Composed of professors with a high level of expertise, the Scientific Board reviews and contributes to the research agenda and assesses the scientific activities of the International Research Centre on Cooperative Finance (IRCCF) of HEC Montréal.


François Bellavance | professor | HEC Montréal | CIRFC

François Bellavance, Ph.D.
Professor, HEC Montréal (Canada)

Bellavance is Professor of the Department of Decision Science at HEC Montreal. He is a member of the Centre interuniversitaire de recherche sur les réseaux d’entreprise, la logistique et le transport (CIRRELT). He obtained his Ph.D. in Statistics in 1994 from the University of Montreal. Before joining HEC Montreal in 1998, he was Director of the Statistical Consulting Service at Simon Fraser University (1990-1993), biostatistician at St. Mary Hospital and Assistant Professor at the Department of Epidemiology and Biostatistics at McGill University (1994-1998). His research interests and recent activities focus on data mining and methodology and various issues relating to road safety. He was a founding member and Director of Réseau de recherche en sécurité routière of Québec (RRSR) from 2010 to 2015. He was also a member of Quebec Table Road Safety (2005-2015) and on the Board of Directors of the Canadian Association of Road Safety (2008-2015). He was President of the SSC Biostatistics in 2000-2001and a Board member of the SSC representing the Quebec region from 1998 to 2000 and from 2005 to 2009. He was on the selection committee of statistical research grants of CRSNG from 2006 to 2008. He currently sits on the Executive Committee of the SSC’s Business and Industrial Statistics Section (elected President 2015-2016, President 2016-2017 and Past President 2017-2018).

Samy Ben Naceur | Associate Professor | ESSEC Tunis | IRCCF

Samy Ben Naceur, Ph.D.
Associate Professor, ESSEC Tunis (Tunisia)

Samy Ben Naceur is Deputy Director of the IMF-Center for Economics and Finance in Kuwait and Associate Professor ESSEC Tunis. Previously, he worked in the Middle East and Central Asia Department of the IMF, where he led analytical works on financial issues. He has also been an expert in banking, economic advisory and financial analysis with the Global Development Network, European Commission, the African Development Banks and several consulting firms in Europe and the MENA region for more than 15 years and published many papers in top academic journals. He holds a Diploma from INSEEC Bordeaux (France) and an Honours Ph.D. in Finance from Paris Sorbonne University. He studied the impact of capital regulation on cost of intermediation and bank performance in Egypt, the incidence of the Basel Accords on credit slowdown in MEDA countries, and the creation of common currency in the Gulf Countries, as an IMF international expert. He participated in several studies including a study on the impact of stock market liberalization on financial development and economic growth in MEDA countries, a study on the incidence of regulation, governance and liberalization on the performance of banks in the MEDA countries, and a study on banking sector development, economic growth and poverty alleviation in the MEDA countries.

Barbara Casu | Associate Professor of Banking | IRCCF

Barbara Casu, Ph.D.
Associate Professor of Banking, Cass Business School, City University London (United Kingdom)

Barbara Casu is the Director of the Centre for Banking Research at Cass Business School, where she is Associate Professor of Banking. Her research interests are in the area of banking, financial regulation, corporate governance and industrial organisation. Barbara has published over 30 papers in international peer reviewed Journals, including the Review of Economics and Statistics, the Journal of Money Credit and Banking, the Journal of Banking and Finance and the Journal of Business, Finance and Accounting.

Giovanni Ferri | Professor of Economics | LUMSA | IRCCF

Giovanni Ferri, Ph.D.
Full Professor of Economics, LUMSA University (Italy)

Giovanni Ferri, Ph.D. in Economics from New York University, is a Full Professor of Economics and Pro-rector for Teaching and Students’ Rights at LUMSA University. During the period from 1999 to 2012, he was Department of Economics’ chair and Pro-rector for International Relations at the University of Bari. He previously served as Principal Financial Economist at the World Bank (1998-99) and Deputy-Director at the Research Department of Banca d’Italia (1984-1998). He has led (or consulted for) policy and research related projects in several countries. His research interests include: financial market imperfections and the transmission of monetary and financial shocks, banking structure, credit rating agencies, corporate governance, the finance-growth nexus, migration, company internationalization, sustainability. He has published extensively in these fields and he is associate editor of the journals Economic Notes, Rivista Bancaria-Minerva Bancaria and the Journal of Entrepreneurial & Organizational Diversity. He is a founding member of the Think Tank at the European Association of Cooperative Banks; since 2013, he has chaired the Center for Relationship Banking & Economics (CERBE) focusing on relational goods towards society’s well-being.

