George Kamenov PANAYOTOV

PhD in Finance
The University of Maryland, 2005

Associate Professor
Department of Finance



(852) 2358 5049
panayotov@ust.hk
Room LSK5085
Personal Web

---

Google Scholar
J9N4VJwAAAAJ

ORCID
0000-0002-8419-2227

Scopus ID
34267747200




Research Interest Publications Projects Teaching Assignment Space used




Research Interest

---

Investments
Risk management
Asset pricing
Derivatives
Hedge funds



Publications

---

All Years 17 2022 0 2021 2 2020 3 2019 1 2018 1 2017 3 2016 7

---

Expand All Collapse All


2021 2

A Theory of Dissimilarity Between Stochastic Discount Factors
Management Science, V. 67, (7), July 2021, p. 4602-4622
Panayotov, George Kamenov; Gao, Xiaohui; Bakshi, Gurdip Article
Eye in the sky: Private satellites and government macro data
Journal of Financial Economics, v. 141, (1), July 2021, p. 234-254
Mukherjee, Abhiroop; Panayotov, George Kamenov; Shon, Janghoon Article

2020 3

Global Risks in the Currency Market
Review of Finance, v. 24, (6), November 2020, p. 1237-1270
Panayotov, George Kamenov Article
Good Carry, Bad Carry
Journal of Financial and Quantitative Analysis, v. 55, (4), June 2020, p. 1063-1094
Bekaert, G.; Panayotov, George Kamenov Article
Eye in the Sky: Private Satellites and Government Macro Data
Finance Down Under: Building on the Best from the Cellars of Finance, Melbourne, Australia, 5-7 March 2020
Panayotov, George Kamenov; Shon, Janghoon Conference paper

2019 1

Global Risks in the Currency Market
The 46th Annual Meeting of European Finance Association (EFA 2019), Carcavelos, Portugal, 21-24 August 2019
Panayotov, George Kamenov Conference paper

2018 1

Global Risks in the Currency Market
Asian Bureau of Finance and Economic Research Annual Meeting (ABFER 2018), Singapore, 22-24 May 2018
Panayotov, George Kamenov Conference paper

2017 3

Theory of Dissimilarity between Stochastic Discount Factors
FinanceUC 11th International Conference, Santiago, Chile, January 10, 2017
Gao, Xiaohui; Bakshi, Gurdip; Panayotov, George Kamenov Conference paper
Theory of Dissimilarity between Stochastic Discount Factors
IFSID Sixth Conference on Derivatives, Montreal, 14-16 September 2017
Panayotov, George Kamenov; Gao, Xiahui; Bakshi, Gurdip Conference paper
Theory of Dissimilarity between Stochastic Discount Factors
SFS Cavalcade Asia-Pacific 2017, Beijing, 13-15 December 2017
Panayotov, George Kamenov; Gao, Xiaohui; Bakshi, Gurdip Conference paper

2016 2

Heterogeneity in Beliefs and Volatility Tail Behavior
Journal of Financial and Quantitative Analysis, v. 50, (6), January 2016, p. 1389-1414
Bakshi, Gurdip S.; Madan, Dilip B.; Panayotov, George Kamenov Article
Good Carry, Bad Carry
6th Workshop on Financial Determinants of Foreign Exchange Rates, Bank of England, Conference Centre, London, Thursday 15 - Friday 16 December 2016
Bekaert, Geert; Panayotov, George Kamenov Conference paper

2013 1

Predictability of currency carry trades and asset pricing implications
Journal of Financial Economics, v. 110, (1), October 2013, p. 139-163
Bakshi, Gurdip; Panayotov, George Article

2011 1

Improving the predictability of real economic activity and asset returns with forward variances inferred from option portfolios
Journal of financial economics, v. 100, (3), June 2011, p. 475-495
Bakshi, Gurdip; Panayotov, George; Skoulakis, Georgios Article

