Cornelis A. Los, Phd Email & Phone Number

Escondido, California, United States

Because of the COVID pandemic and the rapid devaluation and high cost of the public and private school systems in the USA, respectively, I am now, in my retirement, home-schooling my 9yr old son in the Christian Grammar School Liberal Arts (Trivium and Quadrivium) incl. Bible, Latin, Greek, Spanish, Grammar, Logic, Rhetoric, History, Geography, Mathematics, Geometry, Music, etc.. This emerged necessity has turned into a love affair and I am continuing my role as a Magister Ludi this coming academic year 20/21. We're doing very well: according to the iReady Verbal and Math tests, my son is now in the 99th percentile of his peers and now half-way his 6th grade. This year we've added Life Science as a Quadrivium topic.. He is also an enthusiastic and succesful ice-hockey player and belongs to the Jr. Gulls of San Diego, for which I'm a volunteer. In November 2023 my 12-year old son took an online English Literature college course on Charles Dickens' "ChristmasCarol" at Hillsdale College and aced it. In March 2024 he will take the National Latin Exam I. In other words, his 3-year long classical liberal arts Grammar School education starts to produce its first intended results. In his off-time he is a happy ice-hockey player.

Irvine, Ca, Usa

By invitation of Professor Paul Jorion, I taught every Spring Semester 2014-2019 my course on Advanced Derivatives for visiting EMBA students of KAIST, the former Korea Advanced Institute for Science and Technology. KAIST is a public research university located in Daedeok Innopolis, Daejeon, South Korea. KAIST was established by the Korean government, with the help of American policymakers in 1971, as South Korea's first research oriented science and engineering institution. In 2001-2005 I'd taught an even more (mathematically) advanced course on Advanced Derivatives (e.g., exotic derivatives, credit derivatives, commodity and weather derivatives) as part of the M.Sc. in Financial Engineering at Kent State University in Kent, OH. These efforts are now resulting in a new book on ASSET VALUATION AND HEDGING. The UCI-KAIST course has also helped to rekindle my interest in "fractal finance modeling."​ Since the Spring of 2018 I taught also more elective courses (two sections of my course Advanced Derivatives on Thursdays for, in total, ca. 50 students, and on Wednesdays in the Summer, Financial Trading and Market Micro-Structure for ca. 25 students) for UCI's new Master of Finance degree program, which has been off to a great start in the Fall of 2017, with an initial registration by 60 students. I continued to teach these courses Basic Derivatives, Advanced Derivatives and Financial Trading in the 2018-2019 academic year, before the COVID-19 pandemic hit. The Paul Merage School of Business is AACSB Accredited. The Financial Times' 2019 list of best MBA programs pegged the Merage School as No. 8 among US public schools, No. 24 among all US schools and No. 48 globally.

San Marcos, Ca, Usa

In the Fall Semester of 2017 I taught in the College of Business Administration one section (36 students) of the Introduction to Corporate Finance course for Juniors (3rd yr students), which had a total enrollment of 180 students. That's a remarkable switch from the very small classes I'd gotten used to in the past six years. CalState San Marcos is a fast expanding new university, responding to the very large influx of new immigrants from all over the world into Southern California, where major U.S. defense, healthcare, pharmaceutical and software industries are located.

Greater San Diego Area

I taught doctoral Seminars on Modern Portfolio Theory and Investment Analysis, Investments, and International Finance to DBAs; Master courses on Managerial Finance, Investments and Valuation, International Asset Fund Management, Strategic Investments and Real Options, and International Economics and Trade to MBAs; courses on Principles of Finance, Principles of Economics, International Managerial Finance, and Money and Capital Markets to undergraduates; Financial Engineering to IT Managers; and Financial Trading and Market Microstructure (using internet-based simulators eTraderEx and StockTrak) to all levels of students. I also taught hybrid summer courses using Blackboard\​Collaborate and provide subject expertise on Economics and Finance to the development of global online courses for Arist Education System. I'd started to teach those Alliant/Arist online courses this Fall Semester (consisting of two 8-week terms: Term 2 and Term 3), in particular ECO5000 "International Economics and Trade." We were trying to develop our "China- and "India-connections," but were surprisingly hit by declining enrollments.

