urosevic

УРОШЕВИЋ ДР БРАНКО

Kabinet:529

Telefon:3021169

Vreme prijema:уторак 11-13

Email:urosevic@ekof.bg.ac.rs

Contact

Faculty of Economics, University of Belgrade
Kamenička 6
11000 Belgrade, Serbia
Tel: +381 11 3021 118, Cell: +381 69 535 5810, Fax: +381 11 3021 169
email: urosevic@ekof.bg.ac.rs

Education

PhD in Business Administration (Finance), U.C. Berkeley, May 2002. PhD in Physics, Brown University, May 1995.
MSc in Physics (with honors), Brown University, May 1991.
BSc in Physics (with honors), Moscow State University, USSR, February 1989.

Doctoral Thesis

„Optimal Risk Sharing in Equity and Debt Markets“ Advisors: Prof. Peter DeMarzo and Prof. Robert Edelstein Committee Members: Prof. George Akerlof, Prof. Hayne Leland, Prof. Nils Hakkanson

Academic Appointments

• Full Professor, Finance and Operations Research, Faculty of Economics, University of Belgrade (2013-present)
• Affiliate Member of CESIfo Research Network, LMU, Munich, Germany (2013- present)
• Associate Professor in Finance and Operations Research, Faculty of Economics, University of Belgrade (2009-2013)
• Assistant Professor in Finance and Operations Research, Faculty of Economics, University of Belgrade (2005-2009)
• Visiting Professor in Finance, Department of Economics and Business, Universitat Pompeu Fabra, Barcelona (2005-present)
• Assistant Professor in Finance, Department of Economics and Business, Universitat Pompeu Fabra, Barcelona (2002-2005)
• Program Director, International Master in Quantitative Finance, Faculty of Economics, University of Belgrade (since creation in 2003-present), the leading graduate program in finance and economics in South Eastern Europe
• Program Co-Director, Master in Finance, Department of Economics and Business, Universitat Pompeu Fabra, Barcelona (2003-2005)
• Research and Teaching Assistant, Haas School of Business, University of California, Berkeley (1997-2002)
• Research and Teaching Assistant, Physics Department, Brown University (1991- 1995)

Research interests

Ownership Policy and Incentives, Financial Networks and Financial Stability, Risk and Portfolio Management, Real Estate Finance, Housing Markets, Fixed Income Markets

Books

• ‘Operations Research and Investment Science’ (with M. Boţović, in Serbian), Faculty of Economics, University of Belgrade (2009).
• ‘Quantitative Methods in Corporate Finance’ (in Serbian), Faculty of Economics, University of Belgrade (2009).
• ‘Financial Economics’ (in Serbian), Faculty of Economics, University of Belgrade (2008).
• ‘Dynamic Optimization of Optimal Ownership Structure of a Corporation’ (in Serbian), Faculty of Economics, University of Belgrade (2007).

Book Chapters

• ‘The Housing market and housing finance in Russia and its regions – a quantitative analysis’ (coauthored wtih Carsten Sprenger), Chapter 10 in Global Housing Markets: Crises, Policies, and Institutions, editors: Ashok Bardhan, Robert Edelstein and Cynthia Kroll, John Wiley & Sons, pp. 229–246, 2011.
• ‘The Housing Market in Serbia in the Past Decade’, (coauthored with Dejan Šoškić, Boško Ţivković, and Miloš Boţović). Chapter 11 in Global Housing Markets: Crises, Policies, and Institutions, editors: Ashok Bardhan, Robert Edelstein and Cynthia Kroll, John Wiley & Sons, pp. 247–267, 2011.

