Center for International Securities and Derivatives Markets



The Center for International Securities and Derivatives Markets (CISDM) seeks to enhance the understanding of the field of alternative investments through research, education, and networking opportunities for our member donors, industry professionals and academics.



The Center for International Securities and Derivatives Markets was established through the generous support of Michael Philipp and Anshu Jain, both graduates of the University of Massachusetts. Since then other UMASS graduates as well as other supportive corporate and individual contributors have enabled CISDM to build on these contributions to provide opportunities for graduate and undergraduate students to involve themselves directly in the growing areas of international security and derivatives markets research. Other donors are presently in the process of establishing Ph.D. and MBA fellowships and providing funding for essential material resources necessary for education and research purposes.


The driving force behind CISDM is the shared belief that the most important legacy we can leave are the opportunities we provide others. CISDM financially supports Ph.D. and MBA students, provides both software and hardware support for faculty and students, funds academic and business speakers for student groups, and helps fund faculty and student attendance at both national and international seminars. With the mission of a public university always in mind, we look forward to continuing these services.


Hossein Kazemi

Director, CISDM

Professor of Finance




Please save May 2 for our CISDM Research Day.  The agenda and description of the talks are below. 

RSVP to if you are planning to attend.  We will be making name tags for attendees and plan to serve lunch for those who RSVP.  Looking forward to your replies and attendance. 


CISDM Research Day sponsored by Moody's

Isenberg School of Management - UMass Amherst

Featuring Andrew W. Lo, Charles E. and Susan T. Harris Professor at the MIT Sloan School of Management

DATE: Friday May 2, 2014

LOCATION:  Room 108, Isenberg School of Management (121 Presidents Drive, Amherst, MA)



11:30am-12:30pm - Introduction and Andrew Lo (MIT) presentation:  Can Financial Engineering Cure Cancer? A New Approach to Funding Biomedical Innovation


12:30-1:30pm - Lunch


1:30-2:15pm - Bing Liang (UMass Amherst) presentation (30 minute presentation and 15 minute discussion): Hedge Fund Ownership and Stock Market Efficiency


2:15-3:15pm - Andrew Lo (MIT) presentation: Lies My Finance Professor Told Me: Reconciling Efficient Markets and Behavioral Finance Via Evolutionary Biology and the Cognitive Neurosciences


3:15-3:45pm - Coffee Break


3:45-4:30pm - Hossein Kazemi (UMass Amherst) presentation (30 minute presentation and 15 minute discussion): Dynamics of Hedge Fund's Exposures: Implications for Performance and Herding