KATERYNA V. HOLLAND
University of New Mexico, Anderson School of Management
305 GSM . Albuquerque . NM 87106 . K8Holland@unm.edu . updated Sep. 2025
ACADEMIC APPOINTMENTS
Assistant Professor of Finance, University of New Mexico, 2025-present
Assistant Professor of Finance, University of Missouri, 2019-2025
Assistant Professor of Finance, Purdue University, 2013-2019
OTHER WORK EXPERIENCE
Questions in Finance podcast (with Veljko Fotak), 2024-present
Power Trader, Williams Co., Tulsa, OK, 2001 - 2004
PROFESSIONAL INTERESTS
Research: Politics and Finance, Government Ownership, Corporate Culture, Corporate Finance, Shareholder Meetings
Energy
Teaching: Corporate finance and valuation classes, experiential learning student-run VC fund classes.
EDUCATION
Ph.D.; Finance, University of Oklahoma, 2013
MBA (GPA: 4.0); University of Oklahoma, 2001
Price Scholar Program; New York University, Stern School of Business, 2000
BS; Management Information Systems (GPA: 4.0), University of Science and Arts of Oklahoma, 1999
PUBLICATIONS
Holland, K. and E. Im, forthcoming, “Corporate Culture Messaging and National Politics,” Journal of Financial and Quantitative Analysis
Ederington L., Fernando, C., Holland, K., Linn, S., and T. Lee, 2021, “Dynamics of Arbitrage,” Journal of Financial and Quantitative Analysis 56(4), 1350-1380
Holland, K., 2019, “Government Investment in Publicly Traded Firms,” Journal of Corporate Finance 56, 319-342.
Borisova, G., Fotak V., Holland, K. and W. Megginson, 2015, “Government Ownership and the Cost of Debt: Evidence from Government Investments in Publicly Traded Firms,” Journal of Financial Economics 118(1), 168-191.
Holland, K., 2010, TARP Participation and Exit for U.S. Banks, Privatization Barometer
Holland, K., 2009, Bank Nationalizations: A History of the Credit Crisis of 2007-09, Privatization Barometer
WORKING PAPERS
The Gradual Reveal: Understanding Shareholder Meetings through Options (with Chan Lim and Irene Yi), 2025, under review
Abstract: We investigate how investor uncertainty resolves around U.S. annual shareholder meetings using option-implied volatility. Implied volatility gradually declines by 0.9 percentage points from the record date to the meeting date. This gradual resolution helps explain the often-insignificant abnormal stock returns reported by prior event studies. The timing and magnitude of this resolution vary with the presence of shareholder proposals, close votes, and voting premiums and contrast with sharper volatility dynamics around special meetings or proxy contests. Our findings highlight how meetings shape market expectations in economically meaningful ways by resolving firm-specific uncertainty: insights often missed by event-day stock return analyses.
- Outstanding Paper Award at the 2021 Joint Conference with Allied Korea Finance Association
Corporate Cash Flow Outcomes Across Presidencies: Still a Presidential Puzzle (with Esther Im), 2025
Abstract: This paper offers new economic insights into the well-known “presidential puzzle,” where returns are lower during Republican presidencies. We examine the underlying mechanism and find that corporate cash flow outcomes—sales growth, profitability, operating cash flows, and investment—are lower, while taxes and employment decrease, and cash holdings increase. In addition, we consider cross-sectional explanations, including Congressional alignment, presidency years, exposure to government contracts, exports, and political polarization. Results vary across firms, with Democrat-leaning area firms experiencing lower profitability, sales, and investment during Republican presidencies. This paper documents additional real effects of the “presidential puzzle” in public firms.
