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., 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 40, 23-43.

Alexander C. and Dakos, M. (2020). A Critical Investigation of Cryptocurrency Data and Analysis, Quantitative Finance 20, 173-188.

Anthropelos, M., Kardaras, C. and Vichos, G. (2020). The Effective Risk Aversion in Thin Risk-Sharing Markets, Mathematical Finance, 1–26, forthcoming.

 Anthropelos, M., and Boonen, T. (2020). Nash Equilibria in Optimal Reinsurance Bargaining, Insurance: Mathematics and Economics 93, 196-205.

Berg, T., Puri, M., and Rocholl J. (2020). Loan Officer Incentives, Internal Ratings, and Default Rates, Review of Finance 24, 529– 578.

Bernales, A., Cortazar, G., Salamunic, L. and Skiadopoulos, G. (2020). Learning and Index Option Returns, Journal of Business and Economic Statistics 38, 327-339.

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

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 283, 748-766.

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 9, 1-43.

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, 60.


Alexander, C., Kaeck, A. and Sumawong, A. (2019). A Parsimonious Parametric Model for generating Margin Requirements for Futures, European Journal of Operational Research 273, 31-43.

Alexander, C. and Chen, X.  (2019). Model Risk in Real Option Valuation, Annals of Operations Research 273, 31-43.

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 30, 532-555.

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 54, 789-827.

Eyster, E., Rabin, M. and Vayanos, D. (2019). Financial Markets where Traders Neglect the Informational Content of Prices, Journal of Finance 74, 371-399.

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 74, 1139-1173.

Lambrinoudakis, C., Skiadopoulos, G., and Gkionis, K. (2019). Capital Structure and Financial Flexibility: Expectations of Future Shocks, Journal of Banking and Finance 104, 1-18.



Andrikogiannopoulou, A. and Papakonstantinou, F. (2018). Individual Reaction to Past Performance Sequences: Evidence from a Real Marketplace, Management Science 64, 1957-1973.

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 43, 152-180.

Aretz, K., Florackis, C. and Kostakis, A. (2018). Do Stock Returns Really Decrease with Default Risk? New International Evidence, Management Science, 64, 3821-3842

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 64, 2275-2288.

Barberis, N. (2018). Richard Thaler and the Rise of Behavioral Economics, Scandinavian Journal of Economics 120, 661-684.

Barberis, N., Greenwood, R., Jin, L.  and Shleifer, A. (2018). Extrapolation and Bubbles, Journal of Financial Economics 129, 203-227.

Bernales, A., Cortazar, G., Salamunic, L. and Skiadopoulos, S., G. (2018). Learning and Index Option Returns, Journal of Business and Economic Statistics, forthcoming.

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 132(2).

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 130, 308-326.

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 36, 16-27.

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 204, 159-188.