Focardi, Sergio

Professor Sergio Focardi’s research interests include the study of factor models of equity prices, explaining and predicting market trends, trend reversals and market crashes, economic models with multiple inflation rates, and financial economics with artificial markets. The underlying theme of his research agenda is Economics as a complex system with multiple interacting agents. He is a co-worker on a CFA Institute project aimed at understanding the changes needed in the teaching of finance at universities and business schools following the recent financial crisis.

Holod, Dmytro

Professor Dmytro Holod's research interests lie in the areas of banking and corporate finance. His research has been devoted to understanding the forces behind bank lending and the mechanisms through which bank lending affects the economy. He also explores bank risk management practices and regulation, efficiency of internal capital markets, and bank input-output efficiency.

Kim, Aaron

Dr. Kim received his doctorate degree from Sogang University in Korea, at 2005, and completed Habilitation (Doctor of Science) process in Karlsruhe Institute of Technology, Germany, at 2011. His current professional and research interests are in area of mathematical modeling and its application to finance. He is interested in mathematical models having fat-tails, asymmetric dependence, clustering of volatility, and long range dependence, and in financial issues including financial risk management, portfolio management, and derivative pricing. Dr. Kim published dozens of research papers in internationally referred journals and awarded one patent. He is expert in computer programming and shares basic libraries and tools implemented by him.

Rachev, Zari

Professor Zari Rachev's research areas cover non-Gaussian models in mathematical finance, financial econometrics, factor models for asset returns, market and credit risk management, operational risk assessment and forecast,   portfolio optimization and asset liability modeling.

Smith, Noah

Professor Noah Smith is a behavioral economist who does research in the area of expectation formation in financial markets.  In particular he studies the phenomenon of “bubbles”, in terms of how and why they develop as well as signs that indicate that they are coming to an end. He maintains a lively and impactful blog titled “Noahpinion” which has among its readers Nobel prize winner Paul Krugman.

Torna, Gökhan

Professor Gökhan Torna conducts research in financial markets, banking and institutions, and corporate finance.  His dissertation, “Three Essays in Traditional and Nontraditional Banking, and Portfolio Decisions”, concerns the impact of traditional and nontraditional banking activities on bank risk and loan portfolio management.  He has published in Journal of Finance, Journal of Financial Intermediation, and is working on several manuscripts for academic journals. Prior to his PhD, Professor Torna was a financial analyst in a major investment bank in Turkey.  He has been panelist at various national and international conferences and recipient of Outstanding Paper Award in Financial Market and Institutions by Southern Finance Association.

Zeisberger, Stefan

Professor Stefan Zeisberger is Director of the Center for Behavioral Finance. With his research focus on behavioral finance and decision making he develops tools and methods to support investors and managers making superior decisions. Also, Professor Zeisberger consults for banks and insurance companies incorporating insights from his research into business practice. For more information see his website:

College of Business • Stony Brook University, Stony Brook, NY 11794-3775 • Phone: 631.632.7171 • Fax: 631.632.8181
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