Alexander Kurov

Professor of Finance

Fred T. Tattersall Research Chair in Finance

John Chambers College of Business and Economics

West Virginia University

Morgantown, WV 26506-6025

Office: 219 B&E

Office phone: (304) 293-7892




Research interests: Futures Markets, Market Microstructure, Commodity Markets, Macroeconomic Announcements

My profiles on Google Scholar, SSRN and Mendeley


“Price Drift before U.S. Macroeconomic News: Private Information about Public Announcements?” (with Alessio Sancetta, Georg Strasser and Marketa Halova Wolfe), forthcoming, Journal of Financial and Quantitative Analysis.

Featured in: Bloomberg, Wall Street Journal, (1, 2, 3), Wall Street Journal Europe, Wall Street Journal MoneyBeat, Financial Times, CNN Money, U.S. News & World Report, CNBC, BBC, Voice of America, Reuters, MarketWatch, Business Insider, Seeking Alpha (1, 2),, Law360, Economist’s View, WVU Today, WVU Magazine, Charleston Gazette-Mail.

“Do Investors Care about Presidential Company-Specific Tweets.” (with Qi Ge and Marketa Halova Wolfe), forthcoming, Journal of Financial Research.

Featured in: Yahoo! Finance, The Daily Mail, France 24, Le Figaro, La Nación, The Wealth Advisor, S&P Global Market Intelligence.

“Relief Rallies after FOMC Announcements as a Resolution of Uncertainty.” (with Chen Gu and Marketa Halova Wolfe), Journal of Empirical Finance, 49 (2018), 1-18. (Lead Article).

Featured in: The Conversation

“What Drives Informed Trading Before Public Releases? Evidence from Natural Gas Inventory Announcements.” (with Chen Gu), Journal of Futures Markets, 38 (2018), 1079-1096.

Featured in: Columbia Law School’s Blue Sky Blog

“Monetary Policy Uncertainty and the Market Reaction to Macroeconomic News.” (with Raluca Stan), Journal of Banking and Finance, 86 (2018), 127-142.

Featured in: The Conversation

“Monetary Policy and Stock Prices: Does the “Fed Put” Work When It Is Most Needed?” (with Chen Gu), Journal of Futures Markets, 36 (2016), 1210-1230.

"What do Chinese Macro Announcements Tell Us About the World Economy?" (with Christopher Baum and Marketa Halova Wolfe), Journal of International Money and Finance, 59 (2015), 100-122.

"The Impact of Monetary Policy Surprises on Energy Prices." (with Arabinda Basistha), Journal of Futures Markets, 35 (2015), 87-103.

"Business Cycle, Storage, and Energy Prices." (with Oleg Kucher), Review of Financial Economics, 23 (2014), 217-226.

“Noisy Inventory Announcements and Energy Prices.” (with Marketa Halova Wolfe and Oleg Kucher), Journal of Futures Markets, 34 (2014), 911-933.

"What Determines the Stock Market’s Reaction to Monetary Policy Statements?" Review of Financial Economics, 21 (2012), 175-187.

"Trader Survival: Evidence from the Energy Futures Markets." (with Naomi Boyd), Journal of Futures Markets, 32 (2012), 809-836.

"Estimating Earnings Trend Using Unobserved Components Framework." (with Arabinda Basistha), Economics Letters, 107 (2010), 55-57.

"Investor Sentiment and the Stock Market’s Reaction to Monetary Policy." Journal of Banking and Finance, 34 (2010), 139-149.

“Macroeconomic Cycles and the Stock Market’s Reaction to Monetary Policy.” (with Arabinda Basistha), Journal of Banking and Finance, 32 (2008), 2606-2616.

“Information and Noise in Financial Markets: Evidence from the E-Mini Index Futures.” Journal of Financial Research, 31 (2008), 247-270.

“Tick Size Reduction, Execution Costs and Informational Efficiency in the Regular and E-mini Nasdaq-100 Index Futures Markets.” Journal of Futures Markets, 28 (2008), 871-888.

“Investor Sentiment, Trading Behavior and Informational Efficiency in Index Futures Markets.” Financial Review, 43 (2008), 107-127.

“Trading Around Macroeconomic Announcements: Are All Traders Created Equal?” (with Grigori Erenburg and Dennis Lasser), Journal of Financial Intermediation, 15 (2006), 470-493.

