VIKTORIYA LANTUSHENKO
Drexel University
3320 Market Street, Office 1124
Philadelphia, PA 19104
viktoriya.o.lantushenko@drexel.edu
(609)-375-6356
Updated: August 27, 2015
EDUCATION
Ph.D. in Finance, Drexel University
2011-2016 (expected)
Dissertation Committee: Edward Nelling (Chair), Eliezer Fich, Daniel Dorn, Greg Nini,
and Clemens Sialm (University of Texas at Austin)
B.S. in Business Administration, Drexel University
2011
(concentrations in Finance and Management Information Systems)
AREAS OF
INTEREST
Mutual fund performance, behavioral finance, empirical asset pricing, mergers and acqui-
sitions, real estate finance
RESEARCH
“Innovation in mutual fund portfolios: Implications for fund alpha”
Job market paper
This study introduces a new measure of portfolio holdings that has power to explain future
fund abnormal returns. This measure is defined as “return on portfolio innovation.” It
is constructed as the return on new portfolio positions that a fund has not held before.
I evaluate the return on these positions, and find that the performance of new holdings
is strongly and positively associated with future fund alpha. On average, a one-standard
deviation increase in the return on innovation increases the Carhart (1997) four-factor
fund alpha by approximately 0.34 to 0.52 percent per year.
Presentations
Southern Finance Association Annual Meeting 2015, Captiva (scheduled)
Eastern Finance Association Annual Meeting 2015, New Orleans
Drexel University, Internal Seminar Series, 2014
“Institutional property type herding in the REIT market” (with Edward Nelling)
Revise and Resubmit, Journal of Real Estate Finance and Economics
This study examines whether institutional investors exhibit herding behavior by property
type in real estate investment trusts (REITs). Our analysis of changes in institutional
portfolio holdings indicates strong evidence of herding behavior. Most of the autocorrela-
tion in aggregate institutional demand is attributed to institutional investors following the
trades of others. Although momentum trading explains a small amount of this herding,
institutional property type demand is more strongly associated with lagged demand than
lagged returns. The results suggest that correlated information signals drive herding in
REITs. This herding occurs at the property type level, and not at the individual firm
level.
Presentations
AREUEA-ASSA American Real Estate and Urban Economics Association 2016,
San Francisco (scheduled)
Financial Management Association Annual Meeting 2014, Nashville
Hofstra University, 2014
Southern Finance Association Annual Meeting 2013, Puerto Rico
“Investing in innovation: Evidence from institutional trading around patent
publications” (with Edward Nelling)
This study examines institutional trading activity around patent publication dates. Unlike
previous studies that use the count of future citations to proxy for patent value, we mea-
sure the value of innovation by the three-day cumulative abnormal returns (CARs) around
announcements. We find a strong positive association between CARs around patent pub-
lication dates and the change in abnormal institutional demand. In addition, the change
in abnormal demand is greater when the institutional shareholder base of a company con-
sists of a higher percent of long-term institutions. We find no correlation between CARs
around the patent publication date and the future number of citations. Overall, our results
suggest that institutional investors respond positively to patent announcements.
Work in progress
“Mutual fund trading around M&A announcements” (with Eliezer Fich and Clemens
Sialm)
“How do active funds generate value?”
“Price pressure takeover targets”
SERVICE TO
THE
PROFESSION
Discussant:
Southern Finance Association Annual Meeting 2015, Captiva (scheduled)
“Playing favorites: Conflicts of interest in mutual fund management” by Diane Del
Guercio, Egemen Genc, and Hai Tran
Eastern Finance Association Annual Meeting 2015, New Orleans
“The benefits of option use by mutual funds” by Markus Natter, Martin Rohleder,
Dominik Schulte, and Marco Wilkens
Financial Management Association Annual Meeting 2014, Nashville
“Tracking performance of leveraged energy exchange-traded funds” by Hongfei Tang
and Xiaoqing Xu
Southern Finance Association Annual Meeting 2013, Puerto Rico
“Luck versus skill in fund performance: Does style matter?” by Andrew Mason, Sam
Agyei-Ampomah, Andrew Clare, and Steve Thomas
Session chair:
Eastern Finance Association Annual Meeting 2015, New Orleans
Southern Finance Association Annual Meeting 2013, Puerto Rico
Program committee:
Financial Management Association Annual Meeting 2015
Southern Finance Association Annual Meeting 2015
TEACHING
EXPERIENCE
Instructor , Introduction to Finance (undergraduate), Drexel University
Spring 2014:
◦ Section 001: 3.75/4.00
◦ Section 002: 3.69/4.00
Winter 2014
◦ Section 001: 3.42/4.00
Viktoriya O. Lantushenko
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Teaching interests:
Financial Management, Investments, Corporate Finance, Real Estate Finance
SCHOLARSHIPS
AND AWARDS
AFA Travel Grant
2014
Travel Award, Drexel University Office of Graduate Studies
2013-2014
Dean’s Scholarship, Drexel University
2008-2011
Albert B. Kahn Scholarship
2008
Fred Anker Memorial Scholarship
2008
OTHER
EXPERIENCE
Research Assistant , Finance Department, Drexel University
2011-present
Teaching Assistant , Finance Department, Drexel University
2011-present
Financial Performance of Firm (MBA)
Applied Portfolio Management (undergraduate)
Corporate Governance (MBA)
Investment Securities and Markets (undergraduate)
Financial Institutions and Markets (undergraduate, graduate)
Data Analyst , Magee Rehabilitation, Philadelphia, PA
2009-2011
SKILLS
Computer:
SAS, STATA, MATLAB, L
A
TEX, Microsoft Office
Databases:
CRSP, Compustat, Thomson Financial, IBES, SDC
Languages:
Ukrainian (native), Russian (fluent), English (fluent)
Musical instruments:
Piano, School of Music
1992-1999
REFERENCES
Dr. Edward Nelling
Professor of Finance
LeBow College of Business
Drexel University
3320 Market Street, Office 1144
Philadelphia, PA 19104
office: (215)-895-2117
email: en26@drexel.edu
Dr. Daniel Dorn
Associate Professor of Finance
LeBow College of Business
Drexel University
3320 Market Street, Office 1143
Philadelphia, PA 19104
office: (215)-895-1744
email: dd79@drexel.edu
Dr. Clemens Sialm
Professor of Finance
McCombs School of Business
University of Texas at Austin
2110 Speedway, B6600
Austin, TX 78712
office: (512) 232-6835
email: Clemens.Sialm@mccombs.utexas.edu
Dr. Eliezer Fich
Associate Professor of Finance
LeBow College of Business
Drexel University
3320 Market Street, Office 1120
Philadelphia, PA 19104
office: (215)-895-2304
email: emf35@drexel.edu
Dr. Gregory Nini
Assistant Professor of Finance
LeBow College of Business
Drexel University
3320 Market Street, Office 1129
Philadelphia, PA 19104
office: (215)-571-4596
email: gpn26@drexel.edu
Viktoriya O. Lantushenko
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