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Biography
Education
Ph.D. Finance, University of California at Berkeley, 2006
MS Physics, University of Minnesota, 2001
BA Physics, Belarus State University, with Honors, 1999
Research Areas
Corporate finance, real options, compensation, options
Current Projects
"Propensity to Save and the Incentive to Reduce Debt," with L. Mao, working paper, HKUST, 2008, presented at the AFA 2010
"Insider Purchases and the Credibility of Open Market Share Repurchase Signaling", with Ilona Babenko and Alexander Vedrashko, working Paper, 2008.
Career and Professional Awards; Teaching Awards
Teaching Evaluation Average 90/100; Lehman Brothers Research Fellowship, 2005 Finalist; Hong Kong government grants, 2006, 2007, 2008; Dean Witter Fellowship, UC Berkeley; AFA Student Grant, 2004; FMA, 2004 Zurich Meeting, Best Paper Award; CRB Levi's Research Grant, 2004
Representative Publications
"Financing Real Investment with Employee Stock Options," with Ilona Babenko and Michael Lemmon, forthcoming in the Journal of Finance.
"Analyzing the Tax Benefits of Employee Stock Options," with Ilona Babenko, Journal of Finance, August 2009
"Taxation, Agency Conflicts, and the Choice Between Callable and Convertible Debt," with Christopher Hennessy, Journal of Economic Theory, 43 (1), November 2008, 374-404.
"Can Real Options Explain Financing Behavior?", Journal of Financial Economics, 89 (2), August 2008, 232-252.
"Market Timing with CAY," with Sandro Andrade and Ilona Babenko, Journal of Portfolio Management, 32 (2), Winter 2006.
ASU is a tier 1 research university and W. P. Carey is proud of its strong tradition of teaching and classroom excellence. Our students directly benefit from the research and theories our faculty brings into the classroom. Below is a list of courses being taught during the current semester by this faculty member. Click a course to view it in the ASU course catalog.
FIN 790 - Reading and Conference
Independent study in which a student meets regularly with a faculty member to discuss assignments. Course may include such assignments as intensive reading in a specialized area, writing a synthesis of literature on a specified topic, or writing a literature review of a topic.
FIN 791 - Seminar
A small class emphasizing discussion, presentations by students, and written research papers.
FIN 792 - Research
Independent study in which a student, under the supervision of a faculty member, conducts research that is expected to lead to a specific project such as a dissertation, report, or publication. Assignments might include data collection, experimental work, data analysis, or preparation of a manuscript.
FIN 799 - Dissertation
Supervised research focused on preparation of dissertation, including literature review, research, data collection and analysis, and writing.
