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Office Hours

M 11:30 AM-03:00 PM
W 11:30 AM-03:00 PM
Degree Program University
D.B.A. International Finance United States International University
M.B.A. Finance National University
B.S. Biology and Chemistry University of the State of New York
DEUG Mathematics University of Marseille IV

My Professional Experience

Year Title University
2007 - Now Director, Center for Global Financial Studies Siena College
2007 - Now Professor of Finance Siena College
2005 - 2008 Portfolio Manager Arcsin Tactical Trading
2004 - 2007 Associate Professor of Finance Siena College
2001 - 2004 Assistant Professor of Finance Indiana State University
1999 - 2001 Associate Faculty of Finance National University
1997 - 1999 Adjunct Faculty in Finance United States International University
1996 - 1998 Treasurer Mitchell International
1994 - 1995 Financial Analyst Mitchell International
1991 - 1993 Scientific Attache French Embassy in Thailand

Current Research

Emerging Markets, Asset Pricing Theory, Futures and Option Pricing Theory

Articles & Book Reviews

  • Evidence of A Systematic Country Risk premium
    Global Business and Technology Association Readings Book
    July, 2018
  • A VBA Solution To Modern Portfolio Theory
    Journal of Economics and Finance Education
    April, 2018
  • Evidence of the Diminishing Return in Macro Bet Strategies When Using Chinese Equities as a Stand-Alone Asset Class
    Research Journal of Economics & Business Studies, vol. 4
    July, 2015
  • On the Pricing Of Chinese Stocks
    International Business & Economics Research Journal, vol. 12
    2013
  • Are Chinese Equity Markets A Separate Asset Class?
    Las Vegas International Academic Conference
    October, 2012
  • Determinants Of Chinese Stocks' Risk Premiums
    Las Vegas International Academic Conference
    October, 2012
  • Empirical Evidence of the Existence of Investable Premiums in Emerging Market Investable Stocks
    Financial Review, vol. 45
    November, 2010
  • Faith-Based Ethical Investing: The Case of Dow Jones Islamic Indexes
    Islamic Economic Studies, vol. 17
    January, 2010
  • Determinants of Emerging Markets' Commercial Bank Stock Returns
    Global Journal of Business Research, vol. 4
    2010
  • The Efficacy of Conditional Cost of Carry Models
    Review of Futures Markets, vol. 18
    2010
  • Cost of Carry On Steroids: Application to the Pricing Oil Futures
    International Journal of Business and Finance Research, vol. 4
    2009
  • On the Relationship Between Trading Volume and Stock Price Volatility in CASE
    International Journal of Managerial Finance, vol. 5
    2009
  • Stock Market Volatility and Trading Volume: An Emerging Market Experience
    Journal of Applied Finance, vol. 15
    2009
  • Do Periodically Collapsing Bubbles in Latin American and Asian Emerging Markets Really Exist?
    Journal of Business and Economics Research, vol. 7
    July, 2008
  • Risk and Return in the Next Frontier
    The Journal of Emerging Market Finance
    January, 2008
  • The Cost of Faith-Based Investing
    South Western Finance Association Conference
    2008
  • The Relationship Between Information Flow and Energy Futures Volatility
    Review of Futures Markets, vol. 16
    2008
  • The Relative Importance of Global, Country and Sector Risks
    Advances in Financial Planning and Forecasting, vol. 3
    2008
  • The Risk Factors Associated with Investing in an Emerging Equity Market during the EU Membership Process
    International Journal of Business and Finance Research, vol. 3
    2008
  • Trading Volume and Market Volatility: Developed vs. Emerging Stock Markets
    Financial Review, vol. 42
    August, 2007
  • Cost of Equity in Emerging Markets: The Case of Argentina
    Journal of International Finance and Economics, vol. V
    2007
  • Determinants of Bank Returns in Emerging Capital Markets
    Academy of Financial Services Annual Meeting
    2007
  • Is There a Cost to Faith-Based Investing? Evidence from FTSE Islamic Indices
    Academy of Financial Services Annual Meeting
    2007
  • On the Evaluation of Chinese Firms' Cost of Equity
    Academy of Financial Services Annual Meeting
    2007
  • On the Market Price of Risk: A Global Evidence
    Journal of the Academy of Finance, vol. 7
    2007
  • Risk Factors Affecting Emerging Market Investable Stocks
    Academy of Financial Services Annual Meeting
    2007
  • Are Returns of Emerging Markets' Investable Stocks Subjected to a Capital Control Premium?
    Academy of Financial Services Annual Meeting
    2006
  • Currency Option Pricing: A Synthesis
    International Journal of Business Strategy, vol. III
    2006
  • Does Total Risk Matter? The Case of Emerging Capital Markets
    Mulitinational Finance Journal, vol. 10
    2006
  • Faith Based Ethical Investing: The Case of the Dow Jones Islamic Indexes
    Academy of Financial Services Annual Meeting
    2006
  • Firm, Sector, Country and Systematic Effects in Emerging Markets' Stocks
    Journal of International Business & Economics, vol. VI
    2006
  • Measuring Private Equity Stock Reactions
    Academy of Financial Services Annual Meeting
    2006
  • Risk and Return in the Next Frontier
    Academy of Financial Services Annual Meeting
