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</font>  <TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="95%">  <TR><TD VALIGN="bottom" ALIGN="left" CLASS="title">    <font color="#0E207E" face="Arial" size="2"><b>Version: </b></font>     <font size="4" color="#EF9014" face="Arial">    <a target="_blank" href="pdf/fr/ressources/centres.pdf">    <img border="0" src="images/pdf.gif" width="35" height="22"></a><br> &nbsp;</font></TD>  <TD VALIGN="bottom" ALIGN="right" CLASS="ultraCompact"></TD></TR>  </TABLE> <TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="95%"> <TR><TD bgcolor="#0E207E">     <p style="background-color: #0E207E">     <font face="Arial" size="4" color="#EF9014">Centres     de Recherche</font></p>   </TD></TR></TABLE> <TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="95%"> <tr>   <TD HEIGHT=4> <font face="Arial"> <IMG SRC="null.gif" WIDTH=2 HEIGHT=4> </font> </TD> </tr> <tr>   <TD BGCOLOR=#99CCFF>     <p style="background-color: #99CCFF"><font face="Arial"><a href="http://www.aif.nl/" target="_blank">The     Amsterdam Institute of Finance</a></font></p>   </TD> <TD ROWSPAN=2><font face="Arial"><img border="0" src="ess.jpg" width="2" height="2"></font></TD> <TD ROWSPAN=2 valign="middle" align="center">   <p align="center"><font face="Arial"><img border="0" src="images/aiou1.gif" width="90" height="77"></font></p>   </TD> </tr> <tr>   <TD align="left">     <p align="justify"><font color="#0E207E" face="Times New Roman">The     Amsterdam Institute of Finance was established in 1990 to offer top-level     training courses throughout the year to treasurers, bankers, finance     specialists and financial managers. Since its inception, AIF has gained an     international reputation in offering courses which are at the cutting edge     of finance and relevant to the day-to-day needs of finance professionals.</font><font face="Times New Roman">     </font>     <p align="justify"><font face="Arial">&nbsp; </font>     <p align="justify"><font face="Arial">&nbsp; </font>   </TD> </tr> <TR><TD HEIGHT=4> <font face="Arial"> <IMG SRC="null.gif" WIDTH=2 HEIGHT=4> </font> </TD></TR> <TR><TD BGCOLOR=#99CCFF>     <p style="background-color: #99CCFF"><font face="Arial"><a href="http://www.cirano.qc.ca" target="_blank">CIRANO</a></font></p>   </TD> <TD ROWSPAN=2><font face="Arial"><img border="0" src="ess.jpg" width="2" height="2"></font></TD> <TD ROWSPAN=2 valign="middle" align="center">   <p align="center"><font face="Arial">   <img border="0" src="images/resqweu1.gif" width="142" height="69"></font></p>   </TD></TR> <TR><TD align="left">     <p align="justify"><font color="#0E207E" face="Times New Roman">La cration     et la bonne marche du Centre interuniversitaire de recherche en analyse des     organisations (CIRANO) sont le fruit d'une troite collaboration entre un     groupe de chercheurs, sept tablissements universitaires, plusieurs grandes     entreprises et deux ministres du gouvernement du Qubec.&nbsp;<br>     Le CIRANO est un rseau intensif de chercheurs universitaires partageant     une volont claire et affirme de remplir la mission du CIRANO. Ce rseau     unique  plusieurs points de vue est rsolument multidisciplinaire,     pluriuniversitaire et intersectoriel. </font>     <p align="justify"><font face="Arial">&nbsp; </font>     <p align="justify"><font face="Arial">&nbsp; </font>   </TD></TR> <tr>   <TD HEIGHT=4 align="left"> <p align="justify"> <font face="Arial"> <IMG SRC="null.gif" WIDTH=2 HEIGHT=4> </font> </p> </TD> </tr> <tr>   <TD BGCOLOR=#99CCFF align="left">     <p align="justify"><a href="http://www.unites.uqam.ca/esgcrg/document.htm"><font face="Arial" size="3">Centre     de Recherche en&nbsp;Gestion</font></a></TD> <TD ROWSPAN=2></TD> <TD ROWSPAN=2>   <p align="center"><font face="Arial" color="#99ccff" size="6"><b>CRG</b></font></p>   </TD> </tr> <tr>   <TD align="left">     <p align="justify"><font face="Times New Roman" color="#0e207e">Les     Documents de travail sont des pr-publications qui visent  encourager la     diffusion de rsultats de recherche et  stimuler la discussion entre     chercheurs, chercheuses et ce, afin d'en amliorer le contenu en vue d'une     publication ventuelle dans des mdias scientifiques avec comit de     pairs.