19 January 2026

HANFA Award for Students Research

ZSEM proudly highlights the achievements of its students and faculty members, whose dedication to academic excellence continues to set high standards in the field of finance research.

Marin Lesić and Lovro Lesić, members of the SFIC leadership team, together with Luka Medvidović, SFIC co-founder, have once again been recognized with the Croatian Financial Services Supervisory Agency (HANFA) Annual Award for Outstanding Student Research (2025).

The awarded paper, titled “Impact of Globalization on Efficiency of Traditional Diversification Strategies,” examines how globalization and euro area integration affect the effectiveness of traditional geographic diversification, using Croatia’s adoption of the euro as a natural experiment.

The findings indicate increased correlation among European sovereign bonds around key euro-accession events, suggesting a gradual decline in diversification benefits for investors over time.

This recognition further reinforces ZSEM SFIC’s strong commitment to impactful finance research and reflects our belief that excellence is achieved through collaboration, mentorship, and ambition-driven student initiatives that continuously raise academic standards.

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