“In God we trust; all others must bring data.” W. Edwards Deming.

For codes to replicate the research papers, please visit the research page.

Selected Publications

Babak Lotfaliei, 2021, "Asset Variance Risk Premium and Capital Structure", Journal of Financial and Quantitative Analysis (JFQA), Volume 56 , Issue 2 , March 2021 , pp. 647 - 691, Published online 2018 (DOI)


Babak Lotfaliei, 2018, "Zero Leverage and The Value in Waiting to Issue Debt*", Journal of Banking and Finance (JBF), Vol. 97, Pages 335-349, ISSN 0378-4266, DOI


Other Publications:

• Alibeiki, Hedayat, and Babak Lotfaliei, 2022, "To Expand And To Abandon: Real Options Under Asset Variance Risk Premium", accepted and forthcoming, European Journal of Operational Research (EJOR) (Files for replicating the paper using MATLAB), Volume 300, Issue 2, 16 July 2022, Pages 771-787

• Timothy Trombley, Babak Lotfaliei, and Saurin Patel, "Should Marathon Petroleum Split Up?", Ivey Publishing, publication date: 15 Oct 2020 (Link, Excel file supplement)

• Kim, Jaemin, and Babak Lotfaliei, "Debt Recapitalization and Value in Waiting to Finance a Project", Operations Research Letters (ORL), Volume 48, Issue 4, July 2020, Pages 421-427 (Link, replication codes)

• Brinks, Stephen, Kamal Haddad, Babak Lotfaliei, and Timothy Trombley, fall 2020, "A Synthesis of Capital Budgeting Techniques Around the World: 1990-2018", Quarterly Journal of Finance and Accounting (QJFA), Vol. 58 Issue 4, p105-130. 26p.

• Haddad, Kamal, and Babak Lotfaliei, 2019, "Trade-Off Theory And Zero Leverage", Finance Research Letters (FRL),Vol.31, Pages 165-170, (Link, Replication link)

• Lundberg, Clark, and Babak Lotfaliei, 2019, "Finite-Horizon Zero-Leverage Firms", Applied Economics Letters (RAEL), (Link, Online appendix link)

Lotfaliei, Babak, 2018, "The Variance Risk Premium And Capital Structure", European Systematic Risk Board (ESRB), Working paper No. 70, March, Impact factor 2.08, (Link)