Reaching Others University at Buffalo - The State University of New York
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Veljko Fotak

Assistant Professor
Finance Department


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


  • Corporate Finance
  • International Financial Management


  • State Capitalism
  • Government Ownership
  • Sovereign Wealth Funds
  • Government Expropriations
  • Cross-Border Financing

Selected Publications

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

Ginka Borisova, Veljko Fotak, Kate Holland and William L. Megginson (2015). "Government Ownership and the Cost of Debt: Evidence from Government Investments in Publicly Traded Firms." Journal of Financial Economics, forthcoming.

Bernardo Bortolotti, Veljko Fotak and William Megginson (2015). "The Sovereign Wealth Fund Discount: Evidence from Public Equity Investments." Review of Financial Studies, forthcoming.

Works in Progress

"Why Do Governments Lend?"

"Rise of the Fiduciary State: A Survey of Sovereign Wealth Fund Research." Co-authorship with William Megginson.

"The Impact of Political Risk on Foreign Lending: Evidence on Bilateral Investment Treaties, Expropriations, and Syndicated Loans."  Co-authorship with Hae Kwon Lee.

"Seasoned Equity Offerings and Stock Price Crashes."  Co-authorship with Rodney D. Boehme and Anthony D. May.

"The Impact of Blog Recommendations on Security Prices and Trading Volumes."