Itay Goldstein

University of Pennsylvania - The Wharton School - Finance Department

Joel S. Ehrenkranz Family Professor, Professor of Finance, Professor of Economics

The Wharton School

3620 Locust Walk

Philadelphia, PA 19104

United States

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue

Cambridge, MA 02138

United States

  • University of Pennsylvania - The Wharton School - Finance Department

    • Email
    • Tel: 215-746-0499

  • National Bureau of Economic Research (NBER)

SCHOLARLY PAPERS

77

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782

Scholarly Papers (77)

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1.

AI-Powered Trading, Algorithmic Collusion, and Price Efficiency

Jacobs Levy Equity Management Center for Quantitative Financial Research Paper , The Wharton School Research Paper
Number of pages: 59 Posted: 23 May 2023 Last Revised: 08 Jul 2024
Winston Wei Dou, Itay Goldstein and Yan Ji
University of Pennsylvania - The Wharton School, University of Pennsylvania - The Wharton School - Finance Department and Hong Kong University of Science & Technology (HKUST)
Downloads 2,416 (11,762)
Citation 2

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Reinforcement learning, AI collusion, Homogenization, Experience-based and self-confirming equilibrium, Asymmetric information, Price informativeness, Market liquidity. (JEL Classification: D43, G10, G14, L13)

2.

The Real Effects of Financial Markets: The Impact of Prices on Takeovers

Journal of Finance 67(3), 933-971, June 2012
Number of pages: 58 Posted: 19 Mar 2008 Last Revised: 04 Jun 2014
Alex Edmans, Itay Goldstein and Wei Jiang
London Business School - Institute of Finance and Accounting, University of Pennsylvania - The Wharton School - Finance Department and Emory University Goizueta Business School
Downloads 2,262 (13,074)
Citation 37

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Takeovers, mergers and acquisitions, market valuation, feedback effects, financial and real efficiency, merger waves

3.

On ESG Investing: Heterogeneous Preferences, Information, and Asset Prices

Downloads 2,101 (14,657)
Citation 4

On ESG Investing: Heterogeneous Preferences, Information, and Asset Prices

Number of pages: 86 Posted: 12 Apr 2021 Last Revised: 01 May 2024
Itay Goldstein, Alexandr Kopytov, Lin Shen and Haotian Xiang
University of Pennsylvania - The Wharton School - Finance Department, University of Rochester - Simon Business School, INSEAD and Guanghua School of Management, Peking University
Downloads 2,043 (15,018)
Citation 5

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ESG investing, heterogeneous preferences, price informativeness

On ESG Investing: Heterogeneous Preferences, Information, and Asset Prices

NBER Working Paper No. w29839
Number of pages: 81 Posted: 11 Apr 2022 Last Revised: 14 Jul 2023
Itay Goldstein, Alexandr Kopytov, Lin Shen and Haotian Xiang
University of Pennsylvania - The Wharton School - Finance Department, University of Rochester - Simon Business School, INSEAD and Guanghua School of Management, Peking University
Downloads 58 (702,838)
Citation 2

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4.

Information Disclosure in Financial Markets

Downloads 1,718 (20,135)
Citation 57

Information Disclosure in Financial Markets

Annual Review of Financial Economics, 2017, 9, 101–125, Rotman School of Management Working Paper No. 2927013
Number of pages: 38 Posted: 04 Mar 2017 Last Revised: 21 Nov 2017
Itay Goldstein and Liyan Yang
University of Pennsylvania - The Wharton School - Finance Department and University of Toronto - Rotman School of Management
Downloads 1,718 (19,786)
Citation 57

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disclosure, market quality, crowding-out effect, learning from prices, real efficiency, welfare

Information Disclosure in Financial Markets

Annual Review of Financial Economics, Vol. 9, pp. 101-125, 2017
Posted: 03 Jan 2018
Itay Goldstein and Liyan Yang
University of Pennsylvania - The Wharton School - Finance Department and University of Toronto - Rotman School of Management

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5.

Good Disclosure, Bad Disclosure

Journal of Financial Economics (JFE), Forthcoming, Rotman School of Management Working Paper No. 2388976, AFA 2016 Annual Meetings
Number of pages: 66 Posted: 02 Feb 2014 Last Revised: 21 Nov 2017
Itay Goldstein and Liyan Yang
University of Pennsylvania - The Wharton School - Finance Department and University of Toronto - Rotman School of Management
Downloads 1,602 (22,382)
Citation 44

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Disclosure, price informativeness, learning, real efficiency

6.

Bank Transparency and Deposit Flows

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 74 Posted: 01 Aug 2018 Last Revised: 29 Jul 2022
Qi Chen, Itay Goldstein, Zeqiong Huang and Rahul Vashishtha
Duke University - Fuqua School of Business, University of Pennsylvania - The Wharton School - Finance Department, Yale School of Management and Duke University
Downloads 1,504 (24,674)
Citation 36

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Transparency, Banks, Money, Safe assets, Deposits, Liquidity transformation

7.

Price Informativeness and Investment Sensitivity to Stock Price

Number of pages: 46 Posted: 03 Mar 2005
Qi Chen, Itay Goldstein and Wei Jiang
Duke University - Fuqua School of Business, University of Pennsylvania - The Wharton School - Finance Department and Emory University Goizueta Business School
Downloads 1,405 (27,280)
Citation 346

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investments and stock prices, price informativeness, firm-specific return variation, PIN

8.

The Real Effects of Financial Markets

Downloads 1,323 (29,807)
Citation 315

The Real Effects of Financial Markets

Annual Review of Financial Economics 4, 339-360, October 2012, European Corporate Governance Institute (ECGI) - Finance Working Paper No. 323/2012
Number of pages: 41 Posted: 24 Dec 2011 Last Revised: 30 Oct 2018
Philip Bond, Alex Edmans and Itay Goldstein
University of Washington - Michael G. Foster School of Business, London Business School - Institute of Finance and Accounting and University of Pennsylvania - The Wharton School - Finance Department
Downloads 1,203 (33,657)
Citation 156

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Feedback effects, financial efficiency, market efficiency, real efficiency

The Real Effects of Financial Markets

NBER Working Paper No. w17719
Number of pages: 36 Posted: 31 Dec 2011 Last Revised: 02 Jun 2023
Philip Bond, Alex Edmans and Itay Goldstein
University of Washington - Michael G. Foster School of Business, London Business School - Institute of Finance and Accounting and University of Pennsylvania - The Wharton School - Finance Department
Downloads 120 (445,775)
Citation 166

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The Real Effects of Financial Markets

Annual Review of Financial Economics, Vol. 4, pp. 339-360, 2012
Posted: 04 Nov 2012
Philip Bond, Alex Edmans and Itay Goldstein
University of Washington - Michael G. Foster School of Business, London Business School - Institute of Finance and Accounting and University of Pennsylvania - The Wharton School - Finance Department

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9.

