Ilya A. Strebulaev

Ilya   A. Strebulaev
Professor, Finance
Contact Info
IlyaA.Strebulaev
Professor of Finance
Academic Area: 
Finance

Additional Administrative Titles

  • Director, The Emerging CFO: Strategic Financial Leadership Program
Director, Stanford Venture Capital Initiative

Research Statement

Professor Strebulaev is an expert in corporate finance, venture and angel capital, innovation financing, corporate innovation, and financial decision-making. His recent work has examined the valuation of VC-backed companies, decision making by startup investors, returns to VC investors, and impact of venture capital investments. Ilya's work has been widely published in leading academic journals and has been awarded a number of prestigious academic awards. His research has also been featured in a variety of media, including New York Times and Wall Street Journal.

Research Interests

  • Innovation Financing, Venture Capital, Angel Investments, Innovation Ecosystems
  • Corporate Finance, Financial Decision Making

Teaching Statement

At Stanford, Professor Strebulaev teaches at the MBA, MSx, PhD, and executive education programs. He developed a course on Angel and Venture Capital and Decision Making that he has been teaching for the past several years. Ilya has been awarded the MBA Distinguished Teaching Award and the Sloan Teaching Excellence Award at Stanford as well as the inaugural Masters in Management Best Teacher Award at the London Business School. Professor Strebulaev has also led many workshops and executive sessions on new innovation trends, venture capital, the ecosystem of Silicon Valley, corporate innovation, and strategic decision making for senior business and government leaders around the world.

Bio

Ilya A. Strebulaev is the David S. Lobel Professor of Private Equity and Professor of Finance at the Graduate School of Business, Stanford University, where he has been a faculty member since 2004, and a Research Associate at the National Bureau of Economic Research. He also is the director of the Stanford Venture Capital Initiative. He graduated from the London Business School with a doctorate in Finance. He also holds degrees from Lomonosov Moscow State University (B.Sc. Economics) and the New Economic School, Moscow (M.A. Economics). 

Professor Strebulaev is an expert in corporate finance, venture and angel capital, innovation financing, corporate innovation, and financial decision-making. His work has been widely published in leading academic journals, including the Journal of Finance, the Review of  Financial Studies, and the Journal of Financial Economics. Ilya has been awarded a number of prestigious academic awards, including the First Paper Prize of the Brattle Award for the best corporate paper published in the Journal of Finance, the Fama-DFA Prize for the best asset pricing paper published in the Journal of Financial Economics, and the Trefftzs Award by the Western Finance Association. His research has also been featured in a variety of media, including New York Times and Wall Street Journal.

His most recent research has examined many aspects of the venture capital industry. For example, in the largest ever survey of VCs to date, he and his co-authors analyze all the aspects of decision-making by venture capitalists. As another example, in analyzing the valuation of highly valued VC-backed companies (called “unicorns”), he found that these companies on average are overvalued by 50% and that many of the so-called unicorns lose their unicorn status once their fair value is taken into consideration.

Ilya teaches at the MBA, MsX, PhD, and executive education programs, and has been awarded the Stanford MBA Distinguished Teaching Award, the Sloan Teaching Excellence Award, as well as the inaugural Masters in Management Best Teacher Award at the London Business School. He developed an MBA-level course on Angel and Venture Capital that he has been teaching for the past several years. The course enables the students to study many aspects of innovation financing at various stages, including decision making, attracting venture and angel investments, negotiating contractual terms, valuing VC-backed companies, and analyzing the performance of venture capital funds.

Professor Strebulaev has also led many workshops and executive sessions on new innovation trends, venture capital, the ecosystem of Silicon Valley, corporate innovation, and strategic decision making for senior business and government leaders around the world.

When not teaching or doing research, Ilya enjoys spending time with his family, reading, traveling, listening to classical music, and collecting and appreciating fine wine and art. 

