Gerstein Fisher’s academic partnerships include active collaborations with renowned academics in the fields of finance, economics and risk as well as the next generation of rising stars in these arenas.
Firmly believing that academic research has enormous potential to advance the professional practice of investment management on behalf of individuals, Gerstein Fisher has long nurtured a diverse network of noted academics with whom the firm shares areas of research inquiry. In our view, working with outside academics contributes additional, independent perspectives to our research process that are unbiased, rigorous and not afraid to challenge convention.
Arjang A. Assad, PhD
Arjang Assad is the dean of the University at Buffalo’s School of Management, a position he has held since 2008. Dr. Assad holds a PhD in Management Science, an MS in Chemical Engineering, MS in Operations Research, and BS in Mathematics, all from the Massachusetts Institute of Technology.
During his tenure as dean, Dr. Assad led a comprehensive revision of the MBA curriculum, launched a Master of Science program in accounting and significantly enhanced the Master of Science program in finance. Dr. Assad also was instrumental in launching the Terese Kelly Investment Group, a real-money investment fund that educates finance students on the practical aspects of global capital markets, while providing them with real-world learning experiences in investment management.
His research interests include operations and quality management, optimization of distribution systems, mathematical programming and the history of operations research. He has authored or edited a number of books, as well as more than 50 refereed articles and book chapters. Dr. Assad’s most recent book, “Profiles in Operations Research: Pioneers and Innovators” (July 2011, Springer Press), was co-authored with Saul I. Gass.
Dr. Assad has been a member of the editorial boards of several prestigious scholarly journals, including Operations Research, Transportation Science, and Production and Operations Management.
- Serves as an intermediary to the financial academic community at large, providing counsel on developing successful academic partnerships
- Developed Gerstein Fisher’s Research Scholars program at Buffalo
Nicolas P.B. Bollen, PhD
Nicolas Bollen is the E. Bronson Ingram Research Professor in Finance at the Owen Graduate School of Management at Vanderbilt University. He was the 2005 recipient of the Owen School’s Research Productivity Award and the 2009 recipient of the Owen School’s Research Impact Award. He received a BA in Physics from Cornell University, an MBA from Duke University, and a PhD in Finance from Duke University.
Professor Bollen has published fifteen research papers since joining the faculty of Owen in 2001, including ten in the top finance journals. Professor Bollen’s current research agenda is focused on hedge funds. Two of his recent papers were published in 2009, both in the Journal of Finance: Hedge Fund Risk Dynamics: Implications for Performance Appraisal (with co-author Bob Whaley) and Do Hedge Fund Managers Misreport Returns? Evidence from the Pooled Distribution (with co-author Veronika Pool).
A third paper, Suspicious Patterns in Hedge Fund Returns and the Risk of Fraud (also with Veronika Pool) appeared in the Review of Financial Studies in 2012. Dr. Bollen’s current work includes a study of hedge fund replication products and an analysis of models for predicting hedge fund failure, with an emphasis on failures during the financial crisis.
Shared areas of research inquiry
- Risk factors, the value of hedge funds to individual investors, mutual fund performance, ethics in finance
- Co-wrote paper with Gregg S. Fisher: Send in the Clones? Hedge Fund Replication Using Futures Contracts by Nicolas Bollen, Gregg S. Fisher
Philip Z. Maymin, PhD
Phil Maymin is Assistant Professor of Finance and Risk Engineering at NYU-Polytechnic Institute (NYU-Poly). He is also the founding managing editor of Algorithmic Finance. Dr. Maymin holds a PhD in Finance from the University of Chicago, a Masters in Applied Mathematics from Harvard University, and a Bachelor’s in Computer Science from Harvard University. He also holds a JD and is an attorney-at-law admitted to practice in California.
His research on behavioral and algorithmic finance has appeared in publications including Quantitative Finance, North American Journal of Economics and Finance, Journal of Wealth Management, Journal of Applied Finance, and Risk and Decision Analysis, among others. His book, “Financial Hacking: Evaluate Risks, Price Derivatives, Structure Trades, and Build Your Intuition Quickly and Easily” (2012, World Scientific) teaches practical applications of financial engineering to solve front-office problems.
Dr. Maymin has been a portfolio manager at Long-Term Capital Management, Ellington Management Group, and his own hedge fund, Maymin Capital Management. He currently serves on the Advisory Board of the Academy of Behavioral Finance and Economics.
Shared areas of research inquiry
- Behavioral finance, risk management
- Co-wrote the following papers with Gregg S. Fisher
- Past Performance is Indicative of Future Beliefs by Phillip Z. Maymin and Gregg S. Fisher published in Risk and Decision Analysis (2011) 2:3, 145-150
- Preventing Emotional Investing: An Added Value of an Investment Advisor by Phillip Z. Maymin and Gregg S. Fisher published in Journal of Wealth Management (2011) 13:4, 34-43
- Working paper: Risk Parity Optimality by Gregg S. Fisher, Philip Z. Maymin and Zakhar G. Maymin
- Working Paper: Momentum’s Hidden Sensitivity to the Starting Day by Phillip Z. Maymin, Zakhar G. Maymin and Gregg S. Fisher
- Co-edited a special issue on behavioral finance with Gregg S. Fisher, Risk and Decision Analysis (2011) 2:3
- Co-wrote an article for Forbes.com (2009) with Gregg S. Fisher, “How to Protect Investments from Cataclysmic ‘Fat Tails’”
- Presented research at 2009 Gerstein Fisher Real Talks event on “Prospect Theory and Fat Tails,” by Philip Z. Maymin, Risk and Decision Analysis (2009) 1:3, 187-195
Derek Mohr is the Director of the MS Program in Finance and an Adjunct Assistant Professor at the State University of New York at Buffalo. Professor Mohr received a BA from Michigan State University, an MS from the University of Rochester, and a JD from Case Western Reserve University. He is currently a PhD Candidate at the University of Rochester.
