Armen Hovakimian

Baruch College - Zicklin School of Business

Professor

One Bernard Baruch Way

Box B10-225

New York, NY 10010

United States

http://faculty.baruch.cuny.edu/ahovakimian/

SCHOLARLY PAPERS

26

DOWNLOADS
Rank 1,723

SSRN RANKINGS

Top 1,723

in Total Papers Downloads

14,366

CITATIONS
Rank 1,968

SSRN RANKINGS

Top 1,968

in Total Papers Citations

283

Scholarly Papers (26)

1.
Downloads 2,665 ( 3,179)
Citation 32

Volatility Spreads and Expected Stock Returns

Number of pages: 33 Posted: 12 Nov 2007
Turan G. Bali and Armen Hovakimian
Georgetown University - Robert Emmett McDonough School of Business and Baruch College - Zicklin School of Business
Downloads 1,958 (5,275)
Citation 32

Abstract:

expected returns, implied volatility, realized volatility, volatility spread

Volatility Spreads and Expected Stock Returns

Management Science, Forthcoming
Number of pages: 32 Posted: 04 Aug 2009
Turan G. Bali and Armen Hovakimian
Georgetown University - Robert Emmett McDonough School of Business and Baruch College - Zicklin School of Business
Downloads 707 (26,531)
Citation 32

Abstract:

realized volatility, implied volatility, volatility risk, jump risk, stock returns

2.

Determinants of Target Capital Structure: The Case of Dual Debt and Equity Issues

AFA 2003 Washington, DC Meetings
Number of pages: 40 Posted: 20 Mar 2002
Armen Hovakimian, Gayané Hovakimian and Hassan Tehranian
Baruch College - Zicklin School of Business, Fordham University, Gabelli School of Business and Boston College - Department of Finance
Downloads 1,642 (7,361)
Citation 60

Abstract:

Target leverage, target capital structure, debt issues, equity issues

3.
Downloads 1,556 ( 8,028)
Citation 18

Cash Flow Sensitivity of Investment

Number of pages: 35 Posted: 22 Mar 2005
Armen Hovakimian and Gayané Hovakimian
Baruch College - Zicklin School of Business and Fordham University, Gabelli School of Business
Downloads 1,554 (7,878)
Citation 18

Abstract:

Investment cash flow sensitivity, financial constraints, investment, managerial overconfidence

Cash Flow Sensitivity of Investment

European Financial Management, Vol. 15, Issue 1, pp. 47-65, January 2009
Number of pages: 19 Posted: 02 Jan 2009
Armen Hovakimian and Gayané Hovakimian
Baruch College - Zicklin School of Business and Fordham University, Gabelli School of Business
Downloads 2 (540,023)
Citation 18

Abstract:

4.

Contrarian Investment, New Share Issues and Repurchases

Number of pages: 43 Posted: 15 Oct 2006 Last Revised: 27 Feb 2012
Turan G. Bali, K. Ozgur Demirtas and Armen Hovakimian
Georgetown University - Robert Emmett McDonough School of Business, Sabanci University and Baruch College - Zicklin School of Business
Downloads 1,223 (11,022)

Abstract:

Share issues, share repurchases, contrarian investment, expected stock returns, value-to-market ratios

5.

Are Observed Capital Structures Determined by Equity Market Timing?

AFA 2005 Philadelphia Meetings
Number of pages: 45 Posted: 15 Jul 2003
Armen Hovakimian
Baruch College - Zicklin School of Business
Downloads 1,021 (15,713)
Citation 41

Abstract:

equity market timing, equity issues, capital structure, leverage

6.

Credit Rating Targets

Number of pages: 51 Posted: 03 Mar 2008 Last Revised: 20 Jun 2009
Armen Hovakimian, Ayla Kayhan and Sheridan Titman
Baruch College - Zicklin School of Business, Louisiana State University and University of Texas at Austin - Department of Finance
Downloads 902 (16,128)
Citation 10

Abstract:

credit rating, leverage, capital structure, target capital structure, tradeoff theory

7.

The Role of Target Leverage in Security Issues and Repurchases

Number of pages: 47 Posted: 20 Mar 2001
Armen Hovakimian
Baruch College - Zicklin School of Business
Downloads 714 (26,607)
Citation 39

Abstract:

leverage, target leverage, capital structure, equity issues, equity repurchases, debt issues, debt reductions

8.

