Doktoranden

1999-2002 Postgraduate Research Programme "Capital Markets and Finance in the Enlarged Europe", European University Viadrina, Frankfurt (Oder)
PhD Thesis: Die Bewertung von jungen High-Tech-Unternehmen mit optionsbasierten Methoden - Theoretische Betrachtung mit empirischer Überprüfung. Finished in November 2003.

1997-1998 Master's Degree in Economics, ESC Reims, Reims Business School, France

1994-1999 Master's Degree in Business Administration (BWL), European University Viadrina, Frankfurt (Oder)

In Search of Value - An Analysis of the Valuation of German High-Tech Stocks, FINANZ BETRIEB, November 2001, Pg. 610-618

The Valuation of Stocks on the German 'Neuer Markt' in 1999 and 2000, FINANZ BETRIEB 2001

Dozent, "Economics and Economic Policies Department", Akademie für Wirtschaftswissenschaften, Bukarest, Rumänien

Postgraduate Research Programme "Capital Markets and Finance in the Enlarged Europe", European University Viadrina, Frankfurt (Oder)
PhD Thesis: A Comparative Analysis of Efficiency and Functioning of Capital Markets from Germany, Poland and Hungary. Finished in May 2004.

1998-1999 Master's Degree, Academy of Business Economics, Bucharest, Romania

1994-1998 Diplom,  Academy of Business Economics, Bucharest, Romania

1999-2002 Postgraduate Research Programme Capital Markets and Finance in the Enlarged Europe, European University Viadrina, Frankfurt (Oder)
PhD thesis: Sequential Control of Optimal Portfolio Weights. Finished in May 2004.

1998 European University Viadrina, Frankfurt (Oder)

1994-1999 Saporoshye State University, Ukraine
Majors: Economics, Management

Should a Portfolio Investor Follow or Neglect Regime Changes?, with Wolfgang Schmid, Working Paper Series 13/2003.

Revision Policy for the Two Assets Global Minimum Variance Portfolio, Working Paper Series 19/2003.

Natural Shrinkage for the Optimal Portfolio Weights, Working Paper Series 6/2004.

• Capital Market Theory
• Modelling of the Financial Markets
• International Finance

1999 - 2002 Postgraduate Research Programme "Capital Markets and Finance in the Enlarged Europe", European University Viadrina, Frankfurt (Oder)
PhD Thesis: Efficiency Aspects on the Polish Stock Market. Finished in November 2003.

1995 - 1999 The Academy of Economic Studies, Bucharest, Romania; The Faculty of Economic Studies in Foreign Language; Bachelor's Degree in Business Administration

• Capital Markets
• Empirical Testing of Stock Market Anomalies

2000-2003 Postgraduate Research Programme "Capital Markets and Finance in the Enlarged Europe", European University Viadrina, Frankfurt (Oder)

1998-1999 Diplom-Kaufmann, Europäische Wirtschaftshochschule Berlin, Deutschland

1994-1998 Diplom im Außenhandel, Wirtschaftsuniversität, Poznan, Polen

• International Financial Markets
• Emerging Markets

2000-2003 Postgraduate Research Programme "Capital Markets and Finance in the Enlarged Europe", European University Viadrina, Frankfurt (Oder)
PhD Thesis: Banking Efficiency, Consolidation and Foreign Ownership: Evidence from the Polish Banking Market. Finished in January 2005.

1995-2000 Master's Degree in Finance, Department of Economics, Ivan Franko National University of Lviv, Lviv, Ukraine

December 2003: Tor Vergata Conference on Banking and Finance, Rome, Italy

November 2003: 4th International Conference on Money Investment & Risk, The Nottingham Trent University, United Kingdom

August 2003: Workshop on Banking and Finance in an Integrating Europe, De Nederlandsche Bank and Utrecht School of Economics, Netherlands

June 2003: 24th SUERF Colloquium on Stability and Efficiency of Financial Markets in Central and Eastern Europe, Bank of Estonia

May 2003: Second Annual Conference of European Economics and Finance Society "European Integration: Real and Financial Aspects", University of Bologna, Italy

August 2001: Oslo Summer School in Comparative Social Science Studies, Oslo, Norway

Consolidation of the Polish Banking Sector: Consequences for the Banking Institutions and the Public, Economic Systems.

Efficiency of the Polish Banking Industry: Foreign vs. National Banks, Working Paper Series No. 21/2003, Journal of Banking and Finance.

The Role of Banks in the Transmission of Monetary Policy Shocks in a Transition Country: Case of Poland, with Emilia Jurzyk.

Foreign Acquisitions and Industry Wealth Effects of Privatisation: Evidence from the Polish Banking Industry, with Martin T. Bohl and Dirk Schiereck, Working Paper Series 11/2004.

• Competition and Efficiency in the Banking Industry
• Banking Mergers and Acquisitions

2000-2003 Postgraduate Research Programme "Capital Markets and Finance in the Enlarged Europe", European University Viadrina, Frankfurt (Oder)

1995-1999 University of Economics, Wroclaw, Poland; First-class honors Master's Degree at the Faculty of International Economics

December 2003: Tor Vergata Conference on Banking and Finance, Rome, Italy

November 2003: 4th International Conference on Money Investment & Risk, The Nottingham Trent University, United Kingdom

September 2003: 5th ETSG Conference, Madrid, Spain

June 2003: ZEI Summer School on Monetary Theory and Policy, Bonn, Germany

The Role of Banks in the Transmission of Monetary Policy Shocks in a Transition Country: Case of Poland, with Olena Havrylchyk

Does the fixed exchange rate regime enhance trade? Evidence from the Caribbean and Central American economies

• Monetary Economics
• International Economics

2000-2003 Postgraduate Research Programme "Capital Markets and Finance in the Enlarged Europe", European University Viadrina, Frankfurt (Oder)

1998-2000 Central European University Budapest, Hungary, Master of Arts Degree in Economics. Majors: Macroeconomics and International Economics
Master Thesis: Stock Market Prices and Inflation: Evidence from Eastern Europe

1993-1997 Academy of Economic Studies, Bucharest, Romania, Bachelor's Degree in Business Administration

A Comparison of Several Procedures for Estimating Value-at-Risk in Mature and Emerging Markets, Working Paper Series 15/2002.

