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GEORGIOS S. SKIADOPOULOS Professor, School of Economics and Finance, Queen Mary University of London, UK Professor, Department of Banking and Financial Management, University of Piraeus, GR g.skiadopoulos@qmul.ac.uk , gskiado@unipi.gr https://sites.google.com/view/george-skiadopoulos

Nationality: Greek Place/ Date of Birth: Corfu/ 1973 Family status: Married, Two children

1. EDUCATION 1995-1999: Ph.D., University of Warwick

Dissertation: Modelling the Dynamics of Implied Volatility Smiles and Surfaces, Supervisor: Professor Stewart D. Hodges.

1994-1995: M.Sc., London School of Economics and Political Science M.Sc. in Mathematical Economics and Econometrics.

1990-1994: Ptyxion, Department of Economics, Athens University of Economics and Business (A.U.E.B.) Average Grade: 8.84/10 (First Class) – Ranked first in graduating class.

1987-1990: Ionios School of Athens “Apolitirion”, Average Grade: 19.4/20 (First Class).

2. APPOINTMENTS CURRENT AFFILIATIONS 10/2014 - Professor (part-time), School of Economics and Finance, Queen

Mary, University of London, UK. 06/2015 - Today: Professor in Financial Derivatives, Department of Banking and

Financial Management, University of Piraeus, Greece. 07/2018 – Today: Director of the Institute of Finance and Financial Regulation (IFFR) 11/2010 – Today Honorary Senior Visiting Fellow in the Faculty of Finance, Cass

Business School, City University London, UK. PAST AFFILIATIONS 4/1999- 09/2018: Associate Research Fellow, Warwick Business School, University

of Warwick. 02/2013 - 10/2014: Reader (part-time), School of Economics and Finance, Queen Mary,

University of London, UK. 06/2010 – 06/2015: Associate Professor in Financial Derivatives, Department of

Banking and Financial Management, University of Piraeus, Greece. 09/2006 – 06/2010: Assistant Professor in Financial Derivatives, University of

Last updated: October 2019

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Piraeus, Department of Banking and Financial Management. 1/2003 – 09/2006: Lecturer in Financial Derivatives and Risk Management,

University of Piraeus, Department of Banking and Financial Management.

10/2005 – 7/2006: Visiting Assistant Professor, Hellenic Open University in the Business Administration Program.

7/2002 – 3/2003 ADEX Research Fellow in Financial Engineering, Financial Engineering Research Centre, Athens University of Economics and Business. Project: Pricing & Hedging with Volatility Derivatives – Constructing an Implied Volatility Index for the Greek Stock Market.

9/2001 - 7/2002 Research Fellow, Financial Engineering Research Centre, Athens University of Economics and Business.

3/2000 – 9/2001: Compulsory Full Military Service (Artillery) 9/1999 - 3/2000: Athens Derivatives Exchange (ADEX), Research and

Development Group 10/1995 - 3/1999: Research Fellow, Financial Options Research Centre (FORC),

Warwick Business School, University of Warwick.

EDITORIAL BOARDS Journal of Banking and Finance (02/2013-Today), Journal of Business Finance and Accounting (12/2008–Today), Journal of Commodity Markets (03/2015–Today), Journal of Derivatives (09/2011–Today), Multinational Finance Journal (12/2013-Today)

3. OTHER PROFESSIONAL EXPERIENCE PROFESSIONAL BODIES July 2019 - : External Independent Academic Advisor, IOLCUS Investments

March 2019: Member of the team of experts who advise the Hellenic Capital

Market Commission’s (HCMC) Innovation Hub on Financial Technology.

2012 - Today: Member of the nominating committee for the Financial Engineer of the Year Awards run by the International Association for Quantitative Finance, NYC.

11/2008- 12/2009: Member of the Academic Advisory Council of the Professional Risk Managers International Association (PRMIA)

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Past CONSULTANCIES Athens Derivatives Exchange, Alpha Bank, Emporiki Bank, Consultant to a Member of the Athens Stock Exchange, FORC’s Corporate Members, Hellenic Petroleum S.A., Integral Capital Management LLP

4. Research GRANTS Sponsor: Chicago Mercantile Exchange Foundation Group. Title:

Jumps in S&P 500 futures options and their determinants, Period: 2016-2018.

Sponsor: J.P. Morgan Center for Commodities, University of Colorado Denver. Title: Diversification benefits of commodities: A stochastic dominance efficiency approach, Period: 2016-2017

Sponsor: Fondazione Cassa di Risparmio. Title: Volatility modelling and forecasting with option prices: The proposal of a volatility index for the Italian market, Period: 2011-2013

Sponsor: Fundação para a Ciência e a Tecnologia (FCT) Portugal. Title: Early exercise decisions under uncertainty and stochastic interest rates, Period: 2009-2012

Sponsor: Athens Derivatives Exchange. Title: Volatility Derivatives, Period: 2002-2003

5. AWARDS & HONORS July 2019 Member of the diaNEOsis Policy Lab

2014, 2017 Voter (by invitation) for nominations for the Onassis Prize in Finance

2015 & 2018 (worth $200,000 each) awarded by the Alexander S. Onassis Public Benefit Foundation in association with the City of London and the Costas Grammenos Centre for Shipping, Trade and Finance of City University London’s Cass Business School. The prize is awarded every three years.

2004, 2007, 2008: Awards nominated by the Research Centre of the University of Piraeus (ΚΕΠΠ) for publications in academic journals

1995-1997: Marie Curie Human Capital Mobility Research Fellow

1990-1994: Scholarship Prizes from the Greek Foundation State, the G. Halkiopoulos Institute and the National Bank of Greece for distinguished academic performance

1990: Honored by the Athens University of Economics and Business for

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achieving the fourth best mark all over Greece in the National Examinations for Admission to the Department of Economics

1987-1990: Honored by the Greek State for distinguished performance. 6. PUBLICATIONS JOURNALS [1] Faccini, R., Konstantinidi, E., Skiadopoulos, G. and Sarantopoulou-Chiourea, S.

