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Dr Michael Rezec

Michael Rezec

BA (Hons), MLitt, MRes, PhD

Recent graduate


09/2010 to 06/2016
PhD, University of St Andrews.

09/2009 to 09/2010
MRes Finance, University of St Andrews
Dissertation: "3-Level-Carhart: Are international versions of the Capital Asset Pricing Model superior to the traditional national CAPM?"

09/2008 - 09/2009
MLitt Finance and Management, University of St Andrews
Dissertation: "Islamic Mutual Fund performance and investment styles: Evidence from 22 countries"

Research Interests

  • International Responsible Investments (Alternative Energies, Ethical and Islamic Banking and Finance)
  • ESG Investment
  • Asset Pricing

Working Papers

Hoepner, A.G.F., M. Rezec and Siegl, K.S. (2011) "Does Pension Funds' Fiduciary Duty Prohibit the Integration of Environmental Responsibility Criteria in Investment Processes?: A Realistic Prudent Investment Test". (Available on SSRN: abstract=1930189)

  • Awarded € 3,000 FIR/PRI Research Grant in Paris in September 2011

Hoepner, A.G.F. and M. Rezec (2011) "The financial performance of renewable energy stock indices: clean premium or dirt-free discount?"

  • Presented at PRI/Oikos Young Scholars Finance Academy in Switzerland
  • Presented at UN PRI/Mistra Conference

Hoepner, A.G.F., H.G. Rammal and Rezec, M. (2009) "Islamic Mutual Fund’s Performance and Investment Style: Evidence from 20 countries". (Available on SSRN: abstract=1475037)

  • Presented at the Accounting and Finance staff seminar series of the Business School of the University of Nottingham, the Emerging Scholars in Banking and Finance conference at Cass Business School as well as at the staff seminar series of the School of Management of the University of St Andrews in 2009.


Hoepner, A. G. F., H. G. Rammal and M. Rezec. (2011) "Islamic mutual funds' financial performance and international investment style: evidence from 20 countries." European Journal of Finance, 17 (9-10): 828-850.

  • Featured in Les Echos (October, 2009) ‘Les fonds islamiques du Golfe sont les plus performants’
  • Featured in Governance Metrics International (March, 2011) 'Ten things to know about Responsible Investment and Performance'

Hoepner, A.G.F., H.G. Rammal and M. Rezec (2010) "By the numbers: Comprehensive Study Sheds Light on Islamic Mutual Fund Performance." Business Islamica Magazine.

Hoepner, A. G. F., H. G. Rammal and M. Rezec. (2009) "Islamic Mutual Funds: Reviewing their Financial Performance and Investment Style Around the World." Opalesque Islamic Finance Intelligence, 4: 20-21.

Seminar Presentations

UN PRI/Mistra Conference, Stockholm, September 2011

ICAS/BAFA Accounting & Finance 15th SCOTDoc Colloquium, University of Edinburgh, 2011

7th Scottish Doctoral Management Conference, University of St Andrews, May 2011

PRI Young Scholars Finance Academy 2011, PRI/Oikos Switzerland

Seminar, School of Management, University of St Andrews, November 2009