Gayane Hovakimian

Gayané Hovakimian is a professor in the finance and business economics area at Gabelli School of Business.

Professor Hovakimian's main area of research is corporate finance. Her work has been published in the Journal of Financial Economics; Journal of Financial and Quantitative Analysis, Journal of Money, Credit, and Banking; Journal of Financial Intermediation; Journal of Banking and Finance; Financial Management and European Financial Management. Her research focuses on financial constraints and their impact on firm investment, internal capital markets, capital structure, corporate restructurings and diversification. She also is currently doing research on topics of corporate governance.

Professor Hovakimian has taught a variety of courses at the undergraduate and graduate levels, including corporate finance, international financial management, data analytics for finance, raising capital and investing in global markets.

Professor Hovakimian has earned her Ph.D. in finance at Boston College. She also earned an M.A. in economics at the University of Southern California and a B.A. in economics at the Armenian State University of Economics. Before coming to Fordham, Professor Hovakimian worked as a visiting professor at Baruch College.

• Ph.D.: Boston College
• Master's: M.A., University of Southern California
• Bachelor's: B.S., Yerevan Institute of Economics

• Financial constraints and their impact on corporate investment
• Corporate restructuring activities
• Diversification and internal capital markets

• "CFO Gender Pay Convergence—Evidence and Implications" (with Hasan, I., Francis, B., and Z. Sharma), forthcoming, Journal of Corporate Finance.
• "Corporate Leverage and the Dynamics of Its Components" (with A. Hovakimian), Journal of Financial and Quantitative Analysis, 2021, 56 (2), 499-530.
• "Excess Value and Restructurings by Diversified Firms", (lead article), Journal of Banking and Finance, 2016, 71, 1-19.
• "Financial Constraints and Investment Efficiency: Internal Capital Allocation across the Business Cycle," Journal of Financial Intermediation, 2011, 20 (2), 264-283.
• "Determinants of Investment Cash Flow Sensitivity," Financial Management, 2009, 38 (1), 161-183.
• "Cash Flow-Sensitivity of Investment" (with A. Hovakimian), European Financial Management, 2009, 15 (1), 47-65.
• "Corporate Investment with Financial Constraints: Sensitivity of Investment to Funds from Voluntary Asset Sales" (with S. Titman), Journal of Money, Credit and Banking, 2006, 38 (2), 357-374.
• "Determinants of Target Capital Structure: the Case of Dual Debt and Equity Issues" (with A. Hovakimian and H. Tehranian), Journal of Financial Economics, 2004, 71 (3), 517-540.
• "The Impact of the Manager-Shareholder Conflict on Acquiring Bank Returns" (with M. Cornett, D. Palia, and H. Tehranian), Journal of Banking and Finance, 2003, 27 (1), 103-131.