Andriy Bodnaruk

University of Illinois at Chicago

Associate Professor of Finance

1200 W Harrison St

Chicago, IL 60607

United States

  • University of Illinois at Chicago

SCHOLARLY PAPERS

20

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10,451

CITATIONS
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Top 7,401

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64

Scholarly Papers (20)

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1.

Investment Banks as Insiders and the Market for Corporate Control

Downloads 2,697 ( 4,241)
Citation 21

Investment Banks as Insiders and the Market for Corporate Control

EFA 2007 Ljubljana Meetings Paper, AFA 2008 New Orleans Meetings Paper
Number of pages: 48 Posted: 01 Mar 2007 Last Revised: 09 Jun 2008
Andriy Bodnaruk, Massimo Massa and Andrei Simonov
University of Illinois at Chicago, INSEAD - Finance and Michigan State University - Eli Broad Graduate School of Management
Downloads 2,694 (4,154)
Citation 21

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inside trading, risk arbitrage, mergers and acquisitions

Investment Banks as Insiders and the Market for Corporate Control

CEPR Discussion Paper No. DP6953
Number of pages: 50 Posted: 02 Dec 2008
Andriy Bodnaruk, Massimo Massa and Andrei Simonov
University of Illinois at Chicago, INSEAD - Finance and Michigan State University - Eli Broad Graduate School of Management
Downloads 3 (640,254)
Citation 21
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insider trading, mergers and acquisitions, risk arbitrage

Investment Banks as Insiders and the Market for Corporate Control

The Review of Financial Studies, Vol. 22, Issue 12, pp. 4989-5026, 2009
Posted: 24 Nov 2009
Andriy Bodnaruk, Massimo Massa and Andrei Simonov
University of Illinois at Chicago, INSEAD - Finance and Michigan State University - Eli Broad Graduate School of Management

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G23, G32, G34

2.

Using 10-K Text to Gauge Financial Constraints

Forthcoming in the Journal of Financial and Quantitative Analysis
Number of pages: 43 Posted: 28 Sep 2013 Last Revised: 27 Aug 2015
Andriy Bodnaruk, Tim Loughran and Bill McDonald
University of Illinois at Chicago, University of Notre Dame and University of Notre Dame - Mendoza College of Business - Department of Finance
Downloads 2,083 (6,512)

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Financial constraints; textual analysis; dividend omissions; equity recycling; underfunded pensions

3.

Do Financial Experts Make Better Investment Decisions?

Downloads 953 ( 22,617)

Do Financial Experts Make Better Investment Decisions?

Journal of Financial Intermediation, Forthcoming
Number of pages: 48 Posted: 09 Oct 2014
Andriy Bodnaruk and Andrei Simonov
University of Illinois at Chicago and Michigan State University - Eli Broad Graduate School of Management
Downloads 600 (42,272)

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individual investors, investor sophistication, financial expertise, mutual fund managers

Do Financial Experts Make Better Investment Decisions?

Number of pages: 51 Posted: 15 Mar 2012 Last Revised: 01 Nov 2013
Andriy Bodnaruk and Andrei Simonov
University of Illinois at Chicago and Michigan State University - Eli Broad Graduate School of Management
Downloads 353 (81,614)

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4.

The Shareholder Base and Payout Policy

AFA 2009 San Francisco Meetings Paper, Swiss Finance Institute Research Paper No. 12-11
Number of pages: 62 Posted: 26 Mar 2008 Last Revised: 01 Feb 2014
Andriy Bodnaruk and Per Östberg
University of Illinois at Chicago and University of Zurich - Department of Banking and Finance
Downloads 656 (38,064)
Citation 4

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Payout Policy, Cost of Capital, Special Dividends, Repurchases, Asymmetric Information, Investor recognition.

5.

Does Investor Recognition Predict Returns?

Number of pages: 37 Posted: 30 Dec 2004 Last Revised: 08 Aug 2008
Andriy Bodnaruk and Per Östberg
University of Illinois at Chicago and University of Zurich - Department of Banking and Finance
Downloads 645 (38,868)
Citation 12

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Investor recognition, asset pricing, incomplete information

6.

