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Itay Goldstein Coordinator of Finance PhD Program Wharton School, University of Pennsylvania Phone: 215-746-0499. E-mail: itayg@wharton.upenn.edu
Resume (updated: January
2013) RESEARCH
See also Google
Scholar Website PUBLICATIONS IN REFEREED JOURNALS 1. Trading Frenzies and Their Impact on Real Investment with Emre Ozdenoren and Kathy Yuan, Journal of Financial Economics, forthcoming - Video of my presentation in the Utah Winter Finance
Conference - Covered in Financial
Times 2.
The
Real Effects of Financial Markets: The Impact of Prices on Takeovers with
Alex Edmans and Wei Jiang,
Journal of Finance, vol. 67(3), pp. 933-971, June 2012 - Summarized in Knowledge
@ Wharton; basis for coverage in Morningstar,
and others -
Terker
Family Prize in Investment Research (Rodney L. White Center), honorable
mention, 2009 3. 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 4.
Learning and
Complementarities in Speculative Attacks with Emre Ozdenoren and Kathy
Yuan, Review of Economic Studies,
vol. 78(1), pp. 263-292, January 2011 5.
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 6.
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 7. 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 8.
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 9. 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 10.
The
Positive Effects of Biased Self-Perceptions in Firms with Simon
Gervais, Review of Finance, vol. 11(3), pp. 453-496,
September 2007 11.
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 12.
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 13.
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 14.
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 15.
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 16.
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 OTHER PUBLICATIONS 17.
The Real Effects of Financial
Markets with Philip Bond and Alex Edmans, Annual Reviews of Financial Economics,
vol. 4, pp. 339-360, December 2012 18.
Empirical Literature on
Financial Crises: Fundamentals vs. Panic in The Evidence and Impact of Financial
Globalization, edited by Gerard Caprio (Elsevier, Amsterdam), pp.
523-534, December 2012 WORKING PAPERS 19.
Do Asset
Price Bubbles have Negative Real Effects? with Indraneel Chakraborty and
Andrew MacKinlay (NEW: April 2013) 20.
Speculation and Hedging in Segmented
Markets with
Yan Li and Liyan Yang (Latest Version: March 2013) 21. Government Intervention and Information Aggregation by Prices with Philip Bond (Latest Version: December 2012) 22.
Information Diversity and Market
Efficiency Spirals
with Liyan Yang (Latest Version: November 2012) 23.
Feedback Effects and the Limits to
Arbitrage with Alex Edmans
and Wei Jiang (Latest Version: June 2012) 24.
Contracting with
Synergies with Alex Edmans and John Zhu (Latest Version:
November 2011) 25.
Incentives
for Information Production in Markets where Prices Affect Real Investment
with James Dow and Alexander Guembel (Latest Version: October
2011) REVIEW/POLICY PAPERS 26.
Should Banks’
Stress Test Results be Disclosed? An Analysis of the
Costs and Benefits with Haresh Sapra
27.
Review
of Theories of Financial Crises with Assaf Razin -
Basis for column in vox. WORK IN PROGRESS 28.
Stress Tests and Information Disclosure (with Yaron Leitner) 29.
Government Guarantees and Financial Stability
(with Franklin Allen, Elena Carletti, and Agnese Leonello) TEACHING
AND LECTURE NOTES Corporate Finance and 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 (Spring 2013) 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 department editor at Management Science I am an editor at the Journal of Financial Intermediation I am a member of the Foundation
for the Advancement of Research in Financial Economics (FARFE) I
co-organized the Third FARFE
Conference (academic sessions, with Adriano Rampini) I co-organized (with Franklin Allen and Guillermo Ordonez) the Wharton Conference on Liquidity and Financial Crises I am a guest co-editor (with Dirk Hackbarth) of a special
issue on Corporate Finance Theory at the Journal of Corporate Finance 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, with Thierry Foucault
and Kathy Yuan) 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 |