Hoboken, Nj

I taught every Fall and Summer semester an Entirely Online Course (EOC) in Financial Engineering, on basic derivatives "Pricing and Hedging," in the Steven's School for Systems and Enterprises, by the original invitation of Professor Khaldoun Khashanah, its Director of Financial Engineering. I taught this online course from my home in Escondido, CA, USA using Moodle and Blackboard.

Lethbridge, Ab, Canada

I taught Securities Analysis and Portfolio Management, using real-time OS Financial Trading System (FTS) and real-time StockTrak; Fundamentals of Investments, with EXCEL spreadsheet modelling; Global Financial Management (two sections, using the web-based e-Instruction Class Performance System or CPS for real-time digital student responses); Derivatives Securities; designed and taught a new course on Financial Trading and Market Microstructure (with VPNs TraderEX and real-time FTS) in Lethbridge and video-broadcast to Edmonton (in 2010). Led the project to design and install the new, $0.5mln, 38-work station, academic financial Trading Room in the new UoL School of Management (now called the Dhillon School of Business), one of six academic financial trading rooms in Canada and the only one in western Canada. (Helped to raise C$1.3 mln in 2009-10 = C$0.5mln capital equipment+C$0.1mln/yr operational budget for 5 years +C$0.3mln for digital data, news and t.v. channel displays). This Trading Room became operational in September 7, 2010 and was officially opened on October 21, 2011 by Alberta Premier Ed Stelmach. I taught the first class on intra-day liquidity trading in order- and quote-driven, and hybrid markets using real-time TraderEX Trading and Market Simulation and OS Financial Trading System (FTS). I also designed a new M.Sc. in Trading and Financial Engineering program for agribusiness, energy and weather derivatives and i researched and taught postgraduate seminars on high-frequency financial market data for persistence and liquidity analysis, and for performance measurement, of financial markets, to determine how their through-put, best execution, and stability is determined by various market micro-structures.

Claremont, Ca

At the Peter F. Drucker and Masatoshi Ito Graduate School of Management I taught as part of CGU’s M.Sc. in Financial Engineering program (http://www.cgu.edu/pages/496.asp): designed and taught a new course on Real Options (Strategic Investment Management Valuation); taught Financial Derivatives, introduced and taught new Fixed Income course (focusing on MBSs, CMOs and the subprime market crisis) in the Fall 2007 semester; and Directed the two sections of the Asset Management Practicum as two competing asset management firms (the winner managed $350,000 of CGU’s endowment fund) in the Spring 2008 semester. Also taught to invest in real-time markets using internet-based STOCK-TRAK Global Portfolio Simulations. The Peter S. Druckker School is AACSB accredited.

Kent, Oh

I taught Financial Management I and Financial Valuation and Analysis (based on own book COMPUTATIONAL FINANCE: A SCIENTIFIC PERSPECTIVE World Scientific Publishing Co., 2001; 2nd ed. in preparation) to MBA students; Investments, Portfolio Analysis, Futures and Options Markets, and International Business Finance (using the web-based e-Instruction Class Performance System for real-time digital student responses) to undergraduates; and a doctoral seminar on Research in Finance (based on my second book FINANCIAL MARKET RISK: MEASUREMENT & ANALYSIS, Routledge, UK, 2003; 2nd ed. in preparation). Also taught my own self-designed course Derivatives II (e.g., exotic, credit, energy and weather derivatives) in the new interdisciplinary MSc in Financial Engineering (MSFE) program at Kent State University, which, together with Dr. Mark Holder, I helped to design, organize and implement in conjunction with a new $1.7mln academic financial derivatives trading room with 26 work stations (Kent State Dimensions, 2003). This was the first such program in Ohio – and one of only 20 such programs in the USA and of (then) 48 in the whole world. In 2006 it was rated by Global Derivatives as #13 in the USA (based on 683 surveys).

I taught corporate Business Finance Decision Making to 30 postgraduate students, including 12 long distance learners in the Australasian region, using Computer-mediated communication (CMC), i.e., interaction with computers, the Internet and online learning resources. Deakin’s online learning environment is provided by the FirstClass® computer conference service. I also tutored Financial Markets to eight postgraduate students.

