Department of
Finance, Insurance and Real Estate

Ph.D. Students on the Job Market


  • Aaron Brauner

    Department of Finance, Insurance & Real Estate
    Warrington College of Business
    University of Florida
    PO Box 117168
    314 Stuzin Hall
    Gainesville, FL 32611-7168
    518.275.1505
    352.392.0301 (fax)

    Bio:

    Prior to entering the Ph.D. program in Finance at the University of Florida, Aaron received a Bachelor in Mechanical Engineering and a Bachelor of Science in Economics from the University of Delaware. He then pursued a Master’s degree in Economics while performing cost modeling research for the Center for Composite Materials at the University of Delaware. His current research interests include international finance, financial economics, and corporate finance.

    Working Papers:
    • “Cross-country Evidence on Capital Market Development, Institutions, and Firm Peer Effects in Corporate Financial Policy”

      This paper provides cross-country evidence on the extent to which peer firms affect corporate capital structure decisions and the influence of a country’s financial market development and country risk environment on firm peer effects. We find that peer firms play an important role in determining corporate capital structures and financial policies at the global and regional level. At the country level, firm peer effects are diminished and primarily observed in advanced economies with developed financial markets. Importantly, the cross-sectional variation in peer firms’ role in corporate capital structures is determined by variation in capital market development, legal protections for investors, and political risk across countries.

    • “The Role of Proactive Leverage Adjustments around the World”

      This paper documents that intentional increases in leverage beyond estimated long run targets, through large debt issuances, is a pervasive financing pattern used by firms around the world. These funds are primarily used to increase investments and working capital rather than make large payouts to shareholders. Subsequent debt reductions are neither rapid nor indicative of attempts to rebalance toward an estimated target leverage ratio; debt reductions are instead determined by the realization of a financial surplus. This is consistent with a capital structure theory emphasizing debt capacity and financial flexibility, rather than a target leverage ratio, in corporate financial decisions.

    • “Regulation and Foreign Firms’ Delisting Decisions”

      The passage of regulations such as Sarbanes-Oxley and Rule 12h-6 had an effect on foreign firms’ decision to delist from US stock exchanges. There is an exodus of firms from developed economies that realized little benefit from the stronger corporate governance regime. The effect is transitory and dissipates over time. There is no impact on the pattern of firms’ listing and delisting from emerging markets whom this regulation benefitted.

    Teaching Experience:
    • 2013 - Equity and Capital Markets (upper-division undergraduate investments course)
    Professional Experience:
    • Grey Matter LLC
      Board of Advisors Member assisting with procurement of IP from the Naval Research Lab and writing grant applications to the Department of Defense and the State of Maryland for product development, testing, and commercialization.
    • Solair Systems
      Developed pricing strategy for load controller prior to their entry into the frequency regulation market on the Mid-Atlantic power grid with partner Mosaic Power.

  • Max Dolinsky

    Department of Finance, Insurance & Real Estate
    Warrington College of Business
    University of Florida
    PO Box 117168
    314 Stuzin Hall
    Gainesville, FL 32611-7168
    352.392.4668 (office)
    352.392.0301 (fax)

    Bio:

    Prior to entering the Ph.D. program in Finance at the University of Florida, Max received a Bachelor in Industrial & Systems Engineering, worked as an Analyst at Capital One and earned MBA with concentration in Finance at UF. His current research interests include corporate finance, capital structure, international finance, financial institutions & banking. Max’s teaching interests include corporate finance, financial management, investments, fixed income, and international finance.

    Working Papers:
    • “Corporate Financial Leverage: Firm vs. Industry Effects”

      In this paper, I find that industry effects are an important determinant in firm financial leverage, contrary to what the literature suggests. I first confirm some recent research findings on weak industry effects in corporate leverage, and I then demonstrate that the documented weak industry effects are due in part to industry classification measurement errors and sensitivity to sample parameters. I adopt a more accurate, variable industry classification (TNIC3), instead of traditional fixed industry classification, and I find a substantial increase of 40% in industry effects. Additionally, I theoretically demonstrate why the methodology previously used in the literature is destined to find statistically weak industry effects. I conclude by running a simulation to confirm my theory. This paper has both theoretical and empirical components, which demonstrates my research interests and comfort with both theoretical and empirical research.

