Dr. Martín Lozano.

Curriculum vitae.

Modified

January 5, 2025, 11:57:32 am.

Envelope Icon Personal: mlozanoqf@gmail.com
Envelope Icon UDEM: martin.lozano@udem.edu
Envelope Icon SOAS: ml143@soas.ac.uk
Envelope Icon UoM: martin.lozanobanda@manchester.ac.uk

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1 Background.

1.1 Expertise.

Main areas. Finance, Economics, Statistics, Data Science.

Programming skills. Proficient in R. I am familiar with Octave, MATLAB, Python and editors.

Computer skills. RMarkdow, Quarto, Weka, GGobi, E-Views, Stata, Gretl, SPSS, among others.

Research interests. Empirical asset pricing; beta and SDF pricing models and tests; financial econometrics; GMM estimation and inference; portfolio allocation models and performance; computational finance; data science applications in business.

Teaching interests. Introductory economics (microeconomics, macroeconomics), economic analysis, quantitative finance, computational finance with R, risk management, financial modeling, financial econometrics, statistics, innovation.

1.2 Experience.

Professor of finance. 2015 – current. Universidad de Monterrey UDEM. Department of Economics and Finance. México.

Teaching fellow. 2012 – current. SOAS University of London. School of Finance and Management. United Kingdom. Design of course assessment material, postgraduate teaching, postgraduate supervision for the MSc in Quantitative Finance and MSc in Economic Policy.

Research fellow. 2011 – current. Alliance Manchester Business School. United Kingdom. Postgraduate supervision for the MSc Finance, MSc Financial Management & MBA.

Post-doctoral research fellow. 2010 – 2012. Alliance Manchester Business School. Centre for the Analysis of Investment Risk. United Kingdom.

Pre-doctoral Marie Curie research fellow. 2007 – 2008. The University of Manchester. United Kingdom. Supported by the Sixth European Community Framework Programme.

Research assistant. 2006 – 2007. Instituto Complutense de Estudios Internacionales (ICEI). Spain. Collaborate on European research projects in areas such as innovation and technology policy using microdata.

Visiting PhD scholar. 2005 – 2006. University of the Basque Country, Universidad Complutense de Madrid, University Carlos III of Madrid. Spain.

Lecturer and/or supervisor. 2002 – 2022. The University of Manchester (Economics Department), University of Liverpool (Management School), London School of Business & Finance, Universidad Complutense de Madrid, Universidad Privada del Norte (Perú), Universidad Autónoma de Nuevo León (México), Tecnológico de Monterrey (México).

Academic coordinator. 2002 – 2004. Universidad Virtual, Tecnológico de Monterrey. Responsible for the delivery, maintenance and development of finance and accounting undergraduate courses.

Wharton Global Consulting Practicum consultant. 2001 – 2002. EGADE Business School, and the Wharton School of the University of Pennsylvania. Develop the business plan for a Mexican company in the beverage industry to enter into the US market.

2 Publications.

2.1 Journal publications.

  1. Portfolio performance of linear SDF models: An out-of-sample assessment. With Erwin Hansen and Massimo Guidolin. Quantitative Finance. Vol. 18, No. 8, 1425–1436, 2018. http://dx.doi.org/10.1080/14697688.2018.1429646.
  2. Evaluating alternative methods for testing asset pricing models with historical data. With Gonzalo Rubio. Journal of Empirical Finance. Volume 18, Issue 1, January 2011, Pages 136–146. http://dx.doi.org/10.1016/j.jempfin.2010.05.005
  3. Financial crisis: imbalances, irrationality and regulation. Editorial for Advances in Management. February 2012. Listed on SSRN’s top ten download list: Resource Financing Strategies: as of 12/11/2011. http://ssrn.com/abstract=1965011
  4. Research assistance for: Dividend Growth, Cash Flow and Discount Rate News. Ian Garrett and Richard Priestley. Journal of Financial and Quantitative Analysis. Vol. 47, No. 5, Oct. 2012, pp. 1003–1028. http://dx.doi.org/10.1017/S0022109012000427
  5. Proceedings: The efficiency of the SDF and Beta methods at evaluating multi-factor asset-pricing models. With Stuart Hyde and Ian Garrett. Southwestern Finance Association 48th Annual Meeting Proceedings. Oklahoma City, USA. 2009.

2.2 Media.

  1. Riesgo financiero 101. November 2024. Podcast: Hablemos de economía y política. Asociación para la Conciencia Económica y Política (ACEyP). Episodio en Spotify.
  2. Retos y oportunidades en el aprendizaje de ciencia de datos en las escuelas de negocios. December 2023. Podcast: Café de Datos, Datlas. Temporada 9, capítulo 132. Episodio en Spotify; episodio en YouTube.
  3. La industria del acero. Suplemento Grupo Milenio. June 2016.

2.3 Open access.

  1. Quantitative finance with R. 2024. Available at https://mlozanoqf.github.io/

2.4 Open source software.

  1. Credit risk in public firms. 2023. First stage collaborators: Hernán González Aguilera, and Ramiro Castellanos Barrón. Available at https://github.com/mlozanoqf/RunwayFinance

2.5 Working papers.

  1. Multifactor Empirical Asset Pricing Under Higher-Order Moment Variations. 2020. With Massimo Guidolin, and Juan Arismendi Zambrano.
  2. Performance of asset allocation strategies in Europe: An out-of-sample assessment. 2014. With Francisco Navarro. http://ssrn.com/abstract=2474542
  3. Portfolio choice in the presence of estimation error: A pricing model filter approach. 2014. http://ssrn.com/abstract=2476321
  4. Trade-offs between efficiency and robustness in the empirical evaluation of asset pricing models. 2011. With Stuart Hyde and Ian Garrett. http://papers.ssrn.com/abstract=1754743 Listed on SSRN’s top ten download list: Econometric & Statistical Methods, and Applied Econometric Modelling in Financial Economics: October 7, 2011 to December 6, 2011.
  5. Econometrics of asset pricing: methodological review and empirical exercise. 2009. http://papers.ssrn.com/abstract=1754762

