Financial Institutions Management (FIM)


Name:Ai Jun Hou
Title :
Associate Professor

Phone:+46 8 674 7097

  Ai Jun Hou is an assistant professor at Stockholm Business School since Fall 2013, and the director of the Master programme in Banking and Finance. She holds a PhD degree in Quantitative Finance from the department of Economics, Lund University. Before joining SBS, Ai Jun has employed as an assistant professor at the department of Business and Economics, University of Southern Denmark. Her primary research area is in the quantitative Finance and Financial Econometrics.

Research interests
Ai Jun Hou does research in Quantitative Finance and Financial Econometrics, more specifically, she does research in Financial Volatility and Correlation modeling; Nonparametric Interest Rate Modeling; Risk Spillover between Financial Markets; Derivatives and Empirical Asset Pricing.

Her articles have been published in international peer reviewed journals such as:
Journal of Empirical Finance; Quantitative Finance; Journal of Forecasting; Journal of International Financial Markets, Institutions & Money; Energy Economics, amongst others.

Joining with other researchers, she is currently working on two projects:

• The Determinants of the long term dynamic conditional correlations
• The sentimental impact of news on Oil markets

Hou has taught courses at Bachelor, Master and PhD level. The topics cover Derivatives pricing, Risk Management, Consumption Based Asset Pricing, Financial Market and Bank Management, Empirical and Computational Finance, etc. She currently teaches a Master level course Financial Management at SBS.

Selected Publications
• Hou, A.J., Asgharian H., and Christiansen C. “Macro-Finance Determinants of the Long-Run Stock-Bond Correlation: The DCC-MIDAS Specification" Journal of Financial Econometrics (forthcoming).
• Hou, A.J., Asgharian H., and Christiansen C. “Effects of Macroeconomic Uncertainty on the Stock and Bond Markets” Finance Research Letters 13, (2015), 10-16.
• Hoessin, A., Hou, A. J. and Farrukh, J. ,(2013), "Importance of the macroeconomic variables for volatility prediction: A GARCH-MIDAS approach, Journal of Forecasting, forthcoming.
• Hou, A.J. (2013), “EMU equity markets' return variance and spill over effects from short-term interest rates”, Quantitative Finance, Vol. 13, No.3, 451-470.
• Hou, A.J., (2013), "Asymmetry Effects in Chinese Stock Markets Volatility: A Generalized Additive Nonparametric Approach", Journal of international Financial Markets, Institutions & Money, Vol. 23, February, 12-32.
• Hou, A.J. & Suardi, S. (2011), “Modeling and forecasting Short-Term Interest Rate volatility: A Semi-parametrical Approach”, Journal of Empirical Finance, Vol. 18, Nr. 4, 692-710.
• Hou, A.J. & Suardi, S. (2011), “A Nonparametric GARCH Model of Crude Oil Price Return Volatility" (joint with Sandy Suardi), Energy Economics, Vol. 34, Nr. 2, 618-626.

Find more information about Ai Jun on her website:

Please Note !

There will be no new admissions to this course.

Course title:
Financial Institutions Management
Semester: Autumn term 2019
Study period: 3 4
Rate of studies: 50%
Level: Graduate level (second cycle)
Credits: 7.5
Language of instruction: English


Course coordinator:
Oskar Sjölander
Head of course:
Ai Jun Hou