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Boris Nikolov
SFI Assistant Professor
Assistant Professor of Finance
Boris Nikolov has been SFI Assistant Professor of Finance at the University of Lausanne since 2014. Prof. Nikolov graduated from the University of Lausanne with a PhD in Finance. He is a regular speaker at major conferences and his research has been published in leading finance journals.
Research Interests:
His main research areas are dynamic corporate finance, empirical corporate finance, and corporate governance.
Recent Research:
In ongoing research, Prof. Nikolov and his coauthors focus on agency conflicts and their effects on wealth transfers among stakeholders and value losses from policy distortions. Empirical analysis covering 74’855 observations for 12’652 firms and 14 countries between 1997 and 2011 reveals that conflicts of interest vary significantly across and within countries and lead to a five percent reduction in firm value, with about equal shares coming from net transfers between stakeholders and net losses due to financial distortions. Agency costs mainly arise from control benefits and the financial frictions that they cause. The researchers offer several pieces of advice regarding policy recommendations for shareholders. First, improving corporate governance to diminish the private benefits of control seems to have a greater effect than simply strengthening credit rights. Second, legal origin and provisions for creditor and minority shareholder protection all have an effect on the severity of agency conflicts. Finally, incentive misalignments may explain a considerable share of the internationally observed heterogeneity in terms of financial leverage.