Ph.D. in Business, Columbia University, 1973
International Finance, Finance theory in continuous time, algorithmic aspects of financial-market equilibrium, frictions in financial markets, heterogeneous expectations, sentiment risk
INSEAD (Emeritus) and University of Torino
Capital Market Equilibrium and the Real Exchange Rate in a Spatially Separated World, Review of Financial Studies, 5 (1992), 2, 153-180.
Equilibrium Portfolio Strategies in the Presence of Sentiment Risk and Excess Volatility, with A. KURSHEV and R. UPPAL, The Journal of Finance, 64 (2009), 581-632.
Incomplete-Market Equilibria Solved Recursively on an Event Tree, with A. LYASOFF, The Journal of Finance, LXVII (2012), NO.5, 1887-1931.