    2006
  • Stock Market Volatility and Trading Volume: Turkish Experience
    Academy of Financial Services Annual Meeting
    2006
  • Stock Price Discovery in CASE
    Academy of Financial Services Annual Meeting
    2006
  • Volume Versus GARCH Effects: Comparative Evidence on Developed and Emerging Markets
    Academy of Financial Services Annual Meeting
    2006
  • Volume versus GARCH Effects in the Ivory Coast Stock Market
    Journal Of Emerging Markets, vol. 23
    2006
  • What Risks are Systematic in Thinly Traded Capital Markets: The Case of Arab Countries
    Journal Of International Financial Markets, Institutions And Money
    2006
  • A N-Assets Efficient Frontier in Investment Courses
    Journal of College Teaching and Learning, vol. 2
    January, 2005
  • 'Asymmetric Reverting Investors' Behaviors and Overreaction Hypothesis: The Case of Asian Capital Markets
    Journal of International Business & Economics, vol. 3
    2005
  • Conducting Performance Attribution Analysis in the Classroom Using Real Market Data
    Academy of Financial Services Annual Meeting
    2005
  • Conducting Performance Attribution Analysis in the Classroom Using Real Market Data
    Journal Of Financial Education
    2005
  • Empirical Evidence on Return-Trading Volume Relationship in Frontier Markets: Case of the Abidjan Stock Market (BRVM)
    Academy of Financial Services Annual Meeting
    2005
  • Goody-Two-Shoes or Bad-To-The-Bone: The Case of SRI
    Academy of Financial Services Annual Meeting
    2005
  • What Risks are Systematic in Thinly Traded Capital Markets: The Case of Arab Countries
    Academy of Financial Services Annual Meeting
    2005
  • A Pricing Matrix for American Currency Options
    The Journal of Financial and Economic Practice, vol. 3
    2004
  • An N-Assets Efficient Frontier in the Classroom
    Academy of Financial Services Annual Meeting
    2004
  • Inter and Intra-Regional Linkages to MENA Capital Markets
    Quarterly Journal Of Business And Economics, vol. 43
    2004
  • Long Term Stochastic Trends in MENA Capital Markets
    International Business & Economics Research Journal, vol. 3
    2004
  • Risk Aversion in Latin American Markets
    Journal of International Business & Economics, vol. 1
    2004
  • Sector Risk Decomposition in Asian and Latin American Markets
    Academy of Financial Services Annual Meeting
    2004
  • Financial Crises and Aversion to Global and Local Risk Factors: The Case of Latin American Emerging Capital Markets
    Academy of Financial Services Annual Meeting
    2003
  • On Market Price of Risk in Asian Capital Markets Around the Asian Flu
    International Review Of Financial Analysis, vol. 12
    2003
  • On Risk and Return in MENA Capital Markets
    International Journal Of Business, vol. 8
    2003
  • On the Shift of Risk Aversion in Latin American Capital Market as a Result of the Tequilla Crisis, the Asian Flu and the Russian Virus
    Journal of the Academy of Finance, vol. 1
    2003
  • Asymmetric Reverting Behavior of Stock Returns in MENA Capital Markets
    Review of the Academy of Finance, vol. 2
    March, 2002
  • A Global View on Market Price of Risk
    Financial Management Association International Annual Meeting
    2002
  • Consequences of the Asian Financial Crisis on Global Asset Allocations Strategies: Evidence from the Asian Block
    International Review of Comparative Public Policy, vol. 13
    2002
  • Intertemporal Risk-Return Relationship in the Asian Markets Around the Asian Crisis
    Financial Services Review: Journal Of Individual Financial Management, vol. 10
    2002
  • On the Evolution of Intercontinental Capital Market Linkages: The Case of Middle East and North African Capital Markets
    Academy of Financial Services Annual Meeting
    2002
  • The Effect of the Asian Financial Crisis on Stock Returns, Volatility and Market Integration in the Region
    Studies in Economics and Finance, vol. 20
    2002
  • Consequences of the Asian Financial Crisis on Global Asset Allocation Strategies: Evidence From the Asian Block
    Global Finance Conference
    2001
  • Intertemporal Risk-Return Relationship in the Asian Markets Around the Asian Crisis
    Academy of Financial Services Annual Meeting
    2001
  • The Effect of the Asian Financial Crisis on Stock Returns, Volatility and Market Integration in the Region
    Studies In Economics And Finance (Studies In Economic Analysis), vol. 3
    2001
  • Capital Control Premium and Investable Risk in Emerging Capital Markets
    Journal Of Investing, vol. 16
    Winter, 2007
  • Faith-Based Ethical Investing: The Case of FTSE Islamic Indexes
    Journal Of Investing, vol. 17
    Winter, 2008
  • How Does Country Risk Matter?
    The Journal of Global Business and Technology, vol. 14
    Spring, 2018
  • Investissement Ethique Fonde sur la Foi: Cas des Indices Dow Jones Islamiques
    Etudes en Economie Islamique, vol. 5
    May/Jun, 2012
  • Robustness of Dilution-Adjusted Versus Standard Abnormal Returns: The Case of Equity Private Placement Announcement Performance
    The Journal of Private Equity, vol. 9
    Summer, 2006
  • Socially Responsible Investments: Goody-two-shoes or Bad-to-the-bone?
    Journal Of Investing
    Spring, 2007

