EDHEC PhD in Finance
Faculty Interviews Student Interviews Programme
Parikh Harsh
Harsh Parikh,
EDHEC PhD graduate (2016), Principal, PGIM Institutional Advisory & Solutions, USA
The Impact of Market Conditions on Bond Fund Managers

Most of the academic literature investigating active management finds that active managers in aggregate underperform relative to their benchmarks. Overall and for subcategories of bond funds, Blake, Elton, and Gruber [2010] show that fund managers underperform relevant indexes after expenses are taken into consideration. Fischer and Wermers [2012, p. 287], however, note that the proponents of active management argue its benefits are most pronounced in periods of heightened volatility and economic stress.
Support for this claim is provided by Kacperczyk, Nieuwerburgh, and Veldkamp [2013] who show that the effectiveness of manager skills is not only time-varying but also market-environment-dependent. Reibnitz [2015] shows active equity strategies have the greatest impact on returns during periods of high dispersion, when alpha produced by the most active funds significantly exceeds that produced in other months. The active management literature cited above focused principally on equity markets. In this paper, we validate whether these findings hold in the case of active fixed income management.
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Marcel Rindisbacher Hong Sherwin
Marcel Rindisbacher,
Associate Professor Questrom School of Business, Boston University. He taught an elective course on Monte Carlo Methods in Finance in 2017.
Hong Sherwin,
Director at Financial Industry Regulatory Authority (FINRA)
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“The interaction with these professional PhD students is a very enriching experience for professors and I hope the same holds true for students”
“I highly value the strong connection and mutual respect I personally experienced with other PhD participants.”
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Programme News
The EDHEC PhD in Finance programme teams up with two major academic conferences in Europe.

EDHEC Business School and the PhD in Finance programme are pleased to join the group of schools and research centres organising or supporting the Adam Smith Workshops in Asset Pricing and Corporate Finance (March 2018), and the Third European Workshop on Household Finance (May 2018).
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About the EDHEC PhD in Finance programme:

EDHEC Business School offers a unique PhD in Finance programme to elite practitioners who aspire to higher intellectual levels and aim to reshape practices in investment banking, asset management and other crucial sectors of the financial industry.
Drawing its core and affiliate faculty from the world�s best universities and enjoying the world-class research expertise of the EDHEC Business School centres of excellence, the PhD in Finance programme creates an extraordinary platform for professional development and financial industry innovation.
Challenging professionals to step back, reflect, and generate creative solutions, the EDHEC PhD in Finance is the ultimate degree for finance executives.

EDHEC Business School
393 promenade des Anglais, P.O. Box 3116
06202 Nice Cedex 3 - France
Telephone: +33 (0)4 9318 3267
Web: https://phd.edhec.edu