Recent Essays and Working Papers

A New Look at Currency Investing
by Momtchil Pojarlieva and Richard M. Levich
CFA Institute Research Foundation Publications, 2012.

"Gaining a perspective on currency hedge fund industry recent performance"
by Momtchil Pojarliev and Richard M. Levich.
Published in Hedge Funds Review, online version (November 19, 2012).

"Hunting for Alpha Hunters in the Currency Jungle"
by Momtchil Pojarliev and Richard M. Levich, April 2012.
Published in the Journal of Portfolio Management, Fall 2012, pp. 3-7.
A video based on this essay is available here.

"FX Counterparty Risk and Trading Activity in Currency Forward and Futures Markets"
by Richard M. Levich, May 2012.
Published in the Review of Financial Economics, Summer 2012, pp. 102-10.

"Technical Trading, Predictability and Learning in Currency Markets,"
by Valerio Poti, Richard M. Levich and Pierpaolo Pattitoni, January 2012.

"Is There Skill or Alpha in Currency Investing?"
by Momtchil Pojarliev and Richard M. Levich, April 2011.
Published in The Handbook of Exchange Rates, edited by Jessica James, Ian Marsh and Lucio Sarno, Wiley Publishing Inc., 2012.

"Evidence on Financial Globalization and Crises: Interest Rate Parity"
by Richard M. Levich, February 2011.
Published in The Evidence and Impact of Financial Globalization, Vol. 3, pp. 417-27, edited by Gerard Caprio, Elsevier Publishing Inc., 2013.

"Are All Currency Managers Equal?"
by Momtchil Pojarliev and Richard M. Levich, October 2010.
Published in Journal of Portfolio Management, Summer 2011, pp. 42-53.

"A New Approach for Measuring Crowded Trades in Financial Markets"
by Richard M. Levich and Momtchil Pojarliev, January 2010.
Posted at VoxEU.org, a policy portal sponsored by the Centre for Economic Policy Research, www.CEPR.org.

"Detecting Crowded Trades in Currency Funds,"
by Momtchil Pojarliev and Richard M. Levich, December 2009. (Revised version August 2010)
Published in Financial Analysts Journal, Jan./Feb. 2011, pp. 26-39.

"Why foreign exchange transactions did not freeze up during the global financial crisis: The role of the CLS Bank"
by Richard M. Levich, July 2009.
Posted at VoxEU.org, a policy portal sponsored by the Centre for Economic Policy Research, www.CEPR.org.

"Predictability and 'Good Deals' in Currency Markets,"
by Richard M. Levich and Valerio Poti, December 2008. (Revised version, August 2009)

"Alpha and Style Persistence for Currency Traders"
by Momtchil Pojarliev and Richard M. Levich, October 2008.
Posted at VoxEU.org, a policy portal sponsored by the Centre for Economic Policy Research, www.CEPR.org.

"Trades of the Living Dead: Style Differences, Style Persistence and Performance of Currency Fund Managers,"
by Momtchil Pojarliev and Richard M. Levich, August 2008. (Revised version, April 2010)
Published in Journal of International Money and Finance, December 2010, pp. 1752-75.

"Separating Alpha and Beta Returns: Are Currency Managers Measuring Up?"
by Momtchil Pojarliev and Richard M. Levich, February 2008.
Posted at VoxEU.org, a policy portal sponsored by the Centre for Economic Policy Research, www.CEPR.org.

"Do Professional Currency Managers Beat the Benchmark?"
by Momtchil Pojarliev and Richard M. Levich, December 2007.
Published in Financial Analysts Journal, Sept./Oct. 2008, pp. 18-32.

"Do Foreign Exchange Markets Still Trend?"
by Kuntara Pukthuanthong-Le, Richard M. Levich, and Lee R. Thomas III, November 2006.
Published in Journal of Portfolio Management, Fall 2007, pp. 114-18.

"The Importance of Emerging Capital Markets,"
by Richard M. Levich, March 2001.
Published in R. Litan and R. Herring (eds.), Brookings-Wharton Papers on Financial Services, Washington, D.C.: The Brookings Institution, 2001, pp. 1-45.

"1998 Survey of Derivatives and Risk Management Practices by U.S. Institutional Investors,"
by Richard M. Levich, Gregory S. Hayt, and Beth A. Ripston, October 1999.

"Alternative Tests for Time Series Dependence Based on Autocorrelation Coefficients,"
by Richard M. Levich and Rosario C. Rizzo, December 1998.

"Underpricing of New Equity Offerings by Privatized Firms: An International Test,"
by  Qi Huang and Richard M. Levich, November 1998.
Published in International Journal of Theoretical and Applied Finance, Vol. 6, No. 1, 2003, pp. 1-30.