Ann Langley | Professor of Management | HEC Montréal | IRCCF

Ann Langley, Ph.D.
Full Professor of Management, HEC Montréal (Canada)

Ann Langley is Chair in Strategic Management in Pluralistic Settings, Professor of Management at HEC Montréal and Co-director of the Strategy as Practice Study Group at HEC Montréal. She completed her undergraduate and Master’s degrees in the United Kingdom and obtained her Ph.D. in management at HEC Montreal in 1987 after several years working in both private and public sectors as an analyst and consultant. She is the author or editor of six books and over 50 articles. Her research deals with strategic management processes and practices, with special emphasis on organizational change, decision making, leadership and innovation in pluralistic settings. She has a particular interest in qualitative research methods. Ann is co-editor of the journal Strategic Organization. She is also co-editor with Haridimos Tsoukas of the book series Perspectives on Process Organization Studies published by Oxford University Press. She is adjunct Professor at NHH, Norwegian School of Economics and Business Administration, at the Université de Montréal, and at the University of Gothenburg.

Rosa Maria Lastra | Professor in Financial and Monetary Law | IRCCF

Rosa María Lastra, Ph.D.
Professor in International Financial and Monetary Law, Centre for Commercial Law Studies (CCLS), Queen Mary University of London (United Kingdom)

Rosa María Lastra is a member of the Monetary Committee of the International Law Association (MOCOMILA), a founding member of the European Shadow Financial Regulatory Committee (ESFRC), an associate of the Financial Markets Group of the London School of Economics and Political Science, and an affiliated scholar of the Centre for the Study of Central Banks at New York University School of Law. From 2008 to 2010 she was a Visiting Professor of the University of Stockholm. She has served as a consultant to the International Monetary Fund, the European Central Bank, the World Bank, the Asian Development Bank and the Federal Reserve Bank of New York. From November 2008 to June 2009 she acted as Specialist Adviser to the European Union Committee of the House of Lords regarding its Inquiry into EU Financial Regulation and responses to the financial crisis. Prior to coming to London, she was an Assistant Professor of International Banking at Columbia University School of International and Public Affairs in the City of New York (1993-1996). From January 1992 to September 1993 she was a consultant in the Legal Department of the International Monetary Fund in Washington D.C. She studied at Valladolid University, Madrid University, London School of Economics and Political Science and Harvard Law School (Fulbright Fellow).

David T Llewellyn | Professor of Money and Banking | IRCCF

David T. Llewellyn, B.Sc. Econ
Professor of Money & Banking, Loughborough University (United Kingdom)

David Llewellyn is Professor of Money & Banking and Honorary Visiting Professor at the CASS Business School in London and Visiting Professor at the Vienna University of Economics and Business, besides his substantial contributions as a member and associate to various research centres and associations (Chairman of the Banking Stakeholder Group of the European Banking Authority, Associate Senior Research Fellow at the Centre for European Policy Studies, External Member of the Centre for Cooperative Studies and others). He is a regular contributor to in-house seminars and workshops at central banks, regulatory agencies, the EU Commission, and the ECB. He has written extensively on the analysis of banking and financial markets and their regulation and his recent research includes a series of projects at the Centre for European Policy Studies in Brussels on the economics and role of European cooperative banks and on trends in European banking. Previous career appointments include serving as an economist at Unilever (Rotterdam), HM Treasury (London), and the International Monetary Fund (Washington). He has also served as a consultant to financial firms, management consultancy firms, and regulatory agencies in several countries.

Donato Masciandaro | Professor of Economics | IRCCF

Donato Masciandaro, Ph.D.
Full Professor of Economics, Università Bocconi (Italy)

Donato Masciandaro is a Full Professor of Economics, Chair in Economics of Financial Regulation and Head of Ettore Bocconi Department of Economics. Born October 4th, 1961, he has a degree in Economic and Social Sciences from Università Bocconi. He is a Visiting Scholar at the London School of Economics and Political Science, the International Monetary Fund, the Nederlandsche Bank, Economic Advisor of the United Nations, the Interamerican Development Bank, and the World Bank.

