Mendoza Directory

Faculty & Research

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Andriy Bodnaruk

Assistant Professor


Assistant Finance Professor Andriy Bodnaruk teaches behavioral finance at the University of Notre Dame. His research interests include empirical corporate finance and portfolio choice. Andriy received his Ph.D. in Finance from the Stockholm School of Economics. Andriy's work is regularly presented at leading finance conferences including American Finance Association, Western Finance Association, European Finance Association, and CEPR meetings. His research has been published in major academic journals such as Review of Financial Studies and the Journal of Financial Economics. Andriy's recent paper on insider trading in mergers and acquisitions has been covered in The Wall Street Journal. Professor Bodnaruk also serves as an ad hoc referee for the Journal of Empirical Finance.




  • Behavioral Finance
  • Behavioral finance


"Shareholder Base and Payout Policy," (with Per Ostberg),  Journal of Financial and Quantitative Analysis, 48, June, 2013, 729-760.

"Alliances and Corporate Governance," (with Massimo Massa, Andrei Simonov),  Journal of Financial Economics, 103, March, 2013, 671-693.

"Investment Banks as Insiders and the Market for Corporate Control," (with Massimo Massa, Andrei Simonov),  Review of Financial Studies, 22, December, 2009, 4989-5026.

"Proximity Always Matters: Local Bias When the Set of Local Companies Changes,"  Review of Finance, 14, October (4th Quarter/Autumn), 2009, 629-656.

"Does Investor Recognition Predict Returns?" (with Per Ostberg),  Journal of Financial Economics, 91, February, 2009, 208-226 .

"Shareholder Diversification and the Decision to Go Public," (with Gene Kandel, Massimo Massa, Andrei Simonov),  Review of Financial Studies, 21, November, 2008, 2779-2824.


Andriy Bodnaruk, Massimo Massa, American Finance Association, Chicago, "Every Family Has a White Sheep," (January 2012).

Andriy Bodnaruk, Massimo Massa, Andrei Simonov, American Finance Association, Denver, "Alliances and Corporate Governance," (January 2011).

Andriy Bodnaruk, European Finance Association, Frankfurt, "Alliances and Corporate Governance," (August 2010).

Andriy Bodnaruk, Per Ostberg, European Finance Association, Bergen, Norway, "Shareholder Base and Payout Policy," (August 2009).

Andriy Bodnaruk, Per Ostberg, American Finance Association, San Francisco, "Shareholder Base and Payout Policy," (January 2009).


Andriy Bodnaruk, Andrei Simonov, William O'Brien, "Captive Finance and Firm's Competitiveness."

Andriy Bodnaruk, Alberto Manconi, Massimo Massa, "Cross-Border Alliances and Risk Management."

Andriy Bodnaruk, Andrei Simonov, "Do Financial Experts Make Better Investment Decisions?"

Andriy Bodnaruk, Marco Rossi, "Dual Ownership, Returns, and Voting in Mergers."

Andriy Bodnaruk, Massimo Massa, "Family Ownership, Country Governance, and Foreign Portfolio Investment."

Andriy Bodnaruk, Massimo Massa, Lei Zhang, "Financial Constraints and the Process of Agglomeration."

Andriy Bodnaruk, Massimo Massa, "Industry Concentration and International Portfolio Investment."

Andriy Bodnaruk, Andrei Simonov, "Managerial Loss-Aversion and Mutual Fund Performance."

Andriy Bodnaruk, Paul Gao, Per Ostberg, Hayong Yun, "Passive Shareholders as a Takeover Defence."

Andriy Bodnaruk, Bill McDonald, Tim Loughran , "Using 10-K Text to Gauge Financial Constraints."