Anna Rozhkova
Anna Rozhkova
PhD Candidate in Finance
Rotman School of Management, University of Toronto
Research Interests
Asset Management, Sustainable Finance
Contact
Email: anna.rozhkova@rotman.utoronto.ca | LinkedIn
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Working Papers
Working Papers
Effects of Anti-ESG Legislation: Evidence from the Mutual Fund Industry [Job Market Paper]
5th Annual FIASI-Fordham University Sustainable Finance Research Competition Finalist (2025)
Presentations: EFA 2025 Paris, FMA 2025 (scheduled), 6th Canadian Sustainable Finance Network Conference 2025, University of Toronto 2024
Abstract: This paper studies how imposing restrictions on public pension funds over ESG investments affects the mutual fund industry. I exploit state-level staggered variation in the recent implementation of two types of anti-ESG laws targeting state and local public pension funds: anti-boycott and anti-ESG investing laws. Using a difference-in-differences analysis based on mutual funds' heterogeneous exposure to these laws within states, I show that mutual funds align their portfolios with the restrictions imposed on state and local public pension funds by anti-ESG laws. I find that mutual funds reduce portfolio ESG scores by 1.5% and allocate more assets to the fossil fuel industry in response to anti-boycott laws, while reducing ESG scores by 3 - 12% in response to anti-ESG investing laws. These changes positively influence fund flows and have spillover effects on out-of-state and international institutional investors. Overall, the results suggest that anti-ESG legislation targeting state and local public pension funds has significant implications for the mutual fund industry and other institutional investors.
How Does Menu Design Affect College Savings Plans' Attractiveness? with Alexey Vasilenko
Presentations: MFA 2024, FMA 2024, University of Toronto 2023
Abstract: This paper studies how menu design affects household participation and contributions in 529 college savings plans. We exploit two types of state-level staggered variation in plan menu design: the inclusion of investment options tailored to different risk tolerance levels and the addition of an alternative menu through the creation of an additional in-state 529 plan. Using a difference-in-differences framework, we show that implemented menu design changes have diverse effects on household investments in 529 college savings plans. We find that both the inclusion of risk-based target date options and the addition of alternative menu increase in-state participation and contributions to college savings plans. Expanding the menu to include static asset allocation options raises household contributions but not participation, while having a positive spillover effect on flows to other investment options. Our results suggest that modifying the menu design of 529 college savings plans can enhance investment in human capital.
Work in Progress
Work in Progress
Costs of ESG Investing in the ETF Space: International Evidence
Pre-PhD Policy Research
Pre-PhD Policy Research
Macro-Financial Linkages: the Role of Liquidity Dependence with Alexey Ponomarenko and Sergey Seleznev
BIS Working Paper No.716 (2018)
When Are Credit Gap Estimates Reliable? with Elena Deryugina and Alexey Ponomarenko
Economic Analysis and Policy 67 (2020): 221-238
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