Aleksandar Naumoski, PhD., is an full time Professor and a Head of the Department of Corporate Financial Management at the Faculty of Economics at the Ss. Cyril and Methodius University in Skopje. At the undergraduate studies he teaches Financial Management, Capital Investments and Risk management. Also, he teaches Corporate Financial Strategy, Corporate Risk Management and Financial Management at the master studies. He earned his PhD in Finance from the Ss. Cyril and Methodius University in Skopje, Faculty of Economics in 2013. In 2009 he was a visiting scholar at the George Washington University, School of Business – Washington DC, USA. Before he starts his academic career, he worked for the National Bank of the Republic of Macedonia at the Banking Supervision and Banking Regulation departments.  He works for the Center of Excellence in Finance from Ljubljana, Slovenia as a trainer in the PACT and TIAPS Certification programs in North Macedonia under the curriculum developed by the Chartered Institute of Public Finance and Accountancy (CIPFA) from London, UK. He provides lectures in Financial Management, Financial Accounting and Public Sector Accounting and Financial Reporting.  Specialties: His scientific and research work is focused in the sphere of corporate finance, investments, capital budgeting, equity risk premium, risk management, financial engineering, financial management. 

Publications:

1. Aleksandar Naumoski (2019), “The impact of working capital management on profitability of the listed companies in emerging European countries” in the Book of Proceedings of 13th RSEP International Conference on Business, Economics & Finance, held at the Kadir Has University, Istanbul, 11-13 June, 2019, pp. 22-32.
2. Aleksandar Naumoski (2018), “Determinants of Corporate Cash Holdings: Evidence from the Companies in the Republic of Macedonia”, Annual of the Faculty of Economics, 53 , pp. 301-316
3. Aleksandar Naumoski and Péter Juhász (2018). „Тhe impact of inflation and operating cycle on the corporate cash holdings in South-Еast Europe“ Management:Journal Of Sustainable Business And Management Solutions In Emerging Economies, 24(2), 35-46 (2019) . DOI:10.7595/management.fon.2018.0026
4. Sasho Arsov and Aleksandar Naumoski (2018). “Long-run association across stock markets in south-east europe and mean-volatility spillovers with mature markets”, in the Book of Proceedings of 14th International Scientific Conference of Yang Sciences “The economy of Bulgaria and European Union in the Digital World”, held at the University of National and World Economy (UNWE) Sofia, Faculty of Finance and Accountancy, Higher School of Insurance and Finance, Sofia, Republic of Bulgaria, 23 November 2018 (in process of publication)
5. Aleksandar Naumoski and Metodija Nestorovski (2018). “Ex-ante equity risk premia: Expectational estimates using stock market returns forecasts in the emerging equity market“, Panoeconomicus, Vol.65, No. 4, pp. 479-507. DOI: 10.2298/PAN130925004N
6. Aleksandar Naumoski and Péter Juhász (2018). „Тhe impact of inflation and operating cycle on the corporate cash holdings in South-Еast Europe“ in the Book of Proceedings of 2nd International Scientific Conference on Economics and Management – EMAN 2018, Ljubljana, Slovenia, 22 March 2018
7. Aleksandar Naumoski (2018). „Corporate Cash Holdings: an Empirical Investigation of Southeast European Companies” in Marta Bozina Beros, Nicholas Recker, Melita Kozina, Editors, “Book of Proceedings” of 27th International Scientific Conference on Economic and Social Economic and Social Development, 1-2 March 2018, Rome, Italy, pp. 339-349.
8. Aleksandar Naumoski (2018). „Corporate Cash Holdings: an Empirical Investigation of Southeast European Companies” in Marta Bozina Beros, Nicholas Recker, Melita Kozina, Editors, “Book of Abstracts” of the 27th International Scientific Conference on Economic and Social Economic and Social Development, 1-2 March 2018, Rome, Italy, pp.46-47.
9. Naumoski A., (2017). „Determining the empirical distribution of the returns on the Macedonian stock exchange index – MBI10 “, Annual of the Faculty of Economics, 52 , pp. 257-270
10. Sasho Arsov and Aleksandar Naumoski (2017), Impact of Working Capital Management on Profitability – the Case of Selected Balkan Countries, in Book of Proceedings of the Silver Jubilee Conference of the 25th Anniversary of the MBA Management Master Studies, Faculty of Economics – Skopje, Ss. Cyril & Methodius University in Skopje, Skopje, 17-18 November 2017, – Forthcoming
11. Sasho Arsov and Aleksandar Naumoski (2017), Impact of Working Capital Management on Profitability – the Case of Selected Balkan Countries, in Book of Abstracts of Silver Jubilee Conference of the 25th Anniversary of the MBA Management Master Studies, Faculty of Economics – Skopje, Ss. Cyril & Methodius University in Skopje, Skopje, 17-18 November 2017
12. Aleksandar Naumoski, Sasho Arsov, Stevan Gaber, Vasilka Gaber-Naumoska (2017), „Diminishing Inter-Linkages of the South East European Stock Markets“, Economic Computation and Economic Cybernetics Studies and Research, Vol. 51, No. 3, pp. 91-108
13. Aleksandar Naumoski, Stevan Gaber, and Vasilka Gaber-Naumoska (2017) Empirical Distribution of Stock Returns of Southeast European Emerging Markets. UTMS Journal of Economics 8 (2): 67–77.