A Sequential Method for the Evaluation of the VaR Model Based on the Run between Exceedances, Allgemeines Statistisches Archiv, 2004.

• Risk Management
• High Frequency Time Series
• Process Control

2000 - 2003 Postgraduate Research Programme "Capital Markets and Finance in the Enlarged Europe", European University Viadrina, Frankfurt (Oder)

1995 - 2000Zaporoshe State University, Zaporoshe, Ukraine
Master's Degree in Economic Cybernetics

• Mathematics
• Economic Cybernetics

2000-2003 Postgraduate Research Programme "Capital Markets and Finance in the Enlarged Europe", European University Viadrina, Frankfurt (Oder)
PhD Thesis: Besteuerung von unangemessenen Leistungsbeziehungen zwischen Gesellschaft und Gesellschafter in Russland. Expect to be finished soon.

1995-2000 Diplom-Kaufmann, Europa-Universität Viadrina, Frankfurt (Oder),
Titel: Die Integration von Steuern in den Realoptionsansatz

• Betriebswirtschaftliche Steuerlehre
• Kapitalmarkttheorie
• Angewandte Wirtschaftsforschung

2000-2003 Postgraduate Research Programme "Capital Markets and Finance in the Enlarged Europe", European University Viadrina, Frankfurt (Oder)
PhD Thesis: On the Correlation Structure in Financial Markets. Finished in October 2005.

1996-2000 Diplom-Kaufmann, European University Viadrina, Frankfurt (Oder)

Monitoring the Cross-Covariances of Multivariate Time Series, with Wolfgang Schmid, Metrika, 2004.

Surveillance of the Covariance Matrix of Multivariate Nonlinear Time Series, with Wolfgang Schmid, Statistics.

• Financial Markets
• Quantitative Methods

2000-2003 Postgraduate Research Programme "Capital Markets and Finance in the Enlarged Europe", European University Viadrina, Frankfurt (Oder)
PhD Thesis: Sequential Surveillance of Continuous-Time Interest Rate Models. Finished in June 2005.

1998-2000 Central European University Budapest, Hungary
Master's Degree in Economics. Majors: International Economics, Microeconomics
Master Thesis: The European Equity Markets and the Process of European Integration. Estimation of the Country and Industry Effects in the Stock Returns with Index Data

1993-1997 Varna University of Economics, Bulgaria
Bachelor's Degree in Accounting

• Sequential Approaches to Financial Decision Making and Portfolio Management
• Empirical Asset Pricing
• Financial Economics

2000-2003 Postgraduate Research Programme "Capital Markets and Finance in the Enlarged Europe", European University Viadrina, Frankfurt (Oder)
PhD-Thesis: Analysis of the Incentive Mechanisms of Individual and Group-Microlending Contracts. Finished in December 2004.

1995-2000 M.A. International Economic Relations. Major: International Economics, International Trade, Marketing, University of National and World Economy, Sofia, Bulgaria
Master Thesis: Economic Aspects of the EU-Enlargement

The Individual Micro-Lending Contracts: Is it a Better Design than Joint Liability?, Economic Systems, Volume 28, Issue 2, 155-176, June 2004.

Building Credit and Savings Associations Networks in Rural Areas. Comparative Study, with Michael Roth and Lise Duval, Deutsche Gesellschaft fuer Technische Zusammenarbeit (GTZ), 2004.

Group Lending Reconsidered: The Experience of Georgia and Russia, Department of Economics, European University Viadrina (mimeo.).

Key Factors of Joint-Liability Loan Contracts: An Empirical Analysis, with Alexander S. Kritikos, Working Papers Series 13/2002, Kyklos.

• Development Finance (SME, Micro & Rural Finance)
• International Business
• Labor Economics

Erasmus Coordinator, Lecturer, School of Business Studies, Trinity College Dublin, Dublin, Ireland

2003-2005 Research Associate, Manchester Metropolitan University, Manchester, United Kingdom

2000-2003 Postgraduate Research Programme "Capital Markets and Finance in the Enlarged Europe", European University Viadrina, Frankfurt (Oder)
PhD Thesis: Institutional Trading, Trading Mechanisms and Equity Market Integration: Essays on the Polish Stock Market. Finished in July 2004.

1995-2000 Master's Degree in Finance, Department of Economics, Ivan Franko National University of Lviv, Lviv, Ukraine

May - June 2004: 4th Annual Conference of the Viessmann Research Centre on Modern Europe at Laurier: "New Frontiers for Europe", Lisbon, Portugal

May 2004: 3rd CIEF Conference on "Pension Funds Risk", Lisbon, Portugal

March 2004: Midwest Finance Association, Annual Meeting 2004, Chicago, USA

January 2004: Workshop at Trinity College Dublin, Ireland

December 2003: Gutmann Symposium on Capital Market Based Pension Systems, Vienna, Austria

November 2003: 4th Annual Conference of International Economics and Finance Society on "Finance in the International Economy", London, United Kingdom

June 2003: 10th Global Finance Conference, European Business School, Frankfurt/Main, Germany

June 2003: "Symposium on International Equity Market Integration", Dublin, Ireland

May 2003: Workshop for Ph.D. Students, Poznan University of Economics, Poland

May 2003: Second Annual Conference of European Economics and Finance Society "European Integration: Real and Financial Aspects", University of Bologna, Italy

May 2003: Workshop at the Chair of Econometrics, University of Lódz, Poland

June 2002: Workshop, Gdansk Institute for Market Economics, Poland

May 2002: Conference at Poznan University of Economics "Young Economists and European Integration", Poland

March 2002: Spring School "Techniques of Time Series Econometrics", Higher Education Support Program, Budapest, Hungary and Ivan Franko National University of Lviv, Ukraine

September 2001: Summer School "Finance and Stochastics", University of Barcelona, Spain

June - August 2000: Summer Semester on Economic Theory, Center for Economic Research and Graduate Education, Charles University, Prague, Czech Republic

Price Limits on a Call Auction Market: Evidence from the Warsaw Stock Exchange, with Harald Henke, International Review of Economics and Finance.

