Andriy Bodnaruk, PHD
Professor, Department of Finance
Associate Dean of Professional Programs and Planning
Interim Department Head, Department of Managerial Studies
Contact
Building & Room:
UH 2106
Address:
601 S. Morgan St., Chicago, IL 60607
Email:
CV Link:
Related Sites:
About
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
Corporate Finance (Undergraduate, MSF)
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.
- Research covered by Wall Street Journal, Bloomberg, the Guardian, the Atlantic, and Globe and Mail Harvard Law School Forum on Corporate Governance and Financial Regulation (two featured articles) SURS Trustee — applying research expertise to real institutional investment governance International conference presentations at AFA, EFA, WFA, FMA, FIRS, and institutions across Europe, Asia, and the Americas
Selected Publications
16. Bodnaruk, Andriy and Marco Rossi, 2021, Shareholders as Creditors of First Resort, Management Science, 67(3), pp. 1737–1757.
15. Bodnaruk, Andriy, Bekhan Chokaev, and Andrei Simonov, 2019, “Downside Risk Timing by Mutual Funds,” Review of Asset Pricing Studies 9 (1), pp.171–196.
14. 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.
13. Bodnaruk, Andriy, Massimo Massa, and Vijay Yadav, 2017, “Family Ownership, Country Governance, and Foreign Portfolio Investment,” Journal of Empirical Finance 41, pp. 96–115.
12. Bodnaruk, Andriy and Andrei Simonov, 2016, “Loss Averse Preferences, Performance, and Career Success of Institutional Investors,” Review of Financial Studies 29, pp.3140-3176.
11. Bodnaruk, Andriy, Alberto Manconi, and Massimo Massa, 2016, “Cross-Border Alliances and Risk Management,” Journal of International Economics 102, pp.22-49.
10. Bodnaruk, Andriy and Marco Rossi, 2016, “Dual Ownership, Returns, and Voting in Mergers,” Journal of Financial Economics 120, pp.58-80.
9. Bodnaruk, Andriy, William O’Brien, and Andrei Simonov, 2016, “Captive Finance and Firm’s Competitiveness,” Journal of Corporate Finance 37, pp.210-228.
8. Bodnaruk, Andriy and Andrei Simonov, 2015, “Do Financial Experts Make Better Investment Decisions?” Journal of Financial Intermediation 24, pp.514-536.
7. Bodnaruk, Andriy, Tim Loughran, and Bill McDonald, 2015, “Using 10-K Text to Gauge Financial Constraints,” Journal of Financial and Quantitative Analysis 50, pp.623-646 (lead article).
6. Bodnaruk, Andriy, Massimo Massa, and Andrei Simonov, 2013, “Alliances and Corporate Governance,” Journal of Financial Economics 103, pp.671-693.
5. Bodnaruk, Andriy and Per Östberg, 2013, “Shareholder Base and Payout Policy,” Journal of Financial and Quantitative Analysis 48, pp.729-760
4. Bodnaruk, Andriy, Massimo Massa, and Andrei Simonov, 2009, “Investment Banks as Insiders and the Market for Corporate Control,” Review of Financial Studies 22, pp.4989-5026.
3. Bodnaruk, Andriy, 2009, “Proximity Always Matters: Local Bias When the Set of Local Companies Changes,” Review of Finance 14, pp.629-656.
2. Bodnaruk, Andriy and Per Östberg, 2009, “Does Investor Recognition Predict Returns?” Journal of Financial Economics 91, pp.208-226
1. Bodnaruk, Andriy, Eugene Kandel, Massimo Massa, and Andrei Simonov, 2008, “Shareholder Diversifica-tion and the Decision to Go Public,” Review of Financial Studies 21, pp.2779-2824
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.
Education
PhD, Finance — Stockholm School of Economics (2005); Visiting PhD student, INSEAD (Spring 2003)
MA, Economics — EERC / Kyiv School of Economics, Ukraine (1999)
BSc, Physics — University of Kyiv-Mohyla Academy, Ukraine (1997)