Description: WSM_1221a

Yuri Tserlukevich


Description: W. P. Carey School of Business

Department of Finance

W. P. Carey School of Business

Arizona State University

Tempe, AZ 
Office: +480-965-7281

Fax: +480-965-8539




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


1.       Taxation, agency conflicts, and the choice between callable and convertible debt (with Christopher Hennessy).

o    Journal of Economic Theory, Volume 143, Issue 1, November 2008, pages 374-404.

o     View the PDF

2.       Market Timing with CAY (with S. Andrade and I. Babenko).

o    Journal of Portfolio Management 32 (2), winter 2006, pages 70-80.

o    View the PDF

3.       Can Real Options Explain Financing Behavior? (Job Market Paper).

o    Journal of Financial Economics, Volume 89, Issue 2, August 2008, pages 232-252.

o    View the PDF

4.        Analyzing the Tax Benefits from Employee Stock Options,” (with I. Babenko).

o    Journal of Finance, Vol. 64, No. 4, August 2009, pages 1797-1825.

o    View the PDF

5.        Employee Stock Options and Investment, (with I. Babenko and M. Lemmon).

o    Journal of Finance, Vol. 66, No. 3, June 2011, pages 981-1009.

o    View the PDF

6.       The Credibility of Open Market Share Repurchase Signaling,” (with Ilona Babenko and Alexander Vedrashko).

o     Journal of Financial and Quantitative Analysis, forthcoming.

o    View the PDF


7.       Repurchasing Debt, (with M. Lei).

o    Forthcoming in Management Science.

o    View the PDF

8.       Can Idiosyncratic Cash Flow Shocks Explain Asset Pricing Anomalies? (with Ilona Babenko and Oliver Boguth). 2015, Forthcoming in the Journal of Finance

View the PDF


Working Papers

9.       Embracing Risk, Hedging Policy for Firms with Real Options (with Ilona Babenko), Working paper, 2014.

o    View the PDF

10.    Is Market Timing Good for Shareholders, (with Ilona Babenko and PengCheng Wan), Working paper, 2014

o    View the PDF

11.    Debt Covenants and the Firm's Commitment to Optimal Investment (with Ilona Babenko and Kirak Kim).

o    View the PDF

12.    Call Policy for Convertible Bonds and Signaling, Working paper, August 2010.

o    View the PDF

13.    Dynamic hedging incentives, debt, and warrants, Working Paper, January 2006.

o    View the PDF


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

o    Currently not posted. Please e-mail.


2.       The implicit current-future shareholder value maximization, from “Agency Implications of Equity Market Timing”.

o    Description of data

o    Download data here





I thank Sergei Davydenko and Oliver Boguth for helping with designing this page.