Armen Hovakimian

Baruch College - Zicklin School of Business

Professor

One Bernard Baruch Way

Box B10-225

New York, NY 10010

United States

http://zicklin.baruch.cuny.edu/faculty-profile/armen-hovakimian/

  • Baruch College - Zicklin School of Business

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    • Fax: 646-312-3451
SCHOLARLY PAPERS

29

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19,039

SSRN CITATIONS
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Top 2,271

in Total Papers Citations

442

CROSSREF CITATIONS

270

Scholarly Papers (29)

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1.

Volatility Spreads and Expected Stock Returns

Downloads 4,004 ( 4,591)
Citation 124

Volatility Spreads and Expected Stock Returns

Number of pages: 33 Posted: 12 Nov 2007
Turan G. Bali and Armen Hovakimian
Georgetown University - McDonough School of Business and Baruch College - Zicklin School of Business
Downloads 2,745 (8,330)
Citation 7

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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 - McDonough School of Business and Baruch College - Zicklin School of Business
Downloads 1,259 (28,074)
Citation 50

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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 1,879 (15,548)
Citation 113

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

3.

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 1,725 (17,786)
Citation 5

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

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 - McDonough School of Business, Sabanci University Graduate School of Management and Baruch College - Zicklin School of Business
Downloads 1,643 (19,135)
Citation 1

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

5.

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, Commodity Futures Trading Commission (CFTC) and University of Texas at Austin - Department of Finance
Downloads 1,378 (25,008)
Citation 28

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

6.

Are Observed Capital Structures Determined by Equity Market Timing?

Number of pages: 45 Posted: 15 Jul 2003
Armen Hovakimian
Baruch College - Zicklin School of Business
Downloads 1,125 (33,536)
Citation 48

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equity market timing, equity issues, capital structure, leverage

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 759 (57,866)
Citation 5

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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 - McDonough School of Business, Sabanci University Graduate School of Management and Baruch College - Zicklin School of Business
Downloads 741 (59,902)
Citation 2

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9.

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

Downloads 627 (74,130)
Citation 8

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 627 (73,235)
Citation 8

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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

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

10.

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

Downloads 581 (81,423)

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, Ekkachai Saenyasiri and Ekkachai Saenyasiri
Baruch College - Zicklin School of Business and Providence CollegeHong Kong University of Science & Technology (HKUST) - Department of Finance
Downloads 581 (80,507)
Citation 8

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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, Ekkachai Saenyasiri and Ekkachai Saenyasiri
Baruch College - Zicklin School of Business and Providence CollegeHong Kong University of Science & Technology (HKUST) - Department of Finance

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

11.

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

Downloads 449 (111,571)

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 449 (110,507)
Citation 28

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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

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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
Turan G. Bali, K. Ozgur Demirtas, Armen Hovakimian and John J. Merrick Jr.
Georgetown University - McDonough School of Business, Sabanci University Graduate School of Management, Baruch College - Zicklin School of Business and Raymond A. Mason School of Business - William & Mary
Downloads 441 (113,953)

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13.

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

Downloads 389 (131,785)
Citation 9

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 184 (278,953)
Citation 14

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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 159 (316,874)

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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 Last Revised: 21 Apr 2023
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 46 (695,513)

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14.

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 379 (135,676)

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

15.

Are Corporate Default Probabilities Consistent with the Static Tradeoff Theory?

Downloads 372 (138,511)
Citation 8

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, Commodity Futures Trading Commission (CFTC) and University of Texas at Austin - Department of Finance
Downloads 297 (175,286)
Citation 6

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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 Last Revised: 31 Mar 2023
Armen Hovakimian, Ayla Kayhan and Sheridan Titman
Baruch College - Zicklin School of Business, Commodity Futures Trading Commission (CFTC) and University of Texas at Austin - Department of Finance
Downloads 75 (543,258)

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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, Commodity Futures Trading Commission (CFTC) and University of Texas at Austin - Department of Finance

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capital structure, tradeoff theory, default probability

16.

Merger-Motivated IPOs

Downloads 368 (140,179)
Citation 14

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 368 (139,201)
Citation 14

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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

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IPO, Merger, Acquisition, Market Feedback

17.

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

Downloads 347 (149,427)
Citation 32

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

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 273 (191,443)
Citation 6

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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 Last Revised: 23 Dec 2022
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 74 (548,084)
Citation 8

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18.

