Thank you, Dr. Z

Back in 2011, at Georgia State University - J. Mack Robinson College of Business, some doctoral students (myself included) were assisting with several media interactions arranged for Dr. Alan Ziobrowski ("Dr. Z"), our PhD chair. Z's recently published paper titled "Abnormal Returns from the Common Stock Investments of the U.S. Senate" had stirred the political economy of the US. Some of us, in faint whispers, wondered about the repercussions of his provocative work.

The way he interacted with news personnel, in itself, had pedagogical elements: He exhibited how to translate academese in a moderate yet provocative, audacious yet non-sensational, and esoteric yet appealing narrative. His study has become an integral part of how I describe the concept of "Strong-Form Efficiency" to my finance students globally.

"You are not in Kansas anymore!"..."More does not count, better does."?One cannot forget his no-nonsense pithies that were his honest attempts at orienting us towards productivity and effectiveness. From Z, we learned the difference between research and publication: Researching for one's intellectual gratification is selfish, unless it is converted into publication for public consumption.

Dr. Z's 6 ft physique, confident walk, swanky hairstyle, and a powerful, heartfelt laughter had an awe inspiring presence. He drove 150-miles (one way) weekly from his residence in Augusta GA, and spent quality time with his students. That meant joining us for meals in Atlanta Downtown eateries, cracking jokes to lift our spirits up (e.g. right after we heard about our paper's rejection), and always going that extra mile to make sure his students secured the jobs they deserved.

"What is good research?" was often a topic that he liked elaborating upon, using anecdotes, examples, and hands-on work. In the first year of PhD seminar course, he encouraged us to read "The Structure of Scientific Revolutions" by Thomas Kuhn among many other reads (e.g. The Big Short). These readings had an immense effect on how we approach research and publication.

"I had to wait for hours in our computer lab, to punch my pre-coded card, and then wait for hours for the code to run... all of that just to optimize a multi-asset portfolio"... he laughed... "something you do with a few clicks of mouse on a spreadsheet software," he reprimanded on a slightest hint that his students were nervous about computational challenges in research projects. He would make the most profound and subtle statements with an uncanny ease, and mix them with a powerful laughter. Above all, he cared for his students' careers.

"Keep researching... the academic career is full of distractions," he said when seeing me off to EHL Lausanne. The more time I spent at work, thousands of miles away on another continent, the more was I reminded of how valuable his tutelage was!

"Thank you for being my advisor, I owe you much," I wrote to him once. His poignant response was clubbed with a promise that he would visit me and my family in Switzerland ... a promise that he diligently kept. As his illness was progressing, he flew to Austria with his wife; and made a road-trip from there to Lausanne. At my workplace, he met with my colleagues and was genuinely eager to see the podium from where I taught. At my school, he took a keen interest in how his student was delivering, and how his workplace was.

When he visited our residence, he wished to go through our family album, learn about Indian weddings, and interact with kids. He keenly, and proudly talked at length about all his PhD students spread all over the globe.

He left for his heavenly abode on 21 October 2023. Dr. Z will be missed dearly. But his impact on our lives will remain unalienable. Rest in Peace, Dr. Z, and #ThankYou!

William Hardin, PhD, FRICS , Masaki Mori, PhD, Vivek Sah, PhD , O. Alan Tidwell , John Clements , Changha Jin , Toyokazu Imazeki, Ph.D. , Philip Seagraves, PhD, CRE? , Julia Freybote , Seung Han Ro , Alan Ferguson, Sr., Ph.D. , Donn Kim , Patrick Smith , @Kenneth Soyeh , Yu Liu , Evgenia Kozorez

#Finance #insidertrading #GSU #RealEstate #Professor