Vitaly S. Guzhva

Title
Department Chair and Professor
Email
Department
Accounting, Economics, Finance & Information Sciences
College
College of Business

Office Hours

Fall 2021: Tuesdays: 09:45 AM – 12:45 PM Thursdays: 09:45 AM - 11:15 AM and 02:00 PM – 03:30 PM

Areas of Expertise

Airline finance and economics; Aircraft financing and leasing; Aviation asset valuation; Air traffic system safety
Vitaly S. Guzhva


Vitaly S. Guzhva, Ph.D., CFA, ASA, is a Professor of Finance at Embry-Riddle Aeronautical University, where he teaches aviation finance, economics, and asset valuation courses. Dr. Guzhva is an experienced pilot and Accredited Senior Appraiser with a Machinery & Technical Specialties/Aircraft designation and an ISTAT Certified Appraiser. Dr. Guzhva’s research papers appear in various peer-reviewed journals, including Accident Analysis and Prevention, Journal of Air Transport Management, Transportation Research Record, Risk Analysis, and Journal of Economics and Finance. He is a co-author of a popular professional book: “Aircraft Leasing and Financing: Tools for Success in International Aircraft Acquisition and Management,” which 2nd edition is forthcoming in June 2024. Dr. Guzhva has completed multiple externally funded applied research projects for the FAA, ACRP, and corporate customers.   


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

  • Appraiser - The International Society of Transport Aircraft Trading
  • Flight Instructor - Federal Aviation Administration
  • Airline Transport Pilot - Federal Aviation Administration
  • Accredited Senior Appraiser - American Society of Appraisers
  • Chartered Financial Analyst - CFA Institute

  • AVM 1201: Advanced Avia Econ & Finance
  • FIN 623: Aircrft Fund Legal & Fin Analy
  • FIN 699: Special Topics in Finance

  • Aircraft Funding Legal & Financial Analysis (graduate)
  • Aircraft Transaction & Risk Modeling (graduate)
  • Advanced Corporate Finance (graduate)
  • Investments (graduate)
  • Managerial Finance (graduate)
  • Corporate Finance I & II (undergraduate)
  • Investment Analysis (undergraduate)
  • Engineering Economics (undergraduate)
  • Airport Finance and Administration (undergraduate)
  • International Business (undergraduate)
  • Financial Markets and Institutions (undergraduate)
  • Advanced Aviation Economics and Finance (professional certificate course)
  • Aviation Asset Valuation and Aircraft Appraisal (professional certificate course)
  • Aircraft Appraisal (professional accreditation course)
  • Flight Department Finance, Budgeting, and Accounting (professional certificate course)
  • Corporate Aviation Safety (professional certificate course)

Books

  • Vitaly S. Guzhva, Sunder Raghavan, and Damon J. D’Agostino (2024). Aircraft Leasing and Financing: Tools for Success in International Aircraft Acquisition and Management. Second Edition. Elsevier. (Forthcoming)
  • Vitaly S. Guzhva, Sunder Raghavan, and Damon J. D’Agostino (2018). Aircraft Leasing and Financing: Tools for Success in International Aircraft Acquisition and Management. Elsevier.
  • Barbara A. Bottiger, Vitaly S. Guzhva, Chunyan Yu, Frederick Busch, Charles Murphy, Barbara Cogliandro, and Richard Marchi (2018). Common Performance Metrics for Airport Infrastructure and Operational Planning. Published ACRP Research Report 190. Transportation Research Board, National Academy of Sciences.  