Instability in Long-Run Relationships: Evidence on the Central European Emerging Stock Markets, International Review of Financial Analysis.

Institutional Traders' Behavior in an Emerging Stock Market: Empirical Evidence on Polish Pension Fund Investors, with Martin T. Bohl, Journal of Business Finance and Accounting.

• Stock Price Predictability
• Institutional Behavior
• Stock Market Regulation
• Central European Stock Markets

2001-2004 Postgraduate Research Programme "Capital Markets and Finance in the Enlarged Europe", European University Viadrina, Frankfurt (Oder)
PhD Thesis: Intenational Stock Markets Linkages and Arbitrage between Futures and Spot Markets. Finished in June 2005.

1996-2001 Warsaw University, Poland, The Faculty of Maths and Computer Sciences
Major: Finance Mathematics;
Master's Degree in Maths
Master Thesis: Comparison of stochastic models of pricing contracts forward and futures; Bachelor's Degree in Maths
Bachelor Thesis: Space Games

July 2004: 3rd International Conference of the Portuguese Finance Network, Lisbon, Portugal

June - July 2004: European Financial Management Association, Basel, Switzerland

May 2004: 3rd Annual Conference of the European Economics and Finance Society "European Integration and World Economy", Gdansk, Poland

November 2003: 4th International Conference on Money Investment & Risk, The Nottingham Trent University, United Kingdom

October 2003: 3rd Annual Conference of the Viessmann Research Centre on Modern Europe at Laurier: "Bridges and Borders: What Unites and Divides Europe", Waterloo, Canada

September 2003: Trzydziesta Druga Ogolnopolska Konferencja Naukowo-Szkoleniowa Zastosowan Matematyki (32nd National Scientific and Training Conference on Maths Applications), Zakopane, Poland

May 2003: Second Annual Conference of the European Economics and Finance Society "European Integration: Real and Financial Aspects", University of Bologna, Italy

July 2000: Modelling Week in Lund, organised by the European Consortium by Mathematics in Industry (ECMI) at Lund University, Sweden

Political Orientation of Government and Stock Market Returns, with Jedrzej Bialkowski and Katrin Gottschalk, Working Paper Series 9/2006.

Stock Market Volatility around National Elections, with Jedrzej Bialkowski, Katrin Gottschalk, Working Paper Series 2/2006.

On pricing of forward and futures contracts on zero coupon bonds in the Cox-Ingersoll-Ross model, with Jacek Jakubowski, Contemporary Mathematics.

Channel Estimation and Co-Channel Interference Cancellation in Mobile Communications, with Bogliardi, Cronquist, Horn, and Ketelaars, Proceedings of the ECMI Modelling Week 2000.

Modeling Returns on Stock indices for Western and Central European Stock Exchanges - a Markov Switching approach, South-Eastern Europe Journal of Economics.

The Test of Market Efficiency and Index Arbitrage Profitability on Emerging Polish Stock and Futures Index Markets, with Jacek Jakubowski, Working Paper Series 24/2003.

Testing for Financial Spillovers in Calm and Turmoil Periods, with Martin T. Bohl and Dobromil Serwa, Working Paper Series 3/2004, Quarterly Review of Economics and Finance.

The individual stocks arbitrage: Evidence from emerging Polish market, with Jacek Jakubowski, Working Paper Series 9/2004.

Financial Contagion, Spillovers, and Causality in the Markov Switching Framework, with Dobromil Serwa, Quantitative Finance.

• Regime Switching Models
• Valuation of Derivatives
• Game Theory in Application
• Risk Management

2001-2004 Postgraduate Research Programme "Capital Markets and Finance in the Enlarged Europe", European University Viadrina, Frankfurt (Oder)
PhD-Thesis: Optimal Portfolios in an Elliptical Model - Statistical Analysis and Tests for Efficiency. Finished in November 2004.

1996-2001 Master of Mathematics, Ivan Franko State University, Lviv, Ukraine.
Major: Mathematik, Finanz- und Versicherungsmathematik

August 2004: Summer School in Econometrics, University of Oxford, UK

June / July 2004: European Financial Management Association, Basel, Switzerland

March 2004: Karlsruher Stochastik-Tage 2004 German Open Conference on Probability and Statistics, Karlsruhe, Germany

March 2004: Midwest Finance Association, Annual Meeting 2004, Chicago, USA

November 2003: 4th Annual Conference of International Economics and Finance Society on "Finance in the International Economy", London, UK

Sample Efficient Frontier in Multivariate Conditionally Heteroscedastic Elliptical Models, with Taras Zabolotskyy, Working Paper Series 10/2007, under revision in Statistics.

An Exact Test on Structural Changes in the Weights of the Global Minimum Variance Portfolio, Working Paper Series 4/2007, to appear in Quantitative Finance.

Econometrical Analysis of the Sample Efficient Frontier, with Wolfgang Schmid, Working Paper Series 10/2006, to appear in Europaen Journal of Finance.

Statistical Inference of the Efficient Frontier under Autocorrelated Asset Returns, with Taras Zabolotskyy and Wolfgang Schmid, Working Paper Series 8/2006, to appear in Statistical Papers.

Mean-Variance Portfolio Analysis under Parameter Uncertainty, with Wolfgang Schmid, Working Paper Series 5/2006.

