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Itzhak (Zahi) Ben-David

Associate Professor of Finance

Neil Klatskin Chair in Finance and Real-Estate

Academic Director of the Real-Estate Center

 

Email: bendavid@fisher.osu.edu

Curriculum Vita

 

PUBLICATIONS

Agarwal, Sumit, Itzhak Ben-David, and Vincent Yao, Collateral Valuation and Institutional Pressures: Evidence from the Residential Real-Estate Market, Management Science, forthcoming.

Agarwal, Sumit, Gene Amromin, Itzhak Ben-David, Souphala Chomsisengphet, and Douglas Evanoff, Predatory Lending and the Subprime Crisis, Journal of Financial Economics, forthcoming.

Ben-David, Itzhak, John Graham, Cam Harvey, 2013, Managerial Miscalibration, Quarterly Journal of Economics 128 (4), 15471584.

- Featured in Richard Thaler’s column, The Overconfidence Problem in Forecasting, New York Times, 22 August 2010

- Featured in Daniel Kahneman’s book, Thinking, Fast and Slow, 2011

- Discussed in Daniel Kahneman’s interview (mins 25–28), The Motley Fool, 28 June 2013

Ben-David, Itzhak, Michael Drake, and Darren Roulstone, Acquirer Valuation and Acquisition Decisions: Identifying Mispricing Using Short Interest, Journal of Financial and Quantitative Analysis, forthcoming.

Ben-David, Itzhak, Francesco Franzoni, Augustin Landier, and Rabih Moussawi, 2013, Do Hedge Funds Manipulate Stock Prices? Journal of Finance 68(6), 2383–2434.

Ben-David, Itzhak, and David Hirshleifer, 2012, Are Investors Really Reluctant to Realize their Losses? Trading Responses to Past Returns and the Disposition Effect, Review of Financial Studies 25(8), 2485–2532.

Ben-David, Itzhak, Francesco Franzoni, and Rabih Moussawi, 2012, Hedge Funds Stock Trading during the Financial Crisis of 2007-2009, Review of Financial Studies 25(1), 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(3), 5578.

- Featured in Stephen Dubner and Steven Levitt, Pay-back Time, Freakonomics column, New York Times Magazine, 10 June 2007

- Award Winner at BSI Gamma Foundation, Real Estate, 2008

- First Prize Winner at CQA Academic Competition, 2008

Agarwal, Sumit, Gene Amromin, Itzhak Ben-David, Souphala Chomsisengphet, and Douglas Evanoff, 2010, Learning to Cope: Voluntary Financial Education Programs and the Housing Crisis, American Economic Review – Papers and Proceedings 100(2), 495–500.

 

WORKING PAPERS

Agarwal, Sumit, Gene Amromin, Itzhak Ben-David, Souphala Chomsisengphet, and Douglas Evanoff, The Effectiveness of Mandatory Mortgage Counseling: Can One Dissuade Borrowers from Choosing Risky Mortgages?

- Grant award from FDIC

- Paolo Baffi Fellowship from Bocconi University

- Award from Networks Financial Institute: Significant and innovative research on financial services (honorable mention award)

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, High Leverage and Willingness to Pay: Evidence from the Residential Housing Market

Agarwal, Sumit, and Itzhak Ben-David, Do Loan Officers’ Incentives Lead to Lax Lending Standards?

Agarwal, Sumit, Gene Amromin, Itzhak Ben-David, Souphala Chomsisengphet, Tomasz Piskorski, and Amit Seru, Policy Intervention in Debt Renegotiation: Evidence from the Home Affordable Modification Program

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, 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

Ben-David, Itzhak, Francesco Franzoni, and Rabih Moussawi, Do ETFs Increase Volatility?

- Best Paper Award / 20th Annual Multinational Finance Society Conference, Izmir Turkey

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

Baugh, Brian, Itzhak Ben-David, and Hoonsuk Park, The ‘Amazon Tax’: Empirical Evidence from Amazon and Main Street Retailers

Baugh, Brian, Itzhak Ben-David, and Hoonsuk Park, Disentangling Financial Constraints, Precautionary Savings, and Myopia: Household Behavior Surrounding Federal Tax Returns

 

BOOK CHAPTERS and OTHER PUBLICATIONS

Agarwal, Sumit, Gene Amromin, Itzhak Ben-David, Souphala Chomsisengphet, and Douglas Evanoff, 2011, 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, UK: 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.

