Pekka Honkanen

About me

I am an Assistant Professor of Finance at the Terry College of Business at the University of Georgia. My primary fields of research are mutual funds and market microstructure. I am interested in securities lending, short selling, and mutual fund investments, with a focus on information transmission in the financial markets.

Research interests

• • Market microstructure, asset management, investment funds, information in financial markets

Education (full CV)

• • PhD in Finance, HEC Paris, Supervisor: Thierry Foucault (2020)

    • Visiting scholar at UC Berkeley (February–May 2018)

  • MSc Economics (Analysis and Policy in Economics), Paris School of Economics-EHESS (2014)

  • BSc Accounting and Finance, London School of Economics and Political Science (2012)

Publications

• • Learning from Noise? Price and Liquidity Spillovers around Mutual Fund Fire Sales (with Daniel Schmidt, The Review of Asset Pricing Studies, Volume 12, Issue 2, June 2022, Pages 593–637)

  • Securities Lending and Trading by Active and Passive Funds (job market paper, Forthcoming: Journal of Financial and Quantitative Analysis)

    • • In the media: Stock Pickers Are Getting an Edge Over Passive by Short Selling (Bloomberg)

  • ETF Dividend Cycles Predict Money Market Fund Flows and Treasury Yield Changes (with Yapei Zhang and Tony Zhou, Forthcoming: Critical Finance Review)

    • • In the media: Stock ETFs Blamed for Liquidity Shocks in Short-Term Treasuries (Bloomberg), Kapitalabfluss mit Folgen (Institutional Money, Germany)

    • Passive Ownership and Short Selling (with Bastian von Beschwitz and Daniel Schmidt, Forthcoming: Review of Finance)

Working papers

• • Intermediation, Pricing, and Hedging in OTC Markets: Equity Total Return Swaps

Work in progress

• • The Role of Collateral in Asset Backed Securities (with Filipe Correia)

  • Strategic Allocation of Securities Lending Profits

  • Index Crowding by Replication Funds

Media

• Stock Pickers Are Getting an Edge Over Passive by Short Selling (Bloomberg)

• Stock ETFs Blamed for Liquidity Shocks in Short-Term Treasuries (Bloomberg)

• Kapitalabfluss mit Folgen (Institutional Money, Germany)