Steven Sapra

Professor of the Practice of Economics
Email ssapra@usc.edu Office KAP 364A Office Phone (213) 740-6515

Biography

Ph.D., Economics, Claremont Graduate University, 2009

M.A., Economics, University of Southern California, 1997

 

PUBLICATIONS & WORKING PAPERS

Baz, Jamil, German Ramirez, and Steve Sapra, Are 60/40 returns predictable?, Journal of Investment Management, 21(3) 1-16

Davis, Josh, German Ramirez, Marc-Antoine Loo, and Steve Sapra, Equity fragility, Journal of Portfolio Management, July 2023, 49(7) 64-80

Martel, Rene, Sean Klein, and Steve Sapra, Asset allocation for retirement income: A framework for income-oriented investors, Journal of Portfolio Management,  January 2023

Browne, Erin, Sean Klein, Steve Sapra, and Alan Taylor, Asset allocation implications of household diversity, PIMCO In Depth, December 2022

Baz, Jamil, Steve Sapra, Christian Stracke, and Wentao Zhao, Valuing a lost opportunity: an alternative perspective on the illiquidity discount, 2021, Journal of Portfolio Management, 47(3) 112-121

Martel, Rene, Georgi Popov, and Steve Sapra, A framework for understanding sequence-of-returns risk in DC plans, PIMCO Quantitative Research and Analytics, February 2021

Baz, Jamil, Josh Davis, Normane Gillmann, Steve Sapra, and Jerry Tsai, A theoretical framework for equity-defensive strategies, 2020, Financial Analyst Journal, 73(3)

Fulford, Richard, Joseph Healy, Sean Klein, Christina Pihos, and Steve Sapra, Building the retirement tier, PIMCO In Depth, August 2020

Davis, Josh, German Ramirez, and Steve Sapra, Global Equity Fragility, PIMCO Quantitative Research and Analytics, October 2019

Klein, Sean and Steve Sapra, Optimal asset allocation, asset location, and drawdown in retirement, PIMCO Quantitative Research and Analytics, March 2020

Davis, Josh, Steve Sapra, Jerry Tsai, and Sasha Talcott, Optimizing risk-mitigation portfolios, PIMCO Featured Solutions, July 2019

Baz, Jamil, Steve Sapra, and Christian Stracke, Valuing a lost opportunity: an alternative perspective on the illiquidity discount, PIMCO Quantitative Research and Analytics, July 2019

Baz, Jamil, Josh Davis, Normane Gillmann, Steve Sapra, and Jerry Tsai, A theoretical framework for equity-defensive strategies, PIMCO Quantitative Research and Analytics, May 2019

Fulford, Richard and Steve Sapra, Rationality and retirement: mutually exclusive?, PIMCO Behavioral Insights, April 2019

Baz, Jamil, Steve Sapra, and German Ramirez, Stocks, bonds, and causality, 2019, Journal of Portfolio Management, 45(4) 37-48

Baz, Jamil, Steve Sapra, and Christian Stracke, Liquidity, complexity and scale in private markets, PIMCO Quantitative Research and Analytics, March 2019

Moore, James and Steve Sapra, What can marshmallows teach us about Social Security deferral?, PIMCO Viewpoints, January 2019

Baz, Jamil, German Ramirez and Steve Sapra, Does the stock-bond correlation really matter?, PIMCO Viewpoints, November 2018

Gao, Ying and Steve Sapra, Income for the retirement years: optimizing the main decisions in retirement, PIMCO Viewpoints, September 2018

Gao, Ying and Steve Sapra, Income for the retirement years: A new model for seeking stable retirement income, PIMCO Research In-Depth, August 2018

Baz, Jamil and Steve Sapra, Treasuries, Stocks, and Shocks, PIMCO Viewpoint, March 2018

Baz, Jamil, Steve Sapra, and German Ramirez, Stocks, Bonds, and Causality, PIMCO Quantitative Research and Analytics, March 2018

Blesy, Justin, Steve Sapra, and Mark Thomas, Introducing PIMCO Model Portfolios, PIMCO Research In-Depth, March 2018

