Pekka Honkanen

I am an Assistant Professor of Finance at the Terry College of Business at the University of Georgia. My primary fields of research are mutual funds and market microstructure. I am interested in securities lending, short selling, and mutual fund investments, with a focus on information transmission in the financial markets.

• ETFs and mutual funds
• Intermediation in financial markets
• Short selling
• Securities lending

Working Papers

• The Cost of Leverage: Evidence from Swaps (2024)
• Stock-Price Manipulation Observed: the Avis Budget Group Run-Up (2026)
• The Role of Collateral in Auto Loan ABSs (with Filipe Correia, 2024)

Journal Articles

• Learning from Noise? Price and Liquidity Spillovers around Mutual Fund Fire Sales (with Daniel Schmidt, Review of Asset Pricing Studies, 2022)
• Securities Lending and Trading by Active and Passive Funds (Journal of Financial and Quantitative Analysis, 2025)
• ETF Dividend Cycles Predict Money Market Fund Flows and Treasury Yield Changes (with Yapei Zhang and Tony Zhou, Critical Finance Review, 2025)
• Passive Ownership and Short Selling (with Bastian von Beschwitz and Daniel Schmidt, Review of Finance, 2025)