CISDM places the Isenberg School in the forefront of academic institutions that conduct research into derivatives, alternative investments and asset and risk management.

CISDM promotes interactions between the academic and business communities, and is home to CISDM-Morningstar Hedge Fund Database.

Message from the Director

For two decades, CISDM has been in the forefront of research, education, and pragmatic applications involving derivatives, alternative investments, and asset and risk management.  These areas have been the fastest growing areas of finance during this period and CISDM has contributed to this growth.  

Our ongoing research appears in refereed academic journals, and we are home to The Journal of Alternative Investments, the leading academic-practitioner journal in the area of alternative investments. We host our own research conferences and participate in national and international research gatherings. And we actively involve PhD and MBA students, preparing them for careers in industry and academia.

We offer financial practitioners and academics paid subscription access to our Morningstar CISDM Hedge Fund Database, which tracks more than 7,000 hedge funds, commodity trading advisors, and funds of funds.  Each month, we highlight the performance of the managers that report to this database by releasing CISDM Hedge Fund and CTA Indices. The historical performances of these indices are available to the public free of charge.

Finally, as co-founder of the Chartered Alternative Investment Analyst Association (CAIA)—the leading professional accreditor of alternative investment professionals—CISDM supports standards and continuing education for practitioners in this increasingly impactful profession.

Hossein B. Kazemi
Michael and Cheryl Philipp Endowed Professor

CISDM Directors

CISDM Directors

Hossein B. Kazemi
Director, CISDM & Michael and Cheryl Philipp Endowed Professor
Hossein B. Kazemi View Profile
Mila Getmansky Sherman
Professor & Judith Wilkinson O’Connell Faculty Fellow, Associate Director of CISDM
Mila Getmansky Sherman View Profile
Bing Liang
Bing Liang
Charles P. McQuaid Endowed Professor
Bing Liang View Profile
Sanjay Nawalkha
Sanjay Nawalkha View Profile

Contact Us

CISDM Administrator
+1 413 577 3166


Mailing Address

Center for International Securities and Derivatives Markets (CISDM)
Isenberg School of Management
The University of Massachusetts
Amherst, MA 01003

Meet the Team

Memberships & Donations

CISDM relies on supports of its members to fund its activities, which include data acquisition for research by doctoral students, organizing annual research conferences and providing financial supports to its students. Learn more about becoming a member, or find out how to make a donation.

Annual CISDM Research Conference

Annual CISDM Research Conference

The goal of this annual conference is to bring major thinkers and innovators to the school to engage with faculty, alumni and other industry professionals.

The 2023 Annual Research Conference took place virtually on November 3, 2023 and celebrated the 50th anniversary of Black-Merton-Scholes option pricing.

CISDM Annual Research Conference ArticlesRead more about past conferences.
Professional Organizations

Professional Organizations

Work with the world’s leading experts in asset management.

Work with the world’s leading experts in asset management.

Isenberg's Master of Finance, offered on campus in Amherst, delivers specialized skills and expertise needed for success in the fast-growing, complex asset management industry. Students in the 10-course program choose between two asset management specialty areas: Alternative Investments and Real Estate. 

Master of FinanceLearn More