Ruslan Goyenko

Associate Professor of Finance
McGill University – Desautels Faculty of Management

Ruslan received his PhD in Finance from Indiana University, Kelley School of Business. He also held faculty appointments at the University of Toronto and the University of Notre Dame. His research focuses on empirical asset pricing, liquidity, market microstructure, pricing of derivatives securities and mutual funds performance predictability.

Ruslan’s primary area of expertise is liquidity and liquidity risk in different asset classes. His most recent research is focused on the options market liquidity, trading activity and options market makers inventory risk management. He published in top finance journals such as the Review of Financial Studies, Journal of Financial Economics, and Journal of Financial and Quantitative Analysis.

Academic Experience

University of Notre Dame
Mendoza School of Business

Visiting Associate Professor of Finance | 09/2017 – 08/2018

McGill University
Desautels Faculty of Management

Associate Professor of Finance | 2013-present
Desmarais Faculty Scholar | 06/2014 – 07/2017
Assistant Professor of Finance | 2006-2013

University of Toronto
Roman School of Management

Assistant Professor of Finance | 2013-2014


Indiana University
Kelley School of Business

PhD in Finance | 2006

Honors and Awards

“Do Liquidity Measures Measure Liquidity?”

Winner of the Fama/DFA Prize for the Best Paper in the Journal of Financial Economics in the Areas of Capital Markets and Asset Pricing (second prize)

Nominated for Best Referee Award

By the Review of Asset Pricing Studies, December 2012

“The Term Structure of Bond Market Liquidity and Its Implications for Expected Bond Returns”

Awarded prize for Best paper in 2007, (the most “significant contribution to the understanding of financial markets and institutions and to knowledge in financial economics”) by Referee Finance (http://www.refereefinance.com).


Kelley School of Business, Indiana University, 2001-2005

Professional Services

Ad Hoc Referee

Journal of Finance, Review of Financial Studies, Journal of Financial and Quantitative Analysis, Review of Asset Pricing Studies, Journal of Empirical Finance, Journal of Financial Markets, Journal of Financial Intermediation, International Review of Finance, Journal of Banking and Finance, Journal of Money, Credit and Banking


NFA (Northern Finance Association), EFA (European Finance Association), SSHRC, European Research Council Consolidator Grant, Research Council – Israel; Bank of Canada financial markets working paper series