Dr Stanley B Gyoshev

PhD in Financial Modelling, MSc in Business Statistics (Drexel University), MA Number Theory and Statistics (University of Maine), MSc in Mathematical Modelling and Operations Research, MSc in Mathematical Pedagogy (University of Sofia)

Lecturer in Finance

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Telephone: (01392) 263227

Dr Stanley B Gyoshev

Profile

Dr Stanley B. Gyoshev joined the Xfi Centre for Finance and Investment at the University of Exeter Business School in September 2006. He finished his Ph.D. in financial modelling at the Drexel University's LeBow College of Business in 2001. Before coming to the University of Exeter, Dr Gyoshev was an assistant professor at the Mason School of Business at The College of William and Mary, at Drexel University's LeBow College of Business, and at Bentley Collage. He taught Derivatives and Risk Management; Corporate Finance and Budgeting; Security Valuation and Investments and Entrepreneurial Finance and Venture Capital classes to MBA, MS and BS students.

Dr. Gyoshev research is primarily focused on special pricing mechanisms in travel and retail Industry; on venture capital, entrepreneurial finance and business angels and on law and finance, especially minority shareholder rights. He has studied corporate governance, insider trading and wealth effects around company issuance of derivatives. He has also examined corporate governance and specifically the effect of controlling blockholders on firm value. Other research projects that Dr. Gyoshev works on include studying the effect of securities and corporate laws on the behaviour of large investors and the relationship between certain legal statutes and capital market development. His research has been published in the Journal of Financial Economics, Harvard Law School Forum on Corporate Governance and Financial Regulation, Journal of Corporation Law, among others and funded by several grants from the U.S. Department of State and the Kauffman Foundation. Dr. Gyoshev has been officially invited by FDIC to present his research at their policy seminar.

Dr. Gyoshev is Xfi Centre for Finance and Investment at the University of Exeter Business School expert on the travel industry. He is responsible for supervising all students specializing in the financial analysis of the Travel Industry. He has been invited to participate in the joint DG TREN & DG Consumer Affairs work group preparing the legislation for online travel agencies (OTA) and online behavior of airlines. Dr. Gyoshev has pro-bono helped secure approval of DG TREN for one of the biggest travel infrastructure projects in Bulgaria. He has co-authored “Bounded flexibility search and interface for travel reservations” US pending patent 20050043974 together with Assen Vassilev from Harvard Business School. Dr. Gyoshev serves as a chairman of the board of directors of both Lessno (OTA) and EZsearch (technology provider for OTAs). Dr Gyoshev is member of the Institute of Directors (IoD). He also serves as European Commission Expert for FP7.

Since 2001, he has researched, lectured and consulted internationally in the two related areas of New Technology-based Firms and the international development of the formal and informal Venture Capital Industry. After moving to Xfi Centre for Finance and Investment at the University of Exeter Business School in September 2006 form the Mason School of Business at The College of William and Mary, because of his research in the area of law and finance, especially minority shareholder rights; combined with his research and practical and policy experience in the area of entrepreneurial finance and venture capital, Dr. Gyoshev has been invited to serve as a member of the European Commission work group on Entrepreneurship and Venture Capital (EXPRESS  formerly NORFACE). Dr Gyoshev has actively participated in the yearly seminars in Helsinki, Berlin and Amsterdam as well as in the ongoing policy and research discussions. The seminars which are co-funded by the European Investment Fund involve some sixty senior government policy makers from European Commission, European Investment Fund and deputy minister level form member states as well as internationally known academics on the theme of the public role in the genesis and growth of high potential young (knowledge-based) firms in the European Union. The EXPRESS was run with the joint support of the governments of UK, Finland, Germany and the Netherlands. This international seminar series involves some fifteen countries as well as international agencies and bring senior policy makers and research academics together to exchange contemporary research and programme experience in the area of Entrepreneurship policy. Seminars have received financial support from participating governments, the ESRC, Norface European Research Council and the European Investment Fund.

Prior to becoming an academic, Dr. Gyoshev worked as a Financial Policy Analyst at the research department of the Advanta Bank, which managed the 3rd biggest credit card portfolio of over $35 billion. He participated in developing, refining and implementing quantitative strategies for credit scoring, fraud prevention, customer retention and profit realization through second degree of price discrimination.

Research Interests

  • Venture Capital, Business Angels and Entrepreneurial Finance
  • Law and Finance: Minority Shareholder Rights
  • Special Pricing Mechanisms in the Travel and the Retail Industries
  • Corporate Governance Effects of Financial Derivatives
  • Networking and its Effects on Alumni Contributions
  • Weather Derivatives

Selected Publications

Published Papers

  •  “How Does Law Affect Finance? An Examination of Financial Tunneling in an Emerging Market”, 2009, at the Journal of Financial Economics, Forthcoming (with Vladimir Atanasov, Bernard Black and Conrad S. Ciccotello)
  •  “How Does Law Affect Finance?”, 2009, Harvard Law School Forum on Corporate Governance and Financial Regulation, Forthcoming (with Vladimir Atanasov, Bernard Black and Conrad S. Ciccotello)
  •  “Learning from the General Principles of Company Law for Transition Economies: The Case of Bulgaria,” 2005, Journal of Corporation Law, Summer, 1004-1033, (with Vladimir Atanasov and Conrad Ciccotello)
  • “Visualizing of Teaching of Put Options,” 2005, Contemporary Education in Economics and Management
  • “The Development of Corporate Law in Emerging Markets,” (with Vladimir Atanasov and Conrad Ciccotello), William Davidson Institute Policy Brief No. 8, January 2005

