Professor of Finance
Economics, Finance and Information Systems Dept
Daytona College of Business
Daytona Beach campus


  • Ph.D. - Doctor of Philosophy in Business Administration Finance, University of Central Florida
  • M.B.A. - Master of Business Administration in Business Administration, Embry-Riddle Aeronautical University

  • BA 332: Corporate Finance I
  • BA 518: Managerial Finance


Corporate Finance (undergraduate)
Investment Analysis (undergraduate)
Airport Finance and Administration (undergraduate)
Investments (MBA)
Advanced Corporate Finance (MBA)
Managerial Finance (MBA)
Value Proposition Analysis for Corporate Aviation (NBAA's Corporate Aviation Management Certificate Program course)
Flight Department Finance, Budgeting and Accounting (NBAA's Corporate Aviation Management Certificate Program course).



In refereed journals:

'Applying Intervention Analysis on Financial Performance Data: The Case of U.S. Airlines and September 11th,' Vitaly S. Guzhva. Journal of Economics and Finance, Forthcoming.

'Market Undervaluation of Risky Convertible Offerings: Evidence from the Airline Industry,' Vitaly S. Guzhva, Kseniya Beltsova and Vladimir V. Golubev. Journal of Economics and Finance, Forthcoming.

'Entrepreneurial Spirit In Government Managed Enterprises: Evidence from the U.S. General Aviation Airports'. Vitaly S. Guzhva, Massoud Bazargan and David Byers. Journal of Public Budgeting, Accounting and Financial Management, Forthcoming.

'Determinants of Financial Health of U.S. General Aviation Airports.' Vitaly S. Guzhva, Massoud Bazargan and David Byers. Journal of Airport Management, Forthcoming.

'Factors Contributing to Fatalities in General Aviation Accidents'. Massoud Bazargan and Vitaly S. Guzhva. World Review of Intermodal Transportation Research 1 (2007), issue 2, 170-182.

'US Commercial Airline Performance after September 11, 2001: Decomposing the Effect of the Terrorist Attack from Macroeconomic Influences'. Vitaly S. Guzhva and Notis Pagiavlas. Journal of Air Transport Management 10 (2004), issue 5, 327-332.

'Corporate Capital Structure in Turbulent Times: A Case Study of the U.S. Airline Industry,' Vitaly S. Guzhva and Notis Pagiavlas. Journal of Air Transport Management 9 (2003), 371-379.

Other publications:

'Market Undervaluation of Risky Convertible Offerings: A Case of Airline Convertible Preferred Stocks'. Co-authored with Kseniya Beltsova, and Vladimir Golubev. Proceedings of 2007 meeting of Academy of Economics and Finance.

'Valuation of Commercial UAV Projects: Project Finance and Real Option Approach'. Accepted for publication as a chapter in 'The Commercialization of Unmanned Aviation' (forthcoming book).

"Safety of Low Cost Airlines'. International Academy of Science and Art Publications. Moscow, Russia. 2000.

'Managing Multicultural Teams'. International Academy of Science and Art Publications. Moscow, Russia. 1999.


Membership in Professional Associations

Financial Management Association
Eastern Finance Association
Southern Finance Association
Southwestern Finance Association
Beta Gamma Sigma
Aircraft Owners and Pilots Association
American Association of Airport Executives
International Academy of Science and Art