Prahalad , Ram Charan,
Nobel Prize economist Amartya Sen, Vijay Govindarajan and Sumantra Ghoshal. Garman, Haas Business School

9 Probability of Loss on Loan Portfolio

Oldrich Alfons Vasicek, MKMV

Section 3: Risk Hall of Fame

10 Quantitative Strategies Research Notes

Emanuel Derman, Columbia University and Iraj Kani, Martingale
Technologies

11 Pricing with a Smile

Bruno Dupire, Bloomberg

12 A Generalised Framework for Credit Risk Portfolio Models

H. The 2006 L'OREAL UNESCO For Women in Science
Laureates' have a combined 140 years of research experience that has major
implications for global public health. This year's Laureates include:

-- Professor Pamela BJORKMAN (USA), Laureate for North America, "For her
discovery of how the immune system recognizes targets." Head of Comparative
Genomics Research Group and ARC Centre for Kangaroo Genomics,
Australian National University, Canberra. The
Awards recognize five Laureates, one from each of the five continents: Africa,
Latin America, North America , Asia Pacific, and Europe.com

-- The L'OREAL National Fellowships with the support of the UNESCO
National Commissions, which anchor the "For Women in Science" program
in countries around the world, while respecting their particularities
and specific needs.

sergiu bonanno

They are the creators of the first ranking of business gurus,
the Thinkers 50 (http://www.
A growing number of noted academics at leading U. Every year, nearly sixty fellowships are allocated
in some twenty countries.
To commemorate UNESCO's 60th anniversary L'OREAL and UNESCO awarded a
special tribute to Professor Christiane Nusslein-Volhard, 1995 Nobel Prize in
Medicine, "For her efforts in supporting highly qualified women with children
to facilitate their progress in science .com

ABOUT UNESCO
Since its creation in 1945, UNESCO has been dedicated to eliminating all
forms of discrimination and promoting equality between men and women.

vitae shor

Indian Gurus Changing the Face of American Business

NEW YORK, Indian business gurus are gaining growing
clout in the United States, making inroads on turf controlled for more than
100 years by Americans , according to Across the Board, The Conference Board
magazine. Authors are Stuart Crainer and
Des Dearlove, founders of Suntop Media and the recently launched London
Business Press.

'AMERICAN SPRING, INDIAN SUMMER?'
These gurus "are changing the face of American business," declares the
article.
"The commitment of a group such as L'OREAL alongside an organization like
UNESCO is a perfect example of the sort of partnership which we can engage in
with the private sector," said Koichiro Matsuura, Director-General of UNESCO.

bhaskar sergiu

K. The
beneficiaries of the 2006 Fellowships can be found at
http://www.com

L'OREAL
Jennie James
Mob : +1-917 -608-7038
Tel : +1-212-984-4414
jsjames@us.

sergiu shor

At IMD, the Swiss-based business school,
the number of Indian MBA students has more than doubled since 2001 and at
ESADE in Barcelona, Indian enrollment has quadrupled in the last four years.
http://www.

bhaskar harsanyi

Conclude the
authors: "Perhaps the gurus' true appeal is that they do not automatically
regard the United States as the center of the commercial universe.

Business Editors

DUBLIN, Ireland----Research and
Markets (http://www. The international report on science, technology and gender
that UNESCO will shortly publish is intended help its 191 Member States
develop appropriate policies in this area.

nehring gul

This group includes Rakesh Khurana, Nitin
Nohria and Krishna Palepu of the Harvard Business School; Jagdish Bhagwati at
Columbia; Deepak Jain and Mohanbir Sawhney at Northwestern's Kellogg School,
and Raj Reddy at Carnegie Mellon.
While nobody can predict the long-term Indian influence on American
business, it is clearly expanding.

Research and Markets - Derivatives Pricing: The Classic Collection

" Biology,
Howard Hughes Medical Institute, California Institute of Technology
(Caltech), Pasadena. Orozco's research discoveries have paved the
way for the future development of a vaccine against Entamoeba
histolytica, a parasite that infects more than 10% of the world 's
population.

