פרופ' אבנר קלעי

אמריטוס בפנסיה
פנסיה אמריטוס

תחומי מחקר

Capital market Theory and Efficiency, Derivatives and Real Options, Economics of Information, Agency Theory, Optimal Contracting, MicroStructure of Markets, and Corporate Finance. 

פרסומים אחרונים

  • "The Market Value of a Vote: A contingent Claims Approach", Journal of Finance 2014, with Shagun Pant and Ogazun Karakas 
     
  • “Ex-Dividend Arbitrage in the Option Markets” Review of Financial Studies, 2010, with Jia Hao and Stewart Mayhew. 
     
  • “Detecting Liquidity Traders” Journal of Financial and Quantitative Analysis, 2009, with Avi Wohl. 
     
  • “Is Chapter 11 Costly?” Journal of Financial Economics, 2007, with Rajeev Singhal and Liz Tashjian. 
     
  • “Measuring Stock Illiquidity: An Investigation of the Demand and the Supply Schedule at the TASE” Journal of Financial Economics, 2004, with Orly Sade and Avi Wohl. 
     
  • “How to Value a Lost Opportunity: A Real Option Approach” George Mason Law Review, summer 2003, with Mark Glick 
     
  • “Continuous Trading or Call Auctions: Revealed Preferences of Investors at Tel Aviv Stock Exchange” Journal of Finance, 2002, with Li Wei and Avi Wohl. 
     
  • “Can Splits Create Market Liquidity? Theory and Evidence” Journal of Financial Markets, 2002, with Ravi Anshuman. 
     
  • “The Market for Callable-Convertible Corporate Bonds: Evidence from Japan” Pacific-Basin Finance Journal, (lead article) 2002, with Daniel Griener and Hideaki Kiyoshi Kato 
     
  • “Swimming Against the Tides: The Case of Aeroflex Move from Nyse to Nasdaq” Journal of Financial Markets, 2001, with Evgenia Pontniaguina. 
     
  • “Dividends and Taxes: A Re-examination” Financial Management, 2000, with Roni Michaely.  

 

Working Papers 
 

  • "The Vanishing Stock Dividends" with Feng Zhang (U of Utah). Presented at IDC (May 2016) and at Tel Aviv University (May 2016). 
     
  • "Market Learning about stand-alone value of the Acquirer" with Krisztina Buti (U of Utah) Presented at Tel Aviv University (November 2015), at UNSW (November 2015), Hebrew University (April 2016). 
     
  • “Opening Call Auctions in a Specialist Market” with Ekkhart Boehmer, Evgenia Golubeva, and Avi Wohl.  
     
  • Some Like it Safe: Agency and Corporate Purchase of Insurance" with Paul Ehling and Shagun Pant. 

 

פרסים ואותות הוקרה

Recipient of New York University’s Presidential Fellowship for full-time research during the fall semester of 1982.  

The recipient of the Glucksman Fellowship for research in security markets. 

A Solomon Brothers Fellowship for the academic year of 1986-1987.  

Garn Faculty Scholar, University of Utah, 1989-1999.

Research grant from Sapir Center of Economic Research 1999-2000.  

Member of the review committee of the Swiss National Science Foundation.

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