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Tips on Fine Wine by Professor Ilya Strebulaev

Biography

Stanford Graduate School of Business
The David S. Lobel Professor of Private Equity

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

Teaching

Degree Courses

2017-18

FINANCE 229: MSx: Finance

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...

FINANCE 385: Angel and Venture Capital Financing for Entrepreneurs and Investors

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

FINANCE 385: Angel and Venture Capital Financing for Entrepreneurs and Investors

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...

FINANCE 626: Advanced Corporate Finance

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

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Two scholars measure the economic impact of VC-funded companies.

Ilya Strebulaev: How to Build a Safer Banking System

December 12, 2013

New research from Stanford suggests stricter capital regulation is needed to prevent another financial crisis.

Ilya Strebulaev: Are Angel Investors the New Disruptors?

December 9, 2013

A finance professor gives seven basic insights to better understand angel investors.

Ilya A. Strebulaev: What’s the True Cost of a Corporate Default?

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.

Ilya Strebulaev: Bankruptcy Laws Drive Corporate Default Rates

January 1, 2011

A finance professor says permissive bankruptcy laws, not bad business downturns, seem to be the greatest cause of corporate bond defaults.

Ilya Strebulaev: Tax Policy Has Changed Who Owns Stocks

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.

Temporary Shocks Explain Conservative Fiscal Corporate Policies

November 1, 2010

A finance professor explores the relationship between temporary shocks and CFOs' conservative approach to debt financing.

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Cases

Broadway Angels: Preparing for the Future | E531 Ilya Strebulaev, Maryanna Quigless2014

Dropbox - Series B Financing | F309 Ilya A. Strebulaev, Jaclyn Foroughi, Theresia Gouw2014

A Day in the Life of a Venture Capitalist | E444 Ilya Strebulaev, Theresia Gouw Ranzetta, David Hoyt2013

Sunrun: Raising the Series A Round | E462 Ilya Strebulaev, Sara Rosenthal2013

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

Venture Capital Deal Sourcing and Screening | E447 Ilya Strebulaev, Theresia Gouw Ranzetta, David Hoyt2012

Evaluating Venture Capital Term Sheets | E460

Broadway Angels: Preparing for the Future | E531 Ilya Strebulaev, Maryanna Quigless2014

Dropbox - Series B Financing | F309 Ilya A. Strebulaev, Jaclyn Foroughi, Theresia Gouw2014

A Day in the Life of a Venture Capitalist | E444 Ilya Strebulaev, Theresia Gouw Ranzetta, David Hoyt2013

Sunrun: Raising the Series A Round | E462 Ilya Strebulaev, Sara Rosenthal2013

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

Venture Capital Deal Sourcing and Screening | E447 Ilya Strebulaev, Theresia Gouw Ranzetta, David Hoyt2012

Evaluating Venture Capital Term Sheets | E460

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