A Test for the Weights of the Global Minimum Variance Portfolio in an Elliptical Model, with Wolfgang Schmid, Working Paper Series 2/2004, Metrika, 2008.

The Distribution of the Global Minimum Variance Estimator in Elliptical Models, with Wolfgang Schmid, Working Paper Series 22/2003, Statistics, 2007.

• Multivariate Statistics
• Portfolio Management

October 2003 - July 2004 Cass Business School, City University, London, United Kingdom Visiting Doctoral Fellow, research supervised by Prof. Kate Phylaktis

2001-2004 Postgraduate Research Programme Capital Markets and Finance in the Enlarged Europe, European University Viadrina, Frankfurt (Oder)
PhD-Thesis: Determinants of Stock Price Behaviour in International Financial Markets. Finished in November 2004.

1997-2001 University of Economics, Poznan, Poland, Management Department
Major: Capital Investment and Corporate Finance Strategies
Master thesis: The Valuation Impact of Depository Receipts Issuance

August 2004: 2004 European Finance Association Annual Meeting, Maastricht

March 2004: 53rd Annual Meeting of the Midwest Finance Association, Chicago, Illinois

July 2003: Accounting and Finance in Transition: European and Asian Experiences and Public Policy Considerations, University of Greenwich, London

June 2003: 24th SUERF Colloquium on Stability and Efficiency of Financial Markets in Central and Eastern Europe, Tallinn, Estonia

Price Discovery Process in International Cross-Listings: Evidence from US-Listed British and French Companies, with Kate Phylaktis, March 2004

Institutional Investors and the Information Content of Earnings Announcements: The Case of Poland, with Amir Tavakkol, January 2004, Economic Systems.

Return Performance and Liquidity of Cross-Listed Central European Stocks, with Martin T. Bohl, May 2003, Working Paper Series 18/2002, Emerging Markets Review.

• Cross-listing
• Emerging Capital Markets in Central and Eastern Europe
• Financial Analysis

2001-2004 Postgraduate Research Programme "Capital Markets and Finance in the Enlarged Europe", European University Viadrina, Frankfurt (Oder)
PhD Thesis: Verification of the Contagion Effect on Capital Markets. Finished in December 2005.

1996-2001 Warsaw School of Economics, Poland
Majors: Finance and Banking, Quantitative Methods and Information Systems Trinity College

June 2005: Global Finance Conference 2005, Trinity College Dublin, Ireland

July 2004: 3rd International Conference of the Portuguese Finance Network, Lisbon, Portugal

December 2003: MACROMODELS International Conference, Warsaw, Poland

October 2003: 3rd Annual Conference of the Viessmann Research Centre on Modern Europe at Laurier: "Bridges und Borders: What Unites and Divides Europe", Waterloo, Canada

June 2003: "Symposium on International Equity Market Integration", Business School, Trinity College Dublin, Ireland

May 2003: European Economics and Finance Society Conference, Bologna, Italy

May 2003: Workshop at the Chair of Econometrics, University of Lódz, Poland

March 2003: Workshop, Warsaw School of Economics, Warsaw, Poland

Forecasting the Exchange Rate. The Model of Excess Return Rate on Foreign Investment, with Michal Rubaszek, Bank i Kredyt

Financial Contagion Vulnerability: A Comparison of European Capital Markets, with Martin T. Bohl, Working Paper Series 5/2003, Economic Systems.

Intra-, and Inter-Regional Spillovers Between Emerging Capital Markets Around the World, with Bartosz Gebka, Working Paper Series 23/2003, Research in International Business and Finance.

Testing for Financial Spillovers in Calm and Turmoil Periods, with Jedrzej Bialkowski and Martin T. Bohl, Working Paper Series 3/2004, Quarterly Review of Economics and Finance.

Do Emerging Financial Markets React to Monetary Policy Announcements? Evidence form Poland, Working Paper Series 5/2004, Applied Financial Economics.

Are Financial Spillovers Stable Across Regimes? Evidence from the 1997 Asian Crisis, with Bartosz Gebka, Working Paper Series 7/2004, Journal of International Financial Markets, Institutions & Money.

Financial Contagion, Spillovers, and Causality in the Markov Switching Framework with Jedrzej Bialkowski, Working Paper Series 10/2004, Quantitative Finance.

• Econometrics
• Monetary Policy
• Financial Contagion and Spillovers
• Time Series Analysis

Januar - März 2004 Visiting Research Fellow, Waikato School of Management, Hamilton, New Zealand

2001-2004 Postgraduate Research Programme "Capital Markets and Finance in the Enlarged Europe", European University Viadrina, Frankfurt (Oder)
PhD-Thesis: Issues Related to Insider Trading in Poland. Finished in December 2004.

2000-2001 London School of Economics and Political Science
Master of Science in Finance and Economics

1998-2000 University of Hull, Honours degree in Economics

1997-1998 University of Leicester, Completed first year of BSc. in Economics and Business Economics.

June 2004: International Conference on Emerging Markets and Global Risk Management, Centre for Study of Emerging Markets, Westminster Business School, London, UK

January 2004: 8th Meeting of the New Zealand Finance Colloquium, Hamilton, New Zealand

October 2003: 3rd Annual Conference of the Viessmann Research Centre on Modern Europe at Laurier: "Bridges und Borders: What Unites and Divides Europe", Waterloo, Canada

June 2003: 10th Global Finance Conference at the European Business School, Frankfurt/Main, Germany

October 2002: Invest2002, Szklarska Poreba, Poland

Political Orientation of Government and Stock Market Returns, with Jedrzej Bialkowski and Katrin Gottschalk, Working Paper Series 9/2006.

Stock Market Volatility around National Elections, with Jedrzej Bialkowski, Katrin Gottschalk, Working Paper Series 2/2006.

Reexamination of the Link Between Insider Trading and Price Efficiency, Economic Systems.

