Yuri Lawryshyn

Room: WB256

Email: yuri.lawryshyn@utoronto.ca


Diploma (Financial Engineering), 2007 SCHULICH SCHOOL OF BUSINESS
Department of Chemical Engineering and Applied Chemistry
Department of Mechanical Engineering
Department of Mechanical Engineering

I completed a Ph.D. degree in engineering at the University of Toronto specializing in Computational Fluid Dynamics (CFD), an MBA degree at the Richard Ivey Business School (UWO), and a Financial Engineering diploma at the Schulich School of Business (York U). I have worked in a number of industries in research and development, management, marketing, and strategy. In 2007, I joined the faculty of Engineering at University of Toronto.

Areas of Research

My research is focused on applying mathematical and numerical modeling in two broad areas: financial analysis and applied computational fluid dynamics (CFD). A key aspect of my research is the application of modeling to solve practical problems. My financial analysis research is primarily focused in the valuation of engineering projects with an emphasis on real options. My CFD research is primarily focused on water and wastewater treatment, and especially, UV disinfection.

Centre for Management of Technology and Entrepreneurship (CMTE)

As Associate Director of the CMTE, I am involved in a number of research projects with the CMTE’s corporate partners, namely, the Bank of Montreal (BMO), Canadian Imperial Bank of Commerce (CIBC) and Toronto Dominion (TD). Typically, I supervise 7-8 undergraduate thesis projects per year on applied topics relevant to our bank sponsors. Project topics range from HR issues to IT operations, IT investment, market risk, financial analysis and trading. Through the CMTE, I also supervise graduate research projects that tend to be more quantitative in nature, focusing primarily on project valuation and risk modeling.

Real Options Research

A key emphasis of my research associated with financial analysis is in the applied real options area. Real options valuation has the potential to significantly improve the investment decision making process within companies focussed on innovation. To date, however, the methodology has seen limited acceptance primarily because of the mathematical complexity. My goal is to develop simple theoretically consistent real options models that are easy to understand and apply in a real world setting that can be utilized by industry. Recently, I have (co) developed two methods that utilize managerial cash-flow estimates for the valuation of real options.

  • Matching Method: Working closely with Professor Jaimungal, we developed a method to value real options based on managerial supplied cash-flow estimates that is consistent with financial theory.

  • Fitting Method: The fitting method was developed to provide an analytical (i.e. non-numerical) approach to valuing real options projects, again, based on managerial supplied cash-flow estimates.
    • Barton, K., and Lawryshyn, Y.A., “Integrating Real Options with Managerial Cash Flow Estimates”, Engineering Economist, Vol. 56, No. 3, pp. 254-273, 2011.

Applied Financial Research

A portion of my research is focused on applied financial analysis. Selected recently submitted and published papers include:

  • Javanmardi, L. and Lawryshyn, Y., “Portfolio selection by second order stochastic dominance based on the risk aversion degree of investors”, Annals of Operations Research, submitted August 2012.
  • Pun. J. and Lawryshyn, Y., “Improving Credit Card Fraud Detection using a Meta-Classification Strategy”, International Journal of Computer Applications, submitted September 2012.
  • Powell, C., Y. Lawryshyn, T. Bender, “Using Stochastic Models to Determine Financial Indicators and Technical Objectives for Organic Solar Cells”, Solar Energy Materials and Solar Cells, accepted for publication in June 2012.
  • Assamoi, B., and Lawryshyn, Y.A., “The Environmental and Financial Comparison of Municipal Solid Waste Management Methods When Accounting for Changing Waste Compositions”, Waste Management, Vol. 32, No. 5, pp. 1019-1030, 2011.

Applied CFD Research

The majority of my CFD modeling work is in the area of water and wastewater treatment, especially as it applies to UV disinfection. I have also combined aspects of financial modeling, probability and risk analysis to better understand UV reactor variability. Some highlights of my applied CFD research include:

  • In a paper yet to be submitted, I developed a model that shows that if a single UV reactor is tested with an organism whose sensitivity is twice that (or more) than the target organism then if two reactors are placed in series, the dose (RED) will be at least additive, no matter how incomplete the mixing is between the reactors. This means that if a UV reactor can deliver a RED of 93 mJ/cm2 based on MS2, unequivocally, if two such reactors are placed in series, a dose of 186 mJ/cm2 is guaranteed for adenovirus (4-log as per USEPA UVDGM).
  • Lakghomi, B., Lawryshyn, Y. and Hofmann, R., “Importance of Flow Stratification and Bubble Aggregation in the Separation zone of a Dissolved Air Flotation Tank”, Water Research, accepted for publication in May 2012.
  • Maka, P.P., and Lawryshyn, Y.A., “An assessment of the checkpoint bioassay concept for full scale wastewater UV reactor validation”, Water Science and Technology, Vol. 64, No. 1, pp. 43-49, 2011.

Industrial Experience

Prior to joining academia, I have had significant industrial experience, including the following roles:

  • Senior Analyst (Contract) in Market Risk, Bank of Montreal
  • Technical Sales Manager, Europe, Trojan Technologies Inc.
  • Market Manager, Municipal Wastewater, Trojan Technologies Inc.
  • Core Sciences Manager and Corporate Scientist, Trojan Technologies Inc.

Consulting Activities

I believe consulting is an important aspect for engineering academics for it helps to foster industrial relationships and gives academics the opportunity to stay in touch with issues and problems encountered in industry, often leading to applied research with broad reaching benefits. I continue to consult in both business and engineering, specializing in:

  • Financial analysis, valuation, risk and real options analysis
  • Business strategy
  • UV reactor validation
  • CFD modeling
  • Numerical modeling