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)

    • CV
    • Email (aaron.brauner at warrington.ufl.edu)

    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”

      Peer firms play an important role in determining corporate capital structures and financial policies at a global and regional level. At the country level, this role is diminished and primarily observed in more 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 is a working project where I examine an international sample of firms that intentionally increase leverage through large debt issuances. The frequency of this financing behavior, uses of the proceeds, and subsequent attempts to rebalance is analyzed across countries.

    • “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.

  • Maxim 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)

      Email (maxim.dolinsky at warrington.ufl.edu)

    Bio:
    Prior to joining the Ph.D. program at UF in 2011, Maxim attended UF for his B.S. in Industrial and Systems Engineering and MBA with concentration in Finance.


  • 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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