The MS Program in Finance at UB offers tracks in Financial Management and Quantitative Finance. Professor Mohr teaches classes at the graduate and undergraduate levels in investments, derivatives and financial math. His research interests include asset pricing, risk management and bankruptcy. Professor Mohr supervises student research as part of Gerstein Fisher’s Research Scholars program, a collaboration between Gerstein Fisher and UB that provides students an opportunity to do current research in financial markets and that will provide useful insights for trading and portfolio management strategies. In addition, he is Faculty Advisor of the Terese Kelly Investment Group, a student-run group learning portfolio management through investing a portfolio of real money.
- Supervises Gerstein Fisher’s Research Scholars program at Buffalo
Charles S. Tapiero, PhD
Charles Tapiero is the Topfer Chair Distinguished Professor of Financial Engineering and Technology Management at the Polytechnic Institute of New York University (NYU-Poly). He is also the Head and Founder of the Risk and Financial Engineering Department and Director of its Advanced Degrees Programs. He earned a BS in Electrical Engineering from the École Polytechnique at the University of Montreal and an MBA and PhD from New York University’s Graduate School of Business.
Professor Tapiero’s extensive academic experience includes serving as a Professor at the Graduate School of Business at Columbia University, The Hebrew University, ESSEC (France) as well as holding Chair Professorships at Case Western Reserve Universities and the University of Washington Seattle, in addition to numerous invitations in international Universities.
Professor Tapiero has acquired a worldwide reputation as an active researcher and as a consultant and board member to large firms and to several academic journals. He is currently the co-editor in chief of Risk and Decision Analysis. Professor Tapiero’s research spans financial engineering, risk assessment and analysis, actuarial and insurance science, computational finance, infrastructure finance, logistics and industrial management, operations research and decision analysis.
Professor Tapiero has contributed over 350 papers in academic referred journals and 14 books, including “Risk and Financial Management: Mathematical and Computational Methods” (2004, John Wiley) and “Risk Finance and Asset Pricing: Value, Measurements, and Markets (2010, John Wiley). His latest book is “Engineering Risk and Finance” (2013 Springer).
In addition to his rich academic experience, Professor Tapiero has held numerous public positions of responsibility at the highest levels of an industrial conglomerate (Koor Industries, 1994-2000) as well quasi and government agencies (1978-1982).
Shared areas of research inquiry
- Risk management
- Multi-agents asset pricing
- Financial econometrics and computational finance
- Risk insurance and decision analysis
- Chairs the Graduate Department of Finance and Risk Engineering at NYU-Poly where Gregg S. Fisher serves as an Adjunct Professor in Personal Investment Management
- Co-Coordinator of the Gerstein Fisher’s Research Scholars program at NYU-Poly
Sheridan Titman, PhD
Sheridan Titman is a professor of finance at The University of Texas at Austin, where he holds the McAllister Centennial Chair in Financial Services at the McCombs School of Business, and is a research associate of the National Bureau of Economic Research. He holds a BS degree from the University of Colorado and an MS and PhD from Carnegie Mellon University.
Dr. Titman taught at UCLA for over ten years where, in addition to his teaching and research activities, he served as the chair for the department of finance and as the vice chairman of the UCLA management school faculty. Between 1992 and 1994, he was one of the founding professors of the School of Business and Management at the Hong Kong University of Science and Technology, where he was the vice chairman of the faculty and the chairman of the faculty appointments committee. From 1994 to 1997, he served as the John J. Collins, S.J. Chair in Finance at Boston College. In the 1988-89 academic year Titman worked in Washington D.C. as the special assistant to the Treasury Assistant Secretary for Economic Policy.
He has served on the editorial boards of leading academic journals, including the Journal of Finance and the Review of Financial Studies. Dr. Titman was the President of the American Finance Association for 2012, as well as the past President and Director of the Western Finance Association and a former Director of the Asia Pacific Finance Association.
Dr. Titman’s academic publications include both theoretical and empirical articles on asset pricing, corporate finance, and real estate and have been widely recognized for their excellence. In 1993 a landmark study on the profitability of momentum strategies by Dr. Titman and Narasimhan Jegadeesh was published, suggesting that building portfolios that are overexposed to past strong-performing stocks and underexposed to recent weak performers could earn investors abnormally large returns over a six-to-twelve month horizon.
Shared areas of research inquiry
- Multi-factor strategies, momentum, mutual fund performance, real estate securities
- Serves as a formal advisor and collaborator on Gerstein Fisher’s multi-factor investment strategies
- Co-Portfolio Manager on Gerstein Fisher’s Multi-Factor Real Estate Securities strategy
Cristian Tiu is an Assistant Professor in the Finance and Managerial Economics Department of the State University of New York at Buffalo. Dr. Tiu holds a PhD in Finance and a PhD in Mathematics, both from the University of Texas at Austin.
His research interests lie in the area of empirical investments, specifically determinants of performance and asset allocation of nonstandard investors such as hedge funds and university endowments. He has published in professional outlets including the Review of Financial Studies, Mathematical Finance and the Journal of Investment Management.
Dr. Tiu has presented work at conferences including the American Finance Association and the Western Finance Association Meetings and the Global ARC. He is a member of the Investment Committee of the University at Buffalo Foundation.
Shared areas of research inquiry
- Determinants of performance, asset allocation
- Advises Gerstein Fisher on investment strategy, particularly as it relates to diversification benefits, momentum and growth stocks
- Oversees, with Professor Derek Mohr, Gerstein Fisher’s Research Scholars program at SUNY Buffalo’s School of Management