Welcome to my website!

Here you will find some information about my research, teaching, and non-scientific interests.

I hold a Ph.D. degree from Vienna Graduate School of Finance, earned in 2011. Since the graduation, I was a visiting assistant professor at Carnegie Mellon University in Pittsburgh, USA, (2011-2012), and Aalto University in Helsinki, Finland (2012-2013). I have been at the Humboldt University in Berlin since 2013.

My research has focused on several topics which fall under the broad category of asset pricing, defined as explaining market valuation of traded securities. For example, my Ph.D. thesis contains an attempt to explain the so-called distress anomaly (low risk-adjusted returns to distressed firms) by means of an equilibrium model with long run risks. On the other hand, I have always been interested in fixed income markets, as evident from the collection of papers in the 'Research' section (this started when I worked for a commercial bank, and realized that I want to really understand things like time-varying bond risk premia, and expected inflation). The most recent of these papers is on estimating term structure models of the popular essentially-affine class of Duffee (2002), and Ang, Piazzesi (2003). 

Personally, I believe that the profession (economics, finance) has ignored the monetary side of the economy for too long, which resulted in misunderstanding of business fluctuations. Only recently the focus has shifted to 'liquidity', which is just a fancy word for 'money' (you can disagree - there are still problems with defining these terms formally). Do we really know what money is, and why it possesses its 'liquidity' characteristic? Are we just exchanging a bubble? What are the best ways to incorporate money in macroeconomic models such that their outcome could be 'trusted' by market participants, and policy makers? The popular topics of bubbles, crashes, bank runs, monetary policy (interest rules, quantitative easing) all seem to lack a unifying monetary foundation.

My other interests are mathematics, physics (amateur level of course - see for example great lectures by Prof. Susskind), and programming in Python. 

I currently teach Financial Economics and Financial Engineering (at HU). In the past I also taught Asset Management at CMU, and Fixed Income and Derivatives at Aalto. I have supervised numerous masters, and bachelors theses.

Long time ago, I used to practice karate (1st dan degree, 1st place in Austrian Open Championship 2009, 2nd place in Poland's Championship 2002). More recently, I switched to climbing, especially bouldering. I also own a bike (a real one, 175hp), and use it very actively.