Alexey Zhdanov

Color portrait of Alexey Zhdanov

Associate Professor of Finance

Department 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), The University of Rochester, 2006

MS, Business Administration, The University of Rochester, 2003

MBA, Management, Vlerick Business School, 1997

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

Courses Taught

FIN 601 – Ph D Dis Full-Time

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

FIN 597 – Special Topics (1.5)

Selected Publications

Zhdanov A., Matveyev E., "Optimal Capital Structure with Imperfect Competition." Review of Corporate Finance Studies, vol. 11, no. 2, 2022, pp. 314–363
Zhdanov A., Eisdorfer A., Sadka R., "Maturity Driven Mispricing of Options." Journal of Financial and Quantitative Analysis, 2022, pp. 48
Zhdanov A., Matveyev E., Lyandres E., "Does the Market Correctly Value Investment Options?." Review of Finance, vol. 24, no. 6, 2020
Zhdanov A., Morellec E., "Product Market Competition and Option Prices." Review of Financial Studies, vol. 32, no. 11, 2019, pp. 4343-4386, doi:10.1093/rfs/hhz027
Zhdanov A., Eisdorfer A., Goyal A., "Equity Misvaluation and Default Options." Journal of Finance, 2018, pp. 75
Zhdanov A., Eisdorfer A., Goyal A., "Distress Anomaly and Shareholder Risk: International Evidence." Financial Management, 2017, pp. 48
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

Research Impact and Media Mention

"Venture Capital Investments and Merger and Acquisition Activity around the World", Harvard Law School Forum on Corporate Governance, Internet


Journal of Corporate Finance, Associate Editor, January 2021 - January 2024