Shareholder Diversification and the Decision to Go Public

Downloads 579 ( 44,907)
Citation 11

Shareholder Diversification and the Decision to Go Public

EFA 2005 Moscow Meetings Paper
Number of pages: 47 Posted: 04 Dec 2004
Andriy Bodnaruk, Massimo Massa, Eugene Kandel and Andrei Simonov
University of Illinois at Chicago, INSEAD - Finance, Hebrew University of Jerusalem - Department of Economics and Michigan State University - Eli Broad Graduate School of Management
Downloads 579 (44,299)
Citation 11

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IPO, diversification, underpricing

Shareholder Diversification and the Decision to Go Public

Review of Financial Studies, 2007
Posted: 07 Dec 2006
Massimo Massa, Andriy Bodnaruk, Eugene Kandel and Andrei Simonov
INSEAD - Finance, University of Illinois at Chicago, Hebrew University of Jerusalem - Department of Economics and Michigan State University - Eli Broad Graduate School of Management

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IPO, diversification, underpricing

Shareholder Diversification and the Decision to Go Public

The Review of Financial Studies, Vol. 21, Issue 6, pp. 2779-2824, 2008
Posted: 15 Dec 2008
Andriy Bodnaruk, Eugene Kandel, Massimo Massa and Andrei Simonov
University of Illinois at Chicago, Hebrew University of Jerusalem - Department of Economics, INSEAD - Finance and Michigan State University - Eli Broad Graduate School of Management

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G120, G140, G240, G320

7.

Alliances and Corporate Governance

AFA 2011 Denver Meetings Paper
Number of pages: 51 Posted: 16 Nov 2009 Last Revised: 01 Feb 2014
Andriy Bodnaruk, Massimo Massa and Andrei Simonov
University of Illinois at Chicago, INSEAD - Finance and Michigan State University - Eli Broad Graduate School of Management
Downloads 435 (64,259)
Citation 1

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alliances, corporate governance, abnormal return and profitability

8.

Unusual News Flow and the Cross-Section of Stock Returns

Georgetown McDonough School of Business Research Paper No. 2820320, Gabelli School of Business, Fordham University Research Paper No. 2820320
Number of pages: 56 Posted: 12 Aug 2016 Last Revised: 15 Nov 2016
Turan G. Bali, Andriy Bodnaruk, Anna Scherbina and Yi Tang
Georgetown University - Robert Emmett McDonough School of Business, University of Illinois at Chicago, Brandeis University and Fordham University - Gabelli School of Business
Downloads 394 (72,383)
Citation 5

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Unusual News Flow, Volatility Shocks, Short Sale Constraints, Market Efficiency

9.

Loss Averse Preferences, Performance, and Career Success of Institutional Investors

Number of pages: 55 Posted: 29 Oct 2014 Last Revised: 18 May 2016
Andriy Bodnaruk and Andrei Simonov
University of Illinois at Chicago and Michigan State University - Eli Broad Graduate School of Management
Downloads 328 (89,420)

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loss-aversion, downside risk, professional investors, mutual funds, career outcomes

10.

Downside Risk Timing by Mutual Funds

Downloads 274 (108,668)

Downside Risk Timing by Mutual Funds

Number of pages: 34 Posted: 28 Oct 2014
Andriy Bodnaruk, Bekhan Chokaev and Andrei Simonov
University of Illinois at Chicago, Russian Presidential Academy of National Economy and Public Administration (RANEPA) and Michigan State University - Eli Broad Graduate School of Management
Downloads 153 (188,518)

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Downside Risk Timing by Mutual Funds

Number of pages: 41 Posted: 01 Sep 2015
Andriy Bodnaruk, Bekhan Chokaev and Andrei Simonov
University of Illinois at Chicago, Russian Presidential Academy of National Economy and Public Administration (RANEPA) and Michigan State University - Eli Broad Graduate School of Management
Downloads 121 (227,579)

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downside risk, market timing, mutual funds, risk management

Downside Risk Timing by Mutual Funds

CEPR Discussion Paper No. DP10639
Number of pages: 35 Posted: 01 Jun 2015
Andriy Bodnaruk, Bekhan Chokaev and Andrei Simonov
University of Illinois at Chicago, Russian Presidential Academy of National Economy and Public Administration (RANEPA) and Michigan State University - Eli Broad Graduate School of Management
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downside risk, market timing, mutual funds

11.

Dual Ownership, Returns, and Voting in Mergers

Finance Down Under 2014 Building on the Best from the Cellars of Finance
Number of pages: 42 Posted: 12 Feb 2014 Last Revised: 13 Feb 2014
Andriy Bodnaruk and Marco Rossi
University of Illinois at Chicago and Texas A&M
Downloads 252 (119,077)

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dual holders, shareholders, bondholders, M&As, abnormal return, financial conglomerates

12.