Electronic Trading and Price Discovery in Commodity Futures: A Tale of Two Markets (with Scott Linn, Chitru Fernando, and Huiming Zhang), 2025, revising for resubmission
Abstract: We study the impact on price discovery when commodity futures move to electronic trading by comparing the behavior of the two major crude oil markets, West Texas Intermediate (WTI) and Brent. While the switch to electronic trading sharply increased trading volume in both markets, WTI futures became significantly more important for (indeed, the sole contributor to) price discovery, while Brent futures became significantly less important. This difference is attributable to the difference in implementation of electronic trading in the two markets. While electronic and floor trading of WTI futures occurred side by side for over eight years before floor trading was discontinued, Brent discontinued floor trading overnight when the market switched to electronic trading. Our findings show (a) that the benefits of electronic trading need to be assessed not only from the standpoint of improvements in liquidity but also price discovery; and (b) how futures markets transition from floor trading to electronic trading is a critical determinant of ensuring the realization of the potential benefits of electronification through improvements in both liquidity and price discovery.
The Cost of Murder: Shareholder Response to a Social Reputation Shock (with Veljko Fotak and Vishal Sharma), 2025
Abstract: We employ the murder of Jamal Khashoggi, allegedly at the hands of agents of the Kingdom of Saudi Arabia (KSA), as an exogenous shock to the reputation of foreign publicly traded firms, from over 59 countries, with connections to the KSA. We find that these connected firms lose approximately two percent (circa USD 400 million) of market capitalization when the murder culprit is revealed. Shareholder decisions to divest stakes in these firms are mainly influenced by cultural factors – “individualism” and “femininity” – rather than institutional factors. Firms with a bigger proportion of “socially responsible” shareholders experience larger stock-price declines around the murder revelation.
TEACHING
Financial Decision Making (MGMT526), University of New Mexico, 2025
Financial Analysis (FIN8310 and FIN8312), University of Missouri, 2025, 4.8
Introduction to Corporate Finance (FIN3000), University of Missouri, 2024
Advanced Corporate Finance (FIN4010), University of Missouri 4.6-4.8/5, 2020-2024
Advisor for AACE (Allen Angel Capital Education) Student Venture Fund, 2020-2024
MSF Corporate Finance (MGMT610), Purdue University 5/5 (Summer 2018, 2019)
PhD Corporate Finance Seminar (MGMT618), Purdue University 5/5 (Fall 2015, 2017)
Advanced Corporate Finance (MGMT413), Purdue University, average 4.8/5 (Fall 2013, 2015, Spring 2015, 2016, 2017, 2018, 2019)
OTHER:
Investments (FIN 4103/5103), University of Oklahoma. 4.75/5.00 (Summer 2011)
Business Finance (FIN 3303), University of Oklahoma. Score: 4.46/5.00 (Fall 2010)
Corporate Financial Management (MBE 322), Virginia Wesleyan College (Spring 2008)
Finance and Investing (MGMT 333), Embry-Riddle University, Norfolk (Spring 2007)
Risk Management and Derivatives, California State University, Fresno (Fall 2005)
TEACHING – connections to companies
I have advised a class that is best described as a student run venture fund, where students source start-ups, founders pitch, and students perform due-diligence on selected start-ups for a $50,000 pre-seed investment. I also teach valuation and corporate finance at any level, from beginner to advanced, from undergraduate to graduate to PhD. My corporate classes include multiple case discussions and Excel valuations by students, and presentations by industry professionals (including those from Polaris, SkyWorks Capital, Blichmann Engineering, BDO Consulting, HSBC Securities, various private equity firms, Stifel).
