Denis Alajbeg, PhD

Denis Alajbeg

Denis Alajbeg obtained his PhD from the University of Economics in Vienna, Department of Financing and Financial Markets. He is a full-time professor and research associate at the Zagreb School of Economics and Management, teaching Financial Markets and Institutions on the undergraduate and graduate level, as well as the courses Introductory Finance and Portfolio Management and Investments on the graduate MBA level. He is also program director of the MBA in Finance and Banking. His research is focused on domestic and international capital markets, security analysis and investments methodologies.
Before joining ZSEM, Denis was Deputy State Secretary and participated in the design of the National Development Plan of the Republic of Croatia. Prior to that, he was an economic advisor of the Prime Minister of Croatia. He started his career in the investment fund industry, working as a financial analyst, portfolio manager and board advisor in the fund management company Dalbank invest (now OTP invest). He was also member of the supervisory board of Platinum invest, a fund management company, and deputy chairman of the supervisory board of FC Hajduk Split.


  1. “Insight into the Causes of the Agrokor Conglomerate Failure”, LIMEN 2018 Conference Procedings, 4th International Scientific-Business Conference Leadership & Management: Integrated Politics of Research and Innovations LIMEN 2018, 13.12.2018. (with Z. Bubaš and O. Jurković Majić)
  2. “Price Distance to Moving Averages and Subsequent Returns”, International Journal of Economics, Commerce and Management, Volume V, Issue 12, 2017, 33-47 (with Z. Bubaš and D. Vasić)
  3. “The P/E Effect on the Croatian Stock Market”, Journal of International Scientific Publications, Economy & Business, Volume 10, 2016, 84-93 (with Z. Bubaš and I. Švajhler)
  4. “Croatian Capital Market Participants’ Demographic Characteristics and Attributes”, American Society of Business and Behavioral Sciences e-Journal, 8, 2012,1 (July 2012); (with Z. Bubaš and L. Gamulin)
  5. “The Effectiveness of the 50/200 Dual Exponential Moving Average Crossover on the S&P 500”, American Society of Business and Behavioral Sciences e-Journal, 8, 2012,1 (July 2012); (with Z. Bubaš and J. Vukas)
  6. “The Efficient Market Hypothesis: Problems with Interpretations of Empirical Tests”, Financial Theory and Practice, 36, 2012, 1; 53-72 (with Z. Bubaš and V. Šonje)
  7. “The Efficient Market Hypothesis: Is the Croatian Stock Market as (In)efficient as the US Market”, (with V. Šonje and Z. Bubaš), Financial Theory and Practice, Vol. 35, No. 3, September 2011, Institute of Public Finance