Filip Bekjarovski
CIFRE Ph.D candidate in Finance
Joint doctorate with Tilburg University
Supervisor: Sébastien Pouget (CRM / UMR CNRS 5303)

Can you summarize your research ?  

I perform research in the broad areas of active investing and ownership. Active investing is about finding profitable investment opportunities in financial markets. Active ownership is about shareholder’s ability to influence corporate decision making. 

To go a step further what are your main results ?

Portfolios that incorporate both passive and active investment strategies outperform significantly across an array of criteria. Practical issues related to the implementation of such strategies can reduce profitability. However, they do not reverse the decision to also actively invest. 

You recently presented your work at an international conference, what was most discussed by other researchers?

Findings such as the diversification of recession risk tend to be foreign to researchers used to equilibrium reasoning. Active bets do not directly generate wealth or remove risks from the economy, rather they shift it among market participants. Consequently, both outperformance and risk reduction can be achieved by a subset of investors at the expense of other market participants. However, other market participants need not necessarily be worse off as they may not have a preference along the underperforming dimensions.

Your are currently working at Amundi how your Ph.D thesis is useful for them?

Amundi creates both passive and active investment products. Many investment professionals tend to view these as diametrically opposed investment styles. My research examines extensively the relationship between the two and shows the benefits of undertaking them jointly. In addition, it aims to shed light on the unexplored but controversial topic of whether to use short selling when constructing well-known active bets.