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First Empirical Validation of a New Theory in Financial Risk Management

Prix du meilleur mémoire de M. Sc. 2008

September 30, 2008

Sophie McCormack has received the 2008 Award for the best master’s thesis in the MSc in Administration program for her thesis, Les coûts de réorganisation comme déterminant de l’utilisation corporative de produits de couverture : une étude empirique. The award comes with $2,000 in prize money from the Fondation Mercure. Sophie’s thesis, soon to be published, was selected as the best of the 12 theses chosen as finalists from all MSc program options. Martin Boyer, Director of the Department of Finance, directed Sophie’s research work.


Better co-ordination of investment and financing decisions

With an original and relevant approach, she managed to empirically validate a new theory, looking at co-ordination costs as a corporate motivator in financial risk management. According to this theory, financial risk management makes it possible to better co-ordinate investment and financing decisions in companies with decentralized decision making.

“Sophie’s thesis offers interesting and thought-provoking ideas in both conceptual and methodological terms for research in this promising field of study,” noted jury members Gilbert Babin, Associate Professor (Information Technologies), Olivier Bahn, Associate Professor (Management Sciences) and Ann Langley, Full Professor (Management). They also emphasized the complexity of the methodology used and her solid research, drawing on an original database.

During her MSc studies, Sophie obtained a graduate bursary from the Social Sciences and Humanities Research Council of Canada and an exit scholarship from the MSc in Administration program. She also received a “with great distinction” citation from HEC Montréal every term. She is currently working as an analyst with Merrill Lynch Canada.


Saluting our MSc students’ accomplishments

The Award for the best master’s thesis is a great way to salute our MSc students’ accomplishments. There were 187 new graduates in 2007-2008. A rigorous selection process ensured that the best theses were chosen for this distinction. First, the professors responsible for each MSc option chose the best thesis in their options. Then a jury gave the award for the best master’s thesis to the graduating student with the most outstanding thesis in terms of its contribution to advancing knowledge and management practices.


The following students had the best theses in their options:

Sylvain Baril, Production and Operations Management option
Thesis title: Étude des impacts de l’utilisation de diverses technologies sur les opérations de transport du matériel souillé d’un hôpital : des pistes d’action pour le CHUM 2010
Co-directors: Sylvain Landry and Federico Pasin

Line Courtemanche, Accounting option
Thesis title: La dynamique relationnelle entre le conseil d’administration, la stratégie et la performance d'une organisation
Director: Louise Côté

Jonathan Deslaurier, Applied Economics option
Thesis title: Analyse de l’impact de la législation du travail au Canada
Co-directors: Benoit Dostie et Robert Gagné

Vincent Dupuis, Financial Engineering option
Thesis title: Estimation de l’intensité de défaut associé à certains modèles de risque de crédit
Director: Geneviève Gauthier

Kailesh Gopalbhai, Marketing option
Thesis title: Les réactions compétitives aux innovations radicales
Director : Jean-François Ouellet

Camille Grange, Information Technologies option
Thesis title: L’utilisabilité des intranets : conceptualisation, développement et validation d’une mesure
Director: Henri Barki

Alexandra Marcoux, Logistics option
Thesis title: Optimisation du réseau de distribution d’une entreprise manufacturière
Director: Jean-François Cordeau

Sophie McCormack, Finance option
Thesis title: Les coûts de réorganisation comme déterminant de l’utilisation corporative de produits de couverture : une étude empirique
Director: Martin Boyer

Aymen Mnasri, Applied Financial Economics option
Thesis title: Inertie dans les règles de politique monétaire : lissage ou persistance des chocs ?
Director: Hafedh Bouakez

Yves Plourde, International Business option
Thesis title: Le comportement stratégique d’Alcan et d’Alcoa de 1928 à 2007 : une étude de cas comparative
Director: Alain Noël

Martine Renaud, Management option
Titre du mémoire : Le transfert des connaissances tacites des cadres en fin de carrière du secteur de la santé et des services sociaux au Québec
Director: Réal  Jacob

Laura Wils, Human Resources Management option
Thesis title: Ancres de carrière et mobilisation : Validation d’un modèle de structuration des valeurs de carrière dans le secteur de la santé
Director: Michel Tremblay


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