2010 3

Deducing the Implications of Jump Models for the Structure of Stock Market Crashes, Rallies, Jump Arrival Rates, and Extremes
Journal of business & economic statistics, v. 28, (3), July 2010, p. 380-396
Bakshi, Gurdip; Madan, Dilip; Panayotov, George Article
First-passage probability, jump models, and intra-horizon risk
Journal of financial economics, v. 95, (1), January 2010, p. 20-40
Bakshi, Gurdip; Panayotov, George Article
Returns of claims on the upside and the viability of U-shaped pricing kernels
Journal of financial economics, v. 97, (1), July 2010, p. 130-154
Bakshi, Gurdip; Madan, Dilip; Panayotov, George Article


Expand All Collapse All


Article 2

A Theory of Dissimilarity Between Stochastic Discount Factors
Management Science, V. 67, (7), July 2021, p. 4602-4622
Panayotov, George Kamenov; Gao, Xiaohui; Bakshi, Gurdip
Eye in the sky: Private satellites and government macro data
Journal of Financial Economics, v. 141, (1), July 2021, p. 234-254
Mukherjee, Abhiroop; Panayotov, George Kamenov; Shon, Janghoon


Expand All Collapse All


Article 2

Global Risks in the Currency Market
Review of Finance, v. 24, (6), November 2020, p. 1237-1270
Panayotov, George Kamenov
Good Carry, Bad Carry
Journal of Financial and Quantitative Analysis, v. 55, (4), June 2020, p. 1063-1094
Bekaert, G.; Panayotov, George Kamenov

Conference paper 1

Eye in the Sky: Private Satellites and Government Macro Data
Finance Down Under: Building on the Best from the Cellars of Finance, Melbourne, Australia, 5-7 March 2020
Panayotov, George Kamenov; Shon, Janghoon


Expand All Collapse All


Conference paper 1

Global Risks in the Currency Market
The 46th Annual Meeting of European Finance Association (EFA 2019), Carcavelos, Portugal, 21-24 August 2019
Panayotov, George Kamenov


Expand All Collapse All


Conference paper 1

Global Risks in the Currency Market
Asian Bureau of Finance and Economic Research Annual Meeting (ABFER 2018), Singapore, 22-24 May 2018
Panayotov, George Kamenov


Expand All Collapse All


Conference paper 3

Theory of Dissimilarity between Stochastic Discount Factors
FinanceUC 11th International Conference, Santiago, Chile, January 10, 2017
Gao, Xiaohui; Bakshi, Gurdip; Panayotov, George Kamenov
Theory of Dissimilarity between Stochastic Discount Factors
IFSID Sixth Conference on Derivatives, Montreal, 14-16 September 2017
Panayotov, George Kamenov; Gao, Xiahui; Bakshi, Gurdip
Theory of Dissimilarity between Stochastic Discount Factors
SFS Cavalcade Asia-Pacific 2017, Beijing, 13-15 December 2017
Panayotov, George Kamenov; Gao, Xiaohui; Bakshi, Gurdip


Expand All Collapse All


Article 1

Heterogeneity in Beliefs and Volatility Tail Behavior
Journal of Financial and Quantitative Analysis, v. 50, (6), January 2016, p. 1389-1414
Bakshi, Gurdip S.; Madan, Dilip B.; Panayotov, George Kamenov

Conference paper 1

Good Carry, Bad Carry
6th Workshop on Financial Determinants of Foreign Exchange Rates, Bank of England, Conference Centre, London, Thursday 15 - Friday 16 December 2016
Bekaert, Geert; Panayotov, George Kamenov


Expand All Collapse All


Article 1

Predictability of currency carry trades and asset pricing implications
Journal of Financial Economics, v. 110, (1), October 2013, p. 139-163
Bakshi, Gurdip; Panayotov, George


Expand All Collapse All


Article 1

Improving the predictability of real economic activity and asset returns with forward variances inferred from option portfolios
Journal of financial economics, v. 100, (3), June 2011, p. 475-495
Bakshi, Gurdip; Panayotov, George; Skoulakis, Georgios