PROFESSIONAL ACTIVITIES
Invited Presentations and Regional Conferences (*presented by co-author; note conference presentations are listed lower):
2025 Dartmouth College, University of New Mexico
2024 University of Kansas, University of Nebraska-Lincoln, University of Washington, University of Oregon, Oregon State University, Purdue University, Drexel Corporate Governance Conference, University of Washington at St. Louis (WASU) Wealth and Asset Management Conference, University of Washington at St. Louis (WASU)
2023 Silicon Prairie Conference, University of Oklahoma, Southern Illinois University, Oklahoma State University*, University of Missouri Exploring Research Communities event, University of Missouri*, Silicon Prairie Conference, virtual 12th Portuguese Finance Conference
2022 University of Missouri special presentation: “U.S. Oil (In)dependence and the Ban on Russian Oil”
2021 Joint Conference with the Allied Korea Finance Associations*
2020 University of Sydney
2018 Energy and Commodity Finance Conference (CEMA Rome)
2017 Wabash Conference (Bloomington, IN), Energy and Commodity Finance Conference (CEMA Oxford)*
2016 University of New South Wales (Sydney, Australia), Energy and Commodity Finance Conference (CEMA Paris)*
2014 Indiana Conference (South Bend, IN), University of Oklahoma (Norman, OK)
2013 University of Oklahoma, Northeastern University, Clemson University, Kansas State University, Texas Tech University, Louisiana State University, University of Minnesota, Purdue University, King Fahd University of Petroleum and Minerals*, French Finance Association*
2012 University of Oklahoma Seminar Series (Norman, OK), Energy Information Administration, EIA (Washington, D.C.), Darden Risk Management Conference (Charlottesville, VA)
2011 Southwest Finance Symposium (Tulsa, OK)
2010 Fondazione Eni Enrico Mattei, FEEM (Milan, Italy)
2009 University of Oklahoma Seminar Series (Norman, OK)
Presentations at National Professional Meetings and Conferences:
American Finance Association, AFA, 2025 (San Francisco AFFECT, scheduled), 2023 (New Orleans AFFECT), 2019 (Atlanta)
Eastern Finance Association, EFA, 2024, 2023 (Ashville)
Midwest Finance Association, MFA, 2024, 2023, 2021, 2019, 2024 (Chicago)
Financial Management Association, FMA, 2024 (Grapevine), 2023* (Chicago), 2020 (virtual), 2019 (New Orleans), 2017 (Boston), 2016 (Las Vegas), 2015 (Orlando), 2014 (Nashville), 2013 (Chicago), 2012 (Atlanta, Doctoral Student Consortium Special Session Presentation)
European Finance Association, EFA, 2012 (Copenhagen, Denmark)
Discussions:
2023 Portuguese Conference: Xing Huan, Wenqiong Liu, and Yuliang Wu “The Hidden Impact of Private Money Creation on Stock Returns: Evidence from the FinTech Revolution of Cash Investing”
2023 MFA: Pat Akey, Tania Babina, Greg Buchak, and Ana-Maria Tenekedjieva “The Impact of Money in Politics on Labor and Capital: Evidence from Citizens United v. FEC”
2022 MFA: Franklin Allen, Junhui Cai, Xian Gu, Jun Qian, Linda Zhao, and Wu Zhu “Centralization or Decentralization? The Evolution of State-Ownership in China”
2020 CEBRA Workshop for Commodities and Macroeconomics.
Calomiris, Charles, Nida Melek, and Harry Mamaysky, “Mining for Oil Forecasts.”