Scientific Papers

Economic Papers in Journals on SSCI list

• ‗Noise and Aggregation of Information in Large Markets‖ (with Diego Garcia), Journal of Financial Markets, 2013, 16(3), 526-550
• ‗European Bond ETFs: Tracking Error and the Sovereign Debt Crisis‖ (with Mikica Drenovak and Ranko Jelic), European Financial Management, 2012, electronic edition doi: 10.1111/j.1468-036X.2012.00649.x.
• ‗Determinants of the Dinar-Euro Nominal Exchange Rate‖ (with Milan Nedeljković), Romanian Journal of Economic Forecasting, 2012, 3, 121-141
• ‗Jackknife Model Averaging of the Current Account Determinants‖ (with Milan Nedeljković and Emir Zildţović), Panoeconomicus, 2012, 3, 267-281
• ‗Zipf rank approach and cross-country convergence of incomes‖ (with Jia Shao, Plamen Ch Ivanov, H.Eugene Stanley, and Boris Podobnik), Europhysics Letters, 2011, Europhysics Letters, 94, 48001, p. 1-6
• ‗Credit Rating Agencies and Moral Hazard‖ (with Miloš Boţović and Milan Boško Ţivković), Panoeconomicus, 2011, 58 (2), 219–227
• Bankruptcy Risk Model and Empirical Tests‖ (with Boris Podobnik, Davor Horvatic, Alexander Petersen, and Eugene Stanley), Proceedings of the National Academy of Sciences of the United States (PNAS), 2010, vol 107 (43), 18325-18331.
• ―Ownership Dynamics with Multiple Insiders: The Case of REITs― (with Antoni Sureda, Robert Edelstein and Nicholas Wonder). Real Estate Economics, 2009, November, 38(1), 57-90.
• ―Overconfidence and market efficiency with heterogeneous agents‖ (with Diego Garcia and Francesco Sangiorgi). Economic Theory, 2007, 30, 313-336.
• ―Optimal Ownership Policy by a ‗Large Shareholder‘‖ (sa Peter DeMarzo). Journal of Political Economy, 2006, 114(4), 774-815.
• ―Static Mean-Variance Analysis with Uncertain Time Horizon‖ (sa Lionel Martellini). Management Science, 2006, 52(6), p. 955-964.
• ―Valuing Mortgage Insurance Contracts in Emerging Market Economies‖ (sa A. Bardhan and R. Karapandţa). Journal of Real Estate Finance and Economics, 2006, vol. 32 (1), 9-20.
• ―Ownership Dynamics of REITs‖ (sa R. Edelstein i N. Wonder). Journal of Real Estate Finance and Economics, 2005, vol. 30 (4), 447-466.
• ―Optimal Loan Interest Rate Contract Design‖ (sa Robert Edelstein), Journal of Real Estate Finance and Economics, vol. 26 (2/3), February 2003.

Economic Papers in Refereed International Journals not on SSCI list

• ―Option-based Valuation of Mortgage-Backed Securities‖ (with Ana Manola). Economic Annals, 2010, 186, 42-66.
• ―Modelling the Benchmark Spot Curve for the Serbian Market― (with Mikica Drenovak). Economic Annals, 2010, 184, 29-57.
• ―On the Spillover of Exchange Rate Risk into Default Risk― (with M. Boţović and B. Ţivković). Economic Annals, LIV (183), 32–55 (2009).
• ―When Currency is Crunching the Credit: The Spillover of Exchange Rate Risk into Default Risk― (with M. Boţović and B. Ţivković), International Scientific Conference ―Economic Policy and Global Recession“, Belgrade (2009).
• ―Ex-Ante Valuation of Cash Bonuses‖ (sa L. Martellini). Managerial Finance, 2005, vol. 31 (7), p. 27-53.
• ―Valuing Executive Compensation Packages‖, 2000, Economic Annals, 145, 239- 258.

Physics Papers in Refereed Journals on SCI List

• “Perturbative Calculations in the Effective Lagrangian and 2d Closed String Field Theory”, (sa Julian Lee), 1995, Nucl.Phys. B 446, 119-143.
• “Off-Shell Amplitudes in Two Dimensional Open String Field Theory”, 1994, Phys. Rev. D 50, 4075-4078.
• “Scattering of Discrete States in Two Dimensional Open String Field Theory”, 1993, Phys. Rev. D 48, 5827-5837.
• “Perturbation Theory in Two Dimensional Open String Field Theory”, 1993, Phys. Rev. D 47, 5460-5469.
• “Quantum Oscillators: On Applications in Statistic Mechanics” (sa Predragom Neskovicem), 1992, Int. J. Mod. Phys. A 7, 3379-3388.
• “On the Component Analysis of Modified Superstring Field Theory” (sa Alex Zubarev), 1990, Phys. Lett. B 246, 391-398.
• “Classical p-adic Space-Time” (sa Branko Dragovic i Paul Frampton), 1990, Mod. Phys. Lett.. A 5, 1521-1528.
• “BRST Cohomology and Generalized Bosonization of the Superconformal Ghosts” (sa Irina Arefeva, Peter Medvedev, iAlex Zubarev), 1989, Phys. Lett. B 225, 240- 245.

