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Andrew Ellul - Indiana University, Kelley School of Business. Bloomington, IN, US

Andrew Ellul Andrew Ellul

Professor of Finance | Indiana University, Kelley School of Business

Bloomington, IN, UNITED STATES

Ellul's research interests focus on empirical corporate finance, especially ownership structures and their impact on firms’ decisions.

Secondary Titles (1)

  • Fred T. Greene Distinguished Scholar





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Andrew Ellul is Associate Professor of Finance and Fred T. Greene Distinguished Scholar at Indiana University's Kelley School of Business. He joined Kelley in 2001 after completing his Ph.D. at the London School of Economics and Political Science and serving as Research Associate at the Financial Markets Group. His research interests focus on empirical corporate finance, especially ownership structures and their impact on firms’ decisions, institutional investors’ trading behavior and market microstructure.

Ellul's research has been accepted for publication by various leading journals, including the Journal of Finance, Journal of Financial Economics, Review of Financial Studies, and the American Economic Review. He teaches courses in corporate finance and investment analysis at the undergraduate, graduate (MBA) and PhD levels. He has received awards for both teaching and research.

Industry Expertise (3)


Financial Services


Areas of Expertise (7)

Institutional Investors

Ownership Structure

Corporate Governance

Market Microstructure

Financial Economics

Family Firms

Labor and Finance

Accomplishments (5)

Research Associate (professional)

Centre for Economic Policy Research (CEPR)

Research Associate (professional)

Centre for Studies in Economics and Finance (CSEF)

Research Associate (professional)

European Corporate Governance Institute (ECGI)

Research Associate (professional)

Financial Markets Group (London School of Economics)

Research Associate (professional)

Systemic Risk Centre (London School of Economics)

Education (4)

London School of Economics and Political Science: Ph.D., Finance 2001

London School of Economics and Political Science: M.S., Accounting and Finance 1996

Bocconi University: M.B.A., Business 1993

University of Malta: B.A., Economics 1992

Media Appearances (1)

Watching Bond Liquidity from the Ivory Tower

The Wall Street Journal  online


“Average trading data is a very good starting point,’ says Indiana University Finance Professor Andrew Ellul, who specializes in market shocks. “But in some ways it’s conservative because you’re observing trading in a blue-sky market.” In a market downturn, actual liquidity is likely to be much lower, he says...

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Event Appearances (5)

Corporate Leverage and Employees’ Rights in Bankruptcy

Imperial Business School  London, England


Employment and Wage Insurance within Firms

Banca d’Italia, Italy  Italy


Corporate Leverage and Employees' Rights in Bankruptcy

LSE-ICEF Moscow International Conference  Moscow, Russia


Labor Unemployment Risk and CEO Incentive Compensation

American Finance Association Annual Meeting  Boston, MA


Strategic Leverage and Employee Protection in Bankruptcy

Hebrew University of Jerusalem  Jerusalem, Israel


Articles (5)

Do Financial Analysts Restrain Insiders' Informational Advantage?

Journal of Financial and Quantitative Analysis

2016 By collecting and disseminating price sensitive information, financial analysts should reduce firm insiders’ informational advantage with a consequent impact on trading dynamics and market quality. We empirically examine the impact of complete analysts’ coverage termination on stocks’ liquidity, price discovery and profitability of insider trading.

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The Role of Risk Management in Corporate Governance

Annual Review of Financial Economics

2015 Failures of banks’ governance and risk management functions have been identified as key causes of the 2007-2008 financial crisis. This article reviews the empirical literature that investigates the relationship between governance structures and risk management functions as well as their impact on banks’ risk-taking and performance.

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Stronger Risk Controls, Lower Risk: Evidence from U.S. Bank Holding Companies

Journal of Finance

2013 We construct a risk management index (RMI) to measure the strength and independence of the risk management function at bank holding companies (BHCs). The U.S. BHCs with higher RMI before the onset of the financial crisis have lower tail risk, lower nonperforming loans, and better operating and stock return performance during the financial crisis years.

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Order Dynamics: Recent Evidence from the NYSE

Journal of Empirical Finance

2007 We examine investor order choices using evidence from a recent period when the NYSE trades in decimals and allows automatic executions. We analyze the decision to submit or cancel an order or to take no action. For submitted orders, we distinguish order type (market vs. limit), order side (buy vs. sell), execution method (auction vs. automatic), and pricing aggressiveness.

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Reputation Effects in Trading on the New York Stock Exchange

Journal of Finance

2007 Theory suggests that reputations allow nonanonymous markets to attenuate adverse selection in trading. We identify instances in which New York Stock Exchange (NYSE) stocks experience trading floor relocations.

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