AFA: 2014, 2016
FMA: 2010, 2013, 2014, 2015, 2016, 2017, 2018, 2019
MFA: 2017, 2018, 2019
Program Selection Committee:
Energy Conference at the University of Oklahoma 2017
FMA: 2022 - 2016
MFA: 2024, 2023, 2017, 2018 (International Finance; Mergers and Acquisitions)
Referee:
Management Science
Journal of Financial and Quantitative Analysis
Review of Finance
Journal of Corporate Finance
Journal of Banking and Finance
Journal of International Business Studies
Journal of Futures Markets
Emerging Markets Review
Economic Journal
Corporate Governance: An International Review
Professional Memberships:
American Finance Association (AFA), European Finance Association (EFA), Eastern Finance Association (EFA), Financial Management Association (FMA), Midwestern Finance Association (MFA), Western Finance Association (WFA)
Students (PhD) Advised:
Esther Im (Mizzou)
Chan Lim (Purdue)
Students (undergraduate) Advised:
University of Missouri: Jack Hessi, Dylan Key, Isaac Plumlee, Brian Amayone, Ashtyn Winkler, Theo Dehopere, Nick Catalano, Eric Humpfrey, Zachary Quoss, Rickard Dulle, David Retherford, Andrew Keeteman
Purdue University: Vish Majithia, Valerie Ley
PROFESSIONAL SERVICE
Seminar Series Organizer 2021/23, 2017/19
Recruiting Committee 2019/2020
PhD Students Selection Committee 2014-2019
AWARDS
Outstanding Teaching (2024 University of Missouri)
Research Contribution Recognition (2019 University of Missouri)
Outstanding Undergraduate Teacher (2018 Purdue University student nominated)
40 under 40 Price College Alumni, 2017
Outstanding and Distinguished Teacher (2015 PhD Module, Purdue University)
Financial Management Association (FMA) Doctoral Student Consortium Paper Presenter/Participant, 2012
Graduate Student Teaching Excellence Award (Price College award to a single student), 2012
Energy Information Administration (EIA) Research Grant, 2011-2012
Business Energy Solutions Center Research Fellowship, University of Oklahoma (Price), 2011-2012
The American Finance Association (AFA) Travel Grant, 2011
Fondazione Eni Enrico Mattei (FEEM) Fellow, 2008-2010
Doctoral Student Summer Research Fellowship, University of Oklahoma (Price), 2009-2010
Graduate Foundation Fellowship, University of Oklahoma, 2008-2012
Michael F. Price Distinguished Graduate Student Scholarship, University of Oklahoma (Price), 1999-2001
Outstanding Graduate Award, University of Science and Arts of Oklahoma, 1999
Women’s Tennis Player of the Year Award, University of Science and Arts of Oklahoma, 1996-1999
Freedom Support Act (FSA) Scholarship, U.S. Congress, 1995-1996
NEWS COVERAGE
“Gaming out a close US election,” Bloomberg CFO briefing, September 2024
“A French bank like no other in Europe seeks to export its model,” Bloomberg, August 2024
“Centene shareholders take aim at executive pay before Wednesday meeting,” St. Louis Today, May 2023
“U.S. Oil (In)dependence and the ban on Russian oil in the wake of the war on Ukraine,” KOMU8 television coverage, March 2022
“The importance of Cushing, Oklahoma,” University of Missouri News, Oct. 2021
“Opinion: Options markets reveal true significance of AGMs,” IR Magazine, Sep. 2021
“Is government bad for business? Study shows investors with political agendas hurt shareholders and firms,” Purdue University News, April 2019
“Get Woke Go Broke Officially Confirmed by University?” Timcast, YouTube, 2019.
NON-ACADEMIC POSITIONS
Dec 2001- Dec 2003: Forward Power Trader for the North East (NE) Region, Williams Energy (Tulsa, OK)
Job Responsibilities: I managed the risks of the NE power (electricity) forward position and hedged the peak, off-peak, gas, basis and capacity (UCC) positions of the power plants in the NE. I oversaw speculative and spread books (PJM and NY regions) which included outright positions, time / regional spreads and options, published observed OTC price and volatility curves for risk management and coordinated position rolls to physical daily traders in situations of limited forward liquidity. Routine transaction size was over $500K, subject to $10MM VAR.
May 2001- Dec 2001: Power Market Analyst, Williams Energy (Tulsa, OK)
Job Responsibilities: In providing support to power traders, I evaluated historical price and volatility spreads between different regions using various statistical techniques and presented research and FERC legislation updates. In order to improve communication between the research, trading and risk management departments I created databases and Excel templates that allowed traders to track implied heat rates, new generation, outage and deal information by region, date, and company, as well and evaluate their positions and risk.
May 2000-Aug 2000: Internship in the Capital Markets Credit Division (Broker Dealers Group), Salomon Smith Barney/Citigroup (New York, NY)
Job Responsibilities: I evaluated the credit risk exposure for various broker dealers, investment advisors and funds, money managers, insurance companies and municipalities, as well as analyzed the limits, market-to-market and potential exposure for different kinds of financial products (fixed income, equity, derivatives, etc.)