Alexei Tchistyi

Biography

Alexei Tchistyi is an associate professor of real estate and the Richard J. and Monene P. Bradley Director of Graduate Studies. Alexei received his PhD in business from the Stanford Graduate School of Business in 2005. Before joining Cornell University in 2020, he was an assistant professor of finance at the New York University Stern School of Business (2005-2008), an assistant professor of real estate at the UC Berkeley Haas School of Business (2008-2014), where he also served as a co-chair of the Fisher Center for Real Estate and Urban Economics (2012-2014), and an associate professor of finance and director of the Office of Real Estate Research at the University of Illinois at Urbana-Champaign (2014-2020).

Tchistyi's research focuses on various topics related to real estate finance and corporate finance: mortgage design, asset-backed securities, banking regulations, dynamic contracting, and executive compensation. His papers have been published in The Review of Financial Studies, The Journal of Financial Economics, The Journal of Finance, and The Journal of Financial and Quantitative Analysis.

Selected Publications

• Manso, Gustavo; Strulovici, Bruno; Tchistyi, Alexei. "Performance-Sensitive Debt"Review of Financial Studies. 23.5 (2010): 1819–1854
• Piskorski, Tomasz; Tchistyi, Alexei. "Optimal Mortgage Design"Review of Financial Studies. 23.8 (2010): 3098-3140
• Tchistyi, Alexei; Yermack, David; Hayong, Yun. "Negative Hedging: Performance-Sensitive Debt and CEOs' Equity Incentives"Journal of Financial and Quantitative Analysis. 46.3 (2011): 657-686
• Piskorski, Tomasz; Tchistyi, Alexei. "Stochastic House Appreciation and Optimal Mortgage Lending"Review of Financial Studies. 24.5 (2011): 1407–1446
• Hartman-Glaser; Piskorski, Tomasz; Tchistyi, Alexei. "Optimal securitization with moral hazard"Journal of Financial Economics. 104.1 (2012): 186-202
• Mayer, Chris; Piskorski, Tomasz; Tchistyi, Alexei. "The Inefficiency of Refinancing: Why Prepayment Penalties are Good for Risky Borrowers"Journal of Financial Economics. 107.3 (2013): 694-714
• Pennacchi, George; Tchistyi, Alexei. "On Equilibrium When Contingent Capital Has a Market Trigger: A Correction to Sundaresan and Wang Journal of Finance (2015)"Journal of Finance. 74.3 (2019): 1559-1576
• Pennacchi, George; Tchistyi, Alexei. "Contingent Convertibles with Stock Price Triggers: The Case of Perpetuities"Review of Financial Studies. 32.6 (2019): 2302–2340

Awards and Honors

• Young Researcher Award (2009) The Review of Financial Studies
• The Earl F. Cheit Outstanding Teaching Award (2011) Haas School of Business

Recent Courses

• HADM 7950 - MMH Master Class
• HADM 4280/HADM 6280 - Real Estate Finance and Investments

Academic Degrees

• PhD Graduate School of Business, Stanford University, 2005
• MA New Economic School, 1999
• MS Moscow Institute of Physics and Technology, 1998
• BS Moscow Institute of Physics and Technology, 1996