Self-Fulfilling Credit Market Freezes

Downloads 1,303 (30,562)
Citation 78

Self-Fulfilling Credit Market Freezes

Review of Financial Studies, Vol. 24, No. 11, pp. 3519-3555, 2011, Harvard Law and Economics Discussion Paper No. 623
Number of pages: 50 Posted: 13 Dec 2008 Last Revised: 07 Dec 2011
Lucian A. Bebchuk and Itay Goldstein
Harvard Law School and University of Pennsylvania - The Wharton School - Finance Department
Downloads 1,057 (40,541)
Citation 12

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Credit freeze, self-fulfilling crisis, run on the economy, global games, coordination failure, capital injection, government policy, lender of last resort

Self-Fulfilling Credit-Market Freezes

AFA 2011 Denver Meetings Paper
Number of pages: 42 Posted: 17 Mar 2010 Last Revised: 07 Dec 2011
Lucian A. Bebchuk and Itay Goldstein
Harvard Law School and University of Pennsylvania - The Wharton School - Finance Department
Downloads 181 (317,095)
Citation 3

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Self-Fulfilling Credit Market Freezes

NBER Working Paper No. w16031
Number of pages: 43 Posted: 04 Jun 2010 Last Revised: 22 Apr 2023
Lucian A. Bebchuk and Itay Goldstein
Harvard Law School and University of Pennsylvania - The Wharton School - Finance Department
Downloads 65 (663,319)
Citation 30

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10.

The Real Effects of Modern Information Technologies: Evidence from the EDGAR Implementation

Downloads 1,270 (31,648)
Citation 34

The Real Effects of Modern Information Technologies: Evidence from the EDGAR Implementation

Journal of Accounting Research, Forthcoming
Number of pages: 57 Posted: 07 Jul 2020 Last Revised: 04 Jun 2023
Itay Goldstein, Shijie Yang and Luo Zuo
University of Pennsylvania - The Wharton School - Finance Department, Southern University of Science and Technology and National University of Singapore
Downloads 840 (55,877)

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Corporate Investment, Information Technologies, EDGAR, Equity Financing, Managerial Incentives.

The Real Effects of Modern Information Technologies: Evidence from the Edgar Implementation

NBER Working Paper No. w27529
Number of pages: 58 Posted: 14 Jul 2020 Last Revised: 18 Jul 2023
Itay Goldstein, Shijie Yang and Luo Zuo
University of Pennsylvania - The Wharton School - Finance Department, Southern University of Science and Technology and National University of Singapore
Downloads 430 (130,161)
Citation 32

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11.

Should Banks' Stress Test Results Be Disclosed? An Analysis of the Costs and Benefits

Foundations and Trends in Finance, Forthcoming
Number of pages: 51 Posted: 15 Dec 2013
Itay Goldstein and Haresh Sapra
University of Pennsylvania - The Wharton School - Finance Department and Booth School of Business, University of Chicago
Downloads 1,146 (36,652)
Citation 85

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Bank stress tests, stress tests disclosures

12.

To FinTech and Beyond

Number of pages: 21 Posted: 06 Nov 2019
Itay Goldstein, Wei Jiang and George Andrew Karolyi
University of Pennsylvania - The Wharton School - Finance Department, Emory University Goizueta Business School and Cornell University - SC Johnson College of Business
Downloads 1,068 (40,585)
Citation 47

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Financial Technology; Blockchain; Cryptocurrency; Roboadvising; Big Data; Peer-to-Peer Lending; Registered Reports

13.

Information Sharing in Financial Markets

Number of pages: 64 Posted: 14 Jul 2020 Last Revised: 21 Jun 2024
Itay Goldstein, Yan Xiong and Liyan Yang
University of Pennsylvania - The Wharton School - Finance Department, The Hong Kong University of Science and Technology and University of Toronto - Rotman School of Management
Downloads 1,034 (42,503)
Citation 5

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Information sharing, trading against error, trading profits, asset markets JEL: D82, G14, G18

14.

Commodity Financialization and Information Transmission

AFA 2016 Annual Meeting, NBER 2015 Commodity Meeting, Rotman School of Management Working Paper No. 2555996, The Wharton School Research Paper, 28th Annual Conference on Financial Economics and Accounting, Journal of Finance, Forthcoming
Number of pages: 66 Posted: 27 Jan 2015 Last Revised: 17 Aug 2021
Itay Goldstein and Liyan Yang
University of Pennsylvania - The Wharton School - Finance Department and University of Toronto - Rotman School of Management
Downloads 1,000 (44,599)
Citation 42

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Commodity financialization, supply channel, price informativeness, feedback effect

15.

Information in Financial Markets and Its Real Effects

Number of pages: 49 Posted: 09 Aug 2022
Itay Goldstein
University of Pennsylvania - The Wharton School - Finance Department
Downloads 950 (47,874)
Citation 60

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Financial Markets, Corporate Finance, Information, Feedback Effect, Financial Technology

16.

