Shai joined Tel Aviv University after serving as faculty at UC Berkeley and teaching at its MBA program from 2004 to 2011. He holds a PhD from NYU's Stern School of Business, and a BA in economics and LLB in law from Tel Aviv University. He is lawyer by training, did his law clerkship in one of leading Israeli law firms, served as an economist in the Israeli Antitrust Authority, and as the CFO of Dor Shalom's municipal campaign.
Dr. Shai Levi
Fields of Research
Shai teaches financial statement analysis and financial accounting, and his research focuses on the effects of financial disclosure on price efficiency and market liquidity
Levi, S. (2008). Voluntary disclosure of accruals in earnings press releases and the pricing of accruals. Review of Accounting Studies 13(1), 1-21.
Levi, S., and B. Segal (2014). The Impact of Debt-Equity Reporting Classifications on the Firm's Decision to Issue Hybrid Securities. European Accounting Review, 1-22.
Levi, S., and X.J. Zhang (2014). Do temporary increases in information asymmetry affect the cost of equity? Management Science, 61(2), 354-371.
Amir, E., Kama, I., and S. Levi (2015). Conditional persistence of earnings components and accounting anomalies. Journal of Business Finance & Accounting, 42(7-8), 801-825.
Levi, S., and X.J. Zhang (2015). Asymmetric decrease in liquidity before announcements, and the earnings announcement premium. Journal of Financial Economics, 118(2), 383-398.
Papers under review (by alphabetical order of co-author names; year is when paper was last revised)
Aboody, D., Levi, S., and D. Weiss (2016). Executive compensation and operating leverage. Working paper, UCLA and Tel Aviv University.
Amir, E., and S. Levi (2016). The precision of information in stock prices, and its relation to disclosure, liquidity and cost of equity. Working paper, Tel Aviv University.
Amir, E., S. Danziger, and S. Levi (2016). Business corruption and economic prosperity. Working paper, Tel Aviv University.
Amir, E., S. Levi, and T. Livne (2016). Do firms under-report information on cyber-attacks? Evidence from capital markets. Tel Aviv University and UNC.
Amir, E., S. Levi, and R. Zuckerman (2016). Differential precision of positive and negative information in the capital market. Working paper, Tel Aviv University.
Levi, S., J. Livnat, L. Zhang, and X.J. Zhang (2016). Are extended hours prices predictive of subsequent stock returns? Working paper, Tel Aviv University, NYU, Rutgers, and UC Berkeley.
Levi, S., B. Segal, and D. Segal (2016). Do fiduciary duties to creditors reduce debt-covenant avoidance? Working paper, Tel Aviv University, Fordham University, Interdisciplinary Center
Levi, S., and X.J. Zhang (2016). Strategic trading in the opening auction after earnings announcements. Working paper, Tel Aviv University and UC Berkeley.
Levi, S., and X.J. Zhang (2016). Loss-aversion discount on earnings news. Working paper, Tel Aviv University and UC Berkeley.