3 Conferences.

3.1 International conferences.

  1. Sociedade Brasileira de Finanças (SBFin). Curitiba, Brazil. July 2024. Universidade Tecnológica Federal do Paraná (UTFPR). The Efficiency vs. Pricing Accuracy Trade-Off in GMM Estimation of Multifactor Linear Asset Pricing Models.
  2. SBFin-Constância Investimentos Award for the Best Paper in Quantitative Finance 2024. July 2024. Universidade Tecnológica Federal do Paraná (UTFPR). Sociedade Brasileira de Finanças (SBFin). XXIV Encontro Brasileiro de Finanças. The Efficiency vs. Pricing Accuracy Trade-Off in GMM Estimation of Multifactor Linear Asset Pricing Models.
  3. 12th Bachelier World Congress of the Bachelier Finance Society. Rio de Janeiro, Brazil. July 2024. FGV EMAp (Escola de Matemática Aplicada de la Fundação Getulio Vargas). The Efficiency vs. Pricing Accuracy Trade-Off in GMM Estimation of Multifactor Linear Asset Pricing Models.
  4. SoFiE2024: 16th Annual Society for Financial Econometrics Conference. Rio de Janeiro, Brazil. June 2024. Pontifical Catholic University of Rio de Janeiro. The Eciency vs. Pricing Accuracy Trade-Off in GMM Estimation of Multifactor Linear Asset Pricing Models.
  5. Econometric Research in Finance (ERFIN) Workshop. Warsaw, Poland. September 2021. SGH Warsaw School of Economics. Multifactor empirical asset pricing under higher-order moment variations.
  6. International Conference of the French Finance Association. Nantes, France. May 2021. Audencia Business School. Multifactor empirical asset pricing under higher-order moment variations.
  7. Frontiers of Factor Investing. United Kingdom. January 2021. Lancaster University Management School. Multifactor empirical asset pricing under higher-order moment variations.
  8. World Congress of the Econometric Society. Milan, Italy. August 2020. The Econometric Society and Bocconi University. Multifactor empirical asset pricing under higher-order moment variations.
  9. Recent Developments in Financial Econometrics and Applications. Australia. January 2014. Deakin University. Asset pricing applications.
  10. European Financial Management Association (EFMA). Reading, United Kingdom. June 2013. University of Reading. Henley Business School. Portfolio performance of linear SDF models: an out-of-sample assessment.
  11. Eastern Finance Association Annual Meeting (EFA). Washington D.C., USA. May 2009. Efficiency of the SDF and Beta methods at evaluating asset-pricing models.
  12. Southwestern Finance Association 48th Annual Meeting. Oklahoma City, USA. February 2009. Efficiency of the SDF and Beta methods at evaluating asset-pricing models.
  13. XVI Spanish Association of Finance Forum. Barcelona, Spain. November 2008. ESADE Business School. Efficiency of the SDF and Beta methods at evaluating asset-pricing models.
  14. XV Spanish Association of Finance Forum. Palma de Mallorca, Spain. November 2007. Universitat de les Illes Balears. Evaluating alternative methods for testing asset pricing models with historical data.

3.2 Research seminars.

  1. University of Liverpool. Management School Seminar Series. United Kingdom. November 2019. Multifactor empirical asset pricing under higher-order moment variations.
  2. University College Dublin. Seminar Series. Ireland. December 2019. Multifactor empirical asset pricing under higher-order moment variations.
  3. Instituto de Contadores Públicos de Nuevo León (ICPNL). México. July 2017. Portfolio choice in the presence of estimation error: A pricing model filter approach.
  4. Universidad de Monterrey (UDEM). México. June 2017. Portfolio choice in the presence of estimation error: A pricing model filter approach.
  5. Universitat de Barcelona. Riskcenter. Spain. September 2012. Estimation of asset pricing models: parameter efficiency and implications for asset allocation.
  6. Stockholm University. School of Business. Sweden. September 2011. Trade-offs between efficiency and robustness in the empirical evaluation of asset pricing models.
  7. Lancaster University, Management School. United Kingdom. July 2011. Trade-offs between efficiency and robustness in the empirical evaluation of asset pricing models.
  8. Universidad de Castilla-La Mancha. Toledo, Spain. August 2008. Finite sample properties of GMM asset pricing tests.
  9. Alliance Manchester Business School. Annual Doctoral Conference. United Kingdom. May 2008. Tests of multi-factor pricing models and the consumption-based asset pricing.
  10. University Carlos III of Madrid. Spain. April 2008. Finite sample properties of GMM asset pricing tests.
  11. Universidad de Navarra. Pamplona, Spain. March 2008. Evaluation of asset-pricing models using historical data.
  12. Universitat de les Illes Balears. Palma de Mallorca, Spain. February 2008. Evaluation of asset-pricing models using historical data.
  13. University of the Basque Country. Bilbao, Spain. June 2007. Testing asset pricing models.
  14. Instituto Complutense de Análisis Económico (ICAE). Madrid, Spain. July 2007. Testing asset pricing models.
  15. University of Valencia. Spain. May 2006. Testing asset pricing models.

