I am

Michel VERLAINE

Finance, Audit, Accounting and Control
Permanent

Presentation

Biography

Michel Verlaine has a Phd in Economics and Management. He is a permanent professor at ICN Business School since March 2008, and is specialized in topics relating to the Financial Industry and Decision Theory. He teaches Asset Management, Valuation of Financial Products, Financial Risk Management, Valuation of Structured Financial Products, Behavioural Finance and the Architecture of Finance as well as Market Microstructure. His field of research is Decision Theory applied to the finance industry. He has been a regular contributor to the monthly Professional Finance Journal Agefi Finance where he created the "Research in Finance" page. He is also the intiator of the Economy/Finance page of the Baltic Times. He is also the author of a book about the Asset Management Industry: The Economics of the Asset Management Industry: A Behavioral Economics Approach.
Before joining ICN BS he has been working for the Ministry of Economics in Luxembourg in view of the preparation of the Luxembourgish Presidency of the EU. He was notably involved in preparing and attending the Finance Ministers Eco/Fin meetings. Following the EU Presidency he joined Ernst & Young's Risk Advisory unit where he was involved in auditing the European Investment Bank's Risk processes. Before moving back to academia, he created CAPM-Consulting through which he has worked as an advisor on quantitative finance and risk management topics. Recent projects focused on Cyber-finance and FinTech Risk Management problems.. Given his fluency in reading and speaking Russian, he is also involved in East-West links and develops academic links with CIS countries and launched comparative research projects on the Architecture of Finance in East and West.

Degrees and Training

Year Title Institution Country
2002 Master, Economy European University Institute of Florence Italy

Courses Taught

Year Title Country Institution
2023 FinTech Market Microstructure France ICN Business School
2023 Risk Management for Financial Institutions France ICN Business School
2023 Geopolitics of finance France ICN Business School
2022 Financial Econometrics France ICN Business School
2022 Financial Risk Management France ICN Business School
2021 Décisions Financières France ICN Business School
2021 Financial Decisions France ICN Business School
2020 Introduction to the Finance Industry France ICN Business School
2020 Asset and Fund Management France ICN Business School
2020 Behavioral Finance and the Architecture of Finance France ICN Business School
2020 Introduction to Geopolitics of finance France ICN Business School
2020 Law and Finance France ICN Business School
2020 International Market Microstructure France ICN Business School
2020 Behavioral Corporate Finance France ICN Business School
2020 Geopolitics of Finance Germany ICN Business School
2019 Remedial Introduction to financial economics France ICN Business School
2019 Decision Theory France ICN Business School
2017 Remedial Finance France ICN Business School
2017 Théorie de la Décision France ICN Business School
2014 Structured Finance & Adv. Valuation Topic France ICN Business School
2014 Behavioural Finance & the Archit. of Finance France ICN Business School
2014 Market Microstructure France ICN Business School
2014 International Banking France ICN Business School
2014 Valuation of Financial Product France ICN Business School
2013 International Finance & Exchange Risks France ICN Business School
2012 Strutured Finance France ICN Business School
2012 Régulation & déontologie du système financier France ICN Business School
2012 Financial risk management France ICN Business School
2012 Asset Management France ICN Business School
2012 Entreprise face au monde de la finance France ICN Business School
2012 Valorisation des produits financiers France ICN Business School
2008 Banks, Funds and Markets courses France ICN Business School

Research Interests

  • Behavioural Decision Theory
  • Industrial Organization of the Finance Sector
  • Rationality in Financial Economics

