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Faculty member

Alain CHEVALIER

Doctor in Economics

HDR (French Qualification for Ph.D. Supervisor)

Professor

Finance

Vice Dean

Campus : Paris

Tel : +33 1 49 23 20 71

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General information Biography Current research Publications

Research Interest

Topics

Finance
Corporate Finance
Financial Policy
Financial Strategy
Financial Engineering
International Finance
Mergers & Acquisitions
Corporate Governance
Risk Management

Industries

Banking
Finance
Insurance Industry
Tourism & Food Industry
International Organisations
Education

Geographical area

Europe
North America
North Africa
Lebanon
Switzerland

Biography

Alain Chevalier is a full Professor of Finance at ESCP Europe, Vice Dean and Vice Director General. He is also a former Academic and International Dean and a former Dean of Faculty at ESCP Europe. He holds a Ph.D. in Economics (Paris Ouest Nanterre), a Ph.D. in Management (Paris Dauphine) and the French qualification for Ph.D supervision (Habilitation à diriger des Recherches-ESA Lille 2). He has also received a graduate degree from ESSEC, Columbia Business School-NYC and IHEDN (French National Defence Institute) and the French "Agrégation d'économie et de gestion".

He created and supervised the Finance concentration at ESCP Europe. He was Chairman of the Finance Department for several years. He was Research and Teaching Assistant at Columbia Business School (with a Ford Foundation grant). He created and taught a number of elective courses (international finance, financial policy, real estate, risk management...), gave numerous lectures in French, English and Spanish in France (ENS, ENA, Arts et Métiers, HEC, Dauphine, Paris 1 et 2), in Europe, but also in Asia, in the US, Canada, Latin America and Africa. He managed research projects (risk management, bank and insurance companies concentration, financial strategies, privatisation) for several academic and international institutions. He was BSN Finance Professor when he was the Director of the BSN Finance Chair at ESCP Europe.

In his career, he has also contributed to the development of various schools (ESA Beyrouth, ESAA Alger, CESAG Senegal, ESSEC Douala…) and international programmes (in Lebanon, in Egypt, in Russia and in Vietnam). Alain Chevalier was also one of the founders of the French Finance Association (AFFI) and is a former President of the European International Business Academy (EIBA). He is also a board member of several scientific associations in finance, international business and operational research. He is a member of the scientific/editorial boards of several academic journals (BMI, Finance, Contrôle, Stratégie, International Trade, IBR, EJOR, CEMBA….) and is the author of a large number of books, chapters of books and articles. He is a member of the technical committee of the convertible bonds index of NYSE-Euronext.

He is also a consultant on complex investment projects, financial engineering and restructuration of companies and debts for banks, large corporations and governments, notably as a project manager for Lazard bank and CIC-Crédit Mutuel group. He was also an adviser in financial policy of the CFO of the Danone Group and a Vice President of a medium-sized firm in the IT business.

Publications

Books

CHEVALIER A., KOVACS A., (2000), Bourse : les nouvelles stratégies pour gagner, Maxima, Paris, 2e éd., 357 p.

KOBRAK C., CAUSSE G., CHEVALIER A., EGLEM J.-Y., SPIESER P., THIRY B., FOMKINA V., PANAGUSHIN V., (1997), Financial Management for Engineers, tome 3, The engineer's business series, TACIS, Bruxelles, 301 p.

CHEVALIER A., (1995), Le colza et l'organisation des marchés à terme, CCIP, 128 p.

CHEVALIER A., GUPTA J., HIRSCH G., (1986), Diagnostic financier, Entreprise Moderne d'Edition, Paris, 172 p.

CHEVALIER A., VIGNERON P., (1984), Gérer l'endettement de l'entreprise, Entreprise Moderne d'Edition, Paris, 208 p.

CHEVALIER A., VIGNERON P., (1984), La Gestion financière des groupes, Dunod entreprise, Éditions Dunod , Bordas, Paris, 218 p.

GUPTA J., CHEVALIER A., HIRSCH G., CHEVALIER F. et alii, (1984), S'implanter a l'étranger : pourquoi ? Comment ?, Collection Université-Entreprise, Entreprise Moderne d'Édition, Paris, 232 p.

