Avner Kalay
  • Francis A. Madsen Professor of Finance, Finance Department
  • Professor, Finance Department
801-581-5457

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.

Presentations

  • 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.

Publications

  • 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.