(2019). A New Predictor of U.S. Real Economic Activity: The S&P 500 Option Implied Risk Aversion, Management Science, forthcoming. Media Coverage: Forbes, Market Watch, Wall Street Journal, Seeking Alpha, Kathimerini (Sunday Edition), The Verdict Shortlisted in the Media Relations category for the Queen Mary University of London Engagement and Enterprise Awards 2019 for Best Published Research Campaign Nominated for the EFMA 2017 Conference Global Association of Risk Professionals (GARP) Risk Management Best Paper Award

[2] Bernales, A., Cortazar, G., Salamunic, L. and Skiadopoulos, G. (2019). Learning and Index Option Returns, Journal of Business and Economic Statistics, forthcoming.

[3] Kapetanios, G., Konstantinidi, E., Neumann, M., and Skiadopoulos, G. (2019). Jumps in Option Prices and their Determinants: Real-Time Evidence from the E-mini S&P 500 Option Market, Journal of Financial Markets, forthcoming. Recipient of the Chicago Mercantile Exchange Foundation Group Grant

[4] Lambrinoudakis, C., Skiadopoulos, G., and Gkionis, K. (2019). Capital Structure and Financial Flexibility: Expectations of Future Shocks, Journal of Banking and Finance 104:7, 1-18 (Lead article). Media Coverage: CFO Magazine

[5] Daskalaki, C., Skiadopoulos, G., and Topaloglou, N. (2017). Do Commodities provide Diversification Benefits? A Stochastic Dominance Efficiency Approach, Journal of Empirical Finance 44, 250-269. Abstracted by Global Commodities Applied Research Digest (GCARD) Spring 2017 issue, Vol. 2, No. 1. Issued by the J.P. Morgan Center for Commodities (JPMCC) at the University of Colorado Denver Business School Recipient of the Commodities Research Fellowship Award at the J.P. Morgan Center for Commodities, at the University of Colorado Denver Business School

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Media link: http://www.qmul.ac.uk/media/news/items/hss/200254.html

[6] Daskalaki, C., and Skiadopoulos, G. (2016). The Effects of Margin Changes on Commodity Futures Markets, Journal of Financial Stability 22, 129-152. Cited in the OneChicago August 2019 Response to the July 2019 Securities and Exchange Commission (SEC) and Commodity and Futures Trading Commission (CFTC) proposed rule for customer margin rules relating to security futures Abstracted in Roubini’s RGE EconoMonitor as a Research Column: Daskalaki, C., and Skiadopoulos, G. (2015). Should Commodity Futures Margins Be Regulated? Abstracted by Global Commodities Applied Research Digest (GCARD) Winter 2017 Issued by the J.P. Morgan Center for Commodities (JPMCC) at the University of Colorado Denver Business School

[7] Konstantinidi, E. and Skiadopoulos, G. (2016). How does the Market Variance Risk Premium vary over Time? Evidence from S&P 500 Variance Swap Investment Returns, Journal of Banking and Finance 62:1, 62-75.

[8] Daskalaki, C., Kostakis, A., and Skiadopoulos, G. (2014). Are there Common Factors in Commodity Futures Returns?, Journal of Banking and Finance, 40:3, 346-363. Cited in the EU 2014 Directorate General for Internal Policies Report: Financial instruments and legal frameworks of derivatives markets in EU agriculture

[9] Neumann, M., and Skiadopoulos, G. (2013). Predictable Dynamics in Higher Order Risk-Neutral Moments: Evidence from the S&P 500 Options, Journal of Financial and Quantitative Analysis 48:3, 947-977.

[10] Skiadopoulos, G. (2013). Advances in the Commodity Futures Literature: A Review, Journal of Derivatives, 20:3, 85-96.

[11] Goulas, L. and Skiadopoulos, G. (2012). Are Freight Futures Markets Efficient? Evidence from IMAREX, International Journal of Forecasting, 28:3, 644-659.

[12] Jiang, G, Konstantinidi, E., and Skiadopoulos, G. (2012). Volatility Spillovers and the Effect of News Announcements, Journal of Banking and Finance, 36:8, 2260-2273.

[13] Skiadopoulos, G. (2012). Investing in Commodities: Popular Beliefs and Misconceptions, Journal of Asset Management, 13:2, 77-83.

[14] Kostakis, A., Panigirtzoglou, N., and Skiadopoulos, G. (2011). Market Timing with Option-Implied Distributions: A Forward-Looking Approach, Management Science, 57:7, 1231-1249. An earlier version has been abstracted by Citigroup Academic Research Digest, February 2009.

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[15] Daskalaki, C. and Skiadopoulos, G. (2011). Should Investors include Commodities in their Portfolios after All? New Evidence, Journal of Banking and Finance, 35:10, 2606-2626. Abstracted by CFA Digest, February 2012, Vol. 42, No. 1. Top 25 most cited papers in the Journal of Banking and Finance for January 2010 – April 2015 Media Coverage: Seeking Alpha

[16] Konstantinidi, E., and Skiadopoulos, G. (2011). Are VIX futures Prices Predictable? An Empirical Investigation, International Journal of Forecasting, 27:2, 543-560.

[17] Konstantinidi, E., Skiadopoulos, G., and Tzagkaraki, E. (2008). Can the Evolution of Implied Volatility be forecasted? Evidence from European and US Implied Volatility Indices, Journal of Banking and Finance, 32:11, 2401-2411.

[18] Angelidis, T., and Skiadopoulos, G. (2008). Measuring the Market Risk of Freight Rates: A Value-at-Risk Approach, International Journal of Theoretical and Applied Finance, 11:5, 447-469.

[19] Chantziara, T., and Skiadopoulos, G. (2008). Can the Dynamics of the Term Structure of Petroleum Futures be forecasted? Evidence from Major Markets, Energy Economics, 30:3, 962-985.

[20] Dotsis, G., Psychoyios, D., and Skiadopoulos, G. (2007). An Empirical Comparison of Continuous-Time Models of Implied Volatility Indices, Journal of Banking and Finance, 31:12, 3584-3603.

[21] Psychoyios, D., and Skiadopoulos, G. (2006). Volatility Options: Hedging Effectiveness, Pricing, and Model Error, Journal of Futures Markets, 26:1, 1-31 (Lead Article).

[22] Linaras, C. E., and Skiadopoulos, G. (2005). Implied Volatility Trees and Pricing Performance: Evidence from the S&P 100 Options, International Journal of Theoretical and Applied Finance, 8:8, 1085-1106.

