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Dr Olina Onishchenko, Otago Business SchoolSenior Lecturer
BA , MS , PhD (Poltava National Technical University)

Office OBS 4.08
Tel +64 3 479 8110

Dr Onishchenko is a senior lecturer in finance at the University of Otago (New Zealand). She holds a PhD in economics from Poltava National Technical University (Ukraine). She joined the department in 2014. Dr Onishchenko's research interests lie in empirical capital markets, with a particular focus on retail and institutional investors' trading behavior. She has published in peer-reviewed finance and economics journals such as Pacific-Basin Finance Journal, Journal of Behavioural Finance, Journal of Behavioural and Experimental Finance and Journal of Forecasting. In recent years, she has also developed research interests in short selling. Dr Onishchenko formed a successful research partnership with New Zealand Stock Exchange ( NZX ) and S3 Partners (New York-based financial start-up).

Dr Onishchenko has been the recipient of numerous AFAANZ and internal research grants.


  • FINC 202 Investment Analysis and Portfolio Management (Semester 1)
  • FINC 403 Studies in Capital Markets

Research interests

  • Empirical capital markets
  • Behavioural finance
  • Fintech
  • Securities lending, short selling
  • Artificial Intelligence (AI) in finance


PhD completed

  • Sandun Fernando: Essays in Short Selling
  • Sampath Kongahawatte: Essays in Investors' Trading Behaviour

PhD current

  • Dauda Bola Abdulsalam: Fintech in Over-The-Counter (OTC) Market

FINC 580 completed

  • Scott Clark: Investor’s Trading Behaviours: Evidence from the 2019 Christchurch Mosque Shootings
  • Felicia Marston: Short Sellers’ Mood-Induced Trading and Stock Returns
  • Finn Wilkinson: COVID-19 and Investors’ Trading Behavior: Evidence from the New Zealand Equity Market

Selected grants


  • Equity lending and stock resiliency surrounding market crashes. Olena Onishchenko, Jing Zhao, AFAANZ (Accounting & Finance Association of Australia and New Zealand)


  • Who trades on intraday equity market momentum? Olena Onishchenko, Duminda Kuruppuarachchi, Helen Roberts. Commerce Research Grant ( CRG )

Selected working papers

  • Short sellers' trading strategies (with Jing Zhao)
  • Prospect theory (with Jing Zhao, Sampath Kongahawatte, Duminda Kuruppuarachchi and Helen Roberts)
  • Short selling and sustainable investing (with Marinela Finta and Jing Zhao)

Media coverage


Onishchenko, O. (2023, February). Crowded shorts and the cross-section of stock returns. Verbal presentation at the New Zealand Finance Colloquium, Wellington, New Zealand.

Ülkü, N., & Onishchenko, O. (2023). Institutional overcrowding everyday. Journal of Behavioral Finance, 24(1), 1-21. doi: 10.1080/15427560.2021.1892678

Han, X., Li, Y., & Onishchenko, O. (2022). Shunned stocks and market states. European Journal of Finance, 28(7), 705-717. doi: 10.1080/1351847x.2021.2015699

Onishchenko, O., & Ülkü, N. (2022). Investor types' trading around the short-term reversal pattern. International Journal of Finance & Economics, 27, 2627-2647. doi: 10.1002/ijfe.2291

Onishchenko, O., Zhao, J., Kuruppuarachchi, D., & Roberts, H. (2021, July). Who drives intraday time-series momentum? Verbal presentation at the Accounting & Finance Association of Australia and New Zealand (AFAANZ) Conference, [Online].

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