ABOUT ME

Ilya A. Strebulaev

This version: 22 November 2013
Graduate School of Business
Stanford University
655 Knight Way
Stanford, CA 94305-5015
Tel:  (650) 725 8239
Fax: (650) 725 7979
Email: istrebulaev@stanford.edu
http://faculty-gsb.stanford.edu/strebulaev/

  EDUCATION

2004 Ph.D., Finance, London Business School
2002M.Phil, Finance, London Business School
1999M.A., Economics, New Economic School, Moscow
1997B.A., Mathematical Economics, Lomonosov Moscow State University
 
 ACADEMIC APPOINTMENTS

2013- Shanahan Family Faculty Scholar, Graduate School of Business, Stanford University
2010- Associate Professor of Finance (tenured),
Graduate School of Business, Stanford University
2010- Research Associate, National Bureau of Economic Research
2010-2011 Spence Faculty Scholar, Graduate School of Business, Stanford University
2009-2010 Visiting Associate Professor of Finance,
London Business School
2008-2010 Associate Professor of Finance, Graduate School of Business, Stanford University
2006-2007 Fletcher Jones Faculty Scholar, Graduate School of Business,
Stanford University
2004-2008 Assistant Professor of Finance, Graduate School of Business,
Stanford University

  PUBLICATIONS

 A. Refereed Publications (with SSRN links)

  1. Macroeconomic Effects of Corporate Default Crises: A Long-Term Perspective, fortcoming Journal of Financial Economics (with Kay Giesecke, Francis A. Longstaff, and Stephen M. Schaefer)
  2. Investment, Reputation, and the Temptation to Blend in with the Crowd, 2014 Journal of Financial Economics 111, 137-157 (with Steven R. Grenadier and Andrey Malenko)
  3. Government Policy and Ownership of Financial Assets, 2014 Journal of Financial Economics 111, 70-85 (with Kristian Rydqvist and Joshua Spizman)
  4. Dynamic Corporate Finance is Useful: A Comment on Welch (2013), 2013, Critical Finance Review 2, 173-191 (with Toni M. Whited)
  5. The Mystery of Zero-Leverage Firms, 2013 Journal of Financial Economics 109, 1-23 (with Baozhong Yang)
  6. Dynamic Models and Structural Estimation in Corporate Finance, 2012, Foundations and Trends in Finance 6, 1-163 (with Toni M. Whited)
  7. Cash Holdings and Credit Risk, 2012, Review of Financial Studies 25, 2959-2999, (with Viral Acharya and Sergei Davydenko)
  8. A Market-Based Study of the Cost of Default, 2012, Review of Financial Studies 25, 3573-3609 (with Sergei Davydenko and Xiaofei Zhao)
  9. Corporate Bond Default Risk: A 150-Year Perspective, 2011, Journal of Financial Economics 102, 233-250 (with Kay Giesecke, Francis A. Longstaff, and Stephen M. Schaefer)
    • Lead article
    • First Place, Fama-DFA Prize, Journal of Financial Economics, 2011
  10. The Aggregate Dynamics of Capital Structure and Macroeconomic Risk, 2010, Review of Financial Studies 23, 12, 4187-4241 (with Harjoat S. Bhamra and Lars-Alexander Kuehn)
    • Lead article
  11. Permanent vs Temporary Shocks: Explaining Corporate Financial Policies, 2010, Review of Financial Studies 23, 7, 2591-2647 (with Alexander S. Gorbenko)
  12. Long-Run Risks, Credit Markets, and Financial Structure, 2010, American Economic Review, Papers & Proceedings 100, 2, 547-551 (with Harjoat S. Bhamra and Lars-Alexander Kuehn)
  13. The Levered Equity Risk Premium and Credit Spreads: A Unified Framework, 2010, Review of Financial Studies 23, 2, 645-703 (with Harjoat S. Bhamra and Lars-Alexander Kuehn)
  14. Bidding and Performance in Repo Auctions: Evidence from ECB Open Market Operations, 2009, Journal of Money, Credit and
    Banking
    41, 7, 1391-1421 (with Ulrich Bindseil and Kjell Nyborg)
  15. Structural Models of Credit Risk are Useful: Evidence from Hedge Ratios on Corporate Bonds, 2008, Journal of Financial Economics 90, 1-19 (with Stephen Schaefer)
    • Lead article
    • Third Prize, Q Conference, 2004
  16. Strategic Actions, Capital Structure, and Credit Spreads: An Empirical Investigation, 2007, Journal of Finance 62, 6, 2633-2671 (with Sergei Davydenko)
  17. Do Tests of Capital Structure Theory Mean What They Say? 2007, Journal of Finance 62, 4, 1747-1788
    • First Paper Prize, Brattle Award, Journal of Finance, 2007
    • Trefftzs Award, Western Finance Association, 2004
    • Dimitris Chorafas Award, 2004
  18. Multiple Unit Auctions and Short Squeezes, 2004, Review of Financial Studies 17, 545-580 (with Kjell Nyborg)
  19. Collateral and Short Squeezing of Liquidity in Fixed Rate Tenders, 2001, Journal of International Money and Finance 20, 769-792 (with Kjell Nyborg)

