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Nonna Sorokina

Ph.D. Candidate

Nonna Y Sorokina

Department of Finance

Kent State University

P.O. Box 5190, Kent, OH 44242-0001
cell (216) 926-4586, ph. (330) 672-1209 e-mail:



Ø  2010-2014 (expected) PhD in Finance, with a minor in Applied Statistics (PhD GPA 3.84)

Kent State University, Kent, OH

Ø  2005-2007 MBA, concentration in Finance (MBA GPA 3.87)

Cleveland State University, Cleveland, OH

Ø  1993-1998 Diploma of Specialist in Finance and Banking (with Honors)

Donetsk State University, Donetsk, Ukraine


Interests:capital structure, financial regulation, financial crises, derivatives, market liquidity, application of advanced statistical methods in Finance, regression methods, robust to outliers and multicollinearity, Bayesian statistical methods and simulation analysis

Dissertation topic: Bank Capital and Theory of Capital Structure. Proposal defended: August, 12, 2013

Expected dissertation defense:April 2014; Doctoral Student Consortium atFMA European 2013


Ø  Bank Capital in General Capital Structure Framework with Competition, Diversification, and Liquidity. Nonna Y. Sorokina and John H. Thornton, Jr., 2014. Accepted at the FMA 2014. Working paper.


Ø  Cross-Industry and Cross-Country Reactions of Equity Markets to Recent Financial Reforms. Nonna Y. Sorokina  and John H. Thornton, Jr., 2013. KSU School of Business Dean’s Best Paper 2012 Award. Presented at the MFA 2012, FMA European 2013, IFABS 2013(invited paper in the special session organized by the Federal Reserve Bank of Cleveland), FMA International 2013. Working paper.


Ø  Robust Methods in Event Studies: empirical evidence and theoretical implications. Nonna Y. Sorokina, David E. Booth and John H. Thornton, Jr., 2013. Presented at the EFA 2012, FMA 2012. Published in the Journal of Data Science, Vol.11, No.3 (July), p.607-621.


Ø  Long-term impact of Gramm-Leach-Bliley Act on the financial industry. Nonna Y. Sorokina, 2012

Presented at the EFA 2013. Working paper.


Ø  MBS prepayment speed and more: forecasting model based on pure rational behavior, quasi-simulation and empirical restrictions. Nonna Y. Sorokina, 2012. Presented at the EFA 2013. Working paper.


Ø  Price discovery for major equity indices: study of DAX and its futures liquidity. Nonna Y. Sorokina and David E. Booth, 2013. Accepted at the EFA 2014, MWDSI 2014. MWDSI Best Application Paper Award. Working paper.


Ø  Analyst Optimism in the Automotive Industry: A post-bailout boost and methodological insights. Barry Hettler, Yertai Tanai, Nonna Sorokina and David Booth, 2013. Presented at the MWDSI, 2013. Working paper.



Ø2014 FMA Annual Meeting, Nashville, TN (presenter, discussant)

Ø2014 EFA Annual Meeting, Pittsburgh, PA (presenter, discussant)

Ø2013 FMA Annual Meeting, Chicago, IL (presenter, discussant)

Ø2013 International Finance and Banking Society (IFABS) Conference “The Search for Financial Stability: Models, Policies and Prospects”, Nottingham, UK (presenter)

Ø2013 FMA European Doctoral Student Consortium, Luxembourg City,  Luxembourg (presenter)

Ø2013 FMA European Annual Meeting, Luxembourg City,  Luxembourg (presenter, discussant)

Ø2013 EFA Annual Meeting, St. Pete Beach, FL (presenter, discussant, session chair)

Ø2012 FMA Annual Meeting, Atlanta, GA (presenter, discussant)

Ø2012 Dean’s Best Paper Finalists, Kent, OH (presenter)

Ø2012 EFA Annual Meeting, Boston, MA (presenter, discussant)

Ø2012 MFA Annual Meeting, New Orleans, LA (presenter, discussant)

Ø2011 MFA Annual Meeting, Chicago, IL (discussant, session chair)



ØBank Capital and Theory of Capital Structure. April 2014, Department of Finance, KSU, Kent, OH

ØCross-Industry and Cross-Country Reactions of Equity Markets to Recent Financial Reforms.

