Andriy Bodnaruk, PhD
Professor
Associate Dean of Professional Programs and Planning
Department of Managerial Studies
Contact
Building & Room:
UH 2106
Address:
601 S. Morgan St., Chicago, IL 60607
Email:
CV Link:
Related Sites:
About
Andriy Bodnaruk is Professor of Finance and Associate Dean of Planning and Professional Programs at the University of Illinois Chicago. A Stockholm School of Economics PhD with prior faculty appointments at the University of Notre Dame and Maastricht University, he is one of the most internationally connected finance researchers at UIC — with 16 publications in leading journals including the Journal of Financial Economics, Review of Financial Studies, Management Science, and Journal of Financial and Quantitative Analysis.
His research spans behavioral finance, institutional investors, corporate governance, mergers and acquisitions, and financial constraints — with findings that have been covered by the Wall Street Journal, the Guardian, Bloomberg, the Atlantic, and the Globe and Mail, among many others. His work on loss-averse fund managers and the relationship between risk aversion and career outcomes has resonated far beyond academic circles.
Professor Bodnaruk has taught Behavioral Finance at the undergraduate, MBA, MSF, and EMBA levels since 2005, bringing cutting-edge academic research on investor behavior and decision-making directly into the classroom. He also serves as a Trustee of the State Universities Retirement System (SURS) of Illinois.Trustee, State Universities Retirement System (SURS) of Illinois (2021–present) — serves on the board overseeing pension fund investment and governance for Illinois public university employees, applying his expertise in institutional investment and financial decision-making at scale.Expert commentary for the Wall Street Journal (front-page article, 2008, on investment bank trading in deal stocks), Bloomberg, the Guardian, the Atlantic, and major financial media — bridging academic finance research and public financial literacy.
His research spans behavioral finance, institutional investors, corporate governance, mergers and acquisitions, and financial constraints — with findings that have been covered by the Wall Street Journal, the Guardian, Bloomberg, the Atlantic, and the Globe and Mail, among many others. His work on loss-averse fund managers and the relationship between risk aversion and career outcomes has resonated far beyond academic circles.
Professor Bodnaruk has taught Behavioral Finance at the undergraduate, MBA, MSF, and EMBA levels since 2005, bringing cutting-edge academic research on investor behavior and decision-making directly into the classroom. He also serves as a Trustee of the State Universities Retirement System (SURS) of Illinois.Trustee, State Universities Retirement System (SURS) of Illinois (2021–present) — serves on the board overseeing pension fund investment and governance for Illinois public university employees, applying his expertise in institutional investment and financial decision-making at scale.Expert commentary for the Wall Street Journal (front-page article, 2008, on investment bank trading in deal stocks), Bloomberg, the Guardian, the Atlantic, and major financial media — bridging academic finance research and public financial literacy.
International academic career spanning Stockholm, Maastricht, Notre Dame, and UIC — providing students with a uniquely global perspective on capital markets, institutional investors, and corporate finance
Selected Publications
- Bodnaruk, Andriy and Marco Rossi, 2021, Shareholders as Creditors of First Resort, Management Science, 67(3), pp. 1737–1757.
- Bodnaruk, Andriy, Bekhan Chokaev, and Andrei Simonov, 2019, “Downside Risk Timing by Mutual Funds,” Review of Asset Pricing Studies 9 (1), pp.171–196.
- Bali, Turan, Andriy Bodnaruk, Anna Scherbina, and Yi Tang, 2018, “Unusual News Evens and the Cross-Section of Stock Returns,” Management Science 64(9), pp.4137–4155.
- Bodnaruk, Andriy, Massimo Massa, and Vijay Yadav, 2017, “Family Ownership, Country Governance, and Foreign Portfolio Investment,” Journal of Empirical Finance 41, pp. 96–115.
- Bodnaruk, Andriy and Andrei Simonov, 2016, “Loss Averse Preferences, Performance, and Career Success of Institutional Investors,” Review of Financial Studies 29, pp.3140-3176.
- Bodnaruk, Andriy, Alberto Manconi, and Massimo Massa, 2016, “Cross-Border Alliances and Risk Management,” Journal of International Economics 102, pp.22-49.
Service to Community
- Associate Dean, Planning and Professional Programs (2023–present) — leads the strategic development of professional and graduate programs across the College of Business.
- Supervised 39 master's theses in three years at the University of Maastricht — demonstrating a sustained commitment to hands-on student mentorship at the graduate level.
- Teaches Behavioral Finance at every program level (BA through EMBA) — equipping students with evidence-based frameworks for understanding how real investors behave, a skill with direct application in investment management, advising, and financial planning careers.
- Research on financial expert performance, loss aversion, and investor decision-making directly addresses questions students face as they enter the investment management profession — making his classroom insights immediately career-relevant.
- Graduate College Faculty Member (2016–present) — actively engaged in UIC's graduate student community.
Notable Honors
2021-Present, Trustee, State Universities Retirement System of Illinois
2015, Lead Article Designation, Journal of Financial and Quantitative Analysis
Education
PhD Finance — Stockholm School of Economics; Visiting PhD student, INSEAD
MA Economics — EERC / Kyiv School of Economics
BS Physics — University of Kyiv-Mohyla Academy
Professional Memberships
- Western Finance Association
- American Economic Association
- European Finance Association (EFA)
- Financial Intermediation Research Society (FIRS)
- Midwestern Finance Association (MFA)