Avner Kalay

Tel Aviv University - Faculty of Management

Professor

P.O. Box 39010

Ramat Aviv, Tel Aviv, 69978

Israel

University of Utah - David Eccles School of Business

Professor

1645 E Campus Center Dr

Salt Lake City, UT 84112-9303

United States

SCHOLARLY PAPERS

20

DOWNLOADS
Rank 7,232

SSRN RANKINGS

Top 7,232

in Total Papers Downloads

6,002

CITATIONS
Rank 7,054

SSRN RANKINGS

Top 7,054

in Total Papers Citations

68

Scholarly Papers (20)

1.

The Market Value of Corporate Votes: Theory and Evidence from Option Prices

Journal of Finance (JF), Volume 69, Issue 3, pp. 1235-1271, 2014
Number of pages: 68 Posted: 26 Jan 2011 Last Revised: 03 Jun 2016
Avner Kalay, Oğuzhan Karakaş and Shagun Pant
Tel Aviv University - Faculty of Management, Cambridge Judge Business School - Finance Subject Group and University of Iowa - Department of Finance
Downloads 1,087 (18,567)
Citation 4

Abstract:

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Voting Rights, Put-Call Parity, Options, Shareholder Meetings, Hedge Funds, Activism, Mergers & Acquisitions

2.
Downloads 1,026 ( 20,192)
Citation 3

Ex-Dividend Arbitrage in Option Markets

Number of pages: 51 Posted: 02 Nov 2006
Jia Hao, Avner Kalay and Stewart Mayhew
CUHK Business School, The Chinese University of Hong Kong, Tel Aviv University - Faculty of Management and Cornerstone Research
Downloads 1,026 (19,830)
Citation 3

Abstract:

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Arbitrage, option market, Ex-dividend

Ex-Dividend Arbitrage in Option Markets

The Review of Financial Studies, Vol. 23, Issue 1, pp. 271-303, 2009
Posted: 25 Jan 2010
Jia Hao, Avner Kalay and Stewart Mayhew
CUHK Business School, The Chinese University of Hong Kong, Tel Aviv University - Faculty of Management and Cornerstone Research

Abstract:

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G13, G14, G18

Time Varying Voting Rights and the Private Benefits of Control

EFA 2008 Athens Meetings Paper
Number of pages: 58 Posted: 06 Mar 2008 Last Revised: 21 Feb 2010
Avner Kalay and Shagun Pant
Tel Aviv University - Faculty of Management and University of Iowa - Department of Finance
Downloads 375 (75,827)
Citation 8

Abstract:

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corporate governance, regulation, security voting structure, control contests, derivatives

Time Varying Voting Rights and the Private Benefits of Control

AFA 2010 Atlanta Meetings Paper
Number of pages: 58 Posted: 25 Mar 2008 Last Revised: 23 Feb 2010
Avner Kalay and Shagun Pant
Tel Aviv University - Faculty of Management and University of Iowa - Department of Finance
Downloads 284 (103,891)
Citation 8

Abstract:

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security voting structure, control contests, derivatives

Time Varying Voting Rights and the Private Benefits of Control

Number of pages: 58 Posted: 22 Feb 2010
Avner Kalay and Shagun Pant
Tel Aviv University - Faculty of Management and University of Iowa - Department of Finance
Downloads 98 (264,627)
Citation 5

Abstract:

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4.

Detecting Liquidity Traders

Journal of Financial and Quantitative Analysis (JFQA), Forthcoming
Number of pages: 50 Posted: 02 Mar 2002 Last Revised: 14 Dec 2008
Avner Kalay and Avi Wohl
Tel Aviv University - Faculty of Management and Tel Aviv University - Coller School of Management
Downloads 614 (41,447)
Citation 4

Abstract:

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liquidity traders, liquidity, transparency, return predictability, commonality of liquidity, contagion, elasticity, liquidity

Measuring Stock Illiquidity: An Investigation of the Demand and Supply Schedules at the Tase

EFA 2003 Annual Conference Paper No. 231
Number of pages: 49 Posted: 07 Aug 2003
Avner Kalay, Orly Sade and Avi Wohl
Tel Aviv University - Faculty of Management, Hebrew University of Jerusalem - Department of Finance and Tel Aviv University - Coller School of Management
Downloads 452 (60,657)
Citation 14

Abstract:

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Measuring Stock Illiquidity: An Investigation of the Demand and Supply Schedules at the TASE

Journal of Financial Economics, Vol. 74, No. 3, pp. 461-486, December 2004
Posted: 17 Feb 2005
Avner Kalay, Orly Sade and Avi Wohl
Tel Aviv University - Faculty of Management, Hebrew University of Jerusalem - Department of Finance and Tel Aviv University - Coller School of Management

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6.

Is Chapter 11 Costly?

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 40 Posted: 15 Jan 2007
Tel Aviv University - Faculty of Management, Oakland University and University of Utah - Department of Finance
Downloads 415 (67,917)
Citation 18

Abstract:

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indirect bankruptcy costs, Chapter 11, bankruptcy

7.

