The Institute of Finance and Financial Regulation (IFFR) academic fellows are pioneers in the creation of new knowledge in the fields of finance and financial regulation.  Their research creates new trends in academic research, it helps decoding the way that financial markets function and in many cases shapes the finance practice.

This research takes many years to be completed and get published.  The high quality of their research is also manifested by the fact that it gets published in the very best academic journals.  The acceptance rate of articles submitted to most of these journals is less than 10% and submitted papers have to go through a thorough review process where multiple reviewers are involved and multiple rounds of examination are requested by the Editors and reviewers.

The following is a list of indicative publications of the IFFR fellows.


Alexander, C., Deng, J. and Zou, B. (2023). Hedging with Automatic Liquidation and Leverage Selection on Bitcoin Futures, European Journal of Operational Research.

Alexander, C. and Imeraj, I. (2023). Delta Hedging Bitcoin Options with a Smile, Quantitative Finance.

Alexander, C. and Dakos, M. (2023). Assessing the Accuracy of Exponentially Weighted Moving Average Models for Value-at-Risk and Expected Shortfall of Crypto Portfolios, Quantitative Finance.

Alexander, C. and Dakos, M. (2023). The New Tokenomics of Crowdfunding, The British Journal of Management.

Alexander, C., Deng, J., Feng, J. and Wan, H. (2023). Net Buying Pressure and the Information in Bitcoin Option Trades, Journal of Financial Markets.

Alexander, C., Chen, D. and Imeraj, I. (2023). Crypto Quanto and Inverse Options, Mathematical Finance.

Alexander, C., Chen, X. and Wei, W. (2023). Matching Kollo Measures., Journal of the Operational Research Society.

Anthropelos, M. and Kardaras, C. (2023). Price Impact under Heterogeneous Beliefs and Restricted Participation, Journal of Economic Theory, forthcoming.

Balasubramaniam, V., Campbell, J., Ramadorai, T. and Ransih, B. (2023). Who owns what? A factor model for direct stockholding, Journal of Finance.

Basu, S., Easley, D., O’ Hara, M. and Sirer, G.E. (2023). Stable Fees: A Predictable Fee Market for Cryptocurrencies, Management Science, forthcoming.

Easley, D. and O’ Hara, M. (2023). Financial Market Ethics, Review of Financial Studies, forthcoming.

Faccini, R., Matin, R. and Skiadopoulos, G. (2023). Dissecting Climate Risks: Are they Reflected in Stock Prices?, Journal of Banking and Finance.

Floros, I., Sivaramakrishnan, S. and Zufarov, R. (2022).  Proprietary costs and the equity financing choice, Review of Accounting Studies.

Hiraki, K. and Skiadopoulos, G. (2023). The Contribution of Transaction Costs to Expected Stock Returns? A Novel Measure, Journal of Derivatives.

O’ Hara, M. and Zhou, A. (2023). Things Fall Apart: Fixed Income Markets in the Covid Crisis, Annual Review of Financial Economics, forthcoming.

Papanikolaou, D., Schmidt, L. and Seegmiller, B. (2023) Measuring Document Similarity With Weighted Averages of Word Embeddings, Explorations in Economic History, forthcoming.

Pagano, M., Wagner, C. and Zechner, J. (2023). Disaster Resilience and Asset Prices, Journal of Financial Economics, forthcoming.

Papanikolaou, D., Eisfeldt, A. and Kim, E. (2023) Intangible Value, Critical Finance Review, forthcoming.

Randl, O., Westerkamp, A.,  Zechner, J. (2023). Equilibrium Policy Portfolios When Some Investors are Restricted from Holding Certain Assets, China Finance Review International.

Zariphopoulou, T., Anthropelos, M. and Geng, T. (2023). Competition in Fund Management and Forward Relative Performance Criteria, SIAM Journal of Financial Mathematics.

Zeni, F. and Ramadorai, T. (2023). Climate regulation and emissions abatement: Theory and evidence from firms’ disclosures, Management Science, forthcoming.


Alexander, C., Heck, D. and Kaeck, A, (2022). The Role of Binance in Bitcoin Volatility Transmission, Applied Mathematical Finance.

Alexander, C., Han, Y. and Meng, X. (2022).  Static and Dynamic Models for Multivariate Distribution Forecasts, International Journal of Forecasting.

Alexander, C., Meng, X. and Wei, W. (2022) Targetting Kollo Skewness with Random Orthogonal Matrix Simulation, European Journal of Operational Research,

Alexander, C., Coulon, M., Han, Y. and Meng, X. (2022). Evaluating the Discrimination Ability of Proper Multi-Variate Scoring Rules,  Annals of Operations Research.

