|
|
|
|
|
|
972-2-5883101 |
|
972-2-6523620 |
|
|
|
|
|
972-2-6514221 |
|
054-4330260 |
Educational Background
·
·
·
Academic Appointments
·
Dean, School of Business
Administration, The Center of Law and Business, Ramat- Gan,
2007-2012
·
·
o
Dean, School of Business, 1973-1975
o
Professor, 1976-
o
Associate Professor, 1973-1976
o
Senior Lecturer, 1971-1973
o
Teaching Assistant, Department of
Statistics, 1963-1965
o
Research Assistant, 1962-1965
·
University of Florida Graduate
Research Professor, 1990-
·
·
·
·
Falk Institute of Research
,Research Fellow, 1978-1979, 1981-1983
·
Levy Eshkol Institute for Economic,
Social and Political Research, Research Fellow, 1971-1973
·
Media
Interviews
a)
Master of Finance
Videos-American Finance Association(AFA)
·
An
Interview by Harry Markowitz.
·
The History of Financial Thought
Part I: Stochastic Dominance
·
The History of Financial Thought
Part II: Stochastic Dominance and the CAPM
b)
Other Videos
·
First
interview at London
& Kirshenbaum, Israel,
Channel 10 (Hebrew)
·
Second
interview at London & Kirshenbaum, Israel, Channel 10 (Hebrew)
·
Interview
at Layla Calcali, Israel,
Channel 10 (Hebrew)
·
Interview
at Israel, Knesset Channel (Hebrew)
c)
Other Honorary
Lectures
d)
Prizes
e)
Other media coverage
Jacob Bettany, Guy Kaplanski talks Behavioural Economics and the impact of the World Cup on
Stock Market Performance, Money Science, June 20, 2014. (The Interviw)
Mark
Hulbert, Like sports? That may make you a worse investor. MarketWatch (Wall Street Journal),
June 17, 2014.
Abby Ellin, Envy Outweighs Greed in New Investment Study, ABC
News, October 4, 2012.
Margarita Rodríguez, El Super Bowl augura
buenos tiempos financieros, BBC Mundo
(BBC), February 2011.
The FIFA
World Cup and the Capital Market, The
Marker Magazine (Hebrew), June 8 2010.
Hagai Amit and Noam Bar, Gift for investors: Stocks tend to bounce right before
holidays, Haaretzh
(English)/The Marker Magazine (Hebrew),
September 7, 2010.
Elizpan Rosenberg,
Did the Team Lose? The Stocks will Decline, YNET,
October 31, 10.
Seasonality
in Real Estate, Web Interview, Financim
Capital Management Ltd., October, 2013.
Financial
Analysts and Sentiment, Web Interview, Financim Capital Management Ltd.,
July 2011.
Simon
Thompson, A World Cup Winner, Investor
Chronicle (Financial Times Magazine), May 14, 2010.
Ray Turchansky, Trust Fundamentals with Investments. CALGARY
HERALD, March 20, 2011.
Jeremy Ghassemi, The World Cup and the U.S. Stock Market. FOXSPORTSNEWS
on MSN.com, June 20, 2013.
作者 張曉, 中國股市恐難逃世界杯“魔咒 (China's stock
market fear escape World Cup "curse")”, 路透新聞 (Reuters
News), June 3, 2014.
Eric Falkenstein, More Evidence that Envy Trumps Greed, Business
Insider, October 2, 2012.
Stocks
Moves in World Cup, The
Technical Analyst, June 2008, 42.
Peter
Sharkey, Cup Winners and Losers, The Aberdeen Press and Journal,
June 9, 2010.
Peter
Sharkey, It will all End in Tears; Business
of Sport, The Birmingham Post (England), June 10, 2010.
William A. Trent, CFA Digest, May 2005,
Vol. 35, No. 2: pp. 44-45.
Ray Turchansky, Investors Prey to 'Mind over Market' Whims, Edmonton
Journal. March 11, 2011.
Michael Bow, Why the World Cup is so bad for stock markets, CityAM London's business newspaper,
May 22, 2014.
Charlie
Thomas, Holidays: Good for the Soul, Bad for Risk Perception, Asset
International’s Chief Investment Officers (aiCIO),
September 03, 2013.
Envy outweighs greed` in financial matters, Yahoo
Finance News, October 5, 2012.
Harry Geels: Duidelijk verband volatiliteit en seizoen, De
Telegaaf, Financiële Telegraaf, May 7, 2008.
Teh Hooi Ling, Markets Brace for World Cup Lull, The Business Times, Top Print
Edition Stories, March 29, 2010. (republished in IMSavy,
Central Provident Fund Board).
The Global
Effect of FIFA World Cup on the Stock Market, Money Science, January
8, 2008.
Thomas M. Anderson, Mental Wealth, Monocle, issue 40, volume 05, February 2011.
Temas Relacionados, Mercados de valores son afectados por las
patadas. Noticieros Televisa (Mexico
television), 17. Jun. 2014
Lissette Esquila, Cómo afecta la Copa del Mundo a los mercados financieros? Terra
Networks (USA), 17. Jun. 2014.
Situación intradía. Los bancos
centrales lo calman todo. Ei - Estrategias
de inversionPublicaciones Técnicas
Profesionales, 17. Jun. 2014.
It delights
us to see others lose money, The Times of India, October
7, 2012.
Voetbal koning
van de beursvloer, De TIJD,
17 February 2012 (Dutch).
The Olympics, World Cup & World Markets, FinanceInterns, September 2, 2012.
Chris Dillow, Why the World Cup matters, Investors
chronicle, June 9, 2014.
Thanh Sơn, Lời nguyền của các kỳ World Cup, Vietnam
tribune, May 30, 2014.
羅家聰,世界杯年見六絕 賽期持貨多虧損, hket.com
(China), June 9, 2014.
TRANG CHỦ , World Cup và những lời nguyền, Bongda
moi.vn, June 10, 2014.
Phạm Giang, Ronaldo có thoát lời nguyền đáng sợ nhất World Cup, VT
NEWS, June 10, 2014.
Kinh tế, Tại sao
World Cup là “lời
nguyền” với thị trường chứng khoán? BÁO ĐẤT
VIỆT May 27, 2014.
Quang Hải, Thà bị loại
sớm, đừng làm á quân,
CHUYÊN TRANG BÓNG ĐÁ TOÀN CẦU CỦA
BÁO ĐẤT VIỆT
Asgeir Nilsen, Sure tap
i fotball-VM svir på børsen, NETTAVISION
(Norway), June 11, 2014.
Jeroen Blokland, Dat wordt niks,
deze zomer, IEXProfs, 3 May 2012.
Evan Pickworth, Investors
Fear Cup Effect, IAFRICA.COM, June 8,
2010.
Soccer World Cup 2010 – US Stock
Market Performance, iStockAnalyst, June 08, 2010.
Yoga PS, Sepak Bola dan
Bursa Efek, Masturbasi Intelektual,
March 25, 2011.
Existira alguna
relación entre la bolsa
de valores y el Futbol? Inversion
Y Juego, February 3 2011.
Happy People Make Terrible
Traders, Stockopedia, May 24 2012 (republished
in Yahoo Finance).
Neal Boortz, Obama - Wealth
Envy Warlord, WSB Radio, Nationally
Syndicated Neal Boortz Show, April 10, 2013.
A Smiling Trader is a Losing Trader, Mindful
Money, June 6, 2012.
Disasters and Investing, Empirical
Finance Blog: Turning Academic Insight Into
Investment Performance™, March 18, 2011.
Richard Deaves, Aviation disasters, Mind over
Market: Highlights from recent research in behavioral finance, January
21, 2011.
Other Scholarly Honors and Awards
·
Ranked #64 in
the Nobel list in Economics; Nobel list: publications
1969-2000
(see http://homepages.ulb.ac.be/~tcoupe/update/nobelpub.html.
)
·
Ranked as the most prolific
researcher in Finance in the World, based on publications in 16 core journals
in Finance during the half century (years 1953-2002). Appears in Philip Cooley
and Jean Heck "Prolific Authors in Finance Literature: A Half Century
Contribution", Journal of Finance Literature, Winter 2005.
(see http://mail.tku.edu.tw/niehcc/pdf/Prolific_Finance_Authors.pdf
)
·
Ranked as the most prolific
researcher in the World in Finance during the years 1945-1986. Appeared
in Financial Management, Autumn 1988
(see http://www.jstor.org/pss/3666076 )
·
Berliner prize for excellence
research in insurance, June 2006.
·
Conference on "Testing
Stochastic Dominance Restrictions" In the honor of the contributions of HAIM
LEVY to Finance, London 2005.
·
The
·
Ranked as the most cited in
Richard Brealy and Helen Edwards, A
Bibliography of Finance Cambridge, MA: The MIT Press 1991 (The
Journal of Finance, June 1991)
·
Among the top 100 researchers
ranked by their citations (#47) in JF, JFQA, and JFE during the period
1974-1998 (out of 12,637 researchers who have published in these Journals).
Appeared in "Citations in the Financial Literature: Evidence and Interpretation,"
by K.H. Chung, R.A.K. Cox and J. Mitchell, working paper, State University of
Buffalo and Central Michigan 2000.
·
Co-authored papers with two Nobel
Prize winners in Economics (H. Markowitz and P. Samuelson).
·
Listed in Who's Who in Economics,
University of London Institute of Education and Harvestor
Press, 1983.
·
Listed in Who's Who in Education,
·
Listed in Who's Who in Israel,
Publisher Ltd.
·
Listed in Who's Who in the World.
·
Member, Financial Economists
Roundtable, 1993-1996
·
The article, "Management of Accounts
Receivable Under Inflation," (with
M. Ben-Horim) won the Financial management Award for
the best paper published in 1983.
·
The article, "Choosing the
Best Advertising Appropriate When Appropriations Interact Over
Time," (with J. Simon) won the award for the best theoretical/empirical
paper by the Association for Information and Decision Science, 1987.
·
The article "Does Risk Seeking Derive
Stock Prices?" won the Top 2006 Article Award of the Erasmus Research
Institute of Management (ERIM).
·
2010 Bar Ilan
Mathematical Department's prize for academic excellence in Mathematical
Finance.
·
The article "The CAPM is Alive
and Well: A Review and Synthesis" published in the European Financial
Management Journal, won two EFM awards: a) 2010 Readers' Choice Best Paper Award
for 2010 b) Top Download Award, 2010.
Offices in Business, Civic and Academic
Associations
Business
and Civic
·
Director , Bank Leumi
2014-
·
Director, Harel,
Feb. 2014-June 26, 2014
·
Director, Menora-EmedaMutual Funds,
2006-
·
Chairman of EMDA, the Mizrachi Bank Mutual Funds, 1999-2006
·
Consultant, Kanat Investment
Funds, 2006-
·
Consultant, Biet Meniv, 2008.
·
Consultant, Bank Hapoalim, 2008.
·
President, Ride On It, Ltd.,
2000-2002
·
Consultant, Mizrachi Bank, 2000-2006
·
Consultant, Medibar Ltd.-2002
·
Chairman, Academic Evaluation
Committee of Tisom, 1994.
·
Chairman, Investment Committee,
Target Mutual Fund, 1988-1999
·
Member of the Board of Directors,
PIA Investment Corporation, 1987-1999
·
Member of the Committee for
Investment Incentives, Israel, 1993.
·
Chairman, Promotion and Tenure
Committee, Hebrew University, Jerusalem, 1982-1984
·
Member of the Board of Governors, Jerusalem
Institute of Management, 1974-1982
·
Member of the
·
Member of the Board of
Governors,
·
Consultant, Bezek, 1992
·
Consultant, Ministry of Law, 1993
·
Consultant, T. S. A. United States
1988-1985
·
Consultant, Bezek 1989-1990
·
·
Consultant, Granot Industries, 1983-1985
·
Consultant, Tadiran Ltd., 1979
·
·
·
·
·
Consultant, Bank of
·
Consultant, Rogosin Industries, Ltd. 1969-1971
Academic
·
Editor, Research in Finance,
1976-1985
·
Associate Editor, Journal
of Banking and Finance, 1976-1980
·
Associate Editor, Management
Science, 1983-1992
·
Associate Editor, Journal
of Finance, 1982-1983
·
Associate Editor, Financial
Review, 1989-2004
·
Associate Editor, Review of
Quantitative Finance and Accounting, 1990-
·
Associate Editor, Journal
of Portfolio Management, 1994-
·
Associate Editor, Financial
Analysts Journal, 1994-2002
·
Associate Editor, European
Finance Review, 1996-1998
·
Associate Editor, Energy
Economics, 2000-2004
·
Editorial Board, Journal of
Mathematical Finance, 2011-
·
Editorial Board, Theoretical
Economics Letters, 2011-
·
Advisory Board, Annals of
Financial Economics, 2011-
·
Referee of articles for the Journal
of Finance, California Management Review, Operation Research, Western Economic
Journal, Management Science, American Economic Review, Journal of Financial and
Quantitative Analysis, Journal of Economic Theory, Econometrica,
Public Finance Quarterly, Review of Economic Studies, Review of Economics and
Statistics, Decision Science, European Economic Review, Journal of Money,
Credit and Banking, Journal of Mathematical Economics, Contemporary Accounting
Research, Journal of Accounting, Auditing and Finance, Review of Quantitative
Finance and Accounting, Economic Journal, Journal of Risk and Uncertainty,
Financial Analyst Journal, Journal of Portfolio Management, Journal of Banking
and Finance, Applied Mathematical Finance, The Statistician, and the Journal of
Futures Markets, European Operation Research, Journal of Empirical Finance,
Quantitative Finance.
·
Referee of research projects for
the
Dissertations Chairman or Co-Chairman
·
Lim, Kok-Chew
- Several Essays in Financial Economics
·
Gunthorpe, Deborah - Buy
Backs: An Empirical Investigation
·
Bi, Kequian - Bankruptcy:
An Empirical Study of the Aggregate Effects of Strategic and Competitive
Environment
·
Jo Ho Je - A New Bilinear
Paradigm of APT - Tests and Applications
·
Shanker, Latha - Differential Inflation: Relative
Impacts Upon Diversified and Single Industry Firms
·
Wright, Deborah Lynne - Acquisitions
of U.S. Companies by Foreign Firms
·
Yoder, James Allen - An
Empirical Investigation Into the Behavior of Options Around Merger and
Acquisition Announcements
·
Brooks, Robert - An
Empirical Study of the Impact of Market Frictions on the Term Structure of
Interest Rates
·
Byun, Young Hoon - Takeover Announcements, Information
Asymmetry, and Market Microstructure: An Empirical Investigation
·
Broske, Mary - Quantifying
the Probability of Default as Assessed by the Bond Market: An Empirical
Investigation
·
Bae Sung Chul - Essays on New Equity Issues and
Investments Banking Contracts
·
Zvi Lerman - The Yield to Maturity Curve and
Optimal Bond Portfolios for Varying Investment Horizons
·
Levy, Azriel - Problems
in Multiperiod Investment Under Uncertainty
·
Kroll, Yoram - Preferences
Among Combination of Risky Assets and a Riskless Asset: Criteria and Implications
·
Cohen, Allon - Optimal
Portfolio Selection and Market Equilibrium with Stochastic Investment Horizons
·
Golan Benita - Market
Efficiency and Asset Pricing in a Heterogeneous Market and in a Segmented
Market.
·
Rachel Shalom-Gilo
- Herd Behavior Among Investors in the Stock Market: Types of Signals and the
Demand for Stocks
PUBLICATIONS
Books and Monographs
Introduction to
Investment (with T.
Post)
Pearson Education, 2004
Introduction to
Investments
Chinese edition, 2002
Investments
Chinese edition, 2005
Microscopic
Simulation of Financial Models: From Investor Behavior to Market Phenomena
(with M. Levy and S.
Solomon), Academic Press, Principles of Investment Education, 2000
Stochastic
Dominance: Investment Decision Making Under Uncertainty
Second Edition Springer, 2006
Third Edition (forthcoming)
The Capital Asset Pricing Model in the 21st
Century
1.
The
Capital Asset Pricing Model in the 21st Century: Analytical,
Empirical, and Behavioral Perspectives,
2.
Introduction
to Finance (with G, Kaplanski) Magnes
University Press,
3.
Introduction to Investment (with T. Post),
Pearson Education, 2004, Chinese edition 2008.
4.
Fundamentals of Investments, Pearson Education,
2002.
5.
Microscopic Simulation of Financial
Models: From Investor Behavior to Market Phenomena (with M. Levy and S.
Solomon), Academic Press, 2000.
6.
Decision Making Under Uncertainty:
Stochastic Dominance, Kluwer Academic Publishers, 1st edition 1998, 2nd edition,
2006 , Third Edition, 2015
7.
Principles of Corporate Finance,
South-Western, 1998.
8.
Introduction to Investments, South-Western, 1995;
second edition, 1999; Chinese edition, Peking University Press, 2002.
9.
Principles of Financial Management:
Canadian Edition (with V. Jog, A. Riding and M. Sarnat,
10. Principles
of Financial Management, (with M. Sarnat)
Prentice-Hall, 1988.
11. Portfolio
and Investment Selection: Theory and Practice, (with M. Sarnat)
Prentice-Hall International, 1984.
12. Business
Statistics: Fundamentals and Applications (with M. Ben-Horim) Random House, 1983.
13. Statistics:
Decisions and Applications in Business and Economics, (with M. Ben-Horim), Random House, 198l. Second Edition, 1984.
14. The
Israeli Stock Market, (with M. Smith and M. Sarnat), Tel-
15. Corporate
Investment and Financing Decisions, (with M. Sarnat),
16. Financial
Decision Making Under Uncertainty, Co-Editor (with M. Sarnat),
Academic Press,
17. The
Structure of Revenues of Local Authorities in
18. Investment
and Portfolio Analysis, (with M. Sarnat),
19. Wage
Differentials of Employees in
SELECTED
PUBLICATIONS
·
"The
Efficiency Analysis of Choices Involving Risk," (with G. Hanoch), Review of Economic Studies, July 1969.
·
"International
Diversification of Investment Portfolios," (with M. Sarnat), American Economic Review, September
1970.
·
"The
Investment-Consumption Decision Under Capital Rationing: An Efficient Set
Analysis," (with F. Arditti and
R. Grinold), Review of Economic Studies,
July 1973.
·
"Stochastic Dominance,
Efficiency Criteria, and Efficient Portfolios: The Multi -Period case,"
American Economic Review, December 1973.
·
"Toward
Multivariate Efficiency Criteria," (with J. Paroush), Journal
of Economic Theory, February, 1974.
·
"The Rationale of the
Mean-Standard Deviation Analysis: Comment," American Economic
Review, June 1974.
·
"The
Definition of Risk: An Extension," Journal of Economic Theory,
February 1977.
·
"The Capital Asset Pricing
Model and the Investment Horizon," (with D. Levhari), Review
of Economics and Statistics, February 1977.
·
"Investment Decision Rules,
Diversification, and the Investor's Initial Wealth," (with Y.
Kroll), Econometrica, September 1978.
·
"Equilibrium in an
Imperfect Market: A Constraint on the Number of Securities in the Portfolio," American
Economic Review, September 1978.
·
"Efficiency Analysis with
Borrowing and Lending: Criteria and Their Effectiveness," (with Y.
Kroll), Review of Economics and Statistics, February 1979.
·
"Approximating Expected
Utility by a Function of Mean and Variance," (with H.M.
Markowitz), American Economic Review, June 1979.
·
"Optimal Claims in
Automobile Insurance," (with
·
"A Model of Parallel Team
Strategy in Product Development," (with F. Arditti), American
Economic Review, December 1980.
·
"Stochastic
Dominance and the Investment Horizon with Riskless Assets," (with A.
Levy), Review of Economic Studies, 1982.
·
"The Capital Asset Pricing
Model: Theory and Empiricism," The Economic Journal, March 1983.
·
"Multivariate
Decision Making," (with A. Levy), Journal of Economic Theory,
February 1984.
·
"Experimental Tests of the
Separation Theorem and the Capital Asset Pricing Model,"
(with Y. Kroll and A. Rapoport), American
Economic Review, June 1988.
·
"Two-Moment Decision Models
and Expected Utility Maximization: Comment," American Economic
Review, June 1989.
·
"Further Tests of the
Separation Theorem and the Capital Asset Pricing Model," (with Y.
Kroll), American Economic Review, 1992.
·
"A
Comment of Rothschild and Stiglitz's "Increasing
Risk: I. A Definition"," (with M. Leshno and
Y. Spector) Journal of Economic Theory, November 1997.
·
"Investment
Talent and the Pareto Wealth Distribution: Theoretical and Experimental
Analysis," (with M. Levy), Review of Economics and Statistics,
2003.
·
"First
Degree Stochastic Dominance Violations: Decision Weights and Bounded
Rationality" The Economic Journal, 2008.
·
"The
Relationship of Rules of Thumb to the Internal Rate of Return: A Restatement
and Generalization," (with M. Sarnat), Journal
of Finance, June 1969.
·
"A
Utility Function Depending on the First Three Moments," Journal
of Finance, September 1969.
·
"The
Demand for Assets Under Conditions of Risk," Journal
of Finance, March 1973.
·
"Valuation,
Leverage and the Cost of Capital in the Case of Depreciable Assets,"
(with F. Arditti), Journal of Finance,
June 1973.
·
"Diversification,
Portfolio Analysis and the Uneasy Case for Conglomerate Mergers,"
(with M. Sarnat), Journal of Finance,
September 1970.
·
"Two
Period Portfolio Selection and Investors' Discount Rates," (with
M. Sarnat), Journal of Finance, June
1971.
·
"Ordering
Uncertain Options with Borrowing and Lending," (with Y. Kroll), Journal
of Finance, May 1978.
·
"Stochastic
Dominance: A Note," (with Y. Kroll), Journal of Finance,
June 1982.
·
"Stochastic
Dominance Rules for Truncated Normal Distributions: A Note," Journal
of Finance, December 1982.
·
"Economic
Evaluation of Voting Power of Common Stock," Journal of
Finance, March 1983.
·
"Mean-Variance
versus Direct Utility Maximization," (with Y. Kroll and H.
Markowitz), Journal of Finance, March 1984.
·
"Ordering
Uncertain Options Under Inflation,"
(with A. Levy), Journal of Finance, September 1984.
·
"Upper
and Lower Bounds of Put and Call Option Value: Stochastic Dominance Approach," Journal
of Finance, September 1985.
·
"Does Risk
Seeking Drive Stock Prices" (with T. Post), Review of
Financial Studies, 2005.
·
"Prospect
Theory and Mean-Variance Analysis" (with M. Levy), Review of
Financial Studies, 2004.
·
"Sentiment
and Stock Prices: The Case of Aviation Disasters" (with G. Kaplanski), Journal of Financial Economics,
February 2010.
·
“The Aging Population, Retirement
and Risk Taking," Management Science, Forthcoming
ARTICLES
CALASSIFIED BY JOURNALS
Articles in Economic
Journals
1.
"The
Efficiency Analysis of Choices Involving Risk," (with G. Hanoch), Review of Economic Studies, July 1969.
2.
"A Note on Indifference Curves and
Uncertainty," (with M. Sarnat), Swedish
Journal of Economics, September 1969.
3.
"Portfolio
Selection and Investors' Utility: A Graphical Analysis," (with
M. Sarnat), Applied Economics,
August 1970.
4.
"International
Diversification of Investment Portfolios," (with M. Sarnat), American Economic Review, September
1970.
5.
"The
Mean-Variance Criterion and the Efficiency Frontier," (with M. Sarnat), Western Economic Journal, March 1971.
6.
"The
Investment-Consumption Decision Under Capital Rationing: An Efficient Set
Analysis," (with F. Arditti and
R. Grinold), Review of Economic Studies,
July 1973.
7.
"Stochastic Dominance Among Log-Normal Prospects," International
Economic Review, October 1973.
8.
"Stochastic Dominance,
Efficiency Criteria, and Efficient Portfolios: The Multi-Period Case," American
Economic Review, December 1973.
9.
"Toward
Multivariate Efficiency Criteria," (with J. Paroush), Journal
of Economic Theory, February, 1974.
10.
"The Rationale of the
Mean-Standard Deviation Analysis: Comment," American Economic
Review, June 1974.
11.
"Short
Sales and Diversification," Metroeconomica,
December 1974.
12.
"Investment Incentives and the
Allocation of Resources," (with M. Sarnat), Economic
Development and Cultural Change, April 1975.
13.
"The
World Oil Crisis: A Portfolio Interpretation," (with M. Sarnat), Economic Inquiry, September 1975.
14.
"The
Definition of Risk: An Extension," Journal of Economic Theory,
February 1977.
15.
"The Capital Asset Pricing
Model and the Investment Horizon," (with D. Levhari), Review
of Economics and Statistics, February 1977.
16.
"Investment Decision Rules,
Diversification, and the Investor's Initial Wealth," (with Y.
Kroll), Econometrica, September 1978.
17.
"Equilibrium in an
Imperfect Market: A Constraint on the Number of Securities in the Portfolio," American
Economic Review, September 1978.
18.
"Inflation,
Depreciation and Optimal Production," (with Y. Landskroner), European Economic Review, 1979.
19.
"Efficiency Analysis with
Borrowing and Lending: Criteria and Their Effectiveness," (with Y.
Kroll), Review of Economics and Statistics, February 1979.
20.
"Approximating Expected
Utility by a Function of Mean and Variance," (with H.M.
Markowitz), American Economic Review, June 1979.
21.
"Optimal Claims in
Automobile Insurance," (with
22.
"A Model of Parallel Team
Strategy in Product Development," (with F. Arditti), American
Economic Review, December 1980.
23.
"The Capital Asset Pricing
Model and the Investment Horizon: Reply," (with D. Levhari), Review of Economics and Statistics,
1981.
24.
"Stochastic
Dominance and the Investment Horizon with Riskless Assets," (with A.
Levy), Review of Economic Studies, 1982.
25.
"The Capital Asset Pricing
Model: Theory and Empiricism," The Economic Journal, March 1983.
26.
"Multivariate
Decision Making," (with A. Levy), Journal of Economic Theory,
February 1984.
27.
"Experimental Tests of the
Separation Theorem and the Capital Asset Pricing Model,"
(with Y. Kroll and A. Rapoport), American
Economic Review, June 1988.
28.
"Two-Moment Decision Models
and Expected Utility Maximization: Comment," American Economic
Review, June 1989.
29.
"The
Formation of Stock Return Volatility Expectations After the
Crash," (with D. J. Yoder), Economic Letters, 1991.
30.
"Rational
Expectation, Firm Size and Sample Selection Bias," (with D. Gunthorpe), Economic Letters, 37, 1991.
31.
"Arrow-Pratt Measures of
Risk-Aversion: The Multivariate Case," (with A. Levy), International
Economic Review, November, 1991.
32.
"Further Tests of the
Separation Theorem and the Capital Asset Pricing Model," (with Y.
Kroll), American Economic Review, 1992.
33.
"A Stochastic
Dominance Analysis of Trading Losses from Using Sample Estimates of the
Variance in the Black-Scholes Model," (with J. Yoder), Economic
Letters, December 1992.
34.
"Absolute and Relative
Risk Aversion: An Experimental Study," Journal of Risk and
Uncertainty, 1994.
35.
"A
Microscopic Model of the Stock Market: Cycles, Booms, and Crashes,"
(with M. Levy and S. Solomon), Economic Letters, May
1994.
36.
"Abnormal Expected Utility and
Event Studying Abnormal Returns," (with D. Gunthorpe) Economic
Letters, 1994.
37.
"Definition of Risk:
Decreasing Absolute Risk Aversion," (with Y. Kroll, M. Leshno, and
Y. Spector), Journal of Mathematical Economics, 1995.
38.
"Misuse and Optimum Inspecting
Strategy in Agency Problems," (with B. Barlev), Metroeconomica, 1996.
39.
"Correlation and the Time
Interval Over Which the Variables are Measured,"
(with G. Schwarz), Journal of Econometrics, 1997.
40.
"Risk and Return: An
Experimental Analysis," International Economic Review, 1997.
41.
"A
Comment of Rothschild and Stiglitz's "Increasing
Risk: I. A Definition"," (with M. Leshno and
Y. Spector) Journal of Economic Theory, November 1997.
42.
"Stochastic Dominance and
Prospect Dominance with Subjective Weighting Functions," (with Z.
Wiener) Journal of Risk and Uncertainty, 1998.
43.
"Testing for Risk Aversion: a
Stochastic Dominance Approach (with M. Levy) Economic Letters,
2001.
44.
"Arrow-Pratt Risk Aversion,
Risk Premium and Decision Weights," (with M. Levy), Journal of
Risk and Uncertainty, 2002.
45.
"Investment
Talent and the Pareto Wealth Distribution: Theoretical and Experimental
Analysis," (with M. Levy), Review of Economics and Statistics,
2003.
46.
"Potential Effect of
Elimination of Tax Discrimination between Israeli and Foreign Securities on
Composition of Public Portfolio of Financial Assets" (with G.
Benita), The Economic Quarterly, 2006 (Hebrew)
47.
"First
Degree Stochastic Dominance Violations: Decision Weights and Bounded
Rationality" The Economic Journal, 2008.
48.
"Bonds versus Stocks:
Investors' Age and Risk Taking" (with T.Bali, O.
Dmirtas and A. Wolf), Journal of Monetary
Economics, September 2009.
Articles in Financial
Journals
1.
"The Connection Between Pre-Tax and Post-Tax Rates of
Return," Journal of Business, October 1968.
2.
"A Note on the Payback
Method," Journal of Financial and Quantitative Analysis,
December 1968.
3.
"The
Relationship of Rules of Thumb to the Internal Rate of Return: A Restatement
and Generalization," (with M. Sarnat), Journal
of Finance, June 1969.
4.
"A
Utility Function Depending on the First Three Moments," Journal
of Finance, September 1969.
5.
"Relative Effectiveness of
Efficiency Criteria for Portfolio Selection," (with G.Hanoch), Journal of Financial and Quantitative
Analysis, March 1970.
6.
"Efficient Portfolio Selection
with Quadratic and Cubic Utility," (with G. Hanoch), Journal
of Business, April 1970.
7.
"Diversification,
Portfolio Analysis and the Uneasy Case for Conglomerate Mergers,"
(with M. Sarnat), Journal of Finance, Sepetmber 1970.
8.
"Alternative Efficiency
Criteria: An Empirical Analysis," (with M. Sarnat), Journal
of Finance, December 1970.
9.
"A Note on Portfolio Selection
and Investors' Wealth," (with M. Sarnat), Journal
of Financial and Quantitative Analysis, January 1971.
10.
"Two
Period Portfolio Selection and Investors' Discount Rates," (with
M. Sarnat), Journal of Finance, June
1971.
11.
"A Comment on Payback: A Reply," Journal
of Financial and Quantitative Analysis, September 1971.
12.
"Risk, Dividend Policy and the
Optimal Pricing of a Rights Offering," (with M. Sarnat), Journal
of Money, Credit and Banking, November 1971.
13.
"Pre-Tax and Post-Tax Discount
Rates," (with F. Arditti), Journal
of Business Finance, Winter 1971.
14.
"Distribution Moments and
Equilibrium: A Comment," (with Fred. D. Arditti), Journal
of Financial and Quantitative Analysis, January 1972.
15.
Investment Performance in an
Imperfect Securities Market and the Case for Mutual Funds," (with M. Sarnat), Financial Analysts Journal,
March-April 1972.
16.
"Safety First an Expected
Utility Principle," (with M. Sarnat), Journal
of Financial and Quantitative Analysis, June 1972.
17.
"The
Demand for Assets Under Conditions of Risk," Journal
of Finance, March 1973.
18.
"Valuation,
Leverage and the Cost of Capital in the Case of Depreciable Assets,"
(with F. Arditti), Journal of Finance,
June 1973.
19.
"Safety-First and the Expected
Utility Principle - Reply," (with M. Sarnat), Journal
Financial and Quantitative Analysis, December 1974.
20.
"Valuation, Leverage and the
Cost of Capital in the Case of Depreciable Assets: A Reply," (with
F. Arditti), Journal of Finance,
March 1975.
21.
"Portfolio Efficiency Analysis
in Three Moments: The Multi-Period Case," (with F. Arditti), Journal of Finance, September 1975.
22.
"Taxes, Uncertainty and
Optimal Dividend Policy," (with F. Arditti and
M. Sarnat), Financial Management, Spring 1976.
23.
"Stochastic Dominance with
Riskless Assets," (with Y. Kroll), Journal of Financial and
Quantitative Analysis, December 1976.
24.
"The Demand for Risky Assets
Under Conditions of Risk: Reply," Journal of Finance, June
1977.
25.
"Taxes, Capital Structure and
the Cost of Capital: Some Extensions," (with F. Arditti and
M. Sarnat), The Quarterly
Review of Economics and Business, Summer 1977.
26.
"The Weighted Average Cost of
Capital as a Cutoff Rate: A Critical Analysis of the Classical Text Book Weighted
Average," (with F. Arditti), Financial
Management, Fall 1977.
27.
"A Pedagogic Note on
Alternative Formulations of the Goal of the Firm," (with M. Sarnat), Journal of Business, October 1977.
28.
"Ordering
Uncertain Options with Borrowing and Lending," (with Y. Kroll), Journal
of Finance, May 1978.
29.
"Exchange Rate Risk and the
Optimal Diversification of Foreign Currency Holding," (with M. Sarnat), Journal of Money, Credit and Banking,
November 1978.
30.
"Leasing, Borrowing and
Financial Risk," (with M. Sarnat), Financial
Management, Winter 1978.
31.
"Stochastic Dominance with a
Riskless Asset: An Imperfect Market," (with Y. Kroll), Journal of
Financial and Quantitative Analysis," June 1979.
32.
"Total Risk, Diversifiable
Risk and Nondiversifiable Risk: A Pedagogic
Note," (with M. Ben-Horim), Journal of
Financial and Quantitative Analysis, June 1980.
33.
"Sampling Errors and Portfolio
Efficient Analysis," (with Y. Kroll), Journal of Financial and
Quantitative Analysis, September 1980.
34.
"The Capital Asset Pricing
Model, Inflation and the Investment Horizon: The Israeli Experience," Journal
of Financial and Quantitative Analysis, September 1980.
35.
"The CAPM and Beta in an
Imperfect Market," The Journal of Portfolio Management, Winter
1980.
36.
"The Information Content of
Accounting Data and the Management of Security Portfolios," Journal
of Business Finance and Accounting, 1981.
37.
"Optimal Portfolio of Foreign
Currencies with Borrowing and Lending," Journal of Money, Credit
and Banking, August 1981.
38.
"A Test of the CAPM via a
Confidence Level Approach," Journal of Portfolio Management,
Fall 1981.
39.
"The CAPM and the Investment
Horizon," Journal of Portfolio Management, Winter 1981.
40.
"Risk, Inflation and Liquidity
Preference: A Simulation of the Portfolio Demand for Money," (with
M. Sarnat), The Quarterly
Review of Economics and Business, Spring 1982.
41.
"Stochastic
Dominance: A Note," (with Y. Kroll), Journal of Finance,
June 1982.
42.
"The Yield Curve and Expected
Inflation," Financial Analysts Journal, November- December
1982.
43.
"Stochastic
Dominance Rules for Truncated Normal Distributions: A Note," Journal
of Finance, December 1982.
44.
"Management of Accounts Receivable Under Inflation," (with M. Ben-Horim),
Financial Management, Spring 1983. This paper has been chosen as
the best paper published on the topic and has won the Credit Foundation and
Financial Management 1984 Award.
45.
"Economic
Evaluation of Voting Power of Common Stock," Journal of
Finance, March 1983.
46.
"Measuring Risk and
Performance over Alternative Investment Horizons," Financial
Analysts Journal, March-April 1984.
47.
"Mean-Variance
versus Direct Utility Maximization," (with Y. Kroll and H.
Markowitz), Journal of Finance, March 1984.
48.
"Another Look at the Capital
Asset Pricing Model," Quarterly Review of Economics and Business, Summer 1984.
49.
"Ordering
Uncertain Options Under Inflation,"
(with A. Levy), Journal of Finance, September 1984.
50.
"Upper
and Lower Bounds of Put and Call Option Value: Stochastic Dominance Approach," Journal
of Finance, September 1985.
51.
"Testing P/E Ratio Filters by
Stochastic Dominance Rules," (with Zvi Lerman), Journal of Portfolio Management, Winter 1985.
52.
"Financial Break-Even Analysis
and the Value of the Firm," (with R. Brooks), Financial Management, Autumn, 1986.
53.
"Upper and Lower Bounds of Put
and Call Option Value: Stochastic Dominance Approach - Erratum", The Journal of Finance, December 1986.
54.
"Using Stochastic Dominance to
Evaluate the Performance of Portfolios with Options," (with R. Brooks and
J. Yoder), Financial Analysts Journal, March-April 1987.
55.
"Futures, Spots, Stocks and Bonds:
Multi-Assett Portfolio Analysis," The
Journal of Futures Markets, June 1987.
56.
"An Empirical Test of the
Black-Scholes Pricing Model: A Confidence Intervals Approach," (with
Young Hoon Byun), Journal
of Accounting, Auditing and Finance, Fall 1987.
57.
"Equilibrium Under Uncertain Inflation," (with A. Levy), Journal
of Financial and Quantitative Analysis, September 1987.
58.
"Option Valuation Bonds: A
Comparative Analysis," Studies in Banking and Finance, 1988.
59.
"Using Accounting Data for Portfolio
Management," (with B. Barlev and W.
Denny), The Journal of Portfolio
Management, Spring 1988.
60.
"Testing the Predictive Power
of Ex-Post Efficient Portfolios," (with Z. Lerman) Journal
of Financial Research, Fall 1988.
61.
"The Benefits of International
Diversification in Bonds," (with Z. Lerman), Financial
Analysts Journal, September/October, 1988.
62.
"An Empirical Analysis of the
Term Premiums Using Stochastic Dominance," (with R. Brooks) Journal
of Banking and Finance, 13 (1989).
63.
"The Coupon Effect on Term
Premiums," (with R. Brooks and M. Livingston) The Journal of
Financial Research, Spring 1989.
64.
"Applying the
Black-Scholes Model After Large Market
Shocks," (with J. Yoder), Journal of Portfolio Management,
Fall 1989.
65.
"A Simple Analysis of the
Contingent Claims Approach to Valuing Firm Commitment Underwriting
Contracts," (with
66.
"The Valuation of Firm
Commitment Underwriting Contracts for Seasoned Equity Issues," (with
67.
"Option Valuation: An
Extension of the Binomial Model," (with A. Levy) Advance in
Futures and Options Research, JAI Press, March 1991.
68.
"Small Firm Effect: Are There
Abnormal Returns in the Market," Journal of Accounting, Auditing
and Finance, 1990.
69.
"Possible Explanation of no-Synergy
Merger and Small Firm Effect by Generalized CAPM," Review of
Quantitative Finance and Accounting, January 1991.
70.
"Portfolio Insurance: Does
it Pay?" (with R.
Brooks), Advances in Futures and Option Research, JAI Press, 1993.
71.
"Active Timing Decisions of
Equity Mutual Funds," (with R. Radcliff and R. Brooks), Financial
Services Review, 1993.
72.
"Optimal Investment
Proportions in Senior Securities and Equities Under Alternative
Holding Periods," (with D. Gunthorpe), Journal
of Portfolio Management, Summer 1993.
73.
"The Behavior of Option
Implied Standard Deviations Around Mergers
and Acquisition Announcement," (with J. Yoder), The Financial
Review, May 1993.
74.
"Market Reaction to Bond Downgradings Followed by Chapter 11 Filings"
(with K. Bi), Financial Management, Autumn 1993.
75.
"Investment Banker Prestige,
Competition, and Underwriter Compensation in
76.
"Portfolio Composition and the
Investment Horizon," (with D. Gunthorpe), Financial
Analysts Journal, January/February 1994.
77.
"Forward Exchange Bias,
Hedging and the Gains from International Diversification of Investment
Portfolios," (with K.C. Lim), Journal of International Money and
Finance, 1994.
78.
"Beta and an Investor's
Holding Period," (with D. Gunthorpe and S. wachowicz) Review of Business, Spring
1994.
79.
"Are Term Premiums Risk
Premiums," (with R. Brooks and M. Livingston), Advances of
Quantitative Analysis of Finance and Accounting, Volume 3, Part A, 1995.
80.
"Trading Losses from Using a
Sample Estimate of the Variance in the Black-Scholes Model: A Simulation
Analysis," (with J. Yoder), Advances in Quantitative Analysis of
Finance and Accounting, 1995.
81.
"Stock Market Volatility After the Crash," (with J. Yoder), Research
in Finance, 1995.
82.
"Signaling Theory and
Risk Perception: An Experimental Study," (with E. Lazarovich-Porat), Journal
of Economics and Business, 1995.
83.
"Tests of the Efficiency of
the U.S. Rights Offering Market: An Option Pricing," (with Sung
C. Bae), Review of Quantitative Finance
and Accounting, Volume 6, No. 3, 1996.
84.
"Investment Diversification
and Investment Specialization and the Assumed Holding Period," Applied
Mathematical Finance, 1996.
85.
"Cross Asset Versus Time Diversification," (with
Y. Spector), Journal of Portfolio Management, 1996.
86.
"Optimal Oil Production: A
Portfolio Approach" (with A. Cohen), Journal of Energy, Finance,
and Development, 1996.
87.
"A Stochastic Dominance
Approach to Evaluating Alternative Estimators of the Variance in the
Black-Scholes Model," (with J. Yoder), Applied Financial
Economics, 1996.
88.
"The Danger of Assuming
Homogeneous Expectations," with M. Levy, Financial Analyst Journal,
May/June 1996. A summary of this paper is published in The CFA
Digest, Winter 1997.
89.
"The Behavior of Option
Prices Around Merger and Acquisition
Announcements" (with J. Yoder), Advances in Investment Analysis
and Portfolio Management, 1997.
90.
"The Economic Significance of
the Cross-Sectional Autoregressive Model: Further Analysis" (with K. Lim), , Review of Quantitative Finance and
Accounting , 1998.
91.
"On the Risk of Stocks in the
Long Run: Revisited (with A. Cohen) Journal of Portfolio Management,
Spring 1998.
92.
"A Negative Equilibrium Interest
Rate" (with M. Levy and A. Edry), Financial
Analyst Journal, April 2003.
93.
"Asset Returns' Distributions
and the Investment Horizon" (with R. Duchin), Journal
of Portfolio Management, 2004.
94.
"Time Diversification and
Stochastic Dominance" (with C.W. Hodges and J.A. Yoder), Research
in Finance, 2004.
95.
"'Homemade Leverage': Theory
versus Experimental Evidence" (with M. Levy and
96.
"Prospect
Theory and Mean-Variance Analysis" (with M. Levy), Review of
Financial Studies, 2004.
97.
"Does Risk
Seeking Drive Stock Prices" (with T. Post), Review of
Financial Studies, 2005.
98.
"The Value of Financial
Disclosure and Regulation: A Portfolio Approach," (with M. Levy and G.
Benita) Journal of Portfolio Management, 2006.
99.
"The Log-Normal
Asset Pricing Model (with A.Cohen) Reaserch In Financial Economic, 2005.
100.
"Capital Asset Prices with
Heterogeneous Beliefs," (with M. Levy and G. Benita) Journal of
Business, 2006.
101.
Experimental Economics and the
Theory of Finance," Encyclopedia in Finance, (Editors: C.F.
Lee and A.C. Lee), 2006,Second Edition,
forthcoming.
102.
"Basel's
Value-at-Risk Capital Requirement Regulation: An Efficiency Analysis,"
(with G. Kaplanski), Journal of Banking
and Finance ,
2007.
103.
"Risk Aversion
and Skewness Preference" (with T. Post and P. Vliet), Journal of Banking and Finance, 2008.
104.
"A Model –Independent Measure
of Aggregate Idiosyncratic Risk (with T. Bali and
105.
"Nonlinear Mean Reversion in
Stock Prices (with T. Bali and O. Demirtas), Journal
of Banking and Finance, 2008.
106.
"Is There an Intertemporal Relation Between Downside
risk and Expected Returns?" (With T.Bali and
O. Demirtas), Journal of Financial
and Quantitative Analysis ,
2009.
107.
"The Safety First Expected Utility Model:
Experimental Evidence and Economic Implications”, Journal of Banking and
Finance " (with M. Levy), Journal of
Banking and Finance, 2009.
108.
"Mean Variance versus
Naïve Diversification" (with Ran Ducin),
in The Handbook of Portfolio
Construction : Contemporary Applications
of Markowitz Techniques" (Editor: J. Guerard),
109.
"Markowitz Versus the
Talmudic Portfolio Diversification Strategies" (with R. Ducin), Journal
of Portfolio Management, 2009.
110.
"Exploitable
Predictable Irrationality: The FIFA World Cup Effect on
the U.S. Stock Market," (with G. Kaplanski), Journal
of Financial and Quantitative Analysis, 2010.
111.
"Sentiment
and Stock Prices: The Case of Aviation Disasters" (with G. Kaplanski), Journal of Financial Economics,
2010.
112.
"The
113.
"Cumulative Prospect Theory:
Tests Using the Stochastic Dominance Approach" in Behavioral Finance:
Investors, Corporations, and Markets, (eds., Baker and Nofsinger),
Wiley 2010.
114.
"The Two-Parameter
Long-Horizon Value-at-Risk", Frontiers in Finance and Economics, 2010.
115.
"The CAPM is Alive and Well: A
Review and Synthesis", European Financial Management, 2010.
116.
"The Small Firm Effect: A
Financial Mirage?" (with M. Levy), Journal of
Portfolio Management, 2011.
117.
"Estimating Prospect Theory's
Decision Weights with Stochastic Dominance: The Small Probability Case"
(with M. Orkan), Annals of Financial Economics,2012.
118.
"Two Paradigms and Nobel Prizes in
Economics: A Contradiction or Coexistence?" (with E.D. Giorgi
and T. Hens), European Financial Management,2011
119.
“Executive
Short-Term Intensive, Risk-Taking and Leverage-Neutral Incentive Scheme,”
(with G. Kaplanski, Annals of Financial Economics,
2012.
120. “Real
Estate Prices: An International Study of Seasonality’ Sentiment Effect,”
(with G. Kaplanski), Journal of Empirical Finance,
2012.
121. “Sentiment,
Irrationality and Market Efficiency: The Case of the 2010 FIFA World Cup,"
(with G. Kaplanski),
Journal of Behavioral and Experimental Economics, 2014.
122. “The Benefits
of Differential Variance -Based Constraints in Portfolio Optimization” (with M.
Levy), European Journal of Operation Research, 2014.
123. “The Home Bias
is Here to Stay,” (with M. Levy), Journal of Banking and Finance, 2014.
124. “For Better Performance: Constrain Portfolio
Weights Differentially and Globally” (with M. Levy), Journal of Investment
Management, 2014.
125. “Value
–at –Risk capital requirement regulation, risk taking and Asset Allocation: A
Mean-Variance Analysis” (with G. Kaplanski),
European Journal of Finance, 2015.
126. “Do Happy People Make Optimistic
Investors?” (with G. Kaplanski,
C. Veld, and Y. Veld-Merkoulova), Journal of Financial
and Quantitative Analysis ,2015.
127. "Keeping
up with the joneses and optimal diversification," (with M. Levy), Journal
of Banking and Finance, 2015.
128. "Trading
breaks and asymmetric information: The option markets," Journal of Banking
and Finance, 2015.
Articles in Management
and Decision Science Journals
1.
"Portfolio Performance and the
Investment Horizon," Management Science, August 1972.
2.
"Multi-Period Stochastic
Dominance," (with J. Paroush), Management
Science, December 1974.
3.
"Multi-Period Consumption
Decision Under Conditions of Uncertainty," Management Science,
July 1976.
4.
"Does Diversification Always
Pay" in E. Elton and M. Gruber (eds.) TIMS Study in the Management
Science, Essays in Honor of Harry Markowitz, Vol. 11, 1979.
5.
"Sample vs. Population
Mean-Variance Efficient Portfolios," (with Y. Kroll), Management
Science, November 1980.
6.
"Inflation and the Trade
Credit Period," (with M. Ben-Horim), Management
Science, June 1982.
7.
"The Effects of Variable and
Fixed Transaction Costs on Optimal Investment Decisions," (with R. Lazimy), Decision Science, 1983.
8.
"A Parametric Approach to
Stochastic Dominance: The Lognormal Case," (with Y. Kroll) Management
Science, March 1986.
9.
"New Product Screening Via the
Intention to Buy Scale" (with Chezy Ofir), Decision Science, Winter 1986.
10.
"Market Reaction to Quarterly
Earnings' Announcements: A Stochastic Dominance Based on Market
Efficiency," (with H. Falk), Management Science, Vol. 35, No.
4, April 1989.
11.
"The Mean-Coefficient of Variation
Rule: The Lognormal Case," Management Science, June 1991.
12.
"Stochastic Dominance and Expected
Utility: Survey and Analyses," Management Science, April 1992.
13.
"The Capital Asset Pricing
Model with Diverse Holding Periods," (with P.A. Samuelson), Management
Science, November 1992.
14.
"Regression, Correlation, and
the Time Interval: Additive-Mutiplicative Framework"
(with I. Guttman and
15.
"Prospect Theory: Much
16.
"Preferred by 'All' and
Preferred by 'Most Decision Makers: Almost Stochastic Dominance" (with
M. Leshno), Management Science, 2002.
17.
"Economically Relevant
Preferences for All Observed Epsilon” (with M. Leshno and B. Liebovitz) Annals of Operation Research, 2010.
18. “The
Aging Population, Retirement and Risk Taking, Management Science,
Forthcoming.
Other Journals
1.
"Changes in Wage Differentials
by Occupational Groups, 1957/8-1963-4," Bank of
2.
"Investment Criteria in the
Public Sector," Economic Quarterly, December 1968 (Hebrew).
3.
"Methods of Calculating
Premiums for Motor Vehicle Insurance in
4.
"Investment Performance:
Social Versus Private Consideration," Management: The
5.
"Profitability of
Savings Through Insurance Companies,"
(with J. Kahane), Journal of Risk and
Insurance, June 1970.
6.
"Evaluation of the Investment
via Insurance Companies in
7.
"The Portfolio Analysis
of Multiperiod Capital Investment Under Conditions of Risk," (with M. Sarnat), The Engineering Economist, Winter
1970.
8.
"The Impact of the Six Day War
on the Electronics and Metal Industry," (with M. Sarnat), The Levi Eshkol Institute for Economic,
Social and Political Research, 1973.
9.
"Government Intervention,
Investment Incentives and the Price of Foreign Exchange," The
Economic Quarterly, September 1973 (Hebrew).
10. "The
Revenue Structure of Local Governments in Israel-Future Prospects," (with
B. Barlev), in J. Steinmann (ed.) The
Revenue Structure of Local Government in Israel, State of Israel, Ministry
of Interior, Jerusalem, 1974 (Hebrew).
11. "Regulation
in the Insurance Industry: Determination of Premiums in Automobile
Insurance", (with Y. Kahane), Journal
of Risk and Insurance, December 1974.
12. "Devaluation,
Risk and Portfolio Analysis of Investments," (with M. Sarnat), in E.J. Elton and M.J. Gruber (eds.), International
Capital Markets, North-Holland, 1975.
13. "Risk,
Diversification and the Composition of the Market Portfolio: An Empirical
Analysis of the Tel-
14. "An
Analysis of the General Property Tax (Arnona Klalit)," (with B. Barlev), City
and Region, February 1975 (Hebrew).
15. "Loss Carryback and
Carryover Provisions: Effectiveness and Economic Implications," (with
B. Barlev), National Tax Journal,
June 1975.
16. "Investment
Incentives and Resource Allocation," (with M. Sarnat), The Economic Quarterly, December 1975
(Hebrew).
17. "Devaluation,
Risk, Portfolio Balance and International Capital Flows," (with M. Sarnat), Konjunkturpolitik,
No. 4, 1976.
18. "The
Make or Buy Decision," (with M. Sarnat), Journal
of General Management, Autumn 1976.
19. "Multi-Period
Stochastic Dominance with One-Period Parameters, Liquidity Preference and
Equilibrium in the Log-Normal Case," in Alan Blinder and Philip
Friedman (eds.), Natural Resources, Uncertainty, Dynamics and Trade: Essays in
Honor of Rafael Lusky, Academic Press, 1977.
20. "Choosing
the Best Advertising Appropriate When Appropriations Interact Over Time,"
(with J.L. Simon), Research in Marketing, Vol. 1, June 1977. Chosen
as the "Best Theoretical/Empirical Paper" (Winner) by the Association
for Information and Decisional Science Conference,
21. "Project
Evaluation, Government Intervention and the Price of Foreign
Exchange," Revenue Economique,
January 1979.
22. "Taxation
and Investments Under Inflation," (with
Y. Landskroner), The Economic Quarterly,
September 1979 (Hebrew).
23. "On
the Variability of Accounting Income Numbers," (with B. Barlev), Journal of Accounting Research, Autumn 1979.
24. "Stochastic
Dominance Criteria: A Review and Analysis" (with Y. Kroll), Research
in Finance, Vol. 2, JAI Press, 1980.
25. "Financial
Management in an Inflationary Economy," (with M. Ben-Horim)
in E.I. Altman, ed., Financial Handbook, fifth edition, John Wiley
& Sons, 1981.
26. "Lease
Financing: Cost Versus Liquidity." The
Engineering Economist, (with Y. Landskroner), Fall 1981.
27. "Evaluating
Estimators Using Stochastic Dominance Rules: The Variance of a Normal
Distribution," (with M. Ben-Horim), Communication
in Statistics, 1982.
28. "Capital
Structure, Inflation and the Cost of Capital in Israeli Industry:
1964-1978," Bank of Israel Survey, (based on Maurice
Falk Institute of Economic Research Discussion Paper
No. 795, March 1979), Vol. 53, 1982.
29. "Optimal Multi-period Insurance
Contracts," (with I. Venezia), Insurance:
Mathematics and Economics, 1983.
30. "International
Portfolio Diversification," (with M. Sarnat),
in R. Herring (ed.), Managing Foreign Exchange Risk, Academic
Press, 1983.
31. "Voting
Power, the CAPM, and Market Efficiency," in Robert F. Lanzillotti and Yoram C. Peles (Editors), Research in Finance,
Supplement 1, 1984.
32. "Stochastic
Dominance and Parameter Estimation: The Case of Symmetric Stable
Distributions," (with M. Ben-Horim), Insurance:
Mathematics and Economics, 1984.
33. "Financial
Management in an Inflationary Economy," (with M. Ben-Horim), Financial
Handbook, Sixth Edition, John Wiley and Sons, 1986, Section 15, pp.
1-41. This a revision of the paper which was
published in the Fifth Edition.
34. "Estimate
of the Cost of Capital in the Israeli Industry," (with Z. Lerman) Bank of
35. "Stochastic
Dominance," The New Palgrave: A Dictionary of Economic Theory and
Doctrine, Macmillan Press, 1987.
36. "Investment,
Capital Structure and Cost of Capital: Revisited," (with Y. Kroll)
in Studies in the Economics of Uncertainty: In Honor of Josef Hadar (Eds. B. Fomby and
K. Seo), Springer Verlag,
37. "The
Stochastic Dominance Estimation of Default Probability," (with M. Broske) in Studies in the Economics of Uncertainty:
In Honor of Joseph Hadar (Eds. B. Fomby and K. Seo) Springer Verlag, New York, 1988.
38. "Experimental
Tests of the Mean-Variance Model for Portfolio Selection," (with Y. Kroll
and A. Rapoport), Organizational
Behavior and Human Decision Processes, 1988.
39. "Optimal
Term Life Insurance - A Practical Solution," (with J. Simon and N.
Doherty) Insurance, Mathematics and Economics, 7, 1988.
40. "A
Generalization that Makes Useful the Dorfman-Steiner
Theorem with Respect to Advertising," (with J. Simon) Managerial
and Decision Economics, 1989.
41. "Agency
Costs When the Agent's Talent is Unknown: A Bayesian Approach," Information Comercial Espanola, Revisita de Economia, December 1990.
42. “"Microscopic
Simulations of the Stock Market: The Effect of Microscopic Diversity,"
(with M. Levy and S. Solomon), Journal de Physique I., August,
1995.
43. "Disclosure
of Derivative Risk" Executive ,1995.
44. "The
Management OF Foreign Exchange Reserves with Balance of Payments and External
Debt Considerations: The Case of
45. "Decision-Making
Under Uncertainty: Stochastic Dominance" (with M. Leshno) in
46. "Experimental
Test of the Prospect Theory Value Function : Stochastic
Dominance Approach (with M. Levy), Organizational
and Behavior and Human Decision Processes, 2002.
47. "Stochastic
Dominance and Medical Decision Making" (with M. Leshno), Health
Care Management Science, 2004.
48. “Editor citation: An alleged instance of social
–professional desirability” (with Y.S. Huang , A.Wolf and Y.Wolf) , Journal
of Scientometric Research, 2014.
Articles – Reprinted
1.
"Approximating Expected
Utility by Mean and Variance"(with H. Markowitz) in Pioneering
Papers of Nobel Memorial Laureates in Economics, Edward
Elgar Publishing , LTD,
2.
"The Capital Asset Pricing
Model with Diverse Holding Periods," (with P. Samuelson), in The
History of Management Thought, Dartmouth Publishing Company,.
3.
"Internationally Diversified
Bond and Stock Portfolios," in R. W. Kolb (editor) The
International Finance Reader, Kolb Publishing Company, Miami, Florida 1991.
4.
"The Weighted Average Cost of
Capital as a Cutoff Rate: A Critical Analysis of Classical Textbook Weighted Average,"
in Pearson Hunt, Victor L. Andrews and Charles Young (eds.), Financial
Management: Cases and
5.
"The Make or Buy
Decision," Handbook for Managers, Uitgevrij Kluwer Publishing
Company.
6.
"Taxes, Uncertainty and the
Optimal Dividend Policy," in The Chartered
Financial Analysts Digest, Summer 1977.
7.
"Devaluation, Risk and the
Portfolio Analysis of International Investment," in R. Brealy and G. Rankine (eds.)
European Finance Association, l975 Proceedings, North Holland Press, 1976.
8.
"The
Efficiency Analysis of Choices Involving Risk," (with G. Hanoch) in W.T. Ziemba and
R.G. Vickson (eds.) Stochastic Optimization
Models in Finance, Academic Press,
9.
"Investment Criteria in the
Public Sector," in A. Van der Hall (ed.) Analysis of
Cost- Benefit, Ministry of the Treasury, Jerusalem, l97l.
10.
"Stochastic Dominance with a
Riskless Asset: An Imperfect Market," Summary in Referativnyi Zhural: Matematika (Soviet Mathematical Abstracts), No. 9,
l980.
11.
"Stochastic Dominance among
Log-Normal Prospects," a summary in Zentralblatt fur Mathematik, Akademie der Wissenschaften der DDR,
12.
"Investment Performance in an Imperfect
Securities Market and the Case for Mutual Funds," in Financial
Counseling Study Guide, The
13.
"The World Oil Crisis: A
Portfolio Interpretation," in The Chartered
Financial Analysts Digest.
14.
"The Relationship of Rules of
Thumb to the Internal Rate of Return," in K. Luder (ed.) Capital Investment,
15.
"Diversification,
Portfolio Analysis and the Uneasy Case for Conglomerate Mergers," Readings in Financial
Analysis, The Certified General Accountants'
Association of Canada.
16.
"The Portfolio Analysis of
Multi-Period Investment Under Conditions of Risk," in J.P.
Dickinson (ed.) Portfolio Analysis, Farnborough: D.C. Heat Ltd., l974.
17.
"Portfolio Selection and
Investors' Utility: A Graphical Analysis," in J.P. Dickinson (ed.)
Portfolio Analysis, Farnborough: D.C. Heat Ltd., 1974.
18.
"International
Diversification of Investment Portfolios," (with M. Sarnat) in S. Markvidakes (ed.)
The Hebrew University
The Jerusalem School of Business Administration