exp. June 2015; Florida Atlantic University, Boca Raton, FL 2007; Millersville University, Millersville, PA

Transcription

1 Nikanor [Nik] Volkov 2121 N Ocean Blvd, 308E Boca Raton, FL nvolkov@fau.edu (717) RESE AR C H INTERES TS Corporate Finance, Investor-Manager Disagreement, Mergers and Acquisitions, Corporate Diversification, Behavioral Finance. TE AC HI NG INTERES TS Corporate Finance, Investment Analysis, International Finance, Financial Markets and Institutions. EDUC ATION Ph.D. Candidate, Finance exp. June 2015;, Boca Raton, FL Dissertation chair: Anna Agapova Committee: Scott Barnhart, William McDaniel Title: Strategic information disclosure when there is fundamental disagreement: an empirical investigation Dissertation proposal approved August 29, 2014 Expected to complete and defend by June 2015 Dissertation accepted for presentation at the FMA Doctoral Student Consortium 2014 and the Special Doctoral Student Paper Session at the FMA 2014 MBA 2007; Millersville University, Millersville, PA BA, International Studies 2005, Cum Laude; Millersville University, Millersville, PA Courses in Political Science 2001; Peoples Friendship University, Moscow, Russia AC AD EM IC EXPERIENCE Instructor Fall 2013 Summer 2014; Principles of Financial Management (FIN 3403) 2 sections; Fall 2013, Summer teaching evaluation score Investment Analysis (FIN 4504) 1 section; Spring teaching evaluation score Note: teaching evaluation scores are provided on a 1-5 scale with 1 being the best. Research Assistant Fall 2011 Spring 2013, Fall 2014; Supervisors: Anna Agapova, Zinat Alam, Anita Pennathur

2 Page 2 of 5 PUBLIC ATIONS Corporate Diversification and Firm Value during Economic Downturns with Garrett Smith, Quarterly Review of Economics and Finance, 2014, Forthcoming W ORKING P APERS Information asymmetry, investor-management disagreement, firm value, and the voluntary strategic information disclosure (Job Market paper) to be presented at the FMA Doctoral Student Consortium 2014 and the Special Doctoral Student Paper Session at the FMA 2014 Corporate governance, strategic information disclosure, and the disclosure bonus Oil Price Shocks and Conditional Exchange Rate Volatility with Ky-hyang Yuhn, revise and resubmit from the Global Finance Journal Tax-Induced Trading: the Effect of Capital Gain Tax Changes with Anna Agapova, submitted for dual submission to the 5th Miami Behavioral Finance Conference and the Review of Financial Studies Choose Wisely: Auction or Negotiation? with Inga Chira, submitted to the Journal of Corporate Finance Degree of Corporate Diversification and Stock Returns: An Empirical Test with Garrett Smith, to be presented at the Southern Finance Association Annual Meeting 2014 CONFE RENCE PRESENT ATIONS 2014 Midwest Finance Association (Orlando, FL); Eastern Finance Association (Pittsburgh, PA); Financial Management Association (Nashville, TN); Southern Finance Association (Key West, FL) 2013 Southern Finance Association (Fajardo, Puerto Rico); Interdepartmental seminar presentation at AW AR DS Selected to the FMA Doctoral Student Consortium 2014 and the Special Doctoral Student Paper Session at the FMA 2014 Recipient, FAU Presidential Doctoral Fellowship; 2011, 2012

3 Page 3 of 5 SERVICE Reviewer 2014; Southwestern Finance Association 2015 conference Principal 2013 present; Green Energy Partners Scholarship and Research Award; Pennsylvania State University Erie Director 2012 present; International Association for Continuing Education; Moscow, Russia Director, Treasurer 2011 present; Boca Towers Condominium Association; Boca Raton, FL Expert Witness 2013; State of Texas vs Retirement Value, LLC, et al. INDUS TRY EXPERIENCE Managing Member, CFO ; Milestone Managers and Providers, LLC; Lancaster, PA Assistant Research Analyst 2005; Franklin Templeton Investments (Templeton Asset Management Emerging Markets); Moscow, Russia Assistant to Chairperson of Business Administration Department ; Millersville University, Millersville, PA REFERENCES Dr. Anna Agapova Associate Professor of Finance (561) aagapova@fau.edu Dr. William McDaniel Professor of Finance (561) mcdaniel@fau.edu Dr. Jeff Madura SunTrust Bank Professor of Finance jeffmadura@bellsouth.net Dr. Scott Barnhart Associate Professor of Finance (561) sbarnhar@fau.edu

