Armen Hovakimian
Professor
Zicklin School of Business
Department: Bert Wasserman Dept Eco & Fin
Areas of expertise:
Email Address: armen.hovakimian@baruch.cuny.edu
> View CV- Biography
- Teaching
- Research and Creative Activity
- Grants
- Honors and Awards
- Service
Abstracts
Hovakimian, A., Opler, T., & Titman, S. (2001). The Debt-Equity Choice. CFA Digest,
Journal Articles
(2026). Risk Perceptions and Corporate Financing Behavior. Financial Management,
Hovakimian, A., & Hovakimian, G. (2021). Corporate Leverage and the Dynamics of its Components. Journal of Financial and Quantitative Analysis, 56(2). 499-530.
Hovakimian, A., & Hu, H. (2020). Anchoring on Historical High Prices and Seasoned Equity Offerings. Journal of Financial and Quantitative Analysis, 55(8). 2588-2612.
Hovakimian, A., & Hu, H. (2016). Institutional Shareholders and SEO Market Timing. Journal of Corporate Finance, 36. 1-14.
Hovakimian, A. (2014). U.S. Analyst Regulation and the Earnings Forecast Bias Around the World. European Financial Management, 20(3). 435-461.
(2012). Are corporate default probabilities consistent with the static tradeoff theory?. Review of Financial Studies, 25(2). 315-340.
(2012). Is the Partial Adjustment Model a Useful Tool for Capital Structure Research?. Review of Finance, 16(3). 733-754.
(2011). In Search of Conclusive Evidence: How to Test for Adjustment to Target Capital Structure. Journal of Corporate Finance, 17(1). 33-44.
(2010). Market Feedback and Equity Issuance: Evidence from Repeat Equity Issues. Journal of Financial and Quantitative Analysis, 45(3). 739-762.
(2010). Merger Motivated IPOs. Financial Management, 39(4). 1547-1573.
Hovakimian, A., & Saenyasiri, E. (2010). Conflicts of interest and Analyst Behavior: Evidence from Global Analyst Research Settlement. Financial Analysts Journal, 66(4). 96-107.
(2010). Corporate Financing Activities and Contrarian Investment. Review of Finance, 14(3). 543-584.
(2009). Cash Flow Sensitivity of Investment. European Financial Management, 15(1). 47-65.
(2009). Volatility Spreads and Expected Stock Returns. Management Science, 55. 1797-1812.
(2006). Peer Pressure: Industry Group Impacts on Stock Valuation Precision and Contrarian Strategy Performance. Journal of Portfolio Management, 80-91.
Hovakimian, A. (2006). Are Observed Capital Structures Determined By Equity Market Timing?. Journal of Financial and Quantitative Analysis, 41(1). 221-243.
Hovakimian, A. (2004). The Role of Target Leverage in Security Issues and Repurchases. Journal of Business, 77(4). 1-31.
(2004). Determinants of Target Capital Structure: The Case of Dual Debt and Equity Issues. Journal of Financial Economics, 71(3). 517-540.
(2003). How Country and Safety Net Characteristics Affect Bank Risk-Shifting. Journal of Financial Services Research, 23(3). 177-204.
(2002). The Capital Structure Choice: New Evidence for a Dynamic Tradeoff Model. Journal of Applied Corporate Finance, 15(1). 8-14.
(2001). The Debt-Equity Choice. Journal of Financial and Quantitative Analysis, 26(1). 1-24.
(2000). Effectiveness of Capital Regulation at U.S. Commercial Banks, 1985-1994. Journal of Finance, 55(1). 451-468.
(1999). Taxes and Stock Returns. Journal of Financial Education, 25(14-21).
Corporate Deleveraging: The Impact of Debt Maturity Structure and Callable Debt. in progress, In Progress.
Conference Proceedings
Hovakimian, A., & Kane, E. J. (1998). Safety Net Subsidies at U.S. Commercial Banks, 1985-1994. Proceedings of the 34th Annual Conference on Bank Structure and Competition.
Presentations
Choi, Y., Hovakimian, A., & Won, J. (2026, July 2). Risk Perception and Corporate Investment and Financing Behaviors. China International Conference in Finance (CICF). Shanghai, China
Choi, Y., Hovakimian, A., & Won, J. (2026, November 2). Risk Perception and Corporate Investment and Financing Behaviors. Conference on Financial Economics and Accounting (CFEA) annual conference. Atlanta, Georgia: Georgia State University.
(2022, October 1). Risk Perception and Corporate Investment and Financing Behaviors. Financial Management Association (FMA) annual conference. Atlanta, Georgia: Financial Management Association.
(2026, September 2). Risk Perceptions and Corporate Investment and Financing Behaviors. Korea-America Finance Association (KAFA) Brown Bag Seminar Series. : Korea-America Finance Association.
Hovakimian, A., & Hovakimian, G. (2018, May 31). Leverage Persistence and Corporate Dynamic Tradeoff Behavior. Financial Management Association - Asia/Pacific conference. Hong Kong
Hovakimian, A., & Hu, H. (2016, April 11). The Impact of Reference Point Prices on Seasoned Equity Offerings. Finance Seminar. Oxford, Ohio: Miami University.
Hovakimian, A., & Hu, H. (2016, June 29). The Impact of Reference Point Prices on Seasoned Equity Offerings. Annual Meeting. Basel, Switzerland: European Financial Management Association.