Jean Roy | professor of Finance | HEC Montréal | IRCCF

Jean Roy, Ph.D.
Full Professor of Finance, HEC Montréal (Canada)

Jean Roy holds a Ph.D. in Finance from the Wharton School of the University of Pennsylvania. He is a Professor at HEC Montréal where he teaches financial institutions management courses to B.B.A. and M.Sc. programs. His fields of interest are in risk management, capitalization and regulation of banking and cooperative financial institutions. His most recent research focuses on the impacts of the bail-in mechanism as a way to rescue financial institutions. He has been performing consulting activities since 1979. Over the years, he has worked for the Quebec Ministry of Finance, the Caisse de dépôt et placement du Québec, the Quebec Office de la protection du consommateur, the Department of Finances Canada, the Canada Deposit Insurance Corporation and the Desjardins Group. He is on the advisory committee of the International Association of Deposit Insurers.

Reinhard H. Schmidt | professor of Finance | IRCCF

Reinhard H. Schmidt, Ph.D.
Professor Emeritus of Finance, Goethe University Frankfurt (Germany)

Since 1991, Reinhard H. Schmidt is a Professor Emeritus of Finance with a specialization in international banking at Frankfurt’s Goethe University. Before that, he was a Professor of Finance at the Universities of Göttingen and Trier, and he had Visiting positions in Stanford, Washington D.C, Paris, Milan, and Philadelphia. He studied business administration and economics at the Universities of Heidelberg and Frankfurt, where he also obtained his Diploma (1974), Doctorate (1974) and Habilitation (1981). Since then, his main fields of research have been comparative financial systems, banking regulation and international banking, development finance, and institutional economics. He has written and edited 24 books and some 160 articles in academic journals and edited volumes. He is a frequent commentator on radio and television in Germany and abroad and in newspapers and magazines, and a founding member of the European Shadow Financial Regulatory Committee. Currently, he also serves as a Visiting Professor at the Zeppelin University in Friedrichshafen.

Benoît Tremblay | Professor Emeritus | HEC Montréal | IRCCF

Benoît Tremblay, Ph.D.
Professor Emeritus, HEC Montréal (Canada)

Benoît Tremblay is Honorary Professor at HEC Montréal, where he has taught since 1976. He holds an MBA from HEC Montréal and a Doctorate from the École Pratique des Hautes Études, Paris. One of the founders of the Study Centre for the Management of Co-operatives in 1975, he has been active as a researcher for many years and has served on the board of different cooperative organisations. In 1984, he was appointed Deputy Minister responsible for cooperative development in Quebec. He has been active in public life as a Member of the City of Montreal Council and a Member of the Executive Committee of the Montreal Urban Community and Finance and Economic Development Commission’s President. In 1988, he was elected Member of the Canadian Federal Parliament and nominated as Parliamentary Secretary to the Minister of Industry, Science and Technology. Returning to HEC Montréal in 1997, he focused his research on two main topics: the manager’s craft and the development of financial services cooperatives in the world. From 2001 to 2010, he was Director of the Desjardins Centre for Studies in Management of Financial Services Cooperatives. His research has led to the creation of the International Observatory on Financial Services Cooperatives (newly named Cooperatives Gateway), which includes a Database on Institutions, a Virtual Library and a Management Simulation.

Clas Wihlborg | Professor of Economics | IRCCF

Clas Wihlborg, Ph.D.
Professor, Fletcher Jones Chair in International Business Research Faculty, The George L. Argyros School of Business and Economics (United States)

Dr. Wihlborg has held faculty positions in Finance and International Business at New York University, and in Finance and Business Economics at the University of Southern California. At Göteborg University in Sweden, he was Head of the Financial Economics programs before moving in 2000 to the Copenhagen Business School (CBS) in Denmark, where he was a Professor of Finance and Director for the Center for Law, Economics and Financial Institutions (LEFIC). He is a member of the European Shadow Financial Regulatory Committee and the Royal Swedish Academy of Engineering Sciences (IVA). His research and teaching have focused on International Finance, International Financial Management, Law and Economics, and Financial Institutions. In these areas he has published numerous journal articles and books, most recently as co-author of Corporate Performance and the Exposure to Macroeconomic Fluctuations.