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Assistant Professor of
Finance Email: bendavid@fisher.osu.edu |
PUBLICATIONS
Ben-David, Itzhak, John Graham, Cam Harvey, Managerial
Miscalibration, Quarterly
Journal of Economics, Conditionally accepted
- 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
Ben-David, Itzhak, Michael Drake, and Darren Roulstone, Are Stock Acquirers Overvalued?
Identifying Mispricing Using Short Interest, Journal of Journal of Financial and
Quantitative Analysis,
forthcoming.
Ben-David, Itzhak, Francesco Franzoni, Augustin Landier, and Rabih Moussawi, Do Hedge Funds Manipulate Stock Prices?
Journal of Finance, forthcoming.
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),
55-78.
- Featured in Stephen Dubner and Steven
Levitt, Pay-back Time, Freakonomics
column, New York Times Magazine, 10 June 2007
- Award Winner of BSI Gamma Foundation, Real Estate,
2008
- First Prize Winner
of 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
The Financial Crisis
Agarwal, Sumit, Gene Amromin, Itzhak Ben-David, Souphala Chomsisengphet, and
Douglas Evanoff, Predatory Lending and the Subprime Crisis,
R&R Journal of Financial Economics
Agarwal, Sumit, Itzhak Ben-David, and Vincent Yao, Collateral Valuation and
Institutional Pressures: Evidence from the Residential Real-Estate Market, Coming soon
Agarwal, Sumit, Gene Amromin, Itzhak Ben-David, Souphala Chomsisengphet, and
Douglas Evanoff, The Effects of Mandated Financial Counseling on Household
Mortgage Decisions: Evidence from a Natural Experiment
- 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, Bank De-Leveraging and the Limits
to Market Discipline, Coming soon
- Grant award from
GARP Foundation
Limits-to-Arbitrage
Ben-David, Itzhak, Francesco Franzoni, and Rabih Moussawi, ETFs, Arbitrage, and Shock Propagation
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
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
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
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