- Awarded Equipment Leasing and Finance Foundation research grant, 2006

Ben-David, Itzhak, 2005, Company Performance and Leased Assets in Sale-and-Leaseback Transactions, Journal of Equipment Lease Financing 23 (2), 1-8.

- Awarded Equipment Leasing and Finance Foundation research grant, 2005

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.

 

MEDIA CLIPS

Joseph Lawler, Big Ideas: On Internet taxes, equal opportunity and citizenship, Washington Examiner, May 9, 2014

The “Amazon Tax”: Empirical evidence from Amazon and main street retailers, VoxEU, May 5, 2014

How much do Amazon sales fall when it collects sales tax? The Bulletin / Smart Planet, May 2, 2014

Howard Gleckman, Amazon is losing business in states where it collects online sales tax, CS Monitor, April 30, 2014

Mike Dolan, A volatile love affair with exchange funds and indexes, Reuters, April 30, 2014

Izabella Kaminska, When ETFs make things more volatile, Financial Times, April 28, 2014

Chad Brooks, E-Commerce Stores Have Competitive Edge When They Don’t Collect Sales Tax, Fox Business, April 25, 2014

Charles Sizemore, Walmart’s Revenge: Amazon.com Has A Big Problem, Forbes, April 25, 2014

Making Sense of Amazon’s Big Spending Blitz, Bloomberg TV interview, April 24, 2014

Deepa Seetharaman, Amazon’s eroding tax advantage, bid to sustain growth in focus in first quarter, Reuters, April 23, 2014

Daniel Kline, The Amazon Tax Problem: What Collecting Sales Tax Costs the Online Retail Giant, The Motley Fool, April 23, 2014

Clair Cain Miller, Amazon.com is learning the hard way that people care more about price than brand loyalty, The New York Times, April 23, 2014

Danielle Kurtzleben, Online sales taxes have cut Amazon business by nearly 10 percent, Vox, April 23, 2014

Michael Hickins, Taxes depress Amazon sales, Wall Street Journal, April 23, 2014

Blair Hanley Frank, Study: Sales tax cuts into Amazon’s sales, as consumers look to other online retailers, GeekWire, April 22, 2014

Amazon Sales Take Hit in States With Online Tax, Bloomberg TV (minutes 4:16-5:50), April 22, 2014

Adam Satariano, Amazon Sales Take a Hit in States With Online Tax, Bloomberg Businessweek, April 22, 2014; also on Boston Globe, MSN Money

Yuki Noguchi, Online Sales Taxes Shift Consumer Behavior, Study Shows, NPR, April 22, 2014

Zack Stein, Sales Tax Takes a Bite Out of Amazon’s Bottom Line, KFBK news radio, April 22, 2014

Cooper Smith, States Are Rolling Out an online Sales Tax That Could Impact Amazon’s Growth, Business Insider, April 22, 2014

Amazon takes sales hit in states with online tax, study finds, The Seattle Times, April 22, 2014

Victor Luckerson, This Is Amazon’s Real Achilles Heel, Time, April 22, 2014

Matthew C. Klein, Will Sales Taxes Doom Amazon? BloombergView, April 21, 2014

A Jeffries, Millennials: Who are they and what do they want? NewarkAdvocate.com, April 6, 2014

Do Incentives Create Lax Loan Standards? Squared Away Blog, March 25, 2014

Geoff Williams, Ohio is the place to buy, not rent, a home, Reuters, March 13, 2014

Rick Armon, Homeownership rate slides in Akron area, Ohio.com, February 28, 2014

One ‘villain’ of the housing crisis played only a small role, OSU Today, 10 January 2014

Don Moore, When less confidence leads to better results, The New-Yorker, 26 November 2013