[23] Skintzi, V., Skiadopoulos, G., and Refenes, P. (2005): The Effect of Mis-Estimating Correlation on Value-at-Risk, Journal of Alternative Investments, 7:4, 66-82.

[24] Skiadopoulos, G. (2004). The Greek Implied Volatility Index: Construction and Properties, Applied Financial Economics, 14:16, 1187-1196.

[25] Panigirtzoglou, Ν., and Skiadopoulos, G. (2004). A New Approach to Modeling the Dynamics of Implied Distributions: Theory and Evidence from the S&P 500 Options,

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Journal of Banking and Finance, 28:7, 1499-1520 (Lead Article).

[26] Lambadiaris, G., Papadopoulou, L., Skiadopoulos, G., and Zoulis, I. (2003). VAR: History or Simulation?, RISK, 16:9, 122-127. Also printed in The Risk Annual: Technical Papers from The Cutting Edge Section of Risk, Dunbar, N. (Editor), Risk Books Editions, 2004, Hardback, 587 pages, ISBN: 1904339255.

[27] Psychoyios, D., Skiadopoulos, G., and Alexakis, P. (2003). A Review of Stochastic Volatility Processes: Properties and Implications, Journal of Risk Finance, 4:3, 43 – 60.

[28] Skiadopoulos, G., and Hodges, S. (2001). Simulating the Evolution of the Implied Distribution, European Financial Management Journal, 7:4, 497-521.

[29] Skiadopoulos, G. (2001). Volatility Smile Consistent Option Models: A Survey, International Journal of Theoretical and Applied Finance 4:3, 403-437.

[30] Skiadopoulos, G., Hodges, S., and Clewlow, L. (1999). “The Dynamics of the S&P 500 Implied Volatility Surface”, Review of Derivatives Research, 3:3, pp. 263-282.

BOOK CHAPTERS [1] Konstantinidi, E., Papazian, G. and Skiadopoulos, G. (2016). Modeling the Dynamics

of Temperature with a View to Weather Derivatives, pp. 511-545. In The World Scientific Handbook of Futures Markets, A.G. Malliaris, W.T. Ziemba (Editors), World Scientific Publishing, Singapore.

[2] Giamouridis, D. and Skiadopoulos, G. (2012). The Informational Content of Financial Options for Quantitative Asset Management: A Review. In Handbook of Quantitative Asset Management, 243-265, B. Scherer and K. Winston (Editors), Oxford University Press.

[3] Σκιαδόπουλος, Γ. (2011). “Μεταβλητότητα στο Ελληνικό και στα Διεθνή Χρηματιστήρια κατά την περίοδο 2006-2008”. Στο συλλογικό τόμο Η Διεθνής Κρίση, η Κρίση στην Ευρωζώνη και το Ελληνικό Χρηματοπιστωτικό Σύστημα, 457-470, Γκ. Χαρδούβελης και Χ. Γκόρτσος (Επιμελητές), Ένωση Ελληνικών Τραπεζών.

[4] Skiadopoulos, G., Hodges, S. and Clewlow, L. (2005). “The Dynamics of Smiles”. In Quantitative Methods in Finance: In Honor of Professor Andreas Kintis, Refenes, A. P. (Editor), Gutenberg Publishers.

[5] Skiadopoulos, G. (2002). “The Simulation of the Implied Distribution and Other Smile Consistent Stochastic Volatility Models: An Overview”. In Financial Engineering, E-Commerce and Supply Chain (Applied Optimization, Volume 70), Pardalos, P., Tsitsiringos, V. (Editors), Chapter 12, pp. 189-212, Kluwer Academic Publishers, Hardback, 396 pages, ISBN: 1402006403.

[6] Skiadopoulos, G., Hodges, S. and Clewlow, L. (2000). “The Dynamics of Implied Volatility Surfaces”. In Decision Making: Recent Developments and Worldwide

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Applications (Applied Optimization, Volume 45), Doukidis, G., Zanakis, S. and Zopounidis, Κ (Editors), pp. 197-211, Kluwer Academic Publishers, Hardback, 508 pages, ISBN: 0792366212.

WORKING PAPERS Hiraki, K. and Skiadopoulos, G. (2018). The Contribution of Frictions to Expected

Returns, Working Paper, Queen Mary, University of London. Recipient of the Best Paper Award at the 25th Annual Meeting of the German Finance Association (DGF, 2018) Included in the list of papers with Impactful Research using WRDS

Gkionis, K., Kostakis, A., Skiadopoulos, G., and Stilger, P.S. (2018). Positive Stock Information in OTM Option Prices, Working Paper, Queen Mary University of London. (R&R Journal of Banking and Finance)

WORK IN PROGRESS Martingale Restriction and Risk-neutral moments (with Kazuhiro Hiraki)

Asset pricing with factors constructed from option prices (with Konstantinos Gkionis) Risk premia and Option prices (with Ali Ebadi)

Writing a Book on Financial Derivatives (in Greek). «Χρηματοοικονομικά Παράγωγα Προϊόντα: Έννοιες, Χρήσεις, Υποδείγματα Αποτίμησης και Τεχνικές Διαχείρισης Κινδύνου».

CITATIONS A. ACADEMIC OUTLETS Google Scholar states 1,630 citations, h-Index: 19. Our publications have received numerous citations in various journals, monographs, books, doctoral dissertations and working papers. Indicative journals include the Journal of Finance, Journal of Financial Economics, Journal of Financial and Quantitative Analysis, Management Science, Review of Finance, Journal of Econometrics, Journal of Banking and Finance, Journal of Derivatives, Journal of Futures Markets, Journal of Financial Econometrics, Journal of Economic Dynamics and Control, Journal of International Money and Finance and others. B. MEDIA & PUBLIC ENGAGEMENT • Our research on predicting the U.S. economic growth has been covered by Seeking

Alpha, Forbes, Market Watch, Wall Street Journal, Kathimerini (Sunday Edition). • Our research on asset pricing models for commodities is cited in policy reports published

by the European Parliament regarding the regulation of agricultural commodity derivatives (2014 Directorate General for Internal Policies Report: Financial instruments and legal frameworks of derivatives markets in EU agriculture),

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• Our work on commodities has been cited by NASDAQ Exchange (AllAboutAlpha.com), CFA Digest (February 2012, Vol. 42, No. 1), Maverick Investors and Robeco Investment Management. It has also been cited by various other blogs such as the Maverick Investors Rally Site, the Optimal Momentum Site, etc.

