Andriy Bodnaruk

University of Illinois at Chicago

Associate Professor of Finance

1200 W Harrison St

Chicago, IL 60607

United States

SCHOLARLY PAPERS

20

DOWNLOADS
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SSRN RANKINGS

Top 3,741

in Total Papers Downloads

11,142

SSRN CITATIONS
Rank 6,500

SSRN RANKINGS

Top 6,500

in Total Papers Citations

73

CROSSREF CITATIONS

109

Scholarly Papers (20)

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 2,716 (4,783)
Citation 4

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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 (717,490)
Citation 6
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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 2,468 (5,727)
Citation 26

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

3.
Downloads 1,005 ( 23,879)
Citation 11

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 639 (44,129)
Citation 1

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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 366 (88,199)
Citation 4

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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 675 (41,558)
Citation 3

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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 654 (43,394)
Citation 3

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Investor recognition, asset pricing, incomplete information

Shareholder Diversification and the Decision to Go Public

Number of pages: 47 Posted: 04 Dec 2004
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 589 (49,148)
Citation 7

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IPO, diversification, underpricing

Shareholder Diversification and the Decision to Go Public

Review of Financial Studies, 2007
Posted: 07 Dec 2006
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
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 447 (70,273)
Citation 7

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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 425 (74,703)
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 343 (95,660)
Citation 6

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

10.
Downloads 307 (108,145)
Citation 2

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 173 (189,352)
Citation 1

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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 134 (234,714)
Citation 1

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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 276 (121,131)
Citation 7

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

12.

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 266 (125,924)
Citation 1

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13.

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 261 (128,522)
Citation 4

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Mergers and Acquisitions, Ownership Structure and Corporate Governance

14.

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 197 (168,607)

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

15.

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 City University of Hong Kong
Downloads 176 (186,515)

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conglomerate discount, financial constraints, Tobin’s Q

16.

Proximity Always Matters: Evidence from Swedish Data

Number of pages: 33 Posted: 25 Jul 2004
Andriy Bodnaruk
University of Illinois at Chicago
Downloads 162 (200,274)
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 City University of Hong Kong
Downloads 77 (339,980)

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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 (375,887)

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home bias, industry concentration, foreign portfolio investment

19.

Shareholder Diversification and Ipos

Number of pages: 43 Posted: 13 Apr 2005
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 (503,172)
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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: 222
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 159

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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
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 63

Abstract:

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IPO, diversification, underpricing