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CURRICULUM
VITAE
Status:
December 19, 2011
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INDUSTRY EXPERIENCE Back to Top
Kurt
Hess
kurthess@waikato.ac.nz
Since Jan 09 I-CV (Independent Credit View), Zurich, Switzerland, www.i-cv.ch
Senior Credit Advisor, advisory services for institutional investors relating to credit risks in fixed income portfolios.
Focus on credit risk modelling and in-depth analysis of structured
products. Customised training modules on credit analysis for finance
professionals
Since May 99 University of Waikato, Management School
Senior Fellow, Department of
Finance
Teaching and Industry Consulting.
Consulting /
research projects for both financial and non-financial institutions
as well as regulatory authorities. Reference list of firms/
institutions and projects available on request.
Particular
areas of expertise: Credit analysis & credit risk modelling,
fixed income
modelling & research, development of financial planning tools
June 91 – Mar 99 Credit Suisse First Boston, Zurich (CSFB)
click to enlarge business card
Director Fixed Income
Research,
Credit and Quantitative Research Analysis,
Supervisory Analyst
New York Stock Exchange (Series 16)
- Extensive credit research on both domestic and international issuers in the Swiss franc capital market. Special fields: electrical utilities, industrials and local governments
- Valuation (relative value and credit risk models) for Swiss franc bond securities and segments (straight debt, convertibles, derivative instruments)
- Valuation and research on the novel WinCat-Bond launched by CSFB in January 1997. This is the first publicly–listed fixed income security whose performance is tied to catastrophe risk.
- Specialized in structured finance transactions (asset-backed, mortgage backed securities)
- Expertise in assessing impact of bankruptcies and special situations. Represented CSFB on the creditors committee of Mutual Benefit Overseas (USA) which defaulted on more than US$400 million of bonds issued in the Eurobond Market.
The time at CSFB also included a nine month work assignment at CSFB’s New York high yield research group in 1993/94. Major projects: Rockefeller Center Properties (mortgage-backed convertible bond), credit analysis USX (Oil&Gas, Steel)
Link to a selection of industry research reports research of Kurt Hess
Sep 90 - May 91 SIG Neuhausen, Beringen (Switzerland), packaging technology
Project Manager Marketing
Information System
Re-designed the existing customer
information system to integrate the global packaging machinery sales
organisation into one system. For economic reasons, further
investment into a new computer platform to run the application was
postponed.
Aug 87 - Jul 90 General Motors Europe (AG), Glattbrugg/Zurich (Switzerland)
click to enlarge business card
Senior
Financial Analyst in General Motors' European headquarters
Analysis and
review of the automobile group's investment projects submitted for
approval. Frequent on-site assignments and joint work with with heads
and engineering staff of European assembly and component plants as
well as sales organisations.
Examples of special projects:
- Review of a DEM 100m refurbishment investment at the power plant in OPEL's Rüsselsheim plant (Germany)
- Evaluation of new investments, e.g. Izmir assembly plant (Turkey), Cadiz NDH component plant (Spain)
- Strategic dealership site program in metropolitan areas (Paris, Frankfurt area, London)
- Represented the GM finance dept. in the pan-European task force to streamline the GM product development cycle.
Jan 83 - Aug 85 Zellweger Uster AG, Switzerland
Business Analyst / Industrial Engineering in systems and planning group, the link between central IT and user departments. Realized a computer-supported model for requirement planning of finished goods (electronic apparatus and telecommunications equipment), implementing recommendations by McKinsey management consultants.
___________________________________________________________________________________
Kurt
Hess
kurthess@waikato.ac.nz
Since May 99 University of Waikato, Management School
Senior Fellow,
Department of Finance
Teaching in financial modeling as well as
general finance subjects, both at an undergraduate and graduate
level.
click to enlarge business
card
Major courses taught (past & present):
Computer Modelling in Finance
(Undergraduate 4th year)
The objective of this paper is to
equip students with financial modeling skills using a computer
spreadsheet. These skills include generic skills such as performing
sensitivity analyses, running simulations and solving optimization
problems in finance. The paper also introduces students to more
advanced techniques in financial modeling such as defining financial
functions and performing complex tasks in Visual Basic programming
codes.
Detailed paper outline:
FINA415
What
students think about this course: Official course appraisal results
>>
Rawdata of 2005 student survey (Excel file)
Advanced Financial Modelling
(Graduate)
The purpose of this paper is the
practical implementation and application of some advanced models in
Finance. While the theoretical basis for each model is briefly
reviewed, the emphasis is on honing the numerical modeling and data
handling skills. The first part of the paper is devoted to the
valuation of "mainstream" financial instruments. For the second
part, each student is required to select and work on a more
specialized modeling topic. This paper is taught in a computer lab
format.
Detailed paper outline:
FINA
515; Official course appraisal results
Financial Intermediation
(Graduate)
This course first reviews the
nature of banking and the justification for banks’ existence in the
theory of intermediation (lecture topics T-1 to T-3). In segment 2,
it focuses on risks in banking, namely credit, market, interest rate
and liquidity risks. Particular issues related to securitization of
bank assets are also discussed (lecture topics T-4 to T-6). In
segment 3, the course deals with measures for safeguarding the
integrity of the banking system through preventive regulation and
supervision but also banking crises management (lecture topics T-7
to T-8). A final segment 4 looks at future trends in banking
followed by a brief review of two types of non-depository financial
intermediaries, namely insurance companies and mutual funds (lecture
topics T-9 to T-10).
