Philippe Jorion

It is with profound sadness that the University of California, Irvine community mourns the unexpected passing of Professor Philippe Jorion, a distinguished scholar and cornerstone of the Paul Merage School of Business for thirty-three years. Professor Jorion's remarkable contributions to academia, his exceptional leadership, and his genuine warmth as a colleague have left an indelible mark on our institution and the broader field of finance.

Professor Jorion was an internationally recognized authority in financial risk management and Value at Risk methodology. His research expertise also encompassed empirical research in investments, hedge funds, retail trading, and derivatives markets. Through his prolific scholarship of more than 90 publications and several influential books, including the seminal "Value at Risk: The New Benchmark for Managing Financial Risk" and "Big Bets Gone Bad: Derivatives and Bankruptcy in Orange County," Professor Jorion brought international recognition to our institution. His exceptional scholarship earned him prestigious honors, including the Smith Breeden Prize from the Journal of Finance and the Graham and Dodd Scroll Award from the Financial Analysts Journal.

Among Professor Jorion's most significant works were his groundbreaking research contributions that shaped modern finance. His paper with William N. Goetzmann, "Global stock markets in the twentieth century," published in The Journal of Finance, challenged conventional wisdom about equity returns by demonstrating that U.S. market performance was exceptional rather than typical. More recently, his collaboration with Professor Chris Schwarz, "The 'actual retail price' of equity trades," published in current issue of The Journal of Finance, revealed significant disparities in execution quality of retail equity trades across brokers. These collaborations exemplified Professor Jorion's commitment to rigorous academic inquiry and his ability to tackle complex problems that bridge theoretical finance and practical applications.

Throughout his tenure at UC Irvine, Professor Jorion played a critical role in establishing both the academic standards and research reputation that define the Paul Merage School of Business' global standing today. He served with distinction in numerous leadership positions, including Senior Associate Dean, Vice Dean, and Associate Dean of the Graduate School of Management, where he provided strategic vision for the school's institutional growth. His service as Faculty Co-Director of the MBA Programs and his leadership of international partnerships, including the Korea Advanced Institute of Science and Technology collaboration, helped expand the school's global reach and enhanced its reputation for innovative business education.

Professor Jorion's legacy will endure through the institutional foundations he helped establish, the academic standards he championed, the countless students he mentored, and the colleagues he inspired throughout his distinguished career. Beyond his remarkable professional achievements, those who knew Philippe will remember him as a genuinely kind and thoughtful colleague with a wonderful sense of humor, whose combination of intellectual brilliance and personal warmth made him a respected member of our academic family.

Christopher Schwarz, Professor of Finance
Paul Merage School of Business