Vitaly Guzhva

Accounting, Economics, Finance & Information Sciences
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 Guzhva

Dr. Guzhva is a Professor of Finance in the College of Business of Embry-Riddle Aeronautical University, where he teaches Aviation Finance courses. He holds a BS in Aeronautical Engineering, MS in Military Science, MBA in Aviation, and Ph.D. in Finance degrees as well as the Chartered Financial Analyst (CFA) and Accredited Senior Appraiser (ASA) with an aircraft specialty designation. As a military and corporate pilot, Dr. Guzhva has logged more than 5,000 flight hours primarily in high-performance jet aircraft. Dr. Guzhva's work appeared in various peer-review journals, including Journal of Economics and Finance, Journal of Air Transport Management, Journal of Public Budgeting, Accounting and Financial Management, Transportation Research Record, Risk Management, and others. Dr. Guzhva's research related to the United States airlines' losses following September 11, 2001, and the financial health of United States general aviation airports was widely discussed in the national business and aerospace press. Dr. Guzhva is a professional member of multiple Finance and Aviation associations. His applied research and consulting projects included industry assessments and market analyses for major aircraft manufacturers, benefit-cost analyses of Operational Improvements for NextGen Air Transport Management system, assessments of major investments in aviation infrastructure, and others. His current research interests include analysis of airline bankruptcies, development of dynamic fuel and currency hedging strategies for domestic and international airlines and investment performance of Aircraft ABS and EETCs.

  • 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

  • FIN 623: Aircrft Fund Legal & Fin Analy
  • FIN 332: Corporate Finance I

Corporate Finance (undergraduate)
Corporate Finance II (undergraduate)
Investment Analysis (undergraduate)
Airport Finance and Administration (undergraduate)
Investments (graduate)
Advanced Corporate Finance (graduate)
Managerial Finance (graduate)
Aircraft Funding Legal and Financial Analysis (graduate)
Aircraft Transaction and Risk Modeling (graduate)
Aircraft Appraisals (professional certification)
Value Proposition Analysis for Corporate Aviation (professional certification)
Flight Department Finance, Budgeting, and Accounting (professional certification)

  • “Aircraft Leasing and Financing: Tools for Success in International Aircraft Acquisition and Management.” Vitaly S. Guzhva, Sunder Raghavan, and Damon J. D’Agostino, Elsevier (2018). 
  • “Common Performance Metrics for Airport Infrastructure and Operational Planning,” Barbara A. Bottiger, Vitaly S. Guzhva, Chunyan Yu, Frederick Busch, Charles Murphy, Barbara Cogliandro, and Richard Marchi, ACRP Research Report 190, Transportation Research Board, National Academy of Sciences (2018).
  • “Safety assessment of implemented NextGen operational improvements.” Sherry S. Borener, Vitaly S. Guzhva, Ian Crook, and Rafael Fraga, Transportation Research Procedia 14 (2016), 3731 – 3740.
  • “Market Analysis for Small and Mid-Size Commercial Turboprop Aircraft.”  Vitaly S. Guzhva, Tamilla Curtis, and Vladislav Borodulin, International Journal of Aviation Management, Vol. 2 (2015), Issue 3-4, 121-143.
  • “Analysis of the Effects of Communication and Surveillance Facility Service Outages on Traffic Separations,” Sherry S. Borener and Vitaly S. Guzhva, Risk Analysis 34 (2014), Issue 9, 1753-1762.
  • “Experimental Approach to NextGen Benefits Estimation: A Case of Single-Airline Aircraft Arrival Management System,” Vitaly S. Guzhva, Ahmed Abdelghany, and Tom Lipps, Journal of Air Transport Management 35 (2014), 108-116.
  • “Assessing NextGen Operational Improvements: A Case of Airspace Complexity and Aircraft Arrival Management System,” Sherry S. Borener, Vitaly S. Guzhva, and Lonnie Bowlin, Air Traffic Control Quarterly 21 (2013), Issue 4, 1-27.
  • “Addressing and Benchmarking Variations in Airport Demand in the U.S. Domestic Market,” Ahmed Abdelghany, Vitaly S. Guzhva, and Kruthika Srinivasan, Transportation Research Record: Journal of the Transportation Research Board 2214 (2011), 20-26.
  • “Impact of Gender and Age of Pilots on General Aviation Accidents,” Massoud Bazargan and Vitaly S. Guzhva, Accident Analysis and Prevention 43 (2011), 962-970.   
  • "Operational Efficiency in the U.S. Airline Industry: An Empirical Investigation of Post-Deregulation Era," Richard Ajayi, Seyed Mehdian, and Vitaly S. Guzhva, Review of Economic and Business Studies 3 (2010), issue 2, 51-63.
  • “A Time-Series Modeling Approach for Airport Short-Term Demand Forecasting,” Ahmed Abdelghany and Vitaly S. Guzhva. Journal of Airport Management 5 (2010), issue 1, 72-87.
  • “Market Undervaluation of Risky Convertible Offerings: Evidence from the Airline Industry,” Vitaly S. Guzhva, Kseniya Beltsova and Vladimir Golubev. Journal of Economics and Finance 34 (2010), 30-45.
  • “Analyzing Airlines Market Service using Panel Data”, Ahmed Abdelghany and Vitaly S. Guzhva. Journal of Air Transport Management 16 (2010), 20-25.
  • “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 20 (2008), issue 4, 419-438. 
  • “Applying Intervention Analysis on Financial Performance Data: The Case of U.S. Airlines and September 11th,” Vitaly S. Guzhva. Journal of Economics and Finance 32 (2008), issue 3, 243-259.
  • “Determinants of Financial Health of U.S. General Aviation Airports.” Vitaly S. Guzhva, Massoud Bazargan and David Byers. Journal of Airport Management 2 (2008), issue 2, 158-182.
  • “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.

