The Fourth Israel Behavioral

Finance Conference 2022

Program Conference

Sunday, June 26th


8:45 - 9:15, Registration

9:15 - 9:30, Greetings

Dror Wahrman, President, The Academic College of Tel Aviv-Yaffo

Itzhak Venezia, The Academic College of Tel Aviv-Yaffo and The Hebrew University of Jerusalem. Currently Visiting Tel Aviv University

Rachel Calipha, The Academic College of Tel Aviv-Yaffo


09:30 - 11:00, First Session: Risk, Behavior, and Investment Preferences

Chair: Yoav Ganzach Dean, School of Management and Economics, The Academic College of Tel Aviv-Yaffo, Israel


Yoav Ganzach, The Academic College of Tel Aviv-Yaffo, Randomness and Volume in the New York Stock Exchange: In Memory of Stanley Schachter


Zur Shapira, New York University, Firms' Control of Their Market Actors: Managing the Risks Taken by Government Bond Traders

Moshe Levy, The Hebrew University of Jerusalem, Mutual Fund Selection, and the Investment Horizon


AJ Chen, University of Southern California, Fernando Zapatero, Boston University, Suk Leey, Bank of Korea, Clinging onto the Cliff: A Model of Financial Misconduct


Valeria Fedyk, London Business School, This Time is Different: Investing Preferences in the Age of Robinhood


Abigail Hurwitz, The Hebrew University of Jerusalem, Johannes Hagen, Jönköping International Business School, Michal Hodor, Tel Aviv University, Private Information and Risk Preferences in the Annuity Market: Evidence from Sweden

Break: 11:00 - 11:15


11:15 - 12:45, Second Session: Pandemics, Wars and Inequalities

Chair: Zur Shapira, New York University


Danny Ben-Shahar, Roni Golan, Tel Aviv University, and Stuart Gabriel, UCLA, The Cost of Political Belief Disagreement: Virus Transmission and Vaccine Resistance During the COVID-19 Pandemic


Guy Hochman, Moran Ofir, Roy Fadida, and Shahar Ayal, Reichman University (IDC Herzliya), Financial Risk-Tolerance During a Major Negative Life Experience: The Case of COVID-19 Pandemic

Sivan Riff, Ruppin Academic Center, Moshe Ben Horin and Yoram Kroll, Ono College, The Cost of Russia -Ukraine War to the Home Bias of the Russian Stockholders


Jana Koleschnik, Elias Ktoris, and Olga Kandinskaia, Cyprus International Institute of Management – CIIM, Impact of COVID-19 Pandemic Announcement on the Market Value of Companies in the German Stock Index DAX30


Michael Haliassos, Goethe University Frankfurt CEPR, and NETSPAR, Thomas Jansson, Sveriges Riksbank, Yigitcan Karabulut, Frankfurt School of Finance and Management and CEPR, Wealth Inequality: Opportunity or Unfairness?

Maurizio Montone, Utrecht University, Remco Zwinkels, VU Amsterdam, Risk, Return, and Sentiment in a Virtual Asset Market

Lunch: 12:45 -14:00


14:00 - 15:30, Third Session: Liquidity, Prediction Markets and Theory

Chair: Efrat Shust, Open University, Israel



H. J. Turtle, Colorado State University, Laura T. Starks, University of Texas, Richard (Rick) Sias, University of Arizona, Long-Term Expectations


Yakov Amihud, New York University, Avanidhar Subrahmanyam, University of California at Los Angeles, Sahn-Wook Huh, School of Management University (SUNY) at Buffalo, Liquidity Spillovers: Evidence from Two-Step Spinoffs


Doron Sonsino, Cyprus International Institute of Management, Yefim Roth, Haifa University, The Decrease in Confidence with Forecast Extremity


Mahmoud Qadan, University of Haifa, Smadar Siev, Ono Academic College, Call Me When You Grow Up


Doron Kliger, The University of Haifa, Yosef Mentzer, Technion - Israel Institute of Technology and The University of Haifa, Wisdom of the Crowds Semi-Strong Form Efficiency in Prediction Markets