Publications

Year Type Reference
2026 Journal article VERLAINE, M., F. FEIGIN G.F., N. T. V. NIKITINA, “Ecological rationality as a category in economic theory: its essence and significance in the development of a multipolar world”, Journal Izvestiya SPbGEU, Журнал «Известия СПбГЭУ, February 2026, vol. 157, pp. 17-24
2026 Book VERLAINE, M., The Economics of the Asset Management Industry – A Behavioural Economics Approach 2nd Edition, Lambert Academic Publishing, 2026
2025 Journal article VERLAINE, M., “On Religion, Rationality and Growth”, AGEFI Luxembourg, January 2025
2025 Journal article VERLAINE, M., “On Human Rationality in Market Microstructure”, AGEFI Luxembourg, April 2025
2025 Journal article VERLAINE, M., “On Cognitive Economics and its implications for Financial Economics”, AGEFI Luxembourg, July – August 2025
2025 Journal article VERLAINE, M., “On the Economics of War and Peace”, AGEFI Luxembourg, September 2025
2025 Journal article VERLAINE, M., “On qualified lotteries and the crisis of representative democracy”, AGEFI Luxembourg, October 2025
2025 Faculty research seminar VERLAINE, M., “Ecological rationality and the maximum entropy heuristic: potential applications in financial economics” Max Planck Institute fort Human Development. 2025, Berlin, Germany
2025 Research booklet VERLAINE, M., “Ecological Rationality and the Maximum Entropy Heuristic”, ssrn, 2025
2025 Research booklet VERLAINE, M., “Ecological Rationality and the Multipolar World”, ssrn, 2025
2024 Journal article VERLAINE, M., “Behavioural aspects behind the growth of fund families”, Applied Economics, December 2024, vol. 56, no. 58, pp. 8262-8272
2024 Journal article VERLAINE, M., “When Geopolitics meets Decision Theory”, AGEFI Luxembourg, May 2024
2024 Journal article VERLAINE, M., “On recent productivity growth slackening”, AGEFI Luxembourg, June 2024
2024 Journal article VERLAINE, M., “Ecological Rationality and the Multipolar World”, AGEFI Luxembourg, October 2024
2024 Communications in an Academical or Professional conference VERLAINE, M., “Information-theoretic approaches in Economics and Finance” in Global Economic Trends – Challenges and Opportunities conference, 2024, Belgrade, Serbia
2024 Communications in an Academical or Professional conference VERLAINE, M., “Ecological Rationality and the Maximum Entropy Heuristic” in BALTIC INTERNATIONAL ACADEMY XIII International Research-to-Practice Conference “Society Transformations in Social and Human Sciences”, 2024, Riga, Latvia
2023 Journal article VERLAINE, M., “On Eastern Culture and Ecological Rationality”, AGEFI Luxembourg, February 2023
2023 Journal article VERLAINE, M., “On Neuroeconomics and its implications for social science”, AGEFI Luxembourg, June 2023
2023 Journal article VERLAINE, M., “On Statistics, Rationality and Governmental Decision Making”, AGEFI Luxembourg, December 2023
2023 Communications in an Academical or Professional conference VERLAINE, M., “Behavioural Aspects Behind the Growth of Fund Families” in World Finance Conference, 2023, Kristiansand, Norway
2023 Faculty research seminar VERLAINE, M., “Behavioural aspects behind the growth of fund families” Research Seminar Graduate School of Management. 2023, St Petersburg, Russia
2023 Research booklet VERLAINE, M., “Behavioural Aspects behind the Growth of Fund Families”, ssrn, 2023
2023 Research booklet VERLAINE, M., “An Information-Theoretic Approach to Model Inverse S-Shaped Smooth Ambiguity”, ssrn, 2023
2023 Keynote speaker/Invited in a academic conference VERLAINE, M. – “Ecological Rationality and the Fund Industry” – 2023, Belgrade, Serbia
2022 Journal article VERLAINE, M., “On the extraction of cyber risks from structured products”, Applied Economics, March 2022, vol. 54, no. 22, pp. 2570-2581
2022 Journal article VERLAINE, M., “On the inflation of fund families”, AGEFI Luxembourg, February 2022
2022 Journal article VERLAINE, M., “Behavioral finance and the architecture of the asset management industry”, Journal of Economic Surveys, December 2022, vol. 36, no. 5, pp. 1454-1476
2022 Journal article VERLAINE, M., “On elicitation techniques for cyber risk audits”, AGEFI Luxembourg, October 2022
2021 Journal article VERLAINE, M., “ON COVID-19 and Decision Theory”, AGEFI Luxembourg, March 2021
2021 Journal article VERLAINE, M., “On Cybersecurity Risk planning”, AGEFI Luxembourg, April 2021
2021 Journal article VERLAINE, M., J. EISMONTS, “On Business Model Risk in Fintech Credit Platforms”, AGEFI Luxembourg, June 2021
2021 Journal article VERLAINE, M., “Research in Finance: On the value of information”, AGEFI Luxembourg, October 2021
2021 Journal article VERLAINE, M., “On Cryptocurrencies’ Market Microstructure”, AGEFI Luxembourg, November 2021