• Our work on implied volatility spillovers has been cited by the International Economics Network, www.internationaleconomics.net/crisis.html

• Our work on using information from the market option prices to construct market timing strategies has been cited by Citigroup Academic Research Digest, February 2009.

7. PRESENTATIONS CONFERENCES & ACADEMIC SEMINARS (115 in total) 2019 CRETE 2019, Tinos, Greece, Cass Business School, HEC Geneva, Queen Mary

University of London, University of Piraeus

2018 CRETE 2018, Tinos, Greece, Audencia Business School, Nantes France, École Hôtelière de Lausanne, HEC Lausanne, Queen Mary University of London

2017 Xenophon: Economists at work in Athens 2017, Athens, Greece, University of Reading, ICMA Centre, Sveriges Riksbank, Bank of Greece, University of Sussex

2016 Spring 2016 Conference of the Multinational Finance Society, Lemesos, Cyprus (speaker and discussant), Alternative Investments Conference, Monaco (speaker and discussant), CRETE 2016, Tinos, Greece.

2014 European Financial Management Association Conference, Rome, Bank of England, University of Luxembourg, University of Piraeus, University of Zurich, Departments of Finance

2013: European Finance Association Meeting, Cambridge (discussant in two papers and Chair of the Commodities Session), Risk Management Reloaded Conference, Technische Universität München, Munich*, Queen Mary University, School of Economics and Finance, Econometrics Reading Group, University of Geneva, Geneva Finance Research Group, Imperial College Business School, Finance Group, Queen Mary University, School of Economics and Finance, University of Bath, School of Management

2012: 11th Conference on Research in Economic Theory and Econometrics, Milos, University of Reading, ICMA Centre, City University, Department of Finance, Maastricht University, Department of Finance, University of Cyprus,

* The asterisk indicates an invited talk

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Department of Public and Business Administration, Vienna University of Economics and Business, Exeter University, Xfi Centre for Finance and Investments

2011: 10th Conference on Research in Economic Theory and Econometrics, Milos, 2nd

World Finance Conference, Rhodes (speaker and discussant), European Finance Association Meeting, Stockholm (discussant), Inquire Europe 2011 Autumn Seminar Luxembourg*, 9th Citi Global Quantitative Research, Citigroup conference, Vienna*, Asset and Risk Management in the aftermath of the financial crisis: Quantitative Methods and Portfolio Management, HEC Lausanne*, Bank of Greece Seminar series, Queen Mary University, Department of Economics and Finance, New York University, Stern School of Business, Volatility Institute Seminar Series

2010: European Finance Association Meeting, Goethe University, (speaker and discussant), Weather Derivatives and Risk Workshop, CASE, Humboldt University, Berlin*, Cyprus University of Technology, Department of Commerce, Finance and Shipping, City University, Department of Finance, University of Warwick, Finance Group, ISCTE/Nova University, Joint Finance Seminar Series

2009: 8th Conference on Research in Economic Theory and Econometrics, Tinos, European Financial Management Association Meeting, Milan, (speaker and discussant), MathFinance Conference 2009, Frankfurt*, University of Piraeus, Department of Banking and Financial Management, VU University of Amsterdam, Finance Seminar Series, Aarhus Business School, Finance Research Group, Technische Universität München, HVB Institute for Mathematical Finance, Athens University of Economics and Business, Departments of Economics & European and International Studies

2008: European Finance Association Meeting, Athens, (discussant in two papers), BachelierFinance Society 5th World Congress, London, Modeling and Measuring Energy Risk*, Energy Forum, Barcelona, Measuring & Managing Freight Market Risk and Opportunities in the Commodity Markets*, IMCL Forum 2008, Limassol*, Structured Products Greece Conference, Risk Conference, Athens*, Humboldt University, Centre for Applied Statistics and Econometrics, Berlin

2007: 6th Conference on Research in Economic Theory and Econometrics, Naxos, International Association of Maritime Economists 2007 Conference, Athens, Commodities 2007 Conference, Birkbeck College, London*, Energy Risk, Trading and Derivatives Conference, Risk Conference, London*, Catholique University of Louvain, CORE, Louvain, Queen Mary University, Department of Economics, University of Piraeus, Department of Banking and Financial Management, City University, Department of Finance

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2006: European Finance Association Meetings, University of Zurich, (speaker and

discussant), Europe Energy RISK Quant Congress 2006*, Risk Conference, London, Europe RISK Quant Congress 2006*, Risk Conference, London, US RISK Quant Congress 2006, Risk Conference, New York*, University of Warwick, Department of Accounting and Finance, Federal Reserve Bank of N. York, Athens University of Economics and Business, Department of Economics & European and International Studies

2005: Hellenic Finance and Accounting Association, University of Piraeus, Piraeus, Advances in Financial Forecasting, Loutraki, International Summer School in Risk Measurement and Control, Rome, Campus for Finance, WHU-Otto Beisheim Graduate School of Management, Vallendar*, US RISK Quant Congress 2005, Risk Conference, New York*, New York University, Courant Institute of Mathematics, Ente Luigi Einaudi, Central Bank of Italy, National Technical University of Athens, Department of Applied Mathematics and Physics, University of Macedonia, Department of Economics

2004: Hellenic Finance and Accounting Association, University of Athens, Athens, European Investment Review Conference, Cass Business School, London, Europe RISK Quant Congress 2004, Risk Conference, London*, University of Warwick, Financial Options Research Centre, University of Piraeus and ADEX Research Seminar Series (two presentations), Athens University of Economics and Business, Department of Accounting and Finance, Athens Laboratory of Business Administration (ALBA)

2003: Hellenic Finance and Accounting Association, Athens University of Economics and Business, Athens, European Investment Review Conference, FAME, Geneva, EUMOptFin2: Asset and Liability Modeling for Financial Institutions, HERMES Centre, Cyprus, Workshop on “New Directions in Financial Risk Management”, Centre for Financial Studies Frankfurt*, University of Cyprus, Department of Public and Business Administration, Athens University of Economics and Business, Department of European and International Studies, University of Piraeus and ADEX Research Seminar Series

