Gordon Bodnar

About

Dr. Gordon Bodnar is the Morris W. Offit Professor of International Finance at the Johns Hopkins School of Advanced International Studies (SAIS). He has served as the Director of the International Economics Program at Johns Hopkins SAIS since 2005 and is the founding director of the school's Master of International Economics and Finance degree. His academic background includes a PhD in Economics from Princeton University, obtained in 1991. Prior to his current role, he was an assistant professor at The Wharton School of the University of Pennsylvania and the Simon Graduate School of Business at the University of Rochester, and has held visiting professorships at Frankfurt University in Germany and at the Wharton School. His research focuses on international and corporate finance, with specific topics including corporate exchange rate exposure, foreign exchange risk management, the valuation of multinational operations, and financial disclosures. Dr. Bodnar's work has been published in major academic journals across finance, economics, and accounting, and he is currently on the editorial board of European Financial Management. He has also served as an associate editor of the Journal of International Financial Management and Accounting, and has held appointments as a research fellow at the National Bureau of Economic Research and as a visiting scholar at the International Monetary Fund. At Johns Hopkins SAIS, he teaches master's-level courses in corporate finance and…

Research topics

• Business
• Economics
• Monetary economics
• Econometrics
• Financial economics

Selected publications

• Estimating Exchange Rate Exposures: Issues in Model Structure

  Financial Management · 2003-01-01 · 324 citations

  article1st authorCorresponding

  We show that both return measurement horizon and model specification have noticeable impacts on estimates of exposure from equity prices for U.S. firms. While increases in the return horizon leads to increases in the precision of the estimates, this effect is less significant than the impact of model structure. We demonstrate that the inclusion and of a market return variable and its particular construction has a dramatic influence on the sign and size of the exposures due to a strong relation b…

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• Crossing the lines: The conditional relation between exchange rate exposure and stock returns in emerging and developed markets

  Journal of International Money and Finance · 2012-01-18 · 103 citations

  articleSenior author
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• The Theory and Practice of Corporate Risk Management: Evidence from the Field

  Financial Management · 2018-07-27 · 81 citations

  articleSenior author

  Abstract We survey more than 1,100 risk managers from around the world regarding their risk management policies. We find evidence consistent with some traditional theories of risk management, but not with all. We then study “why” or “why not” firms hedge and find that almost 90% of risk managers in nonfinancial firms hedge to increase expected cash flow. We also find that 70% to 80% of risk managers hedge to smooth earnings or to satisfy shareholders’ expectations. Our analysis also suggests tha…

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• A View Inside Corporate Risk Management

  Management Science · 2019-02-26 · 65 citations

  article1st authorCorresponding

  Why do firms manage risk? According to various theories, firms hedge to mitigate credit rationing, to alleviate information asymmetry, and to reduce the risk of financial distress. However, empirical support for these theories is mixed. Our paper addresses the “why” by directly asking the managers that make risk management decisions. Our results suggest that personal risk aversion in combination with other executive traits plays a key role in hedging. Our analysis also indicates that risk-averse…

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• Managing Risk Management

  SSRN Electronic Journal · 2011-01-01 · 54 citations

  articleOpen access1st authorCorresponding
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Frequent coauthors

• Joseph Weintrop

  Baruch College

  27 shared

• John R. Graham

  21 shared

• Campbell R. Harvey

  National Bureau of Economic Research

  21 shared

• Abe de Jong

  University of Groningen

  20 shared

• Leonardo Bartolini

  Federal Reserve Bank of New York

  20 shared

• Söhnke M. Bartram

  19 shared

• Richard C. Marston

  18 shared

• Lee‐Seok Hwang

  17 shared

Awards & honors

• Eight Excellence in Teaching awards from Wharton, Johns Hopk…

Similar researchers at Johns Hopkins University

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• Kent E. Calderh-25
• Hal Brandsh-24