</font></p>         <p align="justify"><font face="Arial">&nbsp; </font>   </TD> </tr> <TR><TD HEIGHT=4 align="left"> <p align="justify"> <font face="Arial"> <IMG SRC="null.gif" WIDTH=2 HEIGHT=4> </font> </p> </TD></TR> <TR><TD BGCOLOR=#99CCFF align="left">     <p align="justify"><a href="http://risk.ifci.ch/" href="http://www.ssrn.com/fen/index.html" target="_blank">     <font face="Arial">IFCI     Financial Risk Site</font></a></TD> <TD ROWSPAN=2></TD> <TD ROWSPAN=2>   <p align="center"><font face="Arial">   <img border="0" src="images/ressou101.jpg" width="147" height="48"></font></p>   </TD></TR> <TR><TD align="left">     <p align="justify"><font color="#0E207E" face="Times New Roman">Founded     in 1984 as a not for profit foundation, IFCI has progressively developed its     activities from training in the derivatives field to the financial risk     management issues.<br>     The objective of the Financial Risk Institute (IFCI) is to promote a &quot;learning     environment&quot; on issues relevant to financial risk management.<br>     Specifically IFCI </font>     <ul>       <li>         <p align="justify"><font color="#0E207E" face="Times New Roman">Promotes         discussion and research on the underlying principles of financial risk         management and related topics</font></li>       <li>         <p align="justify"><font color="#0E207E" face="Times New Roman">Encourages         enhanced risk management practice at financial firms through the sharing         of ideas and experiences amongst risk management professionals</font></li>       <li>         <p align="justify"><font color="#0E207E" face="Times New Roman">Promotes         enhanced communication about and understanding of financial risk         management principles and practices to all interested parties. </font></li>     </ul>         <p align="justify"><font face="Arial">&nbsp; </font>         <p align="justify"><font face="Arial">&nbsp; </font>   </TD></TR> <TR><TD HEIGHT=4 align="left"> <p align="justify"> <font face="Arial"> <IMG SRC="null.gif" WIDTH=2 HEIGHT=4> </font> </p> </TD></TR> <TR><TD BGCOLOR=#99CCFF align="left">     <p align="justify"><font face="Arial"><a href="http://www.umass.edu/som/cisdm/" target="_blank" href="http://klaatu.oit.umass.edu/som/cisdm/">Center     for International Security and Derivative Market</a></font></p>   </TD> <TD ROWSPAN=2></TD> <TD ROWSPAN=2>   <p align="center"><b><font size="+4" face="Arial">CISDM</font></b></TD></TR> <TR><TD align="left">     <p align="justify"><font color="#0E207E" face="Times New Roman">CISDM     (Center for International Securities and Derivatives Markets)&nbsp; is a     non-profit academic research center which focuses on security&nbsp; and     investment fund performance in both U.S. and international asset markets.     The goals of CISDM are to facilitate research in both traditional and     alternative investment markets, to promote interactions between the academic     and business communities, and to make available CISDM educational material     on international financial markets to financial and nonfinancial firms.