Itzhak (Zahi) Ben-David
Professor Itzhak ("Zahi") Ben-David is the Neil Klatskin Chair in Finance and Real Estate at The Ohio State University Fisher College of Business. He serves as the Academic Director of the Ohio State University Center for Real Estate. He teaches real estate and finance classes to MBA students.
Dr. Ben-David has published in top finance and economics journals, such as Quarterly Journal of Economics, Journal of Finance, Journal of Financial Economics, and Review of Financial Studies. His work in recent years investigates the role of intermediaries in precipitating the housing bubble, and the aftermath of the housing crisis. Dr. Ben-David holds an MBA and PhD in finance from the University of Chicago, as well as a BS and MS in industrial engineering, a BA in accounting from Tel-Aviv University, and an MS in finance from London Business School.
Areas of Expertise
- Corporate Finance
- Behavioral Finance
- Real Estate Markets
- PhD, Finance, University of Chicago, Booth School of Business
- MBA, University of Chicago, Booth School of Business
- MS in Finance, London Business School
- MS in Industrial Engineering, Tel-Aviv University
- BS in Industrial Engineering, Tel-Aviv University
- BA in Accounting, Tel-Aviv University
Real Estate II
This course provides a graduate-level framework for analyzing individual real-estate transactions (both commercial and residential) and real-estate assets as an asset class. We will cover three topics in depth. First, we will examine several valuation techniques used in the practice and understand their underlying assumptions. These practices include cash flow discounting, cap rates, and real-options. Second, we will discuss how real-estate assets are integrated in capital markets through Real-Estate Investment Trusts (REITs) and the securitization process. Third, we will discuss the role of real-estate assets in the financial crisis of 2008.
Publications in Refereed Journals
- Ben-David, Itzhak, Agarwal, Sumit, and Vincent Yao, Collateral Valuation and Institutional Pressures: Evidence from the Residential Real-Estate Market, Management Science, forthcoming
- Ben-David, Itzhak , Agarwal, Sumit, Gene Amromin, Souphala Chomsisengphet, and Douglas Evanoff, Predatory Lending and the Subprime Crisis, Journal of Financial Economics, forthcoming.
- Ben-David, Itzhak, John Graham, Cam Harvey, Managerial Miscalibration, Quarterly Journal of Economics (2013), 128 (4), 1547-1584.
- Ben-David, Itzhak, Francesco Franzoni, Augustin Landier, and Rabih Moussawi, Do Hedge Funds Manipulate Stock Prices? Journal of Finance (2013), 68 (5), 2383-2434.
- Ben-David, Itzhak, and David Hirshleifer, "Are Investors Really Reluctant to Realize Their Losses? Trading Responses to Past Returns and the Disposition Effect," Review of Financial Studies (2012), 25(8), 2485-2532.
- Itzhak Ben-David, Francesco Franzoni,and Rabih Moussawi, 2012, Hedge Fund Stock Trading in the Financial Crisis of 2007-2009, Review of Financial Studies (2012), 25, 1-54, Lead Article.
- Agarwal, Sumit, Gene Amromin, Itzhak Ben-David, Souphala Chomsisengphet, and Douglas Evanoff, 2011, The Role of Securitization in Mortgage Renegotiation, Journal of Financial Economics 102(3), 559-578.
- Ben-David, Itzhak, 2011, Financial Constraints and Inflated Home Prices during the Real-Estate Boom, American Economic Journal: Applied Economics, 3, 55-78.
Book Chapters and Other Publications
- Agarwal, Sumit, Gene Amromin, Itzhak Ben-David, Souphala Chomsisengphet, and Douglas Evanoff, 2010, Financial Counseling, Financial Literacy, and Household Decision Making, in Mitchell, O., and A. Lusardi (eds.), Financial Literacy: Implications for Retirement Security and the Financial Marketplace, Oxford University Press.
- Ben-David, Itzhak, 2010, Dividend Policy Decisions, in H. Kent Baker and John R. Nofsinger (eds.), Behavioral Finance (Robert W. Kolb Series in Finance), John Wiley & Sons, Inc., New Jersey.