Awards & Distinctions

  •  Best paper award at the Global Business and Technology Association Annual Conference for "Constructing a Country Risk Premium Benchmark."
    Category: Research
    Global Business and Technology Association, 2018
  • School of Business Research Award
    Category: Research
    School of Business Research Award, 2011
  • Best paper in Finance at the 2009 GBR conference for: Cost of Carry On Steroids: Application to the Pricing Oil Futures.
    Category: Research
    Global Business Research Institute, 2009
  • Best paper in Finance at the 2009 GBR conference for: Determinants of Emerging Markets' Commercial Bank Stock Returns.
    Category: Research
    Global Business Research Institute, 2009
  • Nominee
    Category: Research
    Kennedy Award, 2007
  • Award 'in appreciation for the guidance provided to student research recognized as the Distinguished Paper presented at the 2006 Siena College Student Conference in Business.'
    Category: Teaching
    Siena College, 2006
  • Nominee
    Category: Research
    Kennedy Award, 2006
  • Outstanding Paper Award at the 2005 Annual Meeting in Chicago. Paper Title: 'Goody-Two-Shoes or Bad-To-The-Bone: The Case of SRI'
    Category: Research
    Academy of Financial Services, 2005
  • Outstanding Paper Award at the 2005 meeting in Las Vegas. Paper Title: 'Asymmetric Reverting Investors' Behaviors and Overreaction Hypothesis: The Case of Asian Capital Markets'
    Category: Research
    International Academy of Economics and Business, 2005
  • Outstanding Paper Award at the 2004 meeting in Las Vegas. 'Paper Title: Risk Aversion in Latin American Markets'
    Category: Research
    International Academy of Economics Business, 2004
  • Outstanding Paper Award at the annual meeting in Chicago. Paper Title: 'Asymmetric Reverting Behavior of Stock Returns in MENA Capital Markets'
    Category: Research
    MBAA/Academy of Finance, 2002
  • Outstanding Paper Award at the annual meeting in San Antonio. Paper Title: 'Inter and Intra-Regional Linkages to MENA Capital Markets'
    Category: Research
    Academy of Financial Services, 2002
  • Outstanding Paper Award at the annual meeting in Toronto. Paper Title: 'Intertemporal Risk-Return Relationship in the Asian Markets around the Asian Crisis'
    Category: Research
    Academy of Financial Services, 2001
  • Outstanding Doctoral Student Award
    Category: Research
    United States International University, 1999
  • Outstanding Teaching Award, sponsored by the 'Business Students Association'
    Category: Teaching
    United States International University, 1998
  • Outstanding Teaching Award, sponsored by the 'Business Students Association.'
    Category: Teaching
    United States International University, 1997

Books & Book Chapters

  • The Foundations of Islamic Banking: Theory, Practice and Education
    Edward Elgar Publishing Inc
    2011