Corporate Financing Activities and Contrarian Investment

Review of Finance, Vol. 14, No. 3, pp. 543-584, 2010, Georgetown McDonough School of Business Research Paper
Number of pages: 45 Posted: 18 Jul 2009 Last Revised: 19 Apr 2013
Turan G. Bali, K. Ozgur Demirtas and Armen Hovakimian
Georgetown University - Robert Emmett McDonough School of Business, Sabanci University and Baruch College - Zicklin School of Business
Downloads 549 (34,523)
Citation 4

Abstract:

Conflicts of Interest and Analyst Behavior: Evidence from Recent Changes in Regulation

Number of pages: 41 Posted: 14 May 2008 Last Revised: 22 Apr 2009
Armen Hovakimian and Ekkachai Saenyasiri
Baruch College - Zicklin School of Business and Hong Kong University of Science & Technology (HKUST) - Department of Finance
Downloads 516 (40,567)
Citation 4

Abstract:

Analyst forecasts, Bias, Optimism, Regulations, Conflicts of interest, Regulation FD, Global Settlement

Conflicts of Interest and Analyst Behavior: Evidence from Recent Changes in Regulation

Financial Analysts Journal, Vol. 66, No. 4, pp. 96-107, 2010
Posted: 11 Aug 2010 Last Revised: 14 Aug 2010
Armen Hovakimian and Ekkachai Saenyasiri
Baruch College - Zicklin School of Business and Hong Kong University of Science & Technology (HKUST) - Department of Finance

Abstract:

Standards, Ethics, and Regulation (SER,: Applicable Laws and Regulations, Governmental Institutions, Rules, and Regulations, Rules and Procedures Regarding Corporate Transactions and Insider Trading

Do Firms Have Unique Target Debt Ratios to Which They Adjust?

Number of pages: 38 Posted: 29 May 2008 Last Revised: 30 Mar 2010
Armen Hovakimian and Guangzhong Li
Baruch College - Zicklin School of Business and Sun Yat-Sen Business School, Sun Yat-Sen University
Downloads 457 (47,383)
Citation 6

Abstract:

target capital structure, target leverage, target adjustment, partial adjustment, speed of adjustment

Is the Partial Adjustment Model a Useful Tool for Capital Structure Research?

Review of Finance, Forthcoming
Posted: 21 Jul 2010 Last Revised: 27 Jul 2010
Armen Hovakimian and Guangzhong Li
Baruch College - Zicklin School of Business and Sun Yat-Sen Business School, Sun Yat-Sen University

Abstract:

target capital structure, target leverage, target adjustment, partial adjustment, speed of adjustment

In Search of Conclusive Evidence: How to Test for Adjustment to Target Capital Structure

Number of pages: 51 Posted: 21 Mar 2009 Last Revised: 15 Jul 2010
Armen Hovakimian and Guangzhong Li
Baruch College - Zicklin School of Business and Sun Yat-Sen Business School, Sun Yat-Sen University
Downloads 395 (56,721)
Citation 10

Abstract:

capital structure, target debt ratio, target leverage, target adjustment, partial adjustment

In Search of Conclusive Evidence: How to Test for Adjustment to Target Capital Structure

Journal of Corporate Finance, Forthcoming
Posted: 21 Jul 2010
Armen Hovakimian and Guangzhong Li
Baruch College - Zicklin School of Business and Sun Yat-Sen Business School, Sun Yat-Sen University

Abstract:

capital structure, target leverage, adjustment to target

12.

Peer Pressure: Industry Group Impacts on Stock Valuation Precision and Contrarian Strategy Performance

Journal of Portfolio Management, Vol. 32, No. 3, pp. 80-92, 2006
Number of pages: 28 Posted: 18 Jul 2009 Last Revised: 27 Feb 2012
Georgetown University - Robert Emmett McDonough School of Business, Sabanci University, Baruch College - Zicklin School of Business and College of William and Mary - Mason School of Business
Downloads 332 (64,336)

Abstract:

13.

