Richard M. Levich

New York University (NYU) - Department of Finance

Professor, Finance and International Business

Stern School of Business

44 West 4th Street

New York, NY 10012-1126

United States

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue

Cambridge, MA 02138

United States

  • New York University (NYU) - Department of Finance

    • Email
    • Tel: 212-998-0422
    • Fax: 212-995-4256
SCHOLARLY PAPERS

40

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14,579

SSRN CITATIONS
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Top 3,613

in Total Papers Citations

131

CROSSREF CITATIONS

318

Scholarly Papers (40)

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1.

1998 Survey of Derivatives and Risk Management Practices by U.S. Institutional Investors

FIN Working Paper No. 99-074
Number of pages: 44 Posted: 01 Mar 2000
Richard M. Levich, Gregory S. Hayt and Beth A. Ripston
New York University (NYU) - Department of Finance, Rutter Associates LLC and KPMG LLP, Montvale
Downloads 1,521 (20,793)
Citation 12

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2.

A New Look at Currency Investing

CFA Institute Research Foundation Monograph
Number of pages: 106 Posted: 01 Mar 2015
Momtchil Pojarliev and Richard M. Levich
Fischer Francis Trees & Watts, Inc. and New York University (NYU) - Department of Finance
Downloads 1,337 (25,232)
Citation 1

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currency investing, carry trade, trend-following, value strategies

3.

Do Foreign Exchange Markets Still Trend?

Downloads 1,145 (31,689)
Citation 24

Do Foreign Exchange Markets Still Trend?

Journal of Portfolio Management, Vol. Fall, 2007
Number of pages: 16 Posted: 10 Dec 2006 Last Revised: 14 Jan 2009
Kuntara Pukthuanthong, Richard M. Levich and Lee R. Thomas
University of Missouri, Columbia, New York University (NYU) - Department of Finance and Investcorp - London Office
Downloads 782 (53,053)
Citation 1

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foreign exchange, technical trading

Do Foreign Exchange Markets Still Trend?

NYU Working Paper No. FIN-06-030, Journalof Portfolio Management, Vol. 34, No. 1, 2007
Number of pages: 16 Posted: 03 Nov 2008 Last Revised: 07 Nov 2011
Kuntara Pukthuanthong, Richard M. Levich and Lee R. Thomas III
University of Missouri, Columbia, New York University (NYU) - Department of Finance and Independent
Downloads 363 (137,032)
Citation 11

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4.

Do Professional Currency Managers Beat the Benchmark?

Downloads 912 (37,681)
Citation 36

Do Professional Currency Managers Beat the Benchmark?

Number of pages: 37 Posted: 21 Dec 2007
Momtchil Pojarliev and Richard M. Levich
Fischer Francis Trees & Watts, Inc. and New York University (NYU) - Department of Finance
Downloads 806 (50,954)

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Foreign Exchange, Hedge Funds, Style Investing

Do Professional Currency Managers Beat the Benchmark?

NBER Working Paper No. w13714
Number of pages: 38 Posted: 31 Dec 2007 Last Revised: 23 Dec 2022
Momtchil Pojarliev and Richard M. Levich
Fischer Francis Trees & Watts, Inc. and New York University (NYU) - Department of Finance
Downloads 106 (421,232)
Citation 6

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Do Professional Currency Managers Beat the Benchmark?

Financial Analysts Journal, Vol. 64, No. 5, 2008
Posted: 24 Sep 2008
Momtchil Pojarliev and Richard M. Levich
Fischer Francis Trees & Watts, Inc. and New York University (NYU) - Department of Finance

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Alternative Investments, Hedge Fund Strategies, Portfolio Management, Hedge Fund Strategies, Performance Measurement and Evaluation, Performance Measurement

5.

Detecting Crowded Trades in Currency Funds

Downloads 964 (40,337)
Citation 6

Detecting Crowded Trades in Currency Funds

Number of pages: 39 Posted: 14 Dec 2009 Last Revised: 29 Aug 2010
Momtchil Pojarliev and Richard M. Levich
Fischer Francis Trees & Watts, Inc. and New York University (NYU) - Department of Finance
Downloads 750 (56,090)
Citation 4

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Foreign Exchange, Hedge Funds, Style Investing, Crowded Trades

Detecting Crowded Trades in Currency Funds

NYU Working Paper No. 2451/29545
Number of pages: 37 Posted: 08 Feb 2010
Momtchil Pojarliev and Richard M. Levich
Fischer Francis Trees & Watts, Inc. and New York University (NYU) - Department of Finance
Downloads 165 (297,915)