Detailed paper outline: FINA
580; Official course appraisal results
Capital
Markets
(Undergraduate 3rd year)
An introductory survey of the
principal capital markets of New Zealand, their associated
institutions, and their economic role. Topics include money market
and fixed interest instruments, the banking system and monetary
policy tools, foreign exchange, equities, derivatives and investment
funds. There is also a web-based portfolio management game for
participants so they can put their fund management and investment
expertise to practice.
Detailed paper outline: FINA313.
What students think about this course:
Official course appraisal results
___________________________________________________________________________________
KEY RESEARCH OUTPUTS Back to Top
Kurt
Hess
kurthess@waikato.ac.nz
Hess, Kurt; Gunasekarage, Abeyratna; Hovey, Martin (2010),
State-dominant and non-state-dominant ownership concentration and firm
performance: Evidence from China, International Journal of Managerial
Finance, 6 (4) : 264-289.
http://www.emeraldinsight.com/journals.htm?issn=1743-9132&volume=6&issue=4
Hess, Kurt; Grimes, Arthur (2009). Commercial
Bank Loan Loss Recoveries. University of Waikato Working Papers
in Economics, 09(09), 331-343.
ftp://mngt.waikato.ac.nz/RePEc/wai/econwp/0909.pdf
Hess, K., Grimes, A., & Holmes, M. (2009). Credit
Losses in Australasian Banking. Economic Record, 85(270),
331-343. ECOR Sept 2009 551.pdf
Kurt Hess. (2008). Credit Loss Dynamics in
Australasian Banking. PhD Thesis University of Waikato. http://adt.waikato.ac.nz/public/adt-uow20080415.160649/index.html
Abeyratna Gunasekarage, Kurt Hess, Amity (Jie) Hu. (2007).
The Influence of the Degree of State Ownership and the Ownership
Concentration on the Performance of Listed Chinese Companies.
Research In International Business and Finance, Vol. 21 (3). Special
Issue on Corporate Governance and Regulation within China's
Financial Markets. Available on http://dx.doi.org/10.1016/j.ribaf.2007.02.002
Hess, Kurt. Feng, Gary. (2007) Is There Market Discipline
for New Zealand Non-Bank Financial Institutions? Journal of
International Financial Markets, Institutions & Money. 17( 4),
October. Available on http://dx.doi.org/10.1016/j.intfin.2005.11.003
Kurt Hess. (2006). Bond Relative Value and Term Structure
of Credit Spreads: Some "Real World" Models. The International
Journal of Finance, Volume 18, issue 3.
Kurt Hess. (2007).
A Typology of Credit Loss and Provisioning Reporting by Banking
Institutions in Australasia. The ICFAI Journal of Bank Management. Vol. 6, No. 2,
May.
>> Link to abstract on SSRN
Hess,
Kurt. (2004) The New Basel Capital Accord: Potential
Effects on Lending Rates in New Zealand?. New Zealand Journal
of Applied Business Research, Volume 3(1).
Hess, Kurt. Francis, Graham. (2004). Cost Income Ratio Benchmarking in Banking: a
Case Study. Benchmarking:
An International Journal ISSN: 1463-5771. Issue 3, Vol. 11,
p303, 17p.
Persistent link to this article:
http://search.epnet.com/direct.asp?an=13642470&db=buh
Link to PDF of article
Other research output: Link to research pages
___________________________________________________________________________________
EDUCATIONAL BACKGROUND Back to Top
Kurt
Hess
kurthess@waikato.ac.nz
June 2004- August 2008 University of Waikato Management School, Hamilton, New Zealand
PhD,
Department of Economics
Topic: Credit Loss Dynamics in
Australasian Banking
Supervisor: Prof. Arthur Grimes, Prof. Mark
Holmes
The purpose of this PhD is to better understand the
pattern and dynamics of loan losses in Australasian banking in order
to improve the means by which financial institutions manage their
credit risks and regulatory bodies safeguard the stability and
integrity of the financial system. Results are based on a
comprehensive empirical analysis of credit loss and provisioning
data sourced from original bank accounts (1980 to 2005). This
information is used to study key drivers of credit losses in the
Australian and New Zealand banking systems.
>>Download thesis - (2MB),
>>Confirmation letter PhD degree
Sep 85 - May 87 University of British Columbia, Vancouver, Canada
Master of
Business Administration degree in May 1987
Faculty of
Commerce, postgraduate management program
Specialized in MIS and
finance topics.
>>Graduating essay on valuation of options on
S&P500 stock index (Prof. Michael J. Brennan)
>> Link to PDF of University of BC MBA 1987 year book
(5.5 MB)
1978 - 1982 ETH Zurich (Swiss Federal Institute of Technology), Zurich
Dept. of Mechanical Engineering, graduated as Mechanical Engineer (Masters degree) specializing in industrial engineering. The program included the following internships:
- Nuclear technology stress
testing (Electrowatt Ingenieurunternehmung, Zurich)
- Student exchange program at
Bayer-Vetchem, Seoul (Korea),
veterinarian
drugs
- Plant layout
project for Wandfluh Hydraulik, Frutigen (Switzerland)
- Plant security concept, Pilatus Aircrafts, Stans (Switzerland), graduation project
1977
Gymnasium Kantonsschule Freudenberg,
Matura Type B (higher school certificate) >>PDF of transcripts
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