Andersen, S.,  Badarinza, C., Liu, L., Marx, J. and Ramadorai, T. (2022). Reference dependence in the housing market, American Economic Review.

Buffa, A.M., Vayanos, D., Woolley, P. (2022). Asset Management Contracts and Equilibrium Prices, Journal of Political Economy.

Gropp, R., Ongena, S., Rocholl, J. and Saadi, V. (2022). The Cleansing Effect of Banking Crises, Economic Inquiry.

Garleanu, N. and Panageas, S. (2022). Heterogeneity and Asset Pricing: An Intergenerational Approach, Journal of Political Economy, forthcoming.

Ioannidou, V., Pavanini, N. and Peng, Y. (2022).  Collateral Requirements and Adverse Selection in Lending Markets, Journal of Financial Economics.

Pagano, M., Zechner, J. (2022). COVID-19 and Corporate Finance, The Review of Corporate Finance Studies.

Panageas, S., Abel, AB . (2022). Precautionary Saving in a Financially-Constrained Firm, Review of Financial Studies

Papanikolaou, D., Crouzet, N., Eberly, J., and Eisfeldt, A. (2022). The Economics of Intangible Capital, Journal of Economic Perspective.

Papanikolaou, D. and Schmidt, L. (2022). Working Remotely and the Supply-side Impact of Covid-19, Review of Asset Pricing Studies.

Papanikolaou, D.,  Li, D. and Krieger, J. (2022). Missing Novelty in Drug Development, Review of Financial Studies.


Abel A. and Panageas, S. (2021). An Analytic Framework for Interpreting Investment Regressions in the Presence of Financial Constraints, Review of Financial Studies, forthcoming.

Alexander C. and Chen, X. (2021). Model Risk in Real Option Valuation, Annals of Operations Research.

Alexander, C. and Imeraj, A. (2021). The Crypto Investor Fear Gauge and the Bitcoin Variance Risk Premium, Journal of Alternative Investments.

Alexander, C. and Rauch, J. (2021). A General Property for Time Aggregation, European Journal of Operational Research.

Alexander, C. and Lazar, E. (2021). The Continuous Limit of Weak GARCH, Econometric Reviews.

Alexander, C., Lazar, E. and Stanescu, S. (2021). Analytic Moments for GARCH Processes, International Journal of Forecasting.

Anthropelos, M., Robertson, S. and Spiliopoulos, K. (2021). Optimal Investment and Derivative Demand under Price Impact, Mathematical Finance.

Barberis, N., Jin, L. and Wang, B. (2021). Prospect Theory and Stock Market Anomalies, Journal of Finance, forthcoming.

Carletti, E., De Marco, F., Ioannidou, V. and Sette, E. (2021). Banks as Patient Lenders: Evidence from a Tax Reform, Journal of Financial Economics.

Cejnek, G., Randl, O. and Zechner, J. (2021). The COVID-19 Pandemic and Corporate Dividend Policy, Journal of Financial and Quantitative Analysis.

Chaderina, M., Weiss, P. and Zechner, J. (2021). The Maturity Premium , Journal of Financial Economics.

Choi, J., Hackbarth, D. and Zechner. Z. (2020). Granularity of Corporate Debt, Journal of Financial and Quantitative Analysis.

Dangl, T. and Zechner, J. (2021). Debt Maturity and the Dynamics of Leverage, Review of Financial Studies.

Garleanu, N. and  Panageas, S. (2021). What to Expect When Everyone is Expecting: Self-Fulfilling Expectations and Asset Pricing Puzzles, Forthcoming, Journal of Financial Economics, forthcoming.

Georg Cejnek, Otto Randl, and Zechner, J. (2021).  The COVID-19 Pandemic and Corporate Dividend Policy, Journal of Financial and Quantitative Analysis, forthcoming.

Gkionis, K., Kostakis, A., Skiadopoulos, G., and Stilger, P.S. (2021). Positive Stock Information in OTM Option Prices, Journal of Banking and Finance.

Goncharov,I., Ioannidou,V. and Schmalz, M. (2021). (Why) Do Central Banks Care about Their Profits? Journal of Finance, forthcoming.

Kokkoris I. (2021). Public Interest and National Security Considerations in US Merger Control (Monograph).

Kokkoris I., (ed.). (2021). Research Handbook on Competition Enforcement, Forthcoming, Edward Elgar.

Kokkoris I. (2021). Research Handbook on Global Merger Enforcement (Co-Editor with Nick Levy, Partner, Cleary Gottlieb), Edward Elgar.

Kokkoris I. et. Al. (2021). Competition Enforcement in China, US and the EU. A Comparative Approach, Oxford University Press (Monograph).

