Dr. Aboubaker Seddik Meziani

Professor | Accounting and Finance | Feliciano School of Business
Location: 346
Telephone: 973-655-4135
Email: meziania@montclair.edu

Biography

He has extensive academic, corporate and consulting experience in the field of ETFs. As a recognized expert, he is frequently invited to speak on the subject. He was acknowledged on a worldwide list of “Seventeen ETF Friendly Professors” compiled by Yahoo Finance. He has been serving as the Soliciting Editor of The Journal of Index Investing since 2010 and on the advisory boards of several other journals. He is the author of three ETF books published by Palgrave-Macmillan (2016), Risk Books (2009), and Palgrave-Macmillan (2006) and two book chapters (Wiley/2015, and Nova/2018). He gave keynote presentations at professional meetings including one at an upcoming conference in Paris, France. He is an independent trustee and Chairman of the Audit Committee at GraniteShares ETF Trust and a member of the Research Advisory Board of ETF Global, LLC an independent ETF advisory firm.

Expertise

Exchange-Traded Funds (ETFs)
Emerging Markets
Frontier Markets

Education

  • Ph D, Managerial Economics, 1985, Rensselaer Polytechnic Institute, Troy, New York
  • MBA, Finance and International Business, 1980, New York University, New York, NY
  • BS, Management, 1975, University of Constantine, Constantine, Algeria

Professional Experience

  • Full Professor, Montclair State University. (September 1999 - Current).
  • Senior Investment Analyst, TIAA-CREF. (September 1997 - August 1999).
  • Associate Director, Standard and Poor's. (September 1994 - August 1997).

Consulting

  • Technical/Professional Work, , . ( - Present).
  • Technical/Professional Work, Dow Jones, Princeton, NJ. (June 2009 - December 2009). Conducted a practical analysis of Dow Jones' emerging market indexes within a "core-satellite" asset allocation strategy
  • Technical/Professional Work, Dow Jones, DJIndexSupport, Princeton, NJ. (January 2009 - June 2009). Commissioned by Dow Jones to assess and write a white paper on asset allocation using Dow Jones micro-cap indices

Honors and Awards

  • Invited to deliver keynote address at global economic & finance conference , Tenth European Academic Research Conference on Global Business, Economics, Finance and Social Sciences (EAR18 France Conference). (July 2018).
  • Interview , CardHub.com. (October 2013).
  • Interview , Asset.tv. (May 2013).
  • Invited to chair a PRMIA event , The Professional Risk Managers' International Association (PRMIA). (April 2013).
  • Aknowledged for my work on ETFs , Yahoo Finance/http://finance.yahoo.com/news/17-etf-friendly-professors-140039359.html. (February 2013).
  • Interviewed by the Wall Street Journal , The Wall Street Journal. (November 2011).
  • 2011 Faculty Recognition Award , School of Business at Montclair State University. (March 2011).
  • Soliciting Editor/The Journal of Index Investing , Institutional Investor, Inc. (January 2011).
  • Invited to chair the 2010 edition of the Art of Indexing Summit , Structured Products/Incisive Media. (October 2010).
  • Interviewed by Canada's Business News Network (BNN) , Radius. (October 2010).
  • Serving on an advisory board , Information Management network (IMN). (October 2010).
  • Invited to chair IMN's World Series of Indexing & ETFs , Information Management Network (IMN). (March 2010).
  • Keynote speaking invitation: Invited to deliver the keynote address at the 2009 edition of the Art of Indexing Summit. , Structured Products/Incisive Media. (October 2009).
  • Best Paper Award/Finance Track , World Business Institute and Imperial College of London. (July 2009).
  • PHI KAPPA PHI , School of Business. (April 2009).
  • Sabbatical Leave , Montclair State University. (January 2009).
  • Global Education Grant , Global Education Center @ Montclair State University. (November 2008).
  • Keynote speaking invitation: Invited to deliver the keynote address at the 2008 edition of the Art of Indexing , Structured Product/Incisive Media. (October 2008).
  • BEST PAPER AWARD , The Clute Institute. (March 2003).
  • CERTIFICATE AWARD FOR BEST AUTHOR , Academy of Business. (September 2001).