Moore, Jim, Steve Sapra, and Niels Pedersen, The PIMCO glidepath construction process, PIMCO Quantitative Research and Analytics, June 2017

Pedersen, Niels and Steve Sapra, 2017, The role of long-maturity TIPS in retirement portfolios, The Journal of Retirement, Spring 4(4), 96-106 

Baz, Jamil, Steve Sapra, and Nicolas le Roux, Equity repricing under a new administration: a tail risk scenario, PIMCO Quantitative Research and Analytics, March 2017

Devarajan, Mukundan, Ravi K. Mattu, Dzmitry Nikalaichyk, and Steve Sapra, Fixed income manager selection: beware of biases, PIMCO Quantitative Research and Analytics,   April 2016

Pedersen, Niels and Steve Sapra, The role of long maturity TIPS in retirement portfolios, PIMCO Quantitative Research and Analytics, August 2016

Sapra, Steve and Lutz Schloegl, 2016, Optimal currency hedging: a factor perspective, PIMCO Quantitative Research and Analytics.

Johnson, Nic, Vasant Naik, Sebastien Page, Niels Pedersen, and Steve Sapra, 2014, The stock-bond correlation, The Journal of Investment Strategies, 4(1), 3-18.

Sapra, Steve and Lutz Schloegl, Estimating currency risk in EM ILBs – is it lower than you think?, PIMCO Quantitative Research and Analytics, March 2016

Johnson, Nic, Vasant Naik, Sebastien Page, Niels Pedersen, and Steve Sapra, The stock-bond correlation, PIMCO Quantitative Research and Analytics, November 2013

Hunjan, Manny and Steve Sapra, Active share, tracking error, and manager style, PIMCO Quantitative Research and Analytics, October 2013

Sapra, Steven, Paul Zak, and Laura Beavin, 2012, A combination of dopamine genes predicts success by professional wall street traders, PLoS One 7(1), e30844.

Gorman, Larry, Steven Sapra, and Robert Weigand, 2010, The cross-sectional dispersion of stock returns, alpha, and the information ratio, The Journal of Investing 19(3), 113-127.

Gorman, Larry, Steven Sapra, and Robert Weigand, 2010, The role of cross-sectional dispersion in active portfolio management, Investment Management and Financial Innovations 7(3), 58-68.

Sapra, Steven, and Paul Zak, 2010, Eight lessons from neuroeconomics for money managers, Behavioral Finance and Investment Management, Research Foundation of CFA Institute.

Clarke, Roger, Harindra de Silva, Steven Sapra, and Steven Thorley, 2008, Long-short extensions:  how much is enough?, Financial Analysts Journal 64, 16-30.

Sapra, Steven, 2008, Evidence of betting market intraseason efficiency and interseason over-reaction to unexpected NFL performance, Journal of Sports Economics 9, 488-503.

Clarke, Roger, and Steven Sapra, 2004, The 120-20 solution, Analytic Perspectives.

Clarke, Roger, Harindra de Silva, and Steven Sapra, 2004, Toward more information-efficient portfolios:  the impact of the long-only constraint, Journal of Portfolio Management 31, 54-63.

de Silva, Harindra, Steven Sapra, and Steven Thorley, 2001, Return Dispersion and Active Management, Financial Analysts Journal 57, 2-42.

 

  • Research, Teaching, Practice, and Clinical Appointments

    • Professor of the Practice of Economics, University of Southern California, 2023-02-01-
    • Adjunct Professor Economics, University of Southern California, 2018-01-01-2023-01-31
    • Adjunct Professor of Finance, University of Southern California, Marshall School of Business, 2011-01-01-2018-01-01

    Other Employment

    • Executive Vice President, PIMCO, Newport Beach, CA, 10/01/2012
    • Managing Director, TOBAM, Paris FR, 01/01/2011-09/01/2012
    • Portfolio Manager, Analytic Investors, Los Angeles, CA, 01/01/1999-01/01/2010
    • Senior Consultant, Barra, Berkeley, CA, 01/01/1997-01/01/1999
  • Editorships and Editorial Boards

    • Advisory Board Member, Journal of Investing”, 07/01/2021 –

    Professional Memberships

    • Chartered Financial Analyst (CFA), 01/01/2000 –