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Research

• The Next Generation of Smart Beta ETFs:<br>My next study will explore the newer generation of smart beta ETFs to evaluate whether they can more capably respond to today’s highly volatile market environment, enabling market participants to react capably and swiftly to economic events just as the first generation of smart beta product responded to the post 2008 financial crisis.
• Student Survey on ESG Investing: The Future of Sustainable Finance: A comprehensive survey consisting of 50 questions is being administered to students at the Feliciano School of Business at Montclair State University (MSU). The survey addresses various aspects of ESG, including its financial implications for investment performance. A series of statistical analyses, will form the basis of the study's narrative. These analyses will evaluate the significance of the findings and their implications for the future of ESG investing. The analysis is expected to provide valuable, data-driven insights that set this study apart, offering a unique, forward-looking perspective on ESG investing. The research will contribute to our understanding of how tomorrow’s business leaders view and approach ESG investments, and how this might shape future investment practices and strategies.
• Private Equity Returns and Survivability: Insights from Performance Drivers. This study evaluates private equity (PE) fund performance to uncover key drivers of returns and survivability. Using a custom-constructed dataset from commercial databases, private disclosures, and industry reports, it examines performance variability across fund size quartiles, the impact of sector specialization and leverage, and lifecycle trends. Larger funds achieve more consistent returns, while smaller funds face greater variability and risk. Sector specialization enhances performance, particularly in high-growth industries, by leveraging focused expertise. Kaplan-Meier survival analysis identifies critical milestones in fund lifecycles, offering insights into survivability dynamics. The findings provide actionable guidance for private equity professionals, aiding fund managers and investors in optimizing strategies, enhancing resource allocation, and navigating the complexities of PE investments.
• Assessing the Performance of Environmental ETFs:<br>This research will consist of identifying ways to meaningfully integrate environmental risks in the field of investment management. To do so the newly generated database of environmental ETFs will be subjected to a rigorous four-pronged mathematical quantification of risk. Each prong is expected to give a comprehensive but clear view on how the inclusion of environmental concerns in investments portfolios may (or may not) impact their performance. Together, these risks can be categorized into two broad groups of risk: <i>reward-to-variability risk</i> and <i>reward-to-market risk.</i>
• <b>“Private Credit versus Public High-Yield: Credit Risk, Illiquidity, and the Pricing of Private Lending”</b><br> This research examines whether private credit delivers return premia beyond those available in public high-yield bond markets once differences in liquidity, valuation, and risk exposure are explicitly accounted for. Using market-level data from the Cliffwater Direct Lending Index and the ICE BofA US High Yield Index, the analysis compares the performance of privately originated middle-market loans with that of tradable high-yield securities within a unified risk–return framework. To ensure comparability, the study aligns return frequencies, adjusts for valuation smoothing inherent in private credit indices, and decomposes returns into income and valuation components. Factor-based regressions are employed to assess the extent to which private credit returns can be explained by exposure to public credit and equity risk factors, versus residual compensation attributable to illiquidity and contractual control. The findings indicate that while private credit shares substantial common variation with public high-yield markets, it exhibits distinct return dynamics driven by negotiated pricing, tighter covenant structures, and reduced mark-to-market volatility. By reframing private credit as a structured credit alternative rather than a separate asset class, this research complements the growing literature on private market investing by clarifying the sources of its return premium relative to liquid high-yield credit.
• <b>“Intra-Industry Return Dynamics: Firm-Level Pricing Divergence within Equity Markets"</b><br>This research examines why firms operating within the same industry can experience sharply divergent return outcomes over short horizons. The analysis develops a framework that decomposes industry-level movements into firm-specific deviations and studies how these deviations are shaped by the interaction of fundamentals, investor sentiment, and market conditions. By focusing on firm-level return behavior that is masked by industry classifications and asset-class aggregation, the research highlights the limits of sector-based analysis for understanding equity price dynamics. Although still at an early stage, this line of inquiry is designed to complement my existing work on ESG ETFs and private equity by introducing a granular perspective on pricing dynamics within broadly defined markets.