4 Page 4 of 5 P APER AB S TR AC TS Dissertation Strategic information disclosure when there is fundamental disagreement: an empirical investigation Essay 1 Job market paper Information asymmetry, investor-management disagreement, firm value, and the voluntary strategic information disclosure The current study sets out to empirically investigate the managements decision to voluntarily disclose strategic information. Particularly, I empirically test the recent propositions of (Thakor, 2014), which relate the firm s propensity to disclose strategic information to the level of investor-management disagreement and the intrinsic value of the firm. I use a unique hand-collected data set to conduct the study. Furthermore, the crosssectional relation between the magnitude of investors response to the strategic information announcements and the degree of investor-management disagreement, firm-, industry-, and macro-level characteristics is examined. Essay 2 Corporate governance, strategic information disclosure, and the disclosure bonus The study sets out to empirically investigate the managements decision to voluntarily disclose strategic information. I propose to empirically test the recent propositions of (Thakor, 2014), which relate the firm s propensity to disclose strategic information to the quality of corporate governance. The association between corporate governance and strategic disclosure is investigated using several proxies for bonding and monitoring mechanisms of corporate governance. Furthermore, I investigate presence of a disclosure bonus, which is paid to managers as compensation for voluntary disclosure of strategic information. The cross-sectional variation of the amount of strategic information disclosure and its effect on executive compensation and its structure is also examined. Corporate Diversification and Firm Value during Economic Downturns This paper examines the effect of corporate diversification on firm value during periods of economic downturns. Analysis of diversified firms valuation during recessionary periods reveals a significant increase in relative value of diversified firms. The observed improvement in the relative valuation is only a temporary phenomenon, which disappears in the four quarters following the trough of the recession. We do not find support to the hypothesis that the improvement in relative valuation of diversified firms during economic downturns is attributed to the ability of diversified firms to utilize broader external capital markets. We demonstrate that the improvement in relative valuation is largely driven by diversified firms that are financially constrained, and, therefore, attribute the observed improvement to more efficient internal capital allocation during recessions.

5 Page 5 of 5 Tax-Induced Trading: the Effect of Capital Gain Tax Changes Prospect theory suggests that people perceive economic losses and gains differently. We apply the theory to examine the effect of confirmed and tentative changes in capital gain taxes on tax-induced trading. Investors adjust their trading in response to tax changes: They reduce trading of winners more than increase trading of losers in the event of a tax decrease (and vice versa in the event of a tax increase) and treat tentative tax increase similar to a confirmed one. These findings have important policy implications: Uncertainty about impending tax rate changes alters investors trading behavior and may affect government tax collections. Choose wisely: auction or negotiation? This study examines the impact of the method used to sell a firm, auction or negotiation, across different stages of the acquisition process. We find that negotiations are associated with higher first bids and lower leakage than auctions. By relaxing a key assumption of auction theory, namely, the multiple bidder assumption, this study illustrates a special case in which the acquirer benefits from a failed auction (i.e., attempted auction that secures only one bidder). Controlling for firm specific and transaction specific characteristics, we show that failed auctions are associated with the lowest final premiums and highest acquirer returns, compared with both successful auctions and pure negotiations. We attribute these findings to the shift of bargaining power from the target to the acquirer. Additionally, we identify firm and transaction attributes that characterize failed auctions. Oil Price Shocks and Conditional Exchange Rate Volatility This study investigates the effects of energy price shocks on exchange rate volatility in five major energy-producing countries (Russia, Brazil, Mexico, Canada, and Norway). There are noticeable differences in the behavior of the exchange rate between emerging markets and advanced economies. Russia and Brazil exhibit different patterns from those of Canada and Norway in the direction and magnitude of conditional exchange rate volatility. Our VAR analysis indicates that a one-standard-deviation increase in oil prices causes all currencies to appreciate after the shock, but the post-shock adjustment process is relatively short in Norway and Canada and longer in Russia, Brazil, and Mexico. Our empirical analysis reveals that there is evidence of positive overshooting in Russia and Brazil, and negative overshooting in Canada and Mexico.