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Valeriy Ivanovich Zakamulin


9I253 ( Universitetsveien 19, Kristiansand )

Valeriy Zakamulin is Professor of Finance at the School of Business and Law at the University of Agder. He holds an MS in Radio Engineering from Novgorod State University (Russia), and both an MS in Economics and Business Administration and a PhD in Finance from the NHH Norwegian School of Economics.

Zakamulin worked for many years as a Research Fellow at the computer science department of the Novgorod State University, developing both computer hardware and software. Since 2006, Zakamulin has been employed by the University of Agder, where he teaches graduate courses in finance. He is a former Associate Professor at the Graduate School of Business of the Nord University (Norway), and a former Associate Professor II at the University of Stavanger (Norway).

Zakamulin has published more than 30 articles in various refereed academic and practitioner journals. Examples of such journals are Journal of Economic Dynamics and Control, Journal of Banking and Finance, Quantitative Finance, Journal of Portfolio Management, and International Journal of Theoretical and Applied Finance.

Zakamulin is a frequent speaker on international conferences. He has also served on editorial boards of such economics and finance journals as Open Economic Journal and Journal of Banking and Finance. Currently he serves as a senior editor for the International Journal of Emerging Markets. Zakamulin is the author of Market Timing with Moving Averages, a book published by Springer and Palgrave Macmillan. This book is supplied by interactive web-illustrations and a series of blog post entitled Trend Following with Valeriy Zakamulin.


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Courses and teaching

  • Finance Theory
  • Computational Finance and Portfolio Management

Academic interests

  • time-series analysis
  • return predictability
  • risk predictability
  • behavioral finance
  • technical analysis


Research groups

  • Accounting and Finance

General outreach

series of blog post entitled Trend Following with Valeriy Zakamulin

Scientific publications

  • Zakamulin, Valeriy (2017). Market Timing with Moving Averages: The Anatomy and Performance of Trading Rules. ISBN: 3319609696. Palgrave Macmillan. s 278.
  • Zakamulin, Valeriy (2019). Stock Earnings and Bond Yields in the US 1871 - 2017: A Structural Break Analysis.
  • Zakamulin, Valeriy (2019). Is There a Bubble in the US Stock Market?.
  • Zakamulin, Valeriy (2019). If you had to do a trend following strategy, what would it be and why?.
  • Zakamulin, Valeriy (2019). Pitfalls When Assessing Market-Timing Strategies.


Last changed: 25.09.2020 15:09