One Bernard Baruch Way

Box B10-225
New York, NY 10010 
Tel:  (646) 312-3490
Fax:  (646) 312-3451
armen.hovakimian@baruch.cuny.edu

Armen Hovakimian
Professor

Department of Economics and Finance
Baruch College Zicklin School of Business

Coordinator, PhD Program in Finance

Academic Director, Executive MS Programs in Finance 

Papers on SSRN

Citations: Google scholar

 Ph.D. program in Finance 

 

Academic Interests

Corporate Finance, Corporate Financing Choices, Stock Returns and Corporate Financing Events, Corporate Investment Behavior, Corporate Valuation, Deposit Insurance, Financial Institutions

 

Education

Ph.D. (Finance), Boston College

MBA, American University of Armenia

BS (Computer Engineering), Yerevan Polytechnic Institute, Armenia

 

Full-time Academic Appointments

Professor, Baruch College, 2010
Associate Professor, Baruch College, 2004
Assistant Professor, Baruch College, 1998

Published Papers

"U.S. analyst regulation and the earnings forecast bias around the world." A. Hovakimian, E. Saenyasiri, European Financial Management, forthcoming.

"Are corporate default probabilities consistent with the static tradeoff theory?"  A. Hovakimian, A. Kayhan, S. Titman, Review of Financial Studies, 2012, volume 25, No. 2, 315-340.

"Is the partial adjustment model a useful tool for capital structure research?” A. Hovakimian and G. Li, Review of Finance, 2012, volume 16, No. 3, 733-754.

"In search of conclusive evidence: How to test for adjustment to target capital structure.” A. Hovakimian and G. Li. Journal of Corporate Finance, volume 17, No. 1, 2011.

"Merger-motivated IPOs." A. Hovakimian and I. Hutton. Financial Management, volume 39, No. 4, 2010.

"Conflicts of interest and analyst behavior: Evidence from recent changes in regulation," A. Hovakimian and E. Saenyasiri. Financial Analysts Journal, volume 66, No. 4, 2010.

 “Corporate financing activities and contrarian investment,” T. Bali, O. Demirtas, and A. Hovakimian. Review of Finance, volume 14, No. 3, 2010.

"Market feedback and equity issuance: Evidence from repeat equity issues." A. Hovakimian and I. Hutton. Journal of Financial and Quantitative Analysis, volume 45, No. 3, June 2010.

“Volatility spreads and expected stock returns.” T. Bali and A. Hovakimian. Management Science, volume 55, 1797-1812, November 2009.

“Cash flow sensitivity of investment.” A. Hovakimian and G. Hovakimian. European Financial Management, volume 15, No. 1, 2009.

“Peer pressure: Industry group impacts on stock valuation precision and contrarian strategy performance.” T.G. Bali, K.O. Demirtas, A. Hovakimian, and J.J. Merrick Jr. Journal of Portfolio Management, Spring 2006.

"Are observed capital structures determined by equity market timing?" A. Hovakimian. Journal of Financial and Quantitative Analysis, volume 41, No. 1, March 2006.

"The role of target leverage in security issues and repurchases.” A. Hovakimian. Journal of Business , volume 77, No. 4, October 2004.

"Determinants of target capital structure: The case of dual debt and equity issues." A. Hovakimian, G. Hovakimian, and H. Tehranian. Journal of Financial Economics , volume 71, No. 3, March 2004.

"How country and safety net characteristics affect bank risk-shifting." A. Hovakimian, E.J. Kane, and L. Laeven. Journal of Financial Services Research , volume 23, No. 3, June 2003.

"The capital structure choice: New evidence for a dynamic tradeoff model." A. Hovakimian, T. Opler, and S. Titman. Journal of Applied Corporate Finance , volume 15, No. 1, Spring 2002.

"Debt-equity choice." A. Hovakimian, T. Opler, and S. Titman. Journal of Financial and Quantitative Analysis , volume 36, No. 1, March 2001.
        (Abstracted in CFA Digest , volume 31, No. 4, November 2001.)

"Effectiveness of capital regulation at U.S. commercial banks, 1985-1994." A. Hovakimian and E.J. Kane. Journal of Finance , volume 55, No. 1, February 2000.

“Taxes and stock returns.” R. Bali and A. Hovakimian. Journal of Financial Education , Fall 1999.

 

 

Paper Presentations

SUNY Stony Brook, 2012.

Rutgers University, 2011.

International Conference on Corporate Finance and Financial Markets, City University of Hong Kong, 2011.

Syracuse University, 2010.
Asian Finance Association International Conference, 2008.

European Financial Management Association Annual Meeting, 2005.
American Finance Association Annual Meeting, 2005.
University of Florida, 2005.
SUNY Binghamton, 2004.