The Laureates were selected by a jury of 15 eminent international
scientists, presided over by Nobel Laureate Professor Gunter Blobel, from
Rockefeller University , and Christian de Duve (formerly from Rockefeller
University) of the Institute of Cellular Pathology in Belgium.

-- The L'OREAL-UNESCO International Fellowships, granted annually since
2000 to 15 promising young women scientists, doctorate or post-
doctorate, to encourage international scientific cooperation and the
developing of cross-cultural networks. She is currently
the Director of Genetics at the Max Planck Institute in Tubingen, Germany.

peleg sergiu

The Conference Board: The Indians Are Coming

S.thinkers50.
A new, up-and-coming generation of Indian business thinkers are ready to
join a pantheon of Indian superstars that includes C. Among
the people who influence business thinking, there is an increasingly Indian
presence. Chaabouni has
fought for over 20 years to get medical gentics recognized as an
essential discipline in Tunisia , a country with a high prevelance of
genetic disorders and one of the world's highest rates of
consanguineous marriage. Van Broeckhoven
is among the first to study the molecular genetics of neurological
diseases and is considered the world authority on Alzheimer's. Women in the life sciences and the
material sciences are honored in alternating years. Their findings are responsible for the
registration of hundreds of patents annually.

vitae bhaskar

com/reports/c12734) has
announced the addition of Derivatives Pricing: The Classic Collection
to their offering. The papers have been
specially selected by Peter Carr, professor at the Courant Institute
of Mathematical Sciences at NYU and head of quantitative research at
Bloomberg
- A collection of the most influential papers on options pricing
and derivatives published over the past 100 years - as valuable today
as they have ever been
- Each chapter holds direct examples that remain cornerstones of
modern business practice - combining leading academic thought with the
practical insights of authors with years of shop-floor knowledge
- Peter Carr presents world-famous papers as well some less widely
known gems that are nonetheless as vital to the subject as a whole
- Each chapter is highly relevant to financial traders and
analysts, and even readers with only a basic grasp of the tools of
quantitative finance will find this collection an invaluable guide to
financial engineering
- Covers option pricing, unified theories of volatility, the
theory of speculation, loss probabilities on loan portfolios , credit
risk models for loan books, barrier options and more
- The collection is divided into four key sections: Classics,
Hidden Gems, Risk Hall of Fame and Nobel Prize Winners
- Includes timeless contributions from the most famous financial
thinkers of modern history including: Louis Bachelier, Fischer Black,
Robert Merton, Robert Engle, Bruno Dupire and others
- Provides access to historically important papers you may have
been aware of, but have never had the chance to read - some papers
never previously published in books form
- Derivatives Pricing conclusively proves that true innovation has
no sell-by-date

Introduction

Peter Carr, Bloomberg

Section 1: Classics

1 Theory of Speculation

Louis Bachelier, Deceased

2 The Pricing of Commodity Contracts

Fischer Black, Deceased

3 Bond Pricing and the Term Structure of Interest Rates: A New
Methodology for Contingent Claims Valuation
David Heath, University of Illinois; Robert Jarrow, Cornell
University and Andrew Morton, Lehman Brothers
4 Changes of Numeraire, Changes of Probability Measure and Option
Pricing
Helyette Geman, University of Paris Dauphine; Nicole el Karoui,
Ecole Polytechnique and Jean-Charles Rochet, University of Toulouse

5 The Market Model of Interest Rate Dynamics

Alan Brace and Marek Musiela, BNP Paribas and Dariusz Gatarek ,
Capital Markets Group

Section 2: Hidden Gems

6 A Unified Theory of Volatility

Bruno Dupire, Bloomberg

7 Arbitrage Pricing with Stochastic Volatility

Bruno Dupire , Bloomberg

8 A General Theory of Asset Valuation Under Diffusion State
Processes

Mark B.