Research

  • Assessing the viability of frontier markets in investment portfolios.
  • In this paper, I, along with my colleagues Luis Portes and Deniz Ozenbas set out to study the liquidity and volatility of ETFs under extreme market conditions. For this purpose we investigate the SPY, IVV and RSP, all ETFs tracking the S&P500, using Amihud’s illiquidity metric (Amihud, 2002). Our study period is 2007-2011 with particular attention to the extreme market stress period which was the last quarter of 2008. Having found evidence of the existence of illiquidity under such market extremes, our next task is to identify its magnitude and direction. Using a set of Granger causality tests, we asked if this illiquidity is created by the ETF itself or emanates from its underlying holdings. One important result with significant impact on investment strategy suggests that investors who are concerned about the liquidity of ETFs in their portfolios are better off holding the SPY or IVV and worse off holding the RSP under extreme market instability. The IVV’s results are weaker but qualitatively similar to SPY’s.
  • In this paper, the performance of several indexes that track the performance of firms by market category, geographic location, or both is analyzed. Index returns are used rather than individual security returns as the latter contain dramatically more noise.
  • This explores the impact that the so-called "flash" crash had on ETFs. This impact will be analyzed in terms of (1) the quality of their underlying portfolios and (2) buy-and-hold investment strategies.
  • This paper assesses the academically tested inverse relationship between the size of the firm and risk adjusted returns using a new of indexes built by Dow Jones as benchmarks for the micro cap markets
  • This research investigates how the changes in liquidity, turnover and volatility of the largest components of an ETF pass on to the liquidity, turnover and volatility of the ETF itself; in collaboration with Luis Portes and Deniz Ozenbas
  • This study will offering import insights on ETFs’ in-kind redemption and ETFs' ability to generate tax savings
  • This work-in-progress uses the flash crash of May 6, 2010 as a means of stress-testing the liquidity of a sample of major ETFs Stress Testing the liquidity of ETFs during the May 6 flash crash.

