive MBA, and has visited at Northwestern-Kellogg, INSEAD, and worked at Santa Clara University.

Professor Seasholes conducts research in the field of financial economics. His research focuses on trading behavior and asset prices around the world. He has written on cross-border equity investments, herding behavior of individual investors, and loss aversion. Current work focuses on liquidity and asset pricing. One project looks at the systematic liquidity demands of individual investors. A second project studies NYSE specialist inventories (a measure of liquidity provided to the market). Professor Seasholes worked for a number of years on Wall Street and in the emerging markets of East / Central Europe. He was one of the first equity analysts in post-communist Poland, completed a valuation project in Honduras and helped with the Lloyds of London restructuring, in addition to having given a series of lectures in the People’s Republic of China. Professor Seasholes’ work includes work with State Street Bank and Trust and their portfolio flow indices.

PROFESSOR SUDIPTO DASGUPTA

is Chair Professor of Finance and Director of the Centre for Asian Financial Markets at HKUST. Professor Dasgupta received his Master of Arts in Economic Theory from the University of Calcutta and his Doctor of Philosophy in Finance from University of Southern California. He taught at the University of Southern California and visited at Gothenburg University in Sweden before joining HKUST in 1993.

Professor Dasgupta has published in leading journals on economics and finance such as the Journal of Finance, Journal of Financial Intermediation, Journal of Corporate Finance, Journal of Economic Theory, Journal of Economics and Management Strategy, etc. His research areas are in game theory and industrial organization, bidding for procurement contracts, the economics of joint ventures, firms' investment and financial policies, takeovers and the market for corporate control.

PROFESSOR VIDHAN GOYAL

is Professor of Finance at HKUST. He received his Master in Business Administration from the University of Delhi and a Doctor of Philosophy in Finance from the University of Pittsburgh where he was a Research Fellow at the ‘Center for the Study of Contracts and the Structure of Enterprise’.

Professor Goyal’s research interests are in empirical corporate finance, with an emphasis on capital structure and corporate governance. His research papers have been published in the Journal of Finance, Journal of Financial Economics, Journal of Business, Journal of Financial Intermediation, Finance Research Letters, Journal of Corporate Finance and the Pacific Basin Finance Journal. He has extensive teaching experience and won numerous teaching awards including the Michael G. Gale Gold Medal for Distinguished teaching, the Franklin Prize for teaching excellence and the best MBA core teacher award.

PROFESSOR BRUNO SOLNIK

is Professor of Finance at HKUST in Hong Kong. He is also Distinguished Emeritus Professor of Finance at HEC Paris, ranked No. 1 business school in Europe by the Financial Times. 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 Todai (University of Tokyo).

 

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, the leading textbook in the field formerly titled International Investments, and translated into Spanish, Japanese and Chinese. The sixth edition of Global Investments, 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 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 CFA Institute 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 is a Knight in the Order of the Legion of Honor.

 

Professor Solnik is a frequent keynote speaker to professional conferences organized by institutional investors, asset managers and consultants. His expertise has been called upon by many pension funds, foundations and central banks, in Europe, the USA and Asia, to assist them in structuring their asset management efforts. Among others, he advised the pension plans of Royal Dutch/Shell and Calsters, and the Nobel Foundation. He has also advised numerous asset management companies worldwide. From 1999 to 2004, he sat on the investment committee of UBS Global Asset Management, the institutional asset management arm of the UBS Group.

 

Since 2004, he is one of the four members of the Investment Management Advisory Council of Zurich Insurance Group, a major global insurer managing a portfolio over US$200 billion.  He is investment advisor to EDF, a large European utility firm. He serves, or has served, on the board of directors of listed companies (bank, asset manager and security firm), mutual funds, exchange traded funds and hedge funds.

 

He acted as an expert witness in several cases. In particular he acted as a financial valuation witness in a couple of international arbitrage cases resulting in a successful US$850 million award.

PROFESSOR DANYANG XIE

is Professor of Economics at HKUST. Professor Xie received his Ph.D. in Economics from the University of Chicago in 1992. He started an academic career in 1991 at the University of Montreal. He joined HKUST in July 1993. He has been teaching Macroeconomics at all levels and China in the Global Economy for the MBAs and EMBAs. His research interest includes endogenous growth, fiscal policy, and money and banking. While serving at the International Monetary Fund as Economist and Senior Economist during 2000-2004, he taught finance-related courses to government officials worldwide. He returned to HKUST in July 2004 and served as Department Head between April 2007 and June 2010.