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Detecting Crowded Trades in Currency Funds

NBER Working Paper No. w15698
Number of pages: 38 Posted: 01 Feb 2010 Last Revised: 25 May 2023
Momtchil Pojarliev and Richard M. Levich
Fischer Francis Trees & Watts, Inc. and New York University (NYU) - Department of Finance
Downloads 49 (655,932)
Citation 3

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Detecting Crowded Trades in Currency Funds

Financial Analysts Journal, Vol. 67, No. 1, 2011
Posted: 23 Jan 2011
Momtchil Pojarliev and Richard M. Levich
Fischer Francis Trees & Watts, Inc. and New York University (NYU) - Department of Finance

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Alternative Investments, Hedge Funds, Economics, Currency Exchange Rates, Foreign Exchange Market, Portfolio Management, Alternative Investment Portfolio Management Strategies

6.

Underpricing of New Equity Offerings by Privatized Firms: An International Test

Downloads 955 (40,899)
Citation 4

Underpricing of New Equity Offerings by Privatized Firms: An International Test

NYU Salomon Center Working Paper No. S99-5
Number of pages: 46 Posted: 10 Feb 1999
Richard M. Levich and Qi Huang
New York University (NYU) - Department of Finance and Hofstra University - Department of Finance
Downloads 804 (51,100)
Citation 3

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Underpricing of New Equity Offerings by Privatized Firms: An International Test

NYU Working Paper No. FIN-99-075
Number of pages: 52 Posted: 11 Nov 2008
Qi Huang and Richard M. Levich
Hofstra University - Department of Finance and New York University (NYU) - Department of Finance
Downloads 151 (321,218)

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Privatization, Underpricing, Initial public offerings, State-owned-enterprises

7.

Technical Trading, Predictability and Learning in Currency Markets

NYU Working Paper No. 2451/31452
Number of pages: 45 Posted: 28 Jan 2012 Last Revised: 10 Sep 2013
Valerio Potì, Richard M. Levich and Pierpaolo Pattitoni
University College Dublin, New York University (NYU) - Department of Finance and University of Bologna - Department of Statistical Sciences
Downloads 949 (41,276)

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8.

FX Liquidity and Market Metrics: New Results Using CLS Bank Settlement Data

Downloads 706 (61,707)
Citation 3

FX Liquidity and Market Metrics: New Results Using CLS Bank Settlement Data

Number of pages: 57 Posted: 08 Feb 2017 Last Revised: 23 Oct 2019
Joel Hasbrouck and Richard M. Levich
New York University (NYU) - Department of Finance and New York University (NYU) - Department of Finance
Downloads 628 (70,740)

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Foreign exchange, CLS Bank, market microstructure, liquidity

FX Market Metrics: New Findings Based on Cls Bank Settlement Data

NBER Working Paper No. w23206
Number of pages: 66 Posted: 22 Mar 2017 Last Revised: 29 May 2023
Joel Hasbrouck and Richard M. Levich
New York University (NYU) - Department of Finance and New York University (NYU) - Department of Finance
Downloads 78 (514,704)
Citation 2

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9.

Evidence on Financial Globalization and Crises: Interest Rate Parity

Downloads 636 (70,534)
Citation 6

Evidence on Financial Globalization and Crises: Interest Rate Parity

NYU Working Paper No. 2451/29949
Number of pages: 31 Posted: 09 Sep 2011
Richard M. Levich
New York University (NYU) - Department of Finance
Downloads 445 (108,175)
Citation 2

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Evidence on Financial Globalization and Crises: Interest Rate Parity

NYU Working Paper No. 2451/29949
Number of pages: 31 Posted: 16 Feb 2012
Richard M. Levich
New York University (NYU) - Department of Finance
Downloads 191 (261,836)

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10.

The Impact of Currency Exposure on Institutional Investment Performance: The Good, the Bad, and the Ugly

Number of pages: 51 Posted: 16 Jan 2014
Momtchil Pojarliev, Richard M. Levich and Ross M. Kasarda
Fischer Francis Trees & Watts, Inc., New York University (NYU) - Department of Finance and Virginia Retirement System
Downloads 613 (73,868)
Citation 1

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Foreign Exchange, Portfolio Construction, Alpha Generation, Risk Budgeting

11.

