Ljubica Georgievska is a PhD in Finance student at the Anderson School of Management, UCLA. Her research interests lie in the area of macrofinance, financial institutions’ risk management, asset pricing focusing on liquidity, limits to arbitrages, credit risk, sovereign risk. In her recent research, she focused on understanding when and how regulatory constraints on financial institutions, collateralization, and unconventional central bank policies, create frictions that limit or render true arbitrages unprofitable. In turn, such understanding helps clarify the mechanism for the occurrence and persistence of various asset-pricing puzzles observed in certain financial markets. Ljubica has also gained more than a decade of work experience in investment banking, in the area of financial derivatives at Goldman Sachs, Morgan Stanley, and Bank of America. Her transactional experience is a vital source of her research focus.