Ilya A. Strebulaev

Stanford University - Graduate School of Business

Professor of Finance

655 Knight Way

Stanford, CA 94305-5015

United States

http://faculty-gsb.stanford.edu/strebulaev/

National Bureau of Economic Research

Research Associate

1050 Massachusetts Avenue

Cambridge, MA 02138

United States

SCHOLARLY PAPERS

34

DOWNLOADS
Rank 377

SSRN RANKINGS

Top 377

in Total Papers Downloads

36,977

CITATIONS
Rank 938

SSRN RANKINGS

Top 938

in Total Papers Citations

571

Scholarly Papers (34)

How Do Venture Capitalists Make Decisions?

Stanford University Graduate School of Business Research Paper No. 16-33, European Corporate Governance Institute (ECGI) - Finance Working Paper No. 477/2016
Number of pages: 95 Posted: 29 Jun 2016 Last Revised: 02 Feb 2017
Paul A. Gompers, Will Gornall, Steven N. Kaplan and Ilya A. Strebulaev
Harvard Business School - Finance Unit, University of British Columbia (UBC) - Division of Finance, University of Chicago - Booth School of Business and Stanford University - Graduate School of Business
Downloads 7,201 (557)

Abstract:

venture capital, entrepreneurship

How Do Venture Capitalists Make Decisions?

NBER Working Paper No. w22587
Number of pages: 64 Posted: 07 Sep 2016
Paul A. Gompers, Will Gornall, Steven N. Kaplan and Ilya A. Strebulaev
Harvard Business School - Finance Unit, University of British Columbia (UBC) - Division of Finance, University of Chicago - Booth School of Business and Stanford University - Graduate School of Business
Downloads 72 (265,819)
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Abstract:

2.
Downloads 4,329 ( 1,369)
Citation 13

Firm Size and Capital Structure

EFA 2005 Moscow Meetings Paper
Number of pages: 42 Posted: 04 Mar 2005
Ilya A. Strebulaev and Alexander Kurshev
Stanford University - Graduate School of Business and London Business School
Downloads 3,167 (2,308)
Citation 13

Abstract:

Capital structure, leverage, firm size, transaction costs, default, dynamic programming, dynamic economy, refinancing point, zero leverage

Firm Size and Capital Structure

AFA 2008 New Orleans Meetings Paper
Number of pages: 45 Posted: 23 Mar 2005
Alexander Kurshev and Ilya A. Strebulaev
London Business School and Stanford University - Graduate School of Business
Downloads 1,162 (12,800)
Citation 13

Abstract:

Capital structure, leverage, firm size, transaction costs, default, dynamic programming, dynamic economy, refinancing point

Dynamic Models and Structural Estimation in Corporate Finance

Final pre-publication version, published in Foundations and Trends in Finance 6 (2012), 1-163.
Number of pages: 159 Posted: 25 Jun 2012 Last Revised: 10 Jan 2014
Ilya A. Strebulaev and Toni M. Whited
Stanford University - Graduate School of Business and University of Michigan, Stephen M. Ross School of Business
Downloads 4,109 (1,472)
Citation 5

Abstract:

Dynamic Corporate Finance, Structural Estimation

Dynamic Models and Structural Estimation in Corporate Finance

Foundations and Trends in Finance, Vol. 6, Nos. 1-2, 2011
Number of pages: 173 Posted: 23 May 2013
Ilya A. Strebulaev and Toni M. Whited
Stanford University - Graduate School of Business and University of Michigan, Stephen M. Ross School of Business
Downloads 0
Citation 5
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Abstract:

dynamic corporate finance, structural empirical methods, dynamic capital structure models

4.
Downloads 2,297 ( 4,153)
Citation 28

The Mystery of Zero-Leverage Firms

Number of pages: 61 Posted: 14 Mar 2006 Last Revised: 10 Apr 2013
Ilya A. Strebulaev and Baozhong Yang
Stanford University - Graduate School of Business and Georgia State University - Robinson College of Business
Downloads 2,074 (4,868)
Citation 28

Abstract:

Leverage, debt financing, capital structure, zero leverage, financing decisions, low-leverage puzzle

The Mystery of Zero-Leverage Firms

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 61 Posted: 06 Apr 2013
Ilya A. Strebulaev and Baozhong Yang
Stanford University - Graduate School of Business and Georgia State University - Robinson College of Business
Downloads 193 (125,367)
Citation 28

Abstract:

Leverage, Debt financing, Capital structure, Zero leverage, Financing

The Mystery of Zero-Leverage Firms

NBER Working Paper No. w17946
Number of pages: 43 Posted: 31 Mar 2012
Ilya A. Strebulaev and Baozhong Yang
Stanford University - Graduate School of Business and Georgia State University - Robinson College of Business
Downloads 30 (392,399)
Citation 28

Abstract:

5.

