Hazem Daouk


Peter J. & Stephanie J. Nolan Associate Professor

School of Applied Economics & Management

Cornell University

On leave

35 Quai de Grenelle, Tour de Mars –A-     

75015 Paris


Fax: (331) 45-78-63-88

E-mail: hd3500 at Google Mail

Website: http://courses.cit.cornell.edu/hd35/


Professional Experience


Cornell University, NY, USA (July 2008-present)

Peter J. & Stephanie J. Nolan Associate Professor


Cornell University, NY, USA (June 2002-July 2008)

Assistant Professor


University of Michigan, MI, USA (May 2001-June 2002)

Visiting Assistant Professor


Indiana University, IN, USA (Aug 1997-May 2001)

Associate Instructor


Republic National Bank of New York (now part of HSBC), NY, USA (Jun 1994-Aug 1994)

Operations Analyst, International Trading Department


Compagnie Fiduciaire pour le Commerce et l’Industrie, Paris, France (Oct 1992-Feb 1993)

Financial Forecaster




       Indiana University, Ph.D. (major: finance, minor: mathematics), 2001

       University of Maryland, M.B.A., 1995

       I.C.S. Paris, France, D.E.S.C.F., 1992


Research Impact

·         In academia: number of citations (excluding self-cites) is 153.

·         In the US media: research featured in Barron’s, Boston Globe [article], Business Week [article], Chicago Tribune, Economic Intuition, Money Magazine, Reuters News and the Washington Post.

·         In the foreign media: research featured in the Economist (UK) [article], Financial Times (UK), The Age (Australia) [article], El Economista (Mexico), El Universal (Mexico), HP/De Tijd (Netherlands), Proceso (Mexico) and Sondagsavisen (Denmark).

·          Ranked 269th out of 129,622 total authors on the Social Science Research Network (ssrn.com) in terms of total number of paper downloads (over 17,000). 



When No Law is Better Than a Good Law (with U. Bhattacharya), Review of Finance, 2009, vol 13, p 577-627.

Do Investors Learn about Analyst Accuracy? A Study of the Oil Futures Market (with C. Chang and A. Wang), Journal of Futures Markets, 2009, vol 29, p 414-429.

A Geopolitical Theory of Oil Price Behavior: An Econometric Evaluation (with A. Slaibi and D. Chapman), Applied Economics, 2009. 

Capital Market Governance: Do Securities Laws Affect Market Performance? (with C. Lee and D. Ng), Journal of Corporate Finance, 2006, vol 12, p 560-593.

Switching Asymmetric GARCH and Options on a Volatility Index (with J. Guo), Journal of Futures Markets, 2004, vol 24, p 251-282. 

The World Price of Earnings Opacity (with U. Bhattacharya and M. Welker), Accounting Review, 2003, vol 78, p 641-678. 

Application of Neural Networks to an Emerging Financial Market: Forecasting and Trading the Taiwan Stock Index (with M. Leung and A. Chen), Computers and Operations Research, 2003, vol 30, p 901-923.

        The World Price of Insider Trading (with U. Bhattacharya), Journal of Finance, 2002, vol 57, p 75-108. Reprinted in Claessens S. and L. Laeven (ed), 2006, A Reader in International Corporate Finance, World Bank, Herndon, VA, USA. 

         Using Investment Portfolio Return to Combine Forecasts: A Multiobjective Approach (with M. Leung and A. Chen), European Journal of Operational Research, 2001, vol 134, p 84-102. 

When an Event Is Not an Event: The Curious Case of an Emerging Market (with U. Bhattacharya, B. Jorgenson, and C. Kehr), Journal of Financial Economics, 2000, vol 55, p 69-101. 

Forecasting Stock Indices: A Comparison of Classification and Level Estimation Models (with M. Leung and A. Chen), International Journal of Forecasting, 2000, vol 16, p 173-190. Reprinted in Batchelor R. and P. Dua (ed), 2002, Financial Forecasting, Edward Elgar Publishing, Surrey, UK. 

Forecasting Exchange Rates Using General Regression Neural Networks (with M. Leung and A. Chen), Computers and Operations Research, 2000, vol 27, p 1093-1110. 


Selected Working Papers

       Evidence of Institutional Insider Trading Before Merger and Acquisition Announcements (with G. Li).

      Is Unlevered Firm Volatility Asymmetric? (with D. Ng).       

        Market-Wide Short-Selling Restrictions (with A. Charoenrook).

        Conditional Skewness of Aggregate Market Returns (with A. Charoenrook).