2002: Bachelier Finance Society 2nd World Congress, Crete, Quantitative Finance 2002, Risk Conference, London, European Investment Review Conference, London School of Economics, Financial Options Research Centre Annual Conference, University of Warwick*, International Conference in Financial Engineering, E-Commerce and Supply Chains, Athens, University of Reading, ICMA Centre, University of Piraeus, Department of Banking and Financial Management, Athens University of Economics and Business, Financial Engineering Research Centre

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2001 International Conference in Financial Engineering, E-Commerce and Supply Chains, Athens, Athens University of Economics and Business, Financial Engineering Research Centre

2000: European Finance Association Meetings, London Business School, London, European Financial Management Association Meeting, Athens, June 2000 (speaker and discussant), CEMAF/ISCTE Annual Conference, Lisbon*

1999: 5th Decision Sciences Institute World Congress, Athens, Annual Derivatives Conference, Boston University, Boston, University of Warwick, Warwick Business School

1998: Financial Options Research Centre Annual Conference, University of Warwick*, European Finance Association Meetings, INSEAD, Fontainebleau, (speaker and discussant), French Finance Association Meeting, Lille, (speaker and discussant)

CONFERENCE PRESENTATIONS BY CO-AUTHORS 2018 Frontiers of Factor Investing, University of Lancaster, UK, European Financial

Management Association Conference 2018, Università Cattolica del Sacro Cuore, Milan Italy, European Economic Association, Cologne, Germany, Paris December Finance Meeting, German Finance Association Conference (DGF), Trier, Germany, Optionmetrics, New Yok, Public Investors Conference, Rome Italy, Royal Economic Society Symposium of Junior Researchers 2018, University of Sussex, UK, Society for Financial Econometrics, Lugano Switzerland.

2017 J.P. Morgan Center for Commodities International Commodities Symposium “New Directions in Commodities Research”, University of Colorado Denver Business School, 2017 European Financial Management Association Conference, Lisbon, 2017 European Financial Management Conference, Athens, CRETE 2017, Milos, Greece.

2015: Recent Advances in Finance, Queen Mary University of London, Financial Management Association Annual Conference, Orlando, International Finance and Banking Society 2015 Corporate Finance Conference (IFABS), Oxford, 2015 Financial Management Association European Conference, Venice

2014: 2014 Jerusalem Finance Conference in honour of Professors Dan Galai and Itzhak Venezia, Frontiers of Finance 2014, Warwick Business School, Multinational Finance Society Symposium, Larnaca Cyprus, European Financial Management Conference, Rome.

2013: Recent Advances in Commodity Markets, Queen Mary, University of London, Money, Macro and Finance Workshop, Empirical Modelling of Financial Markets, Centre for Empirical Finance, Brunel University, London

2012: BMRC-QASS Conference, Brunel University, London 2011: Annual Meeting of the German Finance Association, Regensburg, Fourth

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Annual Society for Financial Econometrics Conference, University of Chicago, 2nd World Finance Conference, Rhodes, ISCTE Conference on Commodities and Energy Markets, ISCTE, Lisbon

2010: Financial Management Association International Conference, N. York, 2010 (2 papers), 9th Conference on Research in Economic Theory and Econometrics, Tinos, Financial Management Association European Conference, Hamburg.

2009: Inquire UK Conference, Leeds, Financial Management Association European Conference, Turin.

2008: European Financial Management Association, Athens 2007: 11th International Congress on Insurance, Mathematics and Economics,

University of Piraeus, Piraeus, International Workshop in Economics and Finance, University of Peloponnese, Tripoli

2006: Hellenic Finance and Accounting Association, University of Macedonia Thessalonica

2005: Multinational Finance Society Conference, Athens, Conference of the Greek Operational Research Association in Risk Management, Patra

2004: Bachelier Finance Society World Congress, Chicago 2003: French Finance Association Meeting, Paris, EUROptFin: Mathematical

Optimization Models for Financial Institutions, Vienna 2002: Euro Working Group on Financial Modeling, University of Cyprus

OTHER PRESENTATIONS 1. Moderator of the Non-Performing Loans Panel in the Conference for Understanding

Challenges for the Greek Economy, run by the Institute of Finance and Financial Regulation

2. NTUA Conference on Mathematics in the Fourth Industrial Revolution, Mathematics in Asset Management: Some Recent Developments, May 2019.

3. Institute of Finance and Financial Regulation Asset Management for Occupational Funds Forum, Asset Management of Occupational Funds: Can We do Better? February 2019.

4. Piraeus Asset Management Mutual Funds SA, New approaches to Market timing and Factor investing, March 2018.

5. Hellenic Army Finance Directorate 1st Conference, Asset Management and Risk Management, Athens, February 2018.

6. CFA Society Greece: Quantitative portfolio management using information from options markets, Athens, May 2016.

7. CFA Society Greece: Asset Allocation with Option-Implied Distributions: A Forward-Looking Approach, Institutional Investor Association, Athens, February 2010.

8. 2008 Derivatives Forum, Volatility Derivatives, Athens, February 2008. 9. 2008 Derivatives Forum, Weather Derivatives, Athens, February 2008. 10. 1st International Shipping Management Forum, Measuring Freight Rate Market Risk

by the Value-at-Risk Methodology, Magazine on Quality Eco-Q, Piraeus, May 2007.

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11. CFA Society Greece: Why is Implied Volatility so Fascinating? From Smile-Consistent Models to Implied Volatility Derivatives, Institutional Investor Association, Athens, February 2007.

12. Professional Risk Managers International Association (PRMIA): VaR and Market Risk: A Case Study for Greek Portfolios, Hellenic Banking Association, Athens, February 2005.

13. 1st Derivatives Forum: Comparing Methods to calculate VaR: Applications to Greek Portfolios, Athens, May 2003.

14. National Technical University of Athens: Introduction to Financial Engineering, Department of Applied Mathematics and Physics, December 2002.