The Information Content of Registered Insider Trading Under Lax Law Enforcement, with Martin T. Bohl, International Review of Law and Economics.

The Impact of Regulatory Change on Insider Trading Profitability: Some Early Evidence from New Zealand, with Aaron Gilbert and Alireza Tourani-Rad, in: M. Hirschey, K. John and A.K. Makhija, Eds., Corporate Governance: A Global Perspective, Advances in Financial Economics, Vol. 11, Elsevier, Amsterdam.

The Relationship between Insider Trading and Volume-Induced Return Autocorrelation, with Aaron Gilbert and Alireza Tourani-Rad, Finance Letters.

Insiders and the Law: The Impact of Regulatory Change on Insider Trading, with Aaron Gilbert and Alireza Tourani-Rad, Management International Review.

Do Insiders Crowd Out Analysts? with Aaron Gilbert and Alireza Tourani-Rad, Finance Research Letters.

Insiders' Market Timing and Real Activity: Evidence from an Emerging Market, in: S. Motamen-Samadian, Hrsg., Risk Management in Emerging Markets (3), Palgrave Macmillan, New York.

• Empirical Approach to Finance
• General Equilibrium Modelling
• Time Series Analysis

2002 - 2005 Postgraduate Research Programme Capital Markets and Finance in the Enlarged Europe, European University Viadrina, Frankfurt (Oder)
PhD-Thesis: Essays on the Relationships between Ownership Structure and Corporate Performance. Finished in February 2006.

1997 - 2002 University of Economics, Poznan, Poland
Management Department
Major: Corporate Finance and Accounting

October 2004: 'Transition Economies' EMG/ESRC Workshop in collaboration with EBRD, Cass Business School, London, UK

June 2004: International Conference on Emerging Markets and Global Risk Management, Centre for Study of Emerging Markets, Westminster Business School, London, UK

May - June 2004: 4th Annual Conference of the Viessmann Research Centre on Modern Europe at Laurier: "New Frontiers for Europe", Lissabon, Portugal

February 2004: Finance Workshop, European Business School, Oestrich-Winkel, Germany

Is the close bank-firm relationship indeed beneficial in Germany?, with Martin T. Bohl, September 2004, Working Paper Series 20/2004

Managerial Ownership and Informativeness of Accounting Numbers in a European Emerging Market, January 2004, Working Paper Series 8/2004

• Corporate Governance
• Corporate Finance
• Earnings Management

2002-2005 Postgraduate Research Programme "Capital Markets and Finance in the Enlarged Europe", European University Viadrina, Frankfurt (Oder)
PhD Thesis: Optimal Investment Strategies for Investors with the Exponential Utility Function. Finished in March 2006.

1997-2002 Master of Mathematics, Ivan Franko State Universität Lviv, Ukraine. Majors: Mathematics, Financial and Insurance Mathematics

August 2005: 20th Annual European Economic Association Congress 2005, Amsterdam, Netherlands

March 2004: Karlsruher Stochastik-Tage 2004 German Open Conference on Probability and Statistics, Karlsruhe, Deutschland

Multiple Priors and No-Transaction Region, Working Paper Series 4/2006.

Investment Decisions with Distorted Probability and Transaction Costs, with Wolfgang Schmid,  Working Paper Series 3/2006.

Optimal Investment Decisions with Exponential Utility Function, with Wolfgang Schmid,  Working Paper Series 2/2005.

• Statistische Prozesskontrolle
• Zeitreihenanalyse

2002-2005 Postgraduate Research Programme "Capital Markets and Finance in the Enlarged Europe", European University Viadrina, Frankfurt (Oder)
PhD Thesis: Firm value analysis based on corporate diversification, capital structure and dividend policy. Finished in January 2007.

2000-2002 Professional Programme in Applied Economics, postgraduate programme prepared in co-operation with the University of Pittsburgh, the Institute for Advanced Studies in Vienna and the University of Technology in Vienna - Academia Istropolitana Nova, Svaty Jur, Slovakia

1996-2000 BA in Economics, West University of Timisoara, Timisoara, Romania

June 2006: Summer Workshop - Institute of Economics, Hungarian, Academy of Sciences, Budapest, Hungary

October 2005: Financial Management Association - Annual Meeting 2005 , Chicago, Illinois, USA

September 2005: International Conference on Finance, Finance Research Unit, University of Copenhagen, Denmark

June 2005: FMA European Conference and Doctoral student seminar, Siena, Italy

March 2005: Midwest Finance Association's 54 Annual Meeting, Milwaukee, Wisconsin, USA

February 2005: Finance-Workshop, Europa-Universität Viadrina, Frankfurt (Oder), Deutschland

October 2004: Universitätsübergreifendes Doktorandenseminar des HVB-Stiftungsfonds, Frankfurt (Oder), Deutschland

September 2004: Lisbon Conference on Money and Finance, Lisbon, Portugal

February 2004: Finance-Workshop, European Business School, Oestrich-Winkel, Germany

Discount or Premium? New Evidence on Corporate Diversification of UK Firms, with Martin T. Bohl, September 2004, Working Paper Series 15/2004.

Institutional Investors and Stock Market Efficiency: The Case of the January Anomaly, with Martin T. Bohl, Harald Henke and Rozália Pál, Working Paper Series 6/2006.

Financing Constraints and Firms' Cash Policy in the Euro Area, with Annalisa Ferrando, ECB Working Paper No. 642

• Corporate Finance
• Portfolio Theory
• Capital Market Theory

2003-2007 Postgraduate Research Programme "Capital Markets and Finance in the Enlarged Europe", European University Viadrina, Frankfurt (Oder)
PhD-Thesis: Efficiency of German Manufacturing Firms During the 1990's. Finished in May 2007.