2021 Book Chapter SHASHKOVA, A., M. VERLAINE, “On the Constitutional Court’s Position about Freedom and Privacy as Business Strategy in the Banking Sector” in Technology and Business Strategy., Stepnov, Igor Eds, Palgrave Macmillan, chap. 21, pp. 285-294, 2021
2021 Communications in an Academical or Professional conference VERLAINE, M., “On risk-return profiling of P2P platforms” in Proceedings of the Annual Decision Sciences Institute Meeting, 2021, United States of America
2021 Research booklet VERLAINE, M., “Towards a New Geopolitics of Finance”, ssrn, 2021
2020 Journal article VERLAINE, M., “Towards a market for Cyber Structured Products: A new niche for Luxembourg?”, AGEFI Luxembourg, February 2020
2020 Journal article VERLAINE, M., “On efficiently inefficient markets”, AGEFI Luxembourg, March 2020, vol. XX, pp. 28
2020 Journal article SHASHKOVA, A., M.VERLAINE, E.KUDRYASHOVA, “On Modifications to the Constitution of the Russian Federation in 2020”, Russian Law Journal, March 2020, vol. 8, no. 1, pp. 60-83
2020 Journal article VERLAINE, M., “On Hedging behavior and Financial constraints”, AGEFI Luxembourg, April 2020
2020 Journal article VERLAINE, M., “Towards Marketing of Financial Products”, AGEFI Luxembourg, May 2020
2020 Journal article VERLAINE, M., “On public policies towards Cyber Risks”, AGEFI Luxembourg, July – August 2020
2020 Journal article VERLAINE, M., “On the matching between fund scale and skill”, AGEFI Luxembourg, September 2020
2020 Journal article VERLAINE, M., “On Fund Performance and Turnover”, AGEFI Luxembourg, October 2020
2020 Journal article VERLAINE, M., A. SHASHKOVA, E. KUDRYASHO , “Amendments to Russian Constitution and International Institutions Decisions: EAEU Prospective”, Polis Political Studies Journal, October 2020, vol. 5, pp. 164-176
2020 Journal article SHASHKOVA, A., M. VERLAINE, “On Modifications to the Constitution of the Russian Federation in 2020 for the Development of Entrepreneurial Activity”, Academy of Entrepreneurship Journal, June 2020, vol. 26, no. 2
2020 Journal article VERLAINE, M., “From Geoeconomics to Geopolitics of Finance”, AGEFI Luxembourg, November 2020
2020 Book Chapter SHASHKOVA, A., M. VERLAINE, “Change of Tax Policy Model as a Base for Innovation Development While Transferring from the Pre-industrial to the Industrial Society” in Post-Industrial Society The Choice Between Innovation and Tradition., Kovalchuk, Julia Eds, Palgrave Macmillan, chap. 12, pp. 137-147, 2020
2020 Proceedings from scientific conference VERLAINE, M., “On the extraction of cyber risks from structured products” in Decision Sciences in the Age of Connectivity, Decision Science Institute, pp. 944-965, 2020, United States of America
2020 Communications in an Academical or Professional conference VERLAINE, M., “On the extraction of cyber risks using structured products” in Virtual World Finance & Banking Symposium, 2020, Riga, Latvia
2020 Research booklet VERLAINE, M., “On the Extraction of Cyber Risks using Structured Products”, SSRN (Social Science Research Net), 2020
2019 Journal article VERLAINE, M., “Behavioural Finance and the architecture of the Asset Management Industry”, AGEFI Luxembourg, February 2019, pp. 34
2019 Journal article VERLAINE, M., “Research in Finance: On the Changing Landscape of the ETF Industry”, AGEFI Luxembourg, March 2019
2019 Journal article VERLAINE, M., “Research in Finance: Behavioral aspects in the demand for active asset management”, AGEFI Luxembourg, April 2019
2019 Journal article VERLAINE, M., “Research in Finance: On the impact of outsourcing in the international fund industry”, AGEFI Luxembourg, May 2019
2019 Journal article VERLAINE, M., “Research in Finance: On Portfolio Manager Contracts in the Mutual Fund Industry”, AGEFI Luxembourg, June 2019
2019 Journal article VERLAINE, M., “Research in Finance: On governance problems between Commercial Banking and Asset Management”, AGEFI Luxembourg, September 2019
2019 Journal article VERLAINE, M., “Research in Finance: On efficient markets and th extraction of cyber risk distributions”, AGEFI Luxembourg, October 2019
2019 Journal article VERLAINE, M., “On Brokerage and Structured Product Sales”, AGEFI Luxembourg, December 2019
2019 Proceedings from scientific conference VERLAINE, M., “Behavioral Finance and the Architecture of the Asset Management Industry” in Transforming Decision Sciences Through Emergent technologies, Decision Science Institute, pp. 1598-1615, 2019, New Orleans, United States of America
2019 Communications in an Academical or Professional conference VERLAINE, M., “Robust Valuation of CDOs” in Smirnov Readings, 2019, St Petersbourg, Russia
2019 Research booklet VERLAINE, M., “Behavioral Finance and the Architecture of the Asset Management Industry”, SSRN (Social Science Research Net), 2019