Feedback Effects, Asymmetric Trading, and the Limits to Arbitrage

Downloads 945 (48,217)
Citation 90

Feedback Effects, Asymmetric Trading, and the Limits to Arbitrage

American Economic Review, Forthcoming, AFA 2013 San Diego Meetings Paper, European Corporate Governance Institute (ECGI) - Finance Working Paper No. 318/2015
Number of pages: 67 Posted: 21 Mar 2011 Last Revised: 29 Oct 2018
Alex Edmans, Itay Goldstein and Wei Jiang
London Business School - Institute of Finance and Accounting, University of Pennsylvania - The Wharton School - Finance Department and Emory University Goizueta Business School
Downloads 866 (53,596)
Citation 29

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Limits to arbitrage, feedback effect, overinvestment

Feedback Effects and the Limits to Arbitrage

NBER Working Paper No. w17582
Number of pages: 52 Posted: 15 Nov 2011 Last Revised: 17 Jul 2023
Alex Edmans, Itay Goldstein and Wei Jiang
London Business School - Institute of Finance and Accounting, University of Pennsylvania - The Wharton School - Finance Department and Emory University Goizueta Business School
Downloads 77 (603,373)
Citation 1

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Feedback Effects and the Limits to Arbitrage

CEPR Discussion Paper No. DP9917
Number of pages: 44 Posted: 02 Jun 2014
Alex Edmans, Itay Goldstein and Wei Jiang
London Business School - Institute of Finance and Accounting, University of Pennsylvania - The Wharton School - Finance Department and Emory University Goizueta Business School
Downloads 2 (1,224,326)
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feedback effect, Limits to arbitrage, overinvestment

17.

Housing Price Booms and Crowding-Out Effects in Bank Lending

Review of Financial Studies, Forthcoming, University of Miami Business School Research Paper No. 18-2
Number of pages: 75 Posted: 08 Apr 2013 Last Revised: 10 Oct 2018
Indraneel Chakraborty, Itay Goldstein and Andrew MacKinlay
University of Miami - Department of Finance, University of Pennsylvania - The Wharton School - Finance Department and Virginia Tech
Downloads 939 (48,649)
Citation 99

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Bank Loans, Housing Shocks, Investment Policy

18.

Information Diversity and Complementarities in Trading and Information Acquisition

Journal of Finance, 2015, 70(4): 1723-1765, Rotman School of Management Working Paper No. 1909501
Number of pages: 98 Posted: 16 Aug 2011 Last Revised: 26 Feb 2016
Itay Goldstein and Liyan Yang
University of Pennsylvania - The Wharton School - Finance Department and University of Toronto - Rotman School of Management
Downloads 884 (52,840)
Citation 52

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information diversity, uncertainty reduction effect, price informativeness, complementarity

19.

Investor Flows and Fragility in Corporate Bond Funds

Number of pages: 50 Posted: 21 Apr 2015 Last Revised: 18 Jul 2015
Itay Goldstein, Hao Jiang and David T. Ng
University of Pennsylvania - The Wharton School - Finance Department, Michigan State University - Eli Broad College of Business and Johnson College of Business
Downloads 859 (55,013)
Citation 102

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Fund Flows, Fragility, Bond Funds, Runs

20.

Market Feedback: Evidence from the Horse’s Mouth

Rotman School of Management Working Paper No. 3874756
Number of pages: 63 Posted: 08 Jul 2021 Last Revised: 07 Feb 2023
Itay Goldstein, Bibo Liu and Liyan Yang
University of Pennsylvania - The Wharton School - Finance Department, Tsinghua University - PBC School of Finance and University of Toronto - Rotman School of Management
Downloads 850 (55,773)
Citation 8

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Market feedback, corporate investment, learning, financing

21.

Monetary Stimulus and Bank Lending

Journal of Financial Economics (JFE), Forthcoming, Finance Down Under 2017 Building on the Best from the Cellars of Finance
Number of pages: 79 Posted: 21 Feb 2016 Last Revised: 19 Jul 2019
Indraneel Chakraborty, Itay Goldstein and Andrew MacKinlay
University of Miami - Department of Finance, University of Pennsylvania - The Wharton School - Finance Department and Virginia Tech
Downloads 843 (56,436)
Citation 115

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Bank Lending, Quantitative Easing, Mortgage-Backed Securities

22.

Demand Deposit Contracts and the Probability of Bank Runs

Number of pages: 42 Posted: 26 Feb 2002
Itay Goldstein and Ady Pauzner
University of Pennsylvania - The Wharton School - Finance Department and Tel Aviv University - Eitan Berglas School of Economics
Downloads 772 (63,558)
Citation 356

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23.

Costly Communication, Shareholder Activism, and Limits to Arbitrage

AFA 2007 Chicago Meetings Paper
Number of pages: 51 Posted: 07 Nov 2005
Michael Bradley, Alon Brav, Itay Goldstein and Wei Jiang
Duke University - Fuqua School of Business, Duke University - Fuqua School of Business, University of Pennsylvania - The Wharton School - Finance Department and Emory University Goizueta Business School
Downloads 754 (65,552)
Citation 11

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Limits to Arbitrage, Communication, Shareholder Activism, Closed-End Funds

24.

Overconfidence and Team Coordination

Number of pages: 32 Posted: 10 Dec 2003
Simon Gervais and Itay Goldstein
Duke University - Fuqua School of Business and University of Pennsylvania - The Wharton School - Finance Department
Downloads 723 (69,198)
Citation 10

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Overconfidence, Team Effort, Coordination

25.

Speculation and Hedging in Segmented Markets

Review of Financial Studies, 2014, 27(3): 881-922
Number of pages: 50 Posted: 21 Nov 2010 Last Revised: 26 Feb 2016
Itay Goldstein, Yan Li and Liyan Yang
University of Pennsylvania - The Wharton School - Finance Department, Temple University - Fox School of Business and Management and University of Toronto - Rotman School of Management
Downloads 695 (72,845)
Citation 39

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Speculation, Hedging, Market Segmentation, Price Informativeness, Information Acquisition, Asset Prices

26.

Incentives for Information Production in Markets Where Prices Affect Real Investment

Downloads 677 (75,307)
Citation 84

Incentives for Information Production in Markets Where Prices Affect Real Investment

Journal of the European Economic Association, Forthcoming
Number of pages: 38 Posted: 22 Nov 2013 Last Revised: 09 Jul 2016
James Dow, Itay Goldstein and Alexander Guembel
London Business School - Institute of Finance and Accounting, University of Pennsylvania - The Wharton School - Finance Department and Toulouse School of Economics, University of Toulouse Capitole
Downloads 345 (166,975)
Citation 28

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Incentives for Information Production in Markets Where Prices Affect Real Investment

UBC Winter Finance Conference 2008 Paper
Number of pages: 43 Posted: 15 Jan 2007 Last Revised: 07 Dec 2011
James Dow, Itay Goldstein and Alexander Guembel
London Business School - Institute of Finance and Accounting, University of Pennsylvania - The Wharton School - Finance Department and Toulouse School of Economics, University of Toulouse Capitole
Downloads 332 (174,133)
Citation 37

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Information Production, Real Investments, Financial Markets

27.

