Prof. Evgeny Lyandres

Coller School of Management
הפקולטה לניהול ע"ש קולר סגל אקדמי בכיר

Short Biography

Evgeny Lyandres’ research focuses on the interaction between firms’ financial and operating strategies, and on the effects of product market competition on various firms’ financial decisions, such as capital structure choices, M&A strategies and the going public choices. He is also interested in applications of real options theory to firms’ financial and investment decisions. Recently, his research focus shifted largely to applications of blockchain technology in finance. His theoretical and empirical papers have been published in leading finance journals, such as the Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Management Science, Journal of Business, Review of Finance, and Journal of Financial and Quantitative Analysis among many others, and received numerous awards and prizes. Evgeny serves as a Co-editor of Journal of Corporate Finance and as an Associate Editor of several journals.


Full CV ->

Fields of Research

Theoretical Corporate Finance, Empirical Corporate Finance, Industrial Organization, Capital Market Anomalies and Regularities, Applications of Blockchain in Economics and Finance


  • 2005 - Ph.D. in Finance University of Rochester 
    University of Rochester, William E. Simon School of Business
  • 2002 - M.Sc. in Applied Economics 
    University of Rochester, William E. Simon School of Business
  • 1999 - M.Sc. in Finance and Accounting 
    Tel Aviv University, Recanati Graduate School of Business Administration
  • 1996 - B.A. in Economics and Accounting 
    Ben Gurion University

Selected Publications

  • Capital Structure and Interaction among Firms in Output Markets - Theory and Evidence 
    Journal of Business 79 (5), September 2006
  • Strategic Cost of  Diversification
    Review of Financial Studies 20 (6), November 2007
  • The New Issues Puzzle: Testing the Investment-Based Explanation (with Le Sun and Lu Zhang)
    Review of Financial Studies, 21 (6), November 2008 
  • Strategic IPOs and Product Market Competition (with Jiri Chod)
    Journal of Financial Economics 100 (1), April 2011 
  •  A Theory of Merger-Driven IPOs (with Alexei Zhdanov and Jim Hsieh)
    Journal of Financial and Quantitative Analysis 46 (5), October 2011 
  • A Theory of Strategic Mergers (with Gennaro Bernile and Alexei Zhdanov)
    Review of Finance 16 (2), April 2012
  • Real Options, Volatility, and Stock Returns (with Gustavo Grullon and Alexei Zhdanov)
    Journal of Finance 67 (4), August 2012
  •  Cash Holdings, Competition, and Innovation (with Dino Palazzo)
    Journal of Financial and Quantitative Analysis 51 (6), December 2016 
  • Do Underwriters Compete in IPO Pricing? (with Fangjian Fu and Xuenan Li)
    Management Science 64 (2), February 2018 
  • The Effects of Horizontal Merger Operating Efficiencies on Rivals, Customers, and Suppliers (with Gennaro Bernile)
    Review of Finance 23 (1), February 2019
  • Trade Credit and Competition (with Jiri Chod and Alex Yang)
    Journal of Financial Economics 131 (3), March 2019
  • Owners’ Portfolio Diversification and Firm Investment (with Maria Marchica, Roni Michaely, and Roberto Mura)
    Review of Financial Studies 32 (12), December 2019
  •  Does the Market Correctly Value Investment Options? (with Egor Matveyev and Alexei Zhdanov)
    Review of Finance, forthcoming 
  •  A Theory of ICOs: Diversification, Agency, and Information Asymmetry (with Jiri Chod)
    Management Science, forthcoming 
  • ICO Success and Post-ICO Performance (with Dino Palazzo and Daniel Rabetti)

    Management Science, forthcoming


Editorial Positions


  • 2021– 2024 
    Journal of Corporate Finance 



  • 2020-present
    Review of Corporate Finance
  • 2019-present
    Journal of Banking and Finance
  • 2018-2020
    Journal of Corporate Finance
  • 2015-present
    Finance Research Letters 



  • 2021-present
    China Finance Review International

Honors and Awards

  • 2021-2024 Israel Science Foundation grant for "Crypto exchanges"
  • 2021-present Research Fellow of the Cornell Fintech Initiative
  • 2021 Best Discussant Award, Crypto and Blockchain Economics Research Forum
  • 2019-2020 Blockchain Research Institute grant for “Product market competition with crypto tokens and smart contracts”
  • 2019-2020 Danish Ministry of Science grant for “The firm’s life cycle – Investment and financing decisions”
  • 2019 Best Discussant award, European Winter Finance Summit
  • 2019 Runner-up for the Best Paper in cryptocurrency economics award at the Toronto Fintech Conference
  • 2018 Review of Finance Distinguished Referee award
  • 2017-2020 Dean’s Research Scholar at BU Questrom School of Business
  • 2017 Broderick Prize for excellence in research scholarship at BU Questrom School of Business
  • 2014 “40 under 40 in Israel” by The Marker Magazine
  • 2014 Best Paper award at the Northern Finance Association Conference for ”Do underwriters compete in IPO pricing”
  • 2013 Best Paper award at the European Winter Finance Summit for ”Strategic cash holdings and R&D competition: Theory and evidence”
  • 2013 First prize for the Best Paper published in Financial Management in 2010-2012 for ”Understanding investor sentiment: The case of soccer”
  • 2012-2015 Marie Curie grant for “Firm owners’ portfolio structures and firm strategies”
  • 2009. Best Discussant award, Rothschild Caesarea Center Conference 
  • 2008 Rice University Jones Graduate School of Management Scholarship Excellence award
  • 2005 Runner-up for the Best Paper award at the European Finance Association Meeting for ”New issues puzzle: Testing the investment-based explanation”
  • 2001-2002 John M. Olin fellowship 1999-2003 University of Rochester merit fellowship
  • 1999-2002 Ben Gurion University grant for doctoral studies
  • 1999 Recanati Graduate School of Business Administration Best M.Sc. Thesis award
  • 1995 Israeli Accounting Association medal for Best Undergraduate GPA 
  • 1993-1996 Ben Gurion University merit fellowship
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