Papers Under Review

  •  “Separating Equilibrium through the Synthetic Repurchase Programs” (with Samuel Szewczyk and George P. Tsetsekos)
  • “Why Large Financial Institutions Buy Long-Term Put Options from Companies” (with Vladimir Atanasov, Samuel Szewczyk and George P. Tsetsekos)
  • ““Transforming a Mathematical Proof into Visual Form: A Pedagogical Note for Teaching Put Options” submitted (with Michael Gombola)

Working Papers

  • “Valuing Exotic Options: Black-Scholes versus Path Dependent Models” (with Jacqueline Garner and Beverly Marshall)
  • “How Does Law Affect Finance: An Empirical Examination of Tunneling in an Emerging Market,” 2005, (with Vladimir Atanasov and Conrad Ciccotello), William Davidson Institute Working Paper No. 742
  •  “The Timing of Crises in Emerging Stock Markets and the State of the Economy and Stock Market Returns: A Casual Analysis” (with George P. Tsetsekos)
  • “Relative bargaining power of VCs and entrepreneurs: A time-series approach” with Vladimir Ivanov

Research in Progress

  • “Capital Market and Financial Analyst Reaction to Plain-Vanilla Stock Repurchase Programs and Synthetic Repurchase Programs: A Clinical Study” (with George P. Tsetsekos and Samuel Szewczyk)
  • “Performance of Financial Services Dealers and Brokers as a Function of Behavioral Variables”
  • “Overview of the Mechanics of Synthetic Repurchase Programs”
  • “How Utility Curve and Individual Risk Profiles Affect Trading Behavior”

Research Grants

  • Research Grant, William Davidson Institute and U.S. Department of State, “An Empirical Examination of Law, Freeze-out, and Tunneling in an Emerging Market.” Co-authors: Vladimir Atanasov and Conrad Ciccotello, July 2004 – December 2004, $17,950

Presentations at Professional Meetings

  • “Current Trends in Weather Derivatives Trading and Valuation” with Vladimir Vladimirov, 2007 Meteorology meets Social Science: Risk, Forecast and Decision; Met Office, Exeter, 6th-8th June, 2007
  • “How does law affect finance? An empirical examination of tunneling in an emerging market” with Vladimir Atanasov and Conrad Ciccotello, 2005 FMA Annual Meeting
  • “Why Large Financial Institutions Buy Long-Term Put Options from Companies" with Vladimir Atanasov 2004 SFA Annual Meeting
  •  “An Empirical Examination of Law, Freeze-out, and Tunneling in an Emerging Market.” with Vladimir A. Atanasov, and Conrad Ciccotello, 2004 European FMA Annual Meeting
  • “Freeze-Out in an Emerging Market” with Vladimir A. Atanasov, and Conrad Ciccotello, 2003 FMA Annual Meeting
  • “Conditional Signaling in Synthetic Share Repurchase Programs” with George P. Tsetsekos, 2001 FMA Annual Meeting
  • “Why Large Financial Institutions Buy Long-Term Put Options from Companies” with Vladimir A Atanasov, 2001 FMA European Conference
  • “Enhancing Synthetic Repurchase Programs : Use of Firm’s Own Stock as an Underlying Asset in Issuing Put Derivatives” with George P. Tsetsekos, 2001Eastern Finance Association Annual Meeting, Charleston, SC
  • “Is the Use of Put Derivatives on Companies’ Own Stock An Enhancement of Share Repurchase Programs?” with George P. Tsetsekos, 2000, 2nd Annual Drexel and MCP Hahnemann University Research Day
  • “Crises in Emerging Stock Markets: Economic Status, Market Returns and Timing” with George P. Tsetsekos, 2000, 7th Annual Conference of the Multinational Finance Society
  • “Improvement of Monte-Carlo Method with Number Theoretic Methods”, 1995, 37th Annual National Scientific Session of Assistant Professors and Students, Sofia University
  • “Economic Implications of the Differential Equation Describing Global Warming”, 1992, 31st Annual National Scientific Session of Young Researchers, Bulgarian Academy of Sciences

Honors and Awards

  • A member of the European Commission Entrepreneurship and Venture Capital task force EXPRESS (2006 - current)
  • European Commission FP7 Expert (2006 - current)
  • Member of the European Commission task force for new travel web-sites regulation with DG TREN & DG Consumer Affairs (2007 – 2008)
  • M IoD - Member Institute of Directors, became certified 2008 (2007 - current)
  • Rated “best professor” in the LeBow College of Business at Drexel University by MBA students, summer 2002
  • Research Grant by the US Department of State (Summer 2004)
  • Invited speaker to Research Seminar at FDIC (2004)
  • Invited speaker to Academic Seminars at Simon Fraser University (2001), Sofia University (2002), Bentley College (2005)
  • Paper ranked in top-10-list by downloads at the Social Science Research Network, 2001 & 2004
  • Paper nominated for Best Paper Award at the 2001 FMA European Conference
  • President of American Bulgarian Chamber of Commerce and Industrial Development
  • First Prize, National Scientific Session of Assistant Professors and Students, Sofia University, 1991
  • Third Prize, National Scientific Session of Young Researchers, Bulgarian Academy of Sciences, 1990
  • Dean’s Fellowship for four consecutive years, Sofia University, FMI, Bulgaria, 1988 – 1992