Sergey Chernenko

Journal Articles

• Chernenko, S., Lerner, J., & Zeng, Y. (2021). Mutual Funds as Venture Capitalists? Evidence from Unicorns. Review of Financial Studies, vol. 34 (5), 2362–2410. | Related Website |
• Chernenko, S. & Sunderam, A. (2019). Do Fire Sales Create Externalities?. Journal of Financial Economics, | Related Website |
• Chernenko, S. (2017). The Front Men of Wall Street: The Role of CDO Collateral Managers in the CDO Boom and Bust. Journal of Finance, vol. 72 (5), 1893–1936. | Related Website |
• Chernenko, S., Hanson, S. G., & Sunderam, A. (2016). Who Neglects Risk? Investor Experience and the Credit Boom. Journal of Financial Economics, vol. 122 (2), 248–269. | Related Website |
• Chernenko, S. & Sunderam, A. (2014). Frictions in Shadow Banking: Evidence from the Lending Behavior of Money Market Mutual Funds. Review of Financial Studies, vol. 27 (6), 1717–1750. | Related Website |
• Chernenko, S., Foley, C. F., & Greenwood, R. (2012). Agency Costs, Mispricing, and Ownership Structure. Financial Management, vol. 41 885-914. | Related Website |
• Chernenko, S. & Sunderam, A. (2012). The Real Consequences of Market Segmentation. Review of Financial Studies, vol. 25 (7), 2041–2070. | Related Website |
• Chernenko, S. & Faulkender, M. (2011). The Two Sides of Derivatives Usage: Hedging and Speculating with Interest Rate Swaps. The Two Sides of Derivatives Usage: Hedging and Speculating with Interest Rate Swaps, vol. 46 (6), 1727-1754. | Related Website |
• Berger, D., Chaboud, A. P., Chernenko, S., Howorka, E., & Wright, J. H. (2008). Order Flow and Exchange Rate Dynamics in Electronic Brokerage System Data. Journal of International Economics, vol. 75 (1), 93-109. | Related Website |

Conference Proceedings

• Chaboud, A. P., Chernenko, S., & Wright, J. H. (2008). Trading Activity and Macroeconomic An- nouncements in High-Frequency Exchange Rate Data. Journal of the European Economic Association, Proceedings of the Twenty-Second Annual Congress of the European Economic Association. vol. 6 (2/3), 589–596. | Related Website |

Working Papers

• Chernenko, S., and Doan, V. (2021). Forced Sales and Dealer Choice in OTC Markets. | Related Website |
• Chernenko, S., Erel, I., & Prilmeier, R. (2020). Why Do Firms Borrow Directly from Nonbanks?. | Related Website |
• Chernenko, S. & Sunderam, A. (2020). Measuring the Perceived Liquidity of the Corporate Bond Market. | Related Website |
• Chernenko, S. & Sunderam, A. (2016). Liquidity Transformation in Asset Management: Evidence from the Cash Holdings of Mutual Funds. | Related Website |
• Chernenko, S., Hanson, S. G., & Sunderam, A. (2014). The Rise and Fall of Demand for Securitization. NBER Working Paper 20777, | Related Website |
• Chernenko, S. & A. Sunderam (2010). Arbitrage Capital and Real Investment.
• Chaboud, A. P. & S. Chernenko & E. Howorka & R. S. Krishnasami Iyer & D. Liu & J. H. Wright (2004). The High-Frequency Effects of U.S. Macroeconomic Data Releases on Prices and Trading Activity in the Global Interdealer Foreign Exchange Market.

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  Incentives for Reckless Investing? How CDO managers contributed to the 2007-09 financial crisis

  Collateralized debt obligations (CDOs) and other structured products played a significant role in the credit boom of the early 2000s and the ensuing financial crisis of 2007 to 2009. Contributing to the economic disaster were the actions of a number of CDO collateral managers, who packed their products with inferior components: risky portions of private-label residential mortgage-backed securities. Research by Sergey Chernenko, associate professor in Purdue’s Krannert School of Management, shows why these collateral managers were willing to risk their reputations and select low-quality investments.

  Full story: Incentives for Reckless Investing? How CDO managers contributed to the 2007-09 financial crisis

• Liquidity in the corporate bond market

  Cash In or Cash Out? Krannert's Sergey Chernenko discusses liquidity in the corporate bond market

• Faculty promotions at Purdue approved by board

  Purdue University’s Board of Trustees on Friday (April 12) approved the following faculty promotions within the Krannert School of Management effective with the 2019-20 academic year: Timothy N. Bond and Cathy M. Zhang; associate professor of economics; Sergey Chernenko and Thanh T. Nguyen; associate professor of management; Roy M. Dejoie, clinical associate professor of management; Troy D. Janes, clinical professor of management. Congratulations to all.

  Full story: Faculty promotions at Purdue approved by board

University Faculty Scholar

Jay Ross Young Faculty Scholar Award