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Educational
Background Educational
Background
·
·
·
Academic
Appointments
·
Dean,
School of Business Administration, The
·
·
o
Dean,
School of Business, 1973-1975
o
Professor,
1976-
o
Associate
Professor, 1973-1976
o
Senior
Lecturer, 1971-1973
o
Teaching
Assistant, Department of Statistics, 1963-1965
o
Research
Assistant, 1962-1965
·
University of Florida Graduate
Research Professor, 1990-
·
·
·
·
Falk
Institute of Research ,Research Fellow, 1978-1979, 1981-1983
·
Levy
Eshkol Institute for Economic, Social and Political Research, Research Fellow,
1971-1973
·
Scholarly
Honors and Awards
·
Ranked
#64 in the Nobel list in Economics; Nobel list:
publications 1969-2000
(see http://homepages.ulb.ac.be/~tcoupe/update/nobelpub.html.
)
·
Ranked
as the most prolific researcher in Finance in the World, based on publications
in 16 core journals in Finance during the half century (years 1953-2002).
Appears in Philip Cooley and Jean Heck "Prolific Authors in Finance
Literature: A Half Century Contribution", Journal of Finance
Literature, Winter 2005.
(see http://mail.tku.edu.tw/niehcc/pdf/Prolific_Finance_Authors.pdf
)
·
Ranked
as the most prolific researcher in the World in Finance during the years
1945-1986. Appeared in Financial Management, Autumn 1988
(see http://www.jstor.org/pss/3666076 )
·
The
EMET Prize, 2006.
·
Berliner
prize for excellence research in insurance, June 2006.
·
Conference
on "Testing Stochastic Dominance Restrictions" In the honor of the
contributions of HAIM LEVY to Finance, London 2005.
·
The
·
Ranked
as the most cited in Richard Brealy and Helen Edwards, A Bibliography
of Finance Cambridge, MA: The MIT Press 1991 (The Journal
of Finance, June 1991)
·
Among
the top 100 researchers ranked by their citations (#47) in JF, JFQA, and JFE
during the period 1974-1998 (out of 12,637 researchers who have published in
these Journals). Appeared in "Citations in the Financial Literature:
Evidence and Interpretation," by K.H. Chung, R.A.K. Cox and J. Mitchell,
working paper, State University of Buffalo and Central Michigan 2000.
·
Co-authored
papers with two Nobel Prize winners in Economics (H. Markowitz and P.
Samuelson).
·
Listed
in Who's Who in Economics,
·
Listed
in Who's Who in Education,
·
Listed
in Who's Who in Israel, Publisher Ltd.
·
Listed
in Who's Who in the World.
·
Member,
Financial Economists Roundtable, 1993-1996
·
The
article, "Management of Accounts
Receivable Under Inflation," (with M. Ben-Horim) won the
Financial management Award for the best paper published in 1983.
·
The
article, "Choosing the Best Advertising Appropriate When Appropriations Interact
Over Time," (with J. Simon) won the award for the best
theoretical/empirical paper by the Association for Information and Decision
Science, 1987.
·
The article "Does Risk Seeking Derive
Stock Prices?" won the Top 2006 Article Award of the Erasmus Research
Institute of Management (ERIM).
·
2010 Bar Ilan Mathematical
Department's prize for academic excellence in Mathematical Finance.
·
The
article "The CAPM is Alive and Well: A Review and Synthesis"
published in the European Financial Management Journal, won two EFM
awards: a) 2010 Readers' Choice Best
Paper Award for 2010 b) Top Download Award, 2010.
Offices
in Business, Civic and Academic Associations
Business and Civic
·
Director, Menora-EmedaMutual Funds,
2006-
·
Chairman
of EMDA, the Mizrachi Bank Mutual Funds, 1999-2006
·
Consultant,
Kanat Investment Funds, 2006-
·
Consultant, Biet Meniv,
2008.
·
Consultant,
Bank Hapoalim, 2008.
·
President,
Ride On It, Ltd., 2000-2002
·
Consultant, Mizrachi Bank,
2000-2006
·
Consultant, Medibar Ltd.-2002
·
Chairman,
Academic Evaluation Committee of Tisom, 1994.
·
Chairman,
Investment Committee, Target Mutual Fund, 1988-1999
·
Member
of the Board of Directors, PIA Investment Corporation, 1987-1999
·
Member
of the Committee for Investment Incentives,
·
Chairman,
Promotion and Tenure Committee,
·
Member
of the Board of Governors, Jerusalem Institute of Management, 1974-1982
·
Member
of the
·
Member
of the Board of Governors,
·
Consultant, Bezek,
1992
·
Consultant,
Ministry of Law, 1993
·
Consultant,
T. S. A. United States 1988-1985
·
Consultant, Bezek 1989-1990
·
·
Consultant, Granot Industries,
1983-1985
·
Consultant, Tadiran Ltd.,
1979
·
·
·
·
·
Consultant,
Bank of
·
Consultant, Rogosin Industries,
Ltd. 1969-1971
Academic
·
Editor,
Research in Finance, 1976-1985
·
Associate
Editor, Journal of Banking and Finance, 1976-1980
·
Associate
Editor, Management Science, 1983-1992
·
Associate
Editor, Journal of Finance, 1982-1983
·
Associate
Editor, Financial Review, 1989-2004
·
Associate
Editor, Review of Quantitative Finance and Accounting, 1990-
·
Associate
Editor, Journal of Portfolio Management, 1994-
·
Associate
Editor, Financial Analysts Journal, 1994-2002
·
Associate
Editor, European Finance Review, 1996-1998
·
Associate
Editor, Energy Economics, 2000-2004
·
Editorial
Board, Journal of Mathematical Finance, 2011-
·
Editorial
Board, Theoretical Economics Letters, 2011-
·
Advisory
Board, Annals of Financial Economics, 2011-
·
Referee
of articles for the Journal of Finance, California Management Review,
Operation Research, Western Economic Journal, Management Science, American
Economic Review, Journal of Financial and Quantitative Analysis, Journal of
Economic Theory, Econometrica, Public Finance Quarterly, Review of
Economic Studies, Review of Economics and Statistics, Decision Science,
European Economic Review, Journal of Money, Credit and Banking, Journal of
Mathematical Economics, Contemporary Accounting Research, Journal of
Accounting, Auditing and Finance, Review of Quantitative Finance and
Accounting, Economic Journal, Journal of Risk and Uncertainty, Financial
Analyst Journal, Journal of Portfolio Management, Journal of Banking and
Finance, Applied Mathematical Finance, The Statistician, and the Journal of
Futures Markets, European Operation Research, Journal of Empirical Finance,
Quantitative Finance.