- Ben-David, Itzhak, and Jim Schallheim, 2007, The Response to Customer Default: Captive Versus Non-captive Lessors, Journal of Equipment Lease Financing 25(1), 1-6
- Ben-David, Itzhak, 2005, Company Performance and Leased Assets in Sale-and-Leaseback Transactions, Journal of Equipment Lease Financing 23 (2), 1-8
- Ben-David, Itzhak, and Tzvi Raz, 2001, An Integrated Approach for Risk Response Development in Project Planning, Journal of Operational Research Society 52, 14-25
- Luigi Zingales, A Capitalism for the People: Recapturing the Lost Genius of American Prosperity, Basic Books, 2012
- Street Signs, Study: Why We Sell Winners and Hold Onto Losers, CNBC, 10 September 2012
- The Guru Investor, Study’s Findings Challenge Loss-Aversion Theory, TheGuruInvestor.com, 31 August 2012
- Susan Lyon, Understanding the Facebook IPO Drama: Why has Facebook’s stock price gone down since the IPO, and should I buy now? [Link to article] NerdWallet, 5 September 2012
- Leadingminds, The Disposition Effect, http://leadingmindsacademy.com, 30 August 2012
- Jeff Grabmeier, Beliefs Drive Investors More than Preferences, Study finds, The Ohio State University Communications, 28 August 2012
- Mark Williams, Paying with Credit May Cost You More, The Columbus Dispatch, 29 July 2012
- The Hannah Report, Commerce Director Warns against ‘One Size Fits All’ Housing Solution, 23 July 2012
- American Action Forum Panel, The U.S. Housing Recovery: Lessons from Ohio, American Action Forum, 23 July 2012
- Andy Winkler, The U.S. Housing Recovery: Lessons from Ohio, American Action Forum, 23 July 2012
- Shaina Cavazos, Credit Card Settlement Might Cost Consumers More, Cleveland.com, 16 July 2012
- James Montier, The Flaws of Finance, White paper, May 2012
- Jaime Ortega-Simo, Itzhak Ben-David Professor of Finance Comments About Facebook Going Public, The Daily Journalist, 16 April 2012
- Ohio State’s Winter College, A Look Back at the Subprime Mess, 17 February 2012
- Mandie Trimble, Real Estate Experts Differ on Rental Permanency, WOSU (NPR; radio interview), 15 February 2012
- Jaime Ortega-Simo, Experts ‘like’ Facebook’s Chances in Public Market, The Lantern, 15 February 2012
- WealthAdviser, ETFs, Arbitrage, and Contagion: A Potential Link? WealthAdviser, 6 February 2012
- Daniel Kahneman, Thinking, Fast and Slow, 2011, Farrar, Straus and Giroux, New York
- R. Christopher Small, Acquirer Valuation and Acquistion Decisions, Harvard Law School Forum on Corporate Governance and Financial Regulation, 12 September 2011
- Jeff Grabmeier, Hedge Funds Sold Stocks Quickly During Financial Crisis, Hurting Mutual Fund Investors, Research News at OSU, 25 August 2011
- Gregory Connor, Nama's Property Price Insurance Scheme, The Irish Economy, 5 August 2011
- Stephanie Taylor Christensen, Seller Add-Ons Contribute to Housing Market Lull, Study Finds, Minyanville, 26 July 2011
- Alex Eichler, Illegal Cash-Back Deals Worsened The Housing Bubble, Drove Up Foreclosures: Report, Huffington Post, 15 July 2011
- Brian O'Connell, Mortgage Modification's Dirty Little Secret, BankingMyWay.com (TheStreet.com), 8 March 2011
- AllAboutAlpha.com, Hedge funds and "stock manipulation": Perpetrators, accomplices or just in the wrong place at the wrong time (again)?, AllAboutAlpha.com, 2 March 2011
- Michael Konczai, The Latest on Servicing and Modifications, Washington Post, 10 November 2010
- Paul Willen, Securitized mortgage loan or not, lenders are not restructuring, Real Estate Research blog, Federal Reserve Bank of Atlanta, 20 October 2010
- Amy Koehnen, Mortgage Counseling, Plain Language, and Financial Education: What Works?, Forefront: New Ideas on Economic Policy from the Federal Reserve Bank of Cleveland, October 2010
- Charles Evans, the President and Executive Director of the Federal Reserve Bank of Chicago, Informing the future of Housing Finance: Lessons from the Recent Past, Speech delivered before the Indianapolis Neighborhood Housing Partnership Community Breakfast on August 24, 2010