April 2013, Department of Finance, KSU, Kent, OH

ØAnalyst optimism in the automotive Industry: a post-bailout boost and methodological insights. December 2012, Department of Management and Information Systems, KSU, Kent, OH



Interests:Corporate Finance, Financial Markets and Institutions, Investments, Quantitative Financial Analysis, Risk Management, International Finance, Financial Economics

Independent instructor, fully responsible for the content development and policies

ØFinancial System, Spring’14

ØIndividual Investment Analysis, Fall’13

ØBusiness Finance (5 semesters), Fall’11, Spring‘12, Fall’12, Summer ‘13, Spring ‘13




ØAFA (American Finance Association)

ØFMA (Financial Management Association)

ØEFA (Eastern Finance Association)

ØMFA (Midwest Finance Association)

ØIFABS (International Finance and Banking Society)




Ø2014 MWDSI Best Application Paper Award

Ø2013 FMA European Doctoral Student Consortium

Ø2013 International Travel Grant (competitive)

Ø2012 KSU School of Business Dean’s Best Paper Award

Ø1998 Diploma of Specialist in Finance and Banking with Honors

Ø1993 High School Diploma with Honors






full time August 2004 – May 2008, part-time since June 2008: Quantitative Analyst (previously: Senior Business Analyst, Project Manager, Software Developer) Capital Markets – Secondary Marketing, NYCB Mortgage Company (previously: AMTrust Mortgage banking, a Division of NYCB, AMTrust Bank, Ohio Savings Bank), Cleveland, OH

ØBased on knowledge of models and processes, identify areas for improvement, automation and general process optimization. Propose innovative solutions for users to more effectively perform their functions through the utilization of software systems and business process optimization.

ØParticipate in all stages of full project cycle: envisioning to implementation, including project management, pre- and post-development documentation writing, user training; support. New development as well a systems upgrade projects.

ØSelected Projects: FNMA Reservation Pricing (flexible G-Fees), Integration of Loan Sales, Trading and Hedging systems; Loan Sales software enhancement and integration with BestX optimization model (recommendations for optimal loan and servicing sales); Mortgage Loan Lock Fallout Forecasting Model; Hedging Model Enhancements; Development of the universal price interpolation/extrapolation function; Data Mart – loan data warehouse; Servicing System Data Purge process; HELOC loans conversion from old servicing system to the new; new GSE and non-GSE loan securitization and sale processes, including FNMA, FHLMC, GNMA and private investors’ mortgage products implementation; P&L calculation enhancements; Infrastructure projects – MS Office XP Upgrade, MS Access 2002 upgrade and others.

ØConceptualize, design, enhance, optimize, test, and implement internal models enabling and supporting Capital Markets’ business functions.

ØFacilitate interaction with internal and external audit on selected models and processes, responsible for compliance with audit requirements.

ØProduce and maintained organizational charts and process documentation for the department.

ØEstablished project management ideology, structure and spirit within the Capital Markets Department. Created the database for project tracking and resources management, including customized reporting.  Manage the departmental projects and participation of the department in companywide projects.

ØServed as a liaison and primary point of contact between Capital Markets and other departments, including IT. Provide IT with up-to-date business process knowledge. Responsible for communication regarding IT requests, HelpDesk Tickets and other IT-related activities.

ØDevelop and maintain system-related, model-specifics and end user documentation.

ØFor a few years was responsible for business resumption and disaster recovery process development and maintenance, testing and related documentation maintenance.

ØAccommodate introduction of new models and model enhancements to users by evaluation of new products through extensive prototyping and testing.

ØManage testing of major software upgrades (Office XP, SP2 for Windows, etc).

