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Dr. A. Seddik Meziani


Professor | Accounting & Finance | Feliciano School of Business

Email: meziania@mail.montclair.edu

Telephone: 9736554135

Office: Feliciano School of Business, 346

Biography

A. Seddik Meziani has an extensive academic, corporate and consulting experience. As a recognized expert on ETFs, he is frequently invited to speak on the subject. He is the sole author of a book titled Exchange-Traded Funds as an Investment Option published by Palgrave/Macmillan. My second book on the same subject was published by RiskBooks on May 31, 2009

His first paper on ETFs exploring their tax efficiency has led to several speaking invitations. I have since contributed several other ETF articles to various academic journals. His small capitalization markets study, another area of expertise, led to an invitation by the FMA to join a small elite panel of experts on the subject.

Areas of Expertise

Exchange-Traded Funds (ETFs)
Indexes and index-linked products
International portfolio diversification

Education

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

Refereed Publications

  • Yang J., Meziani A., Shen Y., (2016). Understanding Apple Inc.'s Global Tax Strategies in Ireland. New York. International Tax Journal (A CCH publication), November-December 2016 (Reprinted in Global Tax Weekly, CCH Wolters Kluwer Publisher, Issue 220, Pages 30-45, January 26, 2017) .42 (6). (pp. 41-50).
  • Meziani A., (2014). Smart Beta ETFs: A Bird’s-Eye View of the Market and Analysis of Its Performance Trend. New York, NY. 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. New York, New York. 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?. Atlantic City, New Jersey. 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?. Burtonsville, Maryland. 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. Nashville, TN. 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. Melbourne /Victoria. International Review of Business Research .5 (1). (pp. 1-11).
  • 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 .
  • Yang J., Meziani A., (2005). Use Exchange Traded Fund to Harvest Tax Loss. New York, New York. 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., (2005). Application of the Wash-Sale Rules to Exchange-Traded Funds. . Practical Tax Strategies.
  • 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). Modeling Country-Specific Risks in Foreign Direct Investment. . Journal of International Business and Economy.4 (1). (pp. 107-124).
  • 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). Reevaluating Portfolio Diversification Benefits with New Multinational Indices. Littleton, Colorado. 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).

Published Books

  • Meziani A., (2009). Exchange Traded Funds-Conceptual and Practical Investment Approaches. (pp. 500). London, England. RiskBooks.
  • Yang J., Meziani A., (2006). Tax Advantage of Exchange-Traded Funds. (pp. 58-69). London,. Palgrave MacMillian .
  • Meziani A., (2006). Exchange-Traded Funds as Investment Option. . Palgrave/Macmillan - Finance and Capital Markets Series.

Awards and Honors

  • Interview, CardHub.com (2013)
    Asked to Share my opinion on the type of investment strategy needed to build an investment portfolio in the current economic and political environment.
  • Interview, Asset.tv (2013)
    Interviewed by Asset.tv, a U.K.-based digital media company providing webcasts, on various issues surrounding exchange-traded funds
  • Invited to chair a PRMIA event, The Professional Risk Managers' International Association (PRMIA) (2013)
    Invited by an international risk management association known as PRMIA and headquartered in New York City to chair its event titled "Risk Management of and with ETFs/Indices."
  • Aknowledged for my work on ETFs, Yahoo Finance/http://finance.yahoo.com/news/17-etf-friendly-professors-140039359.html (2013)
    Recognized as one of 17 professors globally for their contribution to shaping the exchange-traded funds market and educating the next generation of investment professional. My name was listed alongside professors from Wharton, Yale, MIT and NYU’s Courant Institute.
  • Interviewed by the Wall Street Journal, The Wall Street Journal (2011)
    A reporter from the Wall Street Journal requested a phone interview to discuss ETFs. She asked questions on:

    •Different kinds of ETFs and the risks associated with each
    •Leveraged ETFs designed to profit in falling markets
    •Commodity and currencies ETFs especially those associated with the Chinese renminbi
    •Risks inherent to all ETFs and how those risks can be mitigated/avoided
    •Investment strategies being advised in today’s volatile markets
  • 2011 Faculty Recognition Award, School of Business at Montclair State University (2011)
    Recognized by my peers for raising the profile of the department and the university at large through my involvement with and recognition by professional organizations.
  • Soliciting Editor/The Journal of Index Investing, Institutional Investor, Inc (2011)
    (1) Identify and solicit articles that maintain the journal’s reputation to publish the best scholarship in the area of index investing, (2) Serve as the primary liaison to the authors (3) Participate in identifying themed issues, (4) Work with the Editor-in-Chief and the Managing Editor to recruit and select editorial reviewers.
  • Invited to chair the 2010 edition of the Art of Indexing Summit, Structured Products/Incisive Media (2010)
    "Chaired by Dr Seddik Meziani, Professor of Finance and Economics at Montclair University, the conference is designed to provide solutions to key challenges for money managers and help you to communicate the unique value of ETF and index products to your clients." (From the website of the onference/URL: http://www.artofindexing.com)
  • Interviewed by Canada's Business News Network (BNN), Radius (2010)
    While in Toronto speaking about the May 6 2010 flash crash and its impact on exchange-traded funds at the Exchange-Traded Forum 2010, I was invited by BNN to do a live interview on the topic I presented at the conference. I was also asked various other pressing questions pertinent to ETFs.
  • Serving on an advisory board, Information Management network (IMN) (2010)
    I was invited by the IMN to serve on their advisory board. Their invitation was based on the insights I can provide on ETFs and other index linked products.
  • Invited to chair IMN's World Series of Indexing & ETFs, Information Management Network (IMN) (2010)
    This conference, which took place in Boston, outlined different asset categories including commodities and emerging markets and described the most effective investment (quantitative) strategies to get exposure to them.
  • Keynote speaking invitation: Invited to deliver the keynote address at the 2009 edition of the Art of Indexing Summit., Structured Products/Incisive Media (2009)
    I was invited by the organizers of the Art of Indexing Summit to provide the keynote address at their meeting in New York City on Wednesday October 28, 2009. My keynote address titled “A Review of the State of the Economy: A Silver Lining in the Dark Clouds?” was delivered to an audience of 500 industry practitioners. This annual conference is organized by Structured Products/Incisive Media of London, England.
  • Best Paper Award/Finance Track, World Business Institute and Imperial College of London (2009)
    Our paper titled " Small Cap versus International Stock Indices: On the quest for lower risk and higher returns won best paper award in the finance track at the Annual London Conference on Money, Economy and Management. My coauthor is Luis San Vincente Portes. This academic conference organized annually in London is sponsored by the World Business Institute of Australia and Imperial College of London.
  • PHI KAPPA PHI, School of Business (2009)
    Nominated by Kimberly Hollister, Associate Dean to be the SBUS faculty inductee to Phi Kappa Phi- the university honor society
  • Sabbatical Leave, Montclair State University (2009)
    For my second book, I successfully applied for a sabbatical leave ranked number 11 by the Sabbatical Review Committee. This ranking, based on the quality of the book proposal and the comprehensive outline I submitted to the Risk Book’s Review Board, demonstrates the quality of the work I intend to produce
  • Global Education Grant, Global Education Center @ Montclair State University (2008)
    Used the grant to present my research on international small caps at a conference in St Kitts.
  • Keynote speaking invitation: Invited to deliver the keynote address at the 2008 edition of the Art of Indexing, Structured Product/Incisive Media (2008)
    I was invited by the organizers of the Art of Indexing Summit to provide the keynote address at their meeting in Washington DC on October 22, 2008. My keynote address titled “The Current Global Economy: Influence on Index Performance” was delivered to an audience of finance practitioners and invited academics. This annual conference is organized by Structured Products/Incisive Media of London, England
  • BEST PAPER AWARD, The Clute Institute (2003)
    My paper titled "Reevaluating Portfolio Diversification Benefits with New Multinational Indices," won best paper award at the Applied Business Research Conference in Acapulco, Mexico, March 17-21, 2003.
  • CERTIFICATE AWARD FOR BEST AUTHOR, Academy of Business (2001)
    My paper titled “The Impact of New Economic Information on Bond Price Forecasting,” won best paper award of the September 2001 issue of The Journal of American Academy of Business

Research

  • 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.