·
Referee
of research projects for the
Dissertations
Chairman or Co-Chairman
·
Lim, Kok-Chew
- Several Essays in Financial Economics
·
Gunthorpe,
Deborah - Buy Backs: An Empirical Investigation
·
Bi, Kequian - Bankruptcy:
An Empirical Study of the Aggregate Effects of Strategic and Competitive
Environment
·
Jo Ho Je
- A New Bilinear Paradigm of APT - Tests and Applications
·
Shanker, Latha - Differential
Inflation: Relative Impacts Upon Diversified and Single Industry Firms
·
Wright,
Deborah Lynne - Acquisitions of U.S. Companies by Foreign Firms
·
Yoder,
James Allen - An Empirical Investigation Into the Behavior of Options
Around Merger and Acquisition Announcements
·
Brooks,
Robert - An Empirical Study of the Impact of Market Frictions on the
Term Structure of Interest Rates
·
Byun,
Young Hoon - Takeover Announcements, Information Asymmetry,
and Market Microstructure: An Empirical Investigation
·
Broske,
Mary - Quantifying the Probability of Default as Assessed by the Bond
Market: An Empirical Investigation
·
Bae Sung Chul - Essays
on New Equity Issues and Investments Banking Contracts
·
Zvi Lerman - The
Yield to Maturity Curve and Optimal Bond Portfolios for Varying Investment
Horizons
·
Levy, Azriel - Problems
in Multiperiod Investment Under Uncertainty
·
Kroll, Yoram - Preferences
Among Combination of Risky Assets and a Riskless Asset: Criteria and
Implications
·
Cohen, Allon - Optimal
Portfolio Selection and Market Equilibrium with Stochastic Investment Horizons
·
Golan
Benita - Market Efficiency and Asset Pricing in a Heterogeneous Market
and in a Segmented Market.
PUBLICATIONS
Books and Monographs
Introduction to Investment (with T.
Post)
Pearson
Education, 2004
Introduction to Investments
Chinese
edition, 2002
Investments
Chinese
edition, 2005
Microscopic Simulation of Financial Models: From
Investor Behavior to Market Phenomena
(with M.
Levy and S. Solomon), Academic Press, Principles of Investment Education, 2000
Stochastic Dominance: Investment Decision Making Under
Uncertainty
Springer,
2006
The
Capital Asset Pricing Model in the 21st Century
1.
The
Capital Asset Pricing Model in the 21st Century: Analytical,
Empirical, and Behavioral Perspectives,
2.
Introduction
to Finance (with G, Kaplanski) Magnes
University Press,
3.
Introduction
to Investment (with T. Post), Pearson
Education, 2004, Chinese edition 2008.
4.
Fundamentals
of Investment, Pearson Education, 2002.
5.
Microscopic
Simulation of Financial Models: From Investor Behavior to Market Phenomena (with M. Levy and S. Solomon), Academic Press, 2000.
6.
Decision
Making Under Uncertainty: Stochastic Dominance, Kluwer Academic Publishers, 1st edition 1998,
2nd edition, 2006.
7.
Principles
of Corporate Finance, South-Western, 1998.
8.
Introduction
to Investments, South-Western, 1995;
second edition, 1999; Chinese edition, Peking University Press, 2002.
9.
Principles
of Financial Management: Canadian Edition (with
V. Jog, A. Riding and M. Sarnat,
10.
Principles
of Financial Management, (with
M. Sarnat) Prentice-Hall, 1988.
11.
Portfolio
and Investment Selection: Theory and Practice, (with M. Sarnat) Prentice-Hall International, 1984.
12.
Business
Statistics: Fundamentals and Applications (with
M. Ben-Horim) Random House, 1983.
13.
Statistics:
Decisions and Applications in Business and Economics, (with M. Ben-Horim), Random House, 198l. Second Edition,
1984.
14.
The
Israeli Stock Market, (with M. Smith and
M. Sarnat), Tel-
15.
Corporate
Investment and Financing Decisions, (with
M. Sarnat),
16.
Financial
Decision Making Under Uncertainty,
Co-Editor (with M. Sarnat), Academic Press,
17.
The
Structure of Revenues of Local Authorities in
18.
Investment
and Portfolio Analysis, (with
M. Sarnat),
19.
Wage
Differentials of Employees in
SELECTED PUBLICATIONS
·
"The
Efficiency Analysis of Choices Involving Risk," (with
G. Hanoch), Review of Economic Studies, July 1969.
·
"International
Diversification of Investment Portfolios," (with M. Sarnat), American
Economic Review, September 1970.
·
"The
Investment-Consumption Decision Under Capital Rationing: An Efficient Set
Analysis," (with F. Arditti and R. Grinold), Review
of Economic Studies, July 1973.
·
"Stochastic
Dominance, Efficiency Criteria, and Efficient Portfolios: The Multi -Period
case "American Economic Review, December 1973.
·
"Toward
Multivariate Efficiency Criteria," (with J. Paroush), Journal
of Economic Theory, February, 1974.
·
"The
Rationale of the Mean-Standard Deviation
Analysis, Skewness Preference and the Demand for Money: A
Comment," American Economic Review, June 1974.
·
"The
Definition of Risk: An Extension," Journal of Economic Theory,
February 1977.
·
"The
Capital Asset Pricing Model and the Investment Horizon," (with
D. Levhari), Review of Economics and Statistics, February
1977.
·
"Investment
Decision Rules, Diversification and Investors' Initial Wealth," (with Y.
Kroll), Econometrica, September 1978.
·
"Equilibrium
in Imperfect Market: A Constraint on the Number of Securities in the
Portfolio," American Economic Review, September 1978.
·
"Efficiency Analysis with
Borrowing and Lending: Criteria and Their Effectiveness," (with Y.
Kroll), Review of Economics and Statistics, February 1979.
·
"Approximating
Expected Utility by a Function of Mean and Variance," with H.M.
Markowitz), American Economic Review, June 1979.
·
"Optimal
Claims in Automobile Insurance," (with
·
"A
Model of Parallel Team Strategy in Product Development," (with
F. Arditti), American Economic Review, December 1980.
·
"Stochastic
Dominance and the Investment Horizon with Riskless Assets," (with A.
Levy), Review of Economic Studies, 1982.
·
"The
Capital Asset Pricing Model: Theory and Empiricism," The Economic
Journal, March 1983.
