Cass PhD student wins Dimitris N Chorafas Foundation Prize

Ioannis Kyriakou, a third year PhD student at Cass, has been awarded the prestigious 2009 Dimitris N Chorafas Foundation Prize for his work on “The Efficient Computation of Prices and Price-sensitivities of Exotic Contracts with Path-dependence and Early-exercise Features”.

Online PR News – 30-September-2009 – – The prize of US $4000 is awarded annually by the Swiss-based Chorafas Foundation to the best PhD student ( at City University for outstanding work in selected fields of engineering, computer science, medicine, and the natural sciences. The accomplishment of this prize is attributed to the clarity of the work, the novelty and efficiency of the proposed numerical techniques, their ability to fix previously reported limitations in the relevant literature, and their practical applicability.

Out of a strong field of candidates from 27 participating universities, Ioannis was the only PhD student ( this year to win the award in the field of Financial Engineering and said: “I would like to take this opportunity to give my warmest thanks and express my gratitude to my supervisors, Dr Laura Ballotta and Professor Aleš Černý, whose experience, guidance and teaching played a critical role towards the successful development of my research papers and PhD thesis and, consequently, the achievement of this prize. It has been a great honour and pleasure to work with them.”

The Dimitris N Chorafas Foundation was established in March 1992 in collaboration with the Swiss Academy of Engineering Sciences, Swiss Academy of Humanities and Social Sciences, Swiss Academy of Medical Sciences, and Swiss Academy of Natural Sciences. Prize winners were selected by the Board of the Chorafas Foundation based on the proposition made by the Conference of the Swiss Scientific Academies.

The Foundation is dedicated to rewarding exceptional performance, encouraging significant future contributions to science and technology, and help in completing a higher degree and/or significant research project. The research must have practical application, and students must have considered the long-range implications of their current work.

Winning such an exclusive award meant a lot to Ioannis who said: “It is a real satisfaction and honour that my work was rewarded in such a way. This increases my own expectations and also encourages me to continue striving for the best.”

Cass Business School ( is one of Europe’s leading providers of business and management education, consultancy and research.

We are located on the doorstep of the City of London, one of the world’s foremost business and financial centres, with campuses in Moorgate and Islington. Our top-rated programmes range from undergraduate to masters, MBA, PhD and executive education. Our reputation attracts students and faculty from around the world.