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 323 (161,401)
Citation 8

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Institutional investors, Investment horizons, Payout policy

19.

Anchoring on Historical High Prices and Seasoned Equity Offerings

Downloads 316 (165,707)
Citation 2

Anchoring on Historical High Prices and Seasoned Equity Offerings

Number of pages: 51 Posted: 27 Mar 2016 Last Revised: 20 Aug 2019
Armen Hovakimian and Huajing Hu
Baruch College - Zicklin School of Business and Adelphi University
Downloads 316 (164,183)
Citation 2

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SEO, equity issue, reference point

Anchoring on Historical High Prices and Seasoned Equity Offerings

Journal of Financial and Quantitative Analysis, Forthcoming
Posted: 22 Aug 2019
Armen Hovakimian and Huajing Hu
Baruch College - Zicklin School of Business and Adelphi University

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SEO, equity issue, equity market timing, anchoring, reference point

20.

Market Feedback and Equity Issuance: Evidence from Repeat Equity Issues

Downloads 284 (184,632)
Citation 2

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 284 (183,791)
Citation 2

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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

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

21.

Risk Perceptions and Corporate Financing Behavior

Number of pages: 66 Posted: 22 Aug 2022 Last Revised: 12 Jul 2023
Youngmin Choi, Youngmin Choi, Armen Hovakimian and Joonsung Won
City University of New York, Baruch College - Zicklin School of Business - Department of Economics and Financeaffiliation not provided to SSRN, Baruch College - Zicklin School of Business and City University of New York, Baruch College - Zicklin School of Business - Department of Economics and Finance
Downloads 227 (233,254)

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Risk perception, Corporate financing, Capital structure, Leverage, Catering

22.

Corporate Leverage and the Dynamics of Its Components

Downloads 168 (301,942)

Corporate Leverage and the Dynamics of Its Components

Baruch College Zicklin School of Business Research Paper No. 2019-05-02
Number of pages: 57 Posted: 08 May 2019 Last Revised: 24 May 2019
Armen Hovakimian and Gayané Hovakimian
Baruch College - Zicklin School of Business and Fordham University, Gabelli School of Business
Downloads 168 (302,155)

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corporate financing, capital structure, leverage, target leverage, persistence

Corporate Leverage and the Dynamics of its Components

Journal of Financial and Quantitative Analysis (Forthcoming)
Posted: 06 Nov 2019
Armen Hovakimian and Gayané Hovakimian
Baruch College - Zicklin School of Business and Fordham University, Gabelli School of Business

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corporate financing, capital structure, leverage, target leverage, persistence

23.

Role of Financial Reporting and Auditing in Disciplining CEOs: Evidence from Goodwill Impairments

Baruch College Zicklin School of Business Research Paper No. 2019-06-03
Number of pages: 59 Posted: 18 Jun 2019 Last Revised: 26 Jun 2019
Al (Aloke) Ghosh, Armen Hovakimian and Huajing Hu
UNC Charlotte, Baruch College - Zicklin School of Business and Adelphi University
Downloads 151 (332,145)

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ceo turnover, acquisitions, goodwill impairment

24.

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 130 (371,483)
Citation 5

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SEO, equity issue, market timing, institutional ownership

25.

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 121 (392,091)
Citation 1

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systemic risk; macroprudential regulation; deposit insurance; financial crisis

26.

Corporate Deleveraging: The Impact of Debt Maturity Structure and Callable Debt

Number of pages: 42 Posted: 18 Oct 2022
Armen Hovakimian and Xiaoyu (Ross) Zhu
Baruch College - Zicklin School of Business and Sun Yat-sen University (SYSU) - Lingnan (University) College
Downloads 61 (598,447)

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deleveraging, capital structure, debt maturity structure, callable bonds, leverage adjustment

27.

Risk-Shifting by Federally Insured Commercial Banks

NBER Working Paper No. w5711
Number of pages: 32 Posted: 24 Jul 2000 Last Revised: 11 Aug 2022
Armen Hovakimian and Edward J. Kane
Baruch College - Zicklin School of Business and Boston College - Department of Finance
Downloads 51 (650,976)

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28.

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

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

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

29.

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, Commodity Futures Trading Commission (CFTC) and University of Texas at Austin - Department of Finance

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