I designed and taught two new courses on Special Topics in the Economics of Finance III (Computational Finance; 18 students/semester) and Risk Theory III (Measuring and Managing Financial Risk; 17 students/semester) in Semester 1. Taught a course on the Economics of Finance III (Dynamic Valuation and Hedging) in Semester 2 (15 students). Used Adelaide University’s Online Teaching Aids system to distribute course materials, such as syllabi, lecture notes, hand-outs, tutorials (Q&A), software and software documentation, transparencies (graphics and texts), FAQs, term assignments, and news notes and announcements for direct downloading by the students. Corresponded with and clarified course materials for all his students by e-mail and has developed a personal web site, where students could pick up the latest tidbits on my research developments, download my papers, etc.

Nanyang Business School, Nanyang Technological University, Singapore Taught Computer-based Financial Modeling (Coordinator for 175 students/semester); Investment Analysis & Portfolio Management (100 students/semester); Commercial Bank Management (125 students/semester); the MBA Regional Studies Seminar on the European Union by Harvard case method (e.g., about the implications of the Euro); and ad hoc Senior Executive courses for the Nanyang Fellows Program. Helped design, organize and implement two academic financial trading rooms ($1mln), partially financed by Reuters, and helped raise $2mln money for the (with government-matching funds) $4mln Albert Winsemius Professorship of Financial Economics. The Nanyang Business School is the third business school in Asia to have obtained both the EQUIS and AACSB accreditation in Asia.

New York, Ny

As Chief U.S. Economist, I monitored the state and outlook of the North American economies and the global financial markets and weekly briefed ING's Bank’s Senior Management and ALCO in New York. When I started it was still called Nederlandse Middenstands Bank, or NMB. When we parted, the Bank had merged with the Nationale Nederlanden insurer and was called International Nederlanden Group Bank, or ING Bank. For NMB I was more oriented towards what happened in Eastern Europe and the collapse of the Soviet Union. For ING Bank, I wrote sales revenue generating country risk reports on Latin American emerging markets, e.g., country report on Mexico in July 1993 generated $21 million in sales in its first week. Assisted with ING's unique conversion in the U.S. from a commercial bank into a broker/dealer, finance, and derivatives operation. As Economic Advisor, advised Senior Management on investment opportunities in North America and on asset/liability and risk management technology, using Modern Portfolio Theory and implemented Value-at-Risk (VaR) concepts and the latest B.I.S.' and SEC guidelines, and EU Commission Directives. ING Capital was and still is one of the world's foremost market-makers in distressed debt.

New York, Ny

I analyzed the real estate markets in the U.S.A., gave a real estate seminar presentation in Scheveningen for Dutch investors and published the resulting article in VastGoedMarkt (= Real Estate Market, a prime Dutch publication) in August 1990. I also contributed three articles to the Chamber's International Marketing Intelligence NEWS (September, August and November 1991). One article on the immediate financial aftermath of the coup d'état in Russia was included in the Issue Briefing Series of The European Community Chamber of Commerce in the United States, Inc., and one in the Chamber's flagship publication Holland/USA (September 1991), was widely read and had a substantial impact.

New York, Ny

Headed up NRIA Economic Research Department in New York to monitor the supply side and the financial markets of the U.S. economy for Nomura's equity analysts and Japan's institutional investors; in particular for Nomura Securities International Equity Group, Nomura Asset Management (e.g., CIO Milton Ezrati, author of book Kawari = Japanese for Change) and Nomura Investment Trust. Within a few days after the October 1987 U.S. stock market crash, concluded that U.S. economy’s fundamentals were not affected and predicted (correctly) that the economy would recover in a non-inflationary fashion in the subsequent year. In 1989 used M.I.T. Professor Robert Solow’s growth analysis to make projections of the required investments in the US economy to make the post-Cold War transition from a military-biased to a civilian-biased economy. On Friday January 19, 1990, predicted (rather optimistically, or so it appears ex post) on CNBC t.v. that the Tokyo stock market would decline by 40+% in controlled stages in the first and third quarter of 1990. (Actually, the Tokyo market lost much more, 69% of its value in 1990. But it did so in the predicted two stages).

