Headshot of Art Durnev

Art Durnev

Professor of Finance
Patricia A. and George W. Wellde Jr. Distinguished Chair in Finance
  • Profile

    Art Durnev holds the prestigious Patricia A. and George W. Wellde Jr., Distinguished Chair in Finance at the Robins Business School of the University of Richmond. With research expertise in corporate finance, climate and finance, and politics and finance, he has published his work in globally recognized journals such as  Journal of Finance, Review of Financial Studies, Journal of Financial and Quantitative Analysis, Management Science, Journal of Accounting Research, Journal of Accounting and Economics, Journal of Corporate Finance, Journal of International Business Studies, Journal of Business Finance and Accounting, Michigan Law Review, Pacific-Basin Finance Journal, Quarterly Review of Economics and Finance, Economics of Transition, among others. Having a Google citation index of over 10,000, his contributions to the field have been widely recognized. Prior to his current position, he served as a faculty member at the University of Iowa, McGill University, and the University of Miami. His dedication and expertise have earned him various awards, including multiple G.R.E.A.T (best Executive MBA professor) awards and the Dean's Teaching Award. His teaching experience stretches across the globe, as he has taught classes for executives, MBAs, PhDs, and undergraduates in various countries, including the United States, Canada, Hong Kong, the United Kingdom, Japan, Italy, and Russia. He has also presented his research at numerous seminars and conferences worldwide, and has actively engaged with global media outlets through interviews, public speeches, and op-eds. He has received multiple prestigious national and international grants in recognition of his scholarly accomplishments. He holds a Ph.D. in Finance from the University of Michigan Business School, as well as an MA in Economics from both Pennsylvania State University and the New Economic School. Beyond his professional achievements, he embodies diverse interests. He is a citizen of the United States, Canada, Russia, and an Overseas Citizen of India. In addition to his passion for finance, D is an enthusiast of Italian Pop music, competitive judo (earning a black belt in 2016 and achieving the top ranking in the US in his category in 2014 and 2015), ultramarathons, competitive poker, and international politics.

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    • Awards

      G.R.E.A.T. Teaching Award, Executive MBA, University of Iowa, 2019 

      G.R.E.A.T. Teaching Award, Executive MBA, University of Iowa, 2017 

      Collegiate Teaching Award Nomination, University of Iowa, 2016

      G.R.E.A.T. Teaching Award, Executive MBA, University of Iowa, 2016 

      Letter of recognition from Iowa Press Citizen for excellence in teaching, University of Iowa, 2015

      Dean’s Recognition of Top Quartile ACE Evaluations, University of Iowa, 2015

      Letter of recognition from the University President for media exposure, University of Iowa, 2014

      Collegiate Teaching Award Nomination, University of Iowa, 2015

      G.R.E.A.T. Teaching Award, Executive MBA, University of Iowa, 2015

      Dean's Teaching Award, University of Iowa, 2014

      G.R.E.A.T. Teaching Award, Executive MBA, University of Iowa, 2014

      Best paper award, New Zealand Institute for the Study of Competition and Regulation, 2012

      Academic Achievement Award, Canadian Capital Markets Institute, 2008

      Best Paper Award in Corporate Governance, Financial Management Association, 2007

      Nomination for Brattle Prizes in Corporate Finance, Journal of Finance, 2006

      Best Paper Award in Global Finance, Southern Finance Association, 2005 

      Nomination for Brattle Prizes in Corporate Finance, Journal of Finance, 2004

      Mitsui Life Summer Award, University of Michigan, University of Michigan, 2003

      Charles S. Gessner Award for Academic Achievements, University of Michigan, 2002 

      James W. McLamore Summer Award in Business and Social Sciences, University of Michigan, 2002 

      John M. Olin Fellowship in Law and Economics, University of Michigan, 2001

      Mitsui Life Award for Best Overall Academic Performance, University of Michigan, 2001

      Rodkey Graduate Fellowship and Business Administration Fellowship, University of Michigan, 1998

