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






Dr. Jacob Oded



Prof. Danny Ben-Shahar


Prof. Nisan Langberg



Prof. Avi Wohl




Dr. Sivan Frenkel




Prof. Evgeny Lyandres

Head of Finance Department


Recent Publications




Ben-Shahar, D., Gabriel, S., Golan, R. (forthcoming) “Can’t Get There from Here: Affordability Distance to a Superstar City,” Regional Science and Urban Economics.


Ben-Shahar, D., Gabriel, S., Oliner, S. (forthcoming) “New Research on Housing Affordability,” Regional Science and Urban Economics.


Ben-Shahar, D., Golan, R., Sulganik, E. (forthcoming) “Tax Evasion in the Housing Market: Identification and Exploration,” Journal of Real Estate Research.


Frenkel, S. (forthcoming) “Dynamic Asset Sales with a Feedback Effect,” Review of Financial Studies.


Frenkel, S., Guttman, I., Kremer, I. (forthcoming) “The Effect of Exogenous Information on Voluntary Disclosure and Market Quality,” Journal of Financial Economics.


Kumar, P., Langberg, N., Zvilichovsky, D. (forthcoming) “Crowdfunding, Financing Constraints and Real Effects”,  Management Science.


Ben-Shahar, D., Gabriel, S., Golan, R. (2019) “Housing Affordability and Inequality: A Consumption-Adjusted Approach,” Journal of Housing Economics, Vol 45.


Ben-Shahar, D., Golan, R.  (2019) Information Shock and Price Dispersion: A Natural Experiment in the Housing Market,” Journal of Urban Economics, Vol 112 pp. 70-84.


Michel, A., Oded, J., Shaked, I. (2019) “Do security breaches matter? The shareholder puzzle”, forthcoming in European Financial Management.


Oded, J., (2019) “Payout policy, financial flexibility, and agency costs of free cash flow”, forthcoming in Journal of Business Finance and Accounting.


Michel, A., Oded, J., Shaked, I. (2019) “Institutional investors and firm performance: Evidence from IPOs”, forthcoming in North American Journal of Economics and Finance.


Arbel, Y., Ben-Shahar, D., Horsky, S., and Versano, N. (2018) “Time-to-Sell of New Green Housing,” Journal of Sustainable Real Estate, Vol 10(1) pp. 33-58.


Frenkel, S., Heller Y., Teper R. (2018) “The Endowment Effect as Blessing,” International Economic Review, Vol. 59(3) pp. 1159-1186.


Einhorn, E., Langberg, N., Versano, T. (2018) “Cross Firm Real Earnings Management”, Journal of Accounting Research, Vol. 53 (3) pp. 883–911.


Ganzach, Y., Wohl, A. (2018) “A Behavioral Theory of the Effect of the Risk-Free Rate on the Demand for Risky Assets”, Journal of Behavioral and Experimental Economics, Vol 76 pp. 23-27.


Abudy, M., Wohl, A. (2018) “Corporate Bond Trading on a Limit Order Book Exchange”,  Review of Finance, Vol 22(4) pp. 1413-144.


Ben-Shahar, D., Golan, R. (2017) “Anchoring under Currency Substitution: A Ratchet Price Mechanism in the Housing Market,” Real Estate Economics, Vol 45(4) pp. 861-897.


Kumar, P., Langberg, N., Oded, J., Sivaramakrishnan, K. (2017) “Voluntary Disclosures and Strategic Share Repurchase”, Journal of Accounting and Economics, Vol. 63 pp. 207-230.


Ben-Shahar, D., Warszawski, J. (2016) “Inequality in Housing Affordability: Measurement and Estimation,” Urban Studies, Vol 53 pp. 1178-1202.


Ben-Shahar, D., Sulganik, E., Tsang, D. (2016) “Does IFRS 10 on consolidated financial statements abandon accepted economic principles?” Australian Accounting Review, Vol 26(4) pp. 341-345.


Arbel, Y., Ben-Shahar, D., Gabriel, S. (2016)  “Are the Disabled Less Loss Averse? New Evidence from the Housing Market,” Economic Inquiry, Vol 54(1) pp. 1291-1318.


Kumar, P., Langberg, N., Sivaramakrishnan, K. (2016) “Voluntary Disclosure with Informed trading in the IPO market”, Journal of Accounting Research, Vol 54 (5) pp. 1365-1394.


Michel, A., Oded, J., Shaked, I. (2016) “Index correlation: Implications for asset allocation”, Managerial Finance, Vol. 41(4), pp. 1236–1256.


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


Ben-Rephael, A., Kadan, O.,  Wohl, A. (2015) "The Diminishing Liquidity Premium", Journal of Financial and Quantitative Analysis, Vol. 50 pp. 197-229.
Winner of the Wharton School-WRDS Award for the Best Empirical Finance Paper in the WFA meeting 2009.


Ben-Shahar, D., Golan, R. (2014) ”Real Estate and Personality,” Journal of Behavioral and Experimental Economics, Vol 53 pp. 111-119.
Reviewed in the The Wall Street Journal, October 31, 2014.


Arbel, Y., Ben-Shahar, D., Gabriel, S. (2014) “Anchoring and Housing Choice: Results of a Natural Policy Experiment,” Regional Science and Urban Economics, Vol 49 pp. 68-83.


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


Ben Rphael, Oded, J.,  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.
Winner of the European Finance Association Prize for the best paper on investments published in the association's journal, Review of Finance, during 2014.


Michel, A., Oded, J., Shaked, I. (2014) “Ownership structure and performance: Evidence from the public float in IPOs.”, Journal of Banking and Finance, Vol. 40, pp. 54–61.



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