Finance

In the area of investments, we research the pricing of financial assets (such as stocks, bonds, options and derivatives), and the factors that influence the prices and yields of these assets. We also focus on trading methods in the capital markets, trading volume and liquidity, portfolio management, various funds such as mutual funds and hedge funds, and investor behavior.

In the area of financial management, we research the financing decisions of business firms. The subjects included are: the capital structure of the firm (the debt/equity ratio), issuing stocks and bonds in the capital market, repurchasing of these capital assets, dividend policy, mergers and acquisitions. Other topics related to the area include estimating firm value, corporate governance, institutional investors and their influence on the management and value of firms, investor activism, private equity and risk capital.

 

We engage in both theoretical and empirical research. Their research also includes the study of information economics and its applications in the area of finance such the influence of information on the pension decisions of firms and the way in which firms and other entities choose to expose their information to the market in coordination with their financing decisions.

 

Once a week we hold a seminar where leading researchers from Israel and abroad present their work. Once a year, we hold a conference at which we host scholars of international repute to present the latest research in the area.

 

The Latest Finance Conference

To the seminars

 

 

Faculty

 

 

Dr. Jacob Oded

Head of Finance Department

 

Prof. Avner Kalay

Head of the PhD program

Prof. Nittai Bergman

Prof. Nisan Langberg

 

 

Prof. Avi Wohl

Dr. Roy Zuckerman

 

Dr. Sivan Frenkel

 

 

 

 

 

 

 

 

 

Recent Publications

 

 

Ben-Rephael, A., Kadan, O.,  Wohl, A. (2015) "The Diminishing Liquidity Premium", Journal of Financial and Quantitative Analysis, Vol. 50(1-2) pp. 197-229

 

Oded, J., Ben-Rephael, A., Wohl, A.(2014) Do firms buy their stock at bargain prices? Evidence from actual repurchases”, Review of Finance, Vol. 18(4) pp.1299-1340

 

Ben-Rephael, A., Kandel S., Wohl, A. (2012) "Measuring Investor Sentiment with Mutual Fund Flows", Journal of Financial Economics, Vol. 104(2) pp. 363-382

 

Langberg, N., Kumar, P. (2013) Information Manipulation and Rational Investment Booms and Busts”, Journal of Monetary Economics, Vol. 60 (4) pp. 408-425

 

Langberg, N., Kumar, P. (2014) "Optimal Incentive Contracts and Information Cascades”, The Review of Corporate Finance Studies, Vol. (3) pp. 123-161

 

Frenkel, S. (2015) "Repeated Interaction and Rating Inflation: A Model of Double Reputation", American Economic Journal: Microeconomics, Vol. 7(1) pp.250-80

 

 

 

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