</font></p>     <p align="justify">&nbsp;</p>     <p align="justify">&nbsp;</p>   </TD></TR> <TR><TD HEIGHT=4 align="left"> <p align="justify"> <font face="Arial"> <IMG SRC="null.gif" WIDTH=2 HEIGHT=4> </font> </p> </TD></TR> <TR><TD BGCOLOR=#99CCFF align="left">     <p align="justify"><font face="Arial"><a href="http://www.caf.dk/" target="_blank">Centre     for Analytical Finance (Denmark)</a></font></p>   </TD> <TD ROWSPAN=2></TD> <TD ROWSPAN=2><font face="Arial"><img border="0" src="images/u3.gif" width="147" height="66"></font></TD></TR> <TR><TD align="left">     <p align="justify"><font color="#0E207E" face="Times New Roman">CAF     is based on a grant from the Danish Social Science Foundation. The main     purpose of the Centre for Analytical Finance (CAF) is to strengthen the     research in both theoretical and applied finance in Denmark. Both     mathematical modelling and empirical analysis in finance are rapidly     expanding areas, and draw attention from researchers from a wide spectrum of     disciplines, ranging from mathematics and statistics over operations     research to economics and business management. By bringing together     researchers from five existing environments in Aarhus, the CAF will combine     existing strengths and create a forum for development and exchange of ideas     that has both the breadth and depth to become a corner stone in not only     Danish but also European finance.&nbsp;</font></p>     <p align="justify">&nbsp;</p>     <p align="justify">&nbsp;</p>   </TD></TR> <TR><TD HEIGHT=4 align="left"> <p align="justify"> <font face="Arial"> <IMG SRC="null.gif" WIDTH=2 HEIGHT=4> </font> </p> </TD></TR> <TR><TD BGCOLOR=#99CCFF align="left">     <p align="justify"><font face="Arial"><a href="http://cfe.nus.edu.sg" target="_blank">Centre     for Financial Engineering (Singapore)</a></font></p>   </TD> <TD ROWSPAN=2></TD> <TD ROWSPAN=2>   <p align="center"><font face="Arial" color="#004080" size="3">Centre   for Financial Engineering</font><font face="Arial"> </font>   <p align="center"><font face="Arial"><img border="0" src="images/kjhe9.gif" width="147" height="63"></font></TD></TR> <TR><TD align="left">     <p align="justify"><font color="#0E207E" face="Times New Roman">The     Centre for Financial Engineering (previously named Center for Computational     Finance) was founded on October 1, 1997. CFE is organized with a Director,     Associate Directors, Principal Associate, Academic Associates, Senior     Research Associates, Research Associates and Postgraduate Research Students.     Affiliated academic staff are drawn from the Faculty of Business     Administration, the Faculty of Science and the School of Computing. CFE has     an advisory board including senior officials from MAS, NSTB, ACI, and SIMEX,     and an international advisory with renowned professors from the top     universities in the world.</font></p>     <p align="justify">&nbsp;</p>     <p align="justify">&nbsp;</p>   </TD></TR> <tr>   <TD HEIGHT=4 align="left"> <p align="justify"> </TD> </tr> <tr>   <TD BGCOLOR=#99CCFF align="left">     <p align="justify"><font size="-1" face="Comic Sans MS">     <span lang="EN-US" style="mso-ansi-language: EN-CA; font-size:12.0pt; font-family:Times New Roman; mso-fareast-font-family:Times New Roman; mso-fareast-language:EN-US; mso-bidi-language:AR-SA">     <a href="http://www-cfr.jims.cam.ac.uk" target="_blank" style="font-family: Arial">Centre     for Financial Research<b>  </b>(University of Cambridge UK)</a></span></font></p>   </TD> <TD ROWSPAN=2></TD> <TD ROWSPAN=2>   <p align="center"><font face="Arial">   <img border="0" src="images/ressgfou10.jpg" width="147" height="37"></font></TD> </tr> <tr>   <TD align="left">     <p align="justify"><font color="#0E207E" face="Times New Roman">The     Centre for Financial Research at The Judge Institute of Management Studies,     University of Cambridge is a centre of academic excellence with interests in     finance (including derivatives, risk management, fx, trading systems, real     options, stock markets), logistics and telecommunications. We supply     tailor-made executive courses for practitioners and regularly hold finance     seminars which you are welcome to attend.