Academic Degrees

  • PhD in Finance, London Business School, 2004
  • MA, New Economic School, 1999
  • BSc, Lomonosov Moscow State University, 1997

Academic Appointments

  • At Stanford University since 2004

Awards and Honors

  • Dhirubhai Ambani Faculty Fellow in Entrepreneurship for 2014-2015
  • Shanahan Family Faculty Scholar for 2013-2014
  • The Sloan Teaching Excellence Award, Stanford, 2013
  • First Place, Fama-DFA Prize for Best Paper, Journal of Financial Economics, 2012
  • The Masters in Management Inaugural Best Teacher Award, London Business School, 2010
  • The MBA Distinguished Teacher Award, Stanford, 2009
  • First Paper Prize, Brattle Award for Best Paper, Journal of Finance, 2007
  • The Trefftzs Award for the Best Student Paper, WFA, 2004
  • Award for Best Paper, Dimitris B. Chorafas Foundation, 2004

Publications

Journal Articles

Will Gornall, Ilya A. Strebulaev. Journal of Financial Economics. September 2018, Vol. 129, Issue 3, Pages 510-530.
Steven Grenadier, Andrey Malenko, Ilya A. Strebulaev. Journal of Financial Economics. January 2014, Vol. 111, Issue 1, Pages 137-157.
Ilya A. Strebulaev, Baozhong Yang. Journal of Financial Economics. February 2013, Vol. 109, Issue 1, Pages 1-23.
Ilya A. Strebulaev, Toni M. Whited. Foundations and Trends in Finance. November 2012, Vol. 6, Issue 1-2, Pages 1-163.
Viral Acharya, Sergei Davydenko, Ilya A. Strebulaev. Review of Financial Studies. October 2012, Vol. 25, Issue 12, Pages 3572-3609.
Sergei Davydenko, Ilya A. Strebulaev, Xiaofei Zhao. Review of Financial Studies. 2012, Vol. 25, Issue 10, Pages 2959-2999.
Kay Giesecke, Francis A. Longstaff, Stephen M. Schaefer, Ilya A. Strebulaev. Journal of Financial Economics. 2011, Vol. 102, Issue 2, Pages 233–250.
Harjoat S. Bhamra, Lars-Alexander Kuehn, Ilya A. Strebulaev. The Review of Financial Studies. February 1, 2010, Vol. 23, Issue 2, Pages 645-703.
Alexander S. Gorbenko, Ilya A. Strebulaev. Review of Financial Studies. 2010, Vol. 23, Issue 7, Pages 2591-2647.
Harjoat S. Bhamra, Lars-Alexander Kuehn, Ilya A. Strebulaev. Review of Financial Studies. 2010, Vol. 23 , Issue 12, Pages 4187-4241.

Working Papers

How Often Do Firms Rebalance Their Capital Structures? Evidence from Corporate Filings | PDF
Arthur Kortwewg, Michael Schwert, Ilya A. Strebulaev, June 212018
Empirical Analysis of Corporate Tax Reforms: What is the Null and Where Did it Come from?
Chris Hennessy, Akitada Kasahara, Ilya A. Strebulaev, March 122018
How Do Venture Capitalists Make Decisions?
Paul Gompers, William Gornall, Steven N. Kaplan, Ilya A. Strebulaev, August 2016
Bargaining Power, Business Cycle and Levered Equity Risk
Zhiyao Chen, Ilya A. Strebulaev, June 292016
Strategic Risk Shifting and the Idiosyncratic Volatility Puzzle
Zhiyao Chen, Ilya A. Strebulaev, Yuhang Xing, Xiaoyan Zhang, October 292014
Capital Structure and Systematic Risk
Michael Schwert, Ilya A. Strebulaev, April 62014
Dynamic Information Asymmetry, Financing, and Investment Decisions
Ilya A. Strebulaev, Haoxiang Zhu, Pavel Zryumov, January 262014
The Evolution of Aggregate Stock Ownership - A Unified Explanation
Kristian Rydqvist, Joshua D. Spizman, Ilya A. Strebulaev, July 2009

Teaching

Degree Courses

2018-19

This course covers all the stages of funding for early stage high-growth companies, from seed funding to venture capital rounds to a successful exit. We will concentrate on how entrepreneurs and investors make and should make important decisions...