- Richard H. Thaler, The Overconfidence Problem in Forecasting, New York Times, 22 August 2010
- Shefali Anand, Indians are Better than Americans, Wall Street Journal, India News, 2 July 2010
- Charlie Mead, Where Federal Mortgage Program Stalls, Chicago Events Pick Up Slack, Medill Reports Chicago (Northwestern University), 18 May 2010
- New Voices at Fisher: Ben-David on the Mortgage Crisis, Fisher College Annual Report, September 2009
- Zubin Jelveh, Should We Give Financial Advice for the Poor?, New Republic, 22 April 2009
- Steve Wartenberg, President's plan will save homes, advocates say, Columbus Dispatch, 6 March 2009
- Phil Kadner, Southwest Side had early solution to housing crisis, Chicago Sun-Times, 10 January 2009
- Melanie McIntyre, Mortgage Industry More Cautious, but Not Totally Backing Away From ARMs, The Daily Reporter, 29 August 2008
- James Surowiecki, That Uncertain Feeling, The New Yorker, 1 September 2008
- Alan Rappeport, Half Full, and Then Some, CFO.com, 1 May 2008
- Stephen Dubner, A Look Back at the Subprime Mess, Freakonomics blog, 7 April 2008
- Matthew Bandyk, Experts? Not in the Stock Market, U.S. News & World Report, 6 February 2008
- Alan Rappeport, Feeling Confident, CFO.com, 31 January 2008
- Stephen Dubner and Steven Levitt, Pay-back Time, Freakonomics column, New York Times Magazine, 10 June 2007
- Stephen Dubner and Steven Levitt, Real-Estate Sleight of Hand, Freakonomics blog, 9 June 2007
- Ben-David, Itzhak, and Yoad Shefi, 2004, The New Education System, 10 November 2004, Globes (Hebrew)
- Ben-David, Itzhak, and Guy David, 2003, A Pyrrhic Victory - An Economic Analysis of the Corruption in the Likud Party, 1 January 2003, Globes (Hebrew)
- Ben-David, Itzhak, Gadi Rabinowitz, and Tzvi Raz, Economic Optimization of Project Risk Management Efforts
The Financial Crisis
- Ben-David, Itzhak, High Leverage and Willingness to Pay: Evidence from the Residential Housing Market
- Agarwal, Sumit, and Itzhak Ben-David, The Effects of Loan Officers' Compensation on Loan Approval and Performance: Direct Evidence from a Corporate Experiment
- Agarwal, Sumit, Gene Amromin, Itzhak Ben-David, Souphala Chomsisengphet, and Yan Zhang, Second Liens and the Holdup Problem in First Mortgage Renegotiation, Coming soon
- Agarwal, Sumit, Gene Amromin, Itzhak Ben-David, Souphala Chomsisengphet, Tomasz Piskorski, and Amit Seru, Can Government Intervention Improve Market Outcome? Evidence from Home Affordability Mortgage Program, Coming soon
- Agarwal, Sumit, Gene Amromin, Itzhak Ben-David, and Serdar Dinc, The Political Concerns of Mortgage Servicers and Their Decision to Foreclose, Coming soon
- Ben-David, Itzhak, Ajay Palvia, and Chester Spatt, Banks' Internal Capital Markets and Deposit Rates, Coming soon
- Grant award from GARP Foundation
- Agarwal, Sumit, Gene Amromin, Itzhak Ben-David, Souphala Chomsisengphet, and Douglas Evanoff, Market-Based Loss Mitigation Practices for Troubled Mortgages following the Financial Crisis
- Ben-David, Itzhak and Agarwal, Sumit, Do Loan Officers’ Incentives Lead to Lax Lending Standards?
- Ben-David, Itzhak, Agarwal, Sumit, Gene Amromin, Souphala Chomsisengphet, Tomasz Piskorski, and Amit Seru, Policy Intervention in Debt Renegotiation: Evidence from the Home Affordable Modification Program
- Ben-David, Itzhak, Baugh, Brian, and Hoonsuk Park, The “Amazon Tax”, Coming soon
- Ben-David, Itzhak, Baugh, Brian, and Hoonsuk Park, Disentangling Financial Constraints, Precautionary Savings, and Myopia: Household Behavior Surrounding Federal Tax Returns
- Ben-David, Itzhak, Francesco A. Franzoni, and Rabih Moussawi, Do ETFs Increase Volatility?
- Ben-David, Itzhak, Denys Glushkov, and Rabih Moussawi, Do Hedge Funds Really Avoid High Idiosyncratic Stocks?
- Ben-David, Itzhak, and Darren Roulstone, Idiosyncratic Risk and Corporate Transactions
- Ben-David, Itzhak, Michael Drake, and Darren Roulstone, Are Stock Acquirers Overvalued? Evidence from Short-Selling Activity