Passive Shareholders as a Takeover Defense

Swiss Finance Institute Research Paper No. 10-56
Number of pages: 47 Posted: 02 Feb 2011 Last Revised: 16 Mar 2011
Andriy Bodnaruk, Pengjie Gao, Per Östberg and Hayong Yun
University of Illinois at Chicago, University of Notre Dame - Mendoza College of Business, University of Zurich - Department of Banking and Finance and Michigan State University - Department of Finance
Downloads 250 (119,548)
Citation 2

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Mergers and Acquisitions, Ownership Structure and Corporate Governance

13.

Captive Finance and Firm’s Competitiveness

Number of pages: 35 Posted: 15 Mar 2012 Last Revised: 22 Feb 2017
Andriy Bodnaruk, William O'Brien and Andrei Simonov
University of Illinois at Chicago, University of Illinois at Chicago and Michigan State University - Eli Broad Graduate School of Management
Downloads 247 (120,999)

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14.

Conglomerate Discount and Financial Constraints: A Novel View to an Old Puzzle

Number of pages: 48 Posted: 10 Mar 2010
Andriy Bodnaruk, Massimo Massa and Lei Zhang
University of Illinois at Chicago, INSEAD - Finance and University of Queensland - Business School
Downloads 171 (171,139)

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conglomerate discount, financial constraints, Tobin’s Q

15.

Shareholders as Creditors of First Resort

Number of pages: 52 Posted: 25 Apr 2016 Last Revised: 27 Mar 2017
Andriy Bodnaruk and Marco Rossi
University of Illinois at Chicago and Texas A&M
Downloads 162 (179,256)

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dual holders, shareholders, bondholders, bond IPOs, market segmentation, investment mandates

16.

Proximity Always Matters: Evidence from Swedish Data

EFA 2004 Maastricht Meetings Paper No. 3765
Number of pages: 33 Posted: 25 Jul 2004
Andriy Bodnaruk
University of Illinois at Chicago
Downloads 157 (184,116)
Citation 6

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17.

Credit Advantage and Firm Structure: The Benefits of a Separate Corporate Veil

Number of pages: 34 Posted: 15 Mar 2011 Last Revised: 14 Mar 2012
Andriy Bodnaruk, Massimo Massa and Lei Zhang
University of Illinois at Chicago, INSEAD - Finance and University of Queensland - Business School
Downloads 73 (314,858)

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separate legal liability, subsidiary based firm, credit advantage, agglomeration, M&As

18.

Industry Concentration and Foreign Investment

Number of pages: 52 Posted: 02 Nov 2013
Andriy Bodnaruk and Massimo Massa
University of Illinois at Chicago and INSEAD - Finance
Downloads 64 (337,799)

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home bias, industry concentration, foreign portfolio investment

19.

Shareholder Diversification and Ipos

CEPR Discussion Paper No. 4820
Number of pages: 43 Posted: 13 Apr 2005
Andriy Bodnaruk, Massimo Massa, Eugene Kandel and Andrei Simonov
University of Illinois at Chicago, INSEAD - Finance, Hebrew University of Jerusalem - Department of Economics and Michigan State University - Eli Broad Graduate School of Management
Downloads 31 (452,137)
Citation 2
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IPO, diversification, underpricing

20.

Proximity Always Matters: Local Bias When the Set of Local Companies Changes

Review of Finance, Vol. 13, No. 4, pp. 629-656, 2009
Posted: 08 Dec 2009
Andriy Bodnaruk
University of Illinois at Chicago

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Other Papers (2)

Total Downloads: 211    Citations: 23
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1.

Does Investor Recognition Predict Excess Returns?

AFA 2006 Boston Meetings Paper
Number of pages: 38 Posted: 23 Mar 2005
Andriy Bodnaruk and Per Östberg
University of Illinois at Chicago and University of Zurich - Department of Banking and Finance
Downloads 150
Citation 12

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Investor recognition, Limited stock market participation, Incomplete information, Asset Pricing

2.

Shareholder Diversification and the Decision to Go Public

Number of pages: 47 Posted: 22 Mar 2005
Andriy Bodnaruk, Massimo Massa, Eugene Kandel and Andrei Simonov
University of Illinois at Chicago, INSEAD - Finance, Hebrew University of Jerusalem - Department of Economics and Michigan State University - Eli Broad Graduate School of Management
Downloads 61
Citation 11

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IPO, diversification, underpricing