| Max Dolinsky - CV |
ACADEMIC INTERESTS
Research
Corporate Finance, Capital Structure, International Finance, Financial Institutions & Banking
Teaching
Corporate Finance, Financial Management, Investments, Fixed Income, Derivatives
EDUCATION
Ph.D. in Finance, University of Florida (May 2017)
Hough Graduate School of Business
Hough Graduate School of Business
College of Engineering
PROFESSIONAL EXPERIENCE
Capital One Finance, Analyst (2008 - 2010)
Richmond, VA
ACADEMIC EXPERIENCE
Lecturer, University of Florida
Debt and Money Markets, Fall 2016
Equity and Capital Markets, Spring 2014 & Spring 2016
International Finance (MBA online course), Spring 2016
Capitalism (MS Finance course), Spring 2014
Finance I: Asset Valuation and Risk Return (MBA course), Spring 2013
WORKING PAPERS/DISSERTATION ESSAYS
Corporate Financial Leverage: Firm vs. Industry Effects
This paper examines firm and industry effects in financial leverage. While industries should theoretically have a significant effect on firm financial leverage due to varying industry-specific costs and benefits, empirical research suggests that industries are relatively unimportant in explaining firm leverage. I re-examine industry effects in financial leverage and find that the previously documented weak industry effects are due in part to industry classification measurement errors and sensitivity to sample parameters. Industry financial leverage effects are at least 40% higher when using more accurate variable industry classifications (TNIC3). I also find that the approach taken in previous literature to measure firm and industry effects is sensitive to three key sample parameters: the average number of firms per industry, the number of industries, and average number of years/firms. Overall, I find that industry effects are an important determinant in firm financial leverage.
Firm-level Equity Market Liberalizations: Firm Investment, Growth, and Performance
With Andy Naranjo
There is mixed evidence in the literature on how firms in countries with less developed financial markets are affected by gaining access to foreign investments. The literature focuses on country-level liberalizations and finds little evidence of an increase in firm investment, growth, and performance. In this paper, we instead focus on firm-level equity market liberalizations through their initiation of Depository Receipts and cross-listings for 35,000 firms across 100 countries from 1985-2015. 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.
WORKS IN PROGRESS
CONFERENCE PARTICIPATION
ADDITIONAL SKILLS & INTERESTS
Programming
Java, C++, VB.NET, Teradata, SAS/SQL, STATA
Languages
English, Russian
Software
Bloomberg, Excel VBA, Powerpoint, Visio, Capital IQ, Thomson Reuters Eikon
Hobbies
Chess, Scrabble
REFERENCES
Andy Naranjo (Dissertation Chair)
Emerson/Merrill Lynch Professor of Finance & Department Chairman
Dept of Finance, Insurance & Real Estate, Warrington College of Business
University of Florida, P.O. Box 117168, Gainesville, FL 32611
Email: [email protected]
Telephone: (352) 392-3781
Miles Livingston (Dissertation Committee Member)
Bank of America Professor of Finance
Dept of Finance, Insurance & Real Estate, Warrington College of Business
University of Florida, P.O. Box 117168, Gainesville, FL 32611
Email: [email protected]
Telephone: (352) 392-4316
Mahendrarajah (Nimal) Nimalendran (Dissertation Committee Member)
John H. and Mary Lou Dasburg Professor of Finance
Dept of Finance, Insurance & Real Estate, Warrington College of Business
University of Florida, P.O. Box 117168, Gainesville, FL 32611
Email: [email protected]
Telephone: (352) 392-9526
Research
Corporate Finance, Capital Structure, International Finance, Financial Institutions & Banking
Teaching
Corporate Finance, Financial Management, Investments, Fixed Income, Derivatives
EDUCATION
Ph.D. in Finance, University of Florida (May 2017)
Hough Graduate School of Business
- Focus: Corporate Finance, International Finance
Hough Graduate School of Business
- Focus: Security Analysis
- Major Coursework: Financial Statement Analysis, Financial Modeling, Equity Valuation, Accounting, Derivatives
College of Engineering
PROFESSIONAL EXPERIENCE
Capital One Finance, Analyst (2008 - 2010)
Richmond, VA
ACADEMIC EXPERIENCE
Lecturer, University of Florida
Debt and Money Markets, Fall 2016
- Upper-level, undergraduate Fixed Income course
- Three sections totaling 150+ students
Equity and Capital Markets, Spring 2014 & Spring 2016
- Upper-level, undergraduate Investments course
- Spring 2014 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)
- Course for incoming Business School Ph.D. students
International Finance (MBA online course), Spring 2016
Capitalism (MS Finance course), Spring 2014
Finance I: Asset Valuation and Risk Return (MBA course), Spring 2013
WORKING PAPERS/DISSERTATION ESSAYS
Corporate Financial Leverage: Firm vs. Industry Effects
This paper examines firm and industry effects in financial leverage. While industries should theoretically have a significant effect on firm financial leverage due to varying industry-specific costs and benefits, empirical research suggests that industries are relatively unimportant in explaining firm leverage. I re-examine industry effects in financial leverage and find that the previously documented weak industry effects are due in part to industry classification measurement errors and sensitivity to sample parameters. Industry financial leverage effects are at least 40% higher when using more accurate variable industry classifications (TNIC3). I also find that the approach taken in previous literature to measure firm and industry effects is sensitive to three key sample parameters: the average number of firms per industry, the number of industries, and average number of years/firms. Overall, I find that industry effects are an important determinant in firm financial leverage.
Firm-level Equity Market Liberalizations: Firm Investment, Growth, and Performance
With Andy Naranjo
There is mixed evidence in the literature on how firms in countries with less developed financial markets are affected by gaining access to foreign investments. The literature focuses on country-level liberalizations and finds little evidence of an increase in firm investment, growth, and performance. In this paper, we instead focus on firm-level equity market liberalizations through their initiation of Depository Receipts and cross-listings for 35,000 firms across 100 countries from 1985-2015. 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.
WORKS IN PROGRESS
- Optimal Insurance Contracts for Commercial Banks
- It Pays to be Included: Equity Index Inclusion Effects around the World
CONFERENCE PARTICIPATION
- Discussant at FMA: “Common Dynamics of Corporate Waves,” October 2014
ADDITIONAL SKILLS & INTERESTS
Programming
Java, C++, VB.NET, Teradata, SAS/SQL, STATA
Languages
English, Russian
Software
Bloomberg, Excel VBA, Powerpoint, Visio, Capital IQ, Thomson Reuters Eikon
Hobbies
Chess, Scrabble
REFERENCES
Andy Naranjo (Dissertation Chair)
Emerson/Merrill Lynch Professor of Finance & Department Chairman
Dept of Finance, Insurance & Real Estate, Warrington College of Business
University of Florida, P.O. Box 117168, Gainesville, FL 32611
Email: [email protected]
Telephone: (352) 392-3781
Miles Livingston (Dissertation Committee Member)
Bank of America Professor of Finance
Dept of Finance, Insurance & Real Estate, Warrington College of Business
University of Florida, P.O. Box 117168, Gainesville, FL 32611
Email: [email protected]
Telephone: (352) 392-4316
Mahendrarajah (Nimal) Nimalendran (Dissertation Committee Member)
John H. and Mary Lou Dasburg Professor of Finance
Dept of Finance, Insurance & Real Estate, Warrington College of Business
University of Florida, P.O. Box 117168, Gainesville, FL 32611
Email: [email protected]
Telephone: (352) 392-9526
