Stanislava (Stas) Nikolova is an Associate 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.
S. Murray and S. Nikolova, 2021. 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]
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).
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
Fixed Income Analysis (FINA 802)
Basic understanding of fixed-income markets, fixed-income securities, and tools employed by market participants to the analysis of fixed-income investments.
Investment Principles (FINA 363)
Survey of investment risks and rewards, the operation of the securities business, and an introduction to the problems of qualitative and quantitative analysis and portfolio selection.
Fixed Income Investments (FINA 367)
This course is designed to provide students with a basic understanding of fixed-income markets, fixed-income securities, and tools employed by market participants to the analysis of fixed-income investments. The main topics include (1) debt and money markets, (2) interest rate behavior and determination, (3) bond valuation, (4) managing bond risk, (5) bonds with embedded options, and (6) mortgage-backed and asset-backed securities.
Associate Editor, Quarterly Journal of Finance, 2021-present
Secretary, Midwest Finance Association, 2021-present
Track Chair, FMA Annual Conference, 2020