 B. Working Papers

  1. Financing as a Supply Chain: The Capital Structure of Banks and Borrowers, 2013 (with Will Gornall)
  2. An (S,s) Model of Capital Structure: Theory and Evidence, 2013 (with Arthur Korteweg)
  3. Dynamic Information Asymmetry, Financing, and Investment, 2013 (with Haoxiang Zhu and Pavel Zryumov)
  4. Firm Size and Capital Structure, 2012 (with Alexander Kurshev)
  5. Liquidity and Asset Pricing: Evidence from the U.S. Treasury Securities Market, 2002

 C. Work in Progress

  1. The Origins of Entrepreneurial Firms (with Joshua Rauh)
  2. Dynamic Models and Structural Estimation in Corporate Finance (with Christopher Hennessy and Toni M. Whited)
  3. How and Why Firms Refinance Their Capital Structure (with Arthur Korteweg)
  4. Asset Pricing, Financial Structure, and Rare Events (with Harjoat S. Bhamra)

  PRESENTATIONS

A. Presentations at conferences (including by co-authors)

2013 National Bureau of Economic Research Neeting, Stanford
American Finance Association Meeting, San Diego
Duke-UNC Finance Conference
2012 American Finance Association Meeting, Chicago (2 papers)
American Economic Association Meeting, Chicago
Finance Theory Group, HBS meeting
2011 European Finance Association Meeting, Stockholm
2010 American Economic Association Meeting, Atlanta
Corporate Finance Workshop, Carlson School of Management, University of Minnesota
2009 Western Finance Association Meeting, San Diego
2nd FARFE conference in honor of Hayne Leland
2008American Finance Association Meeting, New Oleans (2 papers)
UNC Tax Symposium
UBC Summer Finance Conference, Whistler
Western Finance Association Meeting, Hawaii
Shifting Capital Markets & Corporate Performance, Yale SOM
2007 Western Finance Association Meeting, Montana (2 papers)
Duke-UNC Asset Pricing Conference
13th Mitsui Symposium on Finance, University of Michigan
European Finance Association Meeting, Ljubljana
2006 Western Finance Association Meeting, Keystone
Asset Returns and Firm Policies, Verona, Italy
2005 European Finance Association Meeting, Moscow
American Finance Association Meeting, Philadelphia
2004 American Finance Association Meeting, San Diego
Western Finance Association Meeting, Vancouver
European Finance Association Meeting, Maastricht (2 papers)
Recent Advances in Credit Risk Research, New York
2003 American Finance Association Meeting, Washington (2 papers)
European Finance Association Meeting, Glasgow
Credit Risk and Risk Management, Verona
2002 American Finance Association Meeting, Atlanta
European Finance Association Meeting, Berlin
Financial Management Association European Meeting, Paris
European Financial Management Association Meeting, Lugano
Auctions and Market Design, Milan, Italy
2001 European Finance Association Meeting, Barcelona