      Donohoe Memorial Award, awarded to a top Ph.D. student in Economics, Pennsylvania State University, 1997

  • Publications
    Journal Articles

    Dunev, A., Mangen, C. (2020). The Spillover Effects of MD&A Disclosures for Real Investments: The Role of Industry Competition. Journal of Accounting and Economics, 70, 201-299

    Cosset, J.-C., Durnev, A., Dos Santos, I. (2020). Privatization and State Ownership of Natural Advantage Industries. The Quarterly Review of Economics and Finance 76, 68-83

    Colak, G., Durnev, A., Qian, Y. (2017). Political Uncertainty and IPO Activity: Evidence from US Gubernatorial Elections. Journal of Financial and Quantitative Analysis, 52, 2,523-2,564

    Col, B., Durnev, A., Molchanov, A. (2017). Foreign Risk, Domestic Problem: Capital Allocation and Firm Performance under Political Instability. Management Science, 64, 2,102-2,125

    Dunev, A., Li, T., Magnan, M. (2017). Beyond Tax Avoidance: Offshore Firms’ Institutional Environment and Financial Reporting. Journal of Business Finance and Accounting, 44 (5-6), 646-696

    Durnev, A., Enikolopov, R., Petrova, M., Santarosa, V. (2016). Politics, Instability, and Composition of International Investment Flows. Journal of Corporate Finance, 30, 299-324

    Durnev, A., Li, T., Magnan, M. (2016). Are offshore firms worth more? Journal of Corporate Finance, 36, 151-156.

    Boutchkova, M., Durnev, A., Doshi, H., Molchanov, A. (2012). Precarious Politics and Return Volatility. Review of Financial Studies, 25 (4), 1,111-1,154

    Durnev, A. A. (2011). Comment: Do We Need a New Theory to Explain Emerging Market MNEs? Foreign Direct Investment in Emerging Markets: The Challenges Ahead. Palgrave McMillan, New York

    Durnev, A., Mangen, C. (2009). Corporate Investments: Learning from Accounting Restatements. Journal of Accounting Research, 47 (3), 679-720

    Durnev, A., Errunza, V., Molchanov, A. (2009). Property Rights Protection, Corporate Transparency, and Growth. Journal of International Business Studies, 40, 1,533-1,562

    Durnev, A., Kim, E. H. (2007). Explaining Differences in the Quality of Governance among Companies: Evidence from Emerging Markets. Journal of Applied Corporate Finance, 19 (1), 16-24

    Durnev, A. A., Nain, A. (2007). The Effectiveness of Insider Trading Regulation: International Evidence. Journal of Institutional Comparisons, 1, 1-27

    Durnev, A., Nain, A. (2007). Does Insider Trading Regulation Deter Private Information Trading? International Evidence. Pacific-Basin Finance Journal, 15, 409-433

    Durnev, A. A. (2006). Capital Markets in Transition. UNDP Development and Transition Newsletter (3), 9-11 

    Durnev, A., Kim, E. H. (2005). To Steal or Not to Steal: Firm Attributes, Legal Environment, and Valuation. Journal of Finance, 60 (3), 1,461-1,493

    Durnev, A., Li, K., Morck, R., Yeung, B. (2004). Capital Markets and Capital Allocation: Implications for Economies in Transition. The Economics of Transition, 12 (4), 593-634

    Durnev, A., Morck, R., Yeung, B. (2004). Value Enhancing Capital Budgeting and Firm-specific Stock Return Variation. Journal of Finance, 59 (1), 65-105

    Durnev, A., Morck, R., Yeung, B., Zarowin, P. (2003). Does Greater Firm-specific Return Variation Mean More or Less Informed Stock Pricing? Journal of Accounting Research, 41 (5), 797-836

    Fox, M., Morck, R., Yeung, B., Durnev A., (2003). Law, Share Price Accuracy, and Economic Performance: The New Evidence. Michigan Law Review, 102 (3), 331-386