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 a Research Associate at the Financial Markets Group.


His research interests focus on empirical corporate finance and market microstructure. His research has been accepted for publication by various journals, including the Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of Financial and Quantitative Analysis, and the American Economic Review. He has taught courses in corporate finance and investment analysis at the undergraduate, graduate (MBA) and PhD levels.


He has received awards for both teaching and research. He is a Research Associate of ECGI, CSEF and FMG, and serves as Associate Editor of the Review of Finance since 2010.


Research Interests

Institutional Investors

Market Microstructure

Ownership Structures and Governance

Family Firms



Selected Publications

“Reputation Effects in Trading on the New York Stock Exchange”, with Robert Battalio (Notre Dame University) and Robert Jennings (Indiana University), Journal of Finance, 62 (3), 1243-1271


“Ripples Through Markets: Inter-market Impacts Generated by Large Trades”, Journal of Financial Economics, 82 (1), 173-196


“IPO Underpricing and After-market Liquidity”, with Marco Pagano (University of Naples Federico II, and CEPR), Review of Financial Studies, 19 (2), 381-421.


“Opening and Closing the Market: Evidence From the London Stock Exchange”, with Hyun Shin (London School of Economics) and Ian Tonks (University of Exeter), Journal of Financial and Quantitative Analysis, 40 (4), 779-801.


“Inheritance Law and Investment in Family Firms”, with Marco Pagano (University of Naples Federico II, and CEPR) and Fausto Panunzi (Bocconi University and CEPR), American Economic Review, 100 (December 2010), 2414-2450.


“Regulatory Pressure and Fire Sales in the Corporate Bond Market”, with Pab Jotikasthira (University of North Carolina) and Christian Lundblad (University of North Carolina), Journal of Financial Economics, 101 (3), 596-620.


“Investor Horizons and the Amplification of Market Shocks”, with Cristina Cella (Stockholm School of Economics) and Mariassunta Giannetti (Stockholm School of Economics), Review of Financial Studies, 26 (7), 1607-1648 (Lead Article).


"Stronger Risk Controls, Lower Risk: Evidence from U.S. Bank Holding Companies", with Vijay Yerramilli (University of Houston), Journal of Financial, 68 (5), 1757-1803.



Academic Honors and Awards

Europlace Institute of Finance, 2010

Best Paper Award at the Financial Management Association’s Annual Meeting, 2009

Best Paper Award at the European Finance Association’s Annual Meeting, 2007

MBA Excellence in Teaching Award, 2006, 2008, 2009, 2010, 2013

3M Junior Faculty Fellowship, 2006, 2007

Peterson Faculty Award for Research, 2006

Harry C. Sauvain Teaching Excellence Award, 2006

Morgan Stanley Equity Market Microstructure Research Grant, 2004

CIBER Research Award, 2004, 2006, 2007, 2008, 2010

Trustees’ Teaching Award of the Kelley School of Business, 2004, 2010

Nominated for the Trustees’ Teaching Award of the Kelley School of Business, 2002, 2003, 2004, 2005, 2006, 2007, 2008, 2009, 2010, 2012, 2013