8. Ph.D. STUDENTS

Queen Mary University of London • Ali Ebadi, Commencement Date: October 2018, Topic: Essays in Risk Premium and

Portfolio Construction • Konstantinos Gkionis, Topic: Essays on Asset Pricing using Information from Option

Markets. October 2015-September 2019. Placement: UBS London • Kazuhiro Hiraki, Topic: Essays in Asset Pricing with Frictions. October 2016 – June

2019. Placement: Bank of Japan University of Piraeus

• Charoula Daskalaki, Topic: Essays on Commodity Futures Markets. January 2008-June 2012. First Placement: Technological University of Crete, St. Nikolaos (TEI). Currently: Assistant Professor, University of Crete, Department of Economics

• Eirini Konstantinidi, Topic: Essays on the Efficiency of Volatility Derivatives Markets. October 2006-May 2010. First Placement: Lecturer in Finance, Exeter University, Xfi Centre for Finance and Investment. Currently Lecturer in Finance, University of Manchester, Alliance Manchester Business School, Department of Accounting and Finance.

COMMITTEE MEMBER • Theodoros Stamatiou (member of the three-members doctoral committee, Supervisor:

Prof. G. Hardouvelis), Topic: Essays in Market Microstructure. Defense date: September 2009. EXTERNAL EXAMINER

• Tommaso Paletta (Internal Examiner: Dr E. Panopoulou, Supervisor: Prof. R. Tunaru), University of Kent, Defense date: February 2015. Topic: Computational Methods for Pricing and Hedging Derivatives.

• Jan Danilo Ahmerkamp (Internal Examiner: Prof. N. Meade, Supervisor: Prof. R. Kosowksi), Imperial College London, Defense date: November 2013. Topic: Return

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Predictability and Optimal Portfolio Choice: Evidence from Commodity and Global Futures Markets.

• Dimitris Korovilas (Internal Examiner: Dr. E. Lazar, Supervisor: Prof. C. Alexander), University of Reading-ICMA Centre, Defense date: October 2012. Topic: Exchange-Traded Volatility Products.

• Nikolaos Georgiopoulos (Supervisor: Prof. E. Dockner), Vienna Graduate School of Finance, Defense date: July 2012. Topic: Essays in Financial Economics.

• Ihsan Ullah Badshah (Supervisor: Prof. J. Knif), Hanken School of Economics, Finland. Examination date: May 2010. Topic: Modeling and Forecasting Implied Volatility: Applications to Trading, Pricing and Risk Management.

• Leonardo Nogueira (Internal Examiner: Prof. S. Neftci, Supervisor: Prof. C. Alexander), University of Reading, ICMA Centre, Defense date: October 2006. Topic: Hedging Options with Local and Stochastic Volatility Models. INTERNAL EXAMINER

• James Eustace, Birkbeck University of London, June 2015. • Pedro Vergel Eleuterio, Birkbeck University of London, Defense Date: February 2015,

Topic: Essays on Agricultural Commodity Spot and Forward Markets • Konstantinos Baltas, Queen Mary University of London, School of Economics and

Finance, Defense Date: October 2014, Topic: Essays in Efficiency and Stability of the Banking Sector under Market Imperfections.

9. CONFERENCE COMMITTEES CONFERENCE & SESSIONS ORGANISER • Co-organiser: Conference on Understanding Challenges for the Greek Economy, Institute

of Finance and Financial Regulation (with M. Anthropelos and P. Staikouras), Athens, September 2019.

• Co-organiser: Conference on Recent Advances in Finance, School of Economics and Finance, Queen Mary University of London (with G. Kapetanios), London, February 2015.

• Co-organiser: Conference on Recent Advances in Commodity Markets, School of Economics and Finance, Queen Mary University of London (with G. Kapetanios), London, November 2013.

• Organiser of the Special Session Commodity Markets: Current Developments in the European Financial Management Association Conference, Rome, June 2014.

• Co-organiser of the Session “Advances in Derivatives, Asset Allocation and Alternative Investments” in the 2005 2nd International Symposium “Advances in Financial Forecasting (AFF)”, (with D. Giamouridis), Loutraki, October 20051.

1 The 2nd AFF was organized by the Financial Forecasting F2 section of the European Society of Computational Methods in Sciences and Engineering.

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PROGRAM COMMITTEES • 2018 World Finance Conference, 2018 IFABS Latin America, 2017 European Financial

Management Association Conference, Athens, Greece, 2017 World Finance Conference, Sardinia Italy, 2017 World Finance & Banking Symposium, Bangkok, 2017 Multinational Finance Society Spring Conference, Cyprus, April 2015, 2016, 2017, 2018 Modeling and Analysis of Safety and Risk in Complex Systems (MASR), Saint-Petersburg, Russia, Multinational Finance Society Symposium, Larnaca Cyprus, April 2014, 42nd Financial Management Association Meeting, Atlanta US, October 2012, 37th European Finance Association Meeting, Frankfurt, August 2010, 35th European Finance Association Meeting, Athens, August 2008, 34rth European Finance Association Meeting, Ljubljana, August 2007, 33rd European Finance Association Meeting, Zurich, August 2006, 4rth Hellenic Finance and Accounting Association Conference, University of Piraeus, December 2005.

10. TEACHING DOCTORAL COURSES Queen Mary, University of London, UK 2016 - Today Advanced Topics in Finance, School of Economics and Finance,

Doctoral Program (MRes in Finance, MRes in Economics) 2014, 2015 Topics in Financial Economics (Part A), School of Economics and

Finance, Doctoral Program (MRes in Finance, MRes in Economics) University of Exeter, UK March 2013 Topics in Investments and Risk Management, University of

Exeter, Xfi Centre for Finance and Investment, Doctoral program University of Piraeus, GR 2014- Today Topics in Finance, Department of Banking and Financial

Management, University of Piraeus

POSTGRADUATE COURSES Queen Mary, University of London, UK October 2016 - Today

Quantitative Techniques, Queen Mary University of London, School of Economics and Finance, M.Sc. in Investment and Finance.

June 2010- 2014 Topics in Investments and Risk Management, Queen Mary University of London, School of Economics and Finance, Lectures for the M.Sc. students in Investment and Finance.

Zurich Elite Business School, SW 2013 Financial Instruments and Investments, MBA Course.

