• "Misspecified Learning or Rational Choice? Evidence from Financial Markets" with Freddie A. Papazyan and Svetlozar T. Rachev.  Reject & Resubmit - Review of Asset Pricing Studies.

• “Reinforcement Learning for Strategic Asset Allocation: Why the Objective Function Dominates the Agent Architecture.” Forthcoming. Journal of Financial Data Science. 

• “Household Reliance on Artificial Intelligence for Financial Advice: Evidence from the United States” with Ali Jaffri and Hassan A. Butt. Revise & Resubmit - Journal of Behavioral and Experimental Finance. 

• "Behavioral Probability Weighting and Portfolio Optimization under Semi-Heavy Tails" with Abootaleb Shirvani, Ali Jaffri, Svetlozar T. Rachev, and Frank J. Fabozzi. Revise & Resubmit - Financial Innovation.

• "Equity-Imposed Tilts in Affine Term Structure Models: Evidence from Option-Implied Asymmetries" with Ali Jaffri, Svetlozar T. Rachev, and Frank J. Fabozzi. The Journal of Fixed Income. (2026).

• "Option-Implied Probabilities and Bond Valuation" with Ali Jaffri, Svetlozar T. Rachev, and Frank J. Fabozzi. The Journal of Fixed Income 35 (3), 6-17. (2026).

• "Demystifying FinBERT: How Transformer Models Turn Financial Text into Market Insights" with Ali Jaffri and Hassan A. Butt. The Journal of Portfolio Management 52 (2). (2025)

• "Beyond the Traditional VIX: A Novel Approach to Identifying Uncertainty Shocks in Financial Markets"  with Abootaleb Shirvani, Svetlozar T. Rachev, and Frank J. Fabozzi. Journal of Risk and Financial Management, 18, 11. (2025).

• "Optimizing Portfolios with Pakistan-Exposed Exchange-Traded Funds: Risk and Performance Insight"  with Abootaleb Shirvani, Ali Jaffri, Svetlozar T. Rachev, and Frank J. Fabozzi. Journal of Risk and Financial Management, 18, 158. (2025).

"Winners vs. Losers: Momentum-based Strategies with Intertemporal Choice for ESG Portfolios"  with Abootaleb Shirvani, Ali Jaffri, Svetlozar T. Rachev, and Frank J. Fabozzi. 

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Abstract: We introduce a state-dependent momentum framework that integrates ESG regime switching with tail-risk–aware reward–risk metrics. Solving a finite-horizon Bellman equation, we construct long–short portfolios that adapt to pro- and anti-ESG regimes using the Stable Tail Adjusted Return and Rachev ratios. Applied to Russell 3000 equities, Dow Jones 30 stocks, and cryptocurrencies, we show that ESG-loser portfolios significantly outperform ESG winners during pro-ESG periods, revealing short-term mispricings driven by sentiment. This effect is strongest under a two-week formation/holding rule and is robust across tail-sensitive metrics. Our results underscore the value of dynamic, regime-aware momentum strategies under ESG constraints.

• "Unknown Rational Expectations: Evidence from NFL Betting Markets" with James Kemper, Alejandro Abarca, and Freddie Papazyan. [Download this Paper]

• "Pre-Trade Uncertainty and the Subordinated Uncertainty Index" with Ali Jaffri, Svetlozar Rachev, and Frank Fabozzi. [Download this Paper]

• "Social Media as an Investment Information Channel: Evidence from U.S. Household Survey Data" with Ali Jaffri and Hassan A. Butt. [Download this Paper]

• "Causality beyond Linear Predictability"  [Download this Paper]

• "Do Banks Build Societies? Evidence from Brazilian and U.S. Mutual Intermediaries" with Ali Jaffri and Frank J. Fabozzi. [Download this Paper]

• "Pricing the Yield Curve with Global FX Stress: AFNS Evidence on Maturity Loadings and Inversions" with Ali Jaffri, Svetlozar T. Rachev, and Frank J. Fabozzi. [Download this Paper]

• "Greed and Fear in Investors: Dislocation via Financial Market Views" with Abootaleb Shirvani, Ali Jaffri, Svetlozar T. Rachev, and Frank J. Fabozzi. [Download this Paper]

• "Advancing Portfolio Optimization: Adaptive Minimum-Variance Portfolio and Adaptive Minimum-Risk Rate Frameworks"  with Abootaleb Shirvani, Ali Jaffri, Svetlozar T. Rachev, and Frank J. Fabozzi. [Download this Paper]

• "Multivariate Affine GARCH with Heavy Tails: A Unified Framework for Portfolio Optimization and Option Valuation"  with Abootaleb Shirvani, Ali Jaffri, Svetlozar T. Rachev, and Frank J. Fabozzi. [Download this Paper]

• "Forecasting Flash Crashes with Subordinated Lévy Processes"  with Abootaleb Shirvani, Ali Jaffri, Svetlozar T. Rachev, and Frank J. Fabozzi. [Download this Paper]

• "A Unified Financial Index for Geopolitical and Environmental Risks: Construction, Risk Management, and Derivative Applications"  with Abootaleb Shirvani, Ali Jaffri, Svetlozar T. Rachev, and Frank J. Fabozzi. [Download this Paper]

• "The Ticketmaster and Live Nation Saga: A Robust Merger Analysis"  with Noah Liptack, Ali Jaffri, and Michael D. Noel. [Download this Paper]