"Execution Quality in Open Outcry Futures Markets." Journal of Futures Markets, 25 (2005), 1067-1092.

“Is it Time to Reduce the Minimum Tick Sizes of the E-mini Futures?” (with Tatyana Zabotina), Journal of Futures Markets, 25 (2005), 79-104.

"Price Dynamics in the Regular and E-mini Futures Markets.” (with Dennis Lasser), Journal of Financial and Quantitative Analysis, 39 (2004), 365-384. Abstracted in the CFA digest (November 2004).

"The Effect of the Introduction of Cubes on the NASDAQ-100 Index Spot-Futures Pricing Relationship." (with Dennis Lasser), Journal of Futures Markets, 22 (2002), 198-217.

Working Papers:

“Index Options Trading Activity and Market Returns.” (with Tarun Chordia, Dmitriy Muravyev and Avanidhar Subrahmanyam).

“Volatility Forecasting: The Role of Internet Search Activity and Implied Volatility.” (with Arabinda Basistha and Marketa Halova Wolfe).

“How Much Does the Fed Care About Stock Prices?” (with Eric Olson and Gulnara Zaynutdinova).

“Informational Role of Social Media: Evidence from Twitter Sentiment.” (with Chen Gu).

“The Disappearing pre-FOMC Announcement Drift” (with Thomas Gilbert and Marketa Halova Wolfe).

Media Coverage:

Data analysis for “Suspect Trading Leads Germany to Change How It Releases Data,” Wall Street Journal, December 22, 2017. This analysis contributed to the decision of the German statistics agency to stop providing economic data to news agencies before the official release time. Coverage by: The Times, Süddeutsche Zeitung, E24,,, WVU Today, WVU Magazine.

Coverage of work for the Wall Street Journal that contributed to the decision of the U.K’s Office for National Statistics to end the pre-release access of government officials to macroeconomic data: Wall Street Journal, Financial Times, The Times, Business Insider, (1, 2), The Independent, Reuters, The Guardian, The Telegraph, City AM, MNI, Automated Trader, Fund Strategy.

Data analysis for “Lucky, Good or Tipped Off? The Curious Case of Government Data and the Pound,” Wall Street Journal, April 26, 2017. Coverage by: BBC Radio, The Times, Wall Street Journal MoneyBeat, The Guardian, The Daily Mail, The London Evening Standard, City AM, RT, Dagens Industri, Omni, Deutsche Wirtschafts Nachrichten,, Automated Trader.

Data analysis for “New Data Suggest U.K. Government Figures Are Getting Released Early,” Wall Street Journal, March 13, 2017. Coverage by: Financial Times, Wall Street Journal (1, 2), Barron’s, The Times, The Independent (1, 2), The Telegraph, Business Insider (1, 2), Reuters (1, 2), The Guardian, City AM, RT, Law360,, WVU Today.


West Virginia University

FIN 743 Advanced Topics Seminar

FIN 520 Quantitative Finance

FIN 525 Derivative Securities

FIN 527 Alternative Investments

FIN 411 Derivatives

FIN 410 Security Analysis and Portfolio Management

FIN 470 Advanced Corporate Finance

BCOR 340 Business Finance

Binghamton University

FIN 322 Investments

FIN 320 Financial Markets and Institutions

Educational Background 

Binghamton University (SUNY)

Ph.D., Finance, 2004


Fairfield University, Fairfield, CT

M.B.A., Concentration in Finance, 1997


Siberian State University of Science and Technology, Krasnoyarsk, Russia
M.S., Electrical Engineering, 1993




Journal of Finance (forthcoming papers)

SSRN's Financial Economics Network

Publishing and Refereeing

The Elements of Style by William Strunk, Jr.

Writing advice

Don Chance's tips on publishing in finance journals (in PDF)

John Lynch's address on reviewing

IDEAS/RePEc impact factors of economics and finance journals


Robert Bruner's columns on FEN Educator

How People Learn

For Graduate Students and New Ph.D.'s

The illustrated guide to a Ph.D., 10 easy ways to fail a Ph.D., and other useful resources for graduate students

Don Chance's collection of stuff on academic finance, finance books and movies, etc.

The Young Economist's Guide to Professional Etiquette

Graduate student resources on the Web


Literature on investing

Steve Jobs speaks to college graduates

Randy Pausch's Last Lecture