Avi Wohl, Tel Aviv University, Daniel Nathan, Bank of Israel and Tel Aviv University, Menachem Abudy, Bar-Ilan University, Mutual Fund Flows and Government Bond Returns

Break: 15:30 - 15:45


15:45 - 17:15, Fourth Session: Impact Investing, ESG and Gender

Chair: Rachel Calipha, The Academic College of Tel Aviv-Yaffo, Israel


Julia Klevak, QMA, Joshua Livnat, NYU and QMA, and Kate Suslava, Bucknell University, Benefits of Having a Female CFO

Enav Fridemann, Ben-Gurion University, Rachel Calipha, Academic College of Tel-Aviv Yaffo, Yifat Reuveni, Ruppin Academic Center, The Gap between Environmental and Social Attitudes and Sustainable Behaviors Among Lecturers in Academia

Jie Cao, Linyu Zhou, and Weiming Zhang, The Chinese University of Hong Kong, Xintong Zhan, Fudan University, and Yi Li, Board of Governors of the Federal Reserve System, Carbon Emissions, Mutual Fund Trading, and the Liquidity of Corporate Bonds

Ye Zhang, Stockholm School of Economics, Impact Investing and Venture Capital Industry: Experimental Evidence


Maximilian Rohrer and Nataliya Gerasimova Norwegian School of Economics, Not by Whom but Where: Analyst Reaction to Firms' ESG Incidents

Sudheer Chava, Georgia Tech University, Jaemin Lee, and Jeong Ho (John) Kim, Emory University, Risk, Return, and Environmental and Social Ratings

Break: 17:15 - 17:30   


17:30  -18:30, Presentation of the newly established Israeli Association of Behavioral Finance: Itzhak Venezia, Sasson Bar Yosef, Rachel Calipha, Rachel Shalom-Gilo, Jacob Oded, and Yaron Lahav


Dinner: 19:00 - 21:00

Monday, June 27th

8:45 - 9:15, Registration


9:15 - 9:30, More on the newly established Israel Association of Behavioral Finance: Itzhak Venezia, Sasson Bar Yosef, Rachel Calipha, Rachel Shalom-Gilo, Jacob Oded, and Yaron Lahav.

09:30 - 11:00, Fifth Session: Investor Sentiment, Risk and Theory

Chair: Ahron Rosenfeld, Hong Kong University of Science and Technology


Gabriela Coiculescu, and S. Abraham Ravid, Yeshiva University, Yehuda Izhakian, Baruch College, Innovation under Ambiguity and Risk


Meir Statman, Santa Clara University, Culture in Judgements of Fairness: The Case of Insider Trading


Peter L. Swan, UNSW Sydney, Pallab Dey, UNSW Sydney Business School, Can Illiquidity Be Priced in an Active Secondary Market?

Jan-Oliver Strych, Levy Schattmann, Karlsruhe Institute of Technology and P. Joakim Westerholm, University of Sydney, Information Processing Skills of Short Sellers


Elroi Hadad, Shamoon College of Engineering (SCE), Haim Kedar-Levy, Ben-Gurion University of the Negev, The Impact of Retail Investor Sentiment on Conditional Volatility of Stocks and Bonds

Haomiao Wang, Hang Cheng Dongbei University of Finance and Economics, Hui Guo, University of Cincinnati, Yongdong Shi, Dongbei University of Finance and Economics, Dissecting Sentiment-Beta Anomaly

Break: 11:00 - 11:15


11:15 - 12:45, Sixth Session: Takeovers, Financial Crises, Stress and Regulation

Chair: Galla Salganik-Shoshan, Ben Gurion University, Israel


Donato Masciandaro, Bocconi University and SUERF, Austria, Federico Favaretto, Boston College, Populism, Financial Crises and Banking Policies: Economics and Psychology

Daniel Carvalho, Indiana University, Nelson Camanho, Queen Mary University of London, How Do Banks Shape Lending Co-Movement?


