Faculty Profiles - PANAYOTOV George Kamenov | The Hong Kong University of Science and Technology

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 18 2024 0 2023 0 2022 1 2021 2 2020 3 2019 1 2018 11

2022 1

Measuring vaccine effectiveness from limited public health datasets: Framework and estimates from India’s second COVID wave

Science Advances, v. 8, (18), May 2022, article number eabn4274
Mukherjee, Abhiroop; Panayotov, George Kamenov; Sen, Rik; Dutta, Satya Sai Harsha; Ghosh, Pulak
Article

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

Panayotov, George Kamenov; Shon, Janghoon
Conference paper

2019 1

Global Risks in the Currency Market

Panayotov, George Kamenov
Conference paper

2018 1

Global Risks in the Currency Market

Panayotov, George Kamenov
Conference paper

2017 3

Theory of Dissimilarity between Stochastic Discount Factors

Panayotov, George Kamenov; Gao, Xiahui; Bakshi, Gurdip
Conference paper

Theory of Dissimilarity between Stochastic Discount Factors

Panayotov, George Kamenov; Gao, Xiaohui; Bakshi, Gurdip
Conference paper

Theory of Dissimilarity between Stochastic Discount Factors

Gao, Xiaohui; Bakshi, Gurdip; Panayotov, George Kamenov
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

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

Article 1

Measuring vaccine effectiveness from limited public health datasets: Framework and estimates from India’s second COVID wave

Science Advances, v. 8, (18), May 2022, article number eabn4274
Mukherjee, Abhiroop; Panayotov, George Kamenov; Sen, Rik; Dutta, Satya Sai Harsha; Ghosh, Pulak

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

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

Panayotov, George Kamenov; Shon, Janghoon

Conference paper 1

Global Risks in the Currency Market

Panayotov, George Kamenov

Conference paper 1

Global Risks in the Currency Market

Panayotov, George Kamenov

Conference paper 3

Theory of Dissimilarity between Stochastic Discount Factors

Panayotov, George Kamenov; Gao, Xiahui; Bakshi, Gurdip

Theory of Dissimilarity between Stochastic Discount Factors

Panayotov, George Kamenov; Gao, Xiaohui; Bakshi, Gurdip

Theory of Dissimilarity between Stochastic Discount Factors

Gao, Xiaohui; Bakshi, Gurdip; Panayotov, George Kamenov

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

Bekaert, Geert; Panayotov, George Kamenov

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

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

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

2018 1

Global Risks in the Currency Market

Panayotov, George Kamenov
Conference paper

2017 3

Theory of Dissimilarity between Stochastic Discount Factors

Panayotov, George Kamenov; Gao, Xiahui; Bakshi, Gurdip
Conference paper

Theory of Dissimilarity between Stochastic Discount Factors

Panayotov, George Kamenov; Gao, Xiaohui; Bakshi, Gurdip
Conference paper

Theory of Dissimilarity between Stochastic Discount Factors

Gao, Xiaohui; Bakshi, Gurdip; Panayotov, George Kamenov
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

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

2024-25 Fall 2 2023-24 Summer 0 2023-24 Spring 0 2023-24 Winter 0 2023-24 Fall 2 2022-23 Summer 0

FINA3203	Derivative Securities
FINA5290	Derivatives Analysis

FINA3203	Derivative Securities
FINA5290	Derivatives Analysis

No Teaching Assignments

Projects

From January 2022 to December 2024

All Projects 4 Leading Projects 2 Participating Projects 2

Strengthening Hong Kong as a Global Financial Center by Enhancing the Overall Regtech Capacity of the Industry and Facilitating the Regulation and Infrastructure Design of CBDC and Digital Assets in Hong Kong

增強香港金融業整體合規科技能力促進央行數碼貨幣和數碼資產的規管及基礎設施設計藉以提升香港作為全球金融中心的地位 Participating

RGC - Theme-based Research Scheme
Project Team (HKUST)
TAM Kar Yan (Lead)

CHEN Qifeng

HUANG Allen Hao

HUI Kai Lung

JI Yan

MUKHERJEE Abhiroop

PANAYOTOV George Kamenov

PARK Albert Francis

SONG Yangqiu

YANG Yi

ZHANG Chu

ZHOU Xiaofang
2024 -
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)

CHAN Keith

CHEN Zhanhui

CHENG Jack Chin Pang

CHOI Darwin

DELINA Laurence Laurencio

FUNG Jimmy Chi Hung

HUANG Allen Hao

HUI Kai Lung

IM Eun Soon

LAU Alexis Kai Hon

LI Yingying

LOH Kung Wai Christine

MUKHERJEE Abhiroop

PANAYOTOV George Kamenov

PARK Albert Francis

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 - 2024

Research Interest

Publications

2022 1

2021 2

2020 3

2019 1

2018 1

2017 3

2016 2

2013 1

2011 1

2010 3

Article 1

Article 2

Article 2

Conference paper 1

Conference paper 1

Conference paper 1

Conference paper 3

Article 1

Conference paper 1

Article 1

Article 1

Article 3

2018 1

2017 3

2016 2

2013 1

2011 1

2010 3

Teaching Assignment

Projects

From January 2022 to December 2024

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