ATHENOSY G., BENZAQUEN N., CHEVALIER A., (1983), S'implanter à l'étranger Pour maitriser le développement international de l'entreprise, Techniques économiques d'aujourd'hui, E.M.E., 230 p.

CHEVALIER A., HIRSCH G., (1982), Le Risk management : pour une meilleure maitrise des risques de l'entreprise, Entreprise Moderne d'Edition, Paris, 190 p.

CHEVALIER A., HIRSCH G., (1980), Méthodes quantitatives pour le management : finances, marketing, production, Université Entreprise, Entreprise Moderne d'Edition, Paris, 174 p.

CAUSSE G., CHEVALIER A., HIRSCH G., (1979), Management financier : Analyse, décision, contrôle, Notions essentielles, Éditions Sirey, 334 p.

CHEVALIER A., (1977), La programmation dynamique : De la maitrise de la conjoncture à la planification, Collection Dunod Décision, Éditions Bordas, Paris, 218 p.

CHEVALIER A., (1976), Le bilan social de l'entreprise, Institut de l'Entreprise, Masson, 164 p.

Book chapters

GUPTA J., CHEVALIER A., (2002), "Mergers and Acquisitions in the European Banking Sector: The Case of BNP and Paribas", in ZOPOUNIDIS C. (ed.), , New Trends in Banking Management, Contributions to Management Science, Springer Verlag, pp 151-172, 22 p.

GUPTA J., CHEVALIER A., (2002), "The causality between interest rate, exchange rate and stock price in emerging markets: the case of the Jakarta stock exchange", in ZOPOUNIDIS C., PARDALOS P. M., BAOURAKIS G. (eds), , Fuzzy sets in Management, Economics and Marketing, World Scientific Editions.

CHEVALIER A., KUNSCH P.-L., (2000), "A Systems Dynamics Model of Stock Price Movements", in ZANAKIS S.H., DOUKIDIS G., ZOPOUNIDIS C. (eds), , Decision Making: Recent Developments and World-wide Applications, Kluwer Academic Publishers, pp 153-167, 15 p.

CHEVALIER A., SPIESER P., (1998), "Defeasance in the Framework of Finite Convergence in Stochastic Programming", in ZOPOUNIDIS C. (ed.), , Operational Tools in the Management of Financial Risks, Kluwer Academic Publishers, pp 213-236, 24 p.

SPIESER P., CHEVALIER A., (1997), "Linear and dynamic modelisations of defeasance operations", in ZOPOUNIDIS C. (ed.), , New Operational Approaches for Financial Modelling, Physica Springer Verlag, pp 441-451, 11 p.

CHEVALIER A., (1993), "Portfolio Managements, a Multicriteria Process. The situation of Take Over Bids", in JANSSEN J., SKIADAS C.H. (eds), , Applied Stochastic Models and Data Analysis, World Scientific Editions, pp 161-181, 21 p.

CHEVALIER A., (1986), "Les marchés à terme de marchandises", in Les marchés à terme d'instruments financiers, Éditions Eska, 2e éd., 264 p.

CHEVALIER A., CHMIELEWSKI D., (1969), "La prévision technologique", in L'entreprise et sa strategie, ESSEC, 176 p.

Published articles

SANNAJUST A., CHEVALIER A., (2011), "Why do Firms go Private? Motivations, Performance and International Issues", BANKERS MARKETS AND INVESTORS, July-August, N° 113, pp 49-58, 10 p.

CHEVALIER A., REDOR E., (2010), "The determinants of payment method choice in cross-border acquisitions", BANKERS, MARKETS & INVESTORS, n° 106, pp 4-14, 10 p.

KUNSCH P., RUTTIENS A., CHEVALIER A., (2008), "A methodology using option pricing to determine a suitable discount rate in environmental management", EUROPEAN JOURNAL OF OPERATIONAL RESEARCH, March, Vol.185, Issue 3, pp 1674-1679, 6 p, Web Link.

CHEVALIER A., REDOR E., (2007), "Les théories expliquant le choix de la méthode de paiement dans le cadre d'une opération de fusion-acquisition", BANQUE ET MARCHES, mai-juin, pp 46-54, 9 p.