Utility Tokens as a Commitment to Competition

Journal of Finance, Forthcoming
Number of pages: 86 Posted: 14 Nov 2019 Last Revised: 11 Jul 2024
Itay Goldstein, Deeksha Gupta and Ruslan Sverchkov
University of Pennsylvania - The Wharton School - Finance Department, Johns Hopkins University and University of Warwick - Warwick Business School
Downloads 661 (77,579)
Citation 11

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Utility Tokens, Crowd-Funding, Blockchain, Financing

28.

Stress Tests and Information Disclosure

Journal of Economic Theory, Volume 177, September 2018, Pages 34–69, FRB of Philadelphia Working Paper No. 17-28
Number of pages: 57 Posted: 07 Sep 2017
Itay Goldstein and Yaron Leitner
University of Pennsylvania - The Wharton School - Finance Department and Washington University in St. Louis, Olin Business School
Downloads 646 (79,880)
Citation 97

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Bayesian persuasion, optimal disclosure, stress tests, bank regulation, adverse selection

29.

Contracting with Synergies

Downloads 634 (81,753)
Citation 1

Contracting with Synergies

European Corporate Governance Institute (ECGI) - Finance Working Paper No. 320/2011, Jacobs Levy Equity Management Center for Quantitative Financial Research Paper
Number of pages: 55 Posted: 13 Nov 2011 Last Revised: 11 Aug 2020
Alex Edmans, Itay Goldstein and John Zhu
London Business School - Institute of Finance and Accounting, University of Pennsylvania - The Wharton School - Finance Department and University of Kansas
Downloads 569 (92,620)

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contract theory, complementarities, principal-agent problem, multiple agents, teams, synergies, influence

Contracting with Synergies

NBER Working Paper No. w17606
Number of pages: 40 Posted: 21 Nov 2011 Last Revised: 09 Feb 2023
Alex Edmans, Itay Goldstein and John Zhu
London Business School - Institute of Finance and Accounting, University of Pennsylvania - The Wharton School - Finance Department and University of Kansas
Downloads 63 (674,343)

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Contracting with Synergies

CEPR Discussion Paper No. DP9559
Number of pages: 51 Posted: 17 Jul 2013
Alex Edmans, Itay Goldstein and John Zhu
London Business School - Institute of Finance and Accounting, University of Pennsylvania - The Wharton School - Finance Department and University of Kansas
Downloads 1 (1,238,093)
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complementarities, contract theory, influence, multiple agents, principal-agent problem, synergies, teams

Contracting with Synergies

CEPR Discussion Paper No. DP9747
Number of pages: 52 Posted: 19 Nov 2013
Alex Edmans, Itay Goldstein and John Zhu
London Business School - Institute of Finance and Accounting, University of Pennsylvania - The Wharton School - Finance Department and University of Kansas
Downloads 1 (1,238,093)
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complementarities, Contract theory, influence., multiple agents, principal-agent problem, synergies, teams

30.

Big Data in Finance

Downloads 618 (84,381)
Citation 30

Big Data in Finance

Number of pages: 20 Posted: 22 Mar 2021
Itay Goldstein, Chester S. Spatt and Mao Ye
University of Pennsylvania - The Wharton School - Finance Department, Carnegie Mellon University - David A. Tepper School of Business and Cornell University
Downloads 566 (93,233)

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Big Data

Big Data in Finance

NBER Working Paper No. w28615
Number of pages: 21 Posted: 29 Mar 2021 Last Revised: 10 Mar 2023
Itay Goldstein, Chester S. Spatt and Mao Ye
University of Pennsylvania - The Wharton School - Finance Department, Carnegie Mellon University - David A. Tepper School of Business and University of Illinois at Urbana-Champaign
Downloads 52 (739,833)

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31.

Bank Diversification and Lending Resiliency

Number of pages: 73 Posted: 07 Jul 2022 Last Revised: 18 Apr 2023
Michael Gelman, Itay Goldstein and Andrew MacKinlay
Alfred Lerner College of Business and Economics, The University of Delaware, University of Pennsylvania - The Wharton School - Finance Department and Virginia Tech
Downloads 606 (86,486)
Citation 5

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Bank Diversification, Credit Supply, Financial Crisis, Real Effects

32.

Market Efficiency and Real Efficiency: The Connect and Disconnect via Feedback Effects

American Finance Association 2015 Annual Meeting, ASSA Econometric Society 2014 Meetings, Society for Economic Dynamics 2014 Annual Meeting, 2014 China International Conference in Finance, Rotman School of Management Working Paper No. 2378120
Number of pages: 47 Posted: 13 Jan 2014 Last Revised: 26 Feb 2016
Itay Goldstein and Liyan Yang
University of Pennsylvania - The Wharton School - Finance Department and University of Toronto - Rotman School of Management
Downloads 503 (109,226)
Citation 9

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Market Efficiency, Real Efficiency, Feedback Effects, Externality

33.

Volatility of FDI and Portfolio Investments: The Role of Information, Liquidation Shocks and Transparency

Number of pages: 43 Posted: 05 Nov 2002
Itay Goldstein and Assaf Razin
University of Pennsylvania - The Wharton School - Finance Department and Tel Aviv University - Eitan Berglas School of Economics
Downloads 467 (119,367)
Citation 2

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FDI, Capital Flows, Transparency, Asymmetric Information, Corporate Governance

34.

Mutual Fund Flows and Fluctuations in Credit and Business Cycles

Number of pages: 74 Posted: 17 Aug 2016 Last Revised: 14 Oct 2019
Azi Ben-Rephael, Jaewon Choi and Itay Goldstein
Rutgers Business School - Rutgers University, Seoul National University - Department of Economics and University of Pennsylvania - The Wharton School - Finance Department
Downloads 466 (119,671)
Citation 4

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Credit Cycle, Business Cycle, Mutual Fund Flows, High-Yield Bonds, Investor Demand, Leading Indicator

35.