Hovakimian, A. (2015, June 19). Systemic Risk. Annual Meeting. Yerevan, Armenia: Armenian Economic Association.
Hovakimian, A., & Hu, H. (2015, November 16). The Impact of Reference Point Prices on Seasoned Equity Offerings. Finance Seminar. Boca Raton, Florida: Florida Atlantic University.
Hovakimian, A., Kayhan, A., & Titman, S. (2010, April 30). Credit Rating Targets. Finance Seminar. : Syracuse University.
Hovakimian, A., & Vulanovic, M. (2008, July 8). Corporate Financing of Maturing Long-Term Debt. Annual Meeting. Yokohama city, Japan: Asian Finance Association.
Hovakimian, A., & Hovakimian, G. (2006, December 31). Cash Flow Sensitivity of Investment. Annual Meeting. : Financial Management Association.
Hovakimian, A. (2005, December 31). Are Observed Capital Structures Determined By Equity Market Timing?. Finance Seminar. : University of Florida.
Hovakimian, A., & Hovakimian, G. (2005, December 31). Cash Flow Sensitivity of Investment. Annual Meeting. : European Financial Management Association.
Hovakimian, A. (2005, December 31). Are Observed Capital Structures Determined By Equity Market Timing?. Annual Meeting. : American Finance Association.
Hovakimian, A. (2004, December 31). Are Observed Capital Structures Determined By Equity Market Timing?. Finance Seminar. : SUNY Binghamton.
Hovakimian, A., Kane, E. J., & Laeven, L. (2003, December 31). How Country and Safety Net Characteristics Affect Bank Risk-Shifting. Annual Meeting. : American Finance Association.
Hovakimian, A., Hovakimian, G., & Tehranian, H. (2003, December 31). Determinants of Target Capital Structure: The Case of Dual Debt and Equity Issues. Annual Meeting. : American Finance Association.
Hovakimian, A. (2002, December 31). The Role of Target Leverage in Security Issues and Repurchases. Annual Meeting. Berlin: European Finance Association.
Hovakimian, A., Hovakimian, G., & Tehranian, H. (2002, December 31). Determinants of Target Capital Structure: The Case of Dual Debt and Equity Issues. Annual Meeting. : Financial Management Association.
Hovakimian, A., Hovakimian, G., & Tehranian, H. (2001, December 31). Determinants of Target Capital Structure: The Case of Dual Debt and Equity Issues. Finance Seminar. : Baruch College.
Hovakimian, A. (2000, December 31). The Role of Target Leverage in Security Issues and Repurchases. Annual Meeting. : Financial Management Association.
Hovakimian, A. (1999, December 31). Incentive Effects of Financial Structure. FMA European Conference. Barcelona: Financial Management Association International.
Hovakimian, A., Opler, T., & Titman, S. (1999, December 31). The Debt-Equity Choice. Finance Seminar. : Baruch College.
Hovakimian, A., & Kane, E. J. (1998, December 31). Safety Net Subsidies at U.S. Commercial Banks, 1985-1994. Conference on Bank Structure and Competition. : Federal Reserve Bank of Chicago.
Hovakimian, A. (1998, December 31). Incentive Effects of Financial Structure. Conference on Financial Economics and Accounting. : NYU.
Hovakimian, A. (1997, December 31). Incentive Effects of Financial Structure. Finance Seminar. : Baruch College.
Hovakimian, A. (1996, December 31). Incentive Effects of Financial Structure. Doctoral Student Consortium. New Orleans: FMA.
Hovakimian, A. (1996, December 31). Incentive Effects of Financial Structure. New England Finance Doctoral Students Symposium. : Amherst.
Research Currently in Progess
Choi, Y., Hovakimian, A., & Won, J.(n.d.). Risk Perception and Corporate Financing Behavior. In Progress.
Using a recently developed measure of financial market risk perceptions, we show that market risk perceptions affect firm-level corporate financing. While multiple channels drive these results, we find evidence that firms cater to investors’ preferences. When perceived risk is low, firms tend to choose more leveraged capital to take advantage of overvaluation associated with higher risk. When perceived risk is high, firms tend to deleverage to avoid undervaluation associated with higher risk.
| Title | Funding Agency Sponsor | Start Date | End Date | Awarded Date | Total Funding | Status |
|---|---|---|---|---|---|---|
| Corporate Deleveraging: The Impact of Debt Maturity Structure and Callable Debt | PSC-CUNY 51 | 07/01/2020 | 12/31/2022 | 04/17/2020 | 3483.4 | Completed |
| The Persistent and the Transitory in Corporate Leverage Ratios | PSC-CUNY 48 | 07/01/2017 | 06/30/2018 | 04/14/2017 | 3396.8 | Completed |
| Systemic risk of US banks | PSC-CUNY 43 | 07/01/2012 | 06/30/2013 | 04/17/2012 | 2598.4 | Completed |
| Stock prices and corporate investment | PSC-CUNY 42 | 07/01/2011 | 06/30/2012 | 04/15/2011 | 2647.6 | Completed |
| Credit rating targets | PSC-CUNY 41 | 07/01/2010 | 06/30/2011 | 4206.8 | Completed | |
| Target capital structure and adjustment dynamics | PSC-CUNY 40 | 07/01/2009 | 06/30/2010 | 3200 | Completed | |
| Corporate Financing Events and Stock Return: Testing the Risk and Mispricing Hypothesis | PSC-CUNY 39 | 07/01/2008 | 12/31/2009 | 2500 | Completed |