International Conferences

• ―Globalization, Exchange Rate Regimes and Financial Contagion‖. Transatlantic Conference in Global Banking, Vienna, Austria, 2013
• ―Investment and Financing Decisions of an Intrinsically Motivated Entrepreneur‖. First Moscow International Conference in Finance, ICEF, Moscow, November 2011
• „European Bond ETFs –Tracking Errors and Sovereign Debt Crisis‖. First Moscow International Conference in Finance, ICEF, Moscow, November 2011
• ―Key Policy Challenges in Serbia‖. European Central Bank Conference: From crisis to recovery: old and new challenges in emerging Europe, European Central Bank, Frankfurt, Germany, July 2011
• European Bond ETFs –Tracking Errors and Sovereign Debt Crisis. European Financial Management Symposium, Toronto, Canada, April 2011
• ―Noise and Aggregation of Information in Large Markets‖. First workshop of the International Laboratory in Financial Economics, ICEF, September 2010
• „International banking groups and systemic risks of banks in Emerging Europe―. Financial-economic problems of globalization processes, University of Nizni Novgorod, Nizni Novgorod, Russia, May 2010
• ―Dynamic Moral Hazard Problems and Optimal Ownership of Companies“. XII International Congress of Serbian Mathematical Association, Novi Sad, Serbia, October 2009
• “When Currency is Crunching the Credit: The Spillover of Exchange Rate Risk into Default Risk“. International Scientific Conference ―Economic Policy and Global Recession“, Belgrade, September 2009
• ―Noise trading price formation in large markets‖, World Congress in Game Theory, Anchorage, Alaska, 2008.
• ―Ownership dynamics of REITs‖, Skinance Conference in Advanced Finance, Oberlach, Austria, 2007.
• ―Ownership dynamics of REITs‖, AREUA Annual Meeting, Chicago, 2007.
• ―Ownership dynamics of REITs‖, Spanish Finance Association Meeting, 2006.
• ―Moral Hazard and Dynamics of Insider Ownership Stakes‖, Spanish Finance Association Meeting, Madrid, November 2005
• ―Overconfidence and Market Efficiency with Heterogeneous Agents‖, Spanish Finance Association Meeting, Barcelona, December 2004.
• ―Noise and Aggregation of Information in Large Markets‖, Spanish Finance Association Meeting, Barcelona, December 2004.
• ―Valuing Mortgage Insurance Contracts in Emerging Markets‖, Spanish Finance Association Meeting, Barcelona, December 2004.
• ―Overconfidence and Information Acquisition in Rational Expectations Models‖, European Economics Association and Econometrics Society Meetings, Madrid, August 2004.
• ―Noise and Aggregation of Information in Competitive Rational Expectation Equilibrium Models‖, Western Finance Association Meeting, Vancouver, June 2004.
• ―Valuing Mortgage Insurance Contracts‖ Cambridge-Maastricht Symposium in Real Estate, Maastricht, Holland, June 2004.
• ―Moral Hazard and Dynamics of Insider Ownership Stakes‖, 28th Spanish Economics Association Meeting, Sevilla, December 2003.
• ―Moral Hazard and Dynamics of Insider Ownership Stakes‖, 19th Jornadas en Economia Industrial, Castellon, September 2003.
• ―Building a Mortgage Insurance System in Serbia and Other Developing and Transitioning Economies‖, 4th Institutional Economics Symposium, jun 2003.
• ― Moral Hazard and Dynamics of Insider Ownership Stakes‖, European Financial Management Association Meeting, Helsinki (Finska), jun 2003.
• ―Ownership Dynamics of REITs: a Theoretical Schema‖, Cambridge-Maastricht Symposium in Real Estate, Cambridge, UK, June 2003.
• ―Optimal Trading by a ‗Large Shareholder‘‖, Second Bachelier Congress in Mathematical Finance, Creta, Greece, June 2002.
• ―Optimal Trading by a ‗Large Shareholder‘‖, Western Finance Association Meeting, Salt Lake City, USA, June 2002.
• ―Optimal Trading by a ‗Large Shareholder‘‖, American Finance Association Meeting, Atlanta, GA, January 2002.
• ―Ownership Dynamics of REITs‖, American Real Estate and Urban Economics Association Meeting, Atlanta, GA, January 2002.
• ―Optimal Trading by a ‗Large Shareholder‘‖, European Finance Association Meeting, Barcelona, August 2001.
• ―Optimal Trading by a ‗Large Shareholder‘‖, Ph.D. Tutorial, European Finance Association Meeting, Barcelona, August 2001.
• ―Optimal Interest Rate Loan Contracts‖,Cambridge-Maastricht Symposium, Cambridge, UK, June 2001.
• ―Optimal Interest Rate Loan Contracts‖, Real Estate Conference, Manor Vail Lodge, Vail, CO, August 2001.
• ―Optimal Interest Rate Loan Contracts‖, American Real Estate and Urban Economics Association Meeting, New Orleans, January 2001.
• ―Optimal Interest Rate Loan Contracts‖, 7th Asia-Pacific Conference in Finance, Shanghai, China, 2000. .

