Rasa Karapandza, Ph.D.

Research focus

  • Finance
  • Investment
  • Empirical asset pricing
  • Portfolio management

Curriculum Vitae

Raša Karapandža is a professor of finance at EBS Busiss School. He serves as an academic director of Master in Finance program and head of chair of finance. He received a PhD degree in economics and finance from Barcelona Graduate School of Economics, University Pompeu Fabra, Barcelona. He has been a visiting research scholar at NYU and at UC Berkeley. He also serves as a Visiting professor at

The general focus of Karapandža’s research and teaching activities is investments, empirical asset pricing, and portfolio management. In his recent papers, he studies return predictability of equities, new methods to test return predictability, the role of information on return predictability, and the use of big data to generate robustly predictable portfolio alphas.

Karapandža’s work has been featured in top media outlets like The Wall Street Journal, The New York Times, and Der Spiegel. He advised members of the US congress on the topics of regulating cryptocurrencies and other blockchain related technologies.

Currently at EBS Karapandža is teaching an undergraduate class in Investments, MBA class in Finance, Executive MBA course in Corporate finance and a graduate classes in Asset Pricing/Derivatives and Fintech class. At NYU AD Raša is teaching a Fintech course as well as NYU Stern course on Foundation of Financial Markets.

Karapandža serves on the board of directors of, a Global Payments Software and Managed Services Provider. Karapandža serves as a mentor at Plug and Play accelerator.


  • KOLEV, G. I., KARAPANDZA, R. (2017). Out-of-sample equity premium predictability and sample split–invariant inference. Journal of Banking and Finance, 84, 188-201. doi:10.1016/j.jbankfin.2016.07.017.
  • KARAPANDZA, R. (2016). Stock Returns and Future Tense Language in 10 K Reports. Journal of Banking and Finance, 71, 50-61.
  • YAVEROGLU, Ö., MALOD-DOGNIN, N., DAVIS, D., ZEVNAJIC, Z., JANJIC, V., KARAPANDZA, R., ... PRZULI, N. (2014). Revealing the Hidden Language of Complex Networks. Nature Scientific Reports, 4.
  • BOGOJEVIC, A., BALAŽ, A., KARAPANDZA, R. (2008). Consequences of increased longevity for wealth, fertility, and population growth. Physica A: Statistical Mechanics and its Applications, 387 (2-3), 543-550. doi:10.1016/j.physa.2007.09.004.
  • BARDHAN, A., KARAPANDZA, R., UROŠEVIC, B. (2006). Valuing Mortgage Insurance Contracts in Emerging Market Economies. The Journal of Real Estate Finance and Economics, 32 (1), 9-20. doi:10.1007/s11146-005-5175-y.

  • BOGOJEVIC, A., IVIC, I., KARAPANDZA, R. (2003). Optimization of network of schools in Serbia. Unicef.

  • KARAPANDZA, R. (2022). Blockchain, Cryptocurrencies and Smart Contracts: Trade, Supply Chain, Industry and Government - future, limitations and regulation. Policy Research Network Seminar Series UAE Ministry of Economy.
  • KARAPANDZA, R. (2021). The Future for Cryptocurrencies. 24th Annual Portfolio Management Conference.
  • KARAPANDZA, R., GOLEZ, B. (2019). Home-country media slant. American Finance Association (AFA).
  • KARAPANDZA, R., GOLEZ, B. (2019). Home-country media slant. News & Finance Conference – Columbia University.
  • KARAPANDZA, R., GOLEZ, B. (2019). Home-country media slant. SFS Cavalcade North America 2019.
  • KARAPANDZA, R., GOLEZ, B. (2019). Home-country media slant. German Finance Association.
  • KARAPANDZA, R., GOLEZ, B. (2018). Home-country media slant. European Finance Association (EFA).
  • KARAPANDZA, R., GOLEZ, B. (2018). Home-country media slant. Colorado Finance Summit.
  • KARAPANDZA, R. (2014). The Rate of Market Efficiency. European Finance Association.
  • KARAPANDZA, R. (2014). In Promises We Trust: Stock Returns and Annual. Annual Conference of the Swiss Society for Financial Market Research (Zurich).

  • KARAPANDZA, R., GOLEZ , B. (2018). Home-Country media slant. Management Science.
  • KARAPANDZA, R., MARIN, J. (2017). The Rate of Market Efficiency. Journal of Finance.
  • GROPP, R., KARAPANDZA, R., OPFERKUCH, J. (2016). The Forward-looking Disclosures of Corporate Managers: Theory and Evidence.. The Forward-looking Disclosures of Corporate Managers: Theory and Evidence.

  • KARAPANDZA, R. (2022). The crazy economics of metaverse plots. Wired Magazin.
  • KARAPANDZA, R. (2022). Fashion meets digital. Mojeh Magazine.


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