  • Embry-Riddle Aeronautical University, Daytona Beach, FL, Professor, 08/2015 to present, Associate Professor, 08/2010 to 08/2015, Assistant Professor, 08/2004 to 08/2010.

Graduate and undergraduate teaching: Aircraft Leasing and Financing; Advanced Corporate Finance; Investment Analysis; Airport Finance and Administration; Engineering Economics; Investments; Managerial Finance; International Business; Corporate Aviation and Flight Department Finance, Budgeting and Accounting; Advanced Aviation Finance courses for the International Society of Transport Aircraft Trading (ISTAT); Professional aircraft appraisal courses. A principal developer of the ISTAT University program.

Research: Principal Investigator and Co-Investigator in multiple applied research projects.

  • Embry-Riddle Aeronautical University, Daytona Beach, FL, Director of the David B. O’Maley College of Business’ Initiative for Aviation Asset Valuation, 08/2018 to 04/2020.

Scheduling, coordinating, revising and teaching ASA Aircraft Specialty Courses. Working with ASA to ensure the most current appraisal education is offered and continuing 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. Coordinating with the College's Business Manager on budgeting and allocating funds relevant to the Initiative.  Representing the College in the areas related to aviation asset valuations.

  • University of Central Florida, Orlando, FL, Instructor, Research Assistant, 08/2001 to 08/2004.

Teaching: Financial Markets and Institutions, Investment Analysis. Research assistance in Financial Markets, Investment, Banking, Market Microstructure and Corporate Finance areas.

  • Embry-Riddle Aeronautical University, Daytona Beach, FL, Project Manager/Research Associate, 04/2001 to 04/2002.

Managing a team in obtaining a Multiple Supplemental Type Certificate for the installation of a new technology compression ignition engine into Cessna 182 series. Test flying an experimental C182 with SMA SR305-230 engine.

  • Embry-Riddle Aeronautical University, Daytona Beach, FL, Flight Instructor, 11/2000 to 04/2001

Flight and ground instruction for students, private, instrument and commercial pilots.

  • Embry-Riddle Aeronautical University, Daytona Beach, FL, Research Assistant, 10/1999 to 08/2000

Research assistance in Marketing, Business Research and Airline Management areas.

  • Intern., GAZPROMAVIA Aviation Company, Moscow, Russia, Aviation Department Manager, 05/1999 to 08/1999.

Managing an aviation department of 86 airplanes and helicopters. Performing duties of Falcon 900B Captain in domestic and international flights.

  • GAZPROMAVIA Aviation Company, Moscow, Russia. Captain of AN74, Falcon 900B, 12/1995 to 05/2000.
  • Russian Air Force, Russia. Captain of AN24, AN26, AN72, and IL76. Pilot-Instructor, Detachment and Squadron Commander, 11/1985 to 12/1995.  Honorably discharged with a rank of Major.  


  • Accredited Senior Appraiser (ASA) – Machinery & Technical Specialties/Aircraft, 2016, American Society of Appraisers.
  • Chartered Financial Analyst (CFA), 2010, CFA Institute.


  • Airline Transport Pilot: Single and Multiengine Land; Type Rating: DA50 (Falcon 900)
  • Certified Flight Instructor: Single and Multiengine Land, Instrument Airplane

  • Fulbright U.S. Scholar Program award to Ireland in Aviation Finance at University College Dublin. January – June 2020.
  • Christine and Lou Seno Distinguished Professor of Finance, August 2013 – August 2015.