Bruno Gerard  Professor

BI office address


Department of Financial Economics

Room B4-077


Contact Information

Telephone: +47 4641 0506

Fax number: +47 4641 0801

mobile phone: +47 4142 5480



Office Hours



Dr. Gerard is primarily interested in empirical asset pricing and portfolio management, both in an international and a single country context as well as in issues of financial market integration and contagion. He has also written on the security issuance process (seasoned equity issues and Treasury auctions), price manipulation as well as corporate asset valuations and spin-offs. His current research investigates how inflation and interest rate risk affects security returns and inter-temporal asset allocation. His other research projects investigate how industry structure and currency risk affect the returns of domestic and international portfolios, as well as the impact of the adoption of the European single currency on international equity markets and portfolio flows. His research has been published in the Journal of Finance, Journal of Financial Economics and the Journal of Banking and Finance among others, and he is an associate editor of Finance Letters. In addition to the Norwegian School of Management, he has also taught at the University of Michigan Business School, the Anderson School at the University of California, Los Angeles (UCLA), the Marshall School at the University of Southern California (USC) and at Louisiana State University (LSU). He has consulted on asset allocation and volatility issues with several institutions, including European Central Bank and the Norwegian Central Bank. Prior to his academic career, he practiced commercial, security and banking law as a member of the bar of Brussels, Belgium.


Research Interests

Empirical Finance, Asset Pricing, International Finance, Financial Econometrics.



Selected Publications

  • International Asset Pricing and Portfolio Diversification with Time-Varying Risk with Giorgio de Santis, 1997, The Journal of Finance 52, 1881-1912.
  • Trading and Manipulation Around Seasoned Equity Offerings with Vikram Nanda, 1993, The Journal of Finance 48, 213-245.
  • How Big is the Premium For Currency Risk with Giorgio de Santis, 1998, Journal of Financial Economics 49, 375-412.
  • The Relevance of Currency Risk in the EMU with G. de Santis and P. Hillion, 2003, Journal of Economics and Business 55, 427-462.
  • Are East Asian Markets Integrated: Evidence from the ICAPM with K. Thanyalakpark and J. Batten, 2003, Journal of Economics and Business 55, 585-607.



GRA 6532: Applied Portfolio Management

GRA 6538: Applied Valuation

RS 6005: Topics in Corporate Finance

MAN 1592: Investering og Finansiering EK - Module 3 - Corporate Valuation


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