4 Education.

4.1 PhD.

  1. Post-Doc in Finance. 2010 – 2012. Alliance Manchester Business School. Centre for the Analysis of Investment Risk. United Kingdom.
  2. PhD in Quantitative Finance. 2005 – 2010. Inter-university programme including: University of the Basque Country, Universidad de Valencia, Universidad Complutense de Madrid, Universidad Carlos III de Madrid. Spain. Supervisor: Prof. Gonzalo Rubio (Universidad CEU Cardenal Herrera). Internal: Prof. Alfonso Novales (Universidad Complutense de Madrid). PhD committee members: Dr. María Victoria Esteban (Universidad del País Vasco); Prof. Ángel Pardo (Universidad de Valencia); Dr. Rosa Rodríguez (Universidad Carlos III de Madrid); External: Dr. Iñaki Rodríguez (University of Tromsø).
  3. Doctor Europaeus mention. 2010. European University Association (EUA).
    Supporting reviews by: Dr. Angélica González (University of Edinburgh) and Prof. Leopold Sögner (University of Vienna). Additional external reports from: Prof. Stuart Hyde (Manchester Business School); Prof. Richard Stehle (Humboldt University); Dr. Andreas Schrimpf (Aarhus University); Dr. Valerio Potì (Dublin City University); Prof. Marcelo Fernandes (Queen Mary, University of London); Prof. Paul Söderlind (University of St. Gallen).
  4. Pre-doctoral Marie Curie research fellow. 2007 – 2008. The University of Manchester. United Kingdom.
    Supported by the Sixth European Community Framework Programme.

4.2 Post-graduate.

  1. Master Degree in Statistical Learning and Data Mining. 2019. Universidad Nacional de Educación a Distancia (UNED). Spain.
  2. Diploma University Expert in Statistical Learning and Data Mining. 2019. UNED. Spain.
  3. Diploma University Expert in Statistical Techniques for the Scientific Analysis of Data. 2017. UNED. Spain.
  4. Master Degree in Modern Applied Statistical Methods. 2016. UNED. Spain.
  5. Diploma University Expert in Advanced Methods of Applied Statistics. 2015. UNED. Spain.
  6. Advanced Studies in Quantitative Finance. 2005 – 2006. Universidad Complutense de Madrid. Spain.
  7. MSc Finance. 2000 – 2002. EGADE Business School. México.
  8. BS Economics. 1993 – 1997. Tecnológico de Monterrey, Campus Monterrey. México.

4.3 Profesional training.

  1. Training on the European tertiary education (ETER). 2022. European Tertiary Education Register. Università della Svizzera italiana.
  2. Evaluación de políticas y programas públicos. 2022. Secretaría de Hacienda y Crédito Público SHCP. México.
  3. Spatial models for estimating determinants of regional knowledge creation. 2022. Methods in Action. AIT Austrian Institute of Technology.
  4. Introduction to sustainable finance. 2022. United Nations Climate Change Learning Partnership UN CC:Learn.
  5. Synthetic data for privacy, security and augmentation. 2022. ART-AI. University of Bath.
  6. Computer vision. 2022. Duke Machine Learning Winter School. Duke University.
  7. Dealing with heteroscedasticity and other issues in regressions about scaling. 2022. Methods in Action. USI – Università della Svizzera italiana. Lugano, Switzerland.
  8. Norges Bank-CEPR workshop: Frontier research in banking. 2021. Christiania Qvartalet Meeting Center. Oslo, Norway.
  9. Carbon literacy training for business schools. 2021. Nottingham Business School: UN PRME Champions; and The Carbon Literacy Project.
  10. Diplomado: Introducción a las migraciones internacionales. 2021. Universidad Complutense de Madrid & Instituto Complutense de Estudios Internacionales. Spain.
  11. Science, technology and innovation policy evaluation. 2021. Manchester Institute of Innovation Research (MIOIR). United Kingdom.
  12. Digital humanities & research software engineering summer school. 2021. The Alan Turing Institute. United Kingdom.
  13. Diseño de indicadores para el desarrollo social. 2020. Consejo Nacional de Evaluación de la Política de Desarrollo Social. México.
  14. Applications of multi-level models to research policy and higher education studies. 2020. Research Infrastructure for Science and Innovation Policy Studies RISIS. Italy.
  15. Summer school on data science for studying science, technology and innovation. 2019. RISIS. Strathclyde Business School. Glasgow, United Kingdom.
  16. Proyectos de inversión en bienes inmobiliarios. 2019. Riskmathics. México.
  17. Faculty training. 2015 – 2016. Universidad de Monterrey (UDEM). México.
  18. Faculty training. 2015. University of Liverpool’s Management School. Liverpool, United Kingdom.
  19. Faculty training. 2015. University of Roehampton, London Online. United Kingdom.
  20. Course on panel data analysis. 2007. Instituto de Estudios Fiscales. Spain.
  21. Teaching techniques: PBL, POL, collaborative learning, case-based method. 1999 – 2002. Tecnológico de Monterrey, Campus Monterrey. México.
  22. Ethics across the curriculum. 1999. Loyola University Chicago. Chicago, USA.
  23. Diploma in economic and financial analysis. 1998. Asociación Mexicana de Intermediarios Bursátiles, A.C. México.

