Veljko Fotak

PhD, University of Oklahoma
MS, Rochester Institute of Technology
MBA, Rochester Institute of Technology
BS, Rochester Institute of Technology

• International Financial Management (Undergraduate, MS Finance, MBA)
• Financial Analysis for Managers (MBA)
• Corporate & Individual Social Responsibility (Undergraduate)
• Global Economics (MBA)
• Advanced Corporate Finance (Undergraduate)

• Faculty Research Mentor of the Year, 2023
• Best Overall Faculty/Staff, Master of Science in Finance, 2017
• Faculty Research Mentor of the Year, 2016

• State capitalism
• Government ownership
• Sovereign wealth funds
• Geopolitics and markets
• Cross-border capital flows

Fotak, Veljko, Scott C. Linn, and Zhen Zhu, Natural Gas Price Volatility. Natural Gas and Electricity, Volume 24, Issue 11 (June 2008), 8-14.

Fotak, Veljko, Vikas Raman, and Pradeep K. Yadav, Fails-to-Deliver, Short Selling, and Market Quality. Journal of Financial Economics, Volume 114, Issue 3 (December 2014), 493-516.

Megginson, William L. and Veljko Fotak, Rise of the Fiduciary State: A Survey of Sovereign Wealth Fund Research. Journal of Economic Surveys, Volume 29, Issue 4 (August 2015), 733-778.

Borisova, Ginka, Veljko Fotak, Kate Holland, and William L. Megginson, Government Ownership and the Cost of Debt: Evidence from Government Investments in Publicly Traded Firms. Journal of Financial Economics, Volume 118, Issue 1 (October 2015), 168-191.

Bortolotti, Bernardo, Veljko Fotak, and William L. Megginson, The Sovereign Wealth Fund Discount: Evidence from Public Equity Investments, Review of Financial Studies, Volume 28, Issue 11 (October 2015), 2993-3035. 

Bortolotti, Bernardo, Veljko Fotak, and Giacomo Loss. Taming Leviathan: How to Mitigate the Sovereign Wealth Fund Discount, Journal of Accounting and Finance, Volume 19, Issue 4 (August 2019), 11-38.

Fotak, Veljko, Haekwon Lee, and William L. Megginson. A BIT of Investor Protection: How Bilateral Investment Treaties Impact the Terms of Syndicated Loans, Journal of Banking and Finance, Volume 102 (May 2019), 138-155

Fotak, Veljko and Haekwon Lee. Public-Private Co-Lending: Evidence from Syndicated Corporate Loans, Journal of Banking and Finance, Volume 119 (October 2020), 105898.

Boehme, Rodney D., Veljko Fotak, and Anthony D. May. Seasoned Equity Offerings and Stock Price Crashes, Journal of Financial Research, Volume 9, Issue 4 (October 2020), 131-146.

Megginson, William L. and Veljko Fotak. Government Equity Investment in Coronavirus Bailouts: Why, How, When?, Journal of Law, Finance, and Accounting, Volume 6, Issue 1 (May 2021), 1-49.

Fotak, Veljko, Feng Jiang, Haekwon Lee, and Erik Lie. Trust and Debt Contracting: Evidence from the Backdating Scandal, Journal of Financial and Quantitative Analysis, Volume 58, Issue 2 (March 2023), 615-646.

Boubakri, Narjess, Veljko Fotak, Omrane Guedhami, and Yukihiro Yasuda, The Heterogeneous and Evolving Roles of Sovereign Wealth Funds: Issues, Challenges, and Research Agenda, Journal of International Business Policy, Volume 6, Issue 3 (September 2023), 241-252. 

Fotak, Veljko, Hye Lee, William Megginson, and Jesus Salas. The Political Economy of Tariff  Exemption Grants. Forthcoming at the Journal of Financial and Quantitative Analysis.

Bortolotti, Bernardo, Veljko Fotak, and Brian Wolfe. Innovation at State Owned Enterprises.

Fotak, Veljko, Bill Megginson, and Yi-Da Tsai. Is China’s Belt and Road Initiative a Zero-Sum Game

Fotak, Veljko, Kate Holland, and Vishal Sharma. The Cost of Murder: Shareholder Response to a Social Reputation Shock.

Fotak, Veljko. Jiang Feng, and Haekwon Lee. Revolving-Door Lawyers: Evidence on Firms’ Connections to the Environmental Protection Agency.

Fotak, Veljko, Hye Lee, William Megginson, and Jesus Salas. For My Enemies, Tariffs; For My Friends, Exemptions, ProMarket Research Brief, March 2025.

Fotak, Veljko, Hye Lee, William Megginson, and Jesus Salas. The Politics of Tariff Exemptions, CATO Institute Research Brief, May 2025.