In this course we will study the theory and empirics of venture capital (VC) and, more broadly, finance of innovation. We will start by reviewing the way the VC and related markets function and then will dive into such topics as VC contracting,...

2017-18

This course covers the foundations of corporate finance including the management of capital structure, financial forecasting, dividend policy, financial distress, cost of capital and capital budgeting. It discusses the major financial decisions...

This course covers all the stages of funding for early stage high-growth companies, from seed funding to venture capital rounds to a successful exit. We will concentrate on how entrepreneurs and investors make and should make important decisions...

2016-17

This course covers all the stages of funding for early stage high-growth companies, from seed funding to venture capital rounds to a successful exit. We will concentrate on how entrepreneurs and investors make and should make important decisions...

This is a course on contemporary theoretical and empirical issues in corporate finance. Building upon the first-year courses in corporate finance theory and empirical methods in finance, we will examine issues in asset pricing applications to...

Executive Education & Other Non-Degree Programs

Stanford Case Studies

Broadway Angels: Preparing for the Future | E531
Ilya Strebulaev, Maryanna Quigless2014
Dropbox - Series B Financing | F309
Ilya A. Strebulaev, Jaclyn Foroughi, Theresia Gouw2014
Sunrun: Raising the Series A Round | E462
Ilya Strebulaev, Sara Rosenthal2013
A Day in the Life of a Venture Capitalist | E444
Ilya Strebulaev, Theresia Gouw Ranzetta, David Hoyt2013
Venture Capital Deal Sourcing and Screening | E447
Ilya Strebulaev, Theresia Gouw Ranzetta, David Hoyt2012
Note on Angel Financing (2012) | E440
Arar Han, Ilya A. Strebulaev2012
Sand Hill Angels, To Fund or Not to Fund | E442
Arar Han, Ilya A. Strebulaev2012

Stanford University Affiliations

Service to the Profession

  • Member, American Finance Association
  • Member, American Economic Association
  • Member, Western Finance Association
  • Member, European Finance Association

In the Media

TechRepublic, December 8, 2015

Insights by Stanford Business

June 20, 2018
The Stanford Venture Capital Initiative is quietly assembling a massive database from people who prefer to stay mum.
December 4, 2017
Readers keyed into humor’s workplace value, the secret to improving communication skills, and advice from Sheryl Sandberg and Marc Andreessen.
May 8, 2017
New research examines fair market value of startups worth over $1 billion and finds huge discrepancies in their purported worth.
January 12, 2017
A new study asked hundreds of VCs to rank the factors that drive their investment decisions.
February 1, 2016
Stanford GSB professors share their reading list for topics related to impact.
October 21, 2015
Two scholars measure the economic impact of VC-funded companies.
December 12, 2013
New research from Stanford suggests stricter capital regulation is needed to prevent another financial crisis.
December 9, 2013
A finance professor gives seven basic insights to better understand angel investors.
August 17, 2012
A new analysis suggests that default causes a much bigger decline in a company’s total market value than is generally assumed.
January 1, 2011
A finance professor says permissive bankruptcy laws, not bad business downturns, seem to be the greatest cause of corporate bond defaults.
December 1, 2010
A new study argues that household stock ownership decreases as the tax benefits associated with owning stocks inside a pension plan increase.
November 1, 2010
A finance professor explores the relationship between temporary shocks and CFOs' conservative approach to debt financing.

School News

April 23, 2018
One student takes his experience in concert planning to think about experience design and live entertainment for future generations.
June 4, 2013
Stanford GSB students honor three professors for their extraordinary teaching skill.
April 1, 2010
Roanak Desai, a member of the Class of 2010, died in a hospital in Maine April 3 after falling ill while on a trip to Africa and the Middle East.
May 1, 2009
School's MBA, PhD and master's students recognize three faculty members for their innovative teaching methods, enthusiasm and personal attention.