Predictability and 'Good Deals' in Currency Markets

Downloads 481 (99,749)
Citation 9

Predictability and 'Good Deals' in Currency Markets

Number of pages: 54 Posted: 22 Dec 2008
Richard M. Levich and Valerio Potì
New York University (NYU) - Department of Finance and University College Dublin
Downloads 271 (186,956)

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Foreign Exchange, Predictability, Filter Rules, Market Efficiency

Predictability and 'Good Deals' in Currency Markets

NYU Working Paper No. FIN-08-007
Number of pages: 51 Posted: 09 Mar 2009
Richard M. Levich and Valerio Potì
New York University (NYU) - Department of Finance and University College Dublin
Downloads 159 (307,364)

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Predictability and 'Good Deals' in Currency Markets

NBER Working Paper No. w14597
Number of pages: 55 Posted: 29 Dec 2008 Last Revised: 09 Mar 2023
Richard M. Levich and Valerio Potì
New York University (NYU) - Department of Finance and University College Dublin
Downloads 51 (644,117)

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12.

Active Currency Management Part II: Is There Skill or Alpha in Currency Investing?

Downloads 479 (100,242)
Citation 1

Active Currency Management Part II: Is There Skill or Alpha in Currency Investing?

NYU Working Paper No. FIN-11-002
Number of pages: 47 Posted: 01 Aug 2011
Momtchil Pojarliev and Richard M. Levich
Fischer Francis Trees & Watts, Inc. and New York University (NYU) - Department of Finance
Downloads 388 (127,013)
Citation 1

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Foreign Exchange, Hedge Funds, Manager Selection

Is There Skill or Alpha in Currency Investing?

NYU Working Paper No. 2451/29936
Number of pages: 47 Posted: 26 Jun 2013
Richard M. Levich and Momtchil Pojarliev
New York University (NYU) - Department of Finance and Fischer Francis Trees & Watts, Inc.
Downloads 91 (467,816)

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13.

Network Structure and Pricing in the FX Market

NYU Stern School of Business
Number of pages: 77 Posted: 12 Feb 2020 Last Revised: 09 Sep 2020
Joel Hasbrouck and Richard M. Levich
New York University (NYU) - Department of Finance and New York University (NYU) - Department of Finance
Downloads 437 (111,649)
Citation 2

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foreign exchange, CLS Bank, centrality, settlement

14.

Trades of the Living Dead: Style Differences, Style Persistence and Performance of Currency Fund Managers

Downloads 327 (154,484)
Citation 27

Trades of the Living Dead: Style Differences, Style Persistence and Performance of Currency Fund Managers

Number of pages: 47 Posted: 19 Sep 2008
Momtchil Pojarliev and Richard M. Levich
Fischer Francis Trees & Watts, Inc. and New York University (NYU) - Department of Finance
Downloads 172 (287,443)
Citation 5

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Foreign Exchange, Hedge Funds, Style Investing

Trades of the Living Dead: Style Differences, Style Persistence and Performance of Currency Fund Managers

NYU Working Paper No. FIN-08-005
Number of pages: 47 Posted: 09 Mar 2009
Richard M. Levich and Momtchil Pojarliev
New York University (NYU) - Department of Finance and Fischer Francis Trees & Watts, Inc.
Downloads 120 (384,697)
Citation 1

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Trades of the Living Dead: Style Differences, Style Persistence and Performance of Currency Fund Managers

NBER Working Paper No. w14355
Number of pages: 48 Posted: 23 Sep 2008 Last Revised: 23 Sep 2022
Momtchil Pojarliev and Richard M. Levich
Fischer Francis Trees & Watts, Inc. and New York University (NYU) - Department of Finance
Downloads 35 (750,302)
Citation 5

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15.

The Significance of Technical Trading-Rule Profits in the Foreign Exchange Market: a Bootstrap Approach

NBER Working Paper No. w3818
Number of pages: 36 Posted: 19 Jul 2000 Last Revised: 09 Dec 2022
Richard M. Levich and Lee R. Thomas
New York University (NYU) - Department of Finance and Investcorp - London Office
Downloads 326 (155,030)
Citation 9

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16.

Settlement Risk in the Global FX Market: How Much Remains?

Number of pages: 41 Posted: 22 Aug 2016 Last Revised: 08 Nov 2016
Dino Kos and Richard M. Levich
CLS Bank International and New York University (NYU) - Department of Finance
Downloads 287 (177,285)
Citation 2

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Foreign exchange, settlement risk, Herstatt risk

17.

Is There Skill or Alpha in Currency Investing?

Midwest Finance Association 2012 Annual Meetings Paper
Number of pages: 47 Posted: 19 Sep 2011 Last Revised: 21 Sep 2011
Momtchil Pojarliev and Richard M. Levich
Fischer Francis Trees & Watts, Inc. and New York University (NYU) - Department of Finance
Downloads 268 (190,013)
Citation 2

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Foreign Exchange, Hedge Funds, Manager Selection

18.