·
"Multivariate
Decision Making," (with A. Levy), Journal of Economic Theory,
February 1984.
·
"Experimental
Tests of the Separation Theorem and The Capital Asset Pricing
Model," (with Y. Kroll and A. Rapoport), American Economic
Review, June 1988.
·
"Two-Moment
Decision Models and Expected Utility Maximization: Comment," American
Economic Review, June 1989.
·
"Further
Tests of the Separation Theorem and the Capital Asset Pricing Model,"
(with Y. Kroll), American Economic Review, 1992.
·
"A
Comment of Rothschild and Stiglitz's "Increasing Risk:
·
"Investment
Talent and the Pareto Wealth Distribution: Theoretical and Experimental
Analysis," (with M. Levy), Review of Economics and Statistics,
2003.
·
"First
Degree Stochastic Dominance Violations: Decision Weights and Bounded
Rationality" The Economic Journal, 2008.
·
"The
Relationship of Rules of Thumb to the Internal Rate of Return: A Restatement
and Generalization," (with M. Sarnat), Journal of Finance,
June 1969.
·
"A
Utility Function Depending on the First Three Moments," Journal of
Finance, September 1969.
·
"The
Demand for Assets Under Conditions of Risk," Journal of
Finance, March 1973.
·
"Valuation,
Leverage and the Cost of Capital in the Case of Depreciable Assets," (with
F. Arditti), Journal of Finance, June 1973.
·
"Diversification,
Portfolio Analysis the Uneasy Case for Conglomerate Mergers," (with
M. Sarnat), Journal of Finance, September 1970.
·
"Two
Period Portfolio Selection and Investors' Discount Rates," (with
M. Sarnat), Journal of Finance, June 1971.
·
"Ordering
Uncertain Options with Borrowing and Lending," (with Y. Kroll), Journal
of Finance, May 1978.
·
"Stochastic
Dominance: A Note," (with Y. Kroll), Journal of Finance, June
1982.
·
"Stochastic
Dominance Rules for Truncated Normal Distributions: A Note," Journal
of Finance, December 1982.
·
"Economic
Valuation of Voting Rights of Common Stock," Journal of Finance,
March 1983.
·
"Mean-Variance
versus Direct Utility Maximization," (with Y. Kroll and H.
Markowitz), Journal of Finance, March 1984.
·
"Ordering
Uncertain Options Under Inflation," (with A. Levy), Journal
of Finance, September 1984.
·
"Upper
and Lower Bounds of Put and Call Option Value: Stochastic Dominance
Approach," Journal of Finance, September 1985.
·
"Does
Risk Seeking Drive Stock Prices" (with T. Post), Review of Financial
Studies, 2005.
·
"Prospect
Theory and Mean-Variance Analysis" (with M. Levy), Review of
Financial Studies, 2004.
·
"Sentiment
and Stock Prices: The Case of
ARTICLES CALASSIFIED BY JOURNALS
Articles in Economic Journals
1.
"The
Efficiency Analysis of Choices Involving Risk," (with
G. Hanoch), Review of Economic Studies, July 1969.
2.
"A
Note on Indifference Curves and Uncertainty," (with M. Sarnat), Swedish
Journal of Economics, September 1969.
3.
"Portfolio
Selection and Investors' Utility: A Graphical Analysis," (with
M. Sarnat), Applied Economics, August 1970.
4.
"International
Diversification of Investment Portfolios," (with M. Sarnat), American
Economic Review, September 1970.
5.
"The
Mean-Variance Criterion and the Efficiency Frontier," (with
M. Sarnat), Western Economic Journal, March 1971.
6.
"The
Investment-Consumption Decision Under Capital Rationing: An Efficient Set
Analysis," (with F. Arditti and R. Grinold), Review
of Economic Studies, July 1973.
7.
"Stochastic
Dominance Among Log-Normal Prospects," International
Economic Review, October 1973.
8.
"Stochastic
Dominance, Efficiency Criteria and Efficient Portfolios: The Multi-Period
Case," American Economic Review, December 1973.
9.
"Toward
Multivariate Efficiency Criteria," (with J. Paroush), Journal
of Economic Theory, February, 1974.
10. "The Rationale of the Mean-Standard
Deviation Analysis, Skewness Preference and the Demand for Money: A
Comment," American Economic Review, June 1974.
11. "Short Sales and
Diversification," Metroeconomica, December 1974.
12. "Investment Incentives and the
Allocation of Resources," (with M. Sarnat), Economic
Development and Cultural Change, April 1975.
13. "The World Oil Crisis: A Portfolio
Interpretation," (with M. Sarnat), Economic Inquiry,
September 1975.
14. "The Definition of Risk: An
Extension," Journal of Economic Theory, February 1977.
15. "The Capital Asset Pricing Model and the
Investment Horizon," (with D. Levhari), Review of Economics
and Statistics, February 1977.
16. "Investment Decision Rules,
Diversification and Investors' Initial Wealth," (with Y. Kroll), Econometrica,
September 1978.
17. "Equilibrium in Imperfect Market: A
Constraint on the Number of Securities in the Portfolio," American
Economic Review, September 1978.
18. "Inflation, Depreciation and Optimal
Production," (with Y. Landskroner), European Economic Review,
1979.
19. "Efficiency Analysis with Borrowing and
Lending: Criteria and Their Effectiveness," (with Y. Kroll), Review
of Economics and Statistics, February 1979.
20. "Approximating Expected Utility by a
Function of Mean and Variance," with H.M. Markowitz), American
Economic Review, June 1979.
21. "Optimal Claims in Automobile
Insurance," (with
22. "A Model of Parallel Team Strategy in
Product Development," (with F. Arditti), American Economic
Review, December 1980.
23. "The Capital Asset Pricing Model and the
Investment Horizon: A Reply," (with D. Levhari), Review of
Economics and Statistics, 1981.
24. "Stochastic Dominance and the Investment
Horizon with Riskless Assets," (with A. Levy), Review of Economic
Studies, 1982.
25. "The Capital Asset Pricing Model: Theory
and Empiricism," The Economic Journal, March 1983.
26. "Multivariate Decision Making,"
(with A. Levy), Journal of Economic Theory, February 1984.
27. "Experimental Tests of the Separation
Theorem and The Capital Asset Pricing Model," (with Y. Kroll and
A. Rapoport), American Economic Review, June 1988.
28. "Two-Moment Decision Models and Expected
Utility Maximization: Comment," American Economic Review, June
1989.
29. "The Formation of Stock Return
Volatility Expectations After the Crash," (with D. J.