Refereed Published Articles

  • Meziani, A., , N. (2018). A New Method of Measuring Financial Risk Aversion Using Hypothetical Investment Preferences: What Does It Say in the Case of Gender Differences?. Journal of Behavioral Finance/Routledge - Taylor & Francis Group, 9 (2), pp. 1-12 07.
  • Yang, J., Meziani, A., Shen, Y. (2016). Understanding Apple Inc.'s Global Tax Strategies in Ireland. International Tax Journal, a CCH publication, 42 (6), pp. 41-50.
  • Meziani, A. (2015). Exploring the Complex Universe of Fixed-Income ETFs: Is More Better, or Is Less More?. The Journal of Index Investing, Spring 2015 (5 (4)), pp. 72-89.
  • Ozenbas, D., Meziani, A., San Vicente Portes, L. (2015). Liquidity under Extreme Market Volatility: The Case of the SPY, IVV and RSP Funds. Financial Decisions, (Fall),
  • Meziani, A. (2015). Active Exchange-Traded Funds: Are We There Yet?. The Journal of Index Investing, 6 (2), pp. 86-98.
  • Meziani, A. Managing the Volatility Risk of Investment Portfolios with Minimum-Volatility ETFs: A Long-Term Approach or a Period-Specific Investment Strategy?. The Journal of Investing/Institutional Investor Journals,
  • Meziani, A. Rethinking Exposure to Emerging Markets: Is it Time to Dive Back?. The Journal of Investing/Institutional Investor Journals,
  • Ozenbas, D., Meziani, A., San Vicente Portes, L. (2014). Liquidity Effects of Firm Size and Market Distress on Index Tracking ETFs. Journal of International Financial Studies, 14 (3),
  • Meziani, A. Investing with Environmental, Social and Governance (ESG) Issues in Mind: From the Back to the Fore of Style Investing of. The Journal of Investing/Institutional Investor Journals, 23 (3), pp. 115-124.
  • Meziani, A. (2014). Smart Beta ETFs: A Bird’s-Eye View of the Market and Analysis of Its Performance Trend. Institutional Investor Journals, 5 (1), pp. 146-157..
  • Yang, J., Meziani, A. (2012). Break-even Point Between Short-term and Long-term Capital Gain (Loss) Investment Strategies. Journal of Investing, 21 (4), pp. 115-126.
  • Meziani, A., Yang, J. (2012). Assessing the Value of Tax Efficient Rebalancing Using ETFs: Is it Always Better than a Tax Deferred Strategy?. International Research Journal of Applied Finance, III (9), pp. pages 55-65.
  • Meziani, A., Yang, J. (2011). Assessing the Value of Loss Harvesting Using ETFs: Is It Always a Beneficial Tax Strategy?. International Journal of Applied Accounting and Finance, 2 (1), pp. 15-22.
  • Meziani, A. (2011). Assessing the Benefits of U.S. Micro-Cap Holdings and International Small-Cap Stocks within a Core-Satellite Investment Strategy. Journal of International Business Management & Research – JIBMR, Volume 2 (Issue 5), pp. 27 pages.
  • Meziani, A., San Vicente Portes, L. (2010). Micro-Cap Stocks: On the Quest for Lower Risk and Higher Returns. International Review of Business Research, 5 (1), pp. 1-11.
  • Meziani, A. (2008). Evaluating the International Diversification Benefits of China’s New Inde. International Business & Economics Research Journal, VII (12), pp. pp. 13-24.
  • Meziani, A. (2007). Long-short investment strategies using ETFs. The 2007 Investor's Guide to ETFs and Indexing Innovations (a joint special issue of The Journal of Portfolio Management and The Journal of Investing), Institutional Investor, (Fall 2007), pp. 106-110.
  • Meziani, A. (2005). The Advent of ETFs in an Imperfect Market: The Case of Mainland China. The 2005 Investor's Guide to ETFs and Indexing Innovations (a joint special issue of The Journal of Portfolio Management and The Journal of Investing), Institutional Investor,
  • Meziani, A. (2005). Application of the Wash-Sale Rules to Exchange-Traded Funds. Practical Tax Strategies,
  • Yang, J., Meziani, A. (2005). Use Exchange Traded Fund to Harvest Tax Loss. Practical Tax Strategies, (May 2005), pp. 272-280.
  • Meziani, A. (2005). Use Exchange-Traded Funds to Harvest Tax Losses. Practical Tax Strategies, 74 (5), pp. 272-289.
  • Meziani, A. (2004). Fixed-Income ETFs Market: Adding to the Investor's Toolbox?. An Investor's Guide to ETFs and Tradable Index (a joint special issue of The Journal of Portfolio Management and The Journal of Investing), Institutional Investor,
  • Meziani, A. (2003). Assessing the Effects of Investment Barriers on International Capital Flows Using an Expert-Driven System. Multinational Business Review, 11 (2), pp. 49-74.
  • Meziani, A. (2003). Europe's ETF Market: Emerging Trend or Imminent Shakeout?. ETF II – New Approaches and Global Outreach (a joint special issue of The Journal of Portfolio Management and The Journal of Investing), Institutional Investor, pp. 39-45.
  • Meziani, A. (2003). Modeling Country-Specific Risks in Foreign Direct Investment. Journal of International Business and Economy, 4 (1), pp. 107-124.
  • Meziani, A. (2003). Reevaluating Portfolio Diversification Benefits with New Multinational Indices. International Business & Economics Research Journal, 2 (5),
  • Meziani, A. (2003). Reevaluating Portfolio Diversification Benefits with New Multinational Indices. International Business & Economics Research Journal, 2 (5),
  • Meziani, A. (2003). Russell 2000 Versus S&P SmallCap 600: Beauty Is in the Eye of the Beholder. A Guide to Small-Cap Investing, (a joint special issue of The Journal of Portfolio Management and The Journal of Investing), Institutional Investor,
  • Meziani, A. (2002). Modeling Prepayment Behavior In Financial Transactions Backed By Automobile Loans. The Journal of Applied Business Research, 18 (3),
  • Meziani, A. (2001). Along Came a SPDR: How Tax Efficient are Standard & Poor's Depository Receipts?. A Guide to Exchange-Traded Funds (a joint special issue of The Journal of Portfolio Management and The Journal of Investing), Institutional Investor,
  • Meziani, A. (2001). The impact of new economic information on bonds price forecasting. 12 (1), pp. 10-20.
  • Meziani, A., Yang, J. (2001). Fresh Alternative to Mutual Funds Offers Tax Benefit. Practical Tax Strategies, 67 (2), pp. 100-108.

Books & Chapters Published

  • Meziani, A. (2018). The positive effects of diversification in emerging markets. (pp. 1-42). New York, N.Y.: Nova Science Publishers.
  • Meziani, A. (2016). Exchange-Traded Funds-Investment Practices and Tactical Approaches. London: Palgrave-Macmillan.
  • Meziani, A. (2015). Role of Environmental, Social, and Governance (ESG) Factors in Financial Investments. (pp. 255-276). Hoboken, N.J.: Wiley.
  • Meziani, A. Understanding the Evidence on Portfolio Exposure to Environmental, Social and Governance (ESG) Investments.. New York, NY: Wiley.
  • Meziani, A. (2009). Exchange Traded Funds-Conceptual and Practical Investment Approaches. London, England: RiskBooks.
  • (2006). Exchange-Traded Funds as Investment Option. : Palgrave/Macmillan - Finance and Capital Markets Series.
  • Yang, J., Meziani, A. (2006). Tax Advantage of Exchange-Traded Funds. (pp. 58-69). London,: Palgrave MacMillian.

Published Proceedings

  • Meziani, A., San Vicente Portes, L. Seeking alpha beyond small cap markets: the risk and returns dynamics of micro-cap stocks. : Northeast Business and Economics Association (NBEA. Refereed