</font></p>     <p align="justify"><font face="Arial">&nbsp; </font>     <p align="justify"><font face="Arial">&nbsp; </font>   </TD> </tr> <tr>   <TD HEIGHT=4 align="left"> </TD> </tr> <tr>   <TD BGCOLOR=#99CCFF align="left">     <p align="justify"><font face="Arial"><a href="http://www.iafe.org/journal/" href="http://www.iafe.org/journal/" target="_blank">Institute     for Computational Finance</a></font></p>   </TD> <TD ROWSPAN=2></TD> <TD ROWSPAN=2>   <p align="center"><font face="Arial"><img border="0" src="images/houu3.gif" width="140" height="82"></font></TD> </tr> <tr>   <TD align="left">     <p align="justify"><font color="#0E207E" face="Times New Roman">The Center for Computational Finance(CCF) is an     interdisciplinary center under the <a href="http://www.ticam.utexas.edu/">Texas     Institute for Computational and Applied Mathematics(TICAM)</a> dedicated to     research and education in Computational Finance and Financial Engineering.     CCF has a unique emphasis on the integration of high end computing and     graphical representation of data for advanced decision making tools in the     securities and financial industries.</font></p>     <p align="justify">&nbsp;</p>     <p align="justify">&nbsp;</p>   </TD> </tr> <tr>   <TD HEIGHT=4 align="left"> <p align="justify"> <font face="Arial"> <IMG SRC="null.gif" WIDTH=2 HEIGHT=4> </font> </p> </TD> </tr> <tr>   <TD BGCOLOR=#99CCFF align="left">     <p align="left"><font face="Arial"><a href="http://www.fame.ch/" href="http://www.appliederivatives.com" target="_blank">International     Center for Financial Asset Management and Engineering (FAME,Switzerland)</a></font></p>   </TD> <TD ROWSPAN=2></TD> <TD ROWSPAN=2>   <p align="center"><font face="Arial"><img border="0" src="images/kkoi0.jpg" width="147" height="98"></font></TD> </tr> <tr>   <TD align="left">     <p align="justify"><font color="#0E207E" face="Times New Roman">FAME     supports cutting-edge education through a doctoral program in Finance in     association with leading academics worldwide.<br>     FAME conducts high quality applied research projects on the most recent     problems in Asset Management and Financial Engineering.<br>     FAME promotes executive education and training in asset management and     financial engineering technology through specialized courses. It also     organizes the FAME certificate, a 5-week program structured as an intensive     internship, alternating lectures, workshops and presentations by     practitioners, covering all of the activities of the financial industry.<br>     FAME develops standards of excellence in asset management based on the     unique expertise of its founding members.</font></p>     <p align="justify">&nbsp;</p>     <p align="justify">&nbsp;</p>   </TD> </tr> <tr>   <TD HEIGHT=4 align="left"> <p align="justify"> </TD> </tr> <tr>   <TD BGCOLOR=#99CCFF align="left">     <p align="justify"><font face="Arial"><a href="http://www.ace.uiuc.edu/ofor/" target="_blank">Office     for Futures and Options Researh</a></font></p>   </TD> <TD ROWSPAN=2></TD> <TD ROWSPAN=2>   <p align="center"><font face="Arial"><img border="0" src="images/lpo10.jpg" width="147" height="48"></font></TD> </tr> <tr>   <TD align="left">     <p align="justify"><font color="#0E207E" face="Times New Roman">The     Office for Futures and Options Research (OFOR) promotes and enhances     scholarly research and learning of futures, options, and derivative markets     at the University of Illinois at Urbana-Champaign (UIUC). The Office bridges     the teaching and research programs in the Department of Agricultural and     Consumer Economics and the Department of Finance. OFOR seeks to improve the     understanding, information, and economic knowledge base of futures, options,     and derivative markets and then to disseminate this improved knowledge to     other scholars, users, practitioners, regulators, and students of these     markets.