-- Professor Esther OROZCO (Mexico), Laureate for Latin America, "For her
discovery of the mechanism and control of infections by amoebae in the
tropics." Medical Genetics, University of Tunis.com

Covers home pages by researchers on game theory that include usually cv, link to working papers and publications etc.

rasmusen postlewaite

"

LOOKING AT BUSINESS BEYOND THE U. A former Fulbight scholar,
Graves received her PhD in molecular biology from the University of
California at Berkeley. "Innovation is a core value that has been nurtured since the Group's
founding and we want to participate in the creation of new careers throughout
the world.

For more information on the Laureates, the L'OREAL-UNESCO partnership, or
the Tribute for UNESCO 's 60th anniversary, please visit:
http://www.
http://www.

bhaskar venkataraman

researchandmarkets.: +212-704-4593
Mob: +347-742-8817
Brenda.

sergiu bonanno

S.S." Molecular biology and genetics,
University of Antwerp, Research Director at the Institute Born-Bunge,
Scientific Director of the Department of Molecular Genetics,
Interuniversity Institute for Biotechnology, Flanders. While
designing scientific education programs intended especially for young women,
UNESCO has created several academic chairs that connect women of science
around the world.

shor venkataraman

Considered the
"Nobel Prize" for Women in Science, the awards honor female scientists who are
leaders in their fields.

technion gul

"Even the brief love affair with Japanese business practices in the early
1980's was intellectually colonized by U. Intel, in fact, now offers employees an
optional training course that focuses on Indian cultural nuances. Merton, Harvard Business School

19 Autoregressive Conditional Heteroscedasticity with Estimates of
the Variance of United Kingdom Inflation

Robert F.
Nusslein-Volhard created the foundation in 2003 to alleviate the
difficulties that women face in reconciling family life and research. Over 3,100 people work in the Group's 14 research centers, located
in France, Asia and America.

ortmann postlewaite

Rising numbers of Indians are enrolled in leading MBA programs around the
world.

Engle, Stern School of Business

For more information visit
http://www.

-- Professor Jennifer GRAVES (Australia), Laureate for Asia/Pacific, "For
her study on the evolution of mammalian genomes.
"L'OREAL's' commitment alongside UNESCO in the For Women in Science
partnership is a concrete expression of our firm intention to promote women in
scientific research," said Sir Lindsay Owen-Jones, Chairman and CEO of
L'OREAL.

harsanyi shor

researchandmarkets.forwomeninscience. Women represent 55% of the
research workforce - a percentage unmatched anywhere else in the industry.

sergiu bhaskar

A unique collection of 19 historic papers on quantitative finance
- including groundbreaking work by Louis Bachelier, Fischer Black,
Robert Merton, Robert Engle and Bruno Dupire. Her research into comparative genomics
(comparing Australian animals to humans) - demonstrates that the Y
chromosome will be extinct in male platypuses in 10 million years.forwomeninscience.com

ABOUT L'OREAL
L'OREAL is a worldwide leader in the cosmetics industry, developing
innovative products to meet the diverse needs of customers in 130 countries
worldwide.

faruk weibull

The authors add: "Even those who pay little attention to bylines on
editorial pages or announcements of new faculty members have noticed."
Source: "The Indians Are Coming"
July/August 2005 Across the Board
The Conference Board

Each national commission chooses two
candidates, who are then judged by an international selection
committee.loreal.

sergiu peleg

com). Laureates are
nominated by hundreds of respected scientists from around the world. Fellows submit their
postgraduate research projects to their country's UNESCO National
Commission for consideration.

