“A lot can still be done. Finance is a pretty new discipline, even abroad”, says Rajna Gibson-Brandon, pioneering researcher.

By Camille Bozonnet

Rajna Gibson-Brandon is a well-known lady in the world of academic finance. During her many activities balanced between academic and private select circles, she daily juggles with asset pricing, risk management, real options, financial integration and managerial compensation. She also tries to explain what’s going on in the financial world by producing models to which she applies empirical methods to test their validity.

Why did you go to a private boarding school ?

I think at the time my parents desired a private education for me. I started school at an early age and starting before the others was not really encouraged in the public system. Besides, the international environment that private schools offer represented a considerable advantage. So both demands were a big issue. I have very good memories of my stay at Collège du Léman and this training paid off.

Regarding your academic career?

When I finished my PhD in Economic and Social Sciences in Geneva, I spent three years in the USA as a postdoctoral scholar and one year in France as an assistant professor in Finance. My international background certainly helped me to integrate in those international places.

How would you qualify the Swiss academic research on an international level ?

A lot of initiatives are taking place in the field of finance. For ten years, Switzerland has been pursuing many efforts to build an effective research network and to promote high level education in finance.

As well as?

Initiated by the Swiss Bankers Association, Swiss Finance Institute has decided to put up the money for around twenty five new Finance professors within the next ten years. This is a unique initiative.

Do you think the series of measures currently taken are enough?

A lot can still be done. But we have to keep in mind that finance is a pretty new discipline, even abroad. It has been taught for thirty or forty years, not more. Clearly, the key academic places are to be found in the United States and Great Britain although Switzerland is trying to become one today.

Where is the utmost urgency?

We don’t have the critical mass in term of professors. Be aware that the total number of Swiss Finance professors is equivalent to a department of Finance at New York University! Even though some fundamental research results are not directly exploitable, high level research of this type is essential to develop excellent doctoral and postdoctoral educations and to stay at the leading edge of progress in the financial services industry.

What does Switzerland have compared to the Anglo-Saxon giants?

We do have strong abilities in a few « niche disciplines », such as risk management and econometrics applied to finance. We also maintain a close relationship with regular dialogs between the academic and private circles, including multiple conferences and valuable seminar interactions; this is quite unique.

And what are our future goals?

Academic finance has to acquire an international reputation as far as fundamental research is concerned. Firstly, we have to increase the number of our researchers’ published papers in high quality international reviews. Secondly, to be able to attract more foreign students. Of course, our doctoral programmes in Lausanne or Zurich already train foreign students from all over the world. But a good reputation will allow us to raise the prerequisites and the selective entry criteria so that we gradually become a reference in the field. Last but not least, to offer Swiss doctoral graduates the opportunity to start academic careers in Finance abroad in renowned universities such as Harvard or Wharton. Which is not the case at the moment.

How do you consider the proportion of women in Swiss research and top positions?

It is true that it is very low. I think things cannot be changed at the academic recruitment level nor at the top level professional positions, but the problem should be tackled at a much earlier stage of the education chain. Also, the problem cannot be entirely blamed on the firms. It‘s mainly due to our cultural and social environment which does not promote womens’ careers in general. In addition, maybe there is a shortage of women motivated by pursuing finance careers.

	Professor Rajna Gibson-Brandon Full Professor of Finance, Swiss Banking Institute, University of Zurich and Honorary Professor at Ecole des HEC, University of Lausanne. Born in 1962, in Geneva (GE), Switzerland. Married, one child.
	1979 Baccalaureat, Collège du Léman, Versoix, Switzerland
	1987 PhD, summa cum laude, Economic and Social Sciences (Specialization in Finance), University of Geneva, Switzerland
	1987-1990 Postdoctoral Scholar, University of California, Los Angeles, USA. Visiting scholar, New York University, USA
	1991-2000 Full Professor of Finance, Ecole des HEC, University of Lausanne, Switzerland
	1997-2004 Member of the Swiss Banking Commission
	2000 Member of the Board of Directors of Swiss Re
	2000 Full Professor of Finance, Swiss Banking Institute, University of Zurich and Honorary Professor at Ecole des HEC, University of Lausanne, Switzerland
	2001 Scientific Director of the Master of Advanced Studies in Finance, University of Zurich and ETHZ, Switzerland
	2001 Director of the National Centre of Competence in Research, "Financial Valuation and Risk Management"