B. Invited presentations

2013 University of Texas at Austin; University of Oklahoma; Mendoza College of Business, University of Notre Dame; ESSEC Business School
2012 Darden School of Business, University of Virginia; Lancaster University, London Business School
2011 Ohio State University; Simon School of Business, University of Rochester; Olin Business School, University of Washington; Federal Reserve Bank of Philadelphia; New Economic School, Moscow; Higher School of Economics, Moscow
2010 University of Vienna; Brunel University; Copenhagen Business School; Said School of Business, Oxford University; University of Exeter; London School of Economics; Arizona State University, Erasmus University, Rotterdam; Nova School of Economics & Business, Lisbon
2009 Georgia State University; Marshall School of Business, USC; Michigan Business School; Stern School of Business, NYU; Imperial College
2008 Owen School of Management; Vanderbilt University; Stockholm School of Economics; Boston College; London Business School; University of Illinois at Urbana-Champaign; University of Maryland; Columbia Business School; Yale School of Management; Florida State University; Anderson School of Management, UCLA; Colorado University at Boulder
2007Norwegian School of Business, University of Bergen; Wharton School, University of Pennsylvania; National University of Singapore; Singapore Management University; Nanyang Technological University; Smeal College of Business, Penn State University; Hong Kong University of Science and Technology
2006Baruch College, City University of New York (October); Fuqua School of Business, Duke University (November); Kenan-Flagler School of Business, University of North Carolina (November); University of Toronto (December); MIT (December)
2005Arizona State University (October); Joint Stanford/Berkeley Finance Seminar (November); Toulouse Business School (December); University of Lausanne (December); University of Vienna (December)
2004Binghamton University (December); Federal Bank of New York (November); Federal Reserve Board, Washington, D.C. (November); University of Wisconsin-Madison (October); McCombs School of Business, University of Texas at Austin (January); GSIA, Carnegie-Mellon University (January); Johnson School of Management, Cornell University (January); Graduate School of Business, Stanford University (January); Anderson School of Management, UCLA (January); Kellogg School of Management, Northwestern University (January); Simon School of Business, Rochester University (January); Columbia Business School (February); Stern School of Business, New York University (February); Goizueta Business School, Emory University (February); Harvard Business School (February); Michigan Business School (February); Wharton School, University of Pennsylvania (February); London School of Economics (February)
2003Bologna University (January), Verona University (January); Said Business School, Oxford University (October); The Judge Institute of Management, Cambridge University (October); Venice University (December); Turin University (December)
2002Hebrew University, Jerusalem (May), School of Business, Tel Aviv University (May)
2001Padova University (May), Toulouse Business School (November)

  AWARDS AND DISTINCTIONS

2013-2014Shanahan Family Faculty Scholar, Stanford GSB
2013 The Sloan Teaching Excellence Award, Stanford GSB, Stanford GSB
  • Awarded annually to one faculty member by Stanford Sloan fellows
2011 First Place, Fama-DFA Prize, Journal of Financial Economics
2010-2011 Spence Faculty Scholar, Stanford GSB
2010 The Masters in Management Inaugural Best Teacher Award, London Business School
  • Awarded annually to one faculty member by LBS MiM students
2009 The MBA Distinguished Teacher Award, Stanford GSB

  • Awarded annually to one faculty member by Stanford MBA students
2008The MBA Distinguished Teacher Award (shortlisted), Stanford GSB
2007First Paper Prize, Brattle Award, Journal of Finance
2007Distinguished Alumni Award, New Economic School
2007The Best Paper Award, 13th Mitsui Symposium on Finance, University of Michigan
2007The MBA Distinguished Teacher Award (shortlisted), Stanford GSB
2006-2007Fletcher Jones Faculty Scholar, Stanford GSB
2005Moody's Grant for $30,000 (with S. Schaefer)
2004The Dimitris N. Chorafas Foundation Award for the best paper
2004The Trefftzs Award for the best student paper, Western Finance Association
2003-2004Inquire UK research grant for GBP10,000 (with S. Schaefer)
2003-2004Inquire Europe research grant for Euro 10000 (with S. Schaefer)
2003Lehman Brothers Fellowship for Research Excellence in Finance (finalist)
2002-2004Kaplanis Fellowship
2001-2002Citigroup Ph.D. Scholar
1996-1997McArthur Foundation grant for $10000
1995-1997Moscow Mayor Scholarship

  ONGOING PROFESSIONAL ACTIVITIES

 