Yoder), Economic Letters, 1991.
30. "Rational Expectation, Firm Size and
Sample Selection Bias," (with D. Gunthorpe), Economic Letters,
37, 1991.
31. "Arrow-Pratt Measures of Risk-Aversion:
The Multivariate Case," (with A. Levy), International Economic
Review, November, 1991.
32. "Further Tests of the Separation Theorem
and the Capital Asset Pricing Model," (with Y. Kroll), American
Economic Review, 1992.
33. "A Stochastic Dominance Analysis of
Trading Losses from Using Sample Estimates of the Variance in the
Black-Scholes Model," (with J. Yoder), Economic Letters,
December 1992.
34. "Absolute and Relative Risk Aversion: An
Experimental Study," Journal of Risk and Uncertainty, 1994.
35. "A Microscopic Model of the Stock
Market: Cycles, Booms, and Crashes," (with M. Levy and S.
Solomon), Economic Letters, May 1994.
36. "Abnormal Expected Utility and Event
Studying Abnormal Returns," (with D. Gunthorpe) Economic
Letters, 1994.
37. "Definition of Risk: Decreasing Absolute
Risk Aversion," (with Y. Kroll, M. Leshno, and
Y. Spector), Journal of Mathematical Economics, 1995.
38. "Misuse and Optimum Inspecting Strategy
in Agency Problems," (with B. Barlev), Metroeconomica,
1996.
39. "Correlation and the Time Interval Over
Which the Variables are Measured," (with G. Schwarz), Journal of
Econometrics, 1997.
40. "Risk and Return: An Experimental
Analysis," International Economic Review, 1997.
41. A Comment of Rothschild
and Stiglitz's "Increasing Risk:
42. "Stochastic Dominance and Prospect
Dominance with Subjective Weighting Function," (with Z. Wiener) Journal
of Risk and Uncertainty, 1998.
43. "Testing for Risk Aversion: a Stochastic
Dominance Approach (with M. Levy) Economic Letters, 2001.
44. "Arrow-Pratt Risk Aversion, Risk Premium
and Decision Weights," (with M. Levy), Journal of Risk and
Uncertainty, 2002.
45. "Investment Talent and the Pareto Wealth
Distribution: Theoretical and Experimental Analysis," (with M.
Levy), Review of Economics and Statistics, 2003.
46. "Potential Effect of Elimination of
Tax Discrimination between Israeli and Foreign Securities on Composition of
Public Portfolio of Financial Assets" (with G. Benita), The
Economic Quarterly, 2006 (Hebrew)
47. "First Degree Stochastic Dominance
Violations: Decision Weights and Bounded Rationality" The Economic
Journal, 2008.
48. "Bonds versus Stocks: Investors' Age and
Risk Taking" (with T.Bali, O. Dmirtas and A. Wolf), Journal of
Monetary Economics, September 2009.
Articles in Financial Journals
1.
"The
Connection Between Pre-Tax and Post-Tax Rates of Return," Journal
of Business, October 1968.
2.
"A
Note on the Payback Method," Journal of Financial and Quantitative
Analysis, December 1968.
3.
"The
Relationship of Rules of Thumb to the Internal Rate of Return: A Restatement
and Generalization," (with M. Sarnat), Journal of Finance,
June 1969.
4.
"A
Utility Function Depending on the First Three Moments," Journal of
Finance, September 1969.
5.
"Relative
Effectiveness of Efficiency Criteria for Portfolio Selection,"
(with G.Hanoch), Journal of Financial and Quantitative Analysis,
March 1970.
6.
"Efficient
Portfolio Selection with Quadratic and Cubic Utility," (with
G. Hanoch), Journal of Business, April 1970.
7.
Diversification,
Portfolio Analysis and the Uneasy Case for Conglomerate Mergers(with
M. Sarnat), Journal of Finance , Sepetmber 1970.
8.
"Alternative
Efficiency Criteria: An Empirical Analysis," (with M. Sarnat), Journal
of Finance, December 1970.
9.
"A
Note on Portfolio Selection and Investors' Wealth," (with
M. Sarnat), Journal of Financial and Quantitative Analysis,
January 1971.
10.
"Two
Period Portfolio Selection and Investors' Discount Rates," (with
M. Sarnat), Journal of Finance, June 1971.
11.
"A
Comment on Payback: A Reply," Journal of Financial and
Quantitative Analysis, September 1971.
12.
"Risk,
Dividend Policy and the Optimal Pricing of a Rights Offering," (with
M. Sarnat), Journal of Money, Credit and Banking, November
1971.
13.
"Pre-Tax
and Post-Tax Discount Rates," (with F. Arditti), Journal of
Business Finance, Winter 1971.
14.
"Distribution
Moments and Equilibrium: A Comment," (with Fred. D. Arditti), Journal
of Financial and Quantitative Analysis, January 1972.
15.
Investment
Performance in an Imperfect Securities Market and the Case for Mutual
Funds," (with M. Sarnat), Financial Analysts Journal,
March-April 1972.
16.
"Safety-First
and the Expected Utility Principle," (with M. Sarnat), Journal
of Financial and Quantitative Analysis, June 1972.
17.
"The
Demand for Assets Under Conditions of Risk," Journal of
Finance, March 1973.
18.
"Valuation,
Leverage and the Cost of Capital in the Case of Depreciable Assets," (with
F. Arditti), Journal of Finance, June 1973.
19.
"Safety-First
and the Expected Utility Principle - Reply," (with M. Sarnat), Journal
Financial and Quantitative Analysis, December 1974.
20.
"Valuation,
Leverage and the Cost of Capital in the Case of Depreciable Assets: A
Reply," (with F. Arditti), Journal of Finance, March
1975.
21.
"Portfolio
Efficiency Analysis in Three Moments: The Multi-Period Case," (with
F. Arditti), Journal of Finance, September 1975.
22.
"Taxes,
Uncertainty and Optimal Dividend Policy," (with F. Arditti and
M. Sarnat), Financial Management, Spring 1976.
23.
"Stochastic
Dominance with Riskless Assets," (with Y. Kroll), Journal of
Financial and Quantitative Analysis, December 1976.
24.
"The
Demand for Risky Assets Under Conditions of Risk: Reply," Journal
of Finance, June 1977.
25.
"Taxes,
Capital Structure and the Cost of Capital: Some Extensions," (with
F. Arditti and M. Sarnat), The Quarterly Review of
Economics and Business, Summer 1977.
26.
