Prof. Evgeny Lyandres

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 ->

• 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

• 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 24 (6), November 2020

•  A Theory of ICOs: Diversification, Agency, and Information Asymmetry (with Jiri Chod)
  Management Science 67 (10), October 2021

• ICO Success and Post-ICO Performance (with Dino Palazzo and Daniel Rabetti)
  Management Science 68 (12), December 2022

• Product Market Competition with Crypto Tokens and Smart Contracts (with Jiri Chod)
  Journal of Financial Economics 149 (1), July 2023

• Labor-Replacing Automation and Finance (with Tong Zhou, Kaiguo Zhou and Xin Cheng)
  Management Science, forthcoming