Manipulation, the Allocational Role of Prices and Production Externalities

Number of pages: 44 Posted: 11 Mar 2002
Itay Goldstein and Alexander Guembel
University of Pennsylvania - The Wharton School - Finance Department and Toulouse School of Economics, University of Toulouse Capitole
Downloads 461 (121,164)
Citation 134

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Manipulation, speculation, market efficiency, production externalities

36.

Corporate Finance Theory: Introduction to Special Issue

Number of pages: 17 Posted: 24 Oct 2014
Itay Goldstein and Dirk Hackbarth
University of Pennsylvania - The Wharton School - Finance Department and Boston University - Questrom School of Business
Downloads 449 (124,964)

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37.

Credit Rating Inflation and Firms' Investments

Number of pages: 58 Posted: 07 Dec 2017 Last Revised: 04 Sep 2019
Itay Goldstein and Chong Huang
University of Pennsylvania - The Wharton School - Finance Department and University of California, Irvine - Paul Merage School of Business
Downloads 437 (129,035)
Citation 12

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Credit rating agency, rating inflation, real effect, feedback effect

38.

Fundamentals or Panic: Lessons from the Empirical Literature on Financial Crises

Number of pages: 25 Posted: 27 Oct 2010 Last Revised: 07 Dec 2011
Itay Goldstein
University of Pennsylvania - The Wharton School - Finance Department
Downloads 399 (143,350)
Citation 8

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Financial Crises, Panic, Fundamentals, Bank Runs, Currency Attacks, Contagion, Twin Crises, Global Games, Identification of Strategic Complementarities

39.

Bank Heterogeneity and Financial Stability

Downloads 388 (147,925)

Bank Heterogeneity and Financial Stability

Number of pages: 90 Posted: 24 Sep 2020 Last Revised: 26 Jun 2024
Itay Goldstein, Alexandr Kopytov, Lin Shen and Haotian Xiang
University of Pennsylvania - The Wharton School - Finance Department, University of Rochester - Simon Business School, INSEAD and Guanghua School of Management, Peking University
Downloads 339 (170,198)

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G01, G21, G28

Bank Heterogeneity and Financial Stability

NBER Working Paper No. w27376
Number of pages: 57 Posted: 15 Jun 2020 Last Revised: 21 Apr 2023
Itay Goldstein, Alexandr Kopytov, Lin Shen and Haotian Xiang
University of Pennsylvania - The Wharton School - Finance Department, University of Rochester - Simon Business School, INSEAD and Guanghua School of Management, Peking University
Downloads 49 (759,849)

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40.

The Interdependence of Bank Capital and Liquidity

BAFFI CAREFIN Centre Research Paper No. 2020-128
Number of pages: 60 Posted: 23 Jan 2020
Elena Carletti, Itay Goldstein and Agnese Leonello
Bocconi University, University of Pennsylvania - The Wharton School - Finance Department and European Central Bank, Financial Research Division
Downloads 382 (150,443)
Citation 10

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illiquidity, insolvency, fire sales, optimal regulation

41.

The Choice of Exchange Rate Regime and Speculative Attacks

Downloads 377 (152,727)
Citation 6

The Choice of Exchange Rate Regime and Speculative Attacks

Number of pages: 43 Posted: 01 Mar 2002
Alex Cukierman, Itay Goldstein and Yossi Spiegel
Tel Aviv University - Eitan Berglas School of Economics, University of Pennsylvania - The Wharton School - Finance Department and Coller School of Management, Tel Aviv University
Downloads 354 (162,435)
Citation 1

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The Choice of Exchange Rate Regime and Speculative Attacks

CEPR Discussion Paper No. 3714
Number of pages: 51 Posted: 11 Feb 2003
Alex Cukierman, Itay Goldstein and Yossi Spiegel
Tel Aviv University - Eitan Berglas School of Economics, University of Pennsylvania - The Wharton School - Finance Department and Coller School of Management, Tel Aviv University
Downloads 23 (981,730)
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Currency crises, choice of exchange rate regime, speculators, Tobin tax, global games, reputation

42.

Directors' Ownership in the U.S. Mutual Fund Industry

Number of pages: 55 Posted: 04 May 2005
Qi Chen, Itay Goldstein and Wei Jiang
Duke University - Fuqua School of Business, University of Pennsylvania - The Wharton School - Finance Department and Emory University Goizueta Business School
Downloads 353 (164,192)
Citation 17

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Optimal contracting, mutual funds, board directors

43.

Liquidity Transformation and Fragility in the US Banking Sector

Downloads 352 (164,654)
Citation 4

Liquidity Transformation and Fragility in the US Banking Sector

Journal of Finance, forthcoming
Number of pages: 88 Posted: 25 Feb 2021 Last Revised: 09 Jan 2024
Qi Chen, Itay Goldstein, Zeqiong Huang and Rahul Vashishtha
Duke University - Fuqua School of Business, University of Pennsylvania - The Wharton School - Finance Department, Yale School of Management and Duke University
Downloads 311 (186,555)

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Liquidity transformation, Bank runs, Strategic complementarity

Liquidity Transformation and Fragility in the Us Banking Sector

NBER Working Paper No. w27815
Number of pages: 90 Posted: 14 Sep 2020 Last Revised: 07 Nov 2022
Qi Chen, Itay Goldstein, Zeqiong Huang and Rahul Vashishtha
Duke University - Fuqua School of Business, University of Pennsylvania - The Wharton School - Finance Department, Yale School of Management and Duke University
Downloads 41 (817,949)
Citation 1

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44.

Enhancing Prudential Standards in Financial Regulations

FRB of Philadelphia Working Paper No. 14-36
Number of pages: 26 Posted: 23 Dec 2014 Last Revised: 25 Dec 2014
Franklin Allen, Itay Goldstein, Julapa Jagtiani and William W. Lang
Imperial College London, University of Pennsylvania - The Wharton School - Finance Department, Federal Reserve Banks - Federal Reserve Bank of Philadelphia and Promontory Financial Group
Downloads 348 (166,725)
Citation 8

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Financial Stability, Financial Regulations, Systemic Risk, Too Big To Fail, Stress Testing, Resolution Plan, Mortgage Finance

45.

