Leonard Kostovetsky
Assc Professor
Zicklin School of Business
Department: Bert Wasserman Dept Eco & Fin
Areas of expertise:
Email Address: leonard.kostovetsky@baruch.cuny.edu
> View CV- Biography
- Teaching
- Research and Creative Activity
- Grants
- Honors and Awards
- Service
Education
Ph.D., Economics, Princeton University Princeton United States
M.S., Economics, Princeton University Princeton United States
B.A., Economics, Princeton University Princeton United States
Journal Articles
(2025). Investor Heterogeneity and the Market for Fund Benchmarks: Evidence from Passive ETFs. JOURNAL OF BANKING AND FINANCE, 173.
(2024). Returns to Specialization: Evidence from Health Mutual Fund Managers. JOURNAL OF FINANCIAL MARKETS, 70.
Kostovetsky, L., & Benedetti, H. (2021). Digital Tulips? Returns to investors in initial coin offerings. JOURNAL OF CORPORATE FINANCE, 66.
Kostovetsky, L., & Warner, J. B. (2020). Measuring Innovation and Product Differentiation: Evidence from Mutual Funds. JOURNAL OF FINANCE, 75(2). 779-823.
Kostovetsky, L., Knyazeva, A., & Knyazeva, D. (2018). Investor heterogeneity and trading. EUROPEAN FINANCIAL MANAGEMENT, 24(4). 680-718.
Kostovetsky, L. (2017). Brain Drain: Are Mutual Funds Losing Their Best Minds?. QUARTERLY JOURNAL OF FINANCE, 7(3).
Kostovetsky, L. (2016). Whom Do You Trust?: Investor-Advisor Relationships and Mutual Fund Flows. REVIEW OF FINANCIAL STUDIES, 29(4). 898-936.
Kostovetsky, L. (2015). Political capital and moral hazard. JOURNAL OF FINANCIAL ECONOMICS, 116(1). 144-159.
Kostovetsky, L., & Warner, J. B. (2015). You're Fired! New Evidence on Portfolio Manager Turnover and Performance. JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS, 50(4). 729-755.
Kostovetsky, L., & Di Giuli, A. (2014). Are red or blue companies more likely to go green? Politics and corporate social responsibility. JOURNAL OF FINANCIAL ECONOMICS, 111(1). 158-180.
(2012). Red and blue investing: Values and finance. JOURNAL OF FINANCIAL ECONOMICS, 103(1). 1-19.
(2003). Index mutual funds and exchange-traded funds - A comparison of two methods of passive investment. JOURNAL OF PORTFOLIO MANAGEMENT, 29(4). 80-+.
Research Currently in Progess
Kostovetsky, L.(n.d.). One Hundred Years of Mutual Funds. In Progress.
Work in Progress
Kostovetsky, L.(n.d.). A Taxonomy of Investment Strategies. In Progress.
Work in Progress
Kostovetsky, L.(n.d.). Revealed Preferences of ESG Funds. In Progress.
Work in Progress
Kostovetsky, L., & Manconi, A.(n.d.). How Much Labor Do You Need to Manage Capital?.
Kostovetsky, L., & Manconi, A.(n.d.). Common Institutional Ownership and Diffusion of Innovation. In Progress.
Kostovetsky, L., Peng, L., Yonac, M., & Rauh, C.(n.d.). Measuring Local Climate Change Attention: Does it Affect Investors and Firms?. In Progress.
| Honor / Award | Organization Sponsor | Date Received | Description |
|---|---|---|---|
| Zicklin School Teaching Excellence Award 2025 | 2025-05-09 |
College
| Committee Name | Position Role | Start Date | End Date |
|---|---|---|---|
| Brown Bag seminar coordinator | Committee Chair | Present | |
| RFCUNY Grant Evaluator | Grant Evaluator | Present | |
| Zicklin School Graduate Committee on Academic Standing | Committee Member | Present | |
| Search committee for two junior positions in finance | Committee Member | 3/1/2026 | |
| Oral Exam Committee for Yiyang Yu | Committee Member | 2/5/2026 | |
| Oral Exam Committee for Kexin Tang | Committee Member | 2/5/2026 | |
| Oral Exam Committee for Calthbert Atso | Committee Member | 5/30/2025 | |
| Oral Exam Committee for Qinan Wang | Committee Member | 5/30/2025 | |
| Search committee for junior position in finance | Committee Member | 3/1/2025 | |
| Oral Exam Committee for Yukun Liu | Committee Member | 2/10/2025 | |
| Oral Exam Committee for Chang-Shu Chung | Committee Member | 5/20/2024 | |
| Oral Exam Committee for Yukun Liu | Committee Member | 5/20/2024 | |
| Oral Exam Committee for Richard Ieong | Committee Member | 5/14/2024 | |
| Committee on Screening Papers for 2024 Baruch ESG Conference | Committee Member | 12/21/2023 | |
| Admissions committee for PhD in finance | Committee Member | 5/1/2023 | |
| Search committee for junior positions in finance and entrepreneurship | Committee Member | 3/1/2023 |
Professional
| Organization | Position Role | Organization State | Organization Country | Start Date | End Date | Audience |
|---|---|---|---|---|---|---|
| 35th CFEA Conference | Reviewer, Conference Paper | Michigan | United States | 7/1/2025 | 7/31/2025 | International |