Hunting for Alpha Hunters in the Currency Jungle

NYU Working Paper No. 2451/31552
Number of pages: 11 Posted: 31 May 2012
Richard M. Levich and Momtchil Pojarliev
New York University (NYU) - Department of Finance and Fischer Francis Trees & Watts, Inc.
Downloads 197 (254,970)

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19.

International Accounting Diversity: Does it Impact Market Participants?

NBER Working Paper No. w3590
Number of pages: 23 Posted: 31 May 2004 Last Revised: 26 Oct 2022
Frederick D. S. Choi and Richard M. Levich
New York University and New York University (NYU) - Department of Finance
Downloads 177 (280,394)
Citation 1

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20.

A New Look at Currency Investing (A Summary)

CFA Institute Research Foundation
Number of pages: 4 Posted: 29 Mar 2015
Momtchil Pojarliev and Richard M. Levich
Fischer Francis Trees & Watts, Inc. and New York University (NYU) - Department of Finance
Downloads 165 (297,799)

Abstract:

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Currency, FX, carry trade, trend following, beta grazers, volatility, alpha generator

21.

Research Foundation Year in Review -- 2012

CFA Institute Research Foundation R2013
Number of pages: 76 Posted: 11 Jun 2015 Last Revised: 20 Mar 2016
Antti Ilmanen, Richard Taffler, David Tuckett, Zvi Bodie, Laurence B. Siegel, Lisa Stanton, Momtchil Pojarliev, Richard M. Levich, Stephen Wilcox, David Adler, Thomas Oberlechner, Richard Sandor, Elroy Dimson, Jeffery Bailey, Bud Haslett and David Chambers
AQR Capital Management, University of Warwick - Finance Group, University College London - Centre for the Study of Decision-Making Uncertainty, Boston University, CFA Institute Research Foundation, CFA Institute, Fischer Francis Trees & Watts, Inc., New York University (NYU) - Department of Finance, Minnesota State University, Mankato, CFA Institute, Webster University, Environmental Financial Products, LLC, University of Cambridge - Judge Business School, Target Corporation, CFA Institute Research Foundation and University of Cambridge - Judge Business School
Downloads 164 (299,291)

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Expected Returns, emotional finance, currency investing, life-cycle investing, inflation, liquidity, financial frictions, ethics, derivatives, equity risk premium

22.

Predictability and Good Deals in Emerging and Developed Currency Markets: The Role of Spot vs. Forward Speculation

Number of pages: 53 Posted: 12 Jun 2018
Richard M. Levich, Thomas Conlon and Valerio Potì
New York University (NYU) - Department of Finance, University College Dublin and University College Dublin
Downloads 152 (319,094)

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Predictability, Foreign Exchange, Filter Rules, Market Efficiency

23.

Fx Counterparty Risk and Trading Activity in Currency Forward and Futures Markets

NYU Working Paper No. 2451/31551
Number of pages: 32 Posted: 31 May 2012 Last Revised: 10 Sep 2013
Richard M. Levich
New York University (NYU) - Department of Finance
Downloads 140 (340,814)

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24.

FX Liquidity and Market Metrics: Online Appendices 1 and 2

NYU Stern School of Business
Number of pages: 66 Posted: 13 Dec 2019
Joel Hasbrouck and Richard M. Levich
New York University (NYU) - Department of Finance and New York University (NYU) - Department of Finance
Downloads 125 (371,511)

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foreign exchange, CLS Bank, market microstructure, liquidity, algorithmic trading

25.

Evaluating Absolute Return Managers

Number of pages: 17 Posted: 01 Oct 2013
Momtchil Pojarliev and Richard M. Levich
Fischer Francis Trees & Watts, Inc. and New York University (NYU) - Department of Finance
Downloads 123 (376,033)

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Hedge Funds, Alpha and Beta Separation, Style Investing

26.

Empirical Studies of Exchange Rates: Price Behavior, Rate Determinationand Market Efficiency

NBER Working Paper No. w1112
Number of pages: 111 Posted: 27 Apr 2000 Last Revised: 16 Jan 2022
Richard M. Levich
New York University (NYU) - Department of Finance
Downloads 111 (405,222)
Citation 1

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27.

Financial Innovations in International Financial Markets

NBER Working Paper No. w2277
Number of pages: 77 Posted: 18 Jul 2000 Last Revised: 23 Sep 2022
Richard M. Levich
New York University (NYU) - Department of Finance
Downloads 108 (413,204)

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28.