"The
Weighted Average Cost of Capital as a Cutoff Rate: A Critical Analysis of the
Classical Text Book Weighted Average," (with F. Arditti), Financial
Management, Fall 1977.
27.
"A
Pedagogic Note on Alternative Formulations of the Goal of the Firm," (with
M. Sarnat), Journal of Business, October 1977.
28.
"Ordering
Uncertain Options with Borrowing and Lending," (with Y. Kroll), Journal
of Finance, May 1978.
29.
"Exchange
Risk and the Optimal Diversification of Foreign Currency Holding," (with
M. Sarnat), Journal of Money, Credit and Banking, November
1978.
30.
"Leasing,
Borrowing and Financial Risk," (with M. Sarnat), Financial
Management, Winter 1978.
31.
"Stochastic
Dominance with a Riskless Asset: An Imperfect Market," (with Y.
Kroll), Journal of Financial and Quantitative Analysis," June
1979.
32.
"Total
Risk, Diversifiable Risk and Nondiversifiable Risk: A Pedagogic
Note," (with M. Ben-Horim), Journal of Financial and Quantitative
Analysis, June 1980.
33.
"Sampling
Errors and Portfolio Efficiency Analysis," (with Y. Kroll), Journal
of Financial and Quantitative Analysis, September 1980.
34.
"The
Capital Asset Pricing Model, Inflation and the Investment Horizon: The
35.
"The
CAPM and Beta in an Imperfect Market," The Journal of Portfolio
Management, Winter 1980.
36.
"The
Information Content of Accounting Data and the Management of Security
Portfolios," Journal of Business Finance and Accounting, 1981.
37.
"Optimal
Portfolio of Foreign Currencies with Borrowing and Lending," Journal
of Money, Credit and Banking, August 1981.
38.
"A
Test of the CAPM via a Confidence Level Approach," Journal of
Portfolio Management, Fall 1981.
39.
"The
CAPM and the Investment Horizon," Journal of Portfolio Management,
Winter 1981.
40.
"Risk,
Inflation and Liquidity Preference: A Simulation of the Portfolio Demand for
Money," (with M. Sarnat), The Quarterly Review of
Economics and Business, Spring 1982.
41.
"Stochastic
Dominance: A Note," (with Y. Kroll), Journal of Finance, June
1982.
42.
"The
Yield Curve and Expected Inflation," Financial Analysts Journal,
November- December 1982.
43.
"Stochastic
Dominance Rules for Truncated Normal Distributions: A Note," Journal
of Finance, December 1982.
44.
"Management
of Accounts Receivable Under Inflation," (with M. Ben-Horim),Financial Management,
Spring 1983. This paper has been chosen as the best paper published on the
topic and has won the Credit Foundation and Financial Management 1984 Award.
45.
"Economic
Valuation of Voting Rights of Common Stock," Journal of Finance,
March 1983.
46.
"Measuring
Risk and Performance over Alternative Investment Horizons," Financial
Analysts Journal, March-April 1984.
47.
"Mean-Variance
versus Direct Utility Maximization," (with Y. Kroll and H.
Markowitz), Journal of Finance, March 1984.
48.
"Another
Look at the Capital Asset Pricing Model," Quarterly Review of
Economics and Business, Summer 1984.
49.
"Ordering
Uncertain Options Under Inflation," (with A. Levy), Journal
of Finance, September 1984.
50.
"Upper
and Lower Bounds of Put and Call Option Value: Stochastic Dominance
Approach," Journal of Finance, September 1985.
51.
"Testing
P/E Ratio Filters by Stochastic Dominance Rules,"
(with Zvi Lerman), Journal of Portfolio Management, Winter 1985.
52.
"Financial
Break-Even Analysis and the Value of the Firm," (with R. Brooks), Financial
Management, Autumn, 1986.
53.
"Upper
and Lower Bounds of Put and Call Option Value: Stochastic Dominance Approach -
Erratum", The Journal of Finance, December 1986.
54.
"Using
Stochastic Dominance in Evaluating the Performance of Portfolios with
Options," (with R. Brooks and J. Yoder), Financial Analysts
Journal, March-April 1987.
55.
"Futures,
Spots, Stocks and Bonds: Multi-Assett Portfolio Analysis," The Journal
of Futures Markets, June 1987.
56.
"An
Empirical Test of the Black-Scholes Pricing Model: A Confidence Intervals
Approach," (with Young Hoon Byun), Journal of
Accounting, Auditing and Finance, Fall 1987.
57.
"Equilibrium
with Uncertain Inflation," (with A. Levy), Journal of Financial
and Quantitative Analysis, September 1987.
58.
"Option
Valuation Bonds: A Comparative Analysis," Studies in Banking and
Finance, 1988.
59.
"Using
Accounting Data for the Management of Security Portfolios," (with
B. Barlev and W. Denny), The Journal of Portfolio
Management, Spring 1988.
60.
"Testing
the Predictive Power of Ex-Post Efficient Portfolios," (with
Z. Lerman) Journal of Financial Research, Fall 1988.
61.
"Internationally
Diversified Bond and Stock Portfolios," (with Z. Lerman), Financial
Analysts Journal, September/October, 1988.
62.
"An
Empirical Analysis of the Term Premiums Using Stochastic Dominance," (with
R. Brooks) Journal of Banking and Finance, 13 (1989).
63.
"The
Coupon Effect on Term Premiums," (with R. Brooks and M. Livingston) The
Journal of Financial Research, Spring 1989.
64.
"Applying
the Black-Scholes Model After Large Market Shocks," (with
J. Yoder), Journal of Portfolio Management, Fall 1989.
65.
"A
Simple Analysis of the Contingent Claims Approach to Valuing Firm Commitment Underwriting
Contracts," (with
66.
"The
Valuation of Firm Commitment Underwriting Contracts for Seasoned Equity
Issues," (with
67.
"Option
Valuation: An Extension of the Binomial Model," (with A. Levy) Advance
in Futures and Options Research, JAI Press, March 1991.
68.
"Small
Firm Effect: Are There Abnormal Returns in the Market," Journal of
Accounting, Auditing and Finance, 1990.
69.
"Possible
Explanation of Synergy Merger and Small Firm Effect by Generalized
GAPM," Review of Quantitative Finance and Accounting, January
1991.
70.
"Portfolio
Insurance: Does it Pay?" (with R. Brooks), Advances in
Futures and Option Research, JAI Press, 1993.
71.
"Active
Timing Decisions of Equity Mutual Funds," (with R. Radcliff and R.
Brooks), Financial Services Review, 1993.