14. Gaber S., Gaber-Naumoska V., Naumoski A., (2016), ”The effects on the aggregate demand and aggregate supply during the great economic depression”, Journal of Economics, Vol 1, No. 2
15. Gaber-Naumoska V., Gaber S., Naumoski A., (2016), ”The great economic depression and the fiscal policy”. Journal of Economics, Vol 1, No. 2
16. Naumoski A., (2016). “The influence of the working capital management on the corporate profitability: the case of the companies in the Republic of Macedonia”, Annual of the Faculty of Economics, 51, pp. 253-266
17. Arsov S., Naumoski A., (2016), “Determinants of Capital Structure: An Empirical Study of Companies from Selected Post-Transition Economies”, Zbornik radova Ekonomskog fakulteta u Rijeci, časopis za ekonomsku teoriju i praksu – Proceedings of Rijeka Faculty of Economics, Journal of Economics and Business, Vol. 34, No. 1, 2016, pp. 119-146
18. Naumoski A. (2016), “Linkages and relationships between South East European and developed stock markets before and after the global financial crisis and the European debt crisis”, Proceedings of 1st International Conference on Financial Analysis, Dubrovnik, Croatia, 1-3 June 2016, pp. 42-51
19. Naumoski A., Arsov S., Gaber S., Gaber Naumoska V., (2016), “Expected Equity Risk Premium: Survey Approach in the Case of a Small Emerging Market”, Research Journal of Finance and Accounting, Vol.7, No.2, pp. 7 -17
20. Naumoski A., Gaber S., Gaber Naumoska V., (2016), “Economic Evaluation of Investment Project for Maintenance of Urban Forestry”, Journal of Economics and Sustainable Development, Vol.7, No.2, pp. 36-50
21. Gaber-Naumoska V., Gaber S., Gruevski I., Naumoski A., (2015), “The Coordination of Fiscal and Monetary Policy in Context of Economic Stability – The Case of Macedonia”, International Journal of Sciences: Basic and Applied Research (IJSBAR), Volume 24, No 7, pp 210-218
22. Gaber S., Gaber-Naumoska V., Naumoski A., Gruevski I. (2015), “The Comprehension of the Financial Crises”, International Journal of Sciences: Basic and Applied Research (IJSBAR), Volume 24, No. 7, pp 229-237
23. Naumoski A., (2015), “Returns on an indexed portfolio at the Macedonian stock exchange: forecasted versus realized returns”, Annual of the Faculty of Economics, 50, pp. 312-327
24. Naumoski A., (2014), “Empirical analysis of the equity risk premium in the case of developed and emerging markets”, Annual of the Faculty of Economics, 49, pp. 239 – 254
25. Arsov S. and Nuamoski A., (2014), “Transparency and Disclosure Practices in Selected Post-Transition Economies”, European Journal of Business and Management, Vol. 6, No. 16, pp. 146-154
26. Naumoksi A., (2013), “Estimating the equity risk premium using the Gordon dividend discounting model”, Annual of the Faculty of Economics, 48, pp. 317-330
27. Naumoski A. (2013), “Estimating the equity risk premium in emerging countries – the case of the Republic of Macedonia”, doctoral thesis, publically defended at the Faculty of Economics – Skopje, Ss Cyril and Methodius University in Skopje, 25 June 2013
28. Nestorovski M. and Naumoski A. (2013), “Economic Crisis and the Equity Risk Premium” in the Proceedings of the 9th International Conference of ASECU: “Systemic economic crisis: current issues and perspectives”, Ss Cyril and Methodius University in Skopje, Faculty of Economics – Skopje, May 30-31, 2013
29. Nestorovski M. and Naumoski A. (2013), “Economic Crisis and the Equity Risk Premium”, in Irena Kikerkova, ed., Research Monograph Systemic economic crisis: current issues and perspectives, Ss Cyril and Methodius University in Skopje, Faculty of Economics – Skopje, pp. 259-279
30. Naumoski A. (2012), “Estimating the  Country  Risk  Premium  in  Emerging  Markets: the  Case  of  the Republic of Macedonia”, Financial Theory and Practice Journal, No. 36 (4), pp. 413-434, DOI: 10.3326/fintp.36.4.5
31. Naumoski A. (2012), “Risk Aversion and Capital Allocation in Risky Assets: the Case of the Republic of Macedonia”, Annual of the Faculty of Economics, 47, page 369-378
32. Naumoski A. (2011), “Quantification of the country risk in the Republic of Macedonia”, Annual of the Faculty of Economics, 46, pp. 503 – 518
33. Naumoski A. (2010), “Value at Risk (VaR) of the indexed portfolio on the Macedonian stock exchange ”, Annual of the Faculty of Economics, 45, page 485 – 496
34. Naumoski A. (2009), “Macrofinancial analysis of the financial sector risk and the integration of the financial sector risk in the monetary policy models”, working paper
35. Naumoski A. (2009) “Investment Risk Management”, master thesis, publically defended at the Faculty of Economics – Skopje, Ss Cyril and Methodius University in Skopje, November 12, 2009
36. Naumoski A. (2009), “Political Risk and the Foreign Direct Investments”, Annual of the Faculty of Economics, 44, page 495 – 504
37. Naumoski A. (2008), “Decomposition of ROE of 100 Best Companies in Macedonia”, Annual of the Faculty of Economics, 43, page 605 – 617
38. Naumoski A. (2007), “Perspectives of The Over-The-Counter Market in The Republic of Macedonia”, Annual of the Faculty of Economics, 42, page 409 – 419
39. Naumoski A. (2006), “Motives of Mergers and Acquisitions: Overview of the European Takeover Market” Annual of the Faculty of Economics, 41, page 481 – 488