Expand All Collapse All


Article 3

Deducing the Implications of Jump Models for the Structure of Stock Market Crashes, Rallies, Jump Arrival Rates, and Extremes
Journal of business & economic statistics, v. 28, (3), July 2010, p. 380-396
Bakshi, Gurdip; Madan, Dilip; Panayotov, George
First-passage probability, jump models, and intra-horizon risk
Journal of financial economics, v. 95, (1), January 2010, p. 20-40
Bakshi, Gurdip; Panayotov, George
Returns of claims on the upside and the viability of U-shaped pricing kernels
Journal of financial economics, v. 97, (1), July 2010, p. 130-154
Bakshi, Gurdip; Madan, Dilip; Panayotov, George


Expand All Collapse All


2016 2

Heterogeneity in Beliefs and Volatility Tail Behavior
Journal of Financial and Quantitative Analysis, v. 50, (6), January 2016, p. 1389-1414
Bakshi, Gurdip S.; Madan, Dilip B.; Panayotov, George Kamenov Article
Good Carry, Bad Carry
6th Workshop on Financial Determinants of Foreign Exchange Rates, Bank of England, Conference Centre, London, Thursday 15 - Friday 16 December 2016
Bekaert, Geert; Panayotov, George Kamenov Conference paper

2013 1

Predictability of currency carry trades and asset pricing implications
Journal of Financial Economics, v. 110, (1), October 2013, p. 139-163
Bakshi, Gurdip; Panayotov, George Article

2011 1

Improving the predictability of real economic activity and asset returns with forward variances inferred from option portfolios
Journal of financial economics, v. 100, (3), June 2011, p. 475-495
Bakshi, Gurdip; Panayotov, George; Skoulakis, Georgios Article

2010 3

Deducing the Implications of Jump Models for the Structure of Stock Market Crashes, Rallies, Jump Arrival Rates, and Extremes
Journal of business & economic statistics, v. 28, (3), July 2010, p. 380-396
Bakshi, Gurdip; Madan, Dilip; Panayotov, George Article
First-passage probability, jump models, and intra-horizon risk
Journal of financial economics, v. 95, (1), January 2010, p. 20-40
Bakshi, Gurdip; Panayotov, George Article
Returns of claims on the upside and the viability of U-shaped pricing kernels
Journal of financial economics, v. 97, (1), July 2010, p. 130-154
Bakshi, Gurdip; Madan, Dilip; Panayotov, George Article


No Publications






Teaching Assignment

---

2021-22 Winter 0 2021-22 Fall 2 2020-21 Summer 0 2020-21 Spring 1 2020-21 Winter 0 2020-21 Fall 2

---

FINA3203 Derivative Securities
FINA5290 Derivatives Analysis


FINA5300 Advanced Derivatives Analysis


FINA3203 Derivative Securities
FINA5290 Derivatives Analysis


No Teaching Assignments


No Teaching Assignments


No Teaching Assignments









ProjectsFrom January 2020 to December 2022

---

All Projects 4 Leading Projects 3 Participating Projects 1

---

Developing Hong Kong as a Global Green Finance Centre


發展香港成為全球的綠色金融中心 Participating


RGC - Theme-based Research Scheme


Project Team (HKUST)
ZHANG Chu (Lead)
CHEN Zhanhui
DELINA Laurence Laurencio
FUNG Jimmy Chi Hung
HUANG Allen Hao
HUI Kai Lung
IM Eun Soon
LAFON-VINAIS Veronique J A
LAU Alexis Kai Hon
LI Yingying
LOH Kung Wai Christine
MUKHERJEE Abhiroop
PANAYOTOV George Kamenov
PARK Albert Francis
QI Ye
SHI Xiaoming
STEUER Benjamin
TAM Kar Yan
ZALDOKAS Alminas


2022 -




How important are the tails of carry trade returns?


套利交易回報的尾部有多重要？ Leading


RGC - General Research Fund


Project Team (HKUST)
PANAYOTOV George Kamenov (Lead)


2022 -




Carry trades via options Leading


Central Reserve Fund - School-based Initiatives


Project Team (HKUST)
PANAYOTOV George Kamenov (Lead)


2019 -




Dissimilarity between Stochastic Discount Factors - dynamic aspects


隨機貼現因子之間的差異 - 動態方面 Leading


RGC - General Research Fund


Project Team (HKUST)
PANAYOTOV George Kamenov (Lead)


2019 - 2021