Independent researcher
Zivana Zerjal
I work on empirical finance and on the methods used to check research before anyone relies on it. Since 2026 I have written working papers with Alex Vidovich: where a backtest and the live system drift apart, how to test a text model before it sits beside one, and whether a published intraday result still holds on later data.
Working papers
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The End-of-Day Reversal After 2019: A Pre-Registered Test on S&P 500 Stocks Excluding Heavily Traded Names
A pre-registered test of whether the end-of-day reversal in U.S. stocks, documented through 2019, survives on later data.
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A Thermometer, Not an Analyst: Lawful Uses of a Text Judge in a Live Trading Lab
Six tests a text model has to pass before its readings are trusted, and a record of every study it was used in, failures included.
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Where Backtests and Live Trading Part Ways: Six Defects from One Intraday System
Six defects found by comparing live days with their backtest replay, each with its symptom, cause and the control that now guards against it.