4.4 Certifications in R.

DataCamp courses (42). Introduction to R; Introduction to Importing Data in R; Introduction to R for Finance; Introduction to Writing Functions in R; Importing and Managing Financial Data in R; Intermediate R for Finance; Data Science for Everyone; Foundations of Probability in R; Time Series Analysis in R; Introduction to the Tidyverse; Credit Risk Modeling in R; Manipulating Time Series Data with and in R; Intermediate R; Data Manipulation with ; Joining Data with ; Introduction to Data Visualization with ; Intermediate Data Visualization with ; Intermediate Importing Data in R; Data Cleaning in R; Working with Data in the Tidyverse; Working with Dates and Times in R; Exploratory Data Analysis in R; Case Study Exploratory Data Analysis in R; Correlation and Regression in R; Supervised Learning in R Classification; Supervised Learning in R: Regression; Unsupervised Learning in R; Cluster Analysis in R; Machine Learning with in R; Data Engineering for Everyone; ARIMA Models in R; Forecasting in R; Visualizing Time Series Data in R; Case Studies: Manipulating Time Series Data in R; Introduction to Portfolio Analysis in R; Intermediate Portfolio Analysis in R; Bond Valuation and Analysis in R; Quantitative Risk Management in R; Financial Trading in R; Equity Valuation in R; Life Insurance Products Valuation in R; GARCH Models in R.

DataCamp skill tracks (6). Importing & Cleaning Data with R (4 courses); Finance Basics with R (4 courses); Machine Learning Fundamentals in R (4 courses); Time Series with R (6 courses); Finance Fundamentals in R (6 courses); Applied Finance in R (7 courses).

DataCamp career tacks (2). Data Scientist with R (19 courses); Quantitative Analyst with R (15 courses).

5 Service to the academia.

Reviewer. Quarterly Review of Economics and Finance (since 2011); Journal of Banking and Finance (since 2010).

Editor. Associate Editor Journal of Accounting, Finance and Economics (since 2014); Munich Paper of RePEc Archive MPRA (2010, 2011); Advances in Management (2011).

Scientific and academic committees. Juez en el Torneo Nacional de Debates 2024, IMEF Universitario, México. External evaluator for Agencia Nacional de Investigación y Desarrollo (ANID) del Ministerio de Ciencia, Tecnología, Conocimiento e Innovación de Chile (2021). Examiner for MScs and PG Diplomas in Financial and Management Studies University of London International Programmes (2012, 2015, 2016). Examination panel of biannual Finance PhD reviews Manchester Business School (06/2011 and 06/2012). Eastern Finance Association (2009, 2010 and 2012); Midwest Finance Association (2009 and 2010); Southwestern Finance Association (Annual Meetings: 48th and 49th).

Trainer / Workshop leader. Eleven courses on R and Python programming for business (2016 - 2024), organized by student organizations. Eight workshops on research seminars for undergraduate students (2016 - 2024), organized by student organizations. Bases de la inversión y finanzas saludables (2024), IMEF Universitario.

6 Awards & honors.

  1. UDEM. Secretary of the academia of finance. 2024 – current.
  2. DataCamp Classrooms Teacher Ambassador. 2024 – current.
  3. SBFin-Constância Investimentos Award for the Best Paper in Quantitative Finance 2024. July 2024. Universidade Tecnológica Federal do Paraná (UTFPR). Sociedade Brasileira de Finanças (SBFin). XXIV Encontro Brasileiro de Finanças. The Efficiency vs. Pricing Accuracy Trade-Off in GMM Estimation of Multifactor Linear Asset Pricing Models.
  4. Certified as carbon literate. UN Climate Change Conference United Kingdom. Coventry University. 2022. This certification is part of the Carbon Literacy standard. Unlike other training courses, the Carbon Literacy certificate is not just a recognition of participation. The certificate transforms the course from an educational tool into a recognised qualification and represents a robust understanding of the climate context of each learner’s day-to-day life, and a commitment to recognise ways to adjust our behaviour to reduce our carbon footprint, as well as influencing our social and professional circles.
  5. UDEM. Member of the research committee CIDINE. 2015 – 2022.
  6. UDEM. Nominated as “Profesor sobresaliente” (business school). 2019.
  7. UDEM. President of the academia of finance. 2016 – 2019.
  8. UDEM. Claustro universitario X. 2017 – 2018.
  9. UDEM. Finalist Ser Sobresaliente 2016 award. 2016.
  10. Sistema de Expertos de Educación Ejecutiva del Tecnológico de Monterrey. 2015 – 2020.
  11. Listed on SSRN’s top ten download list. 2011.
  12. European Community Framework Programme Marie Curie fellowship. United Kingdom. 2007 – 2008.
  13. Basque Government mobility grant. Spain. 2007.
  14. University of the Basque Country doctoral fellowship. Spain. 2005 – 2007.
  15. BBVA Foundation doctoral fellowship. Spain. 2004 – 2005.
  16. Universidad Virtual, Tecnológico de Monterrey. Academic senator member: 2003.
  17. EGADE Business School MSc fellowship. México. 2000 – 2002.

7 Design course assessment material.

University of London, School of Oriental and African Studies (SOAS). MSc in Quantitative Finance and MSc in Economic Policy. 2015 – 2022.

  1. Derivatives (2015 – 2020).
  2. Financial Engineering (2019 – 2022).
  3. Banking and Capital Markets (2019 – 2021).

8 Teaching.

8.1 Teaching: Postgraduate.

SOAS University of London. School of Finance and Management. United Kingdom. 2012 – current.

Courses taught: Portfolio and Fund Management (2025); Bank Financial Management (2025); Finance and Risk Management in the Global Economy (summer school 2020, as Director of Financial Modelling with R); Banking & Capital Markets (2016, 2018, 2019, 2021); Econometric Analysis & Applications (2016 – 2019, 2021, 2022); Risk Management: Principles & Applications (2012, 2014 – 2017, 2019, 2022); Econometric Principles & Data Analysis (2012 – 2015, 2017, 2019, 2023); Derivatives (2015 – 2016); Risk Management in the Global Economy – MOOC FutureLearn platform (2016); Independent Study Project (2019, 2021); Financial Econometrics (2019, 2021 – 2023); Financial Engineering (2021, 2022).

Alliance Manchester Business School. United Kingdom. 2010 – current.