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University of Piraeus, GR 2009: Institutional Investors and Alternative Investments, M.Sc. in Banking and Finance (part-time program), 2008: Investments, M.Sc. in Banking and Finance (full time program), 2002- Today: Financial Derivatives & Applications, Financial Derivatives, M.Sc. in Banking and Finance (part & full time programs), 2003- 2006: International Finance, M.Sc. in Banking and Finance (part time program), 2003, 2004: Risk Management, M.Sc. in Applied Statistics. Athens University of Economics and Business, GR 2006 - 2008: Portfolio Management, M.Sc. in Economics and Finance, 2002- 2008: Financial Derivatives I & II, International MBA, Specialization: Financial Engineering, 2001- 2003: Risk Management using Financial Derivatives, Executive M.B.A., 2002: Financial Derivatives, M.Sc. in Banking and Finance, 2001: Arbitrage and Trading Strategies for the Dealing Room, Graduate Program in Decision Sciences, Specialization: Financial Engineering. UNDERGRADUATE COURSES University of Piraeus, Department of Banking and Financial Management, GR 2008: Mutual funds and Alternative Investments, 2006- 2010: Financial Derivatives, 2003- Today: Theory of Finance, 2003-2006: Mathematics III, 2005-2008: International Financial Markets (joint with Professors N. Apergis, and N. Karamouzis) Hellenic Open University, GR 2005-2006 Financial Management

University of Warwick, UK 1997-1998 Principles of Finance (3rd Year), University of Warwick. EXECUTIVE TRAINING 2014 Financial Derivatives for Lawyers, KPMG Athens 2014 Measuring Market Risk with Value-at-Risk: Methods,

Implementation and Validation, KPMG, Athens. 2010 Investing in Commodities: Basics and Beyond, Quant Congress

Europe Post-Congress Seminar, London 2010 Investing in Commodities: Basics and Beyond, Research Centre

of the University of Piraeus. 2007-2009 (six series)

Measuring Market Risk with Value-at-Risk: Methods, Implementation and Validation, Research Centre of the University of Piraeus.

2008 Value-at-Risk for Energy Products, Energy Forum Pre-Conference Seminar, Barcelona.

2006 Value-at-Risk for Energy Products, Energy RISK Pre-Congress

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Seminar, London. 2005 Measuring Market Risk with Value-at-Risk, Hellenic Association

of Institutional Investors. 1999 – 2003 Volatility Trading, Athens Derivatives Exchange. 2000 Seminar for Certifying Market Makers, Athens Derivatives

Exchange. 1999, 2000 Options and Futures, National & Capodestrian University of

Athens. TACIS PCP Program for the Rostovdon/Russia Exchange Executives.

1999 - 2000 Seminar for Certifying Consultants on Derivatives, Athens Derivatives Exchange.

1999 – 2000 Educational Seminars on Derivatives, Athens Derivatives Exchange.

1998 In-House Executive Seminar for the Central Bank of Austria, “Modern Advances in Smile-Consistent Option Pricing”, Financial Options Research Centre, Warwick Business School.

OTHER LECTURES 1. University of Exeter, Xfi Centre for Finance and Investment, UK: 4-days Workshop on

Investing in Commodities: Basics and Beyond, February 2012. 2. University of Aegean: Why is Implied Volatility so Fascinating? From Smile-

Consistent Models to Implied Volatility Derivatives, 3rd Summer School in Mathematical Finance (co-organized with the Athens University of Economics and Business), Theme: Stochastic Finance, Chios, July 2006.

3. National Technical University of Athens: VaR and Market Risk, 1st Summer School on Mathematical Modeling, Athens, June 2005.

EDUCATIONAL MATERIAL Πορφύρης, Ν., Ηλιάδης, Ι., Σκιαδόπουλος, Γ (2000). Η Χρήση Δικαιωμάτων στον Δείκτη FTSE/ASE-20 και Παραδείγματα, Εκδόσεις Χρηματιστήριο Παραγώγων Αθηνών, Σελίδες 55. Πορφύρης Ν., Ηλιάδης Ι., και Σκιαδόπουλος, Γ. (2000). Συμβόλαια Μελλοντικής Εκπλήρωσης στο Δείκτη FTSE/ASE-20: Εισαγωγή, Μελέτη και Παραδείγματα, Χρηματιστήριο Παραγώγων Αθηνών, Σελίδες 58. Πορφύρης, Ν., Ηλιάδης, Ι., Σκιαδόπουλος, Γ. (1999). Συμβόλαιο Μελλοντικής Εκπλήρωσης σε Δεκαετές Ομόλογο του Ελληνικού Δημοσίου, 3η Έκδοση, Χρηματιστήριο Παραγώγων Αθηνών, Σελίδες 53. Porfiris, Ν., Iliadis, J., Skiadopoulos, G. (1999). Futures on the 10-Years Hellenic Republic Bond, Athens Derivatives Exchange Eds, Pages 44.

11. OTHER ACADEMIC ACTIVITIES • Ad-hoc Referee for 46 Journals including Review of Financial Studies, Management

Science, Journal of Financial and Quantitative Analysis, Review of Finance, Annals of Operations Research, Journal of Applied Econometrics, Journal of Banking and Finance, Journal of Business Finance and Accounting, Journal of Economic Dynamics and

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Control, Journal of Financial Markets, Journal of Futures Markets, Journal of International Money and Finance, Mathematical Finance, International Journal of Forecasting, Energy Economics, European Financial Management Journal, Applied Mathematical Finance, Quantitative Finance, Review of Derivatives Research, etc.

Annals of Finance (2010), Annals of Operations Research (2004), Applied Financial Economics (2004), Applied Mathematical Finance (2010, 2011), Brazilian Review of Finance (2015), British Accounting Review (2015), Computational Statistics and Data Analysis (2011), Decisions in Economics and Finance (2006), Economic Modelling (2012, 2014), Energy Economics (2007, 2008, 2009, 2011, 2014), Energy Risk (2009), Empirical Economics (2013), European Financial Management Journal (2013, 2016), European Journal of Operational Research (2004, 2015), Financial Markets and Portfolio Management (2014), Frontiers in Finance and Economics (2005), International Journal of Central Banking (2010), International Journal of Financial Engineering and Risk Management (2012), International Journal of Forecasting (2014), International Journal of Theoretical and Applied Finance (2007, 2010), Journal of Applied Econometrics (2011, 2014), Journal of Asset Management (2012, 2013), Journal of Banking and Finance (2005, 2006, 2008a, 2008b, 2012, 2013, 2014, 2015, 2016a, 2016b, 2017, 2018a, 2018b), Journal of Business Finance and Accounting (2008, 2009), Journal of Commodity Markets (2016 a, b), Journal of Derivatives Accounting (2004), Journal of Economic Dynamics and Control (2012, 2013, 2016, 2018), Journal of Economic Asymmetries (2015), Journal of Financial Markets (2014), Journal of Financial and Quantitative Analysis (2018), Journal of Futures Markets (2007, 2009, 2012, 2013, 2016, 2018, 2019), Journal of International Money and Finance (2014, 2018), Journal of Mathematical and Computer Modeling (2005), Journal of Risk (2001), Management Science (2014a, 2014b, 2017, 2019), Mathematical Finance (2006), Mathematics of Operations Research (2008), Multinational Finance Journal (2015a, 015b), Quantitative Finance (2012, 2013, 2016), Review of Finance (2015, 2017), Revue Finance (2011), RISK (2006, 2007, 2008), Review of Derivatives Research (2008, 2010, 2011, 2014, 2017), Review of Financial Studies (2015), South-Eastern Europe Journal of Economics (2005), Transportation Research Part A: Policy and Practice (2008), Transportation Research Part E: Logistics and Transportation Review (2013, 2014), Various Conference program committees including the European Finance Association and the Financial Management Conference committees, Publishers: Athens University of Economics and Business publications.