EDITORIAL ACTIVITIES

  PAST PROFESSIONAL ACTIVITIES

  • Board Member, Finance Theory Group, 2011-2013
  • Finance Ph.D. Liaison, Stanford GSB, 2011-2013
  • Member, Executive Education Faculty Oversight Committee, 2011-2013
  • Member, CREEES (Stanford Center for Russian, East European, and Eurasian Studies) Steering Committee, 2010-2013
  • Finance Ph.D. admission coordinator, Stanford GSB, 2010-2011
  • Co-chair, Corporate Theory workshop committee, 2010-2011
  • Co-organizer, NBER Corporate Finance meeting, Stanford, October 2011
  • Co-organizer, 4th Corporate Theory workshop, Stanford, May 2011
  • Member, Conference Program Committee, Stability and Risk Control in Banking, Insurance and Financial Markets, Venice, 2011
  • Chairman, Conference Program Committee, Credit Risk, Financial Crisis, and the Macroeconomy, Venice, 2009
  • Panelist, PhD in Finance Project, WFA 2009 meeting, San Diego; WFA 2010 meeting, Victoria
  • Session organizer, AFA 2010 Meeting; WFA 2011 Meeting
  • Associate Chair, WFA 2010 meeting program committee; Member, WFA 2008, 2011 meetings program committee
  • Discussant at American Finance Association Meetings (2005, 2006 (2), 2007, 2009 (2))
  • Discussant at Western Finance Association Meetings (2005, 2009, 2010)
  • Discussant at European Finance Association Meetings (2000-2003, 2005 (2))
  • Co-organizer, SITE Workshop on "Dynamic Investment and Financing," Stanford, 2007
  • Member, EFA meeting program committee (2005, 2009)
  • Faculty leader, PhD Corporate Finance reading group, Stanford GSB (2004-2005)
  • Member, Spencer Award Committee, Stanford GSB, 2006
  • Finance seminar co-organizer, Stanford GSB (2005-2006)
  • Faculty member, MBA student academic committee, Stanford GSB (2006-2007)
  • Co-founder of weekly PhD Lunch Seminars at LBS

 

GIVING BACK

2004-2014 Anna S. Dvornikova and Ilya A. Strebulaev Fund, New Economic School, Moscow

  • Financial support for NES students applying to Ph.D. Programs (GRE, GMAT, TOEFL, applications, airfare)

  TEACHING EXPERIENCE

A. MBA Program

Venture Capital and Angels: Finance and Decision-Making (2012; Winter 2013 (85 students), Fall 2013 (80 students))

Corporate Finance (core/elective, case-based), Stanford GSB: 2005 (45 students), 2006 (179 students), 2007 (101 students), 2008 (110 students), 2009 (88 students), 2011 (56 students); 2012 (46 students)

Advanced Corporate Finance, LBS 2010 (65 students)

Credit Risk (Intensive MBA-level elective), Stanford GSB, 2010

B. Sloan/MSx Program

Finance (Winter 2013, Fall 2013)

C. Executive Education

Various programs (e.g.: Finance Strategy, PE and VC, Behavioral Finance, Corporate Finance, M&A, Risk Management, Valuation, Bankruptcy and Distress), Stanford GSB, 2010-2014; LBS, 2010, 2012

D. Ph.D./Advanced Programs

Advanced Corporate Finance, Stanford GSB, 2007-2009, 2011-2013

Contingent Claims Models, Venice 2006, 2010

E. Masters in Management program

Finance (core): LBS, 2010 (115 students)

 

2007-2010 Alexander Gorbenko (Ph.D advisor, Stanford GSB), 1st job: London Business School
2006-2009 Zhipeng Zhang (Ph.S. co-advisor, Stanford GSB), 1st job: Boston College
2005-2008 Baozhong Yang (Ph.D. co-advisor, Stanford GSB), 1st job: Georgia State University
2005-2007 Scott Joslin (Ph.D. reading committee, Stanford GSB), 1st job: MIT Sloan
2004-2006

Leandro Saita (Ph.D. reading committee, Stanford GSB), 1st job: Goldman Sachs

Dynamic corporate finance. Dynamic financial decision-making, impact of behavioral biases. Real options. Financing innovation, venture capital, private equity. Entrepreneurship. Capital structure, external and internal financing. Linking corporate finance, asset pricing, and macro. Aggregate investment cycles. Linking dynamic theory and empirical methods. Risk management. Credit risk, bankruptcy, and financial distress. Impact of taxation and regulation on financial decisions.

A. MBA Program

Finance, Corporate Finance (core/advanced), Real options, Venture capital and private equity, Financial distress, Fixed income, Credit risk

B. Ph.D./Advanced Programs

Corporate theory (core/advanced), Research seminar in (corporate) finance

C. Executive Education

Finance, Finance Strategy, PE and VC, Behavioral Finance, Corporate Finance, M&A, Financial distress, Fixed income, Risk management, Investment management

  PERSONAL INFORMATION

Date of Birth: 17.05.1975
Marital Status: Married, one son, one daughter
Languages:English, Russian (mother tongue), Italian (basics)
Hobbies: Science and Innovations, Opera, Philately (Zemstvo), Travel, History and Culture (in particular: British, Italian, Russian), Wine, Ballroom Dancing