Presentations

  • Constructing a Country Risk Premium Benchmark
    July, 2018
    Global Business and Technology Association Annual International Conference, Bangkok, Thailand
  • A Simple Classroom VBA Solution To An Integrated Tactical Asset Allocation Problem
    December, 2015
    Academy of Business Administration National Conference, Providenciales, Unknown
  • Are Chinese Equity Markets A Separate Asset Class?
    October, 2012
    International Academic Conference, Las Vegas, Nevada
  • Determinants Of Chinese Stocks' Risk Premiums
    October, 2012
    International Academic Conference, Las Vegas, Nevada
  • Teaching in a trading room
    October, 2012
    Running a College Trading Floor by NERCOMP, Loudonville, New York
  • Cost of Carry on Steroids
    May, 2009
    Costa Rica Global Conference on Business and Finance, San Jose, Costa Rica
  • Determinants of Emerging Market Commercial Bank Stock Returns
    May, 2009
    Costa Rica Global Conference on Business and Finance, San Jose, Costa Rica
  • Duration and Concentration: An Analysis of Emerging Markets' Commercial Bank Stock Returns
    2009
    Costa Rica Global Conference on Business and Finance, San Jose, Costa Rica
  • The Cost of Faith-Based Investing
    March, 2008
    South Western Finance Association Conference, Houston, Texas
  • Cost of Equity in Emerging Markets: The Case of Argentina
    October, 2007
    International Academy of Business and Economics Conference, Las Vegas, Nevada
  • Determinants of Bank Returns in Emerging Capital Markets
    October, 2007
    Academy of Financial Services Annual Meeting, Orlando, Florida
  • Is There a Cost to Faith-Bbased Investing? Evidence from FTSE Islamic Indices
    October, 2007
    Academy of Financial Services Annual Meeting, Orlando, Florida
  • On the Evaluation of Chinese Firms' Cost of Equity
    October, 2007
    Academy of Financial Services Annual Meeting, Orlando, Florida
  • Risk Factors Affecting Emerging Market Investable Stocks
    October, 2007
    Academy of Financial Services Annual Meeting, Orlando, Florida
  • Are Returns of Emerging Markets' Investable Stocks Subjected to a Capital Control Premium?
    October, 2006
    Academy of Financial Services Annual Meeting, Salt Lake City, Utah
  • Are Returns of Emerging Markets' Investable Stocks Subjected to a Capital Control Premium?
    October, 2006
    Financial Management Association International Annual Meeting, Salt Lake City, Utah
  • Capitol Control Premium and Investable Risk in Emerging Capital Markets
    October, 2006
    Financial Management Association International Annual Meeting, Salt Lake City, Utah
  • Currency Option Pricing: A Synthesis
    October, 2006
    International Academy of Business and Economics, Las Vegas, Nevada
  • Faith Based Ethical Investing: The Case of the Dow Jones Islamic Indexes
    October, 2006
    Academy of Financial Services Annual Meeting, Salt Lake City, Utah
  • Faith Based Ethical Investing: The Case of the Dow Jones Islamic Indexes
    October, 2006
    Financial Management Association International Annual Meeting, Salt Lake City, Utah
  • Firm, Sector, Country and Systematic Effects in Emerging Markets' Stocks
    October, 2006
    Academy of International Business and Economics Annual Conference, Las Vegas, Nevada
  • Measuring Private Equity Stock Reactions
    October, 2006
    Academy of Financial Services Annual Meeting, Salt Lake City, Utah
  • Risk and Return in the Next Frontier
    October, 2006
    Academy of Financial Services Annual Meeting, Salt Lake City, Utah
  • Risk and Return in the Next Frontier
    October, 2006
    Financial Management Association International Annual Meeting, Salt Lake City, Utah
  • Risk and Return in the Next Frontier
    October, 2006
    Financial Management Association International Annual Meeting, Salt Lake City, Utah
  • Stock Market Volatility and Trading Volume: Turkish Experience
    October, 2006
    Academy of Financial Services Annual Meeting, Salt Lake City, Utah
  • Stock Price Discovery in CASE
    October, 2006
    Academy of Financial Services Annual Meeting, Salt Lake City, Utah
  • Volume Versus GARCH Effects: Comparative Evidence on Developed and Emerging Markets
    October, 2006
    Academy of Financial Services Annual Meeting, Salt Lake City, Texas
  • Asymmetric Reverting Investors' Behaviors and Overreaction Hypothesis: The Case of Asian Capital Markets
    October, 2005
