User talk:Aaron9011

July 2008
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Svetlozar Rachev
Svetlozar (Zari) Todorov Rachev (Bulgarian: Светлозар Тодоров Рачев, born September 16, 1951) is a Bulgarian mathematician who works in the field of mathematical finance, probability theory, and statistics. In the field of finance, he is best known for advancing the application of heavy-tailed distributions in asset pricing, risk measurement and management, and portfolio construction. In the 1980s, his work on limit theorems and stability of stochastic models in probability theory was carried out in collaboration with leading scientists from the Russian school such as Andrey Kolmogorov, Leonid Kantorovich, and Vladimir Zolotarev. In the practice of risk management, he is the originator of the methodology behind the flagship product of FinAnalytica Inc.

1.Academic Career

Rachev was born on September 16, 1951 in Pleven. He got interested in mathematics from an early age and in 1965 left his hometown to study in the prestigious National High-School of Mathematics in Sofia, Bulgaria. He continued his studies at the Faculty of Mathematics in Sofia University from which he graduated with honors in 1974. At that time, the very best students in mathematics got employed by the Bulgarian Academy of Sciences (BAS) right after graduation and Rachev began his academic career at the Department of Mathematics of BAS.

•	1976 - 1986

At BAS, Rachev started working on specialized topics in probability theory. He became interested in probability metrics – functionals measuring distances between random quantities. This was an active area of research in Moscow which at the time was one of the top research centers in the world. Rachev decided to pursue a doctorate at Steklov Mathematical Institute of the Russian Academy of Sciences and left for Moscow in 1976. He spent the next 10 years in Moscow first studying topics in probability metrics under the supervision of Vladimir Zolotarev at Lomonosov Moscow State University as a post-graduate student and later at Steklov Mathematical Institute under the supervision of Leonid Kantorovich. Rachev defended his Doctor of Science degree in physics and mathematics in 1986. In Moscow, he was directly exposed to the most prominent scientists in the field including Andrey Kolmogorov, Boris Gnedenko, and Roland Dobrushin.

•	1987 - 1998

In 1987 and 1988, Rachev held vising positions at University of North Carolina at Chapel Hill and State University of New York at Stony Brook until he was hired as a full professor at the Department of Statistics and Applied Probability at University of California Santa Barbara. He continued publishing jointly with co-authors on applications of probability metrics to rate of convergence problems of limit theorems in probability theory and statistics. In 1991, he published the influential monograph Rachev (1991) on the theory an applications of probability metrics which was re-issued and improved two decades later, Rachev et al (2013). His work with Ludger Rueschendorf on mass-transportation problems was later collected in the two-volume book Rachev and Rueschendorf (1998, 1999).

In the 1990s, Rachev started working on realistic models for financial asset return distributions capable of explaining the empirical phenomenon of fat tails. His work with co-authors on the Stable Paretian hypothesis in the area of risk measurement and management, option pricing, and portfolio construction was later collected in the book Rachev and Mittnik (2000) which was mentioned in the scientific background of the Nobel committee press release for the 2003 prize in Economic Sciences.

•	1998 – present day

In 1998 he retired in good standing from UCSB and headed the Endowed Chair of Econometrics and Mathematical Finance at the School of Economics and Business Engineering at Karlsruhe Institute of Technology in Karlsruhe, Germany. Rachev held that position until 2010 when he left and joined Stony Brook University as the Frey Family Endowed Chair of Quantitative Finance at the Department of Applied Mathematics and Statistics at SUNY Stony Brook. He is currently professor of finance at the College of Business at the same university and the director of the Center for Finance.

He continued to explore the same topics in finance with new classes of models including tempered stable processes. In this period, his research lead to a new risk-return ratio. To better measure the reward potential relative to tail risk in a non-Gaussian setting, he introduced in Biglova et al (2004) a new measure which later became known as the Rachev Ratio. A full list of publications is available online in his CV.

2.FinAnalytica

Rachev's academic work on non-Gaussian models in mathematical finance was inspired by the failure of the common classical Gaussian-based models to capture empirical properties of financial data. In the 1990s, the same was true for all software solutions for risk measurement and management. Rachev and his daughter Borjana Racheva-Iotova established the company Bravo Group in 1999 with the goal to develop an alternative software solution based on a better methodology drawing from Rachev's research. The company was later acquired by FinAnalytica Inc. The company has won the Waters Rankings award “Best Market Risk Solution Provider” three times (in 2010, 2012, and 2015).

3.Family

Svetlozar Rachev is married to Zoya Racheva (Bulgarian: Зоя Рачева). They have a daughter, Borjana Racheva-Iotova (Bulgarian: Боряна Рачева-Йотова) and a son, Vladimir Rachev (Bulgarian: Владимир Рачев).

4.References


 * Biglova A., Ortobelli S., Rachev S., Stoyanov, S., Different Approaches to Risk Estimation in Portfolio Theory, Journal of Portfolio Management, 31, 103-112, 2004.
 * Rachev, S. T., Probability Metrics and the Stability of Stochastic Models, Wiley, Chichester, New York, 1991.
 * Rachev, S. T., Rueschendorf, L., Mass Transportation Problems, Vol I: Theory, Springer, New York, 1998.
 * Rachev, S. T., Rueschendorf, L., Mass Transportation Problems, Vol II: Applications, Springer, New York, 1999.
 * Rachev, S. T., Klebanov, L.B., Stoyanov, S.V., Fabozzi, F., The Methods of Distances in the Theory of Probability and Statistics, Springer, 2013.
 * Rachev, S. T., Mittnik, S., Stable Paretian Models in Finance, Wiley, 2000.

Your submission at Articles for creation: sandbox (August 10)
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Primefac (talk) 20:27, 10 August 2015 (UTC)

Your submission at Articles for creation: sandbox (August 11)
 Your recent article submission to Articles for Creation has been reviewed! Unfortunately, it has not been accepted at this time. The reason left by Onel5969 was:

Please check the submission for any additional comments left by the reviewer. You are encouraged to edit the submission to address the issues raised and resubmit when they have been resolved.


 * If you would like to continue working on the submission, go to User:Aaron9011/sandbox and click on the "Edit" tab at the top of the window.
 * If you need any assistance, you can ask for help at the [//en.wikipedia.org/w/index.php?title=Wikipedia:WikiProject_Articles_for_creation/Help_desk&action=edit&section=new&nosummary=1&preload=Template:Afc_decline/HD_preload&preloadparams%5B%5D=User:Aaron9011/sandbox Articles for creation help desk] or on the [//en.wikipedia.org/w/index.php?title=User_talk:Onel5969&action=edit&section=new&nosummary=1&preload=Template:Afc_decline/HD_preload&preloadparams%5B%5D=User:Aaron9011/sandbox reviewer's talk page].
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 Onel 5969  TT me 16:09, 11 August 2015 (UTC)