Ioanid Rosu

Title: Associate Professor of Finance

Background: Assistant Professor of Finance at the University of Chicago Booth School of Business, 2004-2010. Associate professor of Finance at HEC Paris, 2010-present. Voted Best Teacher in the MBA Core every year from 2011 to 2016.

Years teaching at HEC: 14 years

Education: Bachelor’s and Diploma in Mathematics from University of Bucharest in 1994; PhD in Mathematics from MIT in 1999; PhD in Financial Economics from MIT in 2004.

List of MBA courses you currently teach: Financial Markets (MBA Core), Advanced Financial Markets (MBA Core), Alternative Investments (EMBA Finance Specialization), Financial Markets and Asset Pricing (EMBA Finance Specialization)

I knew I wanted to be a business school professor when….

As a fresh PhD in mathematics, in 1999, I attended two classes from the MIT Sloan professors Andrew Lo and Jeremy Stein (now at Harvard). Having previously been exposed only to science classes, I was amazed by the level of teaching at Sloan, and I wanted some day to rise to that level!

What are you currently researching and what is the most significant discovery you’ve made from it?

I am currently researching theoretically how market makers, i.e., liquidity providers who stand ready to trade with other financial investors, use correlated assets to manage their inventory risk. I found that the behavior of market makers can change dramatically when one considers different trading frequencies. For example, due to the behavior of market makers, the return correlation of stocks like Ford and GM can be close to zero at high frequencies, but over 50% over intervals of one hour or more.

If I weren’t a business school professor…

I would probably be either a mathematician or a philosopher, or maybe, who knows, a politician like my former colleague Nicusor Dan, who just got reelected as the mayor of Bucharest, even though in high school he was an International Math Olympiad gold medalist!

What do you think makes you stand out as a professor?

Clarity, passion for teaching, and a knack for comedy (due to my habit of watching late night TV comedy since 1993).

One word that describes my first-time teaching:

Survival (that was my objective when I taught my first course at Chicago Booth, and I reached it, but only barely…)

Professor I most admire and why:

Andrew Lo, my former PhD thesis advisor from MIT. I have never seen a teacher with his enthusiasm, charisma, and clarity. His public speaking skills are also outstanding.

What do you enjoy most about teaching business students?

When you “click” with a class of students and everyone is attuned to you, magic begins. I cannot say I reach this state very often but when it does happen it is very satisfying.

What is most challenging?

Keeping students’ attention at high levels. With so many distractions at the students’ fingertips, keeping everyone attentive and involved is very challenging, and a teacher must be very skilled (and artful) to succeed in this endeavor.

In one word, describe your favorite type of student:

Motivated. Motivation is like the growth rate of companies. One can start at a low level, but with a high growth rate, the sky is the limit!

What are your hobbies?

Soccer, music, sushi, and solving math puzzles with my kids

How will you spend your summer?

Traveling throughout Europe, and joining my cousin’s rock band in Romania (she just started her recording studio)

Favorite place(s) to vacation:

Grado, Italy. Long beaches, fine sand, friendly people, good food, Roman history in and around the city.

Favorite book(s):

Machiavelli’s “Discourses on Titus Livius”, a great book on history and political science. For those who mistrust Machiavelli because of his bad reputation from the “The Prince” book, they should read Discourses, which will surely change their mind.

What is currently your favorite movie and/or show and what is it about the film or program that you enjoy so much?

Star Trek (from the Original Series to Voyager). The level of political complexity in the galaxy (the Klingons, the Romulans, the Borg, etc.) is a source of never-ending fascination.

What is your favorite type of music or artist(s) and why?

The Beatles. Two musical geniuses in one band: John Lennon, creative and profound, and Paul McCartney, melodic and industrious. The music they created together, when they both competed and cooperated at the same time, is incredible and timeless. No other band comes close, in my opinion.

If I had my way, the business school of the future would have much more of this…

I imagine a business school in which the distractions are kept to a minimum, the students come prepared to class, the technology works flawlessly, and teaching is interactive and effective.

In my opinion, companies, and organizations today need to do a better job at…

Training their workers and preparing them for the future. And, as part of that objective, they should sponsor their workers’ education when they join a program at HEC!

I’m grateful for…

Being a professor at HEC. Amazing colleagues, great students, and a very pleasant workplace overall.