Ilya Strebulaev

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Prof. Ilya Strebulaev.jpg
Ilya A. Strebulaev
Born17 May 1975
Moscow, Russia
Occupation(s)Professor at Stanford University, Graduate School of Business
Academic background
Alma mater London Business School (Ph.D)

New Economic School (MA)

Moscow State University (BA)
Website https://www.ilyastrebulaev.com/

Ilya A. Strebulaev (born May 17, 1975) is a Russian- American financial economist, researcher, author, and speaker with expertise in venture capital, startups, and corporate innovation. He has been a professor at the Stanford Graduate School of Business since 2004. [1] From 2018 to 2022 he was on the board of directors of Yandex, the Russian equivalent of Google.

Contents

Early life and education

Ilya Strebulaev was born in Moscow, Russia on May 17, 1975, to a family of scientists and engineers. He received a B.A. in economics from Moscow State University and an M.A. in economics at the New Economic School in 1999. He then moved to London, where he pursued his doctoral studies at the London Business School under Stephen Schaefer. His doctoral thesis was on corporate financial decision-making. He received a Ph.D. degree in finance in 2004. [1]

Career

In 2004, Strebulaev moved to Stanford, California, when he was hired by the Stanford University Graduate School of Business as an assistant professor of finance. He received tenure at Stanford University in 2010 and was promoted to full professor in 2014. In 2016, Strebulaev was appointed a chaired professor, becoming the inaugural holder of the David S. Lobel Professorship, the first endowed professorship in private equity at Stanford. Since 2010, he has been a research associate at the National Bureau of Economic Research. [2]

In 2015, Strebulaev founded the Venture Capital Initiative at the Stanford Graduate School of Business, and he has been its faculty director since then. [3]

In 2018, he became a member of the board of directors of Yandex, Russias largest internet and tech company [4] and in March 2022, he resigned from it. [5]

Personal life

Strebulaev is married to Anna Dvornikova; [6] the couple has two children. He holds dual US and Russian citizenship. [5]

Work

Strebulaev developed a framework [7] with Will Gornall that asseses the value of private venture capital (VC) backed companies. Their valuation model is built on the option pricing methodology and takes into account complicated shareholder structures of VC-backed companies. They found that most unicorns (highly valued VC-backed companies) are overvalued, [8] with a median overvaluation of 50%. Strebulaev's research also includes studies on the decision-making of startup investors, [9] the organization and design of VC and corporate VC units, and the importance of venture capital in innovation and the economy. He has shown that the VC industry led to the creation of most large public US companies in the last 50 years and is an important growth engine behind the US innovation economy. [10] His work has been widely published in leading academic journals including The Journal of Finance , The Review of Financial Studies , [11] [12] [13] [14] [15] [16] and The Journal of Financial Economics . [17] [18] [19] [20] [21] [22] [23] Strebulaev has received many awards for his work, including the First Paper Prize of the Brattle Award [24] in the Journal of Finance and The First Place of the Fama-DFA Prize [25] at the Journal of Financial Economics.

He is known for actively sharing his research and teaching insights on LinkedIn and other social media platforms. [26]

Teaching

Strebulaev has been teaching at MBA, MSx, Ph.D., and Executive Education programs at Stanford. In 2013, Strebulaev developed an MBA-level course on angel and venture capital financing and decision-making, [27] which he has been teaching with famous VCs for the past ten years, with almost 1,000 students taking the class. The class covers many aspects of VC financing, the decision making of startup investors, and startup valuation. Strebulaev also developed a class on the private equity industry in 2021. [28]

In 2009, Strebulaev received the MBA Distinguished Teacher Award at the Stanford Graduate School of Business. [29] He also received the Master's in Management Inaugural Best Teacher Award at the London Business School in 2010 [30] and the Sloan Teaching Excellence Award at the Stanford Graduate School of Business in 2013. [31]