2018 Proceedings from scientific conference VERLAINE, M., “An Information-theoretic approach to treat inverse S-shaped probability weighting problems.” in Annual meeting proceedings., Decision Science Institute, pp. 276-289, 2018, Chicago, United States of America
2018 Proceedings from scientific conference VERLAINE, M., “An Operational Approach to select CEU portfolios” in Annual meeting Proceedings., Decision Science Institute, pp. 290-302, 2018, Chicago, United States of America
2018 Proceedings from scientific conference VERLAINE, M., “Risk Management for Funds: A Decision-theoretic approach” in Annual Meeting Proceedings., Decision Science Institute, pp. 1353-1368, 2018, Chicago, United States of America
2018 Communications in an Academical or Professional conference VERLAINE, M., “An operational approach to select CEU Portfolios” Annual meeting European Decision Sciences Institute. 2018, Undine, Italy
2018 Communications in an Academical or Professional conference VERLAINE, M., “Inverse S-shaped probability weighting:” Annual meeting European Decision Sciences Institute. 2018, Italy
2018 Communications in an Academical or Professional conference VERLAINE, M., “An information-theoretic approach to treat inverse S-shaped probability weighting problems.” Annual meeting of the Decision Sciences Institute. 2018, Chicago, United States of America
2018 Communications in an Academical or Professional conference VERLAINE, M., “Risk Management for Funds: A Decision theoretic approach” Annual Meetinbg of the Decision Science Institute. 2018, Chicago, United States of America
2018 Communications in an Academical or Professional conference VERLAINE, M., “An Operational Approach to select CEU Portfolios” Annual Meeting Decision Sciences Institute. 2018, Chicago, United States of America
2018 Communications in an Academical or Professional conference VERLAINE, M., A.MASHARSKY, A.GUBENKO, “An Information Theoretic Approach to Financial Decision Making” Transportattion and Communication Institute. 2018, Riga, Latvia
2017 Proceedings from scientific conference VERLAINE, M., “ОБЗОР СОВРЕМЕННЫХ ПОДХОДОВ ТЕОРИИ ПРИНЯТИЯ РЕШЕНИЙ В ИНВЕСТИЦИОННОМ МЕНЕДЖМЕНТЕ,”, International Banking Institute Proceedings, 2017, Russia
2016 Book VERLAINE, M., The Economics of the Asset Management Industry : A Behavioural Economics Approach, Editions Universitaires Européennes, Sarrebruck, Germany, 2016
2012 Journal article VERLAINE, M., “In Praise of Europe’s New Finance Minister “, AGEFI Luxembourg, October 2012
2011 Journal article VERLAINE, M., “On ambiguity in asset markets”, AGEFI Luxembourg, January 2011, pp. 25
2011 Journal article VERLAINE, M., “Rationalizing fund benchmarks and compensation rules”, AGEFI Luxembourg, February 2011, pp. 26
2011 Journal article VERLAINE, M., “Optimal compensation with Loss-averse Managers”, AGEFI Luxembourg, March 2011, pp. 28
2011 Journal article VERLAINE, M., “The dynamics of Mutual Fund advisory contracts”, AGEFI Luxembourg, October 2011, pp. 28
2011 Communications in an Academical or Professional conference VERLAINE, M., “On the Origin of S-Shaped Probability Weighting” European Decision Sciences Institute Annual Meeting (EDSI). 2011, Wiesbaden/Frankfurt, Germany
2011 Communications in an Academical or Professional conference VERLAINE, M., “Risk Management for funds : A Decision Theoretic Approach” European Decision Sciences Institute Annual Meeting (EDSI). 2011, Wiesbaden/Frankfurt, Germany
2011 Research booklet VERLAINE, M., “On the Origin of S-shaped probability weighting”, SSRN (Social Science Research Net), 2011
2010 Communications in an Academical or Professional conference VERLAINE, M., “Robust Asset Allocation with Generalized Preferences” 10th Econometric Society World Congress . 2010, Shangai, China (PRC)
2010 Research booklet VERLAINE, M., “Risk Governance for funds”, Cahier de recherche CEREFIGE, 2010
2010 Research booklet VERLAINE, M., “Risk Governance for Funds”, SSRN (Social Science Research Net), 2010
2009 Journal article VERLAINE, M., “Towards an integrated approach of market and credit risk”, AGEFI Luxembourg, September 2009
2009 Journal article VERLAINE, M., “Research in Finance: On the impact of outsourcing in the international fund industry”, AGEFI Luxembourg, May 2009
2008 Research booklet VERLAINE, M., “Robust Valuation of Synthetic CDOs”, SSRN (Social Science Research Net), 2008
2004 Faculty research seminar VERLAINE, M., “Robust Mean-Variance Portfolio selection with Generalized Preferences” 2004, France
2004 Research booklet VERLAINE, M., “Asset allocation with Generalized Preferences”, Group of Research in Risk, Information and Decision , 2004
2004 Research booklet VERLAINE, M., “Transformations of Distributions, Robustness and Coherent Risk Measures”, ENSAM, 2004
2002 Book Chapter VERLAINE, M., “Portfolio Choice with Cognitive Anomalies”, Ed., 2002