Journal Articles

  • Ahmed Abdelghany, Khaled Abdelghany, and Vitaly S. Guzhva (2024). Schedule-Level Optimization of Flight Block Times for Improved Airline Schedule Planning: A Data-Driven Approach. Journal of Air Transport Management 115, 102535.
  • Vitaly S. Guzhva and Curtis Kimball (2023). Valuation of Maintenance Repair and Overhaul Facilities. MTS Journal. The Journal of the International Machinery & Technical Specialties Committee of ASA 39, Issue 4, 36-44.
  • Ahmed Abdelghany, Vitaly S. Guzhva, and Khaled Abdelghany (2023). The Limitation of Machine-Learning based Models in Predicting Airline Flight Block Time. Journal of Air Transport Management 107, 102339.
  • Ahmed Abdelghany and Vitaly S. Guzhva (2022). Exploratory analysis of air travel demand stimulation in first-time served markets. Journal of Air Transport Management 98, 102162.
  • Vitaly S. Guzhva, Tamilla Curtis, and Vladislav Borodulin (2015). Market Analysis for Small and Mid-Size Commercial Turboprop Aircraft. International Journal of Aviation Management, Vol. 2, Issue 3-4, 121-143.
  • Sherry S. Borener and Vitaly S. Guzhva (2014). Analysis of the Effects of Communication and Surveillance Facility Service Outages on Traffic Separations. Risk Analysis 34, Issue 9, 1753-1762.
  • Vitaly S. Guzhva, Ahmed Abdelghany, and Tom Lipps (2014). Experimental Approach to NextGen Benefits Estimation: A Case of Single-Airline Aircraft Arrival Management System. Journal of Air Transport Management 35, 108-116.
  • Sherry S. Borener, Vitaly S. Guzhva, and Lonnie Bowlin (2013). Assessing NextGen Operational Improvements: A Case of Airspace Complexity and Aircraft Arrival Management System. Air Traffic Control Quarterly 21, Issue 4, 1-27.
  • Ahmed Abdelghany, Vitaly S. Guzhva, and Kruthika Srinivasan (2011). Addressing and Benchmarking Variations in Airport Demand in the U.S. Domestic Market. Transportation Research Record: Journal of the Transportation Research Board 2214, 20-26.
  • Massoud Bazargan and Vitaly S. Guzhva (2011). Impact of Gender and Age of Pilots on General Aviation Accidents. Accident Analysis and Prevention 43, 962-970.
  • Richard Ajayi, Seyed Mehdian, and Vitaly S. Guzhva (2010). Operational Efficiency in the U.S. Airline Industry: An Empirical Investigation of Post-Deregulation Era. Review of Economic and Business Studies 3, issue 2, 51-63.
  • Ahmed Abdelghany and Vitaly S. Guzhva (2010). Analyzing Airlines Market Service using Panel Data. Journal of Air Transport Management 16, 20-25.
  • Vitaly S. Guzhva, Massoud Bazargan and David Byers (2008). Entrepreneurial Spirit in Government Managed Enterprises: Evidence from the U.S. General Aviation Airports. Journal of Public Budgeting, Accounting and Financial Management 20, issue 4, 419-438. 
  • Vitaly S. Guzhva (2008). Applying Intervention Analysis on Financial Performance Data: The Case of U.S. Airlines and September 11. Journal of Economics and Finance 32, issue 3, 243-259.
  • Vitaly S. Guzhva, Massoud Bazargan and David Byers (2008). Determinants of Financial Health of U.S. General Aviation Airports. Journal of Airport Management 2, issue 2, 158-182.

ACADEMIC WORK EXPERIENCE

  • Professor of Finance, David B. O’Maley College of Business, Embry Riddle Aeronautical University (2015-present)
  • Associate Professor of Finance, College of Business, Embry Riddle Aeronautical University (2010-2015)
  • Assistant Professor of Finance, College of Business, Embry Riddle Aeronautical University (2004-2010)
  • Instructor, Research Assistant, College of Business, University of Central Florida (2001-2004)

CONSULTING & NON-ACADEMIC WORK EXPERIENCE

  • Director of Initiative for Aviation Asset Valuation, College of Business, Embry-Riddle Aeronautical University (2018-2020). Scheduling, coordinating, revising, and teaching ASA Aircraft Specialty Courses. Working with ASA to ensure the most current appraisal education is offered and continue setting new standards for the appraisal profession. Coordinating and facilitating industry outreach as relevant to aviation assets valuation. Working with aircraft and engine manufacturers, lessors, aircraft value publishers, and industry trade organizations. Overseeing budgetary expenditures as related to the Valuation Initiative.
  • Project Manager/Research Associate, Embry-Riddle Aeronautical University (2001-2002). Managing a team in obtaining a Multiple Supplemental Type Certificate for the installation of a new technology compression ignition engine into the Cessna 182 series. Test flying an experimental C182 with an SMA SR305-230 engine.
  • Flight Instructor, Embry-Riddle Aeronautical University (2000-2001).
  • Internship, Aviation Department Manager, GAZPROMAVIA Aviation Company, Moscow, Russia (1999). Managing an aviation department of 86 airplanes and helicopters. Flying Falcon 900B as Pilot in Command.
  • Captain, GAZPROMAVIA Aviation Company, Moscow, Russia (1995-1998), Flying AN74 and Falcon 900B.
  • Captain, Pilot-Instructor, Detachment and Squadron Commander, Russian Air Force (1985-1995).

LICENSES & CERTIFICATIONS

  • ISTAT Certified Appraiser, International Society of Transport Aircraft Trading (ISTAT) 
  • Accredited Senior Appraiser (ASA), Machinery & Technical Specialties/Aircraft, American Society of Appraisers 
  • Chartered Financial Analyst (CFA), CFA Institute 
  • FAA Airline Transport Pilot (ATP): Single and Multiengine Land, Type Rating DA50 
  • FAA Certified Flight Instructor (CFI): Single and Multiengine Land, Instrument Airplane 

  • 2023-2024 Joseph R. Martin Distinguished Professor in Aviation Business Administration
  • 2020 Fulbright U.S. Scholar Program award to Ireland in Aviation Finance at University College Dublin.
  • 2018 David B. O’Maley College of Business Outstanding Researcher Award.
  • 2013-2015 Christine and Lou Seno Distinguished Professor of Finance.