The Market Value of the Vote: A Contingent Claims Approach

Number of pages: 50 Posted: 08 Nov 2008 Last Revised: 11 Mar 2010
Avner Kalay and Shagun Pant
Tel Aviv University - Faculty of Management and University of Iowa - Department of Finance
Downloads 390 (73,101)
Citation 5

Abstract:

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Voting rights, Put-Call parity, Options, Vote trading

8.

Does Publication Follow Presentation? The Information Content of Presentations at Refereed Finance Conferences

13th Annual Utah Winter Finance Conference
Number of pages: 16 Posted: 19 Jul 2003
Sam Houston State University - College of Business Administration, Tel Aviv University - Faculty of Management and University of Utah - Department of Finance
Downloads 379 (75,601)
Citation 1

Abstract:

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9.

Continuous Trading or Call Auctions: Revealed Preferences of Investors at Tase

Number of pages: 30 Posted: 20 Mar 2000
Avner Kalay, Li Wei and Avi Wohl
Tel Aviv University - Faculty of Management, University of Utah and Tel Aviv University - Coller School of Management
Downloads 328 (89,303)
Citation 2

Abstract:

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10.

Vanishing Stock Dividends

Number of pages: 49 Posted: 27 Jan 2016 Last Revised: 07 Mar 2019
Avner Kalay and Feng Zhang
Tel Aviv University - Faculty of Management and University of Utah - Department of Finance
Downloads 150 (191,109)

Abstract:

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stock dividends, investor learning, signaling

11.

Agency and Corporate Purchase of Insurance

Number of pages: 35 Posted: 21 Mar 2010 Last Revised: 15 Apr 2013
Paul Ehling, Avner Kalay and Shagun Pant
BI - Norwegian Business School, Tel Aviv University - Faculty of Management and University of Iowa - Department of Finance
Downloads 145 (196,481)
Citation 1

Abstract:

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private benefits of control, property insurance

12.

One Share-One Vote is Unenforceable and Sub-Optimal

Number of pages: 58 Posted: 24 Feb 2010
Avner Kalay and Shagun Pant
Tel Aviv University - Faculty of Management and University of Iowa - Department of Finance
Downloads 138 (204,464)
Citation 8

Abstract:

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13.

Broker Rebates and Investor Sophistication

Number of pages: 41 Posted: 10 Sep 2014
Mor Haziza and Avner Kalay
Tel Aviv University - The Leon Recanati Graduate School of Business Administration and Tel Aviv University - Faculty of Management
Downloads 62 (343,127)

Abstract:

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Investor Sophistication, Financial Intermediaries, Soft dollars, Kickbacks

14.

Market Learning About the Stand-Alone Value of the Acquirer

Number of pages: 55 Posted: 22 Dec 2015 Last Revised: 03 Apr 2019
Krisztina Buti and Avner Kalay
University of California at San Diego and Tel Aviv University - Faculty of Management
Downloads 59 (351,637)

Abstract:

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mergers and acquisitions, investment policy, market learning

15.

Information Asymmetry and the Bond Coupon Choice

The Accounting Review, Forthcoming
Posted: 22 Dec 2015 Last Revised: 09 Jun 2017
Dan Amiram, Alon Kalay, Avner Kalay and N. Bugra Ozel
Tel Aviv University - Coller School of Management, Columbia Business School - Accounting, Business Law & Taxation, Tel Aviv University - Faculty of Management and University of Texas at Dallas

Abstract:

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Bond contracting; Coupon rate; Information asymmetry; Maturity; Capital market frictions

16.

Continuous Trading or Call Auctions: Revealed Preferences of Investors at the Tel Aviv Stock Exchange

The Journal of Finance, Vol. 57, pp. 523-542, 2002
Posted: 25 Apr 2002
Avner Kalay, Li Wei and Avi Wohl
Tel Aviv University - Faculty of Management, University of Utah and Tel Aviv University - Coller School of Management

Abstract:

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17.

Dividends and Taxes: A Re-Examination

Financial Management, Vol. 29, No. 2, Summer 2000
Posted: 14 Jun 2001
Avner Kalay and Roni Michaely
Tel Aviv University - Faculty of Management and University of Geneva - Geneva Finance Research Institute (GFRI)

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18.

Market Making Rents Under Discrete Prices - Theory and Evidence

Posted: 06 Sep 1999
V. Ravi Anshuman and Avner Kalay
Indian Institute of Management Bangalore and Tel Aviv University - Faculty of Management

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19.

Can Splits Create Market Liquidity? Theory and Evidence

Posted: 03 Aug 1999
V. Ravi Anshuman and Avner Kalay
Indian Institute of Management Bangalore and Tel Aviv University - Faculty of Management

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20.

Bankruptcy, Warrants, and State-Contingent Changes in the Ownership of Control

Journal of Financial Intermediation, Vol. 6 No. 4
Posted: 27 Jan 1998
Jaime F. Zender and Avner Kalay
University of Colorado at Boulder - Department of Finance and Tel Aviv University - Faculty of Management

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