Ruslan Goyenko

Associate Professor of Finance
McGill University – Desautels Faculty of Management

Russ Goyenko is an Associate Professor of Finance at Desautels Faculty of Management, McGill University. He received PhD in Finance from Indiana University, Kelley School of Business. He also held faculty appointments at the University of Toronto and Notre Dame University, and a visiting position at Yale School of Management . While his primary area of expertise is liquidity and liquidity risk among different asset classes, his more recent research is focused on the application of machine learning in asset pricing, such as return predictability, optimal portfolio construction, optimization, and the 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. Russ co-organizes and continues organizing prestigious academic and industry conferences on Asset Management. He is a recipient of numerous research grants from The Social Sciences and Humanities Research Council of Canada, and more recently from Autorité des Marchés Financiers (Québec).

Russ is a founder and scientific director of FIRM Labs (Financial Innovations and Risk Management Labs: https://firmlabs.ca/ ). FIRM is a research tank, which bridges the gap between two disciplines, financial economics and computer science. Its objective is to develop new applications of ML/AI in asset management, and finance in general.

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