ØParticipated in the development of a controlled environment for critical applications. Organized migration to the controlled environment, including testing, troubleshooting, backup planning and training.


April’03 – August’04: Programmer/Analyst, Dontec, Inc, Cleveland, OH

ØDeveloped a database and several user interface modules for company's customers and sales system.

ØDeveloped a database for an inventory system and reports for inventory control.

ØDeveloped accounting system, integrated with other systems in the company (sales, inventory etc.).

ØDeveloped software for synchronizing local sales and customers database with web-based sales system, prepared several data processing components for web-based sales system.



June’01- April’03:Programmer/Analyst II, Charter One Bank, Cleveland, OH

ØParticipated in replacement of mainframe secondary marketing software TSM with the new SQL-Server based system “FORUM”.

ØImplemented input interface for the web-based mortgage applications.

ØRe-built reporting system for mortgage loans products and rates analysis.

ØDeveloped and maintained secondary mortgage marketing reports.


September’01- September’02:Programmer/Analyst (part-time), Ohio Savings Bank, Cleveland, OH

ØMaintained loan sale software.

ØSeparated Development and Production Environments. Created a mechanism for safe and convenient migrations between environments.

ØParticipated in migration to the new mortgage loan servicing system.

ØPlanned, developed and implemented enhancements to loan sale software according to new business requirements. Participated in software development, testing and implementation in accordance to this plan. Provided consultations and training to new programmers and analysts.


December’99- June’01: Programmer/Analyst I, Ohio Savings Bank, Cleveland, OH

ØBuilt several modules for MBS and whole loan sale software to accommodate new business needs.

ØRebuilt hedging model in co-operation with financial analysts.

ØDeveloped/enhanced and maintained several analytical and reporting systems.

ØCreated procedures for tracking the software changes, testing and implementation.

ØDeveloped documentation on existing analytical models.

ØProvided consultations and user training on existing software and basic report writing and querying.

ØOrganized network migration project (Novell=>NT).


September’96 – September’99: Programmer/Analyst, First Ukrainian Int’l Bank, Donetsk, Ukraine

ØDeveloped databases, analytical and reporting systems for various needs of debit/credit cards and ATM/POS operations.

ØCreated technical documentation and user's manuals for the above mentioned software.

ØProvided training and support related to the above mentioned software.

ØDeveloped the database, user interface and reporting system for correspondent banks and accounts



Øordinary least squares regression; (feasible) generalized least square regressions, seemingly unrelated regressions,  logit and probit regressions; multinomial, conditional and mixed Logit; robust (to outliers and high leverage points) regression; lasso regression; Heckman variable selection model; instrumental  variables and proxies; Monte-Carlo simulations; bootstrap; MCMC; breakpoint analysis; Chow test; panel data estimation, including difference in differences estimation, fixed effects and random effects linear and logit models, Hausman test; censored and truncated regressions, including Tobit and hurdle model, count data models; autocorrelation treatment, Durbin-Watson statistics, Parks model, Arellano-Bond Estimator; White standard errors; clustered  standard errors; change point identification; discriminant analysis; MANOVA; principal component analysis; factor analysis;  completely randomized design; random block design; full factorial design; dummy variables.



Development: VBA,Visual Basic 5-6, COBOL, RPG, C/C++, SQL, Power Builder, HTML

Statistical packages:SAS

Research databases:CRSP, COMPUSTAT (via Research Insight), Bloomberg, WRDS

Databases: DB2, MS SQL Server 7/2000, Oracle 8, FoxPro 6, Microsoft Access 2.0/97/2000/2003/2010

OS:  OS400 for AS400; Windows 95/98/2000/XP/Vista/7

Reporting: Crystal Reports, Oracle Discoverer

General office software: MS Office, MS Projects, MS Visio

Bank-specific: Midas, FDR, OMNI, MTRS, FORUM, TCL, TSM, TMO, VISA PC Edit Package, FiServ/MortgageServ, QRM 

Learning Management: Blackboard, Connect

Nonna Sorokina
Department of Finance