Professor Xie has publications in top Journals in Economics, including Journal of Political Economy, Review of Economic Studies, Journal of Economic Theory, Journal of Monetary Economics, and International Economic Review. He is the co-editor of Annals of Economics and Finance and is a member of the Editorial Advisory Council of Pacific Economic Review.

PROFESSOR MENACHEM BRENNER

is Research Professor of Finance at NYU Stern. He has been with NYU Stern since 1990. Before joining NYU, Professor Brenner was an Associate Professor of Finance at the Hebrew University in Jerusalem. He was also a visiting professor at the University of California at Berkeley, the University of Bergamo, University of Melbourne and Tel-Aviv University. He also served as an Advisor to the Bank of Israel, and was a member of the board of directors of the Tel Aviv Stock Exchange and of the advisory panel on Emerging Markets Investable Indices at the International Finance Corporation. Professor Brenner received his Bachelor of Science in Economics from Hebrew University, Jerusalem and his Master of Arts and Doctor of Philosophy in Business Administration from Cornell University.

Professor Brenner’s primary areas of research include derivative markets structure, option pricing, infl ation expectations, auctions, market effi ciency and liquidity. His articles have been published in numerous publications including the Journal of Finance, Journal of Financial Economics, Journal of Business and Journal of Financial and Quantitative Analysis.

PROFESSOR EDWARD I. ALTMAN

is the Max L. Heine Professor of Finance at NYU Stern and the Director of Research in Credit and Debt Markets at the NYU Salomon Center for the Study of Financial Institutions. He has been a visiting professor at the Hautes Etudes Commerciales and Universite de Paris-Dauphine in France, at the Pontificia Catolica Universidade in Rio de Janeiro, at the Australian Graduate School of Management in Sydney, Luigi Bocconi University in Milan and CEMFI in Madrid. Professor Altman was named to the Max L. Heine endowed professorship at Stern in 1988.

Professor Altman was named Laureate 1984 by the Hautes Etudes Commerciales Foundation in Paris and awarded the Graham & Dodd Scroll for 1985 by the Financial Analysts Federation and was named “Profesor Honorario” by the University of Buenos Aires in 1996. He is currently an advisor to the Centrale dei Bilanci in Italy and is also the Chairman of the Academic Advisory Council of the Turnaround Management Association. He received his MBA and Ph.D. in Finance from the University of California, Los Angeles. He was inducted into the Fixed Income Analysts Society Hall of Fame in 2001, President of the Financial Management Association (2003) and a FMA Fellow in 2004. In 2005, Professor Altman was named one of the “100 Most Influential People in Finance” by the Treasury & Risk Management magazine.

Professor Altman is one of the founders and an Executive Editor of the Journal of Banking and Finance and Advisory Editor of the John Wiley Frontiers in Finance Series. He has published or edited almost two-dozen books and more than 130 articles in scholarly finance, accounting and economic journals. He was the editor of the Handbook of Corporate Finance and the Handbook of Financial Markets and Institutions and the author of Distressed Securities, Managing Credit Risk and Bankruptcy, Credit Risk and High Yield Junk Bonds (2002), Recovery Risk (2005), Corporate Financial Distress & Bankruptcy (3rd ed., 2005) and Recovery Risk (2005).

Professor Altman’s primary areas of research include bankruptcy analysis and prediction, credit and lending policies, risk management and regulation in banking, corporate finance and capital markets. He has testified before the U.S. Congress, the New York State Senate and several other government and regulatory organizations and is a Director and a member of the Advisory Board of the New York State Common Retirement Fund’s Investment Committee.

PROFESSOR JENNIFER N. CARPENTER

is Associate Professor of Finance at NYU Stern. Professor Carpenter teaches an MBA course on Debt Instruments and Markets, and a PhD course on continuous time finance. Professor Carpenter received her Bachelor of Science in Economics, Master of Arts in Finance, Master of Arts in Mathematics, and Doctor of Philosophy in Finance from the University of Pennsylvania.

Professor Carpenter has been with Stern since 1995. Her primary research areas include executive stock options, fund manager compensation, survivorship bias, corporate bonds, and option pricing. She has published in numerous journals including the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, and the Journal of Business.

Before coming to Stern, Professor Carpenter worked at Goldman Sachs & Company in the fixed income division. She was also lecturer at the University of Pennsylvania.

PROFESSOR ALEXANDER LJUNGQVIST

is the Ira Rennert Chair in Finance and Entrepreneurship at NYU Stern, where he teaches an MBA course in financing new ventures and a PhD seminar in corporate finance. Professor Ljungqvist received his Master of Science in Economics and Business from Lund University in Sweden, and his Master of Philosophy and Doctor of Philosophy in Economics from Nuffield College at Oxford University.

Professor Ljungqvist has been with NYU Stern since 2000 and was tenured in 2005. His primary research areas include financial intermediation, investment banking, initial public offerings, entrepreneurial finance and venture capital, corporate governance, and behavioral corporate finance. He has published articles in these areas in all the leading scholarly journals, including the Journal of Finance, the Review of Financial Studies, and the Journal of Financial Economics. He is the author of Going Public, a survey of work on IPOs published by Oxford University Press (second ed., 2001). He currently serves as editor on the board of the Review of Financial Studies.

At NYU’s Salomon Center, Professor Ljungqvist directs the School’s research activities in the field of alternative investments. He has been Director of Research of NYU’s Berkley Center for Entrepreneurial Studies since 2005.

Prior to joining NYU, Professor Ljungqvist taught at London Business School and Oxford University’s Said Business School. He has worked for Deutsche Bank, Berenberg Bank, Schroder, Munchmeyer, Hengst & Co., the Swedish Trade Council, and the Swedish Foreign Ministry. Between 1995 and 2000, he was a senior consultant with OXERA Ltd.

PROFESSOR THOMAS A. PUGEL

has been on the faculty of New York University since 1978. He received his B.A. in Economics from Michigan State University in 1974 and his Ph.D. in Economics from Harvard University in 1978. At NYU Stern, he served as Faculty Director of Executive MBA Programs during 2007-2009, as Academic Director of the Langone MBA Program during 2004-2008, as Vice Dean for Faculty during 1994-1998, and as chairperson of the International Business Area during 1990-1994 and 1998-2003. He was Visiting Professor at the School of International Politics, Economics and Business at Aoyama Gakuin University, Japan, during 1985-1986, and a member of the U.S. Faculty of the National Center for Industrial Science and Technology Management Development at Dalian, Peoples Republic of China, in 1983. He was a Visiting Scholar at the Board of Governors of the Federal Reserve System in 1980.

Professor Pugel’s research focuses on international industrial competition, with emphasis on market structure, strategy, and performance, and on government policies toward international trade and industry. He is co-author of Microelectronics: An Industry in Transition and the co-editor of Fragile Interdependence: Economic Issues in U.S.-Japanese Trade and Investment. He has published numerous articles in professional journals and chapters in books. He is the author of the textbook International Economics (fourteenth edition). His teaching interests include global macroeconomics, the economics of firms and markets, and the economics of international trade and investment.

He has served as a research consultant to a number of U.S. government agencies, international organizations, and business organizations. Included among these are J.P. Morgan, Citicorp, Chrysler Corporation, the Federal Trade Commission, the Joint Economic Committee of the U.S. Congress, and the United Nations.

PROFESSOR ANTHONY SAUNDERS

is the John M. Schiff Professor of Finance at NYU Stern. Professor Saunders received his Ph.D. from the London School of Economics and has taught both undergraduate and graduate level courses at NYU since 1978. Throughout his academic career, his teaching and research have specialized in financial institutions and international banking. He has served as a visiting professor all over the world, including INSEAD, the Stockholm School of Economics, and the University of Melbourne.

Professor Saunders holds positions on the Board of Academic Consultants of the Federal Reserve Board of Governors as well as the Council of Research Advisors for the Federal National Mortgage Association. In addition, Professor Saunders has acted as a visiting scholar at the comptroller of the Currency and at the Federal Monetary Fund. He is an editor of the Journal of Banking and Finance and the Journal of Financial Markets, Instruments and Institutions, as well as an associate editor of eight other journals, including Financial Management and the Journal of Money, Credit and Banking. His research has been published in all of the major finance and banking journals and in several books. He has just published a new edition of his textbook, Financial Institutions Management: Risk Management Perspective for McGraw-Hill (4th edition) as well as a 2nd edition of his book on Credit Risk Measurement for John Wiley & Sons (with Linda Allen).

PROFESSOR MARTI SUBRAHMANYAM

is the Charles E. Merrill Professor of Finance and Economics at NYU Stern. He holds a degree in Mechanical Engineering from the Indian Institute of Technology, Madras, a post-graduate diploma in Business Administration from the Indian Institute of Management, Ahmedabad and a doctorate in Finance and Economics from the Massachusetts Institute of Technology.

Professor Subrahmanyam has published numerous articles and books in the area of corporate finance, capital markets and international finance. He has been a visiting professor at leading academic institutions in Australia, England, France, Universita Guido Carli LUISS, Rome, Italy, Singapore Management University and Churchill College, Cambridge University.

He has served as a consultant for several corporations, industrial groups and financial institutions in the U.S., Europe, Asia and Latin America. He also sits on the boards of several companies including the ICICI Bank Ltd. (NYSE: IBN), Infosys Technologies Ltd. (NASDAQ: INFY), Metahelix Life Sciences (P) Ltd, Nomura Asset Management Inc, and the board of advisers of Apollo Management L.P. He serves as an advisor to international and government organizations including the Securities and Exchange Board of India. He has taught extensively on executive programs in more than twenty countries around the world.

Professor Subrahmanyam currently serves or has served as an Associate Editor of the European Financial Management, Journal of Banking and Finance, Journal of Business and Accounting, Journal of Finance, Management Science, Journal of Derivatives, Journal of International Finance and Accounting, and Japan and the World Economy. He is the Editor of an academic journal specializing in derivative securities and markets entitled Review of Derivatives Research. His research interests include valuation of corporate securities, options and futures markets, equilibrium models of asset pricing, market microstructure and the term structure of interest rates. He has published several papers in these areas in many of the leading international journals in economics and finance, including Econometrica, The Quarterly Journal of Economics, Journal of Finance, Journal of Financial Economics and The Review of Financial Studies. His recent books include Recent Advances in Corporate Finance (Irwin, 1985) and Financial Options: From Theory to Practice (Dow Jones-Irwin, 1992). He is currently working on a new book, Interest Rate Derivative Products.

Professor Subrahmanyam has won several teaching awards including, most recently, New York University’s Distinguished Teaching Medal in 2003.

PROFESSOR INGO WALTER

is the Seymour Milstein Professor of Finance, Corporate Governance and Ethics at NYU Stern, and also serves as Director of the Stern Global Business Institute, an independent academic research center focusing on global economic and management issues.

Professor Walter received his B.A. and M.S. degrees from Lehigh University and his Ph.D. degree in 1966 from New York University. He taught at the University of Missouri - St. Louis from 1965 to 1970 and has been on the faculty at New York University since 1970. From 1971 to 1979 he was Associate Dean for Academic Affairs and subsequently served a number of terms as Chairman of International Business and Chairman of Finance as well as Director of the New York University Salomon Center for the Study of Financial Institutions from 1990 to 2003. He has had visiting professorial appointments at the Free University of Berlin, University of Mannheim, University of Zurich, University of Basel, the Institute for Southeast Asian Studies in Singapore, and various other academic and research institutions including a collateral appointment as Professor of International Management at INSEAD since 1986.

Professor Walter’s principal areas of academic and consulting activity include international trade policy, international banking, environmental economics, and economics of multinational corporate operations. He has published papers in various professional journals in these fields and is the author, co-author or editor of 26 books, including Street Smarts: Linking Professional Conduct and Shareholder Value in the Securities Industry (Boston: Harvard Business School Press, 1997), The Political Economy of European Financial Integration (Manchester, Manchester University Press and Cambridge: MIT Press, 1997), High Finance in the Euro-Zone (London: Financial Times - Prentice Hall, 2000), and Mergers and Acquisitions in Banking and Finance – What Works, What Fails and Why? (New York: Oxford University Press, 2004). His new book, co-authored with Roy C. Smith, is Governing the Modern Corporation (New York: Oxford University Press, 2006).

Professor Walter has served as a consultant to various corporations, banks, government agencies and international institutions, and has held a number of board memberships.