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Faculty Profile

Andrew Ellul

Contact Information

(812) 855-2768
anellul [at] indiana [dot] edu (E-mail)
Business School

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Faculty Web Page

  • Associate Professor of Finance
  • Fred T. Greene Distinguished Scholar


  • Bloomington


  • PhD, London School of Economics and Political Science

Professional Interests

Corporate Finance, Institutional Investors, Ownership Structures and Governance, Family Firms, Market Microstructure


Andrew Ellul is Associate Professor of Finance and Fred T. Greene Distinguished Scholar at Indiana University's Kelley School of Business. He joined Kelley in 2001 after completing his Ph.D. at the London School of Economics and Political Science and serving as Research Associate at the Financial Markets Group. His research interests focus on empirical corporate finance, especially ownership structures and their impact on firms’ decisions, institutional investors’ trading behavior and market microstructure. His research has been accepted for publication by various leading journals, including the Journal of Finance, Journal of Financial Economics, Review of Financial Studies, and the American Economic Review. He teaches courses in corporate finance and investment analysis at the undergraduate, graduate (MBA) and PhD levels. He has received awards for both teaching and research.

Selected Publications

  • Ellul, Andrew, and Vijay Yerramilli (2013), "Stronger Risk Controls, Lower Risk: Evidence from U.S. Bank Holding Companies," Journal of Finance, 68(5) October, 1757-1803.

  • Ellul, Andrew, Chotibhak Jotikasthira, and Christian Lundblad (2011), "Regulatory Pressure and Fire Sales in the Corporate Bond Market," Journal of Financial Economics, 101 (3), 596-620.

  • Ellul, Andrew, Craig Holden, Pankaj Jain, and Robert Jennings (2007), "Order Dynamics: Recent Evidence from the NYSE," Journal of Empirical Finance, Vol. 14, pp. 636-661.
  • Battalio, Robert, Andrew Ellul, and Robert Jennings (2007), "Reputation Effects in Trading on the New York Stock Exchange," Journal of Finance, Vol. 62, No. 3, pp. 1243-1271.

  • Ellul, Andrew (2006), “Ripples Through Markets: Inter-market Impacts Generated by Large Trades,” Journal of Financial Economics, Vol. 82, No. 1, pp. 173-196.
  • Ellul, Andrew and Marco Pagano (2006), “IPO Underpricing and After-market Liquidity,” Review of Financial Studies, Vol. 19, No. 2, pp. 381-421.
  • Ellul, Andrew, Hyun Shin, and Ian Tonks (2005), “Opening and Closing the Market: Evidence From the London Stock Exchange,” Journal of Financial and Quantitative Analysis, Vol. 40, No. 4, pp. 779-801.