Alexey Zhdanov

Color portrait of Alexey Zhdanov

Assistant Professor of Finance

Office Address 363 Business Building
Phone Number 814-865-5191
Email Address

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Alexey Zhdanov is an Assistant Professor of Finance at Penn State University, Smeal College of Business. He holds a Ph.D. in finance from the University of Rochester. He previously held faculty positions at the Swiss Finance Institute, University of Lausanne, and George Mason University.


Real Options, Corporate Finance, Empirical Asset Pricing


Ph D, Finance (Strategy), University of Rochester, 2006

MS, Business Administration, University of Rochester, 2003

MBA, Management, Vlerick Business School, 1997

BS, Systems Engineering, Saint Petersburg State Technical University, 1996

Courses Taught

FIN 305W – Financial Management of the Business Enterprise (3)
Development of advanced practices of financial management and their application to decision making in a business firm.

Selected Publications

Zhdanov A., Eisdorfer A., Goyal A., "Equity Misvaluation and Default Options." Journal of Finance, 2018, pp. 75
Forthcoming in the Journal of Finance.
Zhdanov A., Eisdorfer A., Goyal A., "Distress Anomaly and Shareholder Risk: International Evidence." Financial Management, 2017, pp. 48
Forthcoming in Financial Management.
Zhdanov A., Morellec E., Valta P., "Financing investment: The choice between bonds and bank loans." Management Science, vol. 61, no. 11, 2015, pp. 2580-2602.
Zhdanov A., Lyandres E., "Convertible debt and investment timing." Journal of Corporate Finance, vol. 24, 2014, pp. 21-37.
Zhdanov A., Lyandres E., "Investment opportunities and bankruptcy prediction." Journal of Financial Markets, 2014, pp. 439-476.
Zhdanov A., Phillips G., "R&D and the Incentives from Merger and Acquisition Activity." Review of Financial Studies, vol. 26, 2013, pp. 34-78.
Zhdanov A., Lyandres E., Grullon G., "Real Options, Volatility, and Stock Returns." Journal of Finance, vol. 67, no. 4, 2012, pp. 1499-1535.
Zhdanov A., Lyandres E., Bernile G., "A Theory of Strategic Mergers." Review of Finance, vol. 16, 2012, pp. 517-575.
Zhdanov A., Lyandres E., Hsieh J., "A Theory of Merger-Driven IPOs." Journal of Financial and Quantitative Analysis, vol. 46, no. 5, 2011, pp. 1367-1405.
Zhdanov A., Lyandres E., "Accelerated investment effect of risky debt." Journal of Banking & Finance, vol. 34, no. 11, 2010, pp. 2587-2599.
Zhdanov A., Joos P., "Earnings and Equity Valuation in the Biotech Industry: Theory and Evidence." Financial Management, vol. 37, 2008, pp. 431-459.
Zhdanov A., Morellec E., "Financing and takeovers." Journal of Financial Economics, vol. 87, 2008, pp. 556-581.
Zhdanov A., "Competitive Equilibrium with Debt." Journal of Financial and Quantitative Analysis, vol. 42, no. 3, 2007, pp. 709-734.
Zhdanov A., Morellec E., "The Dynamics of Mergers and Acquisitions." Journal of Financial Economics, vol. 77, 2005, pp. 649-672.