1997-2003 University "Kyiv-Mohyla Academy", Ukraine

November / December 2006: Macroeconometric Workshop, DIW, Berlin

September 2006: Comparative Analysis of Enterprise (Micro) Data, Chicago, USA

September 2005: "Conferences and Summer Schools", Verein für Socialpolitik, Bonn, Germany

June / July 2005: Ninth European Workshop on Efficiency and Productivity Analysis, Brüssel, Belgien

April 2005: Spring Meeting of Young Economists, Genf, Schweiz

April 2005: International Industrial Organization Conference, Atlanta, USA

März 2005: Royal Economic Society Conference, Nottingham, UK

Technological change and transition: relative contributions to worldwide growth during the 1990's, with Daniel J. Henderson and Valentin Zelenyuk.

Allocative efficiency measurement revisited - Do we really need input prices?, with Michael Fritsch and Andreas Stephan, Working Paper Series 7/2006.

What determines technical efficiency of firms? Evidence from a representative panel of German manufacturing firms, with Michael Fritsch and Andreas Stephan.

Performance of German chemistry industry during the 1990's, with Andreas Stephan.

• Efficiency and Productivity Analysis
• Applied Econometrics
• Industrial Organization Economics

2003-2006 Postgraduate Research Programme "Capital Markets and Finance in the Enlarged Europe", European University Viadrina, Frankfurt (Oder)
PhD Thesis: Stock Market Anomalies: Theoretical Foundations and Empirical Evidence. Finished in March 2007.

2000-2003 Eberhard-Karls-Universität Tübingen, Germany / Strasbourg Graduate School of Management, France
Master's Degree in Business Administration (Dual Degree Programme)

1999-2000 Universidade Federal Fluminense (UFF), Niterói, Brazil
Graduate and Postgraduate Studies in Economics

1997-1999 Eberhard-Karls-Universität Tübingen,Germany
Bachelor's Degree in International Economics, with Specialization in Latin America

October 2005: Financial Management Association (FMA) Annual Meeting, in Salt Lake City

September 2005: International Conference on Finance, Copenhagen, Denmark

June 2005: 12th Global Finance Conference, Dublin, Ireland

April 2005: Xth Spring Meeting of Young Economists, Geneva, Switzerland

April 2005: Semi-Annual Conference of Eastern German Doctoral Candidates, Leipzig, Germany (Universitätsübergreifendes Doktorandenseminar des HVB-Stiftungsfonds)

February 2005: Finance Workshop, European University Viadrina, Frankfurt (Oder), Germany

October 2004: Semi-Annual Conference of Eastern German Doctoral Candidates, Frankfurt (Oder), Germany (Universitätsübergreifendes Doktorandenseminar des HVB-Stiftungsfonds)

August 2004: Royal Economic Society's Summer School in Econometrics on "Financial Econometrics: Realised Variation", Oxford, United Kingdom

May - June 2004: 4th Annual Conference of the Viessmann Research Centre on Modern Europe at Laurier: "New Frontiers for Europe", Lisbon, Portugal

International Evidence on the Democrat Premium and the Presidential Cycle Effect, with Martin T. Bohl, September 2004, WPS 21/2004, North American Journal of Economics and Finance.

Steht der deutsche Aktienmarkt unter politischem Einfluss?, with Martin T. Bohl, FINANZ BETRIEB, Heft 7-8, Juli 2005, S. 517-523.

Wetter- und Politikeffekte als neue Aktienmarktanomalien, with Martin T. Bohl, WISU - das Wirtschaftsstudium, 6/2005, S. 811-816.

Political Orientation of Government and Stock Market Returns, with Jedrzej Bialkowski and Tomasz Piotr Wisniewski, Working Paper Series 9/2006.

Institutional Investors and Stock Market Efficiency: The Case of the January Anomaly, with Martin T. Bohl, Harald Henke and Rozália Pál, Working Paper Series 6/2006.

Stock Market Volatility around National Elections, with Jedrzej Bialkowski, and Tomasz Piotr Wisniewski, Working Paper Series 2/2006.

• Empirical Finance
• Stock Market Anomalies

2003-2006 Postgraduate Research Programme 'Capital Markets and Finance in the Enlarged Europe', European University Viadrina, Frankfurt (Oder)
PhD-Thesis: Rechtliche Rahmenbedingungen für die Verlagerung von Buchführungsleistungen in einem EU-Staat - Eine Analyse der berufs- und verfahrensrechtlichen Vorschriften am Beispiel der Verlagerung nach Polen. Finished in April 2009.

2002-2003 Research on the PhD-Thesis: 'Business Process Outsourcing (BPO) in Finance and Accounting'
Certified Public Accountant (CPA) exam in US GAAP, Illinois, USA

1991-1997 Diplom-Kauffrau in Business Administration with distinction, University of Paderborn, NRW, Germany
Master-Thesis: 'Expansion of the European Community to the East Europe taking Poland as an example'
Extra semester: Intensive English language course in Washington D.C., USA

• Finance and Accounting

2003 - 2004 Postgraduate Research Programme "Capital Markets and Finance in the Enlarged Europe", European University Viadrina, Frankfurt (Oder)
PhD-Thesis: Essays on the Effects of Uncertainty on Corporate Capital Structure. Finished in June 2005.