Financial Fragility in the Covid-19 Crisis: The Case of Investment Funds in Corporate Bond Markets

Downloads 343 (169,329)
Citation 110

Financial Fragility in the Covid-19 Crisis: The Case of Investment Funds in Corporate Bond Markets

NBER Working Paper No. w27559
Number of pages: 65 Posted: 24 Jul 2020 Last Revised: 21 Apr 2023
Antonio Falato, Itay Goldstein and Ali Hortaçsu
Board of Governors of the Federal Reserve System, University of Pennsylvania - The Wharton School - Finance Department and University of Chicago
Downloads 203 (285,480)
Citation 116

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Financial Fragility in the COVID-19 Crisis: The Case of Investment Funds in Corporate Bond Markets

University of Chicago, Becker Friedman Institute for Economics Working Paper No. 2020-98, Jacobs Levy Equity Management Center for Quantitative Financial Research Paper
Number of pages: 66 Posted: 21 Jul 2020 Last Revised: 12 Aug 2021
Antonio Falato, Itay Goldstein and Ali Hortaçsu
Board of Governors of the Federal Reserve System, University of Pennsylvania - The Wharton School - Finance Department and University of Chicago
Downloads 140 (394,838)
Citation 1

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46.

Payoff Complementarities and Financial Fragility: Evidence from Mutual Fund Outflows

Number of pages: 50 Posted: 02 Mar 2007
Qi Chen, Itay Goldstein and Wei Jiang
Duke University - Fuqua School of Business, University of Pennsylvania - The Wharton School - Finance Department and Emory University Goizueta Business School
Downloads 340 (170,921)
Citation 128

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Payoff Complementarities, Financial Fragility, Mutual Fund Outflows, Global Games, Liquidity

47.

Corporate Responses to Stock Price Fragility

Journal of Financial Economics (JFE), Vol. 153, 2024
Number of pages: 45 Posted: 20 Apr 2022 Last Revised: 15 Feb 2024
Richard Friberg, Itay Goldstein and Kristine Watson Hankins
Stockholm School of Economics - Department of Economics, University of Pennsylvania - The Wharton School - Finance Department and University of Kentucky
Downloads 317 (184,174)
Citation 10

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financial fragility, precautionary cash, real effects of misvaluation

48.

COVID-19 and Its Impact on Financial Markets and the Real Economy

Number of pages: 25 Posted: 03 Aug 2021
Itay Goldstein, Ralph S. J. Koijen and Holger M. Mueller
University of Pennsylvania - The Wharton School - Finance Department, University of Chicago - Booth School of Business and New York University (NYU) - Department of Finance
Downloads 303 (193,273)
Citation 29

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49.

Stress Tests Disclosure: Theory, Practice, and New Perspectives

Goldstein, I., & Leitner, Y. (2022). Stress Test Disclosure: Theory, Practice, and New Perspectives. In J. Farmer, A. Kleinnijenhuis, T. Schuermann, & T. Wetzer (Eds.), Handbook of Financial Stress Testing (pp. 208-223), Cambridge University Press. doi:10.1017/9781108903011.014
Number of pages: 29 Posted: 20 Jul 2020 Last Revised: 18 Mar 2022
Itay Goldstein and Yaron Leitner
University of Pennsylvania - The Wharton School - Finance Department and Washington University in St. Louis, Olin Business School
Downloads 294 (199,425)
Citation 1

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50.

Commitment to Overinvest and Price Informativeness

EFA 2006 Zurich Meetings Paper
Number of pages: 40 Posted: 15 Nov 2005
James Dow, Itay Goldstein and Alexander Guembel
London Business School - Institute of Finance and Accounting, University of Pennsylvania - The Wharton School - Finance Department and Toulouse School of Economics, University of Toulouse Capitole
Downloads 291 (201,621)
Citation 4

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Allocational Role of Price, Overinvestment, Price Informativeness, Business Cycles, Real Options, Financial Slack, Corporate Governance

51.

Government Intervention and Information Aggregation by Prices

Number of pages: 59 Posted: 15 Mar 2010 Last Revised: 01 Dec 2014
Philip Bond and Itay Goldstein
University of Washington - Michael G. Foster School of Business and University of Pennsylvania - The Wharton School - Finance Department
Downloads 264 (222,666)
Citation 53

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52.

Payments, Reserves, and Financial Fragility

The Wharton School Research Paper Forthcoming
Number of pages: 67 Posted: 07 Sep 2023
Itay Goldstein, Ming Yang and Yao Zeng
University of Pennsylvania - The Wharton School - Finance Department, UCL and University of Pennsylvania - The Wharton School
Downloads 257 (228,689)

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payments, reserves, financial fragility, opportunity costs, technology

53.

The Effects of Biased Self-Perception in Teams

Number of pages: 57 Posted: 13 Nov 2005
Simon Gervais and Itay Goldstein
Duke University - Fuqua School of Business and University of Pennsylvania - The Wharton School - Finance Department
Downloads 231 (253,754)
Citation 6

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54.

Activist Arbitrage: A Study of Open-Ending Attempts of Closed-End Funds

Journal of Financial Economics, Vol. 95, No. 1, pp. 1-19, 2008
Number of pages: 43 Posted: 22 Oct 2011
Michael Bradley, Alon Brav, Itay Goldstein and Wei Jiang
Duke University - Fuqua School of Business, Duke University - Fuqua School of Business, University of Pennsylvania - The Wharton School - Finance Department and Emory University Goizueta Business School
Downloads 224 (261,379)
Citation 3

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55.

Market-Based Regulation and the Informational Content of Prices

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Citation 3

Market-Based Regulation and the Informational Content of Prices

Number of pages: 52 Posted: 17 Dec 2006
Philip Bond, Itay Goldstein and Edward S. Prescott
University of Washington - Michael G. Foster School of Business, University of Pennsylvania - The Wharton School - Finance Department and Federal Reserve Banks - Federal Reserve Bank of Cleveland
Downloads 172 (332,011)
Citation 1

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Market-based regulation, Market-based intervention, Price informativeness, Bank supervision

Market-Based Regulation and the Informational Content of Prices

FRB Richmond Working Paper No. 06-12
Number of pages: 54 Posted: 07 Dec 2012
Philip Bond, Itay Goldstein and Edward S. Prescott
University of Washington - Michael G. Foster School of Business, University of Pennsylvania - The Wharton School - Finance Department and Federal Reserve Banks - Federal Reserve Bank of Cleveland
Downloads 49 (759,849)
Citation 2

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rational expectations, regulation, market discipline

56.