• <b>“Corporate Competitiveness Beyond Financial Performance: A Principal Component Perspective”</b><br> This research examines how corporate competitiveness is shaped by the interaction of financial and non-financial performance dimensions. Using firm-level data compiled by the Drucker Institute, the analysis applies principal component techniques to integrate customer satisfaction, employee engagement, innovation, social responsibility, and financial strength into a unified competitiveness framework. By reducing these correlated dimensions into latent components, the study identifies the dominant drivers of cross-firm variation in competitive positioning that are not apparent when metrics are evaluated in isolation. The findings show that non-financial factors account for a substantial share of the common variation underlying corporate competitiveness, challenging conventional evaluation frameworks that emphasize financial performance alone. By reframing competitiveness as a multidimensional construct linked to product-market behavior and strategic differentiation, this research complements existing work on ESG integration and market structure by offering a firm-level perspective on how non-financial capabilities translate into sustained competitive advantage within and across industries.
• <b>“Autocallable Notes in the ETF Ecosystem: Simulation-Based Evidence on Design, Monitoring, and Risk Transfer”<br></b> This research examines how modern autocallable structures redistribute risk and return across investors, issuers, and hedging markets when the underlying reference asset is an exchange-traded fund (ETF), including single-stock ETFs. The analysis develops a simulation-based framework that isolates how contractual design choices—autocall triggers, knock-in barriers, coupon conditions, and monitoring frequency (daily, weekly, monthly)—shape early redemption likelihood, downside exposure, and payoff dispersion across volatility environments. By placing ETFs at the center of the structuring and hedging process, the study clarifies why autocallables can appear “income-like” in benign markets while embedding materially different tail outcomes under higher volatility regimes, particularly for single-stock ETF underlyings. This line of inquiry is designed to complement my work on ETFs and market structure by providing a tractable methodology for evaluating structured products in settings where granular issuance data remain limited, while also highlighting the role of ETF tradability and transparency in the evolution of derivatives-based yield products.
• <b>Exit Capacity and Holding Periods in Private Equity: Evidence from a Stock–Flow Framework</b><br>Abstract: Despite favorable exit valuations, private equity holding periods have lengthened over the past decade. This paper develops a market-level stock–flow framework in which exits are scaled by portfolio inventory and exit capacity is finite. Aggregate exit activity does not scale proportionally with portfolio size, thereby implying longer holding durations as portfolio inventory accumulates. Consistent with this structure, conditioning on market-level exit capacity shows that implied holding periods vary systematically across exit environments. High aggregate exit values primarily reflect higher prices per transaction rather than faster portfolio turnover. The framework reconciles rising exit values with prolonged holding periods and complements deal-level analyses of private equity exits.
• <b>Persistence, Horizon Aggregation, and Performance Differentiation in Private Markets</b><br>Abstract: This paper examines how abnormal performance accumulates across private market strategies when evaluated over economically relevant investment horizons. The analysis formalizes long-horizon performance in terms of incremental alpha paths—the sequence of benchmark-relative return contributions whose persistence and temporal concentration govern cumulative outcomes. Using a listed private-equity return proxy alongside published strategy-level private market benchmarks, the analysis establishes a maintained pricing relation as an organizing reference and examines how short-horizon return behavior aggregates into long-horizon outcomes.<br>The results show that cumulative abnormal performance diverges systematically across strategies as horizons lengthen. Venture capital and buyout strategies exhibit steep cumulative alpha trajectories, while private credit displays a markedly flatter profile. Decomposing cumulative alpha into its incremental components indicates that this divergence reflects persistent per-period abnormal performance, rather than isolated return episodes.<br>Further evidence shows that strategies with stronger long-horizon performance combine greater persistence with asymmetric contributions between strong and weak periods. These patterns indicate that performance differentiation in private markets is inherently horizon-dependent, with persistence rather than short-horizon volatility governing long-run outcomes.
• <b>Sectoral and Financial Drivers of ESG Adoption: Evidence from Multi-Model Panel Data Analysis</b><br>Abstract: This study examines the impact of financial fundamentals on firms' engagement in ESG engagement, focusing on sector-specific dynamics. ESG engagement refers to the integration of environmental, social, and governance factors into corporate strategy. Using panel data from firms in the Financial, Technology, and Energy sectors, four regression models—fixed effects, dynamic panel, sector effects, and sector-adjusted specifications—identify drivers of ESG engagement. A fifth model disaggregates ESG into Environmental, Social, and Governance pillars to explore dimension-specific financial effects. Results show that Free Cash Flow Margin and Return on Assets (ROA) are positively associated with ESG engagement, while leverage and asset turnover have a negative impact. Liquidity shows limited influence. Sector affiliation plays a crucial role, with Energy firms performing better in ESG, while Technology and Financial firms lag in social and governance aspects. These findings provide insights for managers, investors, and policymakers aiming to align financial capacity with long-term sustainability goals.

