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Itzhak (Zahi) Ben-David

Assistant Professor of Finance

Email: bendavid@fisher.osu.edu

Curriculum Vita

 

PUBLICATIONS

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, 1-54, 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, The Effects of Mandated Financial Counseling on Household Mortgage Decisions: Evidence from a Natural Experiment, R&R Journal of Financial Economics

- 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, R&R Review of Financial Studies

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, Bank De-Leveraging and the Limits to Market Discipline, Coming soon

- Grant award from GARP Foundation

 

Limits-to-Arbitrage

Ben-David, Itzhak, John Graham, Cam Harvey, Managerial Miscalibration, R&R Quarterly Journal of Economics

- 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, and David Hirshleifer, Are Investors Really Reluctant to Realize their Losses? Trading Responses to Past Returns and the Disposition Effect, R&R Review of Financial Studies

Ben-David, Itzhak, Francesco Franzoni, Augustin Landier, and Rabih Moussawi, Do Hedge Funds Manipulate Stock Prices? R&R Journal of Finance

Ben-David, Itzhak, Francesco Franzoni, and Rabih Moussawi, ETFs, Arbitrage, and Contagion

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? Identifying Mispricing Using Short Interest

 

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

Mandie Trimble, The Rental Market Following the Housing Crisis, 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