Prof. Uri Ben-Zion

Updated: February 2007

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Personal

Email E-mail: [email protected]
E-mail: [email protected]
E-mail: [email protected]
Address:
Department of Economics
Ben Gurion University, P.O.B. 653
Beer-Sheva 84105, Israel

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Education

1962

B.Sc., Mathematics and Economics, Hebrew University, Jerusalem
1964

M.A., Economics and Statistics, Hebrew University, Jerusalem
1972

Ph.D., Economics and Finance, University of Chicago, Chicago, IL
Dissertation: Measures of Risk in the Stock Market and the Valuation of Corporate Stock
Advisors: Lester Telser, Merton H. Miller, Marc Nerlove

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Academic Appointments

2006 Visiting Professor, Bocconi University Milan
March 1999 Professor, Department of Economics, Ben Gurion University, Beer-Sheva, Israel (joint appointment in Business School)
1982 - 1999 Associate Professor, Technion - Israel Institute of Technology, Haifa
1978 - 1982 Associate Professor, Ben Gurion University, Beersheva
1975 - 1978 Senior Lecturer, Technion - Israel Institute of Technology
1973 - 1975 Lecturer, Technion - Israel Institute of Technology
1972 - 1973 Visiting Assistant Professor, University of Minnesota

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Research Appointments

May 2005 Research Fellow, Institute for the Study of Labor (IZA)
9/97 - 3/98 Visiting Foreign Scholar, Institute of Economic Research, Osaka University, Japan
1982 - 1986 Consultant, Bank of Israel research department
1982 Visiting Scholar, International Monetary Fund, USA
1979 - 1982 Research Fellow, National Bureau of Economic Research, Cambridge, U.S.A., Program of productivity and technical changes
1978 Research Fellow, The Institute of Advanced Studies, Hebrew University
1977 - 1978 Consultant, Research Department, Bank of Israel
1969 - 1971 Research Assistant, University of Chicago
1967 - 1968 Economist, Research Department, Bank of Israel, Working on Macro Economic Model of Israel

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Teaching Experience

Finance (MBA and undergraduate, in Israel and abroad)
Principles of Corporate Finance Investment, Advanced Corporate Finance, Options and Futures, International Finance, Cases in Corporate Finance
Economics
Microeconomics, Econometrics, Economics of Regulations

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Professional Experience

1982-present Co-Owner of Remas consulting firm
Consultant to private firms in Israel

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Administrative Positions

National positions:
1978 - 1979 Chairperson, Commission for the Study of Social Security Benefits in Israel on Inflation
1980 - 1990 Member, Advisory Board, Central Bureau of Statistics
1984 - 1985 Elected member, Executive Board, Israel Economic Association
2002 - 2004 Head, Academic Committee to Evaluate the Industrial Engineering Program of the Open University

University positions:
1983 - 1985 Chairperson, Area of Economics, Faculty of Industrial Engineering and Management, Technion
1984 - 1988 Co-chairman, Academic Committee of the Joint Graduate Program in Economics, Technion with the University of Haifa
1989 - 2002 Director of Ph.D. students, Economics Department, Ben-Gurion University

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Fellowships, Awards and Grants

1968 - 1972 Ford Foundation Fellowship at the University of Chicago
1971 - 1972 Ehrhard Foundation Fellowship
1971 - 1972 Dissertation Research Grant - U.S. National Academy of Sciences
1972 Best Student Paper at the 1972 Midwest Conference of AIDS (American Institute of Decision Sciences)
1973 - 1974 Postdoctoral Research Grant on Public Utilities – American Telephone and Telegraph
1975 - 1976 Ford Foundation Israel: Research Grant. The effect of aggregate random technical changes
1976 - 1977 Israeli National Academy of Science - Research Grant
1979 Zagagi Fund Grant (Israel Security and Exchange Authority)
1979 Co-Winner of “Quality of Research Award,” American Agricultural Association, July 1979 (for work in the book “Induced Innovation and Development: A Microeconomic Approach”)
1979 Safir Forum, Tel-Aviv University Research Grant, The effect of Project Renewal: Additional Findings
1980 Israeli Council for Research and Development, a research grant: Study for Expectations in Manufacturing Industry (with Jimmy Weinblatt and Avia Spivak)
1981 Financial Research Foundation (Canada): “Determinates of Risk of Stocks traded on the Toronto Stock Exchange” (with Ado Ben-Amoako)
1984 Horovitz Institute, Tel Aviv University. Grant for the study of inflation, relative price variability and interest rate
1986 - 1988 Ford Foundation Israel and Neaman Institute Research Grants for “The effect of Project Renewal on reducing socio-economic gaps and on migration to and from distress neighborhoods” (joint project with Mira Baron and Naomi Carmon)
1999 Technion Institute of Management (TIM) Grant. A case study of Elscint Ltd. The value of parts is higher than the value of whole (with Gadi Harel)
1999 The Joseph Kasierer Grant. An evaluation of R&D expenditure by firms: A methodological approach (with Haim Falk and Dan Weiss)
2001 Israel Ministry of Tourism grant to evaluate use of internet in promoting tourism (with Miron Rosenkranz)
2003 Mifal Hapais grant to evaluate financing source for municipalities – the case of Arad (with Moti Gross)
2004 B.G.U. and Sapir fund – a small research grant
October 2005 Keynote speaker, International Conference on Behavioral Economics, Osaka Japan
2006 Aharon Meir Center, Bar Ilan University: Factors Affecting the Decisions to Switch Banks, with Moshe Kim and Gregory Yom-Din
May 2006 Ilon Gutlib Best works on Insurance. Accumulating Reserves by Life Insurance Companies (with Zvia Saadon and Rami Yosef) (in Hebrew)
October 2006 Keynote speaker: International Conference on Behavioral Economics, Osaka Japan

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Thesis Advising

M.Sc.
Completed:
Michal Kaplan “Determinants of Cost of Capital of Electric Utility Firms,” M.Sc., April 1975
Ahron Rosenfeld “Earnings, Risk and Stock Prices: A Test of Market Efficiency,” M.Sc., July 1976
Enrique Bernstein “Tests of Mutual Funds Efficiency: A Survey of the Literature and an Analysis of Some Israeli Data,” M.Sc., 1976
Dvora Melnik “The Effect of the Probability of Punishment and Its Severity on the Level of Crime,” M.Sc., September l978
Reuven Guigui “Efficient Market, Prediction of Stock Prices and the Effect of Risk on Rate of Return 1970-1975,” M.Sc., February 1979
Ruth Zeev “Investigation of Price Expectation, Causality Tests and a Small Macro-Economic Model for the Israeli Economy,” M.Sc., July 1979
Gad Golan “The Effect of Research and Development Expenses and Patents and Management Structure of a Firm on Its Market Value,” M.Sc., May 1986
Avner Borman “Budget-Cost Accounting System as a Way of Control in a Military Service Organization,” M.Sc., June 1986
Shoshana Sharabani “Optimal Certainty Equivalence: An Alternative Approach to Economics of Uncertainty,” M.Sc., February 1987
Yosef Barkan “Types and Causes of Unemployment in Development Towns in Israel,” M.Sc., July 1987
Arie Greenbaum “Incentives to Industry in Developing Towns: Analysis, Implication, and Recommendation,” M.Sc., July 1987
Doron Kretzer “Migration of Household To and From Distressed Areas in Israel,” M.Sc., June 1990
Alon Granot “Determinants of Interest Role Prices and a Test of Interest Role Parity: An Experimental Approach,” M.Sc., November 1990
Doron Satt “Price Discrimination with Coupons,” M.Sc., August 1992
Anat Elad-Wiesel “Deterministic and Stochastic Models for Pension Plans in Israel,” M.Sc., 1994
Vered Hauser “Evolution of Performance of Mutual Fund,” M.Sc., 1995
Yaniv Grinstein “The American Commodity Futures Markets: Opportunities to the Israeli Wheat Industry,” M.Sc., 1995
Eran Terkel “Privatization in Israel,” M.Sc., Nov. 1996
Rafi Shlomi “Determinants of Tobin Q of Israeli Firm,” M.Sc., 1997
Gabriel Gattegno “Efficiency Capital Market Examination in the Israeli Capital Market,” M.Sc., 1998
Rivka Granot “Determinants of Saving with Reference to Israel,” M.Sc., 1998
Hagai Amrani “Business Plan and Investment Rentability Analysis of Public Data Network in TDM Technology,” M.Sc., 1998
Sara Levin “Analysis of the Choice of health Service: An empirical study,” M.Sc., 1998
Yonit Shobi “An Analysis of Loan Portfolio Management by Commercial Bank,” M.Sc., 1998
Shimon Weissmann “A Review of Prospect Theory,” M.Sc., 1999
Miron Rozenkranz “Fixed-Income Immunization Strategy for Multinational Firm,” M.Sc., 1999
Paul Klein “Technical Analysis of Stock Market,” MA, 2000 (Ben Gurion University)
Dafna Schwartz “The Effect of Internet on Firm Market Value,” M.Sc., 2001 (with Shaul Gabbay)
Amir Albocher “Interest Rate Policy of the Bank of Israel,” MA, 2001 (Ben Gurion University)
Andrew Breitman “Testing of Bankruptcy Prediction,” M.Sc., December, 2002 (with Anat Tolkovsky)
Shmuel Danan “Testing Arbitrage Opportunity in the Options Market: An Intraday Analysis,” M.Sc., December 2002
Eli Elal “Corporate Restructuring Coming out of Bankruptcy Analysis of Koor,” October 2003 (with Moshe Shwartz)
Leon Zolotoy “Foreign Exchange and Stock Market Integration Before and After the Euro: Evidence from Australia and New Zealand,” June 2004 (with Petko S. Kalev)
Zvia Saadon “Accumulating Reserves by Life Insurance Companies,” August 2004 (with Rami Yosef)
Slava Fos “Analysis of a Real Option in Housing: Model and Empirical Test,” May 2005
Inna Shperberg “Economic Evaluation of Innovative Technologies for Storage of Perishable Fruits: The Case of Cherries in the Peirot-Ha-Golan Packing House”
Ruth Peled “Decision Making in Inventory – Experimental Test of the Newsboy Problem,” June 2005
Rosit Levi “The Newsvendor Problem - Theoretical and Experimental Study”
Sharon Safran “A Test of Disposition Effects in Security Trading – Evidence from Experiments,” Submitted
Hadas Shabthai “Stock Market Reaction to Strategic Alliances”
In Progress:
Tsameret Halal-Rubin “Board Composition and Firm Value in Israeli Market”.
Amiram Elias “Initial public Offering of Israeli companies in Israel and abroad”.
Ilya A. Krichevsky “Hedonic Analysis of Housing Prices in a City”.
 
Ph.D.
Completed:
Eyal Gutman “Housing Market in Israel,” Technion Israel Institute of Technology, July 2000
Yossi Saadon “Evaluation of Central Bank Policy”. Ben-Gurion University, 0ctober 2005
Tal Shavit “An Individual Choice in Financial Markets: Essays in Behavioral Finance,” Ben-Gurion University, May 2006
Tchachi Tavor “Economic Models of Networks” (with Uriel Spiegel)
Submitted:
Yaron Amzaleg

“Corporate Ownership and Corporate Governance in Israel” (with Aharon Rozenfeld)
In Progress (Ben Gurion University):
Lior Gal “Efficiency Aspects in the Israeli Capital Market” (with Aharon Rozenfeld), Proposal submitted
Henri Rueff “Optimizing Dryland Afforestation: Prospects and Limitations” (with Moshe Schwartz), Proposal approved

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List of Scientific and Professional Publications

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Original Papers in Professional Journals and Books

1. “Multi-dimensional Risk and the Modigliani-Miller Hypothesis: Comment,” Journal of Finance, Vol. 26, Sept. 1971, 959-962.
2. “On the Analysis of Corporate Financial Theory under Uncertainty: A Comment,” Quarterly Journal of Economics, Vol. 87, May 1973, 290-295 (with Michael Balch).
3. “The Wage Price Freeze: An Empirical Test of Short-Run Market Expectations,” in W.G. Vogt and M.H. Mickle (eds.), Socio-Economic Systems and Principles, Pittsburgh University Press, Pittsburgh, 1973, 61-71 (with Sol S. Shalit).
4. “Cost of Capital and the Demand for Money by Firms,” Journal of Money, Credit and Banking, Vol. 6, May 1974, 263-269.
5. “On Money, Votes and Policy in a Democratic Society,” Public Choice, Vol. 17, Spring 1974, 1-10 (with Zeev Eytan).
6. “Targets and Means in Housing Policy for New Immigrants,” Economic Quarterly (Hebrew), Vol. 80-81, May 1974 (with Edi Karni).
7. “A Time Series Measure of Risk,” Journal of Economics and Business, Vol. 27, Fall 1974, 60-64.
8. “The Impact of the Wage Price Freeze on the Relative Shares: A Test of Short Run Market Expectations,” American Economic Review, Vol. 64, December 1974, 904-915 (with Sol S. Shalit).
9. “Money in the Production Function: An Interpretation of Empirical Results,” Review of Economics and Statistics, Vol. 57, May 1975, 246-247 (with Vernon W. Ruttan).
10. “Political Contribution and Policy: Some Extensions,” Public Choice, Vol. 14, Winter 1975, 1-12 (with Benjamin Bental).
11. “Size Leverage and Dividend Performance as Determinants of Corporate Risk,” Journal of Finance, Vol. 30, September 1975, 1015-1026 (with Sol S. Shalit).
12. “An Intergenerational Model of Population Growth,” American Economic Review, Vol. 65, December 1975, 923-933 (with Assaf Razin).
13. “The Utility of Money and the Transaction Demand for Cash,” Canadian Journal of Economics, Vol. 9, February 1976, 165-171 (with Edi Karni).
14. “How to Fabricate a Paper: The Author’s View,” The American Economist, Vol. 20, Spring 1976, 64-68 (with Barry O. Keating).
15. “Technical Change and Aggregate Demand: A Comparison of U.S. and Israel,” in Nadav Halevy and Jacob Kop (eds.), Studies in the Israeli Economy, The Maurice Falk Institute for Economic Research in Israel, Jerusalem 1976, 127-132 (Hebrew).
16. “A Model of Productive Saving,” Economic Inquiry, Vol. 14, December 1976, 558-586 (with Isaac Ehrlich).
17. “Tip Payment and Quality of Service,” in Orley L. Ashenfelter and Wallace C. Oates (eds.), Essays in Labor Market Analysis, in memory of Yochanan Peter Comay, John Wiley & Sons, New York, 1977, 37-45 (with Edi Karni).
18. “The Investment Performance of Mutual Funds in Israel, 1969-74,” in Nadav Halevy and Jacob Kop (eds.), Studies in the Israeli Economy, The Maurice Falk Institute for Economic Research in Israel, Jerusalem, 1977, 307-320 (Hebrew) (with Enrique Bernstein).
19. “Testing the Causality of Policy Variable in Israel,” in Nadav Halevy and Jacob Kop (eds.), Studies in the Israel Economy, The Maurice Falk Institute for Economic Research in Israel, Jerusalem, 1977, 149-161 (Hebrew) (with Ehud Ron).
20. “Aggregate Demand and the Rate of Technical Change,” in Hans P. Binswanger and Vernon W. Ruttan (eds.), Induced Innovation and Development - A Micro-Economic Approach, Johns Hopkins University Press, Baltimore, 1978, 210-230 (with Vernon Ruttan).
21. “Free High School Education and Its Implications on Income Distributions,” Economic Quarterly, Vol. 21 (1978), 385-391 (Hebrew) (with Dan Landau and Menahem Spiegel).
22. “The Investment Aspect of Non-Production Expenditures: An Empirical Test,” Journal of Economics and Business, Vol. 30, No. 3, Spring/Summer 1978, 224-229.
23. “A Joint Product Approach to Capital Market Equilibrium,” The American Economist, Vol. 23, Spring 1979, 44-48.
24. “The Effects of Risk and Disequilibrium on the Investment Behavior of U.S. Electric Utility Industry,” The American Economist, Vol. 23, No. 7, Fall 1979, 3-6 (with Yash P. Mehra).
25. “Efficiency and the Compensation of Public Officials,” Public Choice, Vol. 35, Spring 1980, 84-95 (with Menahem Spiegel).
26. “Predicting the Research Productivity of Economist: A Note,” Journal of Economic Education, Vol. 11, Spring 1980, 211-216 (with A. Eliezer).
27. “Risk and the Determinants of Aggregate Investment,” Applied Economics, Vol. l2, June 1980, 209-222 (with Yash P. Mehra).
28. “Matriculation Examinations in Israel: Positive and Negative Considerations,” in Baruch Nevo (editor), Matriculation Examinations in Israel, 1980, Am Oved, Tel Aviv, 119-134 (with Dan Landau and Menahem Spiegel).
29. “A Simple Model of Political Contribution,” Public Finance Quarterly, April 1981, 143-158 (with Benjamin Bental).
30. “Cropsharing Competition and Efficiency Reconsidered,” Canadian Journal of Agricultural Economics, Vol. 29, July 1981, 233-243 (with Menahem Spiegel).
31. “Market Structure and Product Innovation,” Southern Economic Journal, Vol. 48, 2, Oct. 1981,432-448 (with Dennis J. Fixler).
32. “A Generalized Model of Induced Input Innovation,” European Economic Review, Vol. 19, Oct. 1982, 277-28l (with Dennis J. Fixler).
33. “Management Contribution and the Allocation of Time in a Labor Managed Firm,” Journal of Comparative Economics, Vol. 6, No. 4, 1982 (with Benjamin Bental and Menahem Spiegel).
34. “Risk Taking by Managers and Owners: An Agency Problem Approach,” Atlantic Economic Journal, Vol. ll, No. l, 1983, 68-71 (with Menahem Spiegel).
35. “Philanthropic Motives and Contribution Policy,” Public Choice, Vol. 40, 1983, 117-133 (with Uriel Spiegel).
36. “Deposit Cost and Mortgage Rates: American and Canadian Empirical Evidence,” Housing Finance Review, 1983, 53-61 (with Adu Ben-Amoako).
37. “Evaluation of Public Investment in Health Care: Is Risk Irrelevant?” Journal of Health Economics, Vol. 2, 1983, 161-165 (with Amiram Gafni).
38. “Profit Cost Margin, Monopoly Power and R&D Intensity for Industrial Firms, Economics Letters, Vol. 12, No. 2, 1983, 355-359 (with Moshe Kim).
39. “Crime Prevention Policies and Externalities: A Theoretical Analysis,” Public Finance, Vol. 38, 1983, 110-131 (with J. Weinblatt, Uriel Spiegel and Simon Hakim).
40. “Export as a Signal of Quality: A New Approach to Dumping,” Economics Letters, Vol. 13, 1983, 373-378 (with Shabtai Donnenfeld).
41. “Changes of Asset Composition and the Performance of Mutual Funds,” in Zvi Zussman and Moshe Felber (editors), Studies in the Israeli Economy 1981, Jerusalem 1983 187-208 (Hebrew) (with Dina Rotem and Ehud Ron).
42. “Monetary Variables, Inflation Expectations and the Consumption Function,” in Zvi Zussman and Moshe Felber (editors), Studies in the Israeli Economy 1981, Jerusalem 1983, 209-218 (Hebrew) (with Zalman Shiffer).
43. “Purchasing Power, Interest Rate Parities and the Modified Fisher Effect in Presence of Tax Agreement,” Journal of International Money and Finance, Vol. 3, 1984, 67-73 (with Jimmy Weinblatt).
44. “The Effect of Ownership on Market Value and Risk of R&D Intensive Firms,” Economics Letters, Vol. 16, 1984, 363-367 (with Moshe Kim).
45. “The R&D and Investment Decision and Its Relationship to the Firm’s Market Value: Some Preliminary Results,” in Zvi Griliches (editor), R&D Patents and Productivity, University of Chicago Press, 1984, 299-314.
46. “Recent Literature on the Impact of Taxation and Inflation on the International Financial Market,” in Vita Tanzi (editor), Taxation, Inflation and Interest Rate, International Monetary Fund, Washington, 1984, 99-109.
47. “Recent Literature on Impact of Inflation and Taxation on Interest Rates,” in Vita Tanzi (editor), Taxation, Inflation and Interest Rate, International Monetary Fund, Washington, 1984, 69-98.
48. “Macro Economic Policy and the Shadow Economy” in Wulf Gartner and Alois Wenig (editors), The Economics of the Shadow Economy, Springer Verlag, Berlin, 1985, 179-193 (with Benjamin Bental and Alois Wenig).
49. “Import Control under Imperfect Information,” Journal of International Economics, Vol. 19, l985, 34l-354 (with Shabtai Donnenfeld and Shlomo Weber).
50. “On the Price-Earnings Ratio Model,” The Investment Analyst, No. 84, April 1987, 20-27 (with Joseph Yagil).
51. “On the Discounting Method for a Stream of Independent Risky Cashflows,” The Engineering Economist, Vol. 32, No. 4, 1987, 337-345 (with Joseph Yagil).
52. “Relative Price, Inflation and Interest Rate: An Empirical Study,” in Zvi Zussman, Michael Michaeli and Moshe Felber (editors), Studies in the Israeli Economy 1984, Jerusalem 1987, 107-122 (Hebrew) (with Yehuda Minzley, and Uriel Spiegel).
53. “Interrelationship between International Stock Markets 1972-1986: An Empirical Study,” IIEC Symposium Proceedings, 1988 (with Assa Birati and Moshe Kelman).
54. “Financing of Public Good and Non-Cooperative Theory of Bargaining,” Journal of Public Economics, Vol. 33, 1988, 345-351 (with Mark Gradstein and Uriel Spiegel).
55. “Equilibrium and Efficiency in Intergenerational Transfer,” in Alois Wenig & K.F. Zimmerman, Demographic Change and Economic Development, Springer Verlag, Berlin 1989 (with Mark Gradstein).
56. “Discount Rates Inferred from Decision: An Experimental Study,” Management Science, Vol. 35, No. 3, March 1989, 270-284 (with Amnon Rapaport and Joseph Yagil).
57. “An Experimental Investigation of Subjective Discount Rates,” in M.C. Jackson, P. Keys & S.A. Cropper (editors), Research and the Social Sciences, Plenum Press, New York, 1989, 553-558 (with Joseph Yagil and Alon Granot).
58. Kim, Moshe, Uri Ben-Zion and Eduardo Titelman, “On the Structure of Technology in a Multi-Output Branch Banking Firm,” Journal of Business and Economic Statistics, Vol. 7, No. 4, Oct. 1989, 489-496.
59. “Relative Trading Volume, Risk Measure and other Firm Characteristics during the Market Crash,” Economics Letters, Vol. 32, 1990,147-152 (with Eyal Gutman, Emanuel Egbe and Steven Braham).
60. “Project Renewal: The Effect on Narrowing Social Gaps in Israel, and on the Status of Neighborhoods,” The Economic Quarterly, Vol. 36, Jan. 1990, 440-463 (In Hebrew) (with M. Baron and N. Carmon).
61. “Market Insurance Versus Self Insurance: The Tax Differential Treatment and Its Social Cost,” Journal of Risk and Insurance, Vol. 58, 1991, 651-670 (with Moshe Porat, Uriel Spiegel and Uzi Yaari).
62. “Behavior of Stock Prices Around the Market Crash (October 1987, Analysis and Simulation) in W.G. Vogt and M.H. Mickle (editors), Modeling and Simulation Conference, Vol. 21, University of Pittsburgh, 1991, 299-304 (with Eyal Gutman).
63. “The Evaluation of the Exponential Function and Implication for Derived Interest Rate,” Economics Letters, Vol. 38, No. 3, March 1992, 299-303 (with Alon Granot and Joseph Yagil).
64. “Inflation Investment Decisions and the Fisher Effect,” International Review of Economics and Finance, Vol. 2, No. 2, 1993, 195-206 (with Uriel Spiegel, and Joseph Yagil).
65. “Order Imbalance, Panic Behavior and Performance of Circuit Breakers,” The Journal of Finance, December 1993, Vol. 48, No. 5, 1909-1925 (with Beni Lauterbach).
66. “Discrimination in Punishment and Deterrence Effects,” Public Finance, Vol. 48(1), 1993, 10-18 (with Seichi Kawasaki and Uriel Spiegel).
67. “Trading Behavior And Firm-specific Characteristics during the Crash of 1987: Evidence from The Netherlands,” Journal of Multinational Financial Management, Vol. 3, No. 3/4, 1994 (with Rezaul Kabir).
68. “An Experimental Test of the IRP, PPP and Fisher Theorems,” Journal of Economic Psychology, 1994, 1-13 (with Alon Granot and Joseph Yagil).
69. “Stock Behavior During a Market Crash,” Advances in Investment Analysis and Portfolio Management, Vol. 3, 1995, 223-232 (with Eyal Gutman and Joseph Yagil).
70. “An Experimental Investigation of Direct Subjective Discount Rates,” Applied Economics Letters, 1996, 3, 59-61 (with Alon Granot and Joseph Yagil).
71. “The Price Linkages between Country Funds and National Stock Markets: Evidence from Cointegration and Causality Tests of Germany, Japan and U.K. Funds,” Journal of Business Finance and Accounting, Vol. 23, No. 7, 1996, 1005-1017 (with Jongmoo Jay Choi and Shmuel Hauser).
72. “Optimal Consumer Subsidies and Income Transfers for Minimum Nutritional Requirement: A Basic Model,” Food and Nutrition Bulletin, Vol. 18, No. 4, Dec. 1997 (with Dov Chernichovsky, Uriel Spiegel and Mark Gradstein).
73. “A Characterization of the Price Behaviour of International Dual Stocks: An Error Correction Approach,” Journal of International Money and Finance, 18, No. 2, 1999, 289-304 (with O. Lieberman and S. Hauser).
74. “The Optimal Face Value of a Discount Coupon,” Journal of Economics and Business, Vol. 51, No. 2, March/April 1999, 159-174 (with Roni Hibshush and Uriel Spiegel).
75. “On Complexity and Lotteries’ Evaluation – Three Experimental Observations,” Journal of Economic Psychology, Vol. 21, No, 6, 2000, 625-637 (with Galit Mador and Doron Sonsino).
76. “Price Discrimination by Coupon Restriction,” International Journal for the Economics of Business, Vol. 7, No.3, November 2000, 325-331 (with A. Hibshoosh and U. Spiegel).
77. “International Hedge of Fixed-Income Contract,” The Journal of Portfolio Management, Vol. 27, No. 2, 2001, 91-100 (with Shmuel Hauser, Miron Rozenkranz and Uzi Yaari).
78. “On the Evaluation of Lotteries and Options – An Experimental Study,” The Journal of Psychology and Financial Markets, Vol. 3, No. 3, 2001, 168-181 (with Tal Shavit and Doron Sonsino).
78. “A Comparative Study of Lotteries Evaluation in Class and on the Web,” Journal of Economic Psychology, Vol. 22, No. 4, 2001, 483-491 (with Tal Shavit and Doron Sonsino).
79. “Decisions in Financial Economics: An Experimental Study of Discount Rates,” Advances in Financial Economics, Vol. 7, 2002, JAI, Elsevier Science, Oxford, UK, 19-40 (with Joseph Yagil).
80. “The Complexity Effects on Choice with Uncertainty – Experimental Evidence,” The Economic Journal, Vol. 112, No. 482, 2002, 936-965 (with Doron Sonsino and Galit Mador).
81. “Efficiency Differences Between the S&P 500 and the Tel-Aviv 25 Indices: A Moving Average Comparison,” International Journal of Business, Vol. 8, No. 3, Summer 2003, 265-282 (with Paul Klein, Yochanan Shachmurove and Joseph Yagil).
82. “Adaptive Portfolio Allocation with Options,” Journal of Behavioral Finance, Vol. 5, No. 1, 2004 (with Tal Shavit and Ernan Haruvy).
83. “Asymmetric Central Bank Preference and Interest Rates,” The Economic Quarterly, Vol. 51, No.2, Aug 2004, 228-263.
84. “Pricing of a European Call Option on Pension Annuity Insurance,” Journal of Insurance Issues, Vol. 27, No. 1, 2004, 66-83 (with Rami Yosef and Shulamith T. Gross).
85. “Portfolio Composition Choice: A Behavioral Approach,” Journal of Behavioral Finance, Vol. 4, No. 2, 2004 (with Joseph Yagil).
86. “Exchange Rate and Stock Prices in Japan,” Applied Financial Economics, Vol. 15, No. 7, 2005, 469-478 (with Tetsushi Homma and Yoshiro Tsutsui).
87. “Box-Spread Strategies and Arbitrage Opportunities,” Journal of Derivatives, Spring 2005, Vol. 12, Issue 3, 47-63 (with Shmuel Danan and Joseph Yagil).
88. “ELSCINT and the Worldwide Medical Imaging Industry,” Integrative Case 3.3 (with Mona Makhija and Gedaliahu Harel) in Global Strategy, Mike W. Peng (editor), 2005, pp. 532-539.
89. “Trading versus Non-Trading Returns: Evidence from Russia and the U.K.” (with N. Wagner) in Emerging European Financial Markets: Independence and Integration Post-Enlargement, J. A. Batten, C. Kearney, (eds.), 2005, Elsevier Science, Amsterdam, pp. 423-435
90. “How good is the Exponential Function discounting Formula? – An Experimental Approach,” Applied Financial Economics, Vol. 14, Issue 5, 2004, 299-311 (with Yochanan Shachmurove and Joseph Yagil).
91. The Effects of Socio-Economic Factors on the Decision to be Vaccinated: The Case of Flu-shot Vaccination,” The Israel Medical Association Journal (IMAJ), 8, 2006, 630-634 (with Shoshana Shahrabani).
92. WTP-WTA Disparity among Competitive and Non-Competitive Subjects – An Experimental Study,” Applied Financial Economics Letters, 2, 5, 2006, 333-336 (with Tal Shavit and Shoshana Shahrabani).
93. “Effect of price quoting on financial assets price,” Conference on Computational Intelligence in Economics and Finance in conjunction with the 9th Joint Conference on Information Sciences (JCIS), October 2006 (with Tal Shavit, Shoshana Shaharabani).
94. Profit Maximization and Social Optimum with network Externality, The Manchester School, Vol. 74, 138-155, March 2006 (with Uriel Spiegel and Tchai Tavor).
95. “Launching a corporate website and market efficiency” Applied Financial Economics, Vol. 16, No. 7, 1 April 2006, 551-559 (with Dafna Schwartz, Shaul Gabbay and Joseph Yagil).
96. “Trading Versus Non-Trading Returns: Evidence from Russia and the UK,” International Finance Review, Vol. 6, 2006, 415-427 (with Niklas Wagner).

Accepted

98. “Economic Evaluation of Storage Technologies for Perishable Fruit: a Case of Cherry,” Acta Horticulturae (ISHS) (with G. Yom Din, Z. Zugman and I. Shperberg)
99. “Avoiding Dominated Strategies in Financial Markets - An Experimental Study,” Journal of Economics and Business (with T. Shavit and E. Haruvy).
100. Low Flu Shot Rates Puzzle – Some Plausible Behavioral Explanations, The American Economist, forthcoming (with S. Shahrabani and A. Gafni).

Submitted

1. “Risk Attitude, Win Loving and the Evaluation of Lotteries-An Experimental Study,” (revised) (with T. Shavit and S. Shahrabani).
2. Behavioral Effects, and the Newsvendor Problem – An Experimental Study” (with Y. Cohen, R. Peled and T. Shavit).
3. Risk Aversion, Under-Diversification, and the Role of Recent Outcomes” (with Tal Shavit, Ido Erev and Ernan Haruvy).
4. Effect of Price Quoting on Financial Assets Price -An Experimental Analysis” (with T. Shavit and S. Shahrabani).
5. On the Role of Institutional Investors in Corporate Governance: Evidence from Voting of Mutual Funds in Israel (with Yaron Amzaleg and Ahron Rosenfeld )
6. On the Duty of Care of Institutional Investors: Evidence on Participation of Mutual Fund Managers in Shareholders’ Meetings in Israel (with Yaron Amzaleg and Ahron Rosenfeld
7. Productivity and Deferring Leisure (with Gil S. Epstein).
8. Optimal Pricing in Non-Homogeneous Market with Network Externalities (with U. Spiegel and T. Tavor).
9. Monopoly as a Social Optimum: The Case of Networking (with U. Spiegel and T. Tavor).
10. Subjective Evaluation of Delayed Risky Outcomes: An Experimental Approach (with J.P. Krahnen and T. Shavit), 2005.
11. Testing Fama French Model in Israeli stock market (in Hebrew) (with Lena Itzkovitz, Moran Godar and Haim Levi).

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Work in Progress

1. Factors Affecting the Decisions to Switch Banks (with Moshe Kim).
2. Skewness Aversion, Output Uncertainty and Hedging in a Futures Market (with Leon Zolotoy and Gregory Yom Din).
3. Developments in Fruit Export and Import in Israel after Implementation of GATT (with G. Yom Din).
4. Empiric Testing of Factors for Decisions on Flu Vaccination (with Yoshiro Tsutsui, S. Sharabani, and G. Yom Din).
5. Technological Incubators in Israel (with Roni Hibshoosh, Moti Gross, and Gregory Yom Din).
6. Day-of-the-Week Effects in Chinese Stock Markets: All Moments Considered (with Akiko Kamesaka, Haim Kedar-Levy and Xiaoyan Yu)
7. Information technology and implications for market efficiency (with Yossi Yagil and Tzahi Tavor).
8. Stock Market Reaction to Strategic Alliances (with Hadas Shabthai and Coresh Galil).

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Books and Reports

1. Introduction to Micro-Economics: A Mathematical Approach, Michlol Press, Technion, Haifa, Israel, 1981 (Hebrew) (with Dina Rotem).
2. Introduction to Micro-Economics: A Quantitative Approach, 2nd edition, Remas, 1995 (with Dina Rotem and Alon Amsterdam).
3. Introduction to Micro-Economics at University Level, Remas, 1998 (with Dina Rotem and Alon Amsterdam).
4. “The Effect of Project Renewal on Reducing Socio-Economic Gaps and on Migration to and from Distressed Neighborhoods,” report, Neeman Institute for Research in Advanced Science and Technology, 1988 (with Mira Baron, Naomi Carmon and Hannah Gavish).

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