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The Third Israel Behavioral Finance Conference June 4th-June 5th, 2019

Tentative Program 

Tuesday, June 4th


8:45 - 9:15, Registration

9:15 - 9:30, Greetings

Israel (Izzi) Borovich, Dean, School of Management and Economics, The Academic College of Tel Aviv-Yaffo

Itzhak Venezia, Chairman of the MBA Program, The Academic College of Tel Aviv-Yaffo


9:30 - 10:00, Keynote address, Eyal Winter, Lancaster Universrity, and The Hebrew University of Jerusalem, Emotions and Game Theory


10:00 - 11:00, First Session: Financial Anomalies

Chair: Jacob Oded, Tel Aviv University               


Maurizio Montone, Luxembourg School of Finance, Martijn J. van den Assem, VU Amsterdam, Tinbergen Institute, Remco C. J. Zwinkels, VU Amsterdam, Tinbergen Institute, Company Name Fluency and Stock Returns


Söhnke M. Bartram, University of Warwick, Leslie Djuranovik, Bank Indonesia, Anthony Garratt, University of Warwick, Currency Anomalies

Doron Avramov, Interdisciplinary Center (IDC), Guy Kaplanski, Bar Ilan University, Avanidhar Subrahmanyam, UCLA, Stock Return Predictability: New Evidence from Moving Averages of Prices and Firm Fundamentals


Break-11:00 - 11:20


11:20 – 12:40, Second Session: Governance, Law and Lifecycle issues

Chair, Luca Viarengo, Universita Cattolica del Sacro Cuore, Milano                  


Thomas Jansson, Sveriges Riksbank, Yigitcan Karabulut, Frankfurt School of Finance and Management, Do Robots Increase Wealth Dispersion?


Alberto Plazzi, Universit`a della   Svizzera Italiana and   Swiss Finance Institute, Walter Torous, MIT, Umit Yilmaz, Universit`a della   Svizzera Italiana and   Swiss   Finance Institute, Does Corporate  Governance Matter? Evidence from the AGR Governance Rating


Andrew Grant, University of Sydney, Petko S. Kalev, Latrobe University, Avanidhar Subrahmanyam P., University of California, Joakim Westerholm, University of Sydney, How are Investor Trading Activity and Performance Affected by Major Lifecycle Events? The Case of Divorce


Abigail Hurwitz, The Wharton School of the University of Pennsylvania (visiting), The Hebrew University of Jerusalem and The College of Management Academic Studies, Orly Sade, The Hebrew University of Jerusalem, Eyal Winter, The Hebrew University of Jerusalem and Lancaster University, Unintended Consequences of Minimum Annuity Laws:  An Experimental Study


Lunch: 12:40-14:00


14:00 – 15:20, Third Session: Horizons Effects on Decisions

Chair, George Theocharides, Cyprus International Institute of Management


Moshe Ben Horin, Ono Academic College, Yoram Kroll, Ono Academic College and Ruppin Academic Center, Horizon Adjusted Performance Measures


Moshe Levy, Hebrew University, Haim Levy, Prospect Theory and the Investment Horizon


Magnus Jansson, University of Gothenburg, The Contested Significance of Financial Expertise in Predicting Short- and Long-Term Risk and Return on the Stock Market


Nihat Aktas, WHU Otto Beisheim School of Management, Audra Boone, Texas Christian University, Ettore Croci, Università Cattolica del Sacro Cuore, and Andrea Signori, Università Cattolica del Sacro Cuore, Reductions in CEO Career Horizons and Corporate Policies


Break: 15:20 -15:30


15:30 – 17:00, Fourth Session: Experiments and Surveys of Financial Decisions

Chair, Oded Palmon, Rutgers University


Menachem (Meni) Abudy, Bar-Ilan University, Dan Amiram, Tel Aviv University and Columbia University, Oded Rozenbaum, The George Washington University, Efrat Shust, The Open University of Israel, Do Executive Compensation Contracts Maximize Firm Value? Indications from a Quasi- Natural Experiment


Doron Sonsino, Center for Academic Studies Or-Yehuda and Ben-Gurion University of the Negev, Yaron Lahav, Ben-Gurion University of the Negev, Yefim Roth, Haifa University, The Willingness to Accommodate Small Losses for Worthy Structured Gains - Experimental Evidence


 Zvika Afik, Ben-Gurion University of the Negev, Yaron Lahav, Ben- Gurion University of the Negev, Liran Maymoni, Ben-Gurion University of the Negev, Intention-Based Disposition Effect in Experimental Asset Markets with Long Horizon


Nora Laurinaityte, Research Center SAFE and Goethe University Frankfurt, Household Financial Risk Tolerance in Europe

David Leiser, Hernan Rosenbaum, Ben Gurion University of the Negev, Lay Perceptions About the Pension System in Israel


