Keynote presentation by Constantin Zopounidis
Multicriteria decision support in financial decision making: An overview and a case study on bank rating
Constantin Zopounidis and Michael Doumpos
Technical University of Crete
Dept. of Production Engineering and Management
Financial Engineering Laboratory
73100 Chania, Greece
Nowadays, the financial industry is going through a tough period characterized by increasing uncertainties and risk challenges of diverse nature. The globalization of the business environment has generated many new opportunities and increased the pace of development for many financial instruments and innovations. Thus, the decision making process in the “new era” of finance is becoming more and more difficult, as all stakeholders seek effective operational decision support tools. The financial decisions in firms and organization are of diverse and multidimensional nature, involving a diverse set of decision criteria. Multiple criteria decision aiding (MCDA) is an advanced field of operations research, which is well-suited to the multidimensional character of financial decisions. In this presentation, we illustrate the multicriteria character of financial decisions, provide an overview of the contributions and applications of MCDA techniques in this field, discuss the implementations in decision support systems, and present a real-world case study regarding the development of a multicriteria decision support system for bank rating.
Constantin Zopounidis is Professor of Financial Management and Operations Research, at the Department of Production Engineering and Management at Technical University of Crete (Greece). He is Editor-in-Chief in the following journals: Operational Research: An International Journal (Springer), International Journal of Multicriteria Decision Making (Inderscience), The International Journal of Financial Engineering and Risk Management (Inderscience) and The Journal of Computation Optimization in Economics and Finance (Nova Publishers). He is also Associate Editor in New Mathematics and Natural Computation (World Scientific), Optimization Letters (Springer), International Journal of Banking, Accounting and Finance (Inderscience), International Journal of Data Analysis Techniques and Strategies (Inderscience) and European Journal of Operational Research (Elsevier). He is also elected President since early 2012, of the Financial Engineering and Banking Society (FEBS).
In recognition of his scientific work, his research has been awarded and among all he has been attributed in 1996, the Gold Medal and Diploma of Social and Human Sciences from the MOISIL International Foundation, for his research in multicriteria intelligent decision support systems and their application to the scientific world of financial management and credit risk assessment, in 2000, the Best Interdisciplinary Research Paper Award, from the Decision Sciences Institute, in 2009 he was a winner of the highly commended paper awarded from the Emerald Literati Network, and in 2010 he won the Best Reviewer Award from the European Journal of Operational Research.
He has published 70 books in international publishing companies and more than 400 papers are appearing in international scientific journals on finance, accounting and operations research, fields that his research interests fall into.
He has accomplished many lectures as Visiting Professor in many European Universities.