UPPAL Raman, PhD


Speciality : Finance
Expertise : Asset allocation and portfolio choice, Valuation and risk management, International finance

EDHEC Business School
10 Fleet Place, Ludgate
London EC4M 7RB - England

Tel.: +44 (0)20 7332 5600

Email : [email protected]


Raman Uppal is Professor of Finance at EDHEC Business School. He holds a bachelors degree in Economics (Honors) from St. Stephen's College, Delhi University, and M.A., M.B.A and Ph.D. degrees from The Wharton School of the University of Pennsylvania. Prior to working at EDHEC Business School, he was at London Business School and the University of British Columbia. He has held visiting positions at Catholic University (Leuven), the MIT Sloan School of Management, and the London School of Economics and Political Science and has served as the Co-Director of the Financial Economics Program of the Centre for Economic Policy Research (CEPR).

His research focuses on optimal portfolio selection and asset allocation in dynamic environments, valuation of securities in capital markets, risk management, and exchange rates. This research has been published in The Journal of Finance, The Review of Financial Studies, Journal of Economic Theory, Journal of Financial and Quantitative Analysis, Journal of International Money and Finance, and Management Science. He is currently an associate editor of The Critical Finance Review. In the past, he has served as an editor of the The Review of Financial Studies, the Review of Finance, the Review of Asset Pricing Studies, and as an associate editor of Management Science.

With Piet Sercu, he is the author of the textbook, "International Financial Markets and the Firm," (1995, South-Western Publishing) and of the research monograph, "Exchange Rate Volatility, Trade and Capital Flows under Alternative Exchange Rate Regimes," (2000, Cambridge University Press), which received the Sanwa Monograph Award from New York University.

He has taught courses on Portfolio Choice and Asset Pricing, International Financial Markets, Multinational Financial Management, Risk Management, and Corporate Finance to students in undergraduate, masters, doctoral and executive programs. He is the recipient of the Dean's Advisory Board's Outstanding Teaching Award for 1988 at The Wharton School, the Teaching Excellence Award for undergraduate teaching in 2000 at the Sauder School of Business at The University of British Columbia, the General Excellence Teaching Award for 2001/2002 at London Business School, the inaugural Excellence in Teaching Award in 2008 at London Business School, the Prize for Pedagogical Excellence at EDHEC Business School in 2015, and numerous other prizes for his teaching and research.

Main academic publications

Journal of Corporate Finance (2022), American Economic Review (2019), Journal of Monetary Economics (2016), The Review of Financial Studies (2007 ; 2009 ; 2019 ; 2020), Management Science (2009 ; 2012 ; 2013), Journal of Finance (1995 ; 2009), Mathematics and Financial Economics (2007), Journal of Economic Dynamics and Control (2006), Journal of International Money and Finance (2004), European Economic Review (2003), Journal of Economic Theory (2000), Journal of International Financial Markets, Institutions and Money (1995), Journal of Multinational Financial Management (1995), Journal of Banking and Finance (1997), Journal of Financial and Quantitative Analysis (1993 ; 1994 ; 2013), Managerial Finance (1994), Journal of International Financial Management and Accounting (1992)

Documents to download

CV - Raman Uppal, PhD...
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EDHEC Publications

Journal of Corporate Finance, February 2022
The Review of Financial Studies, Volume 33, Issue 5, May 2020, Pages 2180–2222
In this paper, we study asset allocation and asset pricing in a general-equilibrium model with liquid assets and an alternative risky asset, which is...