Many Faces of Liquidity and Asset Pricing: Evidence from the U.S. Treasury Securities Market

AFA 2003 Washington, DC Meetings
Number of pages: 34 Posted: 06 Jul 2001
Ilya A. Strebulaev
Stanford University - Graduate School of Business
Downloads 1,583 (7,594)
Citation 12

Abstract:

pricing, liquidity, market imperfections, bond markets, tax arbitrage

The Levered Equity Risk Premium and Credit Spreads: A Unified Framework

The Review of Financial Studies, Forthcoming
Number of pages: 56 Posted: 30 Sep 2007 Last Revised: 03 Mar 2009
Harjoat Singh Bhamra, Lars-Alexander Kuehn and Ilya A. Strebulaev
Imperial College Business School, Carnegie Mellon University - David A. Tepper School of Business and Stanford University - Graduate School of Business
Downloads 1,555 (7,990)
Citation 64

Abstract:

Equity premium, corporate bond credit spread, predictability, macroeconomic conditions, jumps, capital structure, default

The Levered Equity Risk Premium and Credit Spreads: A Unified Framework

The Review of Financial Studies, Vol. 23, Issue 2, pp. 645-703, 2009
Posted: 01 Feb 2010
Harjoat Singh Bhamra, Lars-Alexander Kuehn and Ilya A. Strebulaev
Imperial College Business School, Carnegie Mellon University - David A. Tepper School of Business and Stanford University - Graduate School of Business

Abstract:

7.
Downloads 1,545 ( 8,238)
Citation 26

Cash Holdings and Credit Risk

Western Finance Association 2008 Meetings Paper, Rock Center for Corporate Governance at Stanford University Working Paper No. 123
Number of pages: 46 Posted: 22 Mar 2007 Last Revised: 20 Aug 2012
Viral V. Acharya, Sergei A. Davydenko and Ilya A. Strebulaev
New York University - Leonard N. Stern School of Business, University of Toronto - Finance Area and Stanford University - Graduate School of Business
Downloads 1,488 (8,578)
Citation 26

Abstract:

Credit spreads, Default, Liquidity, Precautionary savings

Cash Holdings and Credit Risk

NBER Working Paper No. w16995
Number of pages: 39 Posted: 02 May 2011
Viral V. Acharya, Sergei A. Davydenko and Ilya A. Strebulaev
New York University - Leonard N. Stern School of Business, University of Toronto - Finance Area and Stanford University - Graduate School of Business
Downloads 51 (318,235)
Citation 26

Abstract:

Cash Holdings and Credit Risk

CEPR Discussion Paper No. DP7125
Number of pages: 48 Posted: 18 Feb 2009
Viral V. Acharya, Sergei A. Davydenko and Ilya A. Strebulaev
New York University - Leonard N. Stern School of Business, University of Toronto - Finance Area and Stanford University - Graduate School of Business
Downloads 6 (523,152)
Citation 26
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Abstract:

Credit spreads, Default, Liquidity, Precautionary savings

8.

Structural Models of Credit Risk are Useful: Evidence from Hedge Ratios on Corporate Bonds

AFA 2005 Philadelphia Meetings, EFA 2004 Maastrict Meetings Paper No. 4764
Number of pages: 50 Posted: 18 Jun 2004 Last Revised: 23 Dec 2007
Ilya A. Strebulaev and Stephen M. Schaefer
Stanford University - Graduate School of Business and London Business School - Institute of Finance and Accounting
Downloads 1,417 (8,795)
Citation 79

Abstract:

Credit risk, structural models, hedge ratios, credit spreads

9.

Do Tests of Capital Structure Theory Mean What They Say?

