25 September 2024
She could have been an entrepreneur, pursued an athletic career or become an international financial planner. Instead, Marjène chose teaching. In fact, teaching appealed to her the most. From her very first experience at HEC Montréal, the young lecturer enjoyed this dynamic and energetic world. “Explaining complex concepts to students and seeing them smile when they understand moves me,” confides Marjène Rabah Gana, professor of Finance at ÉTS.
Finance has always been part of Marjène’s life. With her father owning a consulting firm in Tunisia, Marjène was introduced to the business world at an early age. Thanks to her natural inclination for mathematics, Marjène finds great satisfaction in solving problems. So, it’s not surprising that she combined her two passions—mathematics and finance—and made it her specialty.
Building Her Expertise, One Step at a Time
After a Tunisian DEC in in mathematics, Marjène joined her brother in Montréal to pursue her studies. She enrolled at HEC Montréal, where she graduated in 1995 with a Bachelor of Business Administration, majoring in Finance and Information Technology. This was followed by a master’s degree in Management Sciences, majoring in Finance, in 1998.
A meeting with Professor Jean-François L’Her—with whom she began her PhD as a research assistant at HEC Montréal—was a decisive encounter. “He saved me five years of my life by putting me in touch with Michel Levasseur, an eminent finance professor who left his mark on my academic career. Not only did this professor facilitate my enrolment in a PhD thesis at the University of Lille in France, he was also my thesis director and mentor,” says Marjène. In 2005, she earned a PhD with First Class Honours and congratulations from the jury.
Intrinsic Value-Based Mathematical Models
Marjène Rabah Gana, professeure enseignante à l’ÉTS
The market is teeming with people proposing various strategies to make as much money as possible. For Marjène Rabah Gana, one important principle remains: the price determined by mathematical models represents the true value. Sooner or later, this is reflected in the market.
For the past twenty-five years, Marjène has been explaining market laws and rules of entrepreneurship at universities here and abroad and, since this year, at ÉTS. She wants engineers to understand that the best projects will never see the light if the financial aspect is not analyzed in depth. “Beyond the project’s value for society, the community or a city, you have to sell it to a banker or investor. And for that, you need to know the language of finance,” explains Professor Rabah Gana.
The balance between research and teaching is crucial for Marjène Rabah Gana. One feeds the other. She is currently focussing on two subjects: sustainable finance and financial analysts’ forecasts.
Ethics, the Future in Finance
Marjène Rabah Gana is in no doubt. “When building a portfolio, we make choices, and more and more, these choices are green and fair.” A socially responsible company may be less profitable in the short term, but it will attract a customer base that is sensitive to the Green Dimension.
The second subject on Rabah Gana’s mind relates to corporate earnings forecasts, which affect their valuation. In the current context—where sustainable finance is becoming increasingly important—to what extent do ESG (environmental, social and governance) criteria modify analysts’ perception of companies? Another relevant question: to what extent can AI be used to generate good quality forecasts? For Marjène, analyzing the influencial level of these tools can serve as a guide for strategic action and reinforce corporate sustainability.
Based on her reflections, Marjène encourages her students to take these two aspects into account when developing their projects.
Honorary Award
Marjène Rabah Gana is especially proud of her prestigious “Tunisian Women in Finance 2023” award from RECONNECTT, in recognition of her outstanding academic and professional career.
How does she see the future? “Teaching is my reason for getting up in the morning,” declares a beaming Marjène Rabah Gana. This, and running, an activity she pursues on a regular basis. Her expectations? That her students are happy. Very simple.
