Itay Goldstein
Joel S. Ehrenkranz Family Professor

Professor of Finance

Professor of Economics

Coordinator of PhD Program

Finance Department, Wharton School, University of Pennsylvania

Phone: 215-746-0499.

E-mail: itayg@wharton.upenn.edu

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 Resume (updated: October 2016)

 

RESEARCH

See also Google Scholar Website and Scopus Profile

PUBLICATIONS IN REFEREED JOURNALS

1.   Investor Flows and Fragility in Corporate Bond Funds with Hao Jiang and David Ng, Journal of Financial Economics, forthcoming

-      Basis for Policy Brief at Penn Wharton Public Policy Initiative

-      Video link in Knowledge @ Wharton

-      Covered in Reuters, Bloomberg, Wall Street Journal

2.   Incentives for Information Production in Markets where Prices Affect Real Investment with James Dow and Alexander Guembel, Journal of the European Economic Association, forthcoming

3.   Feedback Effects, Asymmetric Trading, and the Limits to Arbitrage with Alex Edmans and Wei Jiang, American Economic Review, vol. 105(12), pp. 3766-3797, December 2015

4.   Government Intervention and Information Aggregation by Prices with Philip Bond, Journal of Finance, vol. 70(6), pp. 2777-2811, December 2015

5.   Information Diversity and Complementarities in Trading and Information Acquisition with Liyan Yang, Journal of Finance, vol. 70(4), pp. 1723-1765, August 2015

6.   Speculation and Hedging in Segmented Markets with Yan Li and Liyan Yang, Review of Financial Studies, vol. 27(3), pp. 881-922, March 2014

7.   Trading Frenzies and Their Impact on Real Investment with Emre Ozdenoren and Kathy Yuan, Journal of Financial Economics, vol. 109(2), pp. 566-582, August 2013

-      Video of my presentation in the Utah Winter Finance Conference

-      Covered in Financial Times

8.   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

9.   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

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

11.                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

12.                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

13.                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

14.                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

15.                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

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

17.                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

18.                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  

19.                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

20.                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

21.                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

22.                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

23.                Enhancing Prudential Standards in Financial Regulations with Franklin Allen, Julapa Jagtiani, and William Lang,  Journal of Financial Services Research, vol. 49(2-3), pp. 133-151, June 2016

24.                Bayesian Persuasion in Coordination Games with Chong Huang, American Economic Review Papers and Proceedings, vol. 106(5), pp. 592-596, May 2016

25.                Three Branches of Theories of Financial Crises with Assaf Razin, Foundations and Trends in Finance, vol. 10(2), pp. 113-180, December 2015

-      Basis for column in vox

26.                Moral Hazard and Government Guarantees in the Banking Industry with Franklin Allen, Elena Carletti, and Agnese Leonello, Journal of Financial Regulation, vol. 1(1), pp. 30-50, March 2015

27.                Corporate Finance Theory: Introduction to Special Issue with Dirk Hackbarth, Journal of Corporate Finance, vol. 29, pp. 535-541, December 2014

28.                Should Banks’ Stress Test Results be Disclosed? An Analysis of the Costs and Benefits with Haresh Sapra, Foundations and Trends in Finance, vol. 8, pp. 1-54, December 2013

-      Basis for Policy Brief at Penn Wharton Public Policy Initiative

-      Covered by Bloomberg, MarketWatch

29.                The Real Effects of Financial Markets with Philip Bond and Alex Edmans, Annual Reviews of Financial Economics, vol. 4, pp. 339-360, December 2012

-      Covered by Huffington Post

30.                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

31.                Housing Price Booms and Crowding-Out Effects in Bank Lending with Indraneel Chakraborty and Andrew MacKinlay (Latest Version: November 2016)

-      Marshall Blume Prize in Financial Research (Rodney L. White Center), first prize, 2013

-      Covered in the Economist and Financial Times

-      Basis for column in vox

32.                Good Disclosure, Bad Disclosure with Liyan Yang (Latest Version: February 2016)

-      MIT Asia Conference in Accounting Best Paper Award, Runner-Up, 2015

33.                Government Guarantees and Financial Stability with Franklin Allen, Elena Carletti, and Agnese Leonello (Latest Version: December 2015)

-      Finalist for Cavalcade Best Paper in Corporate Finance in honor of Jerome A. Chazen, SFS Cavalcade 2015

34.                Stress Tests and Information Disclosure with Yaron Leitner (Latest Version: November 2015)

35.                Contracting with Synergies with Alex Edmans and John Zhu (Latest Version: November 2013)

 

SELECTED KEYNOTE SPEECHES, LECTURE NOTES, PANELS, AND MEDIA

Mini Course on “Financial Fragility” (Study Center Gerzensee and Swiss Finance Institute, August 2016) Slides

Panel on “The Financial System Today: Better, Safer, Stronger?” (IMF, April 2016) Slides

Panel on “Non-Bank Runs and Financial Crises” (CME Group and MSRI Award Reception, February 2016) Slides

Keynote Speech on “stress Tests and Information Disclosure” (Fourth Oxford Financial Intermediation Theory Conference, September 2015): Slides

Keynote Speech on “Mutual Fund Liquidity” (University of Toronto and Bank of Canada Conference on “Liquidity Risk in Asset Management”, September 2015): Slides

Summer School on Financial Intermediation and Contracting, lecture on “Financial Fragility: A Global Games Approach” (Finance Theory Group and Washington University, August 2015): Slides, Video link

Keynote Speech on Runs and Fragility in the Financial System (University of Maryland and Clearing House Conference on “the Intended and Unintended Consequences of Financial Reform”, May 2015): Slides

Panel at the Financial Stability Oversight Council (FSOC, May 2014) event on Asset Management (video available on website)

Doctoral Consortium (Financial Management Association, October 2013): Panel Talk Video

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

Discussion with Ernst & Young professionals about SIFI designation (October 2011): Video Link

Interview in Chicago Public Radio (Worldview) about the role of banks in the European debt crisis (May 2010)

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

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

PhD course on Corporate Finance and Financial Institutions; 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

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

 

SELECTED PROFESSIONAL ACTIVITIES

I am an Editor at the Review of Financial Studies

I served as a department editor at Management Science

I served as an editor at the Journal of Financial Intermediation

I was a guest co-editor (with Dirk Hackbarth) of a special issue on Corporate Finance Theory at the Journal of Corporate Finance

I co-founded (with Gustavo Manso) and served as first president of the Finance Theory Group

I co-organized (with Simon Gervais, Ohad Kadan, Uday Rajan, and Adriano Rampini) the First Summer School on Financial Intermediation and Contracting

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

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

I co-organize (with Franklin Allen and Guillermo Ordonez) the Wharton Conferences on Liquidity and Financial Crises (annual event since 2012)

Link to the call for papers for 2016 conference

I am a director of the Western Finance Association

I am a director of the Financial Intermediation Research Society

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 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)

 

 

 

 


 
 
 

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