Courses taught: Individual Projects 2010 – 2011 and 2014-15. Research Methods 2011 – 2012. Group Project 2013 – 2014. Global MBA Project 2014-15 and 2015-16. Live Business Project 2018 GMBA. MSc Financial Management programme 2023, 2024.

Universidad de Monterrey UDEM. México. 2015.

Courses taught: Financial Project Evaluation.

University of Liverpool, Management School. United Kingdom. 2015.

Courses taught: Economics of Oil, Gas & Energy.

Alliance Manchester Business School, Finance PhD. United Kingdom. 2011 – 2012.

Courses taught: Three sessions of Advanced Finance Research Seminar I.

Tecnológico de Monterrey. México. 2005 – 2009.

Courses taught: Fundamentals of Managerial Finance (2008); Managerial Economics (2009); Economics for Decision Taking (2010); Economic Environment (2009); Economics of the Firm (2005).

8.2 Teaching: Undergraduate.

Universidad de Monterrey UDEM. (With applications in R and Python). México. 2015 – current.

Courses taught: Topics in Finance (2015 – 2019); Econometrics for Financial Markets (2016 – 2025); COIL course joint with Universidad Pontificia Bolivariana (2023); COIL course joint with Universidad Católica Luis Amigó (2024); Financial Engineering (2016 – 2023); Financial Project Evaluation (2015, 2022); Financial Structure and Cost of Capital (2015, 2017); Financial Risk Management (2015 – 2025); Quantitative Foundations in Finance (2023 - 2025); Research Methods for Business (2024).

Universidad Privada del Norte. Perú. 2021.

Courses taught: Microeconomía para administradores.

Tecnológico de Monterrey. (Most of them in English). México. 1995 – 2015.

Courses taught: Programming and financial modeling; Economics for International Business (2014, 2018, 2019); Competitive Intelligence and Geo-economics (2013 – 2019); Innovation Project on Regional Businesses (2015 – 2019); FDI and Country Risk (2015); Firm Economics (2015, 2018, 2019); Microeconomics (2015); Macroeconomics (2014, 2019); Financial Sources (2012, 2013); Financial Engineering (2003, 2004, 2012, 2013); Project and Firm Valuation (2011); Investments; Risk Evaluation in Financial Markets (2002 – 2004); Foreign Investment (2002 – 2004); Financial Economics (2002 – 2004); Financial Derivatives (2002 – 2004); Statistics (2002); International Finance (1999 – 2002); Econometrics (TA 1997); Microeconomic Theory (TA 1995 – 1998).

The University of Manchester. Economics Department. United Kingdom. 2011 – 2012.

Courses taught: Business Economics I; Business Economics II.

Universidad Autónoma de Nuevo León. México. 2001.

Courses taught: Economic Development.

8.3 Teaching: Executive training.

Courses taught: Finance for non-financiers (online and face-to-face formats 2012 – 2017, 2019); Mexican fiscal reform 2014; entrepreneurial seminar 2014; corporate training in finance for enterprises such as Kimberly-Clark (2013), Stoneridge (2013), Magna (2014, 2017), COPARMEX (2014), Linamar (2015, 10 groups), Ternium (2021).

9 Supervision.

9.1 Supervision: PhD.

The University of Manchester. PhD Finance. 2010 – 2012.

  1. An economic evaluation of linear SDF models: An out-of-sample assessment. Erwin Hansen (currently professor at the University of Chile). Co-supervision.

9.2 Supervision: MSc (35 projects).

London School of Business & Finance. MSc Finance & Risk Management. 2012.

  1. Asset pricing anomalies and stock return predictability: How relevant are they for the Swiss Stock market? Julian Mittmann. Co-supervision. 2012.

SOAS University of London. MSc in Quantitative Finance and MSc in Economic Policy. 2012 – current.

  1. The ESG-SR frontier for FTSE 100 stocks from 2019 to 2022: practical implications for ESG motivated investors. Luca Burlon. MSc in Quantitative Finance. 2024.
  2. Unveiling implied volatility dynamics in option pricing: A sectorial analysis. Martina Maria Farrugia. MSc in Quantitative Finance. 2023.
  3. A bubble identification for the Nikkei 225. Saori Yamaguchi. MSc in Quantitative Finance. 2021.
  4. Predicting sector volatility with GARCH models and artificial neural networks. Curtis Nybo. 2020. MSc in Quantitative Finance.
  5. Analysis and monitor retail credit risk using machine learning. Jin Wang. MSc in Quantitative Finance. 2020.
  6. Determinants of the UK current account: a NARDL approach. Laura Thomson. MSc in Quantitative Finance. 2019. MSc Finance (Economic Policy).
  7. Determinants of investor choice among collective investment schemes: The South African context re-examined. Inthiran Moodley. 2019. MSc in Quantitative Finance.
  8. Financial regulation and market liquidity in the US: A literature review and empirical approach. Edward Price. 2017. MSc Finance (Economic Policy).
  9. Incorporating conditional variance methods into internal models used to calculate regulatory capital requirements for market risk under Basel regulations. Thomas Zellerer. 2016. MSc in Quantitative Finance.
  10. Is the Irish property market contagious or simply interdependent? Norah Daly. 2015. MSc in Quantitative Finance.
  11. British business in El Salvador. Zoë Rowland Smith. 2012. MSc in Economic Policy.

Alliance Manchester Business School. MSc Financial Management. 2023 – current.