International Seminar Presentations

• Bank of Albania, Albania, 2013
• LMU Munich, Germany, 2013
• University of Bath, UK, 2013
• University of Kent, UK, 2013
• Collegio Carlo Alberto, Torino, Italy, 2012
• ICEF, Higher School of Economics, Moscow, Russia, 2012
• Austrian National Bank (OeBN), Vienna, Austria, 2012
• Institute for Advanced Studies, Vienna, Austria, 2012
• Macroeconomic Seminar, University of Munich, Munich, Germany, 2011
• Norges Bank, Oslo, Norway, 2011
• Instituto de Empresa, Madrid, 2010
• Universidad Carlos III, 2010
• ICEF, Higher School of Economics, Moscow, 2010.
• Western University of Timisoara, Romania, 2009.
• ICEF, Higher School of Economics, Moscow, 2008.
• Institute for Advanced Studies, University of Vienna, 2007.
• HEC Geneva, Switzerland, 2004.
• HEC Paris, France, 2003.
• Department of Economics and Business, Universitat Pompeu Fabra, Barcelona, 2002.
• Department of Finance, INSEAD, Fontainebleau, France, 2002.
• Department of Finance, London Business School, 2002.
• Department of Finance, Harvard Business School, Harvard University, Cambridge, Boston, 2002.
• Department of Finance, Duke University, Durham, NC, 2002.
• Department of Finance, Columbia University, New York City, 2002.
• Department of Finance, New York University, 2002.
• Department of Humanities, California Institute of Technology, Pasadena, CA, 2002.
• Department of Finance, University of California (Irvine), Irvine, CA, 2002.
• Department of Finance, University of Texas (Austin), 2002.
• Department of Finance, University of California (Los Angeles), 2002.
• Department of Finance, University of Colorado, Boulder (Kolorado, SAD), januar 2002.
• Department of Finance, University of Michigan, 2002.
• Department of Finance, Kellogg School of Business, Northwestern University, Evanston (Ilinois, SAD), 2002.
• CEMFI, Madrid, Spain, 2002.
• Department of Finance, University of California (Berkeley), CA, 2001.
• Department of Real Estate, University of California (Berkeley), Berkeley (Kalifornija, SAD), 2001.
• Department of Nuclear Engineering, University of California (Berkeley), 1998.

Directing Scientific Projects

• ―Risks of financial institutions and markets in Serbia: microeconomic and macroeconomic analysis‖, a project financed by the Ministry for Education and Science, Republic of Serbia (from 2010-)
• ―Development of Financial and Mortgage Markets and Institutions in Serbia‖, a project financed by the Ministry of Science and Technology, Republic of Serbia (from 2006-2010).
• Director of Belgrade Node, RICAFE 2 European Commission Project (a part of Framework Project 6), jointly with London School of Economics, University of Tilburg, University of Torino, Hebrew University and HEC Paris (2006–2009).

Participating in Scientific Projects

• ―Asymmetric information and economic theory II‖, a project supported by the Ministry of Science and Technology of Spain (2007-2010).
• ―Asymmetric information and economic theory‖, a project supported by the Ministry of Science and Technology of Spain (2003-2007).
• ―European Union vs the United States – Differences in Company Ownership‖, supported by the BBVA Foundation (2005-2007).
• ―Optimal Design of Mortgage Contracts‖, project supported by the Fisher Center for Real Estate and Urban Economics, USA (1998-2002).
• ―Conformal Models and Two Dimensional Superstring Theory‖, project supported by the Department of Energy, USA (1991-1995).

