Christian Walter

Chairholder of the Ethics and Finance Chair

Christian Walter is chartered actuary of the French Institute of Actuaries (IA). After being graduate of ESSEC (1983), he obtained his doctorate in Economics (1994) and his Habilitation à diriger des recherches (HDR) in Management Science (2004). He has been a visiting scholar at Yale University. He has taught at the University of Evry (mathematics department) and Sciences Po Paris for several years, before joining the University of Paris 1 Panthéon-Sorbonne. He also taught at the University of Columbia (New York) as visiting professor. He is a frequent lecturer and the author of several publications in actuarial mathematics, finance, and history of financial thought.

He has a 30 years’ experience in financial industry (banks, asset managers, consulting firms) in various areas covering asset allocation, risk management, performance measurement and analysis, quantitative products etc. He has conducted a large-scale project on the use of benchmarks in asset management and asset-liability modelling.

His research explores financial markets by combining different fields (mathematical, economic, philosophical and historical) with an special emphasis on the complex interplays between history of science, modern mathematical finance and ethical perspectives. The innovative research program “History and epistemology of finance” he launched in 1996 at the FMSH traced the roots of financial theory and opened a new field: the critical analysis of theoretical foundations of finance. New research interests cover the study of performativity in finance and the impacts of financial theory on the financial industry. Current research centres on financial ethics.

His book Le modèle de marche au hasard en finance (Paris, Economica, 2013) received the “distinction of honor” of the 2014 Turgot prize (best book in economics of the year). His last book Extreme Financial Risks and Asset Allocation (with Olivier Le Courtois), (London, Imperial College Press, 2014) address the issue of discontinuities in financial markets (http://www.worldscientific.com/worldscibooks/10.1142/P907).

Main articles cover: in-depth analysis of the market efficiency concept, Lévy modelling for behaviour of stock market prices and asset pricing, history of financial thought, critical analysis of the financial mathematical concepts.