    International Academy of Business and Economics, Las Vegas, Nevada
  • Conducting Performance Attribution Analysis in the Classroom Using Real Market Data
    October, 2005
    Academy of Financial Services Annual Meeting, Chicago, Illinois
  • Conducting Performance Attribution Analysis in the Classroom Using Real Market Data
    October, 2005
    Financial Management Association International Annual Meeting, Chicago, Illinois
  • Empirical Evidence on Return-Trading Volume Relationship in Frontier Markets: Case of the Abidjan Stock Market (BRVM) Data
    October, 2005
    Academy of Financial Services Annual Meeting, Chicago, Illinois
  • Goody-Two-Shoes or Bad-To-The-Bone: The Case of SRI
    October, 2005
    Academy of Financial Services Annual Meeting, Chicago, Illinois
  • Goody-Two-Shoes or Bad-To-The-Bone: The Case of SRI
    October, 2005
    Financial Management Association International Annual Meeting, Chicago, Illinois
  • What Risks are Systematic in Thinly Traded Capital Markets: The Case of Arab Countries
    October, 2005
    Academy of Financial Services Annual Meeting, Chicago, Illinois
  • Conducting Performance Attribution Analysis in the Classroom Using Real Market Data
    2005
    Financial Education Association Conference, Orlando, Florida
  • A N-Assets Efficient Frontier in the Classroom
    2004
    Academy of Financial Services Annual Meeting, New Orleans, Louisiana
  • Risk Aversion in Latin American Markets
    2004
    International Academy of Business and Economics, Las Vegas, Nevada
  • Sector Risk Decomposition in Asian and Latin American Markets
    2004
    Academy of Financial Services Annual Meeting, Bew Irkeabs, Kentucky
  • On the Dynamics of Risk Aversion In Latin American Capital Markets Around the Tequila Crisis, the Asian Flu, and the Russian Virus
    March, 2003
    Midwest Business Administration Association, Chicago, Illinois
  • Do Efficient Portfolios Really Matter? The Case for Investors in the NAFTA Region
    2003
    Midwest Financial Management Association, St. Louis, Missouri
  • Evolution of the Sensitivity to Global and Local Risk Factors in Latin American Capital Markets
    2003
    Financial Management Association International Annual Meeting, Denver, Colorado
  • Financial Crises and Aversion to Global and Local Risk Factors: The Case of Latin American Emerging Capital Markets
    2003
    Academy of Financial Services Annual Meeting, Denver, Colorado
  • On Return and Return Dispersion in Emerging Markets
    2003
    Eastern Financial Management Association, Orlando, Florida
  • The Relevance of ICAPM: The Case of Emerging Markets
    2003
    Midwest Financial Management Association, St. Louis, Missouri
  • A Global View on Market Price of Risk
    2002
    Academy of Financial Services Annual Meeting, San Antonio, Texas
  • A Global View on Market Price of Risk
    2002
    Financial Management Association International Annual Meeting, San Antonio, Texas
  • Asymmetric Reverting Behavior of Stock Returns in MENA Capital Markets
    2002
    Academy of Finance Conference, Chicago, Illinois
  • Inter and Intra-Regional Linkages MENA Capital Markets
    2002
    Financial Management Association International Annual Meeting, San Antonio, Texas
  • On the Evolution of Intercontinental Capital Market Linkages: The Case of Middle East and North African Capital Markets
    2002
    Academy of Financial Services Annual Meeting, San Antonio, Texas
  • Asymmetric Reverting Behavior of Stock Returns in Asian Markets Around the Asian Flu
    October, 2001
    Financial Management Association International Annual Meeting, Toronto, Canada
  • Intertemporal Risk-Return Relationship in the Asian Markets Around the Asian Crisis
    October, 2001
    Academy of Financial Services Annual Meeting, Toronto, Canada
  • Consequences of the Asian Financial Crisis on Global Asset Allocation Strategies: Evidence From the Asian Block
    2001
    Global Finance Conference, Los Angeles, California
  • On Cross Country Linkages in Asian Capital Markets
    2000
    Tun Rasac Asian Conference, Kuala Lumpur, Malaysia
  • The Effect of the Asian Financial Crisis on Stock Returns, Volatility and Market Integration in the Region
    2000
    Financial Management Association International Annual Meeting, Seattle, Washington
  • Models Comparison and Empirical Heuristic Map to Price American Currency Options
    1999
    Financial Management Association International Annual Meeting, Orlando, Florida