Itay Goldstein
Joel S. Ehrenkranz Family Professor

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: May 2015)

 

RESEARCH

See also Google Scholar Website and Scopus Profile

PUBLICATIONS IN REFEREED JOURNALS

1.   Feedback Effects, Asymmetric Trading, and the Limits to Arbitrage with Alex Edmans and Wei Jiang, American Economic Review, forthcoming

2.   Government Intervention and Information Aggregation by Prices with Philip Bond, Journal of Finance, forthcoming

3.   Information Diversity and Complementarities in Trading and Information Acquisition with Liyan Yang, Journal of Finance, forthcoming

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

5.   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

6.   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

7.   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

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

9.   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

10.                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

11.                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

12.                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

13.                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

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

15.                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

16.                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  

17.                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

18.                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

19.                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

20.                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

21.                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

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

23.                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

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

25.                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

26.                Investor Flows and Fragility in Corporate Bond Funds with Hao Jiang and David Ng (Latest Version: June 2015)

-      Covered in Reuters, Bloomberg

27.                Incentives for Information Production in Markets where Prices Affect Real Investment with James Dow and Alexander Guembel (Latest Version: May 2015)

28.                Good Disclosure, Bad Disclosure with Liyan Yang (Latest Version: March 2015)

29.                Stress Tests and Information Disclosure with Yaron Leitner (Latest Version: February 2015)

30.                Government Guarantees and Financial Stability with Franklin Allen, Elena Carletti, and Agnese Leonello (Latest Version: December 2014)

31.                Do Asset Price Booms have Negative Real Effects? with Indraneel Chakraborty and Andrew MacKinlay (Latest Version: September 2014)

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

REVIEW/POLICY PAPERS

33.                Three Branches of Theories of Financial Crises with Assaf Razin (Latest Version: August 2013)

-      Basis for column in vox

WORK IN PROGRESS

34.                Market Efficiency and Real Efficiency: The Connect and Disconnect via Feedback Effects (with Liyan Yang)

 

SELECTED LECTURE NOTES, PANELS, AND MEDIA

Keynote Speech on Runs and Fragility in the Financial System (University of Maryland and Clearing House Conference, 2015): Slides

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

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

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

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

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

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

Mini Course on Financial Fragility (Goethe University and Deutsche Bundesbank, 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) 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 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 2015 conference

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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