W. P. Carey School of Business
W. P. Carey School of Business

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Yuri Tserlukevich

Associate Professor

Office:BAC 567
Mailing Address:
Main Campus
PO BOX 873906
Tempe, AZ 85287-3906

Phone: 480-965-7281
Fax: 480-965-8539
Email: Yuri.Tserlukevich@asu.edu
Yuri Tserlukevich

Personal Website


Education and Experience
Ph.D. Finance, University of California at Berkeley, 2006
MS Physics, University of Minnesota, 2001
BA Physics, Belarus State University, with Honors, 1999

Visiting Scholar, UCLA Finance Department (Fall 2005), visiting professor at New Economic School and BEROC center (from 2006), advisory board of BEROC center in Minsk, advisory board of Belarus National Bank (from 2014). Economic policy consultant for the office of the President of Belarus (from 2014)


Research Areas
Real Options; Capital Structure, Optimal Investment Financing, and Security Design; and Optimal Compensation, Incentives, and Tax


Representative Publications

  1. “Can Real Options Explain Financing Behavior?” Journal of Financial Economics, Volume 89, Issue 2, August 2008, pages 232-252.
  2. “Taxation, Agency Conflicts, and the Choice between Callable and Convertible Debt,” (with Christopher A. Hennessy), Journal of Economic Theory, Volume 143, Issue 1, November 2008, pages 374-404.
  3. “Analyzing the Tax Benefits from Employee Stock Options,” (with Ilona Babenko), The Journal of Finance, Vol. 64, No. 4, August 2009, pages 1797-1825.
  4. “Employee Stock Options and Investment,” (with Ilona Babenko and Michael Lemmon), The Journal of Finance, Vol. 66, No. 3, June 2011, pages 981-1009.
  5. “Market Timing with Cay,” (with Sandro C. Andrade and Ilona Babenko), The Journal of Portfolio Management 32 (2), winter 2006, pages 70-80.
  6. “The Credibility of Open Market Share Repurchase Signaling,” (with Ilona Babenko and Alexander Vedrashko, 2012, Journal of Financial and Quantitative Analysis, forthcoming.
  7. “Repurchasing Debt,” (with Lei Mao), Working paper, AFA 2011, Forthcoming in Management Science.
  8. “Can Idiosyncratic Cash Flow Shocks Explain Asset Pricing Anomalies?” Working Paper, with Ilona Babenko and Oliver Boguth, WFA 2013, EFA 2013, UBC Summer Finance Conference 2013. Forthcoming in the Journal of Finance

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.

W. P. Carey School of Business

400 E. Lemon St.
Tempe, AZ 85287