Ilya A. Strebulaev

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

2008-       Associate Professor of Finance, Graduate School of Business,
               Stanford University

2004-2008 Assistant Professor of Finance, Graduate School of Business,
               Stanford University

2006-2007 Fletcher Jones Faculty Scholar, Graduate School of Business,
               Stanford University

 A. Refereed Publications

1. Structural Models of Credit Risk are Useful: Evidence from Hedge Ratios on Corporate Bonds, forthcoming, Journal of Financial Economics (with Stephen Schaefer)
2. Strategic Actions, Capital Structure, and Credit Spreads: An Empirical Investigation, Journal of Finance (with Sergei Davydenko)
3. Do Tests of Capital Structure Theory Mean What They Say? Journal of Finance, 62, 1747-1788, 2007
4. Multiple Unit Auctions and Short Squeezes, Review of Financial Studies, 17, 545-580, 2004 (with Kjell Nyborg)
5. 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. The Aggregate Dynamics of Capital Structure and Macroeconomic Risk, 2008 (with Harjoat S. Bhamra and Lars-Alexander Kuehn)
2. The Levered Equity Risk Premium and Credit Spreads: A Unified Framework, 2008 (with Harjoat S. Bhamra and Lars-Alexander Kuehn)
3. Permanent vs Transitory Shocks: Explaining Corporate Financial Policies, 2008 (with Alexander S. Gorbenko)
4. A Theory of Dynamic Corporate Financing and Dynamic Investment, 2008 (with Sergey N. Lobanov)
5. The Evolution of Aggregate Stock Ownership: A Unified Explanation, 2008 (with Kristian Rydqvist and Joshua Spizman)
6. Cash Holdings and Credit Risk, 2008 (with Viral Acharya and Sergei Davydenko)
7. Firm Size and Capital Structure, 2007, (with Alexander Kurshev)
8. The Mystery of Zero-Leverage Firms, 2007, (with Baozhong Yang)
9. Risk in Capital Structure Arbitrage, 2006 (with Stephen M. Schaefer)
10. Bidding and Performance in Repo Auctions: Evidence from ECB Open Market Operations, 2006 (with Kjell Nyborg and Ulrich Bindseil)
11. Liquidity and Asset Pricing: Evidence from the U.S. Treasury Securities Market, 2002

 C. Work in Progress

1. What Firms Do in Financial Distress, 2007
2. Cost of External Financing and Industrial Structure, 2007 (with Steven Grenadier and Alexei Zhdanov)
3. Ultra-Conservative Leverage Behavior: Agency Costs and Corporate Governance, 2007 (with Baozhong Yang)
4. Learning, Uncertainty, and Financial Structure, 2007 (with Gustavo Manso)
5. Long-Term Corporate Bond Pricing Data Set: 1865-2000, 2007 (with Stephen M. Schaefer)
6. Studying Capital Structure: Empirical Properties and Methods, 2006

A. Presentations at conferences

2008	American Finance Association Meeting, New Oleans (2 papers) UNC Tax Symposium UBC Summer Finance Conference, Whistler Western Finance Association Meeting, Hawaii
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

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 (scheduled); Columbia Business School (scheduled); Yale School of Management (scheduled); Florida State University (scheduled); Anderson School of Management, UCLA (scheduled); Colorado University at Boulder (scheduled)
2007	Norwegian 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
2006	Baruch 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)
2005	Arizona State University (October); Joint Stanford/Berkeley Finance Seminar (November); Toulouse Business School (December); University of Lausanne (December); University of Vienna (December)
2004	Binghamton 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)
2003	Bologna 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)
2002	Hebrew University, Jerusalem (May), School of Business, Tel Aviv University (May)
2001	Padova University (May), Toulouse Business School (November)

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

• Referee for American Economic Review (2), European Finance Review, Journal of Economic Dynamics and Control, Journal of Finance (8), Journal of Financial and Quantitative Analysis (2), Journal of Financial Economics, Journal of Financial Intermediation, Journal of Financial Markets Journal of Royal Statistical Society Management Science, Rand Journal of Economics, Review of Financial Studies (7)
• Member, WFA 2008 meeting program committee
• Discussant at European Finance Association Meetings (2000-2003, 2005 (2))
• Discussant at American Finance Association Meetings (2005, 2006 (2))
• Discussant at Western Finance Association Meetings (2005)
• Co-organizer, SITE Workshop on "Dynamic Investment and Financing," Stanford, 2007
• Member, EFA 2005 meeting program committee
• 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

Corporate Finance MBA program elective, Stanford GSB, 2005 (45 students), 2006 (179 students), 2007 (101 students), 2008 (110 students)
Advanced Corporate Finance, PhD Program elective, Stanford GSB, 2007-2008
Fixed Income & Risk Management TA for Prof. Stephen Schaefer, 2001-02, FAME, Geneva
Foundations of Finance TA for Prof. Stephen Schaefer, 2002, 2003, LBS
Financial Engineering TA for Prof. Suleyman Basak, 2001-02, LBS
Debt Valuation Lecturer, 2002, Toulouse Business School
Options and Futures Lecturer, 2001, Toulouse Business School
Fixed Income TA for Prof. Suleyman Basak, 2001, LBS
Investment Management TA for Prof. Stephen Schaefer, 2001, LBS
Finance 2 TA for Prof. Kjell Nyborg, 2000, 2002, 2003, LBS

2006-        Sergey Lobanov (Ph.D. supervisor, Stanford GSB)
2005-2008  Baozhong Yang (Ph.D. supervisor, Stanford GSB); 1st job: Georgia Tech
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

Corporate Finance, Capital Structure, and Credit Risk

• Link between empirical findings and models
• Dynamic optimal capital structure and real investment
• Asset sales, corporate liquidity and optimal cash management
• Credit ratings, debt policy, and corporate investment
• Low leverage puzzle
• Financial distress
• Systematic factors in corporate bond returns

Financial Auctions

• Impact of market imperfections on the bidding behavior and performance in financial auctions
• Consecutive financial auctions
• Short squeezing and price manipulation
• The price decreasing anomaly and its explanations

Market Imperfections and Asset Liquidity

• Asset liquidity and asset pricing
• Wide-market liquidity as a systematic factor

Corporate Finance

• MBA/undergraduate level: Corporate finance (basic/advanced)
• Financial decision-making
• Real options
• Financial distress and corporate restructuring
• PhD level: Corporate theory (basic/advanced)
• Research seminar in corporate finance

Fixed Income Markets

• Fixed Income Markets and Instruments
• Credit risk, corporate bonds, and risk management
• Financial Engineering

Date of Birth:	17.05.1975
Marital Status:	Married, one son
Languages:	English, Russian (mother tongue), Italian (basics)
Hobbies:	Opera, Ballroom Dancing, Philately (Zemstvo), Walking and Travelling, European history and culture (in particular: Russian, British, and Italian)