    • “Firm-level Equity Market Liberalizations: Firm Investment, Growth, and Performance”” with Andy Naranjo

      There is no consensus on how firms in less developed financial markets are affected by gaining access to foreign investments. In this paper we examine firm-level equity market liberalizations through their initiation of Depositary Receipts and cross-listings for 35,000 firms across 100 countries from 1985 to 2015. A fundamental question is how firms in countries with less developed financial markets are affected by gaining access to foreign investments. In many instances, official country liberalization dates do not coincide with the dates when firms actually gain access to foreign capital, a discrepancy which often leads to inconclusive findings on the effects of liberalizations. Even when some researchers look at firm-specific events such as firms being added to an emerging market index, they do not focus on the introduction of DRs. Contributing to the prior research, we use an extensive array of unique recent data to examine the influence of firm-level liberalization through DR introductions on firm- and country-level growth and investment. We also examine the cross-sectional influence of country-level differences in institutional, regulatory, political and financial development factors on firm- and country level liberalization effects. In contrast to the mixed evidence for country-level liberalizations, we find that these firm-level equity market liberalizations result in an increase in firm investment, growth, and performance.

    Teaching Experience:
    • Lecturer
      • Debt and Money Markets, Fall 2016
        (upper-level, undergraduate Fixed Income course; three sections totaling 150+ students)
    • Instructor
      • Equity and Capital Markets, Spring 2014 & Spring 2016
        (upper-level, undergraduate Investments course)
        • Spring 2014 (2 sections) rating 4.89/5.0 and 4.75/5.0 (college mean 4.22)
        • Spring 2016 rating 4.62/5.0 (college mean 4.24)
      • Math Camp for incoming Business School Ph.D. students, Summer 2013
    • Teaching Assistant
      • International Finance (MBA online course), Spring 2016
      • Capitalism (MS Finance course), Spring 2014
      • Finance I: Asset Valuation and Risk Return (MBA course), Spring 2013
    Professional Experience:
    • Capital One, Richmond VA, 2008 - 2010
      Analyst

  • Qie (Ellie) Yin

    Department of Finance, Insurance & Real Estate
    Warrington College of Business
    University of Florida
    PO Box 117168
    315B Stuzin Hall
    Gainesville, FL 32611-7168
    352.392.4896 (office)
    352.392.0301 (fax)

    Bio:

    Prior to entering the Ph.D. Program at the University of Florida, Ellie obtained her B.S. degree in Mathematics and Physics and M.S. degree in Finance from Tsinghua University. Her current research interests are empirical and theoretical corporate finance, including capital structure, initial public offerings, leverage speed of adjustment, debt structure, liquidity risk management.

    Job Market Paper:

    “The Speed of Adjustment to the Target Market Value Leverage is Slower Than You Think”

    Abstract:

    In the capital structure literature, estimates of the speed of adjustment (SOA) to target leverage are roughly similar whether book value debt ratios or market value debt ratios are used. This robustness is suspect, given the survey evidence that firms target their book debt ratios, and the empirical evidence that they don't issue securities to offset changes in the market value debt ratio caused by stock price changes. I show that the speed of adjustment for market value debt ratios is substantially upward biased.

    Presentations:
    • 2016 Academy of Economics & Finance (AEF) Annual Meeting, Pensacola Beach, FL—Winner of the “Best Doctoral Student Paper in Finance”
    • 2016 International Conference on Applied Financial Economics, Shanghai, China
    • 2016 Financial Management Association (FMA) Annual Meeting, Las Vegas, NV (scheduled)
    • 2016 FMA Doctoral Student Consortium, Las Vegas, NV (scheduled)
    Working Paper:

    “What Happens at a Refinancing Point? Changes in Debt Structure and Liquidity Risk Management” (with Dr. Evan Dudley)

    Abstract:

    This paper develops a theory of liquidity risk management that highlights the trade-off between the disciplinary role of debt structure and financial flexibility. The theory predicts that firms adjust the priority structure of their debt claims in response to liquidity shocks. We empirically test this prediction by examining changes in the structure of debt claims when firms rebalance their capital structure. We find that firms spread the priority structure of their claims across debt classes during the 2007-2008 financial crisis. Furthermore, firms with a greater need to transfer cash from high-profitability states to low-profitability states are more likely to engage in priority spreading.

    Presentations:
    • 2016 Midwest Finance Association (MFA) Annual Meeting, Atlanta, GA, USA
    • 2015 Paris December Finance Meeting, Paris, France (Presented by co-author)
    • 2015 Paris Financial Management Conference, Paris, France (Presented by co-author)

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College Info

Warrington College of Business
BRY 100
PO Box 117150
Gainesville, FL 32611-7150
Phone: 352.392.2397
Fax: 352.392.2086

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