72.
"Optimal
Investment Proportions in Senior Securities and
Equities Under Alternative Holding Periods," (with
D. Gunthorpe), Journal of Portfolio Management, Summer 1993.
73.
"The
Behavior of Option Implied Standard Deviations Around Mergers and
Acquisition Announcement," (with J. Yoder), The Financial Review,
May 1993.
74.
"Market
Reaction to Bond Downgradings Followed by Chapter 11 Filings"
(with K. Bi), Financial Management, Autumn 1993.
75.
"Investment
Banker Prestige, Competition, and Underwriter Compensation in
76.
"Portfolio
Composition and the Investment Horizon," (with D. Gunthorpe), Financial
Analysts Journal, January/February 1994.
77.
"Forward
Exchange Bias, Hedging and the Gains from International Diversification of
Investment Portfolios," (with K.C. Lim), Journal of International
Money and Finance, 1994.
78.
"Beta
and an Investor's Holding Period," (with D. Gunthorpe and S. wachowicz) Review
of Business, Spring 1994.
79.
"Are
Term Premiums Risk Premiums," (with R. Brooks and M. Livingston), Advances
of Quantitative Analysis of Finance and Accounting, Volume 3, Part A, 1995.
80.
"Trading
Losses from Using a Sample Estimate of the Variance in the
Black-Scholes Model: A Simulation Analysis," (with J. Yoder), Advances
in Quantitative Analysis of Finance and Accounting, 1995.
81.
"Stock
Market Volatility After the Crash," (with J. Yoder), Research
in Finance, 1995.
82.
"Signalling Theory
and Risk Perception: An Experimental Study," (with
E. Lazarovich-Porat), Journal of Economics and Business, 1995.
83.
"Tests
of the Efficiency of the
84.
"Investment
Diversification and Investment Specialization and the Assumed Holding
Period," Applied Mathematical Finance, 1996.
85.
"Cross
Asset Versus Time Diversification," (with
Y. Spector), Journal of Portfolio Management, 1996.
86.
"Optimal
Oil Production: A Portfolio Approach" (with A. Cohen), Journal of
Energy, Finance, and Development, 1996.
87.
"A
Stochastic Dominance Approach to Evaluating Alternative Estimators of the
Variance in the Black-Scholes Model," (with J. Yoder), Applied
Financial Economics, 1996.
88.
"The
Danger of Assuming Homogeneous Expectations," with M. Levy, Financial
Analyst Journal, May/June 1996. A summary of this paper is
published in The CFA Digest, Winter 1997.
89.
"The
Behavior of Option Prices Around Merger and Acquisition
Announcements" (with J. Yoder), Advances in Investment Analysis
and Portfolio Management, 1997.
90.
"The
Economic Significance of the Cross-Sectional Autoregressive Model: Further
Analysis" (with K. Lim), , Review of Quantitative Finance and
Accounting , 1998.
91.
"On
the Risk of Stocks in the Long Run: Revisited (with A. Cohen) Journal
of Portfolio Management, Spring 1998.
92.
"A
Negative Equilibrium Interest Rate" (with M. Levy and A. Edry), Financial
Analyst Journal, April 2003.
93.
"Asset
Returns' Distributions and the Investment Horizon" (with
R. Duchin), Journal of Portfolio Management, 2004.
94.
"Time
Diversification and Stochastic Dominance" (with C.W. Hodges and J.A.
Yoder), Research in Finance, 2004.
95.
"'Homemade
Leverage': Theory versus Experimental Evidence" (with M. Levy and
96.
"Prospect
Theory and Mean-Variance Analysis" (with M. Levy), Review of
Financial Studies, 2004.
97.
"Does
Risk Seeking Drive Stock Prices" (with T. Post), Review of Financial
Studies, 2005.
98.
"The
Value of Financial Disclosure and Regulation: A Portfolio Approach," (with
M. Levy and G. Benita) Journal of Portfolio Management, 2006.
99.
"The
Log-Normal Asset Pricing Model (with A.Cohen) Reaserch In
Financial Economic, 2005.
100.
"Capital
Asset Prices with Heterogeneous Beliefs," (with M. Levy and G.
Benita) Journal of Business, 2006.
101.
Experimental
Economics and the Theory of Finance," Encyclopedia in Finance,
(Editors: C.F. Lee and A.C. Lee), 2006,Second Edition, forthcoming.
102.
"
103.
"Risk
Aversion and Skewness Preference" (with T. Post and
P. Vliet), Journal of Banking and Finance, 2008.
104.
"A
Model –Independent Measure of Aggregate Idiosyncratic Risk (with T. Bali
and
105.
"Nonlinear
Mean Reversion in Stock Prices (with T. Bali and O. Demirtas), Journal
of Banking and Finance, 2008.
106.
"Is
There an Intertemporal Relation Between Downside risk and Expected
Returns?" (With T.Bali and O. Demirtas), Journal of Financial
and Quantitative Analysis , 2009.
107.
"The
Safety First Expected Utility Model: Experimental Evidence and Economic
Implications”, Journal of Banking and Finance "
(with M. Levy), Journal of Banking and Finance, 2009.
108.
"Mean
Variance versus Naïve Diversification" (with Ran Ducin),
in The Handbook of Portfolio Construction : Contemporary
Applications of Markowitz Techniques" (Editor: J. Guerard),
109.
"Markovitz Versus the
Talmudic Portfolio Diversification Strategies" (with R. Ducin), Journal of Portfolio
Management, 2009.
110.
"Exploitable
Predictable Irrationality: The FIFA World Cup Effect on the
111.
"Sentiment
and Stock Prices: The Case of
112.
"The
113.
"Cumulative
Prospect Theory: Tests Using the Stochastic Dominance Approach" in Behavioral
Finance: Investors, Corporations, and Markets, (eds., Baker and Nofsinger),
Wiley 2010.
114.
"The
Two-Parameter Long-Horizon Value-at-Risk", Frontiers in Finance and
Economics, 2010.
115.
"The
CAPM is Alive and Well: A Review and Synthesis", European Financial
Management, 2010.
116.
"The
Small Firm Effect: A Financial Mirage?" (with M. Levy), Journal of
Portfolio Management, 2011.
117.
"Estimating
Prospect Theory's Decision Weights with Stochastic Dominance: The Small
Probability Case" (with M. Orkan), Annals of Financial Economics,2012.
118.
"Two
Paradigms and Nobel Prizes in Economics: A Contradiction or Coexistence?"
(with E.D. Giorgi and T. Hens), European Financial Management,2011
119.
