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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

DOWNLOADS
Rank 3,468

SSRN RANKINGS

Top 3,468

in Total Papers Downloads

9,159

CITATIONS
Rank 7,420

SSRN RANKINGS

Top 7,420

in Total Papers Citations

64

Scholarly Papers (20)

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1.

Investment Banks as Insiders and the Market for Corporate Control

Downloads 2,662 ( 3,448)
Citation 22

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 2,659 (3,377)
Citation 22

Abstract:

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 (559,904)
Citation 22
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Abstract:

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

Abstract:

G23, G32, G34

2.

Do Financial Experts Make Better Investment Decisions?

Downloads 834 ( 22,768)

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 503 (44,601)

Abstract:

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 331 (74,428)

Abstract:

3.

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 588 (34,245)
Citation 12

Abstract:

Investor recognition, asset pricing, incomplete information

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 582 (34,391)
Citation 4

Abstract:

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

5.

Shareholder Diversification and the Decision to Go Public

Downloads 566 ( 38,858)
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 566 (38,296)
Citation 11

Abstract:

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

Abstract:

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

Abstract:

G120, G140, G240, G320

6.

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 406 (55,887)
Citation 1

Abstract:

alliances, corporate governance, abnormal return and profitability

7.

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 329 (10,335)

Abstract:

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

8.

Downside Risk Timing by Mutual Funds

Downloads 218 (117,126)

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 128 (187,819)

Abstract:

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 90 (242,503)

Abstract:

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
Downloads 0
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Abstract:

downside risk, market timing, mutual funds

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 201 (84,928)

Abstract:

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

10.

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 199 (112,094)
Citation 2

Abstract:

Mergers and Acquisitions, Ownership Structure and Corporate Governance

11.

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 Nanyang Technological University (NTU)
Downloads 150 (154,150)

Abstract:

conglomerate discount, financial constraints, Tobin’s Q

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 141 (119,376)

Abstract:

13.

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 137 (166,594)
Citation 6

Abstract:

14.

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 120 (116,625)

Abstract:

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

15.

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 Nanyang Technological University (NTU)
Downloads 67 (277,623)

Abstract:

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

16.

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 36 (331,051)

Abstract:

home bias, industry concentration, foreign portfolio investment

17.

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 (396,179)
Citation 2
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Abstract:

IPO, diversification, underpricing

18.

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, University of California, Davis - Graduate School of Management and Fordham University - Gabelli School of Business
Downloads 0 (80,585)
Citation 4

Abstract:

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

19.

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 0 (245,886)

Abstract:

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

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

Abstract:

Other Papers (2)

Total Downloads: 199    Citations: 23
Actions:
Email selected abstracts
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 137
Citation 12

Abstract:

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

2.

Shareholder Diversification and the Decision to Go Public

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 0 (38,858)
Citation 11

Abstract:

IPO, diversification, underpricing

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