Kokkoris, I. et al. (2021). Trademarks and Competition Law, Oxford University Press (Monograph).

Kokkoris I., Shelanski H., EU Merger Control: A Legal and Economic Analysis, Oxford University Press. (Monograph), forthcoming.

Kokkoris I., The Boundaries of Merger Enforcement: Public Interest, and other Pretensions, Oxford University Press. (Monograph), forthcoming.

Papanikolaou, D., Benmelech, E., Eberly, J. and Krieger, J. (2021). Private and Social Returns to R&D: Drug Development and Demographics, AEA Papers and Proceedings.

Papanikolaou, D., Kondo, J. and Li, D. (2021). Trust, Collaboration, and Economic Growth, Management Science.

Ramadorai, T., Badarinza, C. and Shimizu, C. (2021).Gravity, counterparties, and foreign investment, Journal of Financial Economics, forthcoming.

Ramadorai, T., Babina, T., Jotikasthira, C. and Lundblad, C. (2021). Heterogenous taxes and limited risk sharing: Evidence from municipal bonds, Review of Financial Studies.

Ramadorai, T., Fuster, A., Goldsmith-Pinkham, P. and Walther, A. (2021). Predictably unequal? The effects of machine learning on credit markets, Journal of Finance, forhtcoming.

Ramadorai, T., Yves-Alexandre de Montjoye, Valetti, T. and Walther, A. (2021). Privacy, adoption, and truthful reporting: A simple theory of contact tracing applications, Economics Letters, forthcoming.

Ramadorai, T., Anagol, S. and Balasubramaniam, V. (2021). Learning from noise: Evidence from India’s IPO lotteries, Journal of Financial Economics, forthcoming.

Ramadorai, T., Gomes, F. and Haliassos, M. (2021). Household finance, Journal of Economic Literature, forthcoming.

 Vayanos, D. and Jean-Luc, V. (2021). A Preferred-Habitat Model of the Term Structure of Interest Rates, Econometrica.


Alexander, C., Lazar, E. and Stanescu, S. (2020). Analytic Moments for GJR-GARCH (1,1) Processes, International Journal of Forecasting, forthcoming.

Alexander, C. and Rauch, J. (2020). A General Property for Time Aggregation, European Journal of Operational Research, forthcoming.

Alexander C., Choi, J., Park, H., and Sohn, S. (2020). BitMEX Bitcoin Derivatives: Price Discovery, Informational Efficiency and Hedging Effectiveness, Journal of Futures Markets.

Alexander C. and Dakos, M. (2020). A Critical Investigation of Cryptocurrency Data and Analysis, Quantitative Finance.

Anthropelos, M., Kardaras, C. and Vichos, G. (2020). The Effective Risk Aversion in Thin Risk-Sharing Markets, Mathematical Finance, forthcoming.

 Anthropelos, M., and Boonen, T. (2020). Nash Equilibria in Optimal Reinsurance Bargaining, Insurance: Mathematics and Economics.

Berg, T., Puri, M., and Rocholl J. (2020). Loan Officer Incentives, Internal Ratings, and Default Rates, Review of Finance.

Bernales, A., Cortazar, G., Salamunic, L. and Skiadopoulos, G. (2020). Learning and Index Option Returns, Journal of Business and Economic Statistics.

Florakis, C., Kanas, A., Kostakis, A., and Sainani, S. (2020). Idiosyncratic risk, risk-taking incentives and the relation between managerial ownership and firm value. European Journal of Operational Research.

Ioannidou,V., Degryse, H., Liberti, J. and Sturgess, J. (2020). How do Laws and Institutions Affect Recovery Rates on Collateral?, Review of Corporate Finance Studies.

Mavis, C., McNamee, N., Petmezas, D. and Travlos, N. (2020). Selling to buy: Asset sales and acquisitions, Journal of Corporate Finance, forthcoming.

Rocholl, J., Albuquerque, R., Zhang, C., and Lei, Z. (2020). Citizens United vs. FEC and Corporate Political Activism, Journal of Corporate Finance.


Alexander, C., Kaeck, A. and Sumawong, A. (2019). A Parsimonious Parametric Model for generating Margin Requirements for Futures, European Journal of Operational Research.

Alexander, C. and Chen, X.  (2019). Model Risk in Real Option Valuation, Annals of Operations Research.

Andrikogiannopoulou, A. ,and Papakonstantinou, F. (2019). History-Dependent Risk Preferences: Evidence from Individual Choices and Implications for the Disposition Effect, Review of Financial Studies, forthcoming.

Badarinza, C. and Ramadorai, T. (2019). Home away from home? Foreign demand and London house prices, Journal of Financial Economics.

