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.
His main research areas are dynamic corporate finance, empirical corporate finance, and corporate governance.
In ongoing research, Prof. Nikolov and his co-authors examine the determinants of dynamic corporate liquidity and their effects on firms’ value. In particular, they focus on optimal liquidity management in a dynamic setting where investment opportunities and cash shortfalls generate unexpected liquidity needs. Their contribution is to focus on how firms have made the trade-off between unconditional liquidity using cash and conditional liquidity using credit lines subject to collateral constraints. The model they develop provides a quantitatively and empirically successful framework that explains corporate investment, financing, and liquidity policies, as well as the joint existence of cash, debt, and credit lines in the presence of capital market imperfections.