CHEVALIER A., REDOR E., (2006), "Les certificats de valeur garantie", BANQUE ET MARCHES, mars-avril, pp 76-86, 11 p.

BRANS J.-P., CHEVALIER A., KUNSCH P.-L., (2004), "A contribution to the development of strategic control and planning instruments: An acquisition case study", INTERNATIONAL TRANSACTIONS IN OPERATIONAL RESEARCH, March, vol. 11, issue 2, pp 155-168, 14 p.

BRANS J.-P., CHEVALIER A., KUNSCH P.-L., (2003), "A Contribution to the Development of Strategic Control and Planning Instruments. A Divestiture Case Study", OPERATIONAL RESEARCH. AN INTERNATIONAL JOURNAL, pp 25-40, 6 p.

BRANS J.-P., CHEVALIER A., KUNSCH P.-L., (2002), "A framework for strategic control and planning in corporate organisations", CENTRAL EUROPEAN JOURNAL OF OPERATIONAL RESEARCH, April, pp 45-65, 21 p.

CHEVALIER A., DUTTA S., GUPTA J., (2002), "Multicriteria model for risk evaluation for venture capital firms in an emerging market context", EUROPEAN JOURNAL OF OPERATIONAL RESEARCH, automne, Numéro spécial.

CHEVALIER A., GUPTA J., (2002), "Pertinence of Real Options Approach to the Valuation of Internet Companies", OPERATIONAL RESEARCH. AN INTERNATIONAL JOURNAL, pp 187-207, 21 p.

BRANS J.-P., CHEVALIER A., KUNSCH P.-L., (2001), "Comparing the adaptive control methodology (ACM) to the financial planning practice of a large international group", EUROPEAN JOURNAL OF OPERATIONAL RESEARCH, pp 479-489, 11 p.

CHEVALIER A., KUNSCH P.-L., (1998), "A multiattractor model for the dynamic control of companies", EUROPEAN JOURNAL OF OPERATIONAL RESEARCH, pp 403-413, 11 p.

KOVACS A., CHEVALIER A., (1998), "Bourse : les nouvelles stratégies pour gagner", 357 p.

BRANS J.-P., CHEVALIER A., KUNSCH P.-L., MACHARIS C., SCWANINGER M., (1998), "Combining multi-criteria decision aid and system dynamics for the control of socio-economic processes. An iterative real-time procedure", EUROPEAN JOURNAL OF OPERATIONAL RESEARCH, vol. 109, pp 428-441, 14 p.

BANCEL F., CHEVALIER A., (1997), "Les titres hybrides", BANQUE ET MARCHÉS, mars-avril, pp 40-43, 4 p.

BANCEL F., CHEVALIER A., (1996), "Croissance externe et flexibilité financière : Danone face à ses principaux concurrents", BANQUE ET MARCHÉS, novembre-décembre 19, pp 24-30, 7 p.

CHEVALIER A., GUPTA J., (1990), "Les opérations de concentration : quelques éléments de comparaisons européennes.", ANALYSE FINANCIERE, premier trimestre, pp 3-12, 10 p.

CHEVALIER A., RICHOUX G., (1989), "Les mutations de l'analyse financiere.", BANQUE, Septembre, pp 795-803, 9 p.

CHEVALIER A., MINQUET J.-P., (1984), "Expériences d'entreprise et nouveaux modules pédagogiques. Les marchés à terme et d'options négociables", ENSEIGNEMENT ET GESTION, automne, pp 39-44, 5 p.

CHEVALIER A., HIRSCH G., (1984), "Formation à la gestion des risques : un projet recherche-industrie", ENSEIGNEMENT ET GESTION, hiver, pp 18-21, 4 p, Nouvelle Série.

CHEVALIER A., HIRSCH G., (1982), "Managing a marketing reward policy: a study of implementation in a computer firm", EUROPEAN JOURNAL OF OPERATIONAL RESEARCH, février, pp 161-167, 7 p.

CHEVALIER A., HIRSCH G., (1981), "Le risque Pays : le choix de l'investissement à l'étranger", REVUE FRANÇAISE DE GESTION, mai-août, pp 15-15, 1 p.