  1. Resilience in Crisis: Identifying characteristics of high versus low performing firms during the COVID-19 pandemic. Maxime Almorad, Dafni Konstantina Papailiaki, Alex Butler, Umer Ahmad, Chi Man Chan. 2024.
  2. Board gender diversity and firm’s financial performance: a comparison across industries in the United States. Hau Chung Leung, Hon Yin Wong, Mau Nam Chan, Yiu Kwan Choi, Haoran Sun. 2024.
  3. The Impact of Leadership Diversity on Financial Performance: A Multisectoral Analysis of Gender and Nationality Effects in Global Corporations. Jieun Byun, Elfindah Princes, Franchesca Deoferio, Gabriel Dimas-Vierra, Ryan Anchoriz. 2024.
  4. Machine learning classification algorithms and credit default prediction. Firas El Bouz, Simon Barnes, Karan Bhatia, Ahmed Almazroa, Mohammad Dabash, Abdallah Ghanem. 2023.
  5. Monetary policy announcements and lead-lag stock market effects.. Omar Taalab, Amr El Kasrawy, Ibraheem Al Amayreh, Omar Ali, Shaikha Alnajjar, Abdullah Alhindi. 2023.

The University of Manchester. MSc Finance. 2011 – 2012.

  1. Short-run investment advice and portfolio performance during economic cycles. Yu Wang. 2012.
  2. Empirical evidence of the behaviour of stock volatility with real economic changes – A mean variance frontier perspective. Linda Anna John. 2012.
  3. An exploration about risk diversification possibilities in the U.S. Kush Arora. 2012.
  4. The role of return predictability in the accuracy of short-run investor advice. Alexey Dorokhov. 2012.
  5. Industry dynamics and the momentum anomaly. Jr-Wei, Kao. 2011.
  6. Food industry performance over business cycle on the US market. Lin Wen. 2011.
  7. Advice to global investors about international portfolio diversification. Meili Jiang. 2011.
  8. Testing the generalized method of moments (GMM) with US industries. Mohammed Ali. 2011.
  9. Explaining the industry-based momentum anomaly in the US market – The role of momentum factor and autocorrelation. Yu Zhang. 2011.
  10. The role of business cycles in the determination of industry portfolios in the US. Jingsi Shen. 2011.

Universidad Complutense de Madrid. MSc in Quantitative Finance and Banking. 2012 – 2017.

  1. Exploration of properties of the implicit stochastic discount factor. Marc Pallarés García. 2017.
  2. The role of copulas in the characterization of counterparty credit risk. Norma Angélica Bautista Luna. 2017.
  3. Mean-variance asset allocation revisited. David Tarin Bernad. 2017.
  4. Out-of-sample performance of investment strategies: A dynamic evaluation. Guzmán Hernández Hernández. 2014.
  5. Out-of-sample performance of mean-variance strategies: Is active portfolio management worth the effort in Europe? Francisco J. Navarro Sánchez. 2013.
  6. Intertemporal optimal demands for bonds and industry portfolios. Pedro Antonio da Silva Faria. 2013.
  7. Aplicación empírica de las medidas mentales y carteras eficientes. Boris Castro Guevara. 2012.
  8. Evolución temporal de la frontera media-varianza y su relación con la economía real. Ana María Rivera Serrano. 2012.

9.3 Supervision: MBA (18 projects).

The University of Manchester. Full-Time MBA. 2012.

  1. Not for profit MBA project: Sustainability of SafeBase (After Adoption). Jorge Alvarez, Adriana Castellares, Kelly Higgins, Niyati Jhalaria, Siamnat Panassorn.

The University of Manchester. Global MBA. 2012 – 2018.

  1. Financial evaluation: A new treatment for acute myeloid leukemia patients. Jie Zhang, Jie Fang, Yanfei Pan, Jufang Qian, Yiqing Guan, Xinshu Xu. 2018.
  2. Funding models for marginal oil fields (MOFs) oil exploration and production in Nigeria: Case study of the Umusadege Cluster Tigers. Harrison Ibagere. 2016.
  3. Financial institutions before and after the 2008 global financial crisis. Viktoriia Glazneva, Bukola Majekodunmi, Nigel Aldcroft, Venugopal Boravellyayyanna, Lynette C. Musonda. 2016.
  4. A demand-side assessment of Dubai M/SME finance needs and the creation of a risk mitigation tool to improve funding access. Toni Arndell, Alex Carter, Martin JV Hughes, Eric Leung, Bradley Manser, Derek Sington. 2015.
  5. Post-IPO performance of listed companies in Singapore – Short run and long run. Hnin Yi Thet. 2014.
  6. A response to the credit challenges confronting SMEs in Australia’s post-GFC climate of inflated property prices. Francesco Ceravolo. 2013.
  7. An analysis of the adequacy of the risk management structure and practices in the Bank of Nova Scotia Jamaica Limited. Frederick Green. 2013.
  8. Instruments in managing cross border M&A cost and their applications in Chinese outbound transactions. Yang An. 2013.
  9. Study of efficiency of the Nigerian capital market and the implications for investors. Ameen Akeem Alaba. 2012.
  10. The Jamaica Debt Exchange – How has the JDX affected financial institutions and pension funds? Carla Neisha Thomas. 2012.
  11. Transforming BG – Strategy formulation and implementation in the context of a family business. Fazly Muhammed Faleedeen. 2012.
  12. Challenges faced by the investment entities in the Gulf Cooperation Council (GCC) in the recent financial crisis, reasons and the way forward. Moataz Bellah Abd Elbaset Hegab. 2012.
  13. Islamic finance – The concealed resilient architecture. Mohamed El Ashmawy. 2012.
  14. An evaluation of Chinese companies listed on the Singapore Stock Exchange. Stephen Chiew Hung Tan. 2012.
  15. The causal factors of commercial bank distress in Nigeria. Emmanuel Duru. 2012.
  16. The Nigerian banks recapitalization: Impacts on the value creation and risks. Ojekunle Ibrahim Olakunle. 2012.

