| I am currently an Assistant Professor of Finance at Terry School of Business, University of Georgia.
I earned my PhD in Finance from Simon School Business,
University of Rochester, in June 2008 and joined UGA in July 2008.
I also hold Master of Science degree in Finance from University of Rochester (2006, Phi Beta Kappa),
Master of Arts degree in Economics from New Economic School
(2003, cum laude), and Bachelor of Arts degree in Economics from
Lomonosov Moscow State University (2002, summa cum laude).
My work uses the concept of aggregate volatility risk to explain why high idiosyncratic volatility firms
earn low expected returns. I show both theoretically and empirically that high idiosyncratic volatility firms
offer a hedge against low returns during increases in expected aggregate volatility. The aggregate
volatility risk also explains several related anomalies, including the abysmal returns of small
growth firms, IPOs, SEOs, etc.
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