Development and Functioning of FX Markets in Asia and the Pacific

BIS Paper No. 82e
Number of pages: 58 Posted: 19 Oct 2015
Richard M. Levich and Frank Packer
New York University (NYU) - Department of Finance and Bank for International Settlements (BIS)
Downloads 107 (415,978)

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29.

Internationally Diversified Bond Portfolios: The Merits of Active Currency Risk Management

NBER Working Paper No. w4340
Number of pages: 37 Posted: 27 Apr 2000 Last Revised: 12 Nov 2022
Richard M. Levich and Lee R. Thomas
New York University (NYU) - Department of Finance and Investcorp - London Office
Downloads 104 (424,430)

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30.

Measuring Excess-Predictability of Asset Returns and Market Efficiency over Time

Number of pages: 14 Posted: 02 Jan 2019
Richard M. Levich, Thomas Conlon and Valerio Potì
New York University (NYU) - Department of Finance, University College Dublin and University College Dublin
Downloads 87 (476,847)
Citation 1

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31.

What Drives the Profitability of Momentum Strategies?

Number of pages: 36 Posted: 02 Feb 2017 Last Revised: 18 Sep 2017
Thomas Conlon, Richard M. Levich and Valerio Potì
University College Dublin, New York University (NYU) - Department of Finance and University College Dublin
Downloads 84 (487,338)

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Predictability, Momentum, Reversal, Horizon, Safe Havens, Market Efficiency

32.

On the Definition and Magnitude of Recent Capital Flight

NBER Working Paper No. w2275
Number of pages: 54 Posted: 27 Apr 2000 Last Revised: 21 Sep 2022
Robert E. Cumby and Richard M. Levich
Georgetown University - Department of Economics and New York University (NYU) - Department of Finance
Downloads 83 (490,779)
Citation 1

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33.

The Euromarkets after 1992

NBER Working Paper No. w3003
Number of pages: 48 Posted: 14 Apr 2007 Last Revised: 17 Sep 2022
Richard M. Levich
New York University (NYU) - Department of Finance
Downloads 62 (575,948)

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34.

Synthetic Eurocurrency Interest Rate Futures Contracts: Theory and Evidence

NBER Working Paper No. w3055
Number of pages: 52 Posted: 14 Apr 2007 Last Revised: 07 Nov 2022
Annie Koh, Annie Koh and Richard M. Levich
Singapore Management UniversitySingapore Management University - Business Development and External Relations and New York University (NYU) - Department of Finance
Downloads 46 (659,508)

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35.

Developing the Ecu Markets: Perspectives on Financial Innovation

NBER Working Paper No. w2276
Number of pages: 24 Posted: 19 Jul 2004 Last Revised: 22 Sep 2022
Richard M. Levich
New York University (NYU) - Department of Finance
Downloads 44 (671,227)
Citation 1

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36.

FX Counterparty Risk and Trading Activity in Currency Forward and Futures Markets

NBER Working Paper No. w18256
Number of pages: 33 Posted: 28 Jul 2012 Last Revised: 21 May 2023
Richard M. Levich
New York University (NYU) - Department of Finance
Downloads 43 (677,398)
Citation 4

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37.

Should Investors Avoid or Seek Out Currency Risk? How to Resolve a Long-Standing Puzzle

Journal of Financial Perspectives, Vol. 2, No. 3, 2014
Number of pages: 18 Posted: 01 Dec 2017
Momtchil Pojarliev and Richard M. Levich
Fischer Francis Trees & Watts, Inc. and New York University (NYU) - Department of Finance
Downloads 42 (683,673)

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38.

Analyzing the Accuracy of Foreign Exchange Advisory Services: Theory Andevidence

NBER Working Paper No. w0336
Number of pages: 41 Posted: 15 Feb 2001 Last Revised: 04 Dec 2022
Richard M. Levich
New York University (NYU) - Department of Finance
Downloads 41 (689,953)

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39.

Securities Activities of U.S. Commercial Bank Affiliates: Lessons from the International Financial Markets

NBER Working Paper No. w1428
Number of pages: 69 Posted: 29 Jun 2004 Last Revised: 29 May 2022
Richard M. Levich
New York University (NYU) - Department of Finance
Downloads 31 (759,590)
Citation 1

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40.

Are All Currency Managers Equal?

NYU Working Paper No. 2451/29835, https://doi.org/10.3905/jpm.2011.37.4.042
Posted: 21 May 2019
Momtchil Pojarliev and Richard M. Levich
Fischer Francis Trees & Watts, Inc. and New York University (NYU) - Department of Finance

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