Professional Experience

• Assistant Prof of Finance, Montclair State University (1985 - 1988)
• Officer, Algeria Army (1988 - 1990)
• Assistant Prof of Finance, Montclair State University (1990 - 1991)
• Associate Director, Standard & Poor's (1991 - 1997)
• Senior Investment Analyst, TIAA-CREF (1997 - 1999)
• Chair of the Department of Economics and Finance, Montclair State University (2010 - 2013)
• Full Professor, Montclair State University (1999 - Present)
• Independent Trustee, Chair of Audit Committee , GraniteShares ETF Trust, LLC (2016 - 2030)

Consulting

• Other, Magna Cum Colloquium (MCC). (September 2018 - Present). MCC is a leading producer of indexing events bringing together academics and practitioners from both the asset owner and service provider communities.
• Other, ETF Global, LLC. (September 2012 - Present). Provide guidance, insights, and constant input to optimize the efficacy of the construction and operation of the company’s proprietary models and quality of its research offerings.
• Training/Education, XP3RT. (June 2020 - June 2020). Developed two eLearning courses for financial professionals: "Advanced Application of ETFs" and "Smart Beta Factor Models"
• Technical/Professional Work, Dow Jones. (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. (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 & Awards

• Certificate Award for Best Author, Academy of Business (September 2001)
• Best Paper Award, The Clute Institute (March 2003)
• Invited to Deliver Keynote Address: "Art of Indexing", Structured Product/Incisive Media (September 2008)
• Granted Sabbatical Leave, Montclair State University (January 2009)
• Best Paper Award/Finance Track, World Business Institute and Imperial College of London (July 2009)
• Invited to Deliver Keynote Address: "Art of Indexing Summit", Structured Products/Incisive Media (October 2009)
• Invited to Chair Conference: "World Series of Indexing & ETFs", Information Management Network (IMN) (March 2010)
• Invited to Chair Conference: "The Art of Indexing Summit", Structured Products/Incisive Media (October 2010)
• Faculty Recognition Award, School of Business at Montclair State University (March 2011)
• Acknowledged for my work on ETFs, "17 ETF Friendly Professors" by Yahoo Finance (February 2013)
• Invited to Chair Conference: "Risk Management of and with ETFs/Indices", Professional Risk Managers' International Association (PRMIA) (April 2013)
• Granted Sabbatical Leave, Montclair State University (September 2015)
• Invited to Deliver Keynote Address: “Future Insights and Landscapes of Business Management", BSCM 2022 (November 2022)
• Invited to Deliver Keynote Address: "Winning Research Papers-Some Useful Insights", Tenth European Academic Research Conference on Global Business, Economics, Finance and Social Sciences (EAR18 France Conference) (July 2018)
• Granted Sabbatical Leave, Montclair State University (January 2023)
• Best Paper Award, Society of Interdisciplinary Business Research (July 2024)

