Alexei Tchistyi

Alexei Tchistyi

Associate Professor of Finance

  • Email

Contact

339 Wohlers Hall

1206 S. Sixth

Champaign, IL 61820

217-333-3821

tchistyi@illinois.edu

Vita

Listings

Educational Background

  • Ph.D., Business Administration, Stanford University, 2005
  • M.A., Cum Laude, Economics, New Economic School, 1999
  • M.S., Cum Laude, Applied Mathematics and Physics, Moscow Institute of Physics and Technology, 1998
  • B.S., Applied Mathematics and Physics, Moscow Institute of Physics and Technology, 1996

Positions Held

  • Expert panelist, Zillow Home Price Expectations Survey, 2016-2018
  • Member, Real Estate Education Faculty Advisory Board, Harold E. Eisenberg Foundation, 2014-2018
  • Associate Professor, University of Illinois at Urbana-Champaign, 2014 to present
  • Director of Office of Real Estate Research, University of Illinois at Urbana-Champaign, 2014
  • Co-Chair, Fisher Center for Real Estate and Urban Economics, Haas, University of California, Berkeley, 2012-2014
  • Assistant Professor of Real Estate and Finance, Haas, University of California, Berkeley, 2008-2014
  • Assistant Professor of Finance, New York University, Stern School of Business, 2005-2008

Recent Publications

  • Pennacchi, G., & Tchistyi, A. Forthcoming. Contingent Convertibles with Stock Price Triggers: The Case of Perpetuities. Review of Financial Studies,.
  • Pennacchi, G., & Tchistyi, A. Forthcoming. On Equilibrium when Contingent Capital has a Market Trigger: A Correction to Sundaresan and Wang Journal of Finance (2015). Journal of Finance,.

Other Publications

Article

  • Mayer, C., Piskorski, T., & Tchistyi, A. (2013). The Inefficiency of Refinancing: Why Prepayment Penalties are Good for Risky Borrowers. Journal of Financial Economics, 107 (3),
  • Hartman-Glaser, B., Piskorski, T., & Tchistyi, A. (2012). Optimal Securitization with Moral Hazard. Journal of Financial Economics, 104 (1),
  • Piskorski, T., & Tchistyi, A. (2011). Stochastic House Appreciation and Optimal Mortgage Lending. Review of Financial Studies, 24 (5),
  • Tchistyi, A., Yermack, D., & Yun, H. (2011). Negative Hedging: Performance Sensitive Debt and CEOs' Equity Incentives. Journal of Financial and Quantitative Analysis, 46 (03),
  • Manso, G., Strulovici, B., & Tchistyi, A. (2010). Performance-Sensitive Debt. Review of Financial Studies, 23 (5),
  • Piskorski, T., & Tchistyi, A. (2010). Optimal Mortgage Design. Review of Financial Studies, 24 (5),
  • Tchistyi, A. (2009). Comments on "Subprime Mortgages, Foreclosures, and Urban Neighborhoods". B.E. Journal of Economic Analysis and Policy, 9.
  • Tchistyi, A. (2009). Comments on "The Mortgage Market Meltdown and House Prices". B.E. Journal of Economic Analysis and Policy, 9.

Presentation

  • Tchistyi, A. (2019). Risk Retention and Information in the Face of Regulation. Real Estate Symposium at Cornell.
  • Tchistyi, A. (2019). Structuring Mortgages for Macroeconomic Stability. AFA.
  • Tchistyi, A. (2018). An Equilibrium Model of Housing and Mortgage Markets with State-Contingent Lending Contracts. Cornell Seminar.
  • Tchistyi, A. (2018). An Equilibrium Model of Housing and Mortgage Markets with State-Contingent Lending Contracts. European Finance Association meeting.
  • Tchistyi, A. (2018). An Equilibrium Model of Housing and Mortgage Markets with State-Contingent Lending Contracts. Society for Economic Dynamics.

Working Paper

  • Tchistyi, A., & DeMarzo, P. (2019). Risking Other People's Money: Gambling, Limited Liability, and Optimal Incentives.  link >
  • Tchistyi, A., & Piskorski, T. (2018). An Equilibrium Model of Housing and Mortgage Markets with State-Contingent Lending Contracts.  link >
  • Tchistyi, A., Albul, B., & Jaffee, D. (2017). Contingent Convertible Bonds and Capital Structure Decisions.  link >
  • Tchistyi, A. (2014). Security Design with Correlated Hidden Cash Flows: The Optimality of Performance Pricing.  link >

Current Courses

  • Real Estate Financial Markets (FIN 446) Discusses real estate financing techniques and the secondary market for real estate financial assets including residential and commercial mortgage-backed securities (RMBS and CMBS). 3 undergraduate hours. No graduate credit.
  • Real Estate Financial Markets (FIN 546) This is an applied course in real estate investment that focuses on the U.S. mortgage and asset-backed securities markets. The course will review the multi-trillion dollar mortgage and asset-backed bond markets. We will discuss the fundamentals of securitization, and strategies to structure deals. We will also consider real estate investment trusts (REITs), collateralized debt obligations (CDOs) and credit default swaps (CDS). The course will develop analytical skills in deal structuring and pricing, and offer all students an opportunity to develop their business skills through case discussions. 4 graduate hours. No professional credit.

Contact

339 Wohlers Hall

1206 S. Sixth

Champaign, IL 61820

217-333-3821

tchistyi@illinois.edu

Vita