Carole Bernard was with the Statistics and Actuarial Science department at the University of Waterloo from September 2006 to December 2014.
Carole graduated from Ecole Normale Supérieure de Cachan ( France). She obtained her Ph.D. in Finance from ISFA (Institute of Financial and Actuarial Sciences) in Lyon (France) in 2005 on the subject of "Valuation of Guarantees in Insurance and in Finance using the Option Theory".
Her research interests are in actuarial science, theoretical economics and finance. Carole has published articles in leading international journals, such as Journal of Risk and Insurance, Geneva Papers on Risk and Insurance, North American Actuarial Journal, Insurance, Mathematics and Economics, European Journal of Operational Research and Mathematical Finance among others. Some of her papers have received awards such as the 2006 NAAJ best paper award, the 2011 EGRIE (European Group of Risk and Insurance Economics) Young Economist Best Paper Award, the 2012 Johan de Witt prize from the Dutch Actuarial Society and the 2014 PRMIA award for Frontiers in Risk Management Award at the 2014 Enterprise Risk Management (ERM) symposium.
- Financial Markets
- Quantitative Methods for Finance - Master - 2015
- Option - Market Risk Management - Master - De 2017 à 2018
- Advanced Seminar in Behavior Finance - PhD - 2016
- International Financial Risk Management - Master - De 2015 à 2018
- Research Methodology - Master - De 2015 à 2018
- Bernard C., De Vecchi C., Vanduffel S., 2026.Robust assessment of life insurance productsAnnals of Operations Research: Online first
- Sojoudi M., Bernard C., Dupuy P., Peters G. W., 2026.Green spread of US municipal bondsAnnals of Operations Research: Online first
- Bernard C., Chen J., Rüschendorf L., Vanduffel S., 2026.Improved Block Rearrangement AlgorithmAnnals of Operations Research: Online first
- Sojoudi M., Bernard C., Dupuy P., Peters G. W., 2026.Green spread of US municipal bondsAnnals of Operations Research, 357: 679–705Green bonds direct financial resources towards environmentally friendly projects. This paper estimates the greenium, defined as the yield difference between a green bond and its nongreen counterpart, in the US municipal market. Using the Nelson-Siegel model, we generate a sequence of model-based time series greeniums for each tenor of the interest rate curve. The paper, also, empirically examines various green bonds’ features, including tax treatment, reporting status, industry, and optionality, to understand whether certain characteristics make some green bonds more appealing to investors than others.
- Bernard C., Perchiazzo A., Vanduffel S., 2026.Multivariate portfolio choice via quantilesQuantitative Finance, 26, 1: 15-39
- Cardot R., Bernard C., Jaballah J., 2025.Green bonds & certification: is getting certified always optimal?Annals of Operations Research, 356: 601-628
- Abou Daya M. H., Bernard C., 2025.Smart contract tontinesApplied Economics, 57, 46: 7495-7510
- Bernard C., 2025.Risk Sharing and Pricing in the Reinsurance MarketIn Handbook of Insurance: Volume II. Georges Dionne Ed. New York: Springer-Verlag
- Bernard C., Cardot R., Jaballah J., 2025.The Impact of Blockchain on Firms’ Environmental and Social PerformanceEuropean Financial Management, 31, 1: 528-561
- Bernard C., Kazzi R., Vanduffel S., 2025.Impact of Model Misspecification on the Value-at-Risk of Unimodal T-Symmetric DistributionsNorth American Actuarial Journal, 29, 3: 739-757