Dr. Jacob Oded

Coller School of Management

הפקולטה לניהול ע"ש קולר סגל אקדמי בכיר

Phone: 3114

Short Biography

Jacob Oded is a Senior Lecturer in Finance(tenured) at Tel Aviv University. He has joined Tel Aviv University in 2007. He received a Masters degree in Financial Economics in 1998 and his Ph. D. degree in 2001 from Carnegie-Mellon University. Before joining Tel Aviv University He held an Assistant Professor position in Finance at Boston University. He also worked as a development engineer for Motorola Communications in Israel and as a financial analyst at Bank Hapoalim. He received his undergraduate degree in electrical engineering (Cum Laude) from Israel Institute of Technology (Technion), Haifa, Israel in 1989. He received his MBA (Magna Cum Laude) in 1996 from Tel Aviv University.

Oded's research and teaching interests are in financial economics. Some areas of his research interest include capital structure, payout policy, corporate governance, and valuation. He has published papers in journals such as Review of Financial Studies, Review of Finance, Journal of Financial Markets, Journal of Banking and Finance, Financial Analysts Journal, Journal of Applied Finance, Economics of Governance, Managerial Finance , and Journal of Forensic Economics.

Fields of Research

Theoretical and empirical corporate finance, focusing on payout policy, capital structure, IPOs, corporate governance, bankruptcy, and valuation.

Publications

"Why do firms announce open market repurchase programs", The Review of Financial Studies, Spring 2005, p 271-300.
"Reconciling valuation methodologies" with Allen Michel. The Journal of Applied Finance, Winter 2007, 17(2), 1-12.
"Avoiding distortion in corporate valuation litigation: an application of discounted cash flow" with Allen Michel. Journal of Forensic Economics, 2007, p 33-50.
"Stock repurchases and the EPS enhancement fallacy", with Allen Michel. Financial Analysts Journal, 2008, 64(4), 62-75.
"Optimal execution of open-market stock repurchase programs". Journal of Financial Markets, 2009, 12, 832-869.
"Why does DCF undervalue equity" with Allen Michel. Journal of Applied Finance, 2009, 19(1&2), 49-62. Reprinted in CFA Digest February 2010.
"On the different styles of large shareholders' activism" with Yu Wang. Economics of Governance, 2010, 11(3), 229-267.
"Not All Buybacks are created equal: The Case of accelerated repurchase programs" with Allen Michel and Israel Shaked. Financial Analysts Journal, 2010, 66(6), 55-72.
"Distortion in corporate valuation: Implications of capital structure changes," with Steven Feinstein and Allen Michel. Managerial Finance, 2011, lead article in Vol. 37(8), 681-696.
"Stock Repurchases: How Firms Choose between a Self Tender Offer and an Open-Market Program" Journal of Banking and Finance, 2011, 35, 3174-3187.
“Ownership Structure and Performance: Evidence from the Public Float in IPOs.” with Allen Michel and Israel Shaked. Journal of Banking and Finance, 2014, 40, 54-61.
“Do firms buy their stock at bargain prices? Evidence from actual repurchases” with Azi Ben-Refael and Avi Wohl. Review of Finance, 2014, 18(4) 1299-1340.
“Index correlation: Implications for asset allocation” with Allen Michel and Israel Shaked. Managerial Finance, 2016, Vol 41(4) 1236-1256.
“Voluntary disclosure and strategic stock repurchases” with Praveen Kumar, Nisan Langberg, and K. Sivaramakrishnan. Journal of Accounting and Economics, 2017, 63, 207-230.
“Do security breaches matter? The shareholder puzzle” with Allen Michel and Israel Shaked. European Financial Management, 2020, 26, 288-315.
“Payout policy, financial flexibility, and agency costs of free cash flow.” Journal of Business Finance and Accounting, 2020, 47, 218-252.
“Institutional investors and firm performance: Evidence from IPOs” with Allen Michel and Israel Shaked. North American Journal of Economics and Finance, 2020, 51, 101099, 1-19.
“Behavioral characteristics of IPO underpricing” with Allen Michel and Israel Shaked, in Venezia, I. (Ed.) Behavioral finance: A Novel Approach, Nov 2020, World Scientific Publishers.
“What determines institutional investors' holdings in IPO firms” with Allen Michel and Israel Shaked. International Review of Finance, 2021, 21(4) ,1302-1333.