“Executive
Short-Term Intensive, Risk-Taking and Leverage-Neutral Incentive Scheme” (with
G. Kaplanski, Annals of Financial Economics, 2012.
120.
“Real
Estate Prices: An International Study of Seasonality’ Sentiment Effect”, (with
G.Kaplanski), Journal of Empirical Finance, forthcoming.
Articles in Management and Decision Science
Journals
1.
"Portfolio
Performance and the Investment Horizon," Management Science,
August 1972.
2.
"Multi-Period
Stochastic Dominance," (with J. Paroush), Management Science,
December 1974.
3.
"Multi-Period
Consumption Decision Under Conditions of Uncertainty," Management
Science, July 1976.
4.
"Does
Diversification Always Pay" in E. Elton and M. Gruber (eds.) TIMS Study
in the Management Science, Essays in Honor of Harry Markowitz, Vol. 11,
1979.
5.
"Sample
vs. Population Mean-Variance Efficient Portfolios," (with Y. Kroll), Management
Science, November 1980.
6.
"Inflation
and the Trade Credit Period," (with M. Ben-Horim), Management
Science, June 1982.
7.
"The
Effects of Variable and Fixed Transaction Costs on Optimal Investment
Decisions," (with R. Lazimy), Decision Science, 1983.
8.
"A
Parametric Approach to Stochastic Dominance: The Lognormal Case," (with Y.
Kroll) Management Science, March 1986.
9.
"New
Product Screening Via the Intention to Buy Scale"
(with Chezy Ofir), Decision Science, Winter 1986.
10. "Market Reaction to Quarterly Earnings'
Announcements: A Stochastic Dominance Based on Market Efficiency," (with
H. Falk), Management Science, Vol. 35, No. 4, April 1989.
11. "The Mean-Coefficient of Variation Rule:
The Lognormal Case," Management Science, June 1991.
12. "Stochastic Dominance: Survey and
Analyses," Management Science, April 1992.
13. "The Capital Asset Pricing Model with Diverse
Holding Periods," (with P.A. Samuelson), Management Science,
November 1992.
14. "Regression, Correlation, and the Time
Interval: Additive-Mutiplicative Framework" (with
I. Guttman and
15. "Prospect Theory: Much
16. "Preferred by 'All' and Preferred by
'Most Decision Makers: Almost Stochastic Dominance" (with
M. Leshno), Management Science, 2002.
17. "Economically Relevant Preferences for
All Observed Epsilon” (with M. Leshno and B. Liebovitz) Annals
of Operation Research, 2010.
Other Journals
1.
"Changes
in Wage Differentials by Occupational Groups, 1957/8-1963-4," Bank
of
2.
"Investment
Criteria in the Public Sector," Economic Quarterly, December
1968 (Hebrew).
3.
"Methods
of Calculating Premiums for Motor Vehicle Insurance in
4.
"Investment
Performance: Social Versus Private Consideration," Management:
The
5.
"Profitability
of Savings Through Insurance Companies," (with
J. Kahane), Journal of Risk and Insurance, June 1970.
6.
"Evaluation
of the Investment via Insurance Companies in
7.
"The
Portfolio Analysis of Multiperiod Capital
Investment Under Conditions of Risk," (with
M. Sarnat), The Engineering Economist, Winter 1970.
8.
"The
Impact of the Six Day War on the Electronics and Metal Industry," (with
M. Sarnat), The Levi Eshkol Institute for Economic, Social
and Political Research, 1973.
9.
"Government
Intervention, Investment Incentives and the Price of Foreign
Exchange," The Economic Quarterly, September 1973 (Hebrew).
10.
"The
Revenue Structure of Local Governments in Israel-Future Prospects," (with
B. Barlev), in J. Steinmann (ed.) The Revenue Structure of Local
Government in Israel, State of Israel, Ministry of Interior, Jerusalem,
1974 (Hebrew).
11.
"Regulation
in the Insurance Industry: Determination of Premiums in Automobile
Insurance", (with Y. Kahane), Journal of Risk and Insurance,
December 1974.
12.
"Devaluation,
Risk and Portfolio Analysis of Investments," (with M. Sarnat), in
E.J. Elton and M.J. Gruber (eds.), International Capital Markets,
North-Holland, 1975.
13.
"Risk,
Diversification and the Composition of the Market Portfolio: An Empirical
Analysis of the Tel-
14.
"An
Analysis of the General Property Tax (Arnona Klalit)," (with
B. Barlev), City and Region, February 1975 (Hebrew).
15.
"Loss Carryback and
Carryover Provisions: Effectiveness and Economic Implications," (with
B. Barlev), National Tax Journal, June 1975.
16.
"Investment
Incentives and Resource Allocation," (with M. Sarnat), The Economic
Quarterly, December 1975 (Hebrew).
17.
"Devaluation,
Risk, Portfolio Balance and International Capital Flows," (with
M. Sarnat), Konjunkturpolitik, No. 4, 1976.
18.
"The
Make or Buy Decision," (with M. Sarnat), Journal of General
Management, Autumn 1976.
19.
"Multi-Period
Stochastic Dominance with One-Period Parameters, Liquidity Preference and
Equilibrium in the Log-Normal Case," in Alan Blinder and Philip
Friedman (eds.), Natural Resources, Uncertainty, Dynamics and Trade: Essays in
Honor of Rafael Lusky, Academic Press, 1977.
20.
"Choosing
the Best Advertising Appropriate When Appropriations Interact Over Time,"
(with J.L. Simon), Research in Marketing, Vol. 1, June 1977. Chosen
as the "Best Theoretical/Empirical Paper" (Winner) by the Association
for Information and Decisional Science Conference,
21.
"Project
Evaluation, Government Intervention and the Price of Foreign
Exchange," Revenue Economique, January 1979.
22.
"Taxation
and Investments Under Inflation," (with
Y. Landskroner), The Economic Quarterly, September 1979
(Hebrew).
23.
"On
the Variability of Accounting Income Numbers," (with
B. Barlev), Journal of Accounting Research, Autumn 1979.
24.
"Stochastic
Dominance Criteria: A Review and Analysis" (with Y. Kroll), Research
in Finance, Vol. 2, JAI Press, 1980.
25.
"Financial
Management in an Inflationary Economy," (with M. Ben-Horim) in E.I.
Altman, ed., Financial Handbook, fifth edition, John Wiley &
Sons, 1981.
26.
"Lease
Financing: Cost Versus Liquidity." The Engineering
Economist, (with Y. Landskroner), Fall 1981.
