Heather Tookes
Professor of Finance at Yale School of Management
Schools
- Yale School of Management
Links
Biography
PROFESSOR TOOKES’ RESEARCH LIES AT THE INTERSECTION of capital markets and corporate finance. Much of her work focuses on understanding the ways in which capital market frictions can impact market outcomes. In market microstructure, a primary theme in her work is the structure of liquidity and efficiency “externalities” (how trading in one market affects liquidity and price formation in related markets). In corporate finance, her focus is on understanding the roles that capital supply frictions and product market competition play in firms’ financing decisions. Professor Tookes teaches the Corporate Finance elective in both the full-time MBA and the MBA for Executives programs.
Yale School of Management
Heather Tookes has been on the faculty of Yale School of Management since 2004. She received her PhD in Finance from Cornell and her BA in Economics from Brown.
Professor Tookes’ research lies at the intersection of capital markets and corporate finance. Much of her work focuses on understanding the ways in which credit market frictions can impact firms’ financing decisions. She has a particular interest in credit default swap and convertible bond markets. She is also interested in trader borrowing and has linked margin trading to the sharp declines in stock market liquidity that occur during crises. In another line of work, Professor Tookes’ research relates competition in product markets to various aspects of corporate finance. For example, she has a paper that identifies the effects of initial public offerings on rival firms.
Professor Tookes is a member of the FINRA Economic Advisory Committee, the Federal Reserve Bank of New York’s Financial Advisory Round Table, and the Board of Directors of Ariel Investments. She has also served as an Associate Editor at the Review of Financial Studies and Management Science.
EDUCATION
- PhD , Cornell University
- BA , Brown University
ACHIEVEMENTS
- Yale School of Management Award for Excellence in Teaching , Executive MBA Program, 2015
- Distinguished Referee Award , Review of Financial Studies, 2014
- Teaching Award , Yale School of Management Alumni Association, 2010
SELECTED ARTICLES
Why Does an IPO Affect Rival Firms? M. Spiegel and H.E. Tookes Review of Financial Studies Forthcoming
Trader Leverage and Liquidity B. Kahraman and H.E. Tookes Journal of Finance 2016
Related Securities and Equity Market Quality: The Case of CDS H.E. Tookes, E. Boehmer, and S. Chava Journal of Financial and Quantitative Analysis 2015
Corporate leverage, debt maturity, and credit supply: the role of credit default swaps A. Saretto and H. E. Tookes Review of Financial Studies 2013
Dynamic competition, valuation and merger activity M. Spiegel and H. E. Tookes Journal of Finance 2013
SELECTED WORKING PAPERS
Margin Trading and Excess Comovement During Crises B. Kahraman and H.E. Tookes 2019
Profitable Price Impact: The Case of Convertible Bond Arbitrage M. Nozari, M. Pascutti, and H.E. Tookes 2019
Videos
Professor Heather Tookes on Yale SOM’s Finance Faculty
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