Refereed Published Articles

• A. Meziani (2001). The Impact of New Economic Information on Bond Price Forecasting. The Journal of American Academy of Business
• A. Meziani, J. Yang (2001). Fresh Alternative to Mutual Funds Offers Tax Benefit. Practical Tax Strategies
• A. Meziani (2001). Diversifying Via Sectors: New Sector Indexes Offer Some Advantages. The Journal of Index Issues
• A. Meziani (2000). Assessing the New Multinational Indices: Can They Solve the 'Home Bias' Problem?" . FOW/Risk & Reward
• A. Meziani, F. Rezvani (1990). Using the AHP to Select a Financing Instrument for a Foreign Investment. Journal of Mathematical Modeling
• A. Meziani (2014). Smart Beta ETFs: A Bird’s-Eye View of the Market and Analysis of Its Performance Trend. Institutional Investor Journals
• J. Yang, A. Meziani (2012). Break-even Point Between Short-term and Long-term Capital Gain (Loss) Investment Strategies. Journal of Investing
• A. Meziani, J. Yang (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
• A. Meziani, J. Yang (2011). Assessing the Value of Loss Harvesting Using ETFs: Is It Always a Beneficial Tax Strategy?. International Journal of Applied Accounting and Finance
• A. Meziani (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
• , A. Meziani, L. San Vicente Portes (2010). Micro-Cap Stocks: On the Quest for Lower Risk and Higher Returns. International Review of Business Research
• A. Meziani (2008). Evaluating the International Diversification Benefits of China’s New Inde. International Business & Economics Research Journal
• A. Meziani (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
• A. Meziani (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
• A. Meziani (2002). The Integration of JIT and TQM into B2B e-Commerce – A Comprehensive Value Creation Approach. Journal of Business and Information Technology
• A. Meziani (2002). Modeling Prepayment Behavior In Financial Transactions Backed By Automobile Loans. The Journal of Applied Business Research
• A. Meziani (2002). Index-linked Products Stay Above Par. FOW's— Derivatives Intelligence for the Risk Professional
• A. Meziani (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
• A. Meziani (2003). Reevaluating Portfolio Diversification Benefits with New Multinational Indices. International Business & Economics Research Journal
• A. Meziani (2003). Modeling Country-Specific Risks in Foreign Direct Investment. Journal of International Business and Economy
• A. Meziani (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
• A. Meziani (2003). Assessing the Effects of Investment Barriers on International Capital Flows Using an Expert-Driven System. Multinational Business Review
• A. Meziani (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
• A. Meziani, J. Yang (2005). Use Exchange Traded Fund to Harvest Tax Loss. Practical Tax Strategies
• A. Meziani (2005). Application of the Wash-Sale Rules to Exchange-Traded Funds. Practical Tax Strategies
• A. Meziani (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
• A. Meziani (2025). Understanding Private Equity Fund Performance and Survivability: Insights from Multimodel Analyses of Structural Drivers. Journal of Investing
• A. Meziani (2020). It Is Still Not Easy Being Green for Exchange-Traded Funds. Journal of Index Investing
• A. Meziani, E. Noma (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
• A. Meziani (2014). Investing with Environmental, Social and Governance (ESG) Issues in Mind: From the Back to the Fore of Style Investing. The Journal of Investing/Institutional Investor Journals
• D. Ozenbas, A. Meziani, L. San Vicente Portes (2014). Liquidity Effects of Firm Size and Market Distress on Index Tracking ETFs. Journal of International Financial Studies
• A. Meziani (2015). Managing the Volatility Risk of Investment Portfolios with Minimum-Volatility ETFs: A Long-Term Approach or a Period-Specific Investment Strategy?. The Journal of Index Investing/Institutional Investor Journals
• A. Meziani (2015). Rethinking Exposure to Emerging Markets: Is it Time to Dive Back?. The Journal of Investing/Institutional Investor Journals
• A. Meziani, L. San Vicente Portes, D. Ozenbas (2015). Liquidity under Extreme Market Volatility: The Case of the SPY, IVV and RSP Funds. Financial Decisions
• A. Meziani (2015). Exploring the Complex Universe of Fixed-Income ETFs: Is More Better, or Is Less More?. The Journal of Index Investing
• J. Yang, A. Meziani, Y. Shen (2016). Understanding Apple Inc.'s Global Tax Strategies in Ireland. International Tax Journal, a CCH publication
• A. Meziani (2017). Active Exchange-Traded Funds: Are We There Yet?. The Journal of Index Investing

Published Proceedings

• A. Meziani, L. San Vicente Portes (5s). . Seeking alpha beyond small cap markets: the risk and returns dynamics of micro-cap stocks Northeast Business and Economics Association (NBEA
• A. Meziani (5s). . Financial Management Association (FMA) International Conference Financial Management Association (FMA) International Conference
• A. Meziani (5s). . Exit Capacity and Holding Periods in Private Equity: A Stock–Flow Perspective AMSE | Aix-Marseille School of Economics

Books & Chapters

• A. Meziani (2014). Understanding the Evidence on Portfolio Exposure to Environmental, Social and Governance (ESG) Investments. Wiley
• A. Meziani (2009). Exchange Traded Funds-Conceptual and Practical Investment Approaches. RiskBooks
• A. Meziani (2006). Exchange-Traded Funds as Investment Option. Palgrave/Macmillan
• J. Yang, A. Meziani (2006). Tax Advantage of Exchange-Traded Funds. Palgrave-MacMillian
• A. Meziani (2015). Role of Environmental, Social, and Governance (ESG) Factors in Financial Investments. Wiley
• A. Meziani (2016). Exchange-Traded Funds-Investment Practices and Tactical Approaches. Palgrave-Macmillan
• A. Meziani (2018). The positive effects of diversification in emerging markets. Nova Science Publishers