Yale School of Management

 Heather E. Tookes

Heather Tookes has been on the faculty of Yale School of Management since 2004. She received her PhD in Finance from Cornell and her BA in Economics from Brown. 
Professor Tookes’ research lies at the intersection of capital markets and corporate finance. Much of her earlier work focuses on understanding the ways in which credit market frictions can impact firms’ financing decisions. She has a particular interest in credit default swap and convertible bond markets. In another line of research, Professor Tookes has linked firms’ competition in product markets to various aspects of corporate finance. For example, she has a paper that identifies the effects of initial public offerings on rival firms. Professor Tookes is an Associate Editor at the Review of Financial Studies and Management Science. She is also a member the FINRA Economic Advisory Committee and the Board of Directors of Ariel Investments. 

Professor Tookes teaches the Corporate Finance elective in both the full-time MBA and the MBA for Executives programs. She has received teaching awards in both of these programs. 


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. 



PhD Cornell University

BA Brown University