Universidad de Monterrey UDEM. MBA. 2023.

  1. Proyecto de consultoría de gestión relacionada a la vinculación estratégica entre mercadotecnia y ventas en la organización Empresa Mexicana de Manufacturas S.A. de C.V. (EMMSA). Cesar Alejandro González Galarza, Mónica Rayos Hernández, Jorge Antonio Cisneros de Arce, Jorge Alberto Salazar Barreda. 2023

9.4 Supervision: Undergraduate (44 projects).

Universidad de Monterrey UDEM. Finance, accounting, business and economics degrees. 2015 – current.

  1. Osmar Arandia Flores, Dariela Prezas Martínez, Sebastián Tejeda Deschamps, Eva Sofía Zubiria Valdez. 2025.
  2. Leveraging cognitive variables for personalized portfolios and optimization. Emilio Zea Gómez, José Francisco León Figueroa, María Regina Ramírez Mena, Pablo Alberto Elizondo Leal. 2024.
  3. Consumo de crédito y las disparidades socioeconómicas: un análisis fundamental del acceso a crédito y su impacto en la desigualdad económica. Marcelo Garza Amaya, Alejandro Rodarte Recio, Marcelo Valdés de la Garza. 2024.
  4. Development of an independent Robo Advisor for the Mexican stock market. Lorelei Schauer Tinajero, Mariana Dávila Monsivais, Nayeli Anaid Carrasco Negrín, Salma Odette Woodward Jiménez. 2024.
  5. Desarrollo de un modelo Cyborg (máquina-hombre) para pronosticar el precio de las acciones en el mercado estadounidense Ángel Alberto Torres Rodríguez, Carlos Adrián González De la Garza, Esteban Cosme Lizárraga. 2024.
  6. Razones financieras y redimientos accionarios. Analucía Díaz Treviño, Carlos Alberto Ibarra Treviño, Iliana Lizeth Salinas López, Paola Torres Angulo. 2023.
  7. Decisiones de inversión bajo un enfoque conductual. Paulina Cardenas Rodriguez, Mariana Ocañas Zapata, Samantha Valdez Güereca, Pablo Emilio Ramírez Salazar. 2023.
  8. Instrumento de cobertura agrícola contra la sequía en el entorno insurtech y el cambio climático. Héctor Misael González Valerio, Sergio Octavio Castro Cobos, Daniela Garza Rendón, Ana Sofía Domínguez Almaraz. 2023.
  9. Algorithmic trading using machine learning predictions. Esteban González Pedraza, Stephanie Marie Manzur Barragán, José Flavio Rodríguez Picazo, Daniela Zambrano Frias. 2023.
  10. Financial performance and ESG in the US and Mexican stock markets. Saulh Andre Gómez Rodríguez, Karla Paola Castillón Garza, Carla Lucía Salinas Garza. 2022.
  11. Stock price forecast using LSTM neural networks. Eugenio Felipe Pérez Villarreal. 2022.
  12. Sesgos de Inversionistas durante Crisis Financieras: Una Revisión Literaria. David Eduardo Colunga Amador, Ericka Ivonne Hinojosa Ortega, Florencia García Saucedo, Ludivina Martínez Aldape. 2022.
  13. Tutor for the honors program in leadership 16th edition. Paulina Garza García. 2022.
  14. New evidence on equity fund performance: A trivariate sort of drivers approach. María Fernanda Posada Leal, Aleydis Schauer Tinajero, José Alfredo Zamora González, Rodrigo López Morales. 2022.
  15. One size does not fit all: WACC distribution to improve investment decision making. Guillermo Maldonado Villanueva, Mariana Guadalupe Gauna Escalera, Daniela Villarreal Amparán, Katya Villarreal Elizondo. 2021.
  16. Delinquency rate determinants in the Mexican housing credit market: a regional analysis. Lourdes Sofía Elizondo Guajardo, Daniela Díaz Delgado, Bernardo Ortega Chávez, Gabriel González Bataller. 2021.
  17. Evaluating the contribution of asset classes in the creation of a crisis resistant portfolio. Víctor Arnulfo González Campos, Carolina Villarreal Chaccourt, Fernando Chapa Guzmán, Montserrat González Cantú. 2021.
  18. Reference portfolio optimization for retirement in México. Alejandra Barradas Álvarez, Alejandro Flores Gaytán, Andrea Gutiérrez Campos, Ivanna Garza Villarreal. 2021.
  19. Determinantes socioeconómicos del logro académico en la prueba pisa 2018: un análisis de regresión multinivel cuantílica para el caso de México. Daniela Paola García Cruz, Katia Flores García, Norma Patricia Rodríguez Garza, Salvador de Jesús Ramos Rivera. 2020.
  20. La inversión en México y sus estados. Carolina Mata Degollado, Alan Estrada Sáenz, Andrea García Puentes, Bárbara De la Garza Aguiñaga. 2020.
  21. Dynamic estimation of corporate bond yields based on the credit risk Merton model: practical implications for Mexican public firms. María Fernanda Alanís Adame, Ana Daniella Martínez Medina, Mauro Lozano Trujillo. 2020.
  22. Financial risk analysis for Axtel Corp: contributions to economic literature and recommendations for the company. Javier Cázares Salinas, Regina Marmolejo Torres. 2020.
  23. Risktech: Consultoría en administración del riesgo de crédito basada en inteligencia artifical. Paola Alejandra Arizpe Flores, Pamela Alejandra Salinas Delgado, Adrián Delgadillo Miranda, José Marcelo Rosiles Cortés. 2020.
  24. Text mining and finance applications. Aurelio Herrera Alonso, Juan Antonio Chapa Guzmán, Paulina Sarahí González Martínez, David Alejandro Almaguer Galván. 2020.
  25. Estrategias de inversión automatizadas basadas en violaciones de la paridad put-call. Marijose Morales Lozano, María Fernanda González Espinoza, Florencia Ferado Calleros, Esteban Daniel Cauich Montes. 2020.
