ORLY SADE

Department of Finance, Jerusalem School of Business

Hebrew University of Jerusalem

Mount Scopus, Jerusalem, 91905,

 ISRAEL

 e-mail: orlysade@mscc.huji.ac.il

 

 

 

Research Interest: Market Microstructure, Auctions and Experimental Economics

 

 

 

 

Last Updated:

 

 

Publications:

 

·         "Sovereign Debt Auctions: Uniform or Discriminatory?" (2009) co-authored with Menachem Brenner and Dan Galai- - forthcoming at the Journal of Monetary Economics

Presented at: European Finance Association Meeting in Zurich, 2006, MTS 2006, Istanbul and FUR XIII 2006, Rome. Seminars at Tel-Aviv University, IDC (Israel), NYU, the University of Colorado at Boulder, University of Massachusetts at Amherst, University of Utah, University of Houston and the Federal Reserve Bank of NY.


·         “The Ostrich Effect” and the Relationship between the Liquidity and the Yields of Financial Assets” (2006) co-authored with Dan Galai -the Journal of Business Volume 79, Issue 5 , September 2006

http://ssrn.com/abstract=431180

 

Presented at: FUR XI 2004, Paris, June 2004. Seminars: Hebrew University – Finance (March 2004), Hebrew University - Psychology (May 2004), Norwegian School of Management (March 2004)


·           "When Less (Potential Demand) is More (Revenue): Asymmetric Bidding Capacities in Divisible Good Auctions" (2006) co-authored with Charles Schnitzlein and Jaime Zender the Review of Finance Volume 10, Issue 3 , 389-416

http://papers.ssrn.com/paper.taf?abstract_id=705901

Presented at: International Meeting of the Economic Science Association, Montreal, Canada, June 2005, The 2006 Winter Meeting of the Econometric Society, January 2006 Boston, Hebrew University of Jerusalem, Tel-Aviv University and Ben-Gurion University

 

 

·         “Competition and Cooperation in Divisible Good Auctions: An Experimental Examination” (2006) co-authored with Charles Schnitzlein and Jaime Zender - the Review of Financial Studies Volume 19 (1), January 2006, 195-235

http://ssrn.com/abstract=445240

http://rfs.oxfordjournals.org/cgi/content/abstract/hhj005v1

 

Presented at: International Meeting of the Economic Science Association, Boston (Harvard), June 2002, Auctions and Market Design Conference, FEEM, Italy, September 2003, Southern Finance Association, South Carolina December 2003 (co-author), FMA Annual Meeting, New Orleans, October 2004 (co-author), European Finance Association Meeting, Netherlands, August 2004, North American Winter meeting of the Econometric Society, Philadelphia, January 2005. Finance Seminars: IDC (October 2002), Hebrew University (November 2002), Technion (December 2002) Tel-Aviv University (November 2003), Norwegian School of Economics and Business Administration (April 2004).

 

 

·         “Measuring Stock Illiquidity: an Investigation of the Demand and Supply Schedules at the TASE” (2004) co-authored with Avner Kalay and Avi Wohl, the Journal of Financial Economics Volume 74, Issue 3 , December 2004, Pages 461-486

http://ssrn.com/abstract=424930

http://authors.elsevier.com/sd/article/S0304405X04000716

 

Presented at: Nasdaq -Notre Dame Microstructure Conference 2000, September 2000, Notre-Dame, Indiana, FMA Doctoral Seminar, October 2000, Seattle Washington, Western Finance Association, June 2001, Tucson Arizona (co-author), FMA Annual Meeting, October 2001, Toronto, Canada, Israeli Economic Society, May 2002, Israel, European Finance Association Meeting, Glasgow, Scotland, August 2003. Finance Seminars: University of Utah (August 2000), Hebrew University (November 2000), Tel-Aviv University (November 2000), University of Arizona (December 2000), University of Oregon (January 2001), University of Pittsburgh (February 2001)

 

·         “Does The Option to Cancel an Order in a Double Auction Market Matter?” (2004) co- authored with Steve Crowley, the Economics Letters, Volume 83, Issue 1 , April 2004, Pages 89-97

http://authors.elsevier.com/sd/article/S0165176503003318

 

Presented at: Society for Judgment and Decision Making Annual Meeting, Orlando Florida, Nov 2001 (poster, co-author), Economic Science Association North American Regional Meeting, Tucson, AZ, Nov 2001 (co-author). Finance Seminar: University of Utah (2001)

 

 

 

Publications in Hebrew:

  • שדה אורלי (2005), "האם מועדי פקיעת חוזי המק"מ העתידי משפיעים על תוצאות מכרזי המק"מ? (ואם לא, מה כן משפיע?) סקר בנק ישראל

  • לנדאו חנוך ושדה אורלי (1993), " גישה לשיפור איכות הניהול והשירות בבנקאות בישראל ", רבעון לבנקאות, 126, כרך ל"ב ,דצמבר
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    Non Refereed Publication in the Financial Media in Hebrew:

    שדה אורלי, (8 במאי 2005), "מדוע גישה ישירה של הציבור למק"מ של בנק ישראל היא חיונית" The Marker


    שדה אורלי (28 אוקטובר 2008), "חינוך פיננסי חובה" The Marker

     

    Citation of Research in the Media

  • The Market Momentum
  • The Marker Auctions
  • Yediot pdf
  • The marker pdf
  • Globes quoting Yediot pdf
  • Handelsblatt (in German) pdf
  • club50 htm


    • Working Papers:

     


    ·         Endogenizing Bidders Choice in Divisible Goods Auctions (2007) co-authored with Menachem Brenner and Dan Galai

    Presented at: European Finance Association Meeting in Zurich, 2006, MTS 2006, Istanbul and FUR XIII 2006, Rome. Seminars at Tel-Aviv University, IDC (Israel), NYU, the University of Colorado at Boulder, University of Massachusetts at Amherst, University of Utah, University of Houston and the Federal Reserve Bank of NY.

     

     

     

     

     

    Teaching:

    ·           Corporate Finance – M.B.A

    ·           Empirical Finance – Graduate Students

    ·           Financial Markets – Executive M.B.A

     

     

     

     

     

    Participation in Experiments:

    Would you like to participate in financial experiments and make money?

    Send e-mail to: orlysade@mscc.huji.ac.il and I will contact you.

     

     

    Treasury Auction Related Literature:

    Under Construction