Cheng Zhang, Victoria University of Wellington, Kai Wang, Central University of Finance and Economics, Xuan Zhang, Nanjing Audit University, Zhiping Zhou, Tongji University, The Impact of Financial Stress Shocks on Commodity Prices


Matthias Pelster, Paderborn University, Germany, The Leverage Substitution


Jasmine Wang, University of Virginia, Tao Shu, Chinese University of Hong Kong Shenzhen, Tingting Liu, Iowa State University, Winner's Curse in Takeovers? Evidence from Investment Bank Valuation Disagreement

Sivan Frenkel, Tel Aviv University, Liquidity of Securities


Lunch: 12:45 -14:00


14:00 – 15:30, Seventh Session: Algorithmic and Slow Trading, Auctions & Performance

Chair: Moshe Ben-Horin, Ono Academic College, Israel


Andrea Marchioni, University of Modena and Reggio Emilia Italy, Moshe Ben-Horin, Ono Academic College, Yoram Kroll, Ono Academic College and Ruppin Academic Center, Coherent Portfolio Performance Ratios


Guy Kaplanski, Bar Ilan University, The Race to Exploit Anomalies and the Cost of Slow Trading

Yoram Kroll, Ono Academic College and Ruppin Academic Center, and Zohar Tsuk, Ruppin Academic Center, Buy and Sell Decisions


Antonio Gargano, University of Houston, Marco Giacoletti, University of Southern California, Cooling Auction Fever: Evidence from the Housing Market


Dan Levin, and James Peck, The Ohio State University, Misbehavior in Common-Value Auctions: Bidding Rings and Shills


Karolis Liaudinskas, Norges Bank, Oslo, Norway, Human vs. Machine: Disposition Effect among Algorithmic and Human Day-traders

Break: 15:30 - 15:45


15:45 - 17:15, Eighth Session: The Impact of Information, Accounting & Eponymous Firms

Chair: Yoram Landskroner, The Hebrew University of Jerusalem, Israel


Jiaxing You and Shuyi Zhu, Xiamen University, Jingjing Xia, Wenzhou-Kean University, Home Not So Sweet Home: An Examination of Retail Investors' Local Information Advantage Using Online Stock Forum Posts


Joshua Shemesh, Monash Business School, Omer Lev, Ben-Gurion University, Yoram Bachrach, Google DeepMind, The Role of Soft Information in Crowdfunding: Evidence from Crowdsourced Data

Bharat Sarath, Rutgers Business School, Accounting, Belief Formations and the Ellsberg Paradox


Annalisa Prencipe, and Carlo D’Augusta, Bocconi University, Milano, Accruals Quality Shocks to Macro-Uncertainty, and Investor Response to Earnings News


Annalisa Prencipe, Bocconi University, Leonidas Barbopoulos, University of Edinburgh Business School, Luca Viarengo, Università Cattolica del Sacro Cuore, Milano, Earnout Agreements in the Covid Era

Doron Kliger, University of Haifa, Ruth Rooz, The Hebrew University of Jerusalem and Visiting New York University, Yevgeny Mugerman, Bar-Ilan University, I Am The Firm! Eponymous Firms and Rose-Coloured Forecasts

Break: 17:15 - 17:30   


17:30 - 18:30, Concluding Session: Theory, Evidence, and Gender

Chair: Sasson Bar-Yosef, The Hebrew University of Jerusalem, Israel


Shlomith Zuta, The Academic College of Tel Aviv-Yaffo, The Alternative Meat Industry: Fad or Disruption?


Abigail Hurwitz, The Hebrew University of Jerusalem, Olivia S. Mitchell, University of Pennsylvania, Orly Sade, The Hebrew University of Jerusalem, What Getting Vaccinated Reveals about Insurance Preferences

Jacob Oded, Tel Aviv University, Why Do Firms Repurchase Their Overpriced Shares?

Luigi Guiso and Luana Zaccaria Einaudi Institute for Economics and Finance, From Patriarchy to Partnership: Gender Equality and Household Finance



Sasson Bar Yosef, The Hebrew University of Jerusalem