Government Guarantees and Financial Stability

Downloads 210 (277,498)
Citation 55

Government Guarantees and Financial Stability

ECB Working Paper No. 2032
Number of pages: 53 Posted: 07 Mar 2017
Franklin Allen, Elena Carletti, Itay Goldstein and Agnese Leonello
Imperial College London, Bocconi University - Department of Finance, University of Pennsylvania - The Wharton School - Finance Department and European Central Bank, Financial Research Division
Downloads 209 (277,762)
Citation 81

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Panic Runs, Fundamental Runs, Government Guarantees, Bank Moral Hazard

Government Guarantees and Financial Stability

CEPR Discussion Paper No. DP10560
Number of pages: 48 Posted: 27 Apr 2015
Franklin Allen, Elena Carletti, Itay Goldstein and Agnese Leonello
Imperial College London, Bocconi University - Department of Finance, University of Pennsylvania - The Wharton School - Finance Department and European Central Bank, Financial Research Division
Downloads 1 (1,238,093)
Citation 13
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bank moral hazard, fundamental runs, government guarantees, panic runs

57.

The Positive Effects of Biased Self-Perceptions in Firms

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The Positive Effects of Biased Self-Perceptions in Firms

Number of pages: 47 Posted: 15 Feb 2007
Simon Gervais and Itay Goldstein
Duke University - Fuqua School of Business and University of Pennsylvania - The Wharton School - Finance Department
Downloads 200 (289,364)
Citation 20

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Overconfidence, Complementarities, Firm Production and Organization, Leadership, Mergers

The Positive Effects of Biased Self-Perceptions in Firms

Review of Finance, Vol. 11, No. 3, pp. 453-496, 2007
Posted: 14 Jul 2008
Simon Gervais and Itay Goldstein
Duke University - Fuqua School of Business and University of Pennsylvania - The Wharton School - Finance Department

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D21, D62, L23, G30, G34

58.

Optimal Deposit Insurance

Downloads 197 (294,170)
Citation 28

Optimal Deposit Insurance

Number of pages: 66 Posted: 01 Apr 2020
Eduardo Davila and Itay Goldstein
Yale University - Department of Economics and University of Pennsylvania - The Wharton School - Finance Department
Downloads 166 (342,559)
Citation 5

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Deposit Insurance, Bank Runs, Bank Regulation, Sufficient Statistics

Optimal Deposit Insurance

NBER Working Paper No. w28676
Number of pages: 52 Posted: 12 Apr 2021 Last Revised: 17 Jul 2023
Eduardo Davila and Itay Goldstein
Yale University - Department of Economics and University of Pennsylvania - The Wharton School - Finance Department
Downloads 31 (902,737)
Citation 21

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59.

Foreign Direct Investment vs. Foreiegn Portfolio Investment

NBER Working Paper No. w11047
Number of pages: 36 Posted: 09 Feb 2005 Last Revised: 09 Sep 2022
Itay Goldstein and Assaf Razin
University of Pennsylvania - The Wharton School - Finance Department and Tel Aviv University - Eitan Berglas School of Economics
Downloads 179 (320,732)

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60.

Trading Frenzy and Its Impact on Real Investment

AFA 2010 Atlanta Meetings Paper
Number of pages: 33 Posted: 17 Mar 2009 Last Revised: 07 Dec 2011
Itay Goldstein, Emre Ozdenoren and Kathy Yuan
University of Pennsylvania - The Wharton School - Finance Department, London Business School and London School of Economics & Political Science (LSE) - Department of Finance
Downloads 173 (330,638)
Citation 4

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Coordination, Asset price, Feedback, Excess Volatility

61.

Globalization of Capital Movements: Potential Disadvantages and their Effect on Israel

Israel Economic Review, Vol. 2, No. 2, pp. 45-78, 2004
Number of pages: 34 Posted: 12 Nov 2012
Yoav Friedmann and Itay Goldstein
Bank of Israel and University of Pennsylvania - The Wharton School - Finance Department
Downloads 140 (394,122)

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62.

Three Branches of Theories of Financial Crises

NBER Working Paper No. w18670
Number of pages: 79 Posted: 05 Jan 2013 Last Revised: 08 Jul 2023
Itay Goldstein and Assaf Razin
University of Pennsylvania - The Wharton School - Finance Department and Tel Aviv University - Eitan Berglas School of Economics
Downloads 138 (398,548)
Citation 2

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63.

Housing Prices and Real Investment: Collateral vs. Crowding-Out Effects

Number of pages: 50 Posted: 03 Sep 2021 Last Revised: 21 Sep 2021
Deeksha Gupta and Itay Goldstein
Johns Hopkins University and University of Pennsylvania - The Wharton School - Finance Department
Downloads 134 (407,839)
Citation 1

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Collateral, crowding-out, investment, housing taxes and subsidies

64.

Do Asset Price Bubbles have Negative Real Effects?

Jacobs Levy Equity Management Center for Quantitative Financial Research Paper, University of Miami Business School Research Paper No. 3676682
Number of pages: 55 Posted: 02 Apr 2013
Indraneel Chakraborty, Itay Goldstein and Andrew MacKinlay
University of Miami - Department of Finance, University of Pennsylvania - The Wharton School - Finance Department and Virginia Tech
Downloads 123 (435,555)

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Bank Loans, Housing Shocks, Investment Policy, Leverage

65.

The Interplay Among Financial Regulations, Resilience, and Growth

FRB of Philadelphia Working Paper No. 18-9
Number of pages: 30 Posted: 22 Feb 2018 Last Revised: 18 Jun 2022
Franklin Allen, Itay Goldstein and Julapa Jagtiani
Imperial College London, University of Pennsylvania - The Wharton School - Finance Department and Federal Reserve Banks - Federal Reserve Bank of Philadelphia
Downloads 95 (524,084)

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financial reforms, capital regulations, liquidity regulations, too big to fail, living wills, Dodd–Frank Wall Street Reform and Consumer Protection Act, financial stability, interconnectedness

66.