Editorial Board Member

• Journal of Economic Dynamics and Control (2006-2009)
• Economic Annals (2009-present)
• Panoeconomicus (2011-present)
• YUJOR (2011-present)

Ad-hoc Referee

• American Economic Review
• Econometrica
• Journal of Finance
• Journal of Political Economy
• Review of Economics Studies
• Journal of the Economic Theory
• Journal of Economic Dynamics and Control
• Journal of Risk and Insurance
• European Economic Review
• Journal of Corporate Finance
• Journal of Real Estate Finance and Economics
• Management Science
• Review of Finance
• Economic Annals
• YUJOR

Relevant Professional Experience

• Special advisor to the Governor (in charge of development Research Department), at the National Bank of Serbia (from 2010-present)
• Member of the Advisory Board, Dilijan Research Center of the Central Bank of Armenia (2013-present)
• Senior expert on a study aimed to develop a comprehensive strategy for development of a world-class research center at the Central Bank of Armenia facility in Dilijan, Armenia (2012)
• Senior expert on a study aimed at creating a benchmark risk model and risk management strategy for the Treasury Department of the Republic of Serbia (2009)
• Member of the Economics Council, Serbian Academy of Arts and Sciences (since 2009)
• Chairman of the Board, South European Center for Contemporary Finance (SECCF) (2003-2011), an NGO dedicated to development of finance and economics research and education in South Eastern Europe
6• Chairman of the Board, Dunav Penzije, the largest pension fund in Serbia (2009- 2010)
• Founding Partner and Head of Risk Managent Practice, Center for Investments and Finance, Belgrade (2004-2010).
• Lecturer and License Examenor, Portfolio Manager and Investment Analyst licenses (based on CFA program), Serbian Security and Exchange Commission (2006—present).
• Co-Chair, Dubrovnik Lectures in Banking and Finance, Dubrovnik, Croatia (2008-2010), organizing world-class executive training in finance for the area of South Eastern Europe
• Independent consultant for the National Bank of Serbia (in 2002 and 2005)
• Independent consultant in court cases in California (1997-2002)
• Consultant, AtWealth.com (1999-2002)
• Manager, Strategy Consulting Group, KPMG, Chicago, IL (1997)
• Associate, McKinsey and Co, Chicago, IL (1995-1997)

Teaching experience

Graduate courses:

• Robust Portfolio Management (ICEF, Higher School of Economics)
• Financial Economics I (Universtitat Pompeu Fabra)
• Discrete Models in Finance (Universitat Pompeu Fabra, Faculty of Economics, Belgrade)
• Finance in Continuous Time (Faculty of Economics, Belgrade)
• Market Risk Management (Faculty of Economics, Belgrade)
• Financial Derivatives (Faculty of Economics, Belgrade)
• Real Estate Investments (Faculty of Economics, Belgrade)
• Real Estate Finance (Universitat Pompeu Fabra)
• Advanced Corporate Finance (Faculty of Economics, Belgrade)

Undergraduate courses:

• Financial Economics (Faculty of Economics, Belgrade)
• Corporate Finance II (Universtitat Pompeu Fabra)
• Advanced Corporate Finance (Faculty of Economics, Belgrade)
• Operations Research and Investment Science (Faculty of Economics, Belgrade)

As a summer lecturer at the Haas School of Business taught:
• Financial Management

Recognitions

• The most cited scientist in Serbia award (for the field of Economics), 2010, 2011, 2012
• Member of the Economics Council, Serbian Academy of Arts and Sciences (a life- long honorary designation), from 2009
• Graduate scholarship, Haas School of Business, University of California, Berkeley (1998-2002)
• Bank of America Fellowship, Haas School of Business, University of California, Berkeley (1997-1998)
• Graduate scholarship, Brown University (1991-1995)
• University Fellowship, Brown University (1990-1991)
• Best foreign student award by the Ministry of Higher Education of the USSR (1986, 1987)
• Fellowship of the Foundation for Development of Young Scientists and Artists of Serbia, (1987-1989)

Other information

• Computer programming: Mathematica, MATLAB
• Spoken languages: Serbian (native), English and Russian (fluent), German (beginner level).
• Citizenship: Serbian.

References

Professor Peter DeMarzo Graduate School of Business Stanford University

Professor Robert Edelstein Haas School of Business University of California, Berkeley

Professor Boyan Jovanovic Department of Economics New York University

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