Corporate Financing of Maturing Long-Term Debt

Number of pages: 40 Posted: 27 May 2008 Last Revised: 30 Apr 2010
Armen Hovakimian and Milos Vulanovic
Baruch College - Zicklin School of Business and EDHEC Business School
Downloads 313 (72,790)

Abstract:

capital structure, pecking order theory, corporate financing, debt financing, maturing debt

14.
Downloads 296 ( 79,847)
Citation 10

Merger-Motivated IPOs

Number of pages: 51 Posted: 15 Jun 2008 Last Revised: 19 Sep 2009
Armen Hovakimian and Irena Hutton
Baruch College - Zicklin School of Business and Florida State University - College of Business
Downloads 296 (79,388)
Citation 10

Abstract:

IPO, merger, market timing, market feedback

Merger-Motivated IPOs

Financial Management, Forthcoming
Posted: 23 Jul 2010 Last Revised: 28 Jul 2010
Armen Hovakimian and Irena Hutton
Baruch College - Zicklin School of Business and Florida State University - College of Business

Abstract:

IPO, Merger, Acquisition, Market Feedback

Tracking Variation in Systemic Risk at US Banks During 1974-2013

Number of pages: 55 Posted: 01 Apr 2012 Last Revised: 12 Aug 2015
Armen Hovakimian, Edward J. Kane and Luc Laeven
Baruch College - Zicklin School of Business, Boston College - Department of Finance and European Central Bank (ECB)
Downloads 142 (163,150)
Citation 1

Abstract:

systemic risk, safety net, financial institutions, financial crises, bailout costs

Tracking Variation in Systemic Risk at US Banks During 1974-2013

Paolo Baffi Centre Research Paper No. 2012-116
Number of pages: 55 Posted: 23 Jul 2012 Last Revised: 12 Aug 2015
Armen Hovakimian, Edward J. Kane and Luc Laeven
Baruch College - Zicklin School of Business, Boston College - Department of Finance and European Central Bank (ECB)
Downloads 114 (193,853)
Citation 1

Abstract:

taxpayer put, systemic risk, too big too fail, bailout costs

Tracking Variation in Systemic Risk at Us Banks During 1974-2013

NBER Working Paper No. w18043
Number of pages: 56 Posted: 04 May 2012
Armen Hovakimian, Edward J. Kane and Luc Laeven
Baruch College - Zicklin School of Business, Boston College - Department of Finance and European Central Bank (ECB)
Downloads 20 (439,951)
Citation 3

Abstract:

Are Corporate Default Probabilities Consistent with the Static Tradeoff Theory?

Number of pages: 38 Posted: 22 Jul 2011
Armen Hovakimian, Ayla Kayhan and Sheridan Titman
Baruch College - Zicklin School of Business, Louisiana State University and University of Texas at Austin - Department of Finance
Downloads 239 (100,181)
Citation 1

Abstract:

capital structure, tradeoff theory, default probability

Are Corporate Default Probabilities Consistent with the Static Tradeoff Theory?

NBER Working Paper No. w17290
Number of pages: 42 Posted: 12 Aug 2011
Armen Hovakimian, Ayla Kayhan and Sheridan Titman
Baruch College - Zicklin School of Business, Louisiana State University and University of Texas at Austin - Department of Finance
Downloads 28 (397,240)
Citation 1

Abstract:

Are Corporate Default Probabilities Consistent with the Static Tradeoff Theory?

Review of Financial Studies, Forthcoming
Posted: 23 Jul 2011
Armen Hovakimian, Ayla Kayhan and Sheridan Titman
Baruch College - Zicklin School of Business, Louisiana State University and University of Texas at Austin - Department of Finance

Abstract:

capital structure, tradeoff theory, default probability

How Country and Safety-Net Characteristics Affect Bank Risk-Shifting

AFA 2003 Washington, DC Meetings
Number of pages: 47 Posted: 16 Feb 2002
Armen Hovakimian, Edward J. Kane and Luc Laeven
Baruch College - Zicklin School of Business, Boston College - Department of Finance and European Central Bank (ECB)
Downloads 237 (101,046)
Citation 32

Abstract:

deposit insurance, risk shifting

How Country and Safety-Net Characteristics Affect Bank Risk-Shifting

NBER Working Paper No. w9322
Number of pages: 48 Posted: 16 Nov 2002
Edward J. Kane, Armen Hovakimian and Luc Laeven
Boston College - Department of Finance, Baruch College - Zicklin School of Business and European Central Bank (ECB)
Downloads 28 (397,240)
Citation 32

