As artificial intelligence becomes more embedded in investment management, Russ Goyenko, an associate professor of finance at McGill University’s Desautels Faculty of Management, says the technology is likely to reshape how firms allocate work.

AI is increasingly being used to support research, idea generation and portfolio analysis across the industry. Goyenko suggests one likely consequence will be less demand for analysts, as AI takes over time-intensive tasks such as reviewing reports and earnings calls.

Classified as: finance, Ruslan Goyenko, AI at McGill Desautels, artificial intelligence (AI)
Published on: 4 May 2026

The McGill Desautels Faculty of Management acknowledges the vital contributions of research, teaching, service, and public engagement in inspiring future leaders. Through our annual Faculty Awards, we celebrate the exceptional achievements of our faculty members across various programs and disciplines. This year, we are proud to honour the following distinguished individuals:

Research

Desautels Faculty Scholar Award: Ruslan Goyenko

Classified as: Faculty Awards, desautels research, Ruslan Goyenko, Aytek Malkhozov, Jean-Nicolas Reyt, David Schumacher, Daphne Demetry, Saibal Ray, Genevieve Bassellier, Patrick Augustin, Wuyang Zhao, Sarah Gordon, Amandine Ody-Brasier, Matissa Hollister, Sujata Madan, Maxime Cohen, Jeraul Mackey
Published on: 16 Apr 2025

When OpenAI released ChatGPT in late 2022, the hype around AI began building to a fever pitch. Big money poured in to big tech, sending the stock of companies like Microsoft and Nvidia soaring. But a December 2024 AI chatbot release from a much smaller Chinese tech firm is showing that generative AI can be built a much more modest budget. “Deepseek shows that smaller companies with more limited resources can compete with tech giants,” Prof. Ruslan Goyenko told Benefits Canada.

Classified as: Ruslan Goyenko
Published on: 1 Apr 2025

The timing of stock trades can be as important as the choice of equities to buy or sell. When trading volume is low, large purchases can drive up a stock’s price, raising costs for the trader. A working paper from the National Bureau of Economic Research by Associate Professor of Finance Ruslan Goyenko finds that returns associated with trade timing are substantial—they can impact returns as much as stock selection itself.

Classified as: Ruslan Goyenko, Finance (T)
Published on: 6 Nov 2024

Authors: Miloš Fišar, Ben Greiner, Christoph Huber, Elena Katok,
Ali I. Ozkes, and the Management Science Reproducibility Collaboration*

*Co-authors included among the Collaboration are four members of the Desautels community:
Ruslan Goyenko
, Brian Rubineau, Chengyu Zhang and Yaping Zheng (now at U. of Alberta)

Classified as: desautels research, Ruslan Goyenko, brian rubineau, Finance (T), Organizational Behaviour (T)
Category:
Published on: 11 Mar 2024

Artificial intelligence isn’t a crystal ball, but it can analyze exponentially more data than any human can, and that has the potential to transform the financial services industry. “It’s the most powerful tool I’ve ever seen applicable to investments,” says Professor Ruslan Goyenko in an interview with Benefits Canada. Asset managers can use it to improve active management, and to weather challenging market conditions. “It makes the current investment book obsolete.

Classified as: Ruslan Goyenko
Published on: 14 Feb 2024

Artificial intelligence (AI) has changed the way the way that equities are managed – but it has mostly been used by institutions. Prof. Ruslan Goyenko wants to change that. Goyenko is the Scientific Director of Finance Innovation and Risk Management (FIRM) Labs, which brings together financial economists and computer scientists to develop AI-driven portfolio management models that it will distribute to the public.

Classified as: Ruslan Goyenko, Finance (T)
Published on: 12 Jul 2022

Ruslan Goyenko, Associate Professor in Finance, awarded 2019 SSHRC Insight Grant

Classified as: Ruslan Goyenko, finance, Social Sciences and Humanities Research Council (SSHRC)
Category:
Published on: 10 Oct 2019

Professor Ruslan Goyenko's paper "Illiquidity Premia in Equity Option Markets" with Peter Christoffersen, Kris Jacobs and Mehdi Karoui was selected as Editor's Choice article in the March 2018 issue of Review of Financial Studies.

Classified as: Ruslan Goyenko, finance, Review of Financial Studies, Desautels 22
Category:
Published on: 29 Mar 2018

Authors: Peter Christoffersen, Ruslan Goyenko, Kris Jacobs, Mehdi Karoui

Publication: Review of Financial Studies, Vol. 31, No. 3, March 2018

Abstract:

Standard option valuation models leave no room for option illiquidity premia. Yet we find the risk-adjusted return spread for illiquid over liquid equity options is 3:4% per day for at-the-money calls and 2:5% for at-the-money puts. These premia are computed using option illiquidity measures constructed from intraday effective spreads for a large panel of U.S. equities, and they are robust to different empirical implementations. Our findings are consistent with evidence that market makers in the equity options market hold large and risky net long positions, and positive illiquidity premia compensate them for the risks and costs of these positions.

Read full article: Review of Financial Studies

Classified as: Ruslan Goyenko, finance, Review of Financial Studies, Desautels 22
Category:
Published on: 17 Oct 2017

Authors: Amihud, Yakov; Goyenko, Ruslan Y.

Publication: Review of Financial Studies, March 2013

Abstract:

Classified as: Ruslan Goyenko
Category:
Published on: 7 Mar 2013
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