EFA 2004 Maastricht Meetings Paper No. 3411
Number of pages: 46 Posted: 18 Jun 2004
Ilya A. Strebulaev
Stanford University - Graduate School of Business
Downloads 1,160 (11,828)
Citation 166

Abstract:

capital structure, dynamic economy, trade-off model, simulations, asset liquidity, refinancing point, profitability, stock returns, credit

10.

The Aggregate Dynamics of Capital Structure and Macroeconomic Risk

Number of pages: 58 Posted: 10 Sep 2008 Last Revised: 06 Nov 2009
Harjoat Singh Bhamra, Lars-Alexander Kuehn and Ilya A. Strebulaev
Imperial College Business School, Carnegie Mellon University - David A. Tepper School of Business and Stanford University - Graduate School of Business
Downloads 916 (16,884)
Citation 30

Abstract:

Dynamic capital structure, leverage, aggregate dynamics, cross-sectional behavior, default probability, financial constraints, macroeconomic risk, risk aversion, elasticity of intertemporal substitution

11.

Dynamic Corporate Finance is Useful: A Comment on Welch

Number of pages: 21 Posted: 30 Dec 2012 Last Revised: 14 Apr 2014
Ilya A. Strebulaev and Toni M. Whited
Stanford University - Graduate School of Business and University of Michigan, Stephen M. Ross School of Business
Downloads 912 (12,973)

Abstract:

Dynamic Corporate Finance

12.

Financing as a Supply Chain: The Capital Structure of Banks and Borrowers

Rock Center for Corporate Governance at Stanford University Working Paper No. 166
Number of pages: 48 Posted: 31 Oct 2013 Last Revised: 04 May 2015
Will Gornall and Ilya A. Strebulaev
University of British Columbia (UBC) - Division of Finance and Stanford University - Graduate School of Business
Downloads 840 (13,126)
Citation 1

Abstract:

Banks, capital structure, seniority, diversification, supply chains, deposit insurance, bailouts, capital regulation, Basel framework

13.

Strategic Actions and Credit Spreads: An Empirical Investigation

Journal of Finance, Forthcoming, AFA 2004 San Diego Meetings, EFA 2003 Glasgow Annual Conference Paper No. 896
Number of pages: 41 Posted: 18 May 2003 Last Revised: 31 Mar 2010
Sergei A. Davydenko and Ilya A. Strebulaev
University of Toronto - Finance Area and Stanford University - Graduate School of Business
Downloads 596 (32,367)
Citation 36

Abstract:

credit spreads, strategic debt service, capital structure, credit risk, renegotiation, bargaining power

14.

Capital Structure and Systematic Risk

Rock Center for Corporate Governance at Stanford University Working Paper No. 178
Number of pages: 34 Posted: 08 Apr 2014 Last Revised: 14 Apr 2014
Michael Schwert and Ilya A. Strebulaev
Ohio State University (OSU) - Department of Finance and Stanford University - Graduate School of Business
Downloads 564 (19,756)

Abstract:

capital structure, systematic risk

Bidding and Performance in Repo Auctions - Evidence from ECB Open Market Operations

AFA 2003 Washington, DC Meetings; EFA 2002 Berlin Meetings Presented Paper; ECB Working Paper No. 157
Number of pages: 57 Posted: 29 May 2003
Kjell G. Nyborg, Ulrich Bindseil and Ilya A. Strebulaev
University of Zurich - Department of Banking and Finance, European Central Bank (ECB) and Stanford University - Graduate School of Business
Downloads 362 (63,689)
Citation 28

Abstract:

Repo auctions, multiunit auctions, discriminatory auctions, reserve requirements, money markets, central bank, interest rates, collateral, open market operations.