Abstract:

Market Feedback and Equity Issuance: Evidence from Repeat Equity Issues

Number of pages: 44 Posted: 08 Aug 2006 Last Revised: 04 Aug 2010
Armen Hovakimian and Irena Hutton
Baruch College - Zicklin School of Business and Florida State University - College of Business
Downloads 252 (94,765)
Citation 7

Abstract:

seasoned equity offering, equity issue, market timing, market feedback

Market Feedback and Equity Issuance: Evidence from Repeat Equity Issues

Journal of Financial and Quantitative Analysis (JFQA), Vol. 45, No. 3, 2010
Posted: 03 Aug 2010
Armen Hovakimian and Irena Hutton
Baruch College - Zicklin School of Business and Florida State University - College of Business

Abstract:

seasoned equity offering, equity issue, market timing, market feedback

19.

Shareholder Investment Horizons and Payout Policy

Number of pages: 38 Posted: 19 Mar 2010 Last Revised: 05 Sep 2010
Armen Hovakimian and Guangzhong Li
Baruch College - Zicklin School of Business and Sun Yat-Sen Business School, Sun Yat-Sen University
Downloads 195 (108,925)
Citation 1

Abstract:

Institutional investors, Investment horizons, Payout policy

20.

Institutional Shareholders and SEO Market Timing

Number of pages: 38 Posted: 16 Mar 2013 Last Revised: 15 Sep 2015
Armen Hovakimian and Huajing Hu
Baruch College - Zicklin School of Business and Adelphi University
Downloads 61 (242,657)

Abstract:

SEO, equity issue, market timing, institutional ownership

21.

Tracking Variation in Systemic Risk at Us Banks During 1974-2013

Institute for New Economic Thinking Working Paper Series No. 16
Number of pages: 56 Posted: 12 Aug 2015
Armen Hovakimian, Edward J. Kane and Luc Laeven
Baruch College - Zicklin School of Business, Boston College - Department of Finance and European Central Bank (ECB)
Downloads 51 (244,526)
Citation 1

Abstract:

systemic risk; macroprudential regulation; deposit insurance; financial crisis

22.

Risk-Shifting by Federally Insured Commercial Banks

NBER Working Paper No. w5711
Number of pages: 32 Posted: 24 Jul 2000
Armen Hovakimian and Edward J. Kane
Baruch College - Zicklin School of Business and Boston College - Department of Finance
Downloads 28 (370,477)
Citation 2

Abstract:

23.

Anchoring on Historical High Prices and Seasoned Equity Offerings

Number of pages: 49 Posted: 27 Mar 2016 Last Revised: 22 Nov 2016
Armen Hovakimian and Huajing Hu
Baruch College - Zicklin School of Business and Adelphi University
Downloads 0 (258,048)

Abstract:

SEO, equity issue, reference point

24.

US Analyst Regulation and the Earnings Forecast Bias Around the World

European Financial Management, Vol. 20, Issue 3, pp. 435-461, 2014
Number of pages: 27 Posted: 18 Jun 2014
Armen Hovakimian and Ekkachai Saenyasiri
Baruch College - Zicklin School of Business and Hong Kong University of Science & Technology (HKUST) - Department of Finance
Downloads 0 (532,107)
Citation 1

Abstract:

analyst regulation, investor protection, cross‐country spillover, analyst forecast bias, analyst conflicts of interest

25.

U.S. Analyst Regulation and the Earnings Forecast Bias Around the World

European Financial Management, Forthcoming
Posted: 19 May 2012
Armen Hovakimian and Ekkachai Saenyasiri
Baruch College - Zicklin School of Business and Hong Kong University of Science & Technology (HKUST) - Department of Finance

Abstract:

analyst regulation, investor protection, cross-country spillover, analyst forecast bias, analyst conflicts of interest

26.

How Do Managers Target Their Credit Ratings? A Study of Credit Ratings and Managerial Discretion

Posted: 30 Apr 2009
Armen Hovakimian, Ayla Kayhan and Sheridan Titman
Baruch College - Zicklin School of Business, Louisiana State University and University of Texas at Austin - Department of Finance

Abstract:

credit rating, capital structure, target capital structure, tradeoff theory, managerial discretion, governance