2001-2003 Boston College, Chestnut Hill, MA, USA - M.A. in Economics, May 2003
Advanced Coursework: Cross-Section and Panel Data Econometrics, Time Series Econometrics, Econometric Theory

1999-2001 EERC Program, National University “Kyiv-Mohyla Academy”, Ukraine - M. A. Economics, June 2001
Advanced Coursework: International Finance, Industrial Organization, Money and Banking, European Integration

1999 National University “Ostroh Academy”, Ukraine - B. A. Economics, June 1999

German Institute for Economic Research (DIW), Berlin, Germany (January 2004 – 2007)

Intern, Department of Innovation, Manufacturing and Serivces (Worked on the effects of macroeconomic uncertainty on leverage of US non-financial firms)

Center for European Economic Research (ZEW), Mannheim, Germany (June 2003 – August 2003) - Guest Researcher (Developed theoretical model of Foreign Direct Investments spillovers and tested it empirically)

Academic Technology Services, Boston College, MA, USA (June 2002 – May 2003) - Graduate Statistic Consultant (Maintained Virtual Data Center – repository of economic and social science databases (DOTs, DRI, IFS, WDI); Analyzed data using Stata, SAS, SPSS, served as team leader for graduate research and statistics assistants; Managed analytical software installation and deployment of over 3,000 new faculty and staff computers)

Department of Economics, Boston College, MA, USA (September 2001 – May 2002) - Research Assistant for Professor Christopher F. Baum (Created web-pages for Stata Textbook Examples: “Introductory Econometrics: A Modern Approach” (1st and 2d eds.) by Jeffrey Wooldridge; Worked as teaching assistant in “Financial Derivatives” and “Econometrics” classes)

Corporate Finance Department, Kinto Investments & Securities, Kiev, Ukraine (June 2000 – April 2001) - Analyst (Created and analyzed business plans for companies in telecommunication, internet and food industries)

September 2004: Verein für Socialpolitik, Dresden, Germany

August 2004: ESEM, Madrid, Spain

July 2004: Portuguese Finance Network, Lisbon, Portugal

April 2004: Spring Meeting of Young Economists, Warsaw, Poland

April 2004: 2nd German Stata Users' Meeting, Berlin, Germany

March 2003: North American Stata Users' Meeting, Boston, USA

Macroeconomic Uncertainty and Bank Lending: The Case of Ukraine, with Andriy Tsapin and Oleksandr Zholud, Working Paper Series 2/2007.

Corporate Debt Maturity Choice in a Transition Economy, Andreas Stephan, with Andriy Tsapin, Working Paper Series 1/2007.

The Effects of Regional and Industry-Wide FDI Spillovers on Export of Ukrainian Firms, ZEW Discussion Paper, Mannheim (2003): with Stefan Lutz and Sang-Min Park.

The Effects of Self-Perception on Students' Mathematics and Science Achievement in 36 countries, North American Stata Users' Group Meeting, 2003 , Stata Users Group (2003): with Ce Shen.

Do Ukrainian Firms Benefit from FDI? ZEI Working paper No. B04-2003, ZEW Discussion Paper No. 03-05, Bonn - Mannheim (2003): with Stefan Lutz.

The Impact of Macroeconomic Uncertainty on Cash Holdings for Non-Financial Firms, Boston College Working Paper No. 552 (2002): with Christopher F. Baum, Mustafa Caglayan and Neslihan Ozkan.

Macroeconomic Uncertainty and Firm Leverage, with Christopher F. Baum and Andreas Stephan, Working Paper Series 19/2004.

• Corporate Finance
• Panel Data Econometrics
• Monetary Economics

2004-2007 Postgraduate Research Programme Capital Markets and Finance in the Enlarged Europe, European University Viadrina, Frankfurt (Oder)
PhD Thesis: Essays on Innovation: Mergers & Acquisitions and Regulation. Finished in Dezember 2009.

1997-2003 B.A. and M.A. in Economics, Humboldt University, Berlin

1992-1996 B.Sc. in Physics, National University of Mongolia, Mongolia

2007 - now Research Fellow at ESMT Competition Analysis GmbH, Berlin

2001-2003 Research Assistant at Institute Competitiveness and Industrial Change, Social Science Research Center Berlin (WZB)

October 2007: Jahrestagung des Vereins für Sozialpolitik, München

September 2007: Conference of the European Association for Research in Industrial Economics (EARIE), Valencia, Spain

June 2007: Conference on the Economics of ITC, Paris

April 2007: International Industrial Organization Conference (IIOC), Savannah, USA

Mergers & Acquisitions and Innovation Performance in the Telecommunications Equipment Industry, with Andreas Stephan, Working Paper Series 5/2007, DIW Discussion Paper Series 728, HU - SFB Discussion Paper Series 649, CESIS Working Paper Series 111.

Analysing the Relationship between Regulation and Investment in the Telecom Sector, with Friederiszick, H., M. Grajek and L.-H. Röller (2007). ESMT White Paper.

Railway Alliances in EC Long-Distance Passenger Transport: A Competitive Assessment Post-Liberalization 2010, with Friederiszick, H., J. Jayaraman, L.-H. Röller, and J. Weinmann (2008). ESMT White Paper.

• Industrial Organization (theoretical and empirical)
• Microeconomics
• Applied Econometrics
• Competition Policy

2004-2007 Postgraduate Research Programme Capital Markets and Finance in the Enlarged Europe, European University Viadrina, Frankfurt (Oder)
PhD Thesis: Properties of Optimal Portfolio Weights and Their Characteristics. Finished in September 2007.

1999-2004 Study of Statistics, Lviv Ivan Franko University, Ukraine

Sample Efficient Frontier in Multivariate Conditionally Heteroscedastic Elliptical Models, with Taras Bodnar, Working Paper Series 10/2007, under revision in Statistics, 2008.

On the Existence of Unbiased Estimators for the Portfolio Weights, with Wolfgang Schmid, Working Paper Series  3/2007, AStA - Advances in Stastical Analysis, 92, 29-34, 2007.

Statistical Inference of the Efficient Frontier under Autocorrelated Asset Returns, with Taras Bodnar and Wolfgang Schmid, Working Paper Series 8/2006, to appear in Statistical Papers, 2008.

• portfolio selection
• multivariate analysis
• functional analysis
• multivariate GARCH

2005-2008 Postgraduate Research Programme Capital Markets and Finance in the Enlarged Europe, European University Viadrina, Frankfurt (Oder)
PhD-Thesis: Expect to be finished 2010.