Bidding and Performance in Repo Auctions: Evidence from ECB Open Market Operations

FEEM Working Paper No. 92.05
Number of pages: 59 Posted: 28 Jul 2005
Kjell G. Nyborg, Ulrich Bindseil and Ilya A. Strebulaev
University of Zurich - Department of Banking and Finance, European Central Bank (ECB) and Stanford University - Graduate School of Business
Downloads 177 (136,015)
Citation 28

Abstract:

Repo auctions, Multiunit auctions, Reserve requirements, Loser's nightmare, Money markets, Central bank, Collateral, Open market operations

Bidding and Performance in Repo Auctions - Evidence from ECB Open Market Operations

CEPR Discussion Paper No. 4367
Number of pages: 46 Posted: 26 May 2004
Ulrich Bindseil, Kjell G. Nyborg and Ilya A. Strebulaev
European Central Bank (ECB), University of Zurich - Department of Banking and Finance and Stanford University - Graduate School of Business
Downloads 23 (427,778)
Citation 28
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Abstract:

Multiunit auctions, reserve requirements, loser's nightmare, money markets, collateral, repo auctions, central bank, open market operations

16.

An Empirical Target Zone Model of Dynamic Capital Structure

AFA 2012 Chicago Meetings Paper
Number of pages: 53 Posted: 19 Mar 2011 Last Revised: 19 Nov 2015
Arthur G. Korteweg and Ilya A. Strebulaev
University of Southern California - Marshall School of Business and Stanford University - Graduate School of Business
Downloads 534 (29,052)

Abstract:

Capital structure, refinancing, adjustment costs, structural models, dynamic models

Investment Busts, Reputation, and the Temptation to Blend in with the Crowd

Journal of Financial Economics (JFE) 111(1): 137-157, January 2014, Rock Center for Corporate Governance at Stanford University Working Paper No. 115, AFA 2013 San Diego Meetings Paper
Posted: 20 Mar 2012 Last Revised: 26 Nov 2014
Steven R. Grenadier, Andrey Malenko and Ilya A. Strebulaev
Stanford Graduate School of Business, MIT Sloan School of Management and Stanford University - Graduate School of Business
Downloads 458 (47,855)

Abstract:

abandonment, real options, signaling, asymmetric information, reputation

Investment Busts, Reputation, and the Temptation to Blend in with the Crowd

NBER Working Paper No. w17945
Number of pages: 46 Posted: 31 Mar 2012
Steven R. Grenadier, Andrey Malenko and Ilya A. Strebulaev
Stanford Graduate School of Business, MIT Sloan School of Management and Stanford University - Graduate School of Business
Downloads 10 (501,909)

Abstract:

18.

A Market-Based Study of the Cost of Default

AFA 2012 Chicago Meetings Paper, EFA 2011 Stockholm Meetings Paper, Rock Center for Corporate Governance at Stanford University Working Paper No. 124
Number of pages: 56 Posted: 19 Mar 2010 Last Revised: 22 Aug 2012
Sergei A. Davydenko, Ilya A. Strebulaev and Xiaofei Zhao
University of Toronto - Finance Area, Stanford University - Graduate School of Business and University of Texas at Dallas - Naveen Jindal School of Management
Downloads 458 (39,686)
Citation 5

Abstract:

Default, Bankruptcy, Renegotiation, Costs of financial distress, Structural models, Credit risk

19.

Optimal Issuance under Information Asymmetry and Accumulation of Cash Flows

Rock Center for Corporate Governance at Stanford University Working Paper No. 164, Stanford University Graduate School of Business Research Paper No. 13-12
Number of pages: 45 Posted: 18 Nov 2013 Last Revised: 20 Jul 2016
Ilya A. Strebulaev, Haoxiang Zhu and Pavel Zryumov
Stanford University - Graduate School of Business, Massachusetts Institute of Technology (MIT) - Sloan School of Management and The Wharton School
Downloads 440 (25,244)

Abstract:

dynamic information asymmetry, financing, cash flow accumulation, issuance delay, optimal security

20.

Multiple Unit Auctions and Short Squeezes

FEEM Working Paper No. 27.2003; EFA 2002 Berlin Meetings Presented Paper; IFA Working Paper No. 328
Number of pages: 44 Posted: 10 Apr 2003
Kjell G. Nyborg and Ilya A. Strebulaev
University of Zurich - Department of Banking and Finance and Stanford University - Graduate School of Business
Downloads 387 (57,139)
Citation 21

Abstract:

Multiple Unit Auction, Uniform auction, Discriminatory Auction, Treasury Auction, Repo Auction, Short Squeeze, Market Manipulation, Market Power