Diretores financeiros arrojados na gestão arriscam mais nas previsões, Economico Valor, 8 November 2013

Zach Fox, New study estimates effect of predatory-lending law, SNL, 29 October 2013

Luigi Zingales, Housing Bubble and Fraud, Library of Economics and Liberty, 29 October 2013

Real Estate Outlook, Bright future for real estate depends on unemployment rate going down, National Center for the Middle Market, 20 July 2013

Daniel Kahnemann, An Interview with Dr. Daniel Kahneman (mins 25-28), The Motley Fool, 28 June 2013

BizEd, Some hedge funds fudge the numbers, BizEd, May 2013

Nin-Hai Tseng, Freddie Mac and Fannie Mae: Too little, too late for struggling borrowers? CNN Money / Fortune, 29 March 2013

Ed Bolz, Law Review: Agarwal, et al.: Second Liens and the Holdup Problem in First Mortgage Renegotiation, ncbankruptcyexpert.com, 6 February 2013

André Veríssimo, Hedge funds manipulam preço das acções, Jornal de Negócios, 21 January 2013

Susan Lyon, Study: Investors’ Beliefs – Not Preferences – Rule Their Investment Decisions, [Link to article] NerdWallet, 9 January 2013

Rick Adamczak, OSU study reveals some hedge funds inflate stock prices to impress investors, Daily Reporter, 11 December 2012

Mark Huffman, Study: Hedge funds manipulate stock prices, Consumer Affairs, 11 December 2012

Jeff Grabmeier, Hedge Funds Manipulate Stock Prices, New Research Shows, Ohio State Research and Innovation Communications, 10 December 2012

Daniel Akst, Do Hedge Funds Manipulate Stock Prices? Wall Street Journal, 10 December 2012

Jason Zweig and Tom McGinty, Fund Managers Lift Results With Timely Trading Sprees, Wall Street Journal, 6 December 2012

Madchen Petrie, Delving Into Research with Professor Ben-David, Fisher Ink, December 2012

Manie Trimble, Mixed Views On Central Ohio Housing Market, WOSU (NPR; radio interview), 19 November 2012

Kitty McConnell, Not-So-Smart Money, Columbus CEO, 19 October 2012

Luigi Zingales, A Capitalism for the People: Recapturing the Lost Genius of American Prosperity, Basic Books, 2012

Mary Ellen Podmolik, Mortgage servicers dropped the ball, study says, Chicago Tribune, 20 September 2012

MSN Money, Did bank delays cause 800,000 foreclosures? MSN Money, 13 September 2012

Ilyce Glink, Study: Home modification program falls short, CBS News, 13 September 2012

Paul Kiel, Foreclosure Fail: Study Pins Blame on Big Banks, ProPublica, 11 September 2012

Street Signs, Study: Why We Sell Winners and Hold Onto Losers, CNBC, 10 September 2012

Nick Timiraos, Paper: Why Obama’s Loan Modification Program Fell Short, Wall Street Journal, 5 September 2012

Karen Weiss, Putting Numbers to HAMP’s Limited Impact, Bloomberg Businessweek, 31 August 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

Michael Shermer, Opting Out of Overoptimism, Scientific American, March 2012

Gianfranco Ursino, Rischio arbitraggi fra prezzi e Nav, Plus–Il Sole 24 Ore, 18 February 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

Jason Zweig, Now That’s Performance Art, Wall Street Journal: The Intelligent Investor, 24 December 2011

R. Christopher Small, Acquirer Valuation and Acquisition 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’Conneell, 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

R. Christopher Small, Managerial Miscalibration, Harvard Law School Forum on Corporate Governance and Financial Regulation, September 15, 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

AllAboutAlpha.com, Study: Hedge Funds’ Role in 2008 Market Drawdown “Questionable”, AllAboutAlpha.com, 14 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

- Reprinted at the TheMarker Financial Magazine (Hebrew), July 2007

Stephen Dubner and Steven Levitt, Real-Estate Sleight of Hand, Freakonomics blog, 9 June 2007

 

ARTICLES and OTHER WORKING PAPERS

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

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