American Finance Association Annual Meeting, 2003.
European Finance Association Annual Meeting, 2002.
Financial Management Association Annual Meeting, 2002.
Financial Management Association Annual Meeting, 2000.
Financial Management Association International European Conference, 1999.
Conference on Financial Economics and Accounting, NYU, 1998.
Conference on Bank Structure and Competition, Chicago, 1998.
Financial Management Association Annual Meeting, 1996.
Financial Management Association Doctoral Student Consortium, 1996.
New England Finance Doctoral Students Symposium, 1996.

 

Teaching Experience

Baruch College

Advanced Topics in Corporate Finance Theory (Ph.D.)

Corporate Finance Theory (Ph.D.)

Corporate Finance (Executive MS in Financial Statement Analysis)

Mergers and Acquisitions (Executive MS in Finance)

Mergers and Acquisitions (Executive MS in Finance, International Programs, Taipei and Paris)

Seminar in Finance (Executive MS in Finance, International Program, Singapore)

Advanced Managerial Finance (MBA)

Managerial Finance (MBA)

Financial Decision Making (MBA)

Advanced Corporate Finance (undergraduate)

Corporate Finance (undergraduate)

Boston College

Investment Analysis (undergraduate)

Basic Finance (undergraduate)

Emory University

Empirical Corporate Finance (Ph.D.)

 

Non-Academic Experience

Visiting Scholar, Strategic Advisory Group, UBS Investment Bank, New York, Fall 2005

Research Associate, Center for Business Research and Development, Armenia, 1992-1993

Computer Research Engineer, Institute for Computer Research and Development, Armenia, 1984-1991

 

Professional Service

Reviewing Activity

European Financial Management, Financial Management, Financial Review, International Review of Finance, Journal of Banking and Finance, Journal of Business Research, Journal of Corporate Finance, Journal of Economics and Business, Journal of Finance, Journal of Financial Intermediation, Journal of Financial and Quantitative Analysis, Journal of Financial Services Research, Journal of Financial Stability, Pacific Basin Finance Journal, Review of Finance, Review of Financial Studies 

Conference Program Committees

European Finance Association Annual Meetings, 2006, 2007.

Financial Management Association Annual Meetings, 2006, 2007.

Eastern Finance Association Annual Meeting, 2006.

Grant Reviews

Research Grants Council, Hong Kong, 2006.

PSC-CUNY, 2007.

Miscellaneous

Academic Director Executive MS Programs in Finance, Baruch College (CUNY), 2010-present.

Coordinator, Doctoral Program in Finance, Baruch College (CUNY), 2007-present.

Executive Committee, Department of Economics and Finance, 2010-present.
Recruiting Committee, Department of Economics and Finance, 2001-present.
Initiator and coordinator of “Brown Bag” finance research seminar series, 2002-2007.

Coordinator of the department’s finance research seminar series, 2004-2007.

 

Ph.D. Dissertation Committees

Ph.D. Dissertation Committee, Chair:  Huajing Hu, Finance, in progress.

Ph.D. Dissertation Committee, Chair:  Yili Lian, Finance, in progress.

Ph.D. Dissertation Committee, Chair:  Guangzhong Li, Finance, defended, 2010.

Ph.D. Dissertation Committee, Chair:  Milos Vulanovic, Financial Economics, defended, 2009.

Ph.D. Dissertation Committee, Chair:  Ekkachai Saenyasiri, Finance, defended, 2008.

Ph.D. Dissertation Committee, Chair:  Irena Hutton, Finance, defended, 2006.

Ph.D. Dissertation Committee, Member:  Rajneesh Sharma, Finance, defended, 2005.

Ph.D. Dissertation Committee, Member:  Farah Yunus, Finance, defended, 2005.

Ph.D. Dissertation Committee, Member:  Doocheol Moon, Finance, defended, 2001.

 

Research Grants and Awards

Institute for New Economic Thinking research grant, 2010.

PSC-CUNY Research Award, 2010.

PSC-CUNY Research Award, 2009.

PSC-CUNY Research Award, 2008.

FDIC Center for Financial Research Funding Recipient, 2004.

Eugene Lang Junior Faculty Research Fellowship, Baruch College, 1999.

Bert and Sandra Wasserman Scholar, Baruch College, 2002-present.

 

Media Citations

“Global Settlement Study: Global Settlement Had Impact Abroad.“ By Marie Thibault; Compliance Reporter; July 2, 2008.

“Do IPOs Lead To M&A?” By Joshua Hamerman; Investment Dealers’ Digest; June 30, 2008.

“IPOs Beget M&A?” By Ken MacFadyen; M&A Journal; June 20, 2008.

“Global Settlement Study: Regulation Has Cured Analyst Bias.“ By Marie Thibault; Compliance Reporter; June 6, 2008.

 

Languages

Native in Armenian and Russian; fluent in English.