Basu, S., O’Hara, M. and. Easley, D. (2019). From Mining to Markets: The Evolution of Bitcoin Transaction Fees, Journal of Financial Economics, forthcoming.

Berg, T., Puri, M. and Rocholl, J. (2019). Loan Officer Incentives, Internal Ratings, and Default Rates. Review of Finance, forthcoming.

Delikouras, S. and Kostakis, A. (2019). A Single-Factor Consumption-Based Asset Pricing Model, Journal of Financial and Quantitative Analysis.

Eyster, E., Rabin, M. and Vayanos, D. (2019). Financial Markets where Traders Neglect the Informational Content of Prices, Journal of Finance.

Floros, I., Cole, R. and Ivanov, V. (2019). U.S. Exchange Upgrades: Reducing Uncertainty through a two-stage IPO, Journal of Financial Intermediation, forthcoming.

Kogan, L., Papanikolaou, D. and Stoffman, N. (2019). Online Appendix to Winners and Losers: Creative Destruction and the Stock Market, Journal of Political Economy, forthcoming.

Kondor, P.  and Vayanos, D. (2019). Liquidity Risk and the Dynamics of Arbitrage Capital, Journal of Finance.

Lambrinoudakis, C., Skiadopoulos, G., and Gkionis, K. (2019). Capital Structure and Financial Flexibility: Expectations of Future Shocks, Journal of Banking and Finance.



Andrikogiannopoulou, A. and Papakonstantinou, F. (2018). Individual Reaction to Past Performance Sequences: Evidence from a Real Market Place, Management Science.

Andrikogiannopoulou, A. and Papakonstantinou, F. (2018). Reassessing False Discoveries in Mutual Fund Performance: Skill, Luck, or Lack of Power, Journal of Finance, forthcoming.

Anthropelos, M., Kupper, M. and Papantoleon, A. (2018). An Equilibrium Model for Spot and Forward Prices of Commodities, Mathematics of Operations Research.

Aretz, K., Florackis, C. and Kostakis, A. (2018). Do Stock Returns Really Decrease with Default Risk? New International Evidence, Management Science.

Bao, J., O’Hara, M.  and Zhou, X. (2018). The Volker Rule and Bond Market Liquidity in Times of Market Stress, Journal of Financial Economics, forthcoming.

Badarinza, C., Campbell, Y, J. and Ramadorai, T. (2018).  What calls to ARMs? International evidence on interest rates and the choice of adjustable rate mortgages, Management Science.

Barberis, N. (2018). Richard Thaler and the Rise of Behavioral Economics, Scandinavian Journal of Economics.

Barberis, N., Greenwood, R., Jin, L.  and Shleifer, A. (2018). Extrapolation and Bubbles, Journal of Financial Economics.

Binder, J. (2018). The Supervisory Board of Credit Institutions Three Years after the “regulatory tsunami” -an inventory, in: ZGR, 88-125.

Binder, J. (2018). Credit Checks on Consumer Loans – Stocktaking and Recent Developments, in: ZIP, 1201-1211.

Billet, T., M., Floros, V., I., and Garfinkel, A., J. (2018). At-The-Market (ATM) offerings, Journal of Financial and Quantitative Analysis, forthcoming.

Campbell, Y., J., Ramadorai, T., and Ranish, B. (2018). Do the Rich get Richer in the Stock Market? Evidence from India, American Economic Review: Insights, forthcoming.

Faccini, R., Konstantinidi, E., Skiadopoulos, S., G. and Sarantopoulou, S. (2018). A New Predictor of U.S. Real Economic Activity: The S&P 500 Option Implied Risk Aversion, Management Science, forthcoming.

Kogan, L., Papanikolaou, D., Seru, A. and Stoffman, N. (2018). Technological Innovation, Resource Allocation and Growth, Quarterly Journal of Economics.

Kranner, S., Stoughton, N. and Zechner, J. (2018). Lessons Learned from Student Managed Portfolios, Journal of Investment Management, forthcoming.

O’Hara, M., Wang, Y. and Zhou, X. (2018). The Execution Quality of Corporate Bonds, Journal of Financial Economics.

Rocholl, J. and Popov, A. (2018). Do Credit Shocks affect Labor Demand? Evidence for Employment and Wages during the Financial Crisis, Journal of Financial Intermediation.

Santosh, A., Balasubramaniam, V. and Ramadorai, T. (2018). Endowment effects in the field: Evidence from India’s IPO lotteries, Review of Economic Studies, forthcoming.

Skoulakis, G. (2018). Ex-post Risk Premia Estimation and Asset Pricing Tests using Large Cross Sections: The Regression-Calibration Approach, Journal of Econometrics.