Since the For Women in Science program's inception in 1998, 132 women from
60 countries have been recognized as either Laureates or Fellows for their
contributions to scientific progress.loreal.unesco.

dixit myerson

One major reason may be the ability of
Indian business thinkers to see business in a truly global sense.com/reports/c12734

Bjorkman is being honored for her lifetime
commitment to decoding protein structures, one of the seminal
accomplishments in immunology and a major step toward new HIV
therapies ." Molecular Pathology, Experimental Pathology Department,
Center for Advanced Research (CINVESTAV ), National Polytechnic
Institute, Mexico City. She
has garnered worldwide attention for the bleak future she has predicted
for the Y chromosome in humans.

bonanno shapley

Ugur Koyluoglu, Mercer Oliver Wyman and Andrew Hickman, ERisk

13 Correlation and Dependence in Risk Management: Properties and
Pitfalls

Paul Embrechts, Alexander McNeil and Daniel Straumann, ETHZ

14 Barrier Options

Mark Rubinstein, Haas Business School and Eric Reiner, UBS Warburg

15 Thinking Coherently

Philippe Artzner, University of Strasbourg; Freddy Delbaen,
Federal Institute of Technology (ETH); Jean-Marc Eber, Lexifi
Technologies and David Heath, Carnegie Mellon Pittsburgh

16 Static Simplicity

Jonathan Bowie and Peter Carr, Bloomberg

Section 4: Nobel Prize Winners

17 The Pricing of Options and Corporate Liabilities

Fischer Black, Deceased and Myron Scholes, Oak Hill Capital

18 Theory of Rational Option Pricing

Robert C.

From Pasadena to Mexico City 20 of World's Top Women Scientists Honored in Paris for Groundbreaking Research in Life Sciences

By giving women in
science a public face, the program seeks to provide the next generation of
women scientists with inspirational role models.

sergiu faruk

thinkers, such as W. business schools have
Indian roots, says the article.

-- Professor Habiba BOUHAMED CHAABOUNI (Tunisia) , Laureate for Africa,
"For her contribution to the analysis and prevention of hereditary
disorders. These
prestigious annual distinctions, awarded to five leading women
researchers, one per continent, identify exceptional women as role
models for the generations to come. The For Women in Science program works
to encourage women scientists to persevere under sometimes challenging
circumstances, such as social stigmas and gender biases.

samuelson venkataraman

In the increasingly global world of business thinking, an American
spring could be followed by an Indian summer. For the first time this year, Indians will comprise the largest
national contingent at INSEAD, a major business school with campuses in
Europe, Asia and the United States.
The authors note that a number of prominent business journalists have
Indian backgrounds, including Wall Street Journal editorial features editor
Tunku Varadarajan, The Times of London's Parminder Bahra and many others .
The Indian influence also is evident throughout Silicon Valley, where some
400,000 Indian nationals now work. Each Laureate receives
USD$100,000." The Tribute was accompanied by a
$100 ,000 donation to the Christiane Nusslein-Volhard Foundation.org/science/women

For more information or to arrange interviews with Laureates and Fellows,
please contact:

Media Relations Agency
EDELMAN
Brenda Timm
Tel.

sergiu rasmusen

Edwards
Deming and Richard Pascale," says the article. Caltech biology professor receives 2006 L'OREAL-UNESCO $100K prize
For North America; only prize that honors eminent women scientists at the
international level

PARIS, Today at UNESCO House in Paris,
France, Sir Lindsay Owen-Jones, Chairman and CEO of L'OREAL, and Koichiro
Matsuura, Director-General of UNESCO, presented the prestigous 2006 L'OREAL-
UNESCO For Women in Science prize to five distinguished women scientists from
North America , Africa, Asia/Pacific, Europe, and Latin America. Three recipients are named per region: Africa, Arab States,
Asia/Pacific, Europe/North America and Latin America/Caribbean. Through
the foundation , she hopes to make a contribution to the advancement of highly
qualified women in leading scientific research institutions.

nehring samuelson

-- Professor Christine VAN BROECKHOVEN (Belgium), Laureate for Europe ,
"For her genetic investigations of Alzheimer's and other
neurodegenerative disorders ."
The L'OREAL-UNESCO Award is part of the L'OREAL-UNESCO For Women in
Science program, a multi dimensional program consisting of three parts:

-- The L'OREAL-UNESCO Awards, the founding act of the program.timm@edelman.

gul ortmann

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- - kjjkjk

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