Strebulaev frequently leads workshops and executive sessions on corporate innovation, venture capital, Silicon Valley, and strategic decision-making for senior leaders around the world. [32] [33] [34]

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References

  1. 1 2 "Ilya Strebulaev's Curriculum Vitae" (PDF). Stanford website. Retrieved 19 May 2023.
  2. ↑ "Ilya A. Strebulaev's page on NBER". NATIONAL BUREAU OF ECONOMIC RESEARCH. Retrieved 19 May 2023.
  3. ↑ "Venture Capital Initiative". Stanford University Graduate School of Business. Retrieved 19 May 2023.
  4. ↑ MarketScreener (2018-06-11). "Yandex N.V. Proposes Appointment of Ilya A. Strebulaev as Non-Executive Member of the Board" . Retrieved 2023-06-28.
  5. 1 2 Peterson, Becky. "Inside the boardroom shattering at Yandex, Russia's biggest tech company, sent into free fall by Putin's Ukraine war". Business Insider. Retrieved 2023-06-28.
  6. ↑ "Anna Dvornikova's personal page". LinkedIn. Retrieved 19 May 2023.
  7. ↑ GORNALL, WILL; STREBULAEV, ILYA A. "A Valuation Model of Venture Capital-Backed Companies with Multiple Financing Rounds". SSRN. SSRN   3725240 . Retrieved 19 May 2023.
  8. ↑ GORNALL, WILL; STREBULAEV, ILYA A. "Squaring Venture Capital Valuations with Reality". SSRN. SSRN   2955455 . Retrieved 19 May 2023.
  9. ↑ STREBULAEV, ILYA A.; WANG, AMANDA. "Organizational Structure and Decision-Making in Corporate Venture Capital". Stanford University Graduate School of Business. Retrieved 19 May 2023.
  10. ↑ GORNALL, WILL; STREBULAEV, ILYA A. "The Economic Impact of Venture Capital: Evidence from Public Companies". SSRN. SSRN   2681841 . Retrieved 19 May 2023.
  11. ↑ CHEN, ZHIYAO; STREBULAEV, ILYA A. (March 2019). "Macroeconomic Risk and Idiosyncratic Risk-taking". The Review of Financial Studies. 32 (3): 1148–1187. doi:10.1093/rfs/hhy066 . Retrieved 19 May 2023.
  12. ↑ ACHARYA, VIRAL; DAVYDENKO, SERGEI A.; STREBULAEV, ILYA A. (December 2012). "Cash Holdings and Credit Risk". The Review of Financial Studies. 25 (12): 3572–3609. doi:10.1093/rfs/hhs106 . Retrieved 19 May 2023.
  13. ↑ DAVYDENKO, SERGEI A.; STREBULAEV, ILYA A.; ZHAO, XIAOFEI (October 2012). "A Market-Based Study of the Cost of Default". The Review of Financial Studies. 25 (10): 2959–2999. doi:10.1093/rfs/hhs091 . Retrieved 19 May 2023.
  14. ↑ BHAMRA, HARJOAT S.; KUEHN, LARS-ALEXANDER; STREBULAEV, ILYA A. (February 2010). "The Levered Equity Risk Premium and Credit Spreads: A Unified Framework". The Review of Financial Studies. 23 (2): 645–703. doi:10.1093/rfs/hhp082 . Retrieved 19 May 2023.
  15. ↑ GORBENKO, ALEXANDER S.; STREBULAEV, ILYA A. (July 2010). "Temporary versus Permanent Shocks: Explaining Corporate Financial Policies". The Review of Financial Studies. 23 (7): 2591–2647. doi:10.1093/rfs/hhq039 . Retrieved 19 May 2023.
  16. ↑ BHAMRA, HARJOAT S.; KUEHN, LARS-ALEXANDER; ST, ILYA A. (December 2010). "The Aggregate Dynamics of Capital Structure and Macroeconomic Risk". The Review of Financial Studies. 23 (12): 4187–4241. doi:10.1093/rfs/hhq075 . Retrieved 19 May 2023.