CHEVALIER A., HIRSCH G., (1981), "The assessment of the political risk in investment decision", JOURNAL OF THE OPERATIONAL RESEARCH SOCIETY, juillet, pp 599-610, 12 p.

CHEVALIER A., (1978), "La maîtrise du fait financier", REVUE FRANÇAISE DE GESTION, mai-juin, pp 38-50, 13 p.

CHEVALIER A., (1977), "La décision d'investissement", REVUE FRANÇAISE DE GESTION, mai-juin, pp 44-54, 11 p.

Conference proceedings

REDOR E., CHEVALIER A., (2006), "Les déterminants du choix de la méthode de paiement dans les opérations de fusion-acquisition transnationales", Actes du Congrès International de l'AFFI, `Finance d'entreprise et finance de marché : quelles complémentarités ?', 2006, 26-27 juin, Poitiers, Web Link.

CHEVALIER A., REDOR E., (2006), "Payment Methods in Mergers and Acquisitions: a Survey of the Models of Informational Asymmetries and Taxation", Proceedings of the IFSAM 8th World Congress, 2006, September 28-30, Berlin, Web Link.

CHEVALIER A., REDOR E., (2006), "The acquisition of non public firms in Europe: bidders' returns, payment methods and stock market evolution", Proceedings of the European Financial Management Association (EFMA) 15th annual meeting, 2006, June 28-July 1, Madrid, Web Link.

GUPTA J., CHEVALIER A., (2005), "Value Effects of Bank's Mergers and Acquisitions in Europe: The case of BNP-Paribas (1)", Proceedings of the AFFI International Meeting, 2005, June 27-28, La Défense, Paris, Web Link.

CHEVALIER A., KUNSCH P.-L., RUTTIENS A., (2004), "A methodology using option pricing to determine a suitable discount rate in environmental management", Proceedings of the Euro Working Group on Financial Modelling meeting (EWGFM), ESCP-EAP, 2004, May 12-14, Paris, Web Link.

CHEVALIER A., BRANS J.-P., KUNSCH P.-L., (2002), "Comparing the 'Adaptive Control Methodology' (ACM) to the financial planning practice of a large international group", Proceedings of the 19th AFFI Annual Meeting, 2002, June 24-26, Strasbourg, Web Link.

GUPTA J., CHEVALIER A., (2001), "Mergers and Acquisitions in the European Banking Sector : the case of BNP and Paribas", Actes du Congrès International de l'Association Française de Finance, 2001, 28-30 juin, Namur, 22 p, Web Link.

CHEVALIER A., KUNSCH P.-L., (1998), "A system dynamics approach to financial planning", Actes du 4e Congrès IFSAM, 1998, 13-16 juillet, Madrid.

CHEVALIER A., (1998), "Les aspects multicritères de l'histoire du risque pays au 20ème siècle", Actes des 47es Journées du Groupe Européen Multicritères d'Aide à la Décision, 1998, 26-27 mars, Salonique, Grèce.

SAUSSOIS J.-M., CHEVALIER A., (1998), "The link between finance and strategy: a hen and egg issue: the case of Danone", Actes du 4e Congrès IFSAM, 1998, 13-16 juillet, Madrid.

CHEVALIER A., (1997), "Strategies of European Groups in Asia: Case Studies", Actes du Congrès de l'IFSAM, 1997, 13-17 juillet, Shanghai.

SPIESER P., CHEVALIER A., (1997), "The defeasance in a framework of decomposition and convergence in stochastic programming", Proceedings of the 20th meeting of the Euro Working Group on Financial Modelling, Inter-University Centre, 1997, April 24-26, Dubrovnik.

SAUSSOIS J.-M., CHEVALIER A., (1997), "The link between finance and strategy: a hen and egg issue: the case of Danone", Proceedings of the 23rd Annual Conference of EIBA (European International Business Academy), 1997, December 14-16, Stuttgart.

CHEVALIER A., (1996), "Diversity and Complexity of Models in Acquisition processes: The Case of Nabisco Subsidiaries in Europe", Actes des Journées Internationales de l'AFFI, 1996, 24-26 juin, Genève, Suisse.

CHEVALIER A., (1996), "Evaluation and Control of Acquisitions", Actes du Congrès de l'IFSAM, 1996, juillet, Paris.

