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UROSEVIC Branko, PhD, Associate Professor

Special advisor to the Governor of the National Bank of Serbia (for research).

Branko Uroševic is an Associate Professor of Financial Economics and Operations Research at the Faculty of Economics of the University of Belgrade and Chairman of the Board of Dunav Dobrovoljni penzijski fond, the largest pension fund in Serbia .

He is the co-founder of South European Center for Contemporary Finance – SECCF. He is the Director of the International Masters in Quantitative Finance (IMQF) program, the leading regional Masters program in advanced finance, and Dubrovnik Lectures in Banking and Finance (DBF), the first cutting-edge executive training program in our region specialized in finance. In addition, he was the first program director of the Master in Finance program at the Universitat Pompeu Fabra in Barcelona . Branko has designed and taught a number of courses at the B.S., M.S. and Ph.D. levels in Serbia , Spain , and the U.S. He participated in and led several multi-year academic research projects in the U.S. , Spain , and Serbia including the RICAFE2, a Framework 6 European research program (Branko is in charge of the Belgrade node of the project). He is a visiting professor in Finance at the Universitat Pompeu Fabra, Spain . He is a member of several European and American professional societies including the American Finance Association, American Real Estate and Urban Economics Association, Professional Risk Managers International Association, and Spanish Finance Association.

Branko is a founding partner of the Center for Investments and Finance - CIF, a Belgrade-based risk management consultancy and Basel II systems developer. He was a consultant to the National Bank of Serbia and the Department of Treasury of the Republic of Serbia . He is one of the examination board members of the Serbian National Exams for Portfolio Managers. He worked as a consultant for McKinsey & Co and KPMG in Chicago , USA .

Branko holds B.Sc in Physics from Moscow State University , Russia , a Ph.D. in Physics from Brown University , USA , and a Ph.D. in Finance from the Haas School of Business, University of California at Berkeley , USA .

His conducts research in the cross section of asset pricing and corporate finance, banking, risk management, the role of informational asymmetry on the formation of share prices, and issues related to real estate finance and economics. He has published in the leading general sciences, economics and management journals such as the PNAS , Journal of Political Economy , Economic Theory , Management Science and Journal of Real Estate Finance and Economics . He is an associate editor of the Journal of Economic Dynamics and Control . In his previous career, he published several noted papers in the area of superstring theory in the leading physics journals.

The list of publications of Prof. Branko Uroševic


1. „Operations Research and Quantitative Methods of Investments“ (in Serbian, with M. Božovic), Faculty of Economics, Belgrade, 2009.
2. „Quantitative Method in Corporate Finance“, (in Serbian), Faculty of Economics, Belgrade, 2009.
3. „Financial Economics“, (in Serbian), Faculty of Economics, Belgrade, 2008.
4. „Dynamic Optimization of the Ownership Structure of Companies“, (in Serbian), Faculty of Economics, Belgrade, 2007.

Publications in the leading scientific journals in economics and finance (SSCI list)

1. „Ownership Dynamics with Multiple Insiders: The Case of REITs“ (with Antoni Sureda, Robert Edelstein ? Nicholas Wonder), Real Estate Economics, 2009, November, 38(1), 57-90.
2. “Overconfidence and ?arket ?fficiency with Heterogeneous Agents” (with Diego Garcia i Francesco Sangiorgi). Economic Theory, 2007, 30, 313-336.
3. “Optimal Ownership Policy by a ‘Large Shareholder'” (with Peter DeMarzo). Journal of Political Economy, 2006, 114(4), 774-815.
4. “Static Mean-Variance Analysis with Uncertain Time Horizon” (with Lionel Martellini), Management Science, 2006, 52(6), p. 955-964.
5. “Valuing Mortgage Insurance Contracts in Emerging Market Economies” (with A. Bardhan and R. Karapandža), Journal of Real Estate Finance and Economics, 2006, vol. 32 (1), 9-20.
6. “Ownership Dynamics of REITs” (with R. Edelstein i N. Wonder), Journal of Real Estate Finance and Economics, 2005, vol. 30 (4), 447-466.
7. “Ex-Ante Valuation of Cash Bonuses” (with L. Martellini). Managerial Finance, 2005, 31 (7),p. 27-53.
8. “Optimal Loan Interest Rate Contract Design” (with Robert Edelstein), Journal of Real Estate Finance and Economics, vol. 26 (2/3), February 2003.

Articles in the leading scientific journals in physics (SCI list)

1. “Perturbative Calculations in the Effective Lagrangian and 2d Closed String Field Theory”, (with Julian Lee), 1995, Nucl.Phys. B 446, 119-143.
2. “Off-Shell Amplitudes in Two Dimensional Open String Field Theory”, 1994, Phys. Rev. D 50, 4075-4078.
3. “Scattering of Discrete States in Two Dimensional Open String Field Theory”, 1993, Phys. Rev. D 48, 5827-5837.
4. “Perturbation Theory in Two Dimensional Open String Field Theory”, 1993, Phys. Rev. D 47, 5460-5469.
5. “Quantum Oscillators: On Applications in Statistic Mechanics” (with Predrag Neskovic), 1992, Int. J. Mod. Phys. A 7, 3379-3388.
6. “On the Component Analysis of Modified Superstring Field Theory” (with Alex Zubarev), 1990, Phys. Lett. B 246, 391-398.
7. “Classical p-adic Space-Time” (with Branko Dragovic ? Paul Frampton), 1990, Mod. Phys. Lett.. A 5, 1521-1528.
8. “BRST Cohomology and Generalized Bosonization of the Superconformal Ghosts” (with Irina Arefeva, Peter Medvedev, ? Alex Zubarev), 1989, Phys. Lett. B 225, 240-245.

Select other publications

1. „Modelling the Benchmark Spot Curve for the Serbian Market“ (with Mikica Drenovak), Economic Annals, 2010, 184, 29-57.
2. „On the Spillover of the Exchange Rate Risk into Default Risk“ (with Milos Bozovic ? Bosko Zivkovic), Economic Annals, 2009, 183, 32-55.
3. “Optimal Ownership Dynamics of a Controlling Ownerships Stake under Conditions of High an Low Investor Protection” (with B. Živkovicem), International Conference Contemporary Challenges of Theory and Practice in Economics, Quantitative Economic an d Finance, pp 230-238, Faculty of Economics, Belgrade, 2007.

Academic CV Branko Urosevic October 2010.pdf





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