Itay Goldstein
Associate Professor of Finance,

Coordinator of Finance PhD Program,

Wharton School, University of Pennsylvania

Phone: 215-746-0499.

E-mail: itayg@wharton.upenn.edu

Resume (updated: May 2012)

RESEARCH

WORKING PAPERS

1. Trading Frenzies and Their Impact on Real Investment with Emre Ozdenoren and Kathy Yuan (Latest Version: May 2012)

- Video of my presentation in the Utah Winter Finance Conference

- Covered in Financial Times

2. Speculation and Hedging in Segmented Markets with Yan Li and Liyan Yang (Latest Version: March 2012)

3. Information Diversity and Market Efficiency Spirals with Liyan Yang (Latest Version: March 2012)

4. Feedback Effects and the Limits to Arbitrage with Alex Edmans and Wei Jiang (Latest Version: February 2012)

5. Contracting with Synergies with Alex Edmans and John Zhu (New: November 2011)

6. Incentives for Information Production in Markets where Prices Affect Real Investment with James Dow and Alexander Guembel (Latest Version: October 2011)

7. Government Intervention and Information Aggregation by Prices with Philip Bond (Latest Version: June 2011)

REVIEW/POLICY PAPERS

8. The Real Effects of Financial Markets with Philip Bond and Alex Edmans, Annual Reviews of Financial Economics, forthcoming

9. Fundamentals or Panic: Lessons from the Empirical Literature on Financial Crises Encyclopedia of Financial Globalization, forthcoming

10. Should Banks’ Stress Test Results be Disclosed? An Analysis of the Costs and Benefits with Haresh Sapra

PUBLICATIONS IN REFEREED JOURNALS

11. The Real Effects of Financial Markets: The Impact of Prices on Takeovers with Alex Edmans and Wei Jiang, Journal of Finance, forthcoming

- Summarized in Knowledge @ Wharton; basis for coverage in Morningstar, and others

- Terker Family Prize in Investment Research (Rodney L. White Center), honorable mention, 2009

12. Self-Fulfilling Credit Market Freezes with Lucian Bebchuk Review of Financial Studies, vol. 24(11), pp. 3519-3555, November 2011

- Lead Article

- Marshall Blume Prize in Financial Research (Rodney L. White Center), first prize, 2011

- Basis for op-ed in Financial Times

- Summarized in Knowledge @ Wharton; basis for coverage in Forbes, and others

13. Learning and Complementarities in Speculative Attacks with Emre Ozdenoren and Kathy Yuan, Review of Economic Studies, vol. 78(1), pp. 263-292, January 2011

14. Payoff Complementarities and Financial Fragility: Evidence from Mutual Fund Outflows with Qi Chen and Wei Jiang, Journal of Financial Economics, vol. 97(2), pp. 239-262, August 2010

- Summarized in Knowledge @ Wharton

15. Market-Based Corrective Actions with Philip Bond and Edward Simpson Prescott, Review of Financial Studies, vol. 23(2), pp. 781-820, February 2010

- Summarized in Knowledge @ Wharton

16. Activist Arbitrage: A Study of Open-Ending Attempts of Closed-End Funds with Michael Bradley, Alon Brav, and Wei Jiang, Journal of Financial Economics, vol. 95(1), pp. 1-19, January 2010

- Lead Article

17. Directors' Ownership in the U.S. Mutual Fund Industry with Qi Chen and Wei Jiang, Journal of Finance, vol. 63(6), pp. 2629-2677, December 2008

18. Manipulation and the Allocational Role of Prices with Alexander Guembel, Review of Economic Studies, vol. 75(1), pp. 133-164, January 2008

- Summarized in Knowledge @ Wharton; basis for coverage and interviews in TheStreet.com, Bloomberg, Seeking Alpha, and others

19. The Positive Effects of Biased Self-Perceptions in Firms with Simon Gervais, Review of Finance, vol. 11(3), pp. 453-496, September 2007

20. Price Informativeness and Investment Sensitivity to Stock Price with Qi Chen and Wei Jiang, Review of Financial Studies, vol. 20(3), pp. 619-650, May 2007

21. An Information Based Trade off Between Foreign Direct Investment and Foreign Portfolio Investment with Assaf Razin, Journal of International Economics, vol. 70(1), pp. 271-295, September 2006

22. Demand Deposit Contracts and the Probability of Bank Runs with Ady Pauzner, Journal of Finance, vol. 60(3), pp. 1293-1328, June 2005

- Reprinted in Financial Crises, International Library of Critical Writings in Economics, Franklin Allen and Douglas Gale ed., Edward Elgar Publishing Ltd, 2009

- Nominated for Smith Breeden Prize for the best article published in the Journal of Finance, 2005

23. Strategic Complementarities and the Twin Crises Economic Journal, vol. 115, pp. 368-390, April 2005

- Reprinted in Liquidity and Crises, Franklin Allen, Elena Carletti, Jan Pieter Krahnen, and Marcel Tyrell ed., Oxford University Press, 2010

24. The Choice of Exchange Rate Regime and Speculative Attacks with Alex Cukierman and Yossi Spiegel, Journal of the European Economic Association, vol. 2(6), pp. 1206-1241, December 2004

25. Contagion of Self-Fulfilling Financial Crises Due to Diversification of Investment Portfolios with Ady Pauzner, Journal of Economic Theory, vol. 119(1), pp. 151-183, November 2004

TEACHING AND LECTURE NOTES

Financial Institutions (PhD course); covers theories of Corporate Finance, Financial Institutions, and Financial Markets: Syllabus; Lecture Notes: Moral Hazard, Theory of the Firm, Capital Structure, Financial Contracting, Financial Intermediation and Crises, Corporate Control, Financial Markets, Feedback Effects

Training Seminar on Credit Freeze (IMF Institute, 2012): Lecture Notes

Training Seminar on Financial Fragility (IMF Institute, 2009): Lecture Notes

Mini Course on Financial Fragility (Goethe University and Deutsche Bundesbank, 2007): Lecture Notes

Advanced Corporate Finance (MBA level): Syllabus (Fall 2008); for more information, go to Wharton WebCafé (Password Required)

SELECTED PROFESSIONAL ACTIVITIES

I co-founded (with Gustavo Manso) the Finance Theory Group

I co-organized (with Gustavo Manso) the First Workshop of the Finance Theory Group

I Co-organized (with Vincent Glode) the Fifth Workshop of the Finance Theory Group

I am a member of the Foundation for the Advancement of Research in Financial Economics (FARFE)

I co-organized the Third FARFE Conference

I co-organized the Third Conference of the Paul Woolley Centre at the London School of Economics (Sessions on Financial Markets and the Real Economy)

I am an associate editor at Management Science and the Journal of Financial Intermediation

SELECTED MEDIA

Discussion with Ernst & Young professionals about SIFI designation

My Knowledge @ Wharton page, containing coverage of research, interviews, and opinions

Interview in Chicago Public Radio (Worldview) about the role of banks in the European debt crisis