&nbsp;</font></p>     <p align="justify">&nbsp;</p>     <p align="justify">&nbsp;</p>   </TD> </tr> <tr>   <TD HEIGHT=4 align="left"> <p align="justify"> </TD> </tr> <tr>   <TD BGCOLOR=#99CCFF align="left">     <p align="justify"><font face="Arial"><a href="http://www.haas.berkeley.edu/iber/" target="_blank">Institute     of Business and Economic Research</a></font></p>   </TD> <TD ROWSPAN=2></TD> <TD ROWSPAN=2>   <p align="center"><font face="Arial"><img border="0" src="images/wpelk5.gif" width="147" height="85"></font></p>   <p align="center"><font face="Arial"><img border="0" src="images/wpe7.gif" width="147" height="66"></font></TD> </tr> <tr>   <TD align="left">     <p align="justify"><font color="#0E207E" face="Times New Roman">The     Institute of Business and Economic Research is an organized research unit on     the Berkeley campus with a mission to promote research by Berkeley faculty     and graduate students on all aspects of business and economic science.&nbsp;     </font>     <p align="justify"><font color="#0E207E" face="Times New Roman">First     and foremost, the Institute exists to administer the extramural grant funds     that Berkeley's faculty earn in the competitive struggle for federal, state,     and private research funds.</font></p>     <p align="justify"><font color="#0E207E" face="Times New Roman">An     important secondary function of the Institute is to provide academic,     financial, and administrative support, information, and encouragement to     faculty seeking research funding.&nbsp;</font></p>     <p align="justify"><font face="Arial">&nbsp; </font>     <p align="justify">&nbsp;</TD> </tr> <tr>   <TD HEIGHT=4 align="left"> <p align="justify"> </TD> </tr> <tr>   <TD BGCOLOR=#99CCFF align="left">     <p align="justify"><a href="http://parkercenter.johnson.cornell.edu/default.htm#" target="_blank">     <font face="Arial">Cornell     Universit</font></a></p>   </TD> <TD ROWSPAN=2></TD> <TD ROWSPAN=2>   <p align="center"><font face="Arial"><img border="0" src="images/ressou2.gif" width="118" height="134"></font></TD> </tr> <tr>   <TD align="left">     <p align="justify"><font color="#0E207E" face="Times New Roman">The     Parker Center is a financial resource center dedicated to the creation and     dissemination of leading-edge research relevant to investment managers.     </font>     <p align="justify"><font color="#0E207E" face="Times New Roman">Our     mission is to support the educational goals of the <a href="http://www.johnson.cornell.edu/">Johnson     Graduate School of Management</a>  by establishing a world-class facility     for integrating cutting-edge financial research, innovative teaching     material, and real-time data feeds. </font>     </p>     <p align="justify"><font face="Arial">&nbsp; </font>     </p>     <p align="justify" style="margin-top: 0; margin-bottom: 0">     <font face="Arial">&nbsp; </font>     </p>   </TD> </tr> <tr>   <TD HEIGHT=4 width="381"> </TD> </tr> <tr>   <TD BGCOLOR=#99CCFF align="left">     <a href="http://finance.wharton.upenn.edu/~rlwctr/workingpapers/papers1999.html" target="_blank">     <font face="Arial">Center     for Financial Research</font><font face="Arial" color="#0E207E">     (Wharton)</font><font face="Arial"> </font>     </a>   </TD> <TD ROWSPAN=2></TD> <TD ROWSPAN=2>   <p align="center"><font face="Arial"><img border="0" src="images/ressou6.jpg" width="147" height="50"></font></TD> </tr> <tr>   <TD align="left">     <p align="justify"><font color="#0E207E" face="Times New Roman">The     Rodney L. White Center is one of the oldest financial research centers in     the country. It was founded in 1969 through a grant from Oppenheimer &amp;     Company in honor of its late partner, Rodney L. White. The Center receives     support from its endowment and annual contributions from its Members.</font></p>     <p align="justify"><font color="#0E207E" face="Times New Roman">The     Center sponsors a wide range of financial research. It publishes a working     paper series and a reprint series. It holds an annual seminar, which for the     last several years has focused on household financial decision making.</font></p>     <p><font face="Arial">&nbsp; </font>     <p><font face="Arial">&nbsp; </font>   </TD> </tr> <tr>   <TD HEIGHT=4 width="381"> </TD> </tr> <tr>   <TD BGCOLOR=#99CCFF align="left">     <font face="Arial"><a href="http://www.cirm.de" target="_blank">CIRM</a> </font>   </TD> <TD ROWSPAN=2></TD> <TD ROWSPAN=2>   <p align="center"><font face="Arial"><img border="0" src="images/ytreu7.gif" width="147" height="63"></font></TD> </tr> <tr>   <TD align="left">     <p align="justify"><font color="#0E207E" face="Times New Roman">Our     research and teaching activities cover the following areas:</font></p>     <ul>       <li>         <p align="justify"><font color="#0E207E" face="Times New Roman">investment         valuation, especially the real options approach </font>       <li>         <p align="justify"><font color="#0E207E" face="Times New Roman">corporate         governance </font>       <li>         <p align="justify"><font color="#0E207E" face="Times New Roman">corporate         risk management </font>       <li>         <p align="justify"><font color="#0E207E" face="Times New Roman">securitization         of insurance risks </font>       <li>         <p align="justify"><font color="#0E207E" face="Times New Roman">private         equity and venture capital</font></li>     </ul>     <p align="justify" style="margin-top: 0; margin-bottom: 0">     <font face="Arial">&nbsp; </font>     <p><font face="Arial">&nbsp; </font>   </TD> </tr> <TR><TD HEIGHT=4> <font face="Arial"> <IMG SRC="null.gif" WIDTH=2 HEIGHT=4> </font> </TD></TR>  </TABLE> <TABLE BORDER="0" WIDTH=604 CELLSPACING="0" CELLPADDING="0" CLASS="main"> <TR> 	<TD HEIGHT="3" VALIGN="top" width="602">       <p style="border-bottom-style: solid; border-bottom-color: #EF9014">       <font face="Arial"><img border="0" src="file:///C:/DOCUME~1/moi/LOCALS~1/Temp/FrontPageTempDir/wpe3.gif" width="600" height="3"></font></p>     </TD> </TR> </CENTER>  <TR> 	<TD VALIGN="top" width="602">     <p align="center"><font face="Times New Roman" size="1">&nbsp;</font><font size="1" color="#0E207E" face="Times New Roman">Copyright      2002 Institut de Finance Mathmatique de Montral.<br>         Tous Droits Rservs.<br>         <a style="color: #EF9014" href="mailto:ifm2@uqam.ca?subject=Questions/Commentaires">Questions/Commentaires</a><br>     Mise  jour : 			<SCRIPT language="JavaScript"> 			<!-- 			var suffix = " "; 			if( today.getDate() == 1 ) suffix = "er " 			var annee = today.getYear(); 			if( annee < 1900 ) annee = 1900 + annee; 			document.write(jour[today.getDay()]+" le "+today.getDate()+suffix+mois[today.getMonth()]+" " + annee ); 			//--> 			</SCRIPT>     </font>     <p align="center"><font face="Arial">&nbsp; </font> 	</TD> </TR>   <CENTER> </TABLE> </CENTER>  </TD> </TR>  </TABLE> </BODY> </HTML> 
