Arie Gozluklu, Practicing a Sport for Long Distance Runners

The most challenging aspect of doing research is publishing, Arie Gozluklu says. Graduate from the PhD in Finance in Bocconi, Gozluklu is now Assistant Professor in Finance at the Warwick Business School, United Kingdom. His main research interests are Empirical Asset Pricing, Market Microstructure, International Finance. "Research is a very competitive environment. Most of the promotions in universities are based on publications in good journals. Sometimes it takes a couple of years to get published".

One of his papers was published after eight years. Research is a marathon run, he says, it's not for sprinters. "You work under psychological pressure. You have to be determined, consistent, motivated. If you are impatient, you'll end up being frustrated. The first time your paper is rejected you take it personally. But then you talk to your colleagues, they say 'Welcome to the club' and you understand how the game is played. And every time you go back to your paper to improve it and take into serious consideration what the referees and the editors have said. It's a very tiring process, but in the long run you will enjoy it".

Talking about the impact of his research, Gozluklu mentions "Demographics and the Behavior of Interest Rates", a not yet published paper that he wrote with Carlo Favero and Haoxi Yang. It relates the U.S. interest rates to the age composition of the population. "You can get some inference about the future by looking at the demographic structure of the economy. That's why we've been contacted by the member of the Council of Economic Advisors that is directly advising the President of the United States on economic policy. I've printed his email and put it on my wall".