Macroeconomic Effects of Corporate Default Crises: A Long-Term Perspective

Number of pages: 30 Posted: 09 Feb 2012
Stanford University - Management Science & Engineering, University of California, Los Angeles (UCLA) - Finance Area, London Business School - Institute of Finance and Accounting and Stanford University - Graduate School of Business
Downloads 301 (78,831)
Citation 2

Abstract:

financial markets, macroeconomy, corporate defaults, bank lending, collateral, business cycles

Macroeconomic Effects of Corporate Default Crises: A Long-Term Perspective

NBER Working Paper No. w17854
Number of pages: 31 Posted: 20 Feb 2012
Stanford University - Management Science & Engineering, University of California, Los Angeles (UCLA) - Finance Area, London Business School - Institute of Finance and Accounting and Stanford University - Graduate School of Business
Downloads 23 (427,778)
Citation 2

Abstract:

22.
Downloads 311 ( 76,504)
Citation 3

Government Policy and Ownership of Equity Securities

ECGI - Finance Working Paper No. 263/2009, Paris December 2009 Finance International Meeting AFFI - EUROFIDAI
Number of pages: 39 Posted: 02 Jul 2009 Last Revised: 01 Jan 2013
Kristian Rydqvist, Joshua D. Spizman and Ilya A. Strebulaev
State University of New York at Binghamton - School of Management, Loyola Marymount University - Department of Finance and Computer Information Systems and Stanford University - Graduate School of Business
Downloads 292 (81,632)
Citation 3

Abstract:

Capital gains tax, income tax, stock ownership, inflation, bracket creep, pension funds

Government Policy and Ownership of Financial Assets

NBER Working Paper No. w17522
Number of pages: 67 Posted: 22 Oct 2011
Kristian Rydqvist, Joshua D. Spizman and Ilya A. Strebulaev
State University of New York at Binghamton - School of Management, Loyola Marymount University - Department of Finance and Computer Information Systems and Stanford University - Graduate School of Business
Downloads 19 (450,592)
Citation 3

Abstract:

23.

Temporary vs. Permanent Shocks: Explaining Corporate Financial Policies

Number of pages: 67 Posted: 05 Aug 2009
Alexander S. Gorbenko and Ilya A. Strebulaev
University of Southern California - Marshall School of Business and Stanford University - Graduate School of Business
Downloads 266 (79,911)
Citation 8

Abstract:

Leverage, debt financing, capital structure, financing decisions, temporary and permanent shocks, mean-reversion, finance substitution

Beyond Random Assignment: Credible Inference of Causal Effects in Dynamic Economies

Stanford University Graduate School of Business Research Paper No. 15-19
Number of pages: 46 Posted: 15 Feb 2015 Last Revised: 11 Nov 2015
Chris Hennessy and Ilya A. Strebulaev
London Business School and Stanford University - Graduate School of Business
Downloads 236 (102,770)

Abstract:

Natural experiments; Policy evaluations; Dynamic environments; Random treatment; Causal effects

Beyond Random Assignment: Credible Inference of Causal Effects in Dynamic Economies

NBER Working Paper No. w20978
Number of pages: 47 Posted: 02 Mar 2015
Chris Hennessy and Ilya A. Strebulaev
London Business School and Stanford University - Graduate School of Business
Downloads 16 (467,523)
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Abstract:

Natural Experiment Policy Evaluation: A Critique

CEPR Discussion Paper No. DP10455
Number of pages: 54 Posted: 02 Mar 2015
Chris Hennessy and Ilya A. Strebulaev
London Business School and Stanford University - Graduate School of Business
Downloads 0
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Abstract:

causal effects, dynamic environments, natural experiments, policy evaluations, random treatment

25.

Strategic Risk Shifting and the Idiosyncratic Volatility Puzzle

Rock Center for Corporate Governance at Stanford University Working Paper No. 182
Number of pages: 56 Posted: 31 Mar 2014 Last Revised: 21 Mar 2015
Zhiyao Chen, Ilya A. Strebulaev, Yuhang Xing and Xiaoyan Zhang
The Chinese University of Hong Kong (CUHK) - Department of Finance, Stanford University - Graduate School of Business, Rice University and Purdue University - Krannert School of Management
Downloads 218 (75,453)

Abstract:

risk-shifting, idiosyncratic volatility puzzle, profitability, agency conflict

26.

