Skip to main content
University of Nebraska–Lincoln
Search

Profile

Stanislava (Stas) Nikolova Photo

Stanislava (Stas) Nikolova

Alice M. Dittman Chair of Banking and Finance and Professor of Finance
Finance
HLH 425 W
P.O. Box 880490
Lincoln, NE 68588-0490
snikolova2@unl.edu
ssrn icongoogle scholar icon
Stanislava (Stas) Nikolova Photo
Education
Ph.D. Finance, University of Florida
B.S. Management, State University of New York - Geneseo
Areas of Expertise
  • Fixed-Income Securities
  • Regulation of the Financial Sector
  • Insurance Companies
Appointments
  • Alice M. Dittman Chair in Banking and Finance, 2022
  • Professor of Finance, 2022
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, forthcoming. [Best Paper Award, 2018 INQUIRE Europe/UK]

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: 2021 Women in Microstructure Meeting, 2021 FMA, 2022 FMA Europe
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
Research Awards and Grants
  • Best Paper Award Semifinalist, FMA Annual Conference, 2021
  • Senior Research Fellowship, LTI@UniTo at Collegio Carlo Alberto, Universita di Torino, 2021
  • Best Paper Award, INQUIRE Europe and INQUIRE UK Joint Seminar, 2018
  • Sustainable Architecture for Finance in Europe (SAFE) Grant, Leibniz Institute for Financial Research SAFE, 2014
  • College of Business Best Paper Award, University of Nebraska-Lincoln, 2014
  • Economic Research Award, Securities and Exchange Commission, 2013
  • Law and Policy Award - Dodd Frank Implementation Team, Securities and Exchange Commission, 2011
  • Chairman’s Award for Excellence – Flash Crash Team, Securities and Exchange Commission, 2011
  • Distinguished Service Award, Securities and Exchange Commission, 2011
  • Summer Research Award, George Mason University, 2008
  • Research Grant, FDIC Center for Financial Research, FDIC, 2007
  • Summer Research Award, George Mason University, 2007
Teaching Awards
  • College of Business Distinguished Teaching Award Nomination, University of Nebraska-Lincoln, 2018
  • College of Business Distinguished Teaching Award Nomination, University of Nebraska-Lincoln, 2017
  • College of Business Distinguished Teaching Award Nomination, University of Nebraska-Lincoln, 2014