Professor Kostovetsky's main research interests lie in the area of financial economics.  He is a co-author of the widely covered 2018 cryptocurrency report, "Digital Tulips? Returns to Investors in Initial Coin Offerings" (ICOs), which examined the use of ICOs as fund-raising tool for new ventures.  He also focuses on the fast-growing industry of socially responsible investing, and how political beliefs and connections affect the decisions of financial investors and corporate managers.