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Qualifications

PhD in Finance (University of Cyprus, 2022)

PhD in Applied Mathematics (University of Guilan, 2016)

MSc in Applied Mathematics (Ferdowsi University of Mashhad, 2011)

BSc in Applied Mathematics (Ferdowsi University of Mashhad, 2009)

Specialization

International Finance, Decision making under Ambiguity, Behavioral Finance

Employment Track

• Deputy Course Leader in Accounting and Finance, University of Central Lancashire CY (2024- to date)
• Lecturer in Accounting and Finance, University of Central Lancashire CY (2024 – to date)
• Special Scientist, University of Cyprus (2022 – 2023)

Memberships (Academic/Professional)

• Member of the Financial Management Association
• Member of the Multinational Finance Society

Research Interests

Dr. Lotfi’s research encompasses financial optimization, risk management, and behavioral finance. She specializes in developing theoretical models for risk management with an emphasis on the ambiguity present in financial data, applying these models to address empirical observations in finance related to investor decision-making. Her empirical work investigates financial behaviors such as the mispricing of debt expansion in the Eurozone sovereign credit market and the management of political risk in international portfolios. In her recent studies, Dr. Lotfi examines ambiguity preferences and beliefs to explain real-life investor behaviors, particularly focusing on equity home bias and household under-diversification, thus bridging the gap between academic research and practical financial decision-making.

Roles and Responsibilities (including past roles and responsibilities)

Teaching and Course Leadership 

• Deputy Course Leader of Accounting and Finance
• Module Leader:
• Finance for Manager
• Corporate Finance
• Information Systems & the Business Environment
• Investments and Portfolio Management
• Introduction to Financial Services Market
• Management of Operations
• Module Tutor:
• International Financial Economics

Administrative Roles

Selective Publications 

• S. Lotfi, A. G. Pagliardi, E. Paparoditis, S. A. Zenios. Hedging political risk in international portfolios. European Journal of Operational Research (Accepted), 2024.
• S. Lotfi, A. Milidonis, S. A. Zenios. Mispricing of debt expansion in the eurozone sovereign credit market. Journal of Financial Stability, 70: 101215, 2024.
• S. Lotfi,S. A. Zenios. Robust mean-to-CVaR optimization under ambiguity in distributions means and covariance. Review of Managerial Science, 18: 2115–2140, 2024.
• S. Lotfi, S. A. Zenios. Robust VaR and CVaR optimization under joint ambiguity in distributions, means, and covariances. European Journal of Operational Research, 269: 556-576, 2018.
• A. Consiglio, S. Lotfi, S. A. Zenios. Portfolio diversification in the sovereign credit swap markets, Annals of Operations Research, 266: 5–33, 2018.
• S. Lotfi, M. Salahi, F. Mehrdoust. Adjusted robust mean value-at-risk model: less conservative robust portfolios. Optimization and Engineering, 18: 467–497, 2017.

Selective Conference and Seminar Presentations 

Presentation and Discussant in World Finance Conference, Nicosia, Cyprus, July 2024. An explanation of under-diversification puzzles through ambiguity tastes and beliefs

Presentation and Discussant in 29th Annual Conference of the Multinational Finance Society, Paphos, Cyprus, July 2023. Portfolio Selection Under Ambiguity and the Under-Diversification Puzzle

Presentation and Discussant at European Financial Management Association 2022, Annual Meeting, June 2022, Rome, Italy. Managing Political Risk in Internationally Diversified Portfolios

Presentation and Discussant at 2021 FMA Annual Meeting – Financial Management Association, October 2021, Denver, USA. Neglected Risk in Eurozone Sovereign Credit Market

Selective Research Funding/ Grant Capture

• University of Cyprus: Scholarship for Doctoral Studies (2017-2022)
• Iran Ministry of Science and Technology: Research Visiting Abroad (2015)

Scholarships/Awards

• Outstanding Peer-Reviewer Award, European Journal of Operational Research (2018)
• Best Doctoral Paper Award, Multinational Finance Society (2017)
• University of Cyprus Scholarship (2017-2022)

Other Scholarly and Outreach Activities

Referee for the following journals:

• Journal of Banking and Finance
• European Journal of Operational Research
• Annals of Operations Research
• Computational Management Science