Member of


Main Affiliations

Professor of Finance
Université Libre de Bruxelles (ULB)
Solvay Brussels School of Economics and Management (SBS-EM)
Centre Emile Bernheim (CEB)
Centre for European Research in Microfinance (CERMi) - Co-Director


  • PhD in Science (Mathematics), 1984, Université Libre de Bruxelles (ULB), Summa Cum Laude. Thesis: “Solutions des modèles scalaires à anticipations rationnelles” under the supervision of Prof. Christian Gouriéroux (CREST, France and Univ. of Toronto, Canada)
  • MD in Philosophy, 1981, ULB, Magna Cum Laude, Major in Philosophy of Sciences 
  • MD in Mathematics, 1979, ULB, Magna Cum Laude, Major in Applied Mathematics


Ariane Szafarz is a full professor of mathematics and finance at Solvay Brussels School of Economics and Management (SBS-EM), Université Libre de Bruxelles (ULB). She holds a PhD in Mathematics and an MD in Philosophy. Her research topics include microfinance (mission drift, governance issues), financial econometrics, international finance, epistemology of probability, and job market discrimination. She co-directs the doctoral programme in management sciences organised jointly by SBS-EM (ULB), the Faculté Warocqué (UMONS) and HEC Management School (ULg). She is also President of the Marie-Christine Adam Fund. She has been visiting Professor at Université de Lille II, Université Catholique de Louvain, and the Luxembourg School of Finance. She has published several books and scientific articles in Econometric Theory, European Economic Review, Journal of Fixed Income, Journal of Empirical Finance, etc.

Selected Works

  • Périlleux, A., & Szafarz, A. (2015, October). Women Leaders and Social Performance: Evidence from Financial Cooperatives in Senegal. World development, 74, 437-452. doi:10.1016/j.worlddev.2015.05.011

  • Labie, M., Méon, P.-G., Mersland, R., & Szafarz, A. (2015). Discrimination by Microcredit Officers: Theory and Evidence on Disability in Uganda. The Quarterly review of economics and finance, 58, 44-55. doi:10.1016/j.qref.2015.05.002

  • Briere, M., & Szafarz, A. (2015, March). Does commercial microfinance belong to the financial sector? Lessons from the stock market. World development, 002, 110-125. doi:10.1016/j.worlddev.2014.10.007

  • Cornée, S., & Szafarz, A. (2014). Vive la Différence: Social Banks and Reciprocity in the Credit Market. Journal of business ethics, CEBPostprint007(3), 361-380. doi:10.1007/s10551-013-1922-9

  • David, G., Oosterlinck, K., & Szafarz, A. (2013, October). Art Market Inefficiency. Economics letters, 121, 23-25.

Updated on May 2, 2019