CHEVALIER A., (1996), "Multiple attractor dynamics in socio-economic decision problems", Actes du Congrès de l'IFORS, 1996, 9-16 juillet, Vancouver.

CHEVALIER A., PANCRAZI V., SEVIN J., ULLMO Y., (1995), "Les spécificités de la gestion financière de la banque de détail", Actes du 17e Congrès Annuel de l'AFFI `Gestion financière et innovation dans la banque de détail', 1995, 7-8 décembre, Paris.

CHEVALIER A., (1995), "Strategy and Structure of Investment in Developing Markets. A Study of Food Industry Expansion in Eastern Europe", Proceedings of the 21st Annual Conference of EIBA, 1995, December 10-12, Urbino, Italie.

CHEVALIER A., (1991), "Les entretiens de la finance", Actes du 13e Congrès annuel de l'AFFI, 1991, 5-6 décembre, Paris.

CHEVALIER A., GUPTA J., (1991), "Mergers and acquisitions: the European perspectives", Proceedings of the 17th annual conference of E.I.B.A., 1991, December 15-17, Copenhague.

CHEVALIER A., GUPTA J., (1990), "Japanese Banks and European Capital Markets", Proceedings of the Annual Conference of EIBA, 1990, December 15-17, Madrid.

CHEVALIER A., (1986), "Des pépinières pour les entreprises de demain", Actes du Colloque `Economie et Territoire', Caisse des Dépôts et Consignations `Les Entreprises et leur environnement régional et urbain', UNESCO, 1986, 8-9 octobre, Paris, pp 108-109, 2 p.

Research reports - Working papers

CHEVALIER A., KUNSCH P.-L., (1997), "Control of Socio-Economic processes: a multicriteria Promethee based System Dynamics Approach", Vrije Universiteit Brussel, Bruxelles, June, STOOTW/216.

THEVENET M., CHEVALIER A., (1986), "Audit de la culture d'entreprise", Audit, Organisation, Paris, 205 p.

GARFIELD C., CHEVALIER A., LATTRE S. de, (1986), "Haute performance la clé du succés en affaires", L'Expansion :Hachette :J.C. Lattès, 321 p.

CHEVALIER A., (1984), "La recherche appliquée de la théorie à la pratique en Finance, enseignement et pratique", Rapport de recherche, FNEGE, ESC Toulouse, juin, pp 47-61, 15 p.

CHEVALIER A., HIRSCH G., (1984), "Les méthodes d'évaluation et de prévision du risque politique sont-elles de bonnes méthodes multicritères ?", Documents de travail, Groupe ESCP, 46 p.

CHEVALIER A., GUPTA J., (1983), "Le système financier et bancaire en Inde", Documents de travail, Groupe ESCP, 28 p.

CHEVALIER A., HIRSCH G., (1982), "Les méthodes multicritères ont-elles un avenir ? Réflexion à partir de trois études de cas", Documents de travail, Groupe ESCP, 12 p.

CHEVALIER A., HIRSCH G., (1980), "L'intégration de la gestion des risques aux politiques de l'entreprise", Document, FNEGE, Paris, juillet.

CHEVALIER A., HIRSCH G., (1980), "La contribution de la Recherche Opérationnelle au Risk-Management", FNEGE, Paris, mai.

CHEVALIER A., (1975), "Réflexion sur le choix du taux d'actualisation dans la décision d'investissement", Cahier d'Études, CREFI, Université Paris 9-Dauphine, n°75-02.

Case studies & Pedagogical tools

CHEVALIER A., REDOR E., (2009), "La lutte entre la BNP et la Société Générale pour le contrôle de PARIBAS", Centrale de Cas et de Médias Pédagogiques, F0491, 49 p, Web Link.

Dissertations

CHEVALIER A., (2003), "La recherche, une amie de trente ans", mémoire d'Habilitation à Diriger des Recherches , Université de Lille 2.

CHEVALIER A., (1977), "Les stratégies d'implantation des entreprises françaises aux États-Unis", thèse de Doctorat en Sciences Économiques , Université de Paris 10-Nanterre.

CHEVALIER A., (1972), "Une sous-stratégie financière privilégiée : l'investissement", Thèse de Doctorat en Sciences des Organisations .