Gainesville, Florida Area

Consulted on the fundamental assumptions and structure of mainstream econometrics and of conventional statistical methods of analysis. Collaborated with Prof. Em. Dr. Rudolf E. Kalman (of ETH, Zürich, and 1985 winner of the Japanese Inamori or "Kyoto" Prize, the Japanese "Nobel" prize for High Technology Engineering) for the discovery and development of the new paradigm of algebraic-geometric system identification from inexact data - discarding conventional probability theory - by Complete Least Squares (CLS) Covariance Analysis, in the tradition of Ragnar Frisch. This was accomplished under several U.S. Department of Defense contracts. I’m a strong advocate for the acceptance of this new CLS system identification paradigm in financial-economic applications, replacing the now completely discredited uni-directional projections (“regressions” and its mirror, “factor analysis”), regrettably still in use in mainstream economics, finance, psychology, and similar behavioral social science disciplines. I continue to publish articles and monographs, and give lectures and research seminars, accordingly and advocate for the use of complete identification and realization methodologies (e.g., arbitrage-based valuation identities, similar to the fundamental force-balancing identities in physics).

In 1981 - 1985 I was Economist (GS-14 & GS-15) in Domestic Research Department - Business Conditions Division, with main responsibility of forecasting the rate of inflation, under Fed Chairman Paul Volcker. In October 1982, using Columbia University Professor’s Edmund Phelp’s expectations-augmented Phillips curve, I projected the 1982 - 88 inflation reduction target and unemployment rate control trajectories for the Fed, including the sharp 1982 - 83 inflation decline from 8% to 3%. In 1986, I was a Visiting Economist at the Open Market Desk and the Securities Department and wrote FRBNY's drafts on Capital Markets for the FOMC Minutes. In 1986 – 87, Senior Economist (GS-16+) in the FRBNY’s Monetary Research Division. Recommended improvements in the Fed's monetary analysis and reserve projections and in its banking supervision methods.

New York, Ny

I taught an evening course on Econometrics in Professor Harry Markowitz’ Department, while I was the resident econometrician of the New York Fed. In 1952-57 Professor Markowitz had put modern portfolio theory and optimal portfolio management on a sound mathematical/statistical footing and, therefore, deservedly received in 1989 the John von Neumann Theory Prize and in 1990 the Nobel Memorial Prize in Economic Sciences. In 1998, using some Kronecker algebra, I showed that his portfolio optimization could be expanded, in an exact accounting identities framework, to international portfolios with FX cash overlays (Los, 1998). Professor Markowitz was pleased and wrote me a letter to tell me so.

New York, Ny

In evening courses, I taught Principles of Statistics and Intermediate Macroeconomics. I had to ask my students to walk me safely "home" from City College on133th Str. to International House on 121 Str., since Harlem was not yet "securitized" by the presence of President Bill Clinton's post-presidential NY office on 125th Str.

Greater New York City Area

I started my career as a Graduate Teaching Assistant, teaching Accounting and Financial Analysis, and via being a Preceptor in Tax Analysis, I ended up as an Instructor in Economics, in the Economics Department of the Graduate School of Arts and Sciences (GSAS)

New York, Ny

I taught a daytime course on the Principles of Macroeconomics

I wrote and defended my Diploma Thesis "On Mathematical Methods for Socio-Economic Evaluation and Planning of Land Reform and Other Agricultural Projects" using the Project Planning Theory of Sir James Mirrlees, winner of the 1996 Nobel Memorial Prize in Economic Sciences.

London, United Kingdom

I.a. I attended the "Soviet Union Seminar" by the American Historian Peter Wiles, passed exams in three courses to support the research for my Dutch (Doctorandus) Master Dissertation, and improved my professional English.

London, United Kingdom

I researched my Dutch (Doctoraal) Master Dissertation on Optimal Planning in Russian Agriculture, using Leonid Kantorovich techniques for the optimal allocation of resources. Kantorovich was the winner of the Nobel Memorial Prize in Economic Sciences in 1975 and the only winner of this prize from the (former) USSR.

Vienna, Austria

Participant in the 18-day "International Seminar for Eastern European Languages in Eisenstadt," earning the Certificate in Advanced Russian, level I

Phd, Economics

Activities and Societies: New York Academy of SciencesEarn a PhD in Economics (Econometrics).

M.Phil (Doctorandus), Economics

Activities and Societies: Editor of BEF (Bulletin of Economic Faculty), member of Albertus Magnus debating society and of the Aegis Rowing.

B.A. Hon. (Candidatus Cum Laude), Economics And Business Administration

Activities and Societies: Editor of BEF (Bulletin of Economic Faculty), member of Albertus Magnus debating society and of Aegis Rowing Club