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Tuugi Chuluun, CFA

Professor of Finance, Travelers Scholar
Dr. Tuugi Chuluun, CFA

Research Areas

Corporate finance, international finance, behavioral finance, network and text analysis

Academic Degrees

PhD, Georgia Institute of Technology
MA, Ohio University
BA, Ohio University


Peer-reviewed Publications

How White is the Global Elite? An Analysis of Race, Gender and Network Structure” (with Kevin Young, Seth Goldman, and Brendan O’Connor), Global Networks 21(2), 2021, 365-392; received an honorable mention for the 2021 Political Ties Award from the American Political Science Association

Presidential Elections, Divided Politics, and Happiness in the USA” (with Sergio Pinto, Panka Bencsik, and Carol Graham), Economica, 2020; featured in The Economist

“Comparative Well-being of the Self-employed and the Employed in the U.S.” (with Panka Bencsik) Small Business Economics, 2019 

Firm Network Structure and Innovation” (with Andrew Prevost and Arun Upadhyay), Journal of Corporate Finance, 44, 2017, 193-214

 “Global Portfolio Investment Network and Stock Market Comovement,” Global Finance Journal, 33, 2017, 51-68

"Local Happiness and Firm Behavior: Do Firms in Happy Places Invest More?" (with Carol Graham) Journal of Economic Behavior and Organization, 125, 2016, 41-56 Featured at,,

“Who is Happy in the Land of Eternal Blue Sky? Some Insights from a First Study of Well-Being in Mongolia," (with Carol Graham and Sarandavaa Myanganbuu) International Journal of Wellbeing, 6(3), 2016, 49-70.

The Role of Underwriter Networks in IPOs,” Journal of Banking and Finance, 51, 2015, 62–78

Board Ties and the Cost of Corporate Debt,” (with Andrew Prevost and John Puthenpurackal) Financial Management, 43(3), 2014, 533-568

“Investment Intensity of Currencies and the Random Walk Hypothesis: Cross-Currency Evidence,” (with Cheol Eun and Rehim Kilic) Journal of Banking and Finance, 35(2), 2011, 372-387

Other Publications

Do Poison Pills Work? A Finance Expert Explains the Anti-Takeover Tool that Twitter Hopes Will Keep Elon Musk at Bay,The Conversation, April 2022

Women at the Top of the World, Still Not at the Center: A New Network Analysis Discovery,” (with Kevin Young), 19A: The Brookings Gender Equality Series, December 2020


International Financial Management,” 10th edition (with Cheol Eun and Bruce Resnick), McGraw Hill.

Professional Experience/Certification

Chartered Financial Analyst

Professional Memberships

American Finance Association
Financial Management Association
International Network for Social Network Analysis
CFA Institute and CFA Society Baltimore

Professional Designations

Chartered Financial Analyst (CFA)

Honors and Awards

Outstanding Dedication to Learners Award, Office of Digital Teaching and Learning, 2020
Sellinger School STAR Award in Research, 2017
Financial Management Association Superior Faculty Advisor, 2017
Loyola University Maryland ELMBA Program Distinguished Professor of the Year, 2016

Working Papers

“Future Orientation and Uncertain Tone: Evidence from Corporate Discourse” (with Siamak Javadi, Takeshi Nishikawa, and Andrew Prevost)