suggests that there can be rewards to managing actively the currency exposure of a portfolio.

Bruno Solnik is Professor of Finance at HEC-School of Management in France. He holds an Engineer degree from Polytechnique in Paris and a Ph. D from MIT. He was on the faculty of the Stanford Business School before joining HEC. Professor Solnik has been a visiting professor at the University of California at Berkeley, UCLA and the Université de Genève. He is a former President of the European Finance Association and a Trustee of the Foundation of the AIMR. He authored 7 books and some 50 articles.

He has received many prizes, including two Graham & Dodd awards by the Financial Analysts Journal and the "Finance Award of the Year" at the 1998 Interlaken Finance Symposium. He was the first non-American to receive the Nicholas Molodovsky Award, presented by the AIMR Board of Governors in 1999.

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Professor Solnik is the co-writer of a paper published by the Annals of Economics and Finance entitled “What Determines Expected International Asset Returns?”

This article aims to characterize the forces that determine time-variation in expected international asset returns. By using innovative approaches and data on both international industry portfolios and international fixed income portfolios, the authors managed to evidence two factor premiums: one that resembles the expected return on the world market portfolio, and another one which is related to foreign exchange risk. The existence of a foreign exchange risk premium