The desire to hire the best athletes and coaches in order to maximize team performance
necessitates generous compensation contracts, which in turn increase the risk of financial …

Behavioral bubble models typically assume that uninformed trend-chasers, presumably
individual investors, cause bubbles, while informed contrarian investors such as institutions, …

We document significant intra-year seasonality in outliers of S&P500 daily rates of return.
Controlling for outliers in dummy regressions reveals that both the January and Monday effects …

Trading halts are aimed at reducing information asymmetry by granting investors the opportunity
to reassess trades upon arrival of new, substantial information. This study is the first to …

Asset-pricing models with volume are challenged by the high turnover-rates in real stock
markets. We develop an asset-pricing framework with heterogeneous risk preferences and …

We measured bond and stock conditional return volatility as a function of changes in
sentiment, proxied by six indicators of the Tel-Aviv Stock Exchange. We found that changes in …

In a dynamic asset-pricing model with Hyperbolic Absolute Risk Aversion preferences,
investors who have Decreasing Relative Risk Aversion have an age dependent component in …

This article examines the question of whether a “deep market” for tradable corporate bonds
exists in Israel, as defined in the international accounting standard (IAS-19) dealing with …

Evidence from equity markets worldwide indicates that the Day‐of‐the‐Week anomaly
appears to fade from the first moment of the distribution of daily returns. We report highly …

We develop closed-form expressions for the path and speed of stock price discovery in a
utility-based CAPM with wealth effects. Two investors with uniquely bounded risk-preferences …