An Information-Based Trade Off between Foreign Direct Investment and Foreign Portfolio Investment: Volatility, Transparency, and Welfare

Downloads 77 (595,140)
Citation 20

An Information-Based Trade Off between Foreign Direct Investment and Foreign Portfolio Investment: Volatility, Transparency, and Welfare

NBER Working Paper No. w9426
Number of pages: 47 Posted: 03 Jan 2003 Last Revised: 05 Oct 2022
Itay Goldstein and Assaf Razin
University of Pennsylvania - The Wharton School - Finance Department and Tel Aviv University - Eitan Berglas School of Economics
Downloads 55 (720,831)
Citation 6

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An Information-Based Trade-Off between Foreign Direct Investment and Foreign Portfolio Investment: Volatility, Transparency and Welfare

Number of pages: 49 Posted: 07 Mar 2003
Itay Goldstein and Assaf Razin
University of Pennsylvania - The Wharton School - Finance Department and Tel Aviv University - Eitan Berglas School of Economics
Downloads 22 (992,624)
Citation 3
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67.

An Information-Based Trade Off between Foreign Direct Investment and Foreign Portfolio Investment

NBER Working Paper No. w11757
Number of pages: 36 Posted: 06 Feb 2006 Last Revised: 18 Aug 2022
Itay Goldstein and Assaf Razin
University of Pennsylvania - The Wharton School - Finance Department and Tel Aviv University - Eitan Berglas School of Economics
Downloads 70 (627,182)
Citation 13

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68.

Internet Appendix for "AI-Powered Trading, Algorithmic Collusion, and Price Efficiency"

The Wharton School Research Paper
Number of pages: 51 Posted: 07 May 2024
Winston Wei Dou, Itay Goldstein and Yan Ji
University of Pennsylvania - The Wharton School, University of Pennsylvania - The Wharton School - Finance Department and Hong Kong University of Science & Technology (HKUST)
Downloads 62 (667,553)

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Reinforcement learning, AI collusion, Homogenization, Experience-based and self-confirming equilibrium, Asymmetric information, Price informativeness, Market liquidity. (JEL Classification: D43, G10, G14, L13)

69.

Liquidity, Institutional Quality and the Composition of International Equity Outflows

NBER Working Paper No. w13723
Number of pages: 42 Posted: 30 Jan 2008 Last Revised: 01 Jan 2023
Itay Goldstein, Assaf Razin and Hui Tong
University of Pennsylvania - The Wharton School - Finance Department, Tel Aviv University - Eitan Berglas School of Economics and International Monetary Fund (IMF)
Downloads 58 (689,053)

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70.

Liquidity, Institutional Quality and the Composition of International Equity Flows

NBER Working Paper No. w15727
Number of pages: 37 Posted: 08 Feb 2010 Last Revised: 23 Jun 2023
Itay Goldstein, Assaf Razin and Hui Tong
University of Pennsylvania - The Wharton School - Finance Department, Tel Aviv University - Eitan Berglas School of Economics and International Monetary Fund (IMF)
Downloads 49 (742,721)

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71.

Trading Frenzies and Their Impact on Real Investment

CEPR Discussion Paper No. DP7652
Number of pages: 38 Posted: 08 Feb 2010
Itay Goldstein, Emre Ozdenoren and Kathy Yuan
University of Pennsylvania - The Wharton School - Finance Department, London Business School and London School of Economics & Political Science (LSE) - Department of Finance
Downloads 3 (1,164,796)
Citation 63
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Coordination, Financial markets, Heterogenous Information, Learning, Liquidity

72.

Learning and Complementarities: Implications for Speculative Attacks

CEPR Discussion Paper No. DP7651
Number of pages: 50 Posted: 08 Feb 2010
Itay Goldstein, Emre Ozdenoren and Kathy Yuan
University of Pennsylvania - The Wharton School - Finance Department, London Business School and London School of Economics & Political Science (LSE) - Department of Finance
Downloads 2 (1,176,027)
Citation 3
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Coordination, Currency attacks, Feedback effects, Financial markets, Global games, Heterogenous information, Strategic complementarities

73.

Financial Regulation in Europe: Foundations and Challenges

CEPR Discussion Paper No. DP11147
Number of pages: 41 Posted: 18 Apr 2016
Thorsten Beck, Elena Carletti and Itay Goldstein
City University London - The Business School, Bocconi University and University of Pennsylvania - The Wharton School - Finance Department
Downloads 1 (1,187,996)
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Banking, Basel III, financial stability, regulation

74.

Open Banking under Maturity Transformation

Posted: 23 Sep 2022
Itay Goldstein, Chong Huang and Liyan Yang
University of Pennsylvania - The Wharton School - Finance Department, University of California, Irvine - Paul Merage School of Business and University of Toronto - Rotman School of Management

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Open banking, borrower data, lending market competition, maturity transformation, informational monopoly, winner's curse, economic efficiency

75.

The Interplay between Financial Regulations, Resilience, and Growth

CEPR Discussion Paper No. DP12861
Number of pages: 38 Posted: 16 Apr 2018
Franklin Allen, Itay Goldstein and Julapa Jagtiani
Imperial College London, University of Pennsylvania - The Wharton School - Finance Department and Federal Reserve Banks - Federal Reserve Bank of Philadelphia
Downloads 0 (1,200,252)
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bank capital regulations, bank liquidity, Basel III, CET1, Doddâ?“Frank Act, Financial Stability, high-quality liquid assets (HQLAs)

76.

Managerial Learning from Stock Prices: A Structural Examination

Posted: 22 Nov 2015
Itay Goldstein and Di (Andrew) Wu
University of Pennsylvania - The Wharton School - Finance Department and University of Michigan, Stephen M. Ross School of Business

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price informativeness

77.

Market-Based Corrective Actions

The Review of Financial Studies, Vol. 23, Issue 2, pp. 781-820, 2009
Posted: 01 Feb 2010
Philip Bond, Itay Goldstein and Edward Simpson Prescott
University of Washington - Michael G. Foster School of Business, University of Pennsylvania - The Wharton School - Finance Department and affiliation not provided to SSRN

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D53, D80, G14, G21, G28, G34