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Roméo TÉDONGAP

Professor
department: Finance
Campus de Cergy
tedongap@essec.edu
+33 (0)1 34 43 97 34
Investments & Asset Pricing – Financial Markets & Institutions – Econometrics
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Career
Biography

Professor of Finance at the ESSEC Business School Paris-Singapore, Roméo Tédongap is an experienced academic expert in empirical asset pricing and portfolio choice. His primary research fields are macro-finance (investment decisions and asset valuation models based on consumption), behavioral finance (asymmetric attitude of investors towards risk in the presence of macroeconomic uncertainty), financial modeling, and econometrics (affine and regime-switching models). His skills are confirmed by several top-rated publications, notably in the Journal of Financial Economics, Review of Financial Studies, Management Science, Journal of Financial and Quantitative Analysis, Review of Finance, Journal of Econometrics, and Journal of Business and Economic Statistics. In addition, he was the co-winner of the 2013 best paper award at the European Financial Management Association (EFMA) annual meetings.

Professor Tédongap’s current work focuses on asymmetric investors’ attitudes toward risk in the presence of macroeconomic uncertainty and systemic changes and their implications on asset prices and investment decisions. Systemic changes range from those caused by economic and financial crises to those resulting from climate change or events such as migrations, pandemics, etc. Related applications include evaluating ultra-long investments such as public infrastructure, climate, and energy transition. Besides, Professor Tédongap has developed a strong research interest in the attractiveness of African stock markets and their impact on economic growth and development. He also has substantial experience advising African microfinance and higher education institutions. In addition, he currently serves as associate editor of the British Accounting Review (BAR) and editorial board member of the Pan-African Scientific Research Council (PASRC).

Roméo Tédongap holds a Ph.D. in economics from the Université de Montréal. From July 2007 to December 2015, he was an Assistant then Associate Professor with tenure at the Stockholm School of Economics (SSE) and a Research Associate at the Swedish House of Finance. During his SSE career, he was in charge of the Ph.D. program in finance from January 2014 to December 2015. At ESSEC, he has been an Associate Researcher in the Energy and Commodity Finance – Research Center since April 2016 and has served as Associate Dean, Director of Research since September 2021. He also assumed responsibility as head of the Ph.D. program in finance from September 2018 to August 2021. His primary teaching interests are asset pricing, financial econometrics, derivatives modeling, and quantitative economics. His courses include “discrete-time asset pricing theory” and “empirical asset pricing” at the Ph.D. level, “advanced empirical methods in finance,” “financial markets,” “advanced financial modeling,” and “international financial management” for MSc students. Before his Ph.D., Roméo Tédongap studied mathematics, physics, and computer science at the University of Dschang and statistics and economics at the ENSEA of Abidjan.

Diplomas

  • 2008: Ph.D. in Economics (Université de Montréal Canada)
  • 2003: Engineer’s degree in Statistics and Quantitative Economics (École Nationale Supérieure de Statistique et d’Économie Appliquée (ENSEA) d’Abidjan Côte d’Ivoire)
  • 2000: Bachelor’s degree in Mathematics, Specialization: Computer Science (Université de Dschang Cameroon)
Career
Other appointments
    • 2024 – 2027 : Dean of faculty (ESSEC Business School France)
    • 2021 – 2024 : Associate Dean for Research (ESSEC Business School France)
    • 2019 : Research visit (Université de Dschang Cameroon)
    • 2018 : Research visit (Université de Dschang Cameroon)
    • 2017 : Research visit (Goethe University Frankfurt Germany)
    • 2013 : Research visit (J. Mack Robinson College of Business, Georgia State University United States of America)
    • 2013 : Research visit (EDHEC Business School France)
    • 2012 – 2015 : Research Associate (Swedish House of Finance Sweden)
    • 2011 : Research visit (EDHEC Business School France)
    • 2011 : Research visit (INSEAD France)
    • 2010 : Research Visit (East Carolina University United States of America)
    • 2009 : Research visit, Economics Department (Duke University United States of America)
    • 2009 : Research visit (Escola de Pós-Graduacao em Economia, Fundacao Getulio Vargas (EPGE/FGV) Brazil)
    • 2008 : Research visit (Fuqua School of Business United States of America)
    • 2004 – 2006 : Research Assistant, CIRANO and CIREQ (Université de Montréal Canada)
Full-time academic appointments
    • 2017 – Now : Professor (ESSEC Business School France)
    • 2016 – 2017 : Associate Professor (ESSEC Business School France)
    • 2013 – 2015 : Associate Professor (Stockholm School of Economics Sweden)
    • 2007 – 2013 : Assistant Professor (Stockholm School of Economics Sweden)
Other Academic Appointments
    • 2006 : Lecturer (Université de Montréal Canada)
Professional appointments
    • 2002 : Internship, National Institute of Economic Analysis (National Institute of Economic Analysis Morocco)
Distinctions