  17. ↑ CHEN, ZHIYAO; HACKBARTH, DIRK; STREBULAEV, ILYA A. (November 2022). "A unified model of distress risk puzzles". Journal of Financial Economics. 146 (2): 357–384. doi:10.1016/j.jfineco.2021.10.001 . Retrieved 19 May 2023.
  18. ↑ GOMPERS, PAUL A.; GORNALL, WILL; KAPLAN, STEVEN N.; STREBULAEV, ILYA A. (January 2020). "How do venture capitalists make decisions?". Journal of Financial Economics. 135 (1): 169–190. doi:10.1016/j.jfineco.2019.06.011 . Retrieved 19 May 2023.
  19. ↑ GORNALL, WILL; STREBULAEV, ILYA A. (January 2020). "Squaring venture capital valuations with reality". Journal of Financial Economics. 135 (1): 120–143. doi:10.1016/j.jfineco.2018.04.015 . Retrieved 19 May 2023.
  20. ↑ GORNALL, WILL; STREBULAEV, ILYA A. (September 2018). "Financing as a supply chain: The capital structure of banks and borrowers". Journal of Financial Economics. 129 (3): 510–530. doi:10.1016/j.jfineco.2018.05.008 . Retrieved 19 May 2023.
  21. ↑ GRENADIER, STEVEN R.; MALENKO, ANDREY; STREBULAEV, ILYA A. (January 2014). "Investment busts, reputation, and the temptation to blend in with the crowd". Journal of Financial Economics. 111 (1): 137–157. doi:10.1016/j.jfineco.2013.09.002. hdl: 1721.1/114035 . Retrieved 19 May 2023.
  22. ↑ STREBULAEV, ILYA A.; YANG, BAOZHONG (July 2013). "The mystery of zero-leverage firms". Journal of Financial Economics. 109 (1): 1–23. doi:10.1016/j.jfineco.2013.02.001 . Retrieved 19 May 2023.
  23. ↑ GIESECKE, KAY; LONGSTAFF, FRANCIS A.; SCHAEFER, STEPHEN; STREBULAEV, ILYA A. (November 2011). "Corporate bond default risk: A 150-year perspective". Journal of Financial Economics. 102 (2): 233–250. doi:10.1016/j.jfineco.2011.01.011. S2CID   8336313 . Retrieved 19 May 2023.
  24. ↑ "Professor Strebulaev is an expert in the areas of corporate finance, financial decision-making, venture capital, and financing innovation". Brattle. Retrieved 19 May 2023.
  25. ↑ "Fama-DFA Prize". Journal of Financial Economics. Retrieved 19 May 2023.
  26. ↑ "Ilya Strebulaev's LinkedIn page". LinkedIn. Retrieved 19 May 2023.
  27. ↑ "FINANCE 385: Angel and Venture Capital Financing for Entrepreneurs and Investors". Stanford University Graduate School of Business courses. Retrieved 19 May 2023.
  28. ↑ "Finance 334". Stanford University Graduate School of Business courses. Retrieved 19 May 2023.
  29. ↑ "Professors Strebulaev, Jagolinzer, and Shiv Honored for Teaching". Stanford University Graduate School of Business. Retrieved 19 May 2023.
  30. ↑ "About". Ilya Strebulaev's personal website. Retrieved 19 May 2023.
  31. ↑ "Honoring Excellence in Teaching". Stanford University Graduate School of Business. Retrieved 19 May 2023.
  32. ↑ "Inside the Mind of a Silicon Valley VC, with Stanford Prof. Ilya Strebulaev". Oxford Venture Capital Network. Retrieved 19 May 2023.
  33. ↑ "Symposium 2020". SLS. Retrieved 19 May 2023.
  34. ↑ "Key Takeaways from DECODE's Session with Stanford GSB Professor, Ilya Strebulaev". Decode channel on Youtube. Retrieved 19 May 2023.
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