Heather Tookes has been on the faculty of Yale School of Management since 2004. She earned her PhD (Finance) at Cornell and her BA (Economics) at Brown.
Professor Tookes works on a diverse range of topics in the areas of capital markets and corporate finance. She has a particular interest in credit default swap and convertible bond markets and has studied the ways in which frictions in these markets interact with firms’ financing decisions. She has also studied trader borrowing and has linked margin trading to the sharp declines in stock market liquidity that occur during crises. More recently, she has written a series of papers investigating questions related to gender in finance as well as the effectiveness of Covid-19 business restrictions. She teaches Corporate Finance and has won awards for her teaching.
Professor Tookes is a member of the FINRA Economic Advisory Committee. She previously served as Chair of the Academic Female Advisory Committee (AFFECT) of the American Finance Association (AFA) and as a member of the AFA’s Committee on Racial Diversity. Professor Tookes is a former Associate Editor at the Review of Financial Studies and Management Science and member of the Federal Reserve Bank of New York’s Financial Advisory Round Table. She has also served on a variety of nonprofit, private and public boards.
She is a former Associate Editor at the Review of Financial Studies and Management Science and member of the Federal Reserve Bank of New York’s Financial Advisory Round Table.
Achievements and Awards
Yale School of Management Alumni Association Teaching Award, 2017
Yale School of Management Award for Excellence in Teaching, Executive MBA Program, 2015
Yale School of Management Alumni Association Teaching Award, 2010
Q-Group Research Grant, 2010
Morgan Stanley Equity Market Microstructure Research Grant, 2005
Selected Articles
Information, Trading, and Product Market Interactions: Cross-Sectional Implications of Informed Trading, 2008, Journal of Finance 63(1), 379-413.
Convertible Bond Arbitrage, Liquidity Externalities, and Stock Prices, with Darwin Choi and Mila Getmansky, 2009, Journal of Financial Economics 91(2), 227-251.
Convertible Bond Arbitrageurs as Suppliers of Capital, with Darwin Choi, Mila Getmansky and Brian Henderson, 2010, Review of Financial Studies 23(6), 2492-2522.
Dynamic Competition, Valuation, and Merger Activity, with Matthew Spiegel, 2013, Journal of Finance 68(1), 125-172.
Corporate Leverage, Debt Maturity, and Credit Default Swaps: The Role of Credit Supply, with Alessio Saretto, 2013, Review of Financial Studies 26(5), 1190-1247.
Trader Leverage and Liquidity, with Bige Kahraman, 2017, Journal of Finance 72(4) 1567-1610.
Margin Trading and Comovement During Crises, with Bige Kahraman, 2020, Review of Finance 24(4), 813–846.
Why Does an IPO Impact Rival Firms? with Matthew Spiegel, 2020, Review of Financial Studies 33(7), 3205–324.
Female Representation in the Academic Finance Profession, with Mila Getmansky Sherman, 2022, Journal of Finance 77(1), 317-365.
Education
PhD Cornell University
BA Brown University