Simonov Andrei

- Professor, Head of Department

- Professor, Head of Empirical Studies of Investments and Financial Markets Department, Center for Macroeconomics and Finance


Works of Mr. Simonov were published in the leading international economic issues such as American Economic Journal, Review of Financial Studies, Journal of Finance, Journal of Financial Economics, Review of Finance, Management Science.
His researches were highlighted in the international media such as The Wall Street Journal, The Times (London), Dow Jones Market Watch.


  • 1988 - Moscow State University (Moscow, Russia) M.S. in Physics (degree with distinction)
  • 1991 - Moscow State University (Moscow, Russia) Ph.D. in Theoretical Physics
  • 1996- 2000 - INSEAD Ph.D. in Finance

Foreign Languages
English – fluent

Work experience

  • 1991-1993 Ames National Laboratory- DOE, Ames, Iowa, USA. Postdoctoral Research
  • 1993-1996 Integrated Decisions and Systems, Inc., Bloomington, Minnesota, USA. Research
  • Since 2008 - Eli Broad Graduate School of Management, Michigan State University Associate Professor (tenured June 2010)
  • 2008 - School of Business, Stockholm University Professor, Financial Economics Chair (named)
  • Since 2012 - Empirical Finance Research Center, Gaidar Institute for Economic Policy Scientific Director
  • CEPR London, junior research assistant

Professor Simonov teaches such courses as Financial Economics, Debt, Money Instruments and Markets, Behavioral Finance.

Awards, scholarships and prizes

  • 2002-2003 - Bank of Sweden Tercentenary Fund
  • 2003 - Grant of Inquire Europe
  • 2005 - Gamma Foundation, Research Competition, Project: "How does historical interaction affect investor portfolio choice? College interaction, familiarity bias and stock market bubble"
  • 2006 - EFA/LECG Prize for Best Paper in Behavioral Finance
  • 2006 - Iddo Sarnat Award
  • 2012 - Hendrik Zwarensteyn Memorial Endowed Research Award


  • Alliances and Corporate Governance / joint with Andriy Bodnaruk and Massimo Massa) // Journal of Financial Economics, accepted May 2012.
  • On the Real Effects of Bank Bailouts: Micro-Evidence from Japan / joint with M. Giannetti // American Economic Journal: Macroeconomics, forthcoming January 2013.
  • Do Small Shareholders Count? / joint with M. Massa and E. Kandel // Journal of Financial Economics, vol. 101(2011), pp. 641-665.
  • Is College a Focal Point of Investor Life? / with M. Massa // Review of Finance vol.15 (2011), pp. 757-797 doi:10.1093/rof/rfr009.
  • Investment Banks as Insiders and the Market for Corporate Control / with Andriy Bodnaruk and Massimo Massa // Review of Financial Studies, vol. 22-12 (2009), pp. 4989-5026.
  • Social Interactions and Entrepreneurial Activity" (old title "Does Prestige Matter More Than Profits? Evidences from Entrepreneurial Choice / joint with M. Giannetti // Journal of Economics and Management Strategy, vol. 18-3 (2009), pp. 665-709.
  • Strategic Experimentation in Financial Markets / joint with M. Massa // Management Science vol. 55-8 (2009), pp.1377-1390.
  • Shareholder Diversification and the Decision to Go Public / joint with A. Bodnaruk, E. Kandel, M. Massa // Review of Financial Studies, vol 21-6 (2008), pp. 2779-2824.
  • Stock Market Participation and Pension Reform / joint with A. Karlsson and M. Massa // Transitioning to Retirement: How Will Boomers Fare? edited by Olivia S. Mitchell, Beth J. Soldo and Brigitte Madrian, Oxford University Press, 2007 (refereed volume).
  • Hedging, Familiarity and Portfolio Choice / joint with M. Massa // Review of Financial Studies, vol. 19 (2006), pp. 633-686.
  • Which Investors Fear Expropriation? Evidence from Investors' Portfolio Choices / joint with M. Giannetti // Journal of Finance, vol. 61-3 (2006), pp. 1507-1547.
  • Is Learning a Dimension of Risk? / joint with M. Massa // Journal of Banking and Finance, vol. 29 (2005), pp. 2605-2632. (Winner of 2006 Iddo Sarnat Award).
  • Behavioral Biases and Investment / joint with M. Massa // Review of Finance, vol. 9 (2005), pp. 483-507.
  • On the Determinants of Entrepreneurial Activity: Individual Characteristic, Economic Environment, and Social Norms / joint with M. Giannetti // Swedish Economic Policy Review, vol. 11 (2004), pp. 269-313.
  • Reputation and Dealers' Trading: a microstructure analysis of the Treasury Bond market / joint with M. Massa // Journal of Financial Markets, vol. 6 (2003), pp. 99-141.