{"id":18150,"date":"2026-03-18T15:17:29","date_gmt":"2026-03-18T15:17:29","guid":{"rendered":"https:\/\/microsites.ncl.ac.uk\/nubsstaffblog\/?p=18150"},"modified":"2026-03-18T15:18:12","modified_gmt":"2026-03-18T15:18:12","slug":"finance-research-seminar-dr-juan-arismendi-zambrano","status":"publish","type":"post","link":"https:\/\/microsites.ncl.ac.uk\/nubsstaffblog\/2026\/03\/18\/finance-research-seminar-dr-juan-arismendi-zambrano\/","title":{"rendered":"Finance Research Seminar \u2013 Dr Juan Arismendi Zambrano"},"content":{"rendered":"<p><strong>Title<\/strong>: Arbitrage in a Relative Factor Economy<\/p>\n<p><strong>Date<\/strong>: 29 April 2026<\/p>\n<p><strong>Time<\/strong>: 14:00 to 15:00<\/p>\n<p><strong>Venue: <\/strong>FDC.1.16<\/p>\n<p>If you would like to attend, please register using the following link<\/p>\n<p><a href=\"https:\/\/eur03.safelinks.protection.outlook.com\/?url=https%3A%2F%2Fforms.office.com%2Fe%2FJ6XjGV5Zqb&amp;data=05%7C02%7CAlison.Brown%40newcastle.ac.uk%7C4b3bb2cfa6194240b10308de85008f23%7C9c5012c9b61644c2a91766814fbe3e87%7C1%7C0%7C639094434594178877%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&amp;sdata=ncgQaT%2Fge2rySa%2FaHp7oZCEMtbMqXS81XH3UR2CRrLI%3D&amp;reserved=0\">Arbitrage in a Relative Factor Economy<\/a><\/p>\n<p><strong>Speaker<\/strong><strong>: <\/strong>Dr Juan Arismendi Zambrano<\/p>\n<p>Dr Juan Arismendi Zambrano is a Lecturer (Assistant Professor) of the University College Dublin School of Business.<\/p>\n<p><a href=\"https:\/\/people.ucd.ie\/juan.arismendi-zambrano\">https:\/\/people.ucd.ie\/juan.arismendi-zambrano<\/a><\/p>\n<p><strong>Abstract<\/strong>:<\/p>\n<p>Assuming the existence of an arbitrage equilibrium, from an empirically observed set of test asset returns and test factors, I derive an optimal implicit underlying test asset returns space\u00a0transformation for the existence of the equilibrium, generalizing the arbitrage pricing theory\u00a0(APT) of Ross (1976) and Chamberlain and Rothschild (1983). The empirical tests show that\u00a0the space measure transformation is economically and statistically significant, with an increase\u00a0in the portfolio\u2019s Sharpe ratios of 0.25 across known factor models, with industry concentration\u00a0(HerfBE), and assets under management (AM) as the most relevant economic proxies in the\u00a0space transformation.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Title: Arbitrage in a Relative Factor Economy Date: 29 April 2026 Time: 14:00 to 15:00 Venue: FDC.1.16 If you would like to attend, please register&#8230; <br \/><a href=\"https:\/\/microsites.ncl.ac.uk\/nubsstaffblog\/2026\/03\/18\/finance-research-seminar-dr-juan-arismendi-zambrano\/\" rel=\"bookmark\"><strong>Read more<\/strong><\/a><\/p>\n","protected":false},"author":11659,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[118,6],"tags":[1038,210],"class_list":["post-18150","post","type-post","status-publish","format-standard","hentry","category-events","category-research","tag-finance-research-seminar","tag-research-seminar"],"acf":[],"_links":{"self":[{"href":"https:\/\/microsites.ncl.ac.uk\/nubsstaffblog\/wp-json\/wp\/v2\/posts\/18150","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/microsites.ncl.ac.uk\/nubsstaffblog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/microsites.ncl.ac.uk\/nubsstaffblog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/microsites.ncl.ac.uk\/nubsstaffblog\/wp-json\/wp\/v2\/users\/11659"}],"replies":[{"embeddable":true,"href":"https:\/\/microsites.ncl.ac.uk\/nubsstaffblog\/wp-json\/wp\/v2\/comments?post=18150"}],"version-history":[{"count":2,"href":"https:\/\/microsites.ncl.ac.uk\/nubsstaffblog\/wp-json\/wp\/v2\/posts\/18150\/revisions"}],"predecessor-version":[{"id":18152,"href":"https:\/\/microsites.ncl.ac.uk\/nubsstaffblog\/wp-json\/wp\/v2\/posts\/18150\/revisions\/18152"}],"wp:attachment":[{"href":"https:\/\/microsites.ncl.ac.uk\/nubsstaffblog\/wp-json\/wp\/v2\/media?parent=18150"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/microsites.ncl.ac.uk\/nubsstaffblog\/wp-json\/wp\/v2\/categories?post=18150"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/microsites.ncl.ac.uk\/nubsstaffblog\/wp-json\/wp\/v2\/tags?post=18150"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}