Avner  Kalay
  • Francis A. Madsen Professor of Finance, Finance Department
  • Professor, Finance Department

Research Statement

Corporate Finance (in particular Corporate Dividend Policy, Taxation, and Investment Policy), Capital market Theory and efficiency, Economics of Information, Agency Theory, Optimal Contracting, Real Options, and Micro-Structure of Markets.


  • KALAY, A., & with Paul Ehling and Shagun Pant. (2010) "Some Like it Safe: Agency and Corporate Purchase of Insurance" . Conference Paper, Refereed, Presented, 08/23/2010.
  • KALAY, A., & Shagun Pant. (2010) "The Market Value of a Vote: A contingent Claims Approach" . Conference Paper, Refereed, Presented, 06/22/2010.
  • KALAY, A., & Shagun Pant. (2010) "Time Varying Voting Rights and the Private Benefits of Control". Conference Paper, Refereed, Presented, 01/05/2010.

Geographical Regions of Interest

  • France
    Taught at Insead .
  • India
    Taught at Indian School of Business in Hyderabad India during the period 2002 - 2006.
  • Israel
    Spend part of the year in Israel. taught at Tel Aviv University during the period 1984 - 2018.
  • Switzerland
    Taught at Rochester-Bern Executive MBA program in Switzerland during the period 1997 - 2011.
  • Thailand
    Taught at Sasin located at Chulalongkorn University Bangkok Thailand during the period 1989 - 1993 in Executive and regular MBA.


  • Avner Kalay & Mor M. Haziza (2020). Trust and Delegation: A Case on Rebates and Investors' Sophistication to Consider. Journal of Financial Markets. Discipline based - refereed, Published, 05/08/2020.
  • Avner Kalay, Dan Amiram, Alon Kalay & N. Burga Ozel (2018). Information Asymmetry and the Bond Coupon Choice. The Accounting Review. Vol. 93, 37-59. Discipline based - refereed, Published, 03/2018.
  • Avner Kalay, Shagun Pant & Oguzhan Karakas (2014). The Market Value of Corporate Votes: Theory and Evidence from Option Prices. Journal of Finance. 1235-1271. Discipline based - refereed, Published, 06/02/2014.
  • Kalay, A.(2010). Ex Dividend Arbitrage in Option Markets. Review of Financial Studies. Discipline based - refereed, Published, 01/2010.
  • Kalay, A.(2009). Detecting Liquidity Traders. Journal of Financial and Quantitative Analysis. Discipline based - refereed, Published, 02/2009.
  • Kalay, A.(2007). “Is Chapter 11 Costly?”. Journal of Financial Economics. Discipline based - refereed, Published, 07/2007.