30.07.2024Marc Chesney retires as a Professor at the University of Zurich

Looking back after 21 years of service.

Marc Chesney was Professor of Mathematical Finance at the Department of Finance at the University of Zurich (UZH) from 2003 to 2024 and served as Head of the Department of Finance from 2015 to 2021. Previously, he was Professor at the Department of Finance and Economics at HEC in Paris from 1994 to 2003 and Deputy Dean from 1993 to 2000. Marc Chesney will retire at the End of July 2024 and, as is tradition at UZH, gave a farewell lecture at the end of his last semester.

"This summer, Marc Chesney retires as a Professor at the University of Zurich.

Marc has had a distinguished career and has made numerous research contributions in particularly in the field of mathematical finance. From 2015 to 2021, Marc served as Head of the Department of Finance. During those years he also established the UZH Center of Competence for Sustainable Finance with the aim of promoting interdisciplinary research in this domain.

As a Professor of Mathematical Finance, he developed, amongst other things, real options models. However, Marc’s interests go beyond mathematical models. With a strong sense of social responsibility, he has been a pioneer in promoting research for the common good. Marc challenges conventional wisdom and is often critical of financial markets and their mechanisms as well as of too-big-to-fail institutions and their systemic risks. His insights during the financial crisis were particularly relevant, as he argued for a reassessment of financial paradigms and for a realistic approach to financial modeling.

Marc's work serves as a reminder that economics is about more than just numbers; it is also about values. He has consistently emphasized the need for a broader perspective in economics, one that transcends purely financial considerations. This holistic approach has inspired many to develop a deeper understanding of financial systems.

Marc Chesney is also active outside of academia and is not afraid to express his beliefs with conviction in an ongoing dialogue with society. Many will miss his critical thinking, but we are confident that he will continue to encourage us to question long-held assumptions and seek solutions for the common good."

Pablo Koch, Thorsten Hens, Per Östberg
Directorate of the Department of Finance

Read the interview with Prof. Chesney where he shares some of his personal views and watch the video of his farewell lecture.

Q: Professor Chesney, when you gave your farewell speech in the main auditorium of UZH on June 15, 2024, it was packed - even though it was a Saturday! Why was that?
A: I presume many people distrust the financial sector. And this is not a surprise, given the numerous financial scandals, in particular the recent Credit Suisse debacle.

Q: Can you tell us how your journey into your main research field began and what inspired you to pursue an academic career?
A: As a young adult, I wanted to understand the world, in particular its economic and financial dimensions and I thought that my background in mathematics would help me in such an endeavor.

Q: How has the field of your specific academic discipline evolved over time, and what significant changes have you witnessed regarding academia, students, industry, policymakers, society, and the planet?
A: The financial sector has a strong influence on academic activities in this field. For example, critical analysis of financial imbalances or of CO2 emissions linked to this sector, are marginalized. Independent academic activities are undermined. This trend is dangerous.

Q: What are your plans for your next steps after retirement? And what will you miss?
A: I will keep writing media as well as scientific articles and will still express myself on important economics, financial and social issues. I will miss the regular contacts with students.

Tagesanzeiger: Langer Applaus nach Vorlesung – Marc Chesney verabschiedet sich mit einem Feuerwerk, 15 Juni 2024 (Pay wall)
LeTemps: Marc Chesney: «Il y a actuellement un huitième conseiller fédéral, c’est le directeur d’UBS», 13 June 2024 (Pay wall)