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
Epilog
Sasson Bar Yosef, The Hebrew University of Jerusalem