User profiles for Y. Tserlukevich

Yuri Tserlukevich

Arizona State University
Verified email at asu.edu
Cited by 758

The credibility of open market share repurchase signaling

I Babenko, Y Tserlukevich… - Journal of Financial and …, 2012 - cambridge.org
Open market share repurchase announcements are commonly associated with equity
undervaluation, but their signal about firm value can often be misleading. We conjecture that …

Can real options explain financing behavior?

Y Tserlukevich - Journal of Financial Economics, 2008 - Elsevier
Trade-off models commonly invoke financial transaction costs in order to explain observed
leverage fluctuations. This paper offers an alternative explanation based on real options. The …

Idiosyncratic cash flows and systematic risk

I Babenko, O Boguth, Y Tserlukevich - The Journal of Finance, 2016 - Wiley Online Library
… 1 + γ x , and by spending ρ i I y it can increase the systematic component of cash flows ρ i y
by a factor 1 + γ y . We make the exercise cost of the y-option proportional to ρ i to ensure that …

Employee stock options and investment

…, M Lemmon, Y Tserlukevich - The Journal of Finance, 2011 - Wiley Online Library
Exercises of employee stock options generate substantial cash inflows to the firm. These
cash inflows substitute for costly external finance in those states of the world in which the …

Analyzing the tax benefits from employee stock options

I Babenko, Y Tserlukevich - The Journal of Finance, 2009 - Wiley Online Library
Employees tend to exercise stock options when corporate taxable income is high, shifting
corporate tax deductions to years with higher tax rates. If firms paid employees the same dollar …

Taxation, agency conflicts, and the choice between callable and convertible debt

CA Hennessy, Y Tserlukevich - Journal of Economic Theory, 2008 - Elsevier
We analyze debt choice in light of taxes and moral hazard. The model features an infinite
sequence of nonzero-sum stochastic differential games between equity and debt. Closed-form …

Repurchasing debt

L Mao, Y Tserlukevich - Management Science, 2015 - pubsonline.informs.org
In this paper we build a theoretical model of a firm repurchasing its corporate debt. We find
that firm creditors as a group sell debt to the firm only at face value. However, because of the …

Is market timing good for shareholders?

I Babenko, Y Tserlukevich, P Wan - Management Science, 2020 - pubsonline.informs.org
Corporations often transact in their own mispriced stock. This activity, known as equity
market timing, can generate substantial profits and increase the long-term stock price. We …

Embracing risk: Hedging policy for firms with real options

I Babenko, Y Tserlukevich - Available at SSRN 1785334, 2019 - papers.ssrn.com
We build a dynamic risk management model of a financially constrained firm maximizing
financing for its investment projects. Because of the option to abandon investment at low …

Dynamic hedging incentives, debt, and warrants

C Hennessy, Y Tserlukevich - Debt, and Warrants (January 14 …, 2004 - papers.ssrn.com
In a static setting, Green (1984) shows that a warrant contract can eliminate the asset
substitution problem created by debt. In contrast, we show that when the firm chooses volatility …