Research Awards

Best Paper in Investments Award Offered by the Southwestern Finance Association ($1000 and a plaque), 2005. 

Nomination for the Smith Breeden Award for Best Paper in the Journal of Finance, 2002. 

Best Paper Award Offered by the Conference on the Theories and Practices of Securities and Financial Markets, Taiwan ($1,500), 2002. 

Best Academic Paper Award Offered by the International Investment Forum at the University of Chicago ($2,000 and a trophy), 1998. 

Conference Presentations 

American Finance Association annual meeting: 2008, 2007, 1999. 

French Finance Association annual meeting: 2008, 2006, 2004, 2003.

Center for Research in Security Prices forum, University of Chicago: 2006. 

Southern Finance Association annual meeting: 2006. 

International Association of Energy Economics annual meeting: 2005. 

Southwestern Finance Association annual meeting (best paper in investments award): 2005. 

Georgia Tech International Finance Conference: 2004, 2002. 

European Finance Association annual meeting: 2002. 

Conference on Financial Markets Development in Emerging and Transitions Economies, Chile: 2002. 

Conference on the Theories and Practices of Securities and Financial Markets, Taiwan (best paper award): 2002. 

Financial Management Association annual meeting: 2002, 2000 (2 papers), 1999 (5 papers), 1998 (2 papers). 

Maryland Finance Symposium: 2002. 

University of Kansas School of Business Finance Conference: 2002. 

Western Finance Association annual meeting: 2001. 

National Bureau of Economic Research, Market Microstructure meeting: 2000. 

Market Microstructure Conference, Yale University: 2000. 

Econometric Society Latin American meeting: 1999. 

Decision Sciences Institute Asia Pacific meeting: 1999 (2 papers), 1996. 

International Investment Forum, University of Chicago (best academic paper award): 1998. 

Decision Sciences Institute international meeting: 1997. 

International Conference on Comparative Management: 1996. 

Seminar Presentations 

Cornell University, University of Georgia, University of Houston, University of Amsterdam, Arizona State University, University of California, Riverside, University of Cincinnati, Concordia University, Harvard University, University of Illinois, Indiana University, University of Maryland, McGill University, University of Michigan, Michigan State University, University of Western Ontario, University of Pittsburgh, Georgia State University, University of Oklahoma, HEC Paris, Vanderbilt University, Washington University, York University. 



Teaching Experience


Cornell University 


·         Derivatives & Risk Management (undergraduate): Fall 2008 (1 section), Fall 2007 (1 section), Fall 2006 (1 section), Fall 2005 (1 section), Fall 2004 (1 section).

·         Econometrics I (graduate): Spring 2009 (1 section), Spring 2008 (1 section), Spring 2007 (1 section), Spring 2006 (1 section), Spring 2005 (1 section), Spring 2004 (1 section), Spring 2003 (1 section).

·         Investments (undergraduate): Fall 2003 (1 section). 


University of Michigan 

·         Capital Markets and Portfolio Analysis (undergraduate): Spring 2002 (2 sections).

·         Corporate Financial Policy (undergraduate): Fall 2001 (2 sections).


Indiana University 


·         Derivative Securities/ Corporate Risk Management (undergraduate): Spring 2001 (1 section), Summer 2000 (1 section).

·         Introduction to Financial Management (undergraduate discussion sections): Fall 1999 (4 sections), Fall 1998 (3 sections), Fall 1997 (2 sections). 


Graduate Majors 

·         Current

Qian Han, Ph.D Applied Economics & Management

Luyang Qin, Ph.D Applied Economics & Management

Thanasin Tanompongphandh, M.S. Applied Economics & Management

·         Completed

Guohua Li, Ph.D Applied Economics & Management, 2009

Ning Shen, M.S. Applied Economics & Management, 2009

Sung Jae Kim, M.S. Applied Economics & Management, 2008

Chris Routhe, M.S. Applied Economics & Management, 2006

Bin Zhao, M.S. Applied Economics & Management, 2006

Xing Zhou, Ph.D Applied Economics & Management, 2006

Carlos Gallegos, M.S. Applied Economics & Management, 2005 

Graduate Minors 

·         Current

Jiyoun An, Ph.D Economics

Ku-Ming Chang, Ph.D Regional Science

Sukhum Charoenkajonchai, Ph.D Regional Science

Young-Jun Cho, Ph.D Accounting

Nur Ain Shahrier, Ph.D Regional Science

Sivalai Vararuth, Ph.D Applied Economics & Management

Jiahong Zhang, Ph.D Applied Economics & Management

·         Completed

Holly Yang, Ph.D Accounting, 2010

Qingqing Chen, Ph.D Economics, 2009

Jinhwan Oh, Ph.D Regional Science, 2009

Sean Wang, Ph.D Accounting, 2009

William Weld, Ph.D Finance, 2009

Brock Williams, M.S. Applied Economics & Management, 2009

Sang Won Yoon, M.S. Applied Economics & Management, 2009

Lin Zheng, Ph.D Economics, 2009

Lanyue Zhou, Ph.D Economics, 2009

Hyun Kyung Choe, Ph.D Economics, 2008

Kin-Yip Ho, Ph.D Economics, 2008

Jaeuk Ju, Ph.D Applied Economics & Management, 2008

Gabriel Power, Ph.D Applied Economics & Management, 2007

Apurba Shee, M.S. Applied Economics & Management, 2007

Ahmad Slaibi, Ph.D Applied Economics & Management, 2007

Yinggang Zhou, Ph.D Economics, 2007

Andrew Berg, M.S. Applied Economics & Management, 2006

Erika Kliauga, M.S. Applied Economics & Management, 2005

Hsien Pu, M.S. Applied Economics & Management, 2005

Yu Wang, M.S. Applied Economics & Management, 2005

Takayuki Kimura, M.S. Applied Economics & Management, 2004

Kun Qian, M.S. Applied Economics & Management, 2003 


Service for University


·   Faculty Meeting Secretary, Applied Economics and Management, Cornell University, 2007-2008.

·   Member of the Graduate Admissions Committee, Applied Economics & Management, Cornell University, 2007, 2008.

·   Faculty advisor for Pi Sigma Epsilon business fraternity, 2007-2008.

·   Member of the Ph.D Qualifying Exam Petitions Committee, Applied Economics & Management, Cornell University, 2005-2009.

·   Member of the Ad Hoc Micro Theory Review Committee, Applied Economics & Management, Cornell University, 2005.

·   Member of the Undergraduate Studies Curriculum Committee, Applied Economics & Management, Cornell University, 2004-2005.

·   Member of a Ad Hoc Faculty Recruiting Committee, Applied Economics & Management, Cornell University, 2003-2004, 2007-2008, 2008-2009.

·   Undergraduate Student Faculty Advisor, Cornell University, 2003-2009.

·   Independent Study Faculty Sponsor, Cornell University, 2003-2007.

·   Member of the Ad Hoc Econometrics Curriculum Committee, Applied Economics & Management, Cornell University, 2003.

·   Independent Study Faculty Sponsor, University of Michigan, 2002.

·   Task force to improve the financial databases, Indiana University, 2000.

·   Student Recruiter, MBA Selection Committee, University of Maryland, 1994-1995. 


Service for Profession

·   Ad hoc referee for American Journal of Agricultural Economics, Annals of Operations Research, Economic Inquiry, Engineering Economist, European Journal of Political Economy, Financial Review, IEEE Transactions on Neural Networks, IEEE Transactions on Systems Man & Cybernetics, International Review of Economics & Finance, Journal of Agricultural & Resource Economics, Journal of Banking & Finance, Journal of Business & Economic Statistics, Journal of Corporate Finance, Journal of Economics & Business, Journal of Empirical Finance, Journal of Finance, Journal of Financial Markets, Journal of Financial & Quantitative Analysis, Journal of Financial Services Research, Journal of Futures Markets, Journal of Real Estate Finance & Economics, Managerial & Decision Economics, Review of Agricultural Economics, Review of Financial Studies, Review of Quantitative Finance & Accounting, Revue Finance.

·   Program Committee Member:

  French Finance Association annual meeting, 2009, 2007, 2006, 2005.

  Academy of Financial Services annual meeting, 2000.

·   Session Chair:

  French Finance Association annual meeting, 2006, 2004.

·   Reviewer:

  Agence Nationale de la Recherche (French equivalent of NSF), 2006

  National Science Foundation, 2003.

  Addison Wesley Longman, 4 chapters of the book “Corporate Finance” by Berk and DeMarzo, 2002.

·   Discussant:

  French Finance Association annual meeting, 2008, 2006, 2004 (2 papers), 2003.

  European Finance Association annual meeting, 2002.

  Conference on the Theories and Practices of Securities and Financial Markets, Taiwan, 2002.

  Financial Management Association annual meeting, 1999 (3 papers).