Yuri Tserlukevich


Department of Finance

W. P. Carey School of Business

Arizona State University

Tempe, AZ 
Office: +480-965-7281

Fax: +480-965-8539

E-mail: yuri2@asu.edu



Curriculum Vitae (PDF)


Previous Employment

Assistant Professor of Finance, HKUST, 2006-2009




Ph.D. Finance, University of California at Berkeley, 2006

MS Physics, University of Minnesota, 2001

BA Physics, Belarus State University, with Honors, 1999

Publications and Working Papers



1.      “Can Idiosyncratic Cash Flow Shocks Explain Asset Pricing Anomalies?”

with Ilona Babenko and Oliver Boguth, Journal of Finance VOL. LXXI, NO. 1 • February 2016


2.       “Repurchasing Debt,”

 with Lei Mao, Management Science, Vol. 61, No. 7, pp. 1648–1662, July 2015


3.      “The Credibility of Open Market Share Repurchase Signaling,”

 with Ilona Babenko and Alexander Vedrashko, Journal of Financial and Quantitative Analysis, Volume 47, Issue 05, October 2012


4.      “Employee Stock Options and Investment,”

with Ilona Babenko and Michael Lemmon, The Journal of Finance, Vol. 66, No. 3, pages 981-1009, June 2011



5.      “Analyzing the Tax Benefits from Employee Stock Options,”

 with Ilona Babenko, The Journal of Finance, Vol. 64, No. 4, pages 1797-1825, August 2009


6.      “Can Real Options Explain Financing Behavior?”

 Journal of Financial EconomicsVolume 89, Issue 2, pages 232-252August 2008



7.      “Taxation, Agency Conflicts, and the Choice between Callable and Convertible Debt,”

 with Christopher A. Hennessy, Journal of Economic Theory, Volume 143, Issue 1, pages 374-404, November 2008


8.      “Market Timing with Cay,”

with Sandro C. Andrade and Ilona Babenko, The Journal of Portfolio Management 32 (2), pages 70-80, Winter 2006


9.      “Is Market Timing Good for Shareholders?”

with Ilona Babenko and PengCheng Wan, presented at AFA, Finance Down Under, and FIRS conferences

R&R, Management Science


10.  “Will I Get Paid? Employee Stock Options and Mergers and Acquisitions,”

with Ilona Babenko and FangFang Du, AFA 2016, Labor Finance Group meeting, FSU Sun Trust Conference, Under review


11.  “Embracing Risk: Hedging Policy for Firms with Real Options,”

with Ilona Babenko,  UBC Winter Conference, AFA 2014, FIRS 2015, Under review


12.  “Keeping the Inside Equity Stake: Employee Stock Option Grants,”

with Ilona Babenko,


13.  “No-Arbitrage, Factor Pricing, and Competition,”

with Ilona Babenko and Oliver Boguth, Working Paper





Marginal Tax Rates from “Analyzing the Tax Benefits from Employee Stock Option”

    1. Currently not posted. Please e-mail.


The implicit current-future shareholder value maximization,

 from “Agency Implications of Equity Market Timing”.

    1. Description of data
    2. Download data here