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: April 2014)

RESEARCH

See also Google Scholar Website and Scopus Profile

PUBLICATIONS IN REFEREED JOURNALS

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

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

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

4.   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

5.   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

6.   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

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

8.   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

9.   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

10.                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

11.                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

12.                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

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

14.                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

15.                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  

16.                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

17.                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

18.                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

19.                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

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

21.                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

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

23.                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

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

25.                Feedback Effects, Asymmetric Trading, and the Limits to Arbitrage with Alex Edmans and Wei Jiang (Latest Version: September 2014)

26.                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

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

28.                Stress Tests and Information Disclosure with Yaron Leitner (Latest Version: June 2013)

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

REVIEW/POLICY PAPERS

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

-      Basis for column in vox

WORK IN PROGRESS

31.                Good Disclosure, Bad Disclosure (with Liyan Yang)

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

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

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

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 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:

Third Wharton Conference on Liquidity and Financial Crises

Second Wharton Conference on Liquidity and Financial Crises

First Wharton Conference on Liquidity and Financial Crises

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)

SELECTED POLICY ACTIVITIES

I spoke at the Financial Stability Oversight Council (FSOC) event on Asset Management (video available on website)

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

 

 

 


 
 
 

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