Collateral and Short Squeezing of Liquidity in Fixed Rate Tenders

London Business School Working Paper No. IFA 329
Number of pages: 23 Posted: 09 May 2001
Kjell G. Nyborg and Ilya A. Strebulaev
University of Zurich - Department of Banking and Finance and Stanford University - Graduate School of Business
Downloads 171 (133,385)
Citation 11

Abstract:

Short squeeze, collateral, fixed rate tender, liquidity

27.

Corporate Bond Default Risk: A 150-Year Perspective

NBER Working Paper No. w15848
Number of pages: 46 Posted: 29 Mar 2010
Stanford University - Management Science & Engineering, University of California, Los Angeles (UCLA) - Finance Area, London Business School - Institute of Finance and Accounting and Stanford University - Graduate School of Business
Downloads 163 (120,966)
Citation 24

Abstract:

28.

Contingent Claim-Based Expected Stock Returns

AFA 2014 Philadelphia, US, EFA 2013 Cambridge, UK;
Number of pages: 62 Posted: 11 Mar 2012 Last Revised: 23 Jan 2014
Zhiyao Chen and Ilya A. Strebulaev
The Chinese University of Hong Kong (CUHK) - Department of Finance and Stanford University - Graduate School of Business
Downloads 155 (127,426)

Abstract:

asset pricing anomalies, stock returns, continuous time contingent claim model, structural estimation, GMM, default probability

29.

Corporate Taxes and Capital Structure: A Long-Term Historical Perspective

NBER Working Paper No. w20372
Number of pages: 38 Posted: 18 Aug 2014
Francis A. Longstaff and Ilya A. Strebulaev
University of California, Los Angeles (UCLA) - Finance Area and Stanford University - Graduate School of Business
Downloads 27 (386,816)
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Abstract:

30.

Financing as a Supply Chain: The Capital Structure of Banks and Borrowers

NBER Working Paper No. w19633
Number of pages: 55 Posted: 16 Nov 2013
Will Gornall and Ilya A. Strebulaev
University of British Columbia (UBC) - Division of Finance and Stanford University - Graduate School of Business
Downloads 16 (435,283)
Citation 1

Abstract:

31.

The Evolution of Aggregate Stock Ownership - A Unified Explanation

CEPR Discussion Paper No. DP7356
Number of pages: 59 Posted: 26 Aug 2009
Kristian Rydqvist, Joshua D. Spizman and Ilya A. Strebulaev
State University of New York at Binghamton - School of Management, Loyola Marymount University - Department of Finance and Computer Information Systems and Stanford University - Graduate School of Business
Downloads 3 (513,045)
Citation 8
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Abstract:

Bracket creep, capital gains tax, Income tax, Inflation, Pension funds, stock ownership

32.

Insider Financing and Venture Capital Returns

Stanford University Graduate School of Business Research Paper No. 16-45
Number of pages: 54 Posted: 09 Oct 2016 Last Revised: 04 Nov 2016
Michael Ewens, Matthew Rhodes-Kropf and Ilya A. Strebulaev
California Institute of Technology - Division of the Humanities and Social Sciences, Harvard Business School - Entrepreneurial Management Unit and Stanford University - Graduate School of Business
Downloads 0 (231,537)

Abstract:

venture capital, financial intermediation, hold up, entrepreneurship

33.

Bargaining Power, Business Cycle and Levered Equity Risk

Number of pages: 59 Posted: 30 Jun 2016
Zhiyao Chen and Ilya A. Strebulaev
The Chinese University of Hong Kong (CUHK) - Department of Finance and Stanford University - Graduate School of Business
Downloads 0 (400,296)

Abstract:

debt renegotiation, bargaining power, financial leverage, stock-cash flow sensitivity, default probability, structural estimation, implied-state GMM

34.

The Economic Impact of Venture Capital: Evidence from Public Companies

Stanford University Graduate School of Business Research Paper No. 15-55
Number of pages: 22 Posted: 29 Oct 2015 Last Revised: 24 Dec 2015
Will Gornall and Ilya A. Strebulaev
University of British Columbia (UBC) - Division of Finance and Stanford University - Graduate School of Business
Downloads 0 (14,903)

Abstract: