Avner  Kalay
  • 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" . , Presented, 2010.
  • KALAY, A., & Shagun Pant. (2010) "The Market Value of a Vote: A contingent Claims Approach" . , Presented, 2010.
  • KALAY, A., & Shagun Pant. (2010) "Time Varying Voting Rights and the Private Benefits of Control". , Presented, 2010.

Geographical Regions of Interest

  • India
    Taught at Indian School of Business in Hyderabad India for five years .
  • Israel
    Spend part of the year in Israel. Teach at Tel Aviv University.
  • France
    Taught at Insead .
  • Thailand
    Taught at Sasin located at Chulalongkorn University Bangkok Thailand for five years in Executive and regular MBA.
  • Switzerland
    Taught at Rochester-Bern Executive MBA program in Switzerland during the last 14 years.


  • Avner Kalay (date unknown). Trust and Delegation: A Case on Rebates and Investors' Sophistication to Consider. Journal of Financial Markets. Accepted, .
  • (date unknown). “Is Chapter 11 Costly?”. Journal of Financial Economics. Accepted, .
  • Avner Kalay (date unknown). The Market Value of Corporate Votes: Theory and Evidence from Option Prices. Journal of Finance. 1235-1271. Accepted, .
  • Avner Kalay (date unknown). Information Asymmetry and the Bond Coupon Choice. The Accounting Review. Vol. 93, 37-59. Accepted, .
  • (date unknown). Detecting Liquidity Traders. Journal of Financial and Quantitative Analysis. Accepted, .
  • (date unknown). Ex Dividend Arbitrage in Option Markets. Review of Financial Studies. Accepted, .
  • Adam Shimrat (date unknown). Firm Value and Seasoned Issues of Equity: Price Pressure, Wealth Redistribution. Journal of Financial Economics. Accepted, .
  • Orly Sade and Avi Wohl (date unknown). Measuring Stock Illiquidity: An Investigation of the Demand and the Supply Schedule at the TASE. Journal of Financial Economics. Accepted, .
  • Mark Glick (date unknown). How to Value a Lost Opportunity: A Real Option Approach. George Mason Law Review. Accepted, .
  • Li Wei and Avi Wohl (date unknown). Continuous Trading or Call Actions: Revealed Preferences of Investors at Tel Aviv Stock Exchange. Journal of Finance. Accepted, .
  • Ravi Anshuman (date unknown). Can Splits Create Market Liquidity? Theory and Evidence. Journal of Financial Markets. Accepted, .
  • Daniel Griener and Hideaki Kiyoshi KatDaniel Griener and Hideaki Kiyoshi Kato (date unknown). The Market for Callable-Convertible Corporate Bonds: Evidence from Japan. Pacific-Basin Finance Journal. Accepted, .
  • Evgenia Pontniaguina (date unknown). Swimming Against the Tides: The Case of Aeroflex Move from Nyse to Nasdaq. Journal of Financial Markets. Accepted, .
  • Roni Michaely. (date unknown). Dividends and Taxes: A Re-examination. Financial Management. Accepted, .
  • Ron Lease, Kose John, Uri Loewenstein, and Oded Sarig (date unknown). Dividend Policy: Its Impact on Value. Harvard Press. Accepted, .
  • Ravi Anshuman (date unknown). Market Making With Discrete Prices. Review of Financial Studies. Accepted, .
  • Jaime Zender (date unknown). Bankruptcy, Warrants, and State Contingent Changes in the Ownership of. Journal of Financial Intermediation. Accepted, .
  • John Cooney (date unknown). Positive Information From Equity Issue Announcements. Vol. Economics. Journal of Financial. Accepted, .
  • Mike Brennan and Jerome Detemple (date unknown). Bond Covenants and the Valuation of Risky Debt: A New Approach. Fineco. Accepted, .