Grants

  • 2020 : EUTOPIA PhD Co-tutelle Program 2020; Co-applicant: Philippe Mueller
  • 2019 : LABEX MME DII funding for a thematic semester on nonstandard investment choices; Co-applicant: Andrea Roncoroni (France)
  • 2017 : ANR (The French National Research Agency) grant for the project LONGTERMISM on the valuation of extra-long investments; Co-applicants: Christian Gollier, René Garcia and Nour Meddahi (Agence Nationale pour la Recherche (ANR), France)
  • 2013 : Vinnova Grant for Research on Financial Stability and Regulation, dedicated to an umbrella of projects involving the Swedish House of Finance and Sveriges RiksBank; Co-applicants: Laurent Bach, Michael Halling, Bige Kahraman, Paolo Sodini, Roine Vestman, Ulf von Lilienfeld-Toal
  • 2010 : Scholarships for Short-Term Research Visits, November 2010 (two weeks), October – November 2011 (one month), November-December 2011 (one month) (Stockholm School of Economics, Sweden)
  • 2007 : Wallander Scholarships; July 2010 to June 2013 Wallander Scholarships; July 2007 to June 2010
  • 2003 : Ph.D. Fellowship, CIREQ (Université de Montréal, Canada)
  • 2000 : Scholarship, French Government, ENSEA (Côte d’Ivoire)
  • 1999 : Fellowship, Ministry of Higher Education (Université de Dschang, Cameroon)

Awards

  • 2013 : EFMA Best Conference Paper Award at the 2013 Annual Conference of the European Financial Management Association
  • 2008 : Université de Montréal’s 2008 best PhD thesis award in Economics (Université de Montréal, Canada)
  • 2008 : Honors’ list of the Dean of the faculty of graduate and postdoctoral studies (Université de Montréal, Canada)
Research

Journal articles

Presentations at an Academic or Professional conference

Teaching

Finance

  • 2017 – Now : Financial Markets (ESSEC Business School France)
  • 2016 – Now : Financial Markets (ESSEC Business School France)
  • 2016 – Now : Advanced Derivatives Markets (Advanced Financial Modeling) (ESSEC Business School France)
  • 2016 – Now : Asset Pricing I (ESSEC Business School France)
  • 2021 – 2021 : International Financial Management (New Economic School Russia)
  • 2018 – 2018 : Downside Risk in Asset Pricing and Portfolio Choice (Université de Dschang Cameroon)
  • 2017 – 2017 : Downside Risk in Asset Pricing and Portfolio Choice (Goethe University Frankfurt Germany)
  • 2016 – 2016 : Stochastic Processes and their Applications in Asset Pricing (ESSEC Business School France)
  • 2016 – 2016 : Financial Markets (ESSEC Business School France)
  • 2010 – 2015 : Empirical Asset Pricing (Stockholm School of Economics Sweden)
  • 2009 – 2015 : Quantitative Modeling of Asset Prices (Stockholm School of Economics Sweden)
  • 2007 – 2009 : Discrete Time Asset Pricing (Stockholm School of Economics Sweden)

Thesis co-director

  • 2023 : Trois essais en finance durable (ESSEC Business School France)
  • 2016 : Essays in Financial Economics (Stockholm School of Economics Sweden)
  • 2014 : Empirical Essays in Financial Economics (Stockholm School of Economics Sweden)

Thesis referee

  • 2020 : La mesure et la gestion du risque de liquidité sur le marché boursier du CAC40 (Université de Montpellier France)
  • 2019 : Essays on Household Finance and Asset Pricing (HEC Paris France)
  • 2018 : Essays on Macroeconomic Risk and Asset Pricing (HEC Montréal Canada)
  • 2017 : Essays on Naïve Diversification (University of Melbourne Australia)
  • 2016 : Forecasting equity returns and volatility with regime-switching partial least squares (EDHEC Business School France)
  • 2016 : Modeling and Hedging Strategies for Agricultural Commodities (Université de Montpellier France)
  • 2013 : Cash Flow risk, dispersion risk and world consumption: role and relevance for the cross-section of international equity returns (EDHEC Business School France)

Apprenticeship tutoring

  • 2019 – 2020 : The Role of Financial Markets in Ecological Transition

Mentoring

  • 2016 – 2017 : Overnight Investment: Risk and Reward
  • 2015 – 2016 : Prospect Theory

Supervision of dissertation

  • 2014 – 2015 : Investor Sentiment and Development of Strategic Emerging Industries in Shenzhen
  • 2014 – 2015 : Market Reaction to SEOs by European Banks in the Recent Financial Crisis
  • 2014 – 2015 : Market reactions to early called elections: A study investigating the announcement impact of snap elections on the European equity index market in 2014
  • 2012 – 2013 : Long-run expected consumption and volatility risk and the cross-section of asset returns
  • 2012 – 2013 : Think on the Downside: Multifactor Asset Pricing Models Based on Downside Risk and their Performance Relative to the CAPM, FF3F and Momentum
  • 2012 – 2013 : Derivative Market: Efficient Option Pricing Models and Predictive Informational Content
  • 2011 – 2012 : The Implied Probability Distribution – A Study of Swedish Equity Index Options
  • 2011 – 2012 : Total Performance Implications of Divestitures Depending on Timing in Divestiture Waves
  • 2011 – 2012 : Inter-Asset Class Volatility – A Forward Looking Measure Rooted in Investors’ Realities
  • 2011 – 2012 : Idiosyncratic Higher-Order Moments and the Cross-Section of Stock Returns
  • 2011 – 2012 : Anticipated Shocks and their Impact on Expectations – An Event Study of the Impact of TIPS auctions on ZCIIS
  • 2011 – 2012 : Parliamentary Elections Impact on Stock Market Returns – An event study investigating the impact of European parliamentary elections on short-term stock market performance
  • 2010 – 2011 : Safe Haven Assets – the Role of Precious Metals in Preserving Wealth
  • 2010 – 2011 : Wide Spread Trade – Can Terms of Trade Explain Sovereign CDS Spreads?
  • 2009 – 2010 : Downside Risk, Upside Uncertainty and Portfolio Selection
  • 2009 – 2010 : Can the Endogenization of Regimes Lead to Improved Forecasting of the UIP?
  • 2009 – 2010 : Style Timing in the European Equity Markets – Recursive Modeling for Directional Predictions of Size and Value Premiums
  • 2008 – 2009 : Analyst Recommendations across Sectors – Analyzing the performance of analyst coverage of stocks publicly traded on the Stockholm Stock Exchange
  • 2008 – 2009 : Are Financial Ratios Rational? – A Study on the Swedish Market
  • 2008 – 2009 : Multifactor Stochastic Volatility Models – A Practical Approach
  • 2007 – 2008 : Effects of Allegations of Corporate Misconduct on Share Value – A Study on the Swedish Market

Supervision of Research UV

  • 2010 – 2011 : Financial Information Relevance with Stock Return and Return Disparity Study: Case for China A-H Dual-listed Companies

Economics

  • 2006 – 2006 : Techniques of Economic Analysis (Université de Montréal Canada)
  • 2004 – 2004 : Introductory Macroeconomics (Université de Montréal Canada)
Other activities
Research activities
  • Senior or Associate Editor
    • 2022 – Now: Associate editor – British Accounting Review
    • 2017 – 2022: Associate editor – Quarterly Journal of Finance and Accounting (formerly Quarterly Journal of Business and Economics)
  • Editorial Board Membership
    • 2021 – Now: Subject Editor
  • Organization of a conference or a seminar
    • 2019 – 2019: ESSEC Workshop on Nonstandard Investment Choice ( France)
    • 2019 – 2019: ESSEC-Amundi Conference on Financial Markets and Risk Management: A tribute to Patrice Poncet ( France)
    • 2019 – 2019: CEU-ESSEC Workshop on Behavioral Finance and Economics ( Hungary)
    • 2016 – 2018: Brownbag Finance Seminar Series Co-Organizer (ESSEC Business School France)
    • 2015 – 2015: René Garcia’s 65th Anniversary Conference, Montreal, August 16, 2015 ( Canada)
    • 2008 – 2010: Friday Finance Seminar Series Organizer (Stockholm School of Economics Sweden)
  • Participation in scientific commissions or reviewer for a conference
    • 2016 – Now: Scientific committee of European Finance Association
    • 2016 – Now: Scientific committee of Midwest Finance Association
    • 2016 – Now: Scientific committee of the Econometric Society Meeting-Africa Region
    • 2015 – 2016: Scientific committee BI-SHoF Conference ( Sweden)
  • Reviewer for a journal
    • Reviewer for Journal of Banking & Finance; Journal of Business and Economic Statistics; Journal of Econometrics; Journal of Finance; Journal of Financial Econometrics; L’Actualité Économique; Quarterly Review of Economics and Finance; Review of Economic Studies; Review of Finance; Review of Financial Studies; Revue Economique; The European Journal of Finance
Services
    • 2018 – 2021: ESSEC PhD Committee Member (ESSEC Business School France)
    • 2018 – 2021: Head of Specialization and PhD Program Coordinator in Finance (ESSEC Business School France)
    • 2016 – 2018: Asset Pricing Reading Group Co-Coordinator (ESSEC Business School France)
    • 2016 – Now: Department of Finance PhD Selection Committee Member (ESSEC Business School France)
    • 2014 – 2015: Head of Specialization and PhD Program Coordinator in Finance (Stockholm School of Economics Sweden)
    • 2012 – 2013: Asset Pricing Reading Group Coordinator (Stockholm School of Economics Sweden)
    • 2009 – 2012: Department of Finance Recruiting Coordinator (Stockholm School of Economics Sweden)
    • 2008 – 2014: Department of Finance MSc Exchange Program ECTS coordinator (Stockholm School of Economics Sweden)
Theses
  • 2013 : Almeida Cybele (EDHEC Business School), Thesis referee, Cash Flow risk, dispersion risk and world consumption: role and relevance for the cross-section of international equity returns
  • 2023 : AMIN S. (ESSEC Business School), Thesis director, An Analysis of TIPS Auction Cycles and Anomalies
  • 2020 : ASSOIL A. (Université de Montpellier), Thesis referee, Measuring and managing liquidity risk on the CAC40 stock market
  • 2013 : Augustin Patrick (Stockholm School of Economics), Thesis director, Essays in Sovereign Credit Risk
  • 2014 : Breckenfelder Johannes (Stockholm School of Economics), Thesis co-director, Empirical Essays in Financial Economics
  • 2020 : BUCHWALTER B. (ESSEC Business School), Thesis director, The Economic Value of Volatility in Traditional and Crypto-asset Markets
  • 2018 : EKPONON A. B. (HEC Montréal), Thesis referee, Essays on Macroeconomic Risk and Asset Pricing
  • 2014 : Farago Adam (Stockholm School of Economics), Thesis director, Essays on Disappointment Aversion in Portfolio Choice and Asset Pricing
  • 2023 : KLAUSMANN J. (ESSEC Business School), Thesis co-director, Three Essays in Sustainable Finance
  • 2017 : LI B. (University of Melbourne), Thesis referee, Essays on Naïve Diversification
  • 2016 : LOPEZ-ALIOUCHKIN R. (Stockholm School of Economics), Thesis co-director, Essays in Financial Economics
  • 2016 : Moumouni Zoulkiflou (Université de Montpellier), Thesis referee, Modeling and Hedging Strategies for Agricultural Commodities
  • 2016 : von Ganske Jakob (EDHEC Business School), Thesis referee, Forecasting equity returns and volatility with regime-switching partial least squares
  • 2019 : ZHANG Y. (HEC Paris), Thesis referee, Essays on Household Finance and Asset Pricing