  26. Do irrational investment decisions create value? A tale of 101 artificially created investors. Andrea Madero Acuña, Franklin R. Garza Tuñón, Daniela Valdez Rodríguez, Valeria Martínez Zambrano. 2019.
  27. How trustworthy are robo-advisors to take financial investment decisions? María Laura Ruiz Peinado, Ana Victoria Garza Montemayor, Ana Fernanda Marroquín Leal, Jorge Alejandro Deux Guerra Saldívar. 2019.
  28. A big data approach for non-standardized weather derivatives in the context of insurtech for the Mexican agricultural sector. Melissa Cavazos De la Rosa, Mariana Yépiz Ojeda, Verónica Daniela Briones Reyes. 2019.
  29. Sistema de control interno para empresas del sector inmobiliario en México en el contexto de la Ley Federal para la Prevención e Identificación de Operaciones con Recursos de Procedencia Ilícita. Estefanía Huerta Ocañas, Maximiliano Nienow González, Alejandro Emmanuel Garza Gauna. 2019.
  30. Determinants of attraction In Mexico’s foreign direct investment and their capacity to generate economic growth: The case of profit reinvestment. Osvaldo Delgado, Héctor Valdés Ramones, Jorge Armando Espinal Landaverde, André González. 2019.
  31. Characteristics of the company and macroeconomic variables as determinants of the multiples and financial ratios of Mexican public companies. Marcela Cristina Beltrán Díaz, Juan Uriel Sarmiento Cordero, Marco Antonio Muhlia Sánchez, Marco Alejandro Rodríguez Torres. 2019.
  32. Applying finance and statistics to explain and unveil the poverty determinants in Mexican municipalities. Hugo Arnoldo Oliva Castillo, Lucía del Carmen Chávez De la Garza, Javier Eugenio Garza Martínez, Kalhid Marcelo García Adam. 2018.
  33. Portfolios of individual stocks versus portfolios of investment strategies: a machine learning approach. Priscila Judith Huerta Sánchez, Katia Gómez Sagui, Martín Murillo Varona, Oscar David Elizondo Espinosa. 2018.
  34. Cross-country determinants of corruption and implications for economic policy. Ana Sofía Villarreal Reyes, Mariana Flores, Ignacio Sánchez Paoli, Mauricio Rumbaut Canales. 2018.
  35. A proposal for a credit risk metric for private firms. Kareeme Yuvisela Dávila Cisneros, Melissa Montserrat Copado López, Marco Antonio Infante Rodríguez, Juan Pablo Barradas. 2018.
  36. Introducing the weighted forward-looking volatility index: construction and empirical application. Patricia Perches Carrillo, Liliana Juárez González, Elena Gaitán Álvarez, Iris Giovanna Masante Muñiz. 2017.
  37. An innovative credit risk estimation: implications for the credit risk rating market. Regina Marcela Marta Varela, María Fernanda Herrera Quiroga, Marcelo Adrián Pérez Ayala, Juan Pablo González Martínez. 2017.
  38. Contraste de anomalías en el mercado mexicano: Implicaciones para el inversionista. Daniela Castillo Gutiérrez, María Begoña Domínguez Ortega, Sonia María Leal Cárcamo, Mariana Itzel De la Rosa Reyes. 2017. Presented at: 1er. Coloquio de Jóvenes Investigadores: Gestión de la Innovación para el Desarrollo Sostenible de los Negocios 2017.
  39. Competitiveness patterns in Mexican microenterprises: Implications for credit risk models. Itziar Olóriz De la Garza, Armando Víctor González Valdés, Jorge Edgardo Sánchez Garza, Pedro Cedillo Martínez. 2017.
  40. Impact on the US monetary policy on Mexican investment strategies. Karen Beatriz Montoya Ortiz, Iris Aide Salinas Martínez, Elías Castro Flores, José Valero. 2016.
  41. Realized performance of investment preferences: The case of home bias puzzle conditioned on exchange rate volatility. Magaly Carolina Pérez Martínez, Alejandra García Villarreal, Alejandra Prezas Martínez, Christopher Ledezma González. 2016.
  42. Tutor for the honors program in leadership 10th edition. Magaly Carolina Pérez Martínez. 2016.
  43. Trends and analysis of the incorporation of the peer-to-peer markets in the economic sectors of México. Gabriela Romeroll Angulo, Cynthia Alejandra De la Vega Oates, Dulce María Pérez Acosta, Marco Antonio Hernández Díaz. 2016.
  44. Performance evaluation of investment strategies based on automated technical analysis algorithms. Carlos Andrés Gutiérrez Mendivil, Danya Cecilia Martínez Ramírez, Paulina Torres Treviño, Ana María Barrera Portillo. 2016.

10 Free time.

I love art as the expression of human creativity and imagination. I spend some free time playing my Yamaha digital piano. I used to be an active keyboardist, piano player, and orchestra director. Most of my experience in this field has been as a musician at live concerts in Mexico and Europe, piano solo concerts, and musicals organized by the Tecnológico de Monterrey for about a decade.

My top painters: Velázquez, Goya, Dalí, Picasso, Tamayo among others. My top musicians: Chick Corea, Wynton Marsalis, Paco de Lucía, Dave Brubeck, George Gershwin, Leonard Bernstein, among others.

This document took 0.47 seconds to compile in Quarto version 1.5.54, and R version 4.4.1 (2024-06-14 ucrt).