2005 Master of Statistics, Ivan Franko State University, Lviv, Ukraine.

2004 Bachelor of Mathematics, Ivan Franko State University, Lviv, Ukraine.

September 2007: Statistische Woche in Kiel, Deutschland

November 2006: Workshop on Financial Surveillance, Göteborg, Schweden

New Characteristics for Portfolio Surveillance, forthcoming in Statistics: A Journal of Theoretical and Applied Statistics (with V. Golosnoy and W. Schmid)

On the Application of SPC in Finance (2009), Frontiers in Statistical Quality Control 9, in press (with V. Golosnoy, S. Ragulin, and W. Schmid).

Sequential Monitoring of Optimal Portfolio Weights (2007), in M. Frisén (editor) Financial Surveillance, Wiley (with V. Golosnoy and W. Schmid).

Portfolio selection based on the internal yield requirement (2005), 7-th international workshop for young mathematicians: Applied Mathematics (Conference proceedings), - Cracow, Polen, p.131-149 (with O. Okhrin and Ya. Yeleyko).

Criterion of Shortest Distence Between Informative Cubes in Multicriterion Multiaimed Models (2004), Applied Statistic. Acturial and Financial Materials. #1-2 (with Ya. Yeleyko).

Estimation Model of Effectiveness of Interbank Operations (2004), Postcommunist Economics During Globalisation (Conference materials). – Lviv (with O. Okhrin).

• Portfolio Selection
• Statistical Process Control
• Applied Econometrics
• Stochastic Volatility Models

2006-2009 Postgraduate Research Programme Capital Markets and Finance in the Enlarged Europe, European University Viadrina, Frankfurt (Oder)
PhD Thesis: Innovation in the world's automotive industry. Expect to be finished in 2010.

1999-2005 Study of Economics, European University Viadrina, Frankfurt (Oder)

April 2009 - July 2009 Research Visit at the Manchester Metropolitan University Business School

February 2007 - May 2007 Research Visit at the Manchester Metropolitan University Business School

Innovationspolitik in Großbritannien, mit Andreas Stephan, in: "Innovationspolitik: Wie kann Deutschland von anderen lernen", Frank Gerlach und Astrid Ziegler, Schüren Verlag 2007.

Was zeichnet erfolgreiche Automobilzulieferer aus – mehr als nur hohe Rentabilität?, Working Paper Series 11/2007.

• Industrial Economics
• Empirical Economic Research
• Innovation Economics

2006 - 2009 Postgraduate Research Programme Capital Markets and Finance in the Enlarged Europe, European University Viadrina, Frankfurt (Oder)
PhD Thesis: Sequential Control Procedures in Portfolio Management. expect to be finished in 2010.

2003-2006 Diploma in Business Administration, Majors: Banking and Finance, Business Informatics, Statstics and Econometrics, European University Viadrina, Frankfurt (Oder)

1999-2003 Diploma in Corporate Management, Donetsk State Academy of Management, Ukraine

1995-1999 Diploma in Automation Systems of Technological Production, Donetsk Polytechnic School, Ukraine

Multivariate CUSUM Chart: Properties and Enhancements, with V.Golosnoy, W.Schmid, submitted for publication, 2007.

On the Application of SPC in Finance, with Vasyl Golosnoy, Sergiy Ragulin, and Wolfgang Schmid, submitted for publication, 2007.

• Portfolio Management
• Risk Management

2006-2008 Postgraduate Research Programme Capital Markets and Finance in the Enlarged Europe, European University Viadrina, Frankfurt (Oder)
PhD Thesis: Innovation Strategies and Patenting in Multiproduct Firms. Finished in December 2009.

1999-2004 Study of Economics, Freie Universität, Berlin

September 2008: Verein für Socialpolitik, Graz

September 2008: EARIE 2008, Toulouse

June 2007: Applied Econometrics Association 96^th International Conference, Patent & Innovation Econometrics Studies, Strasbourg

Technology Portfolio and Market Value, DIW-Discussion Paper 780, 2008.

• Unternehmensdaten und Mikroökonometrie

2006 - 2009 Postgraduate Research Programme Capital Markets and Finance in the Enlarged Europe, European University Viadrina, Frankfurt (Oder)
PhD Thesis: Essays on the determinants of debt choices and profitability in a transition economy. Finished in December 2009.

2002 - 2003 The National University "Ostroh Academy", Ukraine
Master's Degree in Finance
Master Thesis: Financial Aspects of Intraregional Relations in the Transitional Period

1999 - 2000 The National University "Ostroh Academy", Ukraine
Specialist Degree in Finance

April 2008: SMYE, Lille

October 2007: Verein für Sociapolitik, München

June 2007: 1^st Annual Meeting of the Portugese Economic Journal, Ponta Delgada

December 2006: EERC, Moskow

Why do Firms Switch Their Main Bank? Theory and Evidence from Ukraine, Andreas Stephan, Andriy Tsapin, Oleksandr Talavera, No. 1/2009.

Persistence and Determinants of Firm Profit in Emerging Markets, with Andres Stepan, Applied Economics Quarterly, 2008.

Profit Persistence in a Transition Economy, forthcoming.

Macroeconomic Uncertainty and Bank Lending: The Case of Ukraine, with Oleksandr Talavera, and Oleksandr Zholud, No. 2/2007.

Corporate Debt Maturity Choice in a Transition Economy, with Andreas Stephan and Oleksandr Talavera, No. 1/2007.

2006-2009 Postgraduate Research Programme Capital Markets and Finance in the Enlarged Europe, European University Viadrina, Frankfurt (Oder)
PhD Thesis: Multivariate control charts for financial time series. Expect to be finished 2010.

1999-2004 Department of Mathematics, Lviv National University, Ukraine
Master Thesis: Stochastic Models of Investment

March 2008: 8^th German Open Conference on Probability and Statistics ("Aachener Stochastik-Tage")

Surveillance of the Risk Behaviour of a Time Dependent Process, with Wolfgang Schmid.