Wednesday, June 5th 2019


9:00 – 10:40, Fifth Session: Analysts Decisions and Influence on Investors

Chair, Keren Bar-Hava, The Hebrew University of Jerusalem


Joshua Livnat, New York University, Kate Suslava, Bucknell University, Yakun Wang, Chinese University of Hongkong, Li Zhang, Rutgers University, Chen Zhao, Southwestern University of Finance and Economics, Analysts Unfavorable Recommendation Initiations


Sergey Gelman, Concordia University, Doron Kliger, University of Haifa, The Effect of Time-Induced Stress on Financial Decision Making in Real Markets: The Case of Traffic Congestion


Liron Reiter Gavish, Mahmoud Qadan, University of Haifa, Joseph Yagil University of Haifa, and Western Galilee College. In Search of Peace of Mind: Who Exactly Uses Financial Advice


Lawrence Choo, FAU-Erlangen-Nuremberg, Todd R. Kaplan, University of Exeter, Ro’i Zultan, Ben-Gurion University of the Negev, Manipulation in Prediction Markets


Andrey Kudryavtsev, Yezreel Valley Academic College, Analyst Recommendation Revisions and Subsequent Price Drifts: Behavioral Aspects



Break: 10:40-11:00


11:00 – 12:20, Sixth Session: Theoretical Aspects of Behavioral Finance

Chair, Avi Wohl, Tel Aviv University


Bharat Sarath, Rutgers University, Optimal Contracts Under Intra-Shareholder Conflicts


Polina Ellina, Cyprus University of Technology, Briance Mascarenhas, Camden Rutgers University, Panayiotis Theodossiou, Cyprus University of Technology, Clarifying Managerial Biases using a Probabilistic Framework


Nikolaos Artavanis, University of Massachusetts Amherst, & Virginia Tech, and Ioannis Spyridopoulos, American University, Behavioral Attributes of Strategic Default: Evidence from the Foreclosure Moratorium in Greece


Christina Atanasova, Fraser University, Beni Lauterbach, Bar-Ilan University, Yevgeny Mugerman, Bar-Ilan University, Behavioral Aspects in Merger Decisions


Lunch: 12:20-13:40


13:40 – 15:00, Seventh Session: Judgment and Perceptions

Chair, Shlomith Zuta, The Academic College of Tel Aviv-Yaffo


Yevgeny Mugerman, Bar-Ilan University, Moran Ofir, Interdisciplinary Center (IDC), Borrowers Responses to Protective Mortgage Regulation


Shahar Ayal, Ofer Senderey, and Guy Hochman, Interdisciplinary Center (IDC), Herzliya, Israel, Scales that Make Us Better People: The Effect of Scales on the Perceived Severity of Financial Misconduct


Maya Haran Rosen, The Hebrew University of Jerusalem, and The Bank of Israel, Orly Sade,[1]The Hebrew University of Jerusalem, NYU, Does Financial Regulation Unintentionally Ignore Less Privileged Populations? The Investigation of a Regulatory Fintech Advancement, Objective and Subjective Financial Literacy


Erez Yaakobi, Ido Kalir, Ono Academic College, Inaccurate Financial Pension Decisions: A Terror Management Paradigm



Break: 15:00-15:20


15:20 – 16:20, Eighth Session: On Sentiments, IPOs and Fund Flows

Chair, Ahron Rosenfeld, Harvard University


Haifeng Guo, Durham University, Chi-Hsiou D. Hung, University of Glasgow, Alexandros Kontonikas, University of Essex, The Fed and the Stock Market: A Tale of Sentiment States


Yevgeny Mugerman, Bar-Ilan University, Nadav Steinberg, Bank of Israel, Zvi Wiener, The Hebrew University of Jerusalem, The Exclamation Mark of Cain: Risk Salience and Mutual Fund Flows


Tiran Rothman, WIZO Academic College, Smadar Siev, Ono Academic College, The Rich Get Richer and the Poor Get Poorer: Behavior of Investors in Biotechnology Firms Post-IPOs


16:20 – 16:30, Break


16:30 – 17:25, Ninth Session: Liquidity, Bubbles and Financial crises

Chair, Yakov Amihud, New York University


Louisa Chen, University of Sussex, Liya Shen, University of Essex, Zhiping Zhou, Wuhan University, Time-Varying Funding Liquidity and Market Liquidity: Evidence from the US Corporate Bond Market


Alon Raviv, Daniel Levy  and Tamir Mayer, Bar Ilan University, The Financial Crisis and the Financial Literature


Yaron Lahav, Ben-Gurion University of the Negev, Charles N. Noussair, University of Arizona, Yukihiko Funaki, Waseda University, Ryuichiro Ishikawa, Waseda University, Can Bubbles in Asset Markets be Explained by

Heterogeneity of Beliefs? An Experimental Study




Sasson Bar Yosef, The Hebrew University of Jerusalem,



17:30 -18:30, Happy Hour

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