• External Examiner • 2015-2018: London School of Economics, Department of Finance, M.Sc. in Finance • 2017 - today: King’s College, School of Management and Business, M.Sc. in Finance

• Assessor of Grants: a ISCTE: Member of the Jury Committee for a 2008 research post in UNIDE, the

Business Research & Development Center of ISCTE (http://iscte.pt/), Lisbon (the other members are affiliated with LSE, LBS, ISCTE University of Delaware, US).

b ESPA 2017 research grants c Greek State Scholarships Foundation: Examiner of proposals to receive grants for

postgraduate studies (M.Sc. and Ph.D.), 2012, 2013. Also examiner of post-doctoral research proposals, November 2006, May 2017.

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d Examiner of research proposals submitted within the framework of “ARCHIMIDES II” organized by the Hellenic Ministry of Education, December 2004.

• Recruitment: Member of the committee for the election of Assistant Professor in Finance and Statistics, Department of Mathematics, University of Aegean 2017, Member of the committee for the election of Assistant Professor in Finance at the Department of Accounting and Finance of the Athens University of Economics and Business, May 2009.

• Member of promotion committees: Department of International and European Economic Studies, Athens University of Economics and Business, April 2015.

• M.Sc. Thesis Supervision in the postgraduate programs of the Department of Banking and Financial Management of the University of Piraeus (Part/Full Time), and in the International MBA, Executive MBA and M.Sc. in Economics and Finance programs of the Athens University of Economics and Business.

12. SERVICE TO DEPARTMENT & UNIVERSITY

Α. QUEEN MARY UNIVERSITY OF LONDON

SCHOOL OF ECONOMICS AND FINANCE

• 2018: Member of the Committee for the Reform of the Quantitative M.Sc. courses • Conducting job market interviews, December 2017 • Member of the 2017 Dry Run REF committee • Member of the Graduate Studies Committee (2014-2015) • Supervising M.Sc., MRes & Ph.D. students. • Organizer of the 2013 & 2015 School’s conferences (Recent Advances in Commodities,

2013, Recent Advances in Finance, 2015) in Finance. • Organizer of the 2015 Autumn’s Reading Group in Finance. B. UNIVERSITY OF PIRAEUS

DEPARTMENT

• Seminar co-organization of the Departmental Academic Seminar Series since 2005 a Fund raising from Piraeus Bank (2017) b Co-organizer with M. Anthropelos (and D. Voliotis for 2014-2016) of the

Departmental Academic Seminar Series, 2014 - today. c Co-organizer with Gikas Hardouvelis of the Departmental Academic Seminar Series,

2005 - 2013. d Organizer of the University of Piraeus & ADEX Research Seminar Series in Applied

Finance for the years 2003 & 2004. • Honorary Doctorate to Professor S. A. Ross: Member of the committee that organized

the ceremony for the award of the Honorary Doctorate to Professor Stephen A. Ross (May 2009) by the Department of Banking and Financial Management of the University of Piraeus.

• Head of the Committee which reformed the curriculum of the undergraduate program, May 2017.

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• Representative (substitutive) of the Department of Banking and Financial Management in the Committee of the Research Centre of the University of Piraeus, September 2005 – November 2009, September 2011- September 2012, March 2014 – March 2016.

• Established cooperation between the Department of Banking and Financial Management of the University of Piraeus with foreign universities (ISCTE, Portugal and the Elite Program of the TU Munich).

• Website construction: Member of the committee that designs the website of the Department of Banking and Financial Management of the University of Piraeus.

• Organiser of the 2005, 2006, and 2007 J.P. Morgan Chase Graduate Recruitment Event, (http://360career.com) at the University of Piraeus, December 2005, November 2006, December 2007.

• Editor of the 2001-2003 Newsletter of the Department of Banking and Financial Management of the University of Piraeus.

• Promotion decisions: Member of the three-member committee for the election/promotion of Assistant Professor at the Department of Banking and Financial Management of the University of Piraeus for the following topics: Assistant Professor in Financial Mathematics, November 2009 & June 2017, Assistant Professor in Risk Management, November 2009, Quantitative Methods in Finance, February and June 2009, Financial Mathematics, January 2009.

• Second Examiner in the University entry examinations for graduates from the Technical Universities for the academic years 2004-2005, 2005-2006 2006-2007 & 2007-2008 (Course: “Mathematics II”).

• Member of the interviewing and assessment committee of the candidates for the Executive and Full Time Masters Program in Banking and Finance of the University of Piraeus.

UNIVERSITY • Head of the Committee in the University of Piraeus to prepare the document for the

advertisement of a call for companies who are interested in undertaking the cleaning of the University, October 2009 (Senate Decision: 20095708/6-10-2009).

• Member (substitutive) of a Committee in the University of Piraeus to decide on buying photocopying machines (21/12/2006, Senate decision), November 2007.

• Member of a Committee in the University of Piraeus to decide on the publisher of the journal “SPOUDAI” (21/12/2006, Senate decision), February 2007.

• Member of various Interdepartmental Committees in the University of Piraeus to decide on buying educational material and software (20053408/Φ.335/10.06.2005), September 2005 – December 2005.