CV
KATERYNA V. HOLLAND
University of Missouri, Trulaske College of Business
327 Cornell Hall . Columbia . MO 65211 . Kateryna.Holland@missouri.edu . updated Oct. 2023
ACADEMIC APPOINTMENTS
Assistant Professor of Finance, University of Missouri, 2019-present
Assistant Professor of Finance, Purdue University, 2013-2019
OTHER WORK EXPERIENCE
Power Trader, Williams Co., Tulsa, OK, 2001 - 2004
PROFESSIONAL INTERESTS
Research: Government Ownership, International Finance, Mergers and Acquisitions, Corporate Finance, Energy, Risk Management
Teaching: Corporate Finance, International Finance
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
Ederington L., Fernando, C., Holland, K., Linn, S., and T. Lee, forthcoming, “Dynamics of Arbitrage,” Journal of Financial and Quantitative Analysis
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), 2023, under journal review
Abstract: We investigate the options market's reactions to proposals at shareholder meetings. We observe a consistent decrease in option implied volatility from the record to the meeting date, indicating reduced uncertainty about future stock prices. Meetings with close votes and shareholder proposals exhibit a distinct peak before the record date, followed by a more significant yet gradual decline. This decline is pronounced for meetings with high voting premiums and stakeholder disagreements. Our findings highlight proposals' substantial impact on firm value, with investors processing most proposal-related information before the meeting, expanding our understanding beyond the literature's conventional focus around key event dates.
- Outstanding Paper Award at the 2021 Joint Conference with Allied Korea Finance Association
Corporate Culture Image and National Politics (with Esther Im), 2023
Abstract: This paper examines how firms adjust their corporate culture messaging in response to nationwide U.S. political shifts. We assess cultural values of innovation, integrity, quality, respect, teamwork, sentiment, and overall culture score. Significant changes in corporate culture messaging dynamics are revealed following an increase in partisan polarization after 2010. Post-2010, all cultural aspects decline across both likely-Republican and likely-Democrat firms, except sentiment, which becomes more positive. Additionally, firms align their cultural messaging after Trump's presidency, eliminating differences in likely-Democrat and likely-Republican firms' emphases. In the cross-section, likely-Republican firms emphasize quality and respect, while likely-Democrat firms emphasize innovation. We examine corporate outcomes related to corporate culture messaging. Our findings highlight the impact of political factors on shaping corporate culture messaging and its consequences.
Who Cares about the ‘S’ in ESG: Cultural and Institutional Factors in Shareholder Response to a ‘S’ocial Reputation Shock (with Veljko Fotak and Vishal Sharma), 2023
Abstract: We employ the murder of Jamal Khashoggi, allegedly at the hands of agents of the Kingdom of Saudi Arabia (KSA), as a shock to the reputation of publicly traded firms, from over 57 countries, with connections to the KSA. We find significant stock price declines for foreign firms with KSA connections around the announcement of the murder. These firms lost approximately USD 986.5 mln of market capitalization. Shareholder decisions to divest stakes in these firms are influenced by institutional (civil law legal origin and freedom of the press) and cultural (femininity, restraint, uncertainty avoidance, and collectivism) factors. Our findings shed light on the complex interplay between geopolitical events, institutional and cultural factors, and shareholder behavior.
Electronic Trading and Price Discovery in Commodity Futures (with Scott Linn, Chitru Fernando, and Huiming Zhang), 2023
Abstract: We study the impact on price discovery when commodity futures move to electronic trading, using data from the West Texas Intermediate (WTI) and Brent oil markets. Electronic trading resulted in explosive increases in trading in both futures markets. After the shift, WTI futures became significantly more important for (indeed, the sole contributor to) price discovery but Brent futures became significantly less important. Our findings show that liquidity increases are not necessarily accompanied by price discovery improvements and suggest that the benefits of electronic trading need to be assessed from the standpoint of liquidity improvements as well as price discovery changes.
WORK IN PROGRESS
M&A Premium and Labor Force Restructuring, with Stefano Rossi
Physical Limits to Arbitrage, with Chitru Fernando and Scott Linn
Does Diversity Matter? Evidence from Government Contracting and Municipal Financing Costs, with Reza Houston and Kuntara Pukthuanthong
Presidential Puzzle Reexamined, with Esther Im
PERMANENT WORKING PAPERS
University Innovation, with Ben McCartney
Do Investors Gain Information from Firms' Derivatives Disclosures, with Jon Black and PJ Hoffman
Value of Corporate Lobbying: Insights from Private Firms, with Yeejin Jang and Anya Mkrtchyan
TEACHING
Advanced Corporate Finance (FIN4010), University of Missouri 4.6-4.8/5, 2020, 2021, 2022, 2023
Advisor for AACE (Allen Angel Capital Education) Student Venture Fund, 2020-2023
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
My classes include presentations by industry professionals that integrate class material with real life decisions.
Here are some of companies I am linked with: Polaris, SkyWorks Capital, Blichmann Enginering, BDO Consulting, HSBC Securities, various private equity firms, Central Building & Preservation L.P., Purdue Research Foundation, Stifel
PROFESSIONAL ACTIVITIES
Invited Presentations (*presented by co-author; note conference presentations are listed lower):
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 Professional Meetings and Conferences:
American Finance Association, AFA, 2023 (New Orleans AFFECT), 2019 (Atlanta)
Eastern Finance Association, EFA, 2023 (Ashville)
Midwest Finance Association, MFA, 2023, 2021, 2019 (Chicago)
Financial Management Association, FMA, 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:
Review of Finance
Journal of Futures Markets
Journal of Financial and Quantitative Analysis
Journal of Corporate Finance
Emerging Markets Review
Economic Journal
Corporate Governance: An International Review
Professional Memberships:
American Finance Association (AFA), European Finance Association (EFA), Financial Management Association (FMA), Midwestern Finance Association (MFA), Western Finance Association (WFA)
Students (PhD) Advised:
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 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
“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.)