Biography
Stanislava (Stas) Nikolova is the Alice M. Dittman Chair of Banking and Finance, and Professor of Finance at the University of Nebraska-Lincoln (UNL). Prior to joining UNL, she was a Senior Financial Economist in the Division of Economic and Risk Analysis at the U.S. Securities and Exchange Commission (SEC). In that capacity, Dr. Nikolova advised the SEC on rules governing the issuance of fixed-income securities, the disclosure and offering process of asset-backed securities, the registration of municipal advisers, the integrity of credit ratings, and the management and accountability of credit rating agencies. She also assisted the Commission with the economic aspects of enforcement cases, and examinations of broker-dealers and investment advisers.
Dr. Nikolova's research centers on various aspects of fixed-income markets, including regulating these markets and investing in them. Her work has been published in the Journal of Financial Economics, Review of Financial Studies, Journal of Accounting and Economics, and Journal of Financial and Quantitative Analysis among others.
Links
Journal Publications
S. Murray and S. Nikolova, 2022. The Bond Pricing Implications of Rating-Based Capital Requirements. Journal of Financial and Quantitative Analysis 57, 2177-2207. [Best Paper Award, 2018 INQUIRE Europe/UK Joint Seminar]
G. Girardi, K. W. Hanley, S. Nikolova, L. Pelizzon and M. Sherman, 2021. Portfolio Similarity and Asset Liquidation in the Insurance Industry. Journal of Financial Economics 142, 69-96.
K. W. Hanley and S. Nikolova, 2021. Rethinking the Use of Credit Ratings in Capital Regulations: Evidence From the Insurance Industry, Review of Corporate Finance Studies 10, 347-401.
S. Nikolova, L. Wang and J. Wu, 2020. Institutional Allocations in the Primary Market for Corporate Bonds, Journal of Financial Economics 137, 470-490.
A. D. Jagolinzer, K. W. Hanley and S. Nikolova, 2018. Strategic Estimation of Asset Fair Values, Journal of Accounting and Economics 66, 25-45.
G. Jostova, S. Nikolova, A. Philipov and C. W. Stahel, 2013. Momentum in Corporate Bond Returns, Review of Financial Studies 26, 1649-1693.
M. J. Flannery, S. Nikolova and Ö. Öztekin, 2012. Leverage Expectations and Bond Credit Spreads, Journal of Financial and Quantitative Analysis 47, 689-714. [Lead article]
Other Publications
K. W. Hanley and S. Nikolova, 2014. "The Removal of Credit Ratings from Capital Regulation: Implications for Systemic Risk," Review of Financial Regulation Studies 13, 5-6.
M. J. Flannery and S. Nikolova, 2004. “Market Discipline of U.S. Financial Firms: Recent Evidence and Research Issues,” in Claudio Borio, William C. Hunter, George Kaufman, and Kostas Tsatsaronis, ed. Market Discipline Across Countries and Industries (MIT Press).
Working Papers
The Transaction Costs of Trading Corporate Credit. (with G. Biswas and C. W. Stahel)
- Reject & resubmit at Journal of Finance
- Conferences: 2015 AFA, 2015 FIRS, 2015 FIFI, 2015 FMA Europe
Dealer Behavior and the Trading of Newly Issued Corporate Bonds. (with M. Goldstein and E. Hotchkiss)
- Conferences: 2021 MFA, 2020 FIFI, 2020 SAFE Market Microstructure, 2020 FIRS (COVID-cancelled), 2020 CFIC (COVID-cancelled), 2020 SGF Conference (COVID-cancelled), 2019 FRIC Conference on Financial Frictions, 2019 Banque de France-ESSEC Workshop on OTC Markets
Corporate Bond Flipping. (with L. Wang)
- Best paper award semifinalist, 2021 FMA Annual Conference
- Conferences: 2023 Lehigh/SEC/UMD Conference on Financial Market Regulation (scheduled), 2022 SFS Cavalcade Asia-Pacific, 2022 FMA Europe, 2021 Women in Microstructure Meeting, 2021 FMA
Graduate Courses
Investments Seminar – Fixed Income (FINA 966)
This is a seminar-style PhD course on fixed-income markets, investors, and intermediaries. It is intended as a survey of several broad topics in fixed income research, with a specific focus on empirical corporate bond research.
Fixed Income Analysis (FINA 802)
This is a lecture-style online course on fixed-income markets, fixed-income securities, and the tools employed by market participants to the analysis of fixed-income investments.
Undergraduate Courses
Investment Principles (FINA 363)
This course provides an introduction to investment risks and rewards, the operation of the securities business, and the problems of qualitative and quantitative analysis for portfolio selection.
Fixed Income Investments (FINA 367)
This course provides an introduction to fixed-income markets, fixed-income securities, and tools employed by market participants to the analysis of fixed-income investments.
Associate Editor, Quarterly Journal of Finance, 2021-present
Secretary, Midwest Finance Association, 2021-present
Track Chair
- MFA Annual Conference, 2023
- Eastern Finance Association Annual Conference, 2022
- FMA Annual Conference, 2020