27.
"Evaluating
Estimators Using Stochastic Dominance Rules: The Variance of a Normal
Distribution," (with M. Ben-Horim), Communication in Statistics,
1982.
28.
"Capital
Structure, Inflation and the Cost of Capital in Israeli Industry:
1964-1978," Bank of Israel Survey, (based on Maurice
Falk Institute of Economic Research Discussion Paper
No. 795, March 1979), Vol. 53, 1982.
29.
"Optimal Multiperiod Insurance
Contracts," (with
30.
"International
Portfolio Diversification," (with M. Sarnat), in R. Herring
(ed.), Managing Foreign Exchange Risk, Academic Press, 1983.
31.
"Voting
Power, the CAPM, and Market Efficiency," in Robert
F. Lanzillotti and Yoram C. Peles (Editors), Research
in Finance, Supplement 1, 1984.
32.
"Stochastic
Dominance and Parameter Estimation: The Case of Symmetric Stable
Distributions," (with M. Ben-Horim), Insurance: Mathematics and
Economics, 1984.
33.
"Financial
Management in an Inflationary Economy," (with M. Ben-Horim), Financial
Handbook, Sixth Edition, John Wiley and Sons, 1986, Section 15, pp.
1-41. This a revision of the paper which was published in the Fifth
Edition.
34.
"Estimate
of the Cost of Capital in the Israeli Industry," (with Z. Lerman) Bank
of
35.
"Stochastic
Dominance," The New Palgrave: A Dictionary of Economic Theory and
Doctrine, Macmillan Press, 1987.
36.
"Investment,
Capital Structure and Cost of Capital: Revisited," (with Y. Kroll)
in Studies in the Economics of Uncertainty: In Honor of
Josef Hadar (Eds. B. Fomby and K. Seo),
Springer Verlag,
37.
"The
Stochastic Dominance Estimation of Default Probability," (with
M. Broske) in Studies in the Economics of Uncertainty: In Honor of
Joseph Hadar (Eds. B. Fomby and K. Seo) Springer Verlag,
New York, 1988.
38.
"Experimental
Tests of the Mean-Variance Model for Portfolio Selection," (with Y. Kroll
and A. Rapoport), Organizational Behavior and Human Decision
Processes, 1988.
39.
"Optimal
Term Life Insurance - A Practical Solution," (with J. Simon and N.
Doherty) Insurance, Mathematics and Economics, 7, 1988.
40.
"A
Generalization that Makes Useful the Dorfman-Steiner Theorem with Respect
to Advertising," (with J. Simon) Managerial and Decision Economics,
1989.
41.
"Agency
Costs When the Agent's Talent is Unknown: A Bayesian Approach," Information Comercial Espanola, Revisita de Economia, December 1990.
42.
"Microscopic
Simulations of the Stock Market: The Effect of Microscopic Diversity," (with
M. Levy and S. Solomon), Journal de Physique I., August, 1995.
43.
"Disclosure
of Derivative Risk" Executive ,1995.
44.
"The
Management OF Foreign Exchange Reserves with Balance of Payments and External
Debt Considerations: The Case of
45.
"Decision-Making
Under Uncertainty: Stochastic Dominance" (with M. Leshno) in
46.
"Experimental
Test of the Prospect Theory Value Function : Stochastic Dominance
Approach(with M. Levy), Organizational and Behavior and
Human Decision Processes, 2002.
47.
"Stochastic
Dominance and Medical Decision Making" (with M. Leshno), Health
Care Management Science, 2004.
Articles – Reprinted
1.
"Approximating
Expected Utility by Mean and Variance"(with H. Markovitz) in Pioneering
Papers of Nobel Memorial Laureates in Economics, Edward
Elgar Publishing , LTD,
2.
"The
Capital Asset Pricing Model with Diverse Holding Periods," (with P.
Samuelson), in The History of Management Thought, Dartmouth Publishing
Company,.
3.
"Internationally
Diversified Bond and Stock Portfolios," in R. W. Kolb (editor) The
International Finance Reader, Kolb Publishing Company, Miami, Florida 1991.
4.
"The
Weighted Average Cost of Capital as a Cutoff Rate: A Critical Analysis of
Classical Textbook Weighted Average," in Pearson Hunt, Victor L.
Andrews and Charles Young (eds.), Financial Management: Cases and
5.
"The
Make or Buy Decision," Handbook for
Managers, Uitgevrij Kluwer Publishing Company.
6.
"Taxes,
Uncertainty and the Optimal Dividend Policy," in The Chartered
Financial Analysts Digest, Summer 1977.
7.
"Devaluation,
Risk and the Portfolio Analysis of International Investment," in R. Brealy and
G. Rankine (eds.) European Finance Association, l975 Proceedings,
North Holland Press, 1976.
8.
"The
Efficiency Analysis of Choices Involving Risk," in W.T. Ziemba and
R.G. Vickson (eds.) Stochastic Optimization Models in Finance,
Academic Press,
9.
"Investment
Criteria in the Public Sector," in A. Van der Hall (ed.)
Analysis of Cost- Benefit, Ministry of the Treasury, Jerusalem, l97l.
10.
"Stochastic
Dominance with a Riskless Asset: An Imperfect Market," Summary
in Referativnyi Zhural: Matematika (Soviet Mathematical
Abstracts), No. 9, l980.
11.
"Stochastic
Dominance among Log-Normal Prospects," a summary in Zentralblatt fur Mathematik, Akademie der Wissenschaften der DDR,
12.
"Investment
Performance in an Imperfect Securities Market and the Case for Mutual
Funds," in Financial Counseling Study Guide, The
13.
"The
World Oil Crisis: A Portfolio Interpretation," in The Chartered
Financial Analysts Digest.
14.
"The
Relationship of Rules of Thumb to the Internal Rate of Return," in K. Luder (ed.)
Capital Investment,
15.
"Diversification,
Portfolio Analysis and the Uneasy Case for Conglomerate Mergers,"
16.
"The
Portfolio Analysis of Multi-Period Investment Under Conditions of
Risk," in J.P. Dickinson (ed.) Portfolio Analysis, Farnborough:
D.C. Heat Ltd., l974.
17.
"Portfolio
Selection and Investors' Utility: A Graphical Analysis," in J.P. Dickinson
(ed.) Portfolio Analysis, Farnborough: D.C. Heat Ltd., 1974.
18.
"International
Diversification of Investment Portfolios," in S. Markvidakes (ed.)
The Hebrew University
The Jerusalem
School of Business Administration