Itay Goldstein

University of Pennsylvania - The Wharton School - Finance Department

Associtae Professor

The Wharton School

3620 Locust Walk

Philadelphia, PA 19104

United States

  • University of Pennsylvania - The Wharton School - Finance Department

    • Email
    • Tel: 215-746-0499
SCHOLARLY PAPERS

67

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785

Scholarly Papers (67)

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1.

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 Columbia Business School - Finance and Economics
Downloads 2,048 (9,047)
Citation 37

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

2.

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 1,279 (19,035)
Citation 44

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Disclosure, price informativeness, learning, real efficiency

3.

Self-Fulfilling Credit Market Freezes

Downloads 1,188 ( 21,281)
Citation 65

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 1,007 (26,705)
Citation 16

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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 146 (242,869)
Citation 1

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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 2021
Lucian A. Bebchuk and Itay Goldstein
Harvard Law School and University of Pennsylvania - The Wharton School - Finance Department
Downloads 35 (544,654)
Citation 4

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4.

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 Columbia Business School - Finance and Economics
Downloads 1,177 (21,616)
Citation 145

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

5.

The Real Effects of Financial Markets

Downloads 1,063 ( 25,077)
Citation 101

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 977 (27,871)
Citation 100

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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 2021
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 86 (354,168)
Citation 7

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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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6.

Information Disclosure in Financial Markets

Downloads 1,020 ( 26,615)

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 1,020 (26,224)
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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7.

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 937 (30,046)
Citation 41

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Bank stress tests, stress tests disclosures

8.

Feedback Effects, Asymmetric Trading, and the Limits to Arbitrage

Downloads 818 ( 36,246)
Citation 29

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 Columbia Business School - Finance and Economics
Downloads 781 (38,103)
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
Alex Edmans, Itay Goldstein and Wei Jiang
London Business School - Institute of Finance and Accounting, University of Pennsylvania - The Wharton School - Finance Department and Columbia Business School - Finance and Economics
Downloads 36 (539,131)

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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 Columbia Business School - Finance and Economics
Downloads 1 (807,134)
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feedback effect, Limits to arbitrage, overinvestment

9.

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, University of Pennsylvania - The Wharton School - Finance Department and Virginia Tech
Downloads 746 (41,155)
Citation 47

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Bank Loans, Housing Shocks, Investment Policy

10.

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, Columbia Business School - Finance and Economics and Cornell University - Samuel Curtis Johnson Graduate School of Management
Downloads 741 (41,558)
Citation 16

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

11.

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, University of Pennsylvania - The Wharton School - Finance Department and Virginia Tech
Downloads 732 (42,265)
Citation 61

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Bank Lending, Quantitative Easing, Mortgage-Backed Securities

12.

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 725 (42,794)
Citation 52

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information diversity, uncertainty reduction effect, price informativeness, complementarity

13.

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 and Johnson College of Business
Downloads 692 (45,553)
Citation 102

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Fund Flows, Fragility, Bond Funds, Runs

14.

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 Columbia Business School - Finance and Economics
Downloads 686 (46,106)
Citation 13

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

15.

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 671 (47,510)
Citation 356

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16.

Bank Transparency and Deposit Flows

Number of pages: 68 Posted: 01 Aug 2018 Last Revised: 09 Apr 2020
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 654 (49,068)
Citation 12

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bank transparency, deposits, liquidity provision, opacity

17.

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
Number of pages: 64 Posted: 27 Jan 2015 Last Revised: 03 May 2021
Itay Goldstein and Liyan Yang
University of Pennsylvania - The Wharton School - Finance Department and University of Toronto - Rotman School of Management
Downloads 618 (52,885)
Citation 15

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Commodity financialization, supply channel, price informativeness, feedback effect

18.

Incentives for Information Production in Markets Where Prices Affect Real Investment

Downloads 590 ( 56,117)
Citation 56

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 299 (123,736)
Citation 29

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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 291 (127,264)
Citation 37

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Information Production, Real Investments, Financial Markets

19.

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 580 (57,305)
Citation 21

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

20.

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 575 (57,894)
Citation 8

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Overconfidence, Team Effort, Coordination

21.

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 568 (58,779)
Citation 47

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

22.

Contracting with Synergies

Downloads 470 ( 74,377)

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 Pennsylvania, The Wharton School, Finance Department
Downloads 447 (78,277)

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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: 08 Feb 2021
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 Pennsylvania, The Wharton School, Finance Department
Downloads 23 (621,185)

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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 Pennsylvania, The Wharton School, Finance Department
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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 Pennsylvania, The Wharton School, Finance Department
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complementarities, Contract theory, influence., multiple agents, principal-agent problem, synergies, teams

23.

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 429 (82,947)
Citation 2

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

24.

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 422 (84,584)
Citation 79

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Manipulation, speculation, market efficiency, production externalities

25.

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 408 (87,954)
Citation 9

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Market Efficiency, Real Efficiency, Feedback Effects, Externality

26.

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 - Department of Finance & Economics
Downloads 398 (90,482)

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27.

The Choice of Exchange Rate Regime and Speculative Attacks

Downloads 348 (105,373)
Citation 3

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 Tel Aviv University, Coller School of Management
Downloads 325 (113,048)
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 Tel Aviv University, Coller School of Management
Downloads 23 (621,185)
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Currency crises, choice of exchange rate regime, speculators, Tobin tax, global games, reputation

28.

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 314 (118,048)
Citation 8

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

29.

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 311 (119,261)
Citation 12

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

30.

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 310 (119,689)
Citation 6

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

31.

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 Columbia Business School - Finance and Economics
Downloads 306 (121,396)
Citation 6

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Optimal contracting, mutual funds, board directors

32.

The Real Effects of Modern Information Technologies

NBER Working Paper No. w27529
Number of pages: 63 Posted: 14 Jul 2020 Last Revised: 22 Apr 2021
Itay Goldstein, Shijie Yang and Luo Zuo
University of Pennsylvania - The Wharton School - Finance Department, The Chinese University of Hong Kong, Shenzhen and Cornell University - Samuel Curtis Johnson Graduate School of Management
Downloads 294 (126,576)
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33.

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 Columbia Business School - Finance and Economics
Downloads 258 (144,888)
Citation 128

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

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, University of Illinois at Urbana-Champaign - Department of Finance and University of Pennsylvania - The Wharton School - Finance Department
Downloads 256 (146,079)
Citation 4

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

35.

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 256 (146,079)
Citation 4

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

36.

Initial Coin Offerings As a Commitment to Competition

Number of pages: 59 Posted: 14 Nov 2019 Last Revised: 05 Feb 2021
Itay Goldstein, Deeksha Gupta and Ruslan Sverchkov
University of Pennsylvania - The Wharton School - Finance Department, Carnegie Mellon University and University of Warwick - Warwick Business School
Downloads 236 (158,020)
Citation 8

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ICO, Utility Tokens, Crowd-funding, Blockchain, Financing

37.

Big Data in Finance

Downloads 227 (164,100)

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 University of Illinois at Urbana-Champaign
Downloads 205 (180,475)

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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: 03 Apr 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 University of Illinois at Urbana-Champaign
Downloads 22 (628,622)
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38.

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 210 (176,653)
Citation 53

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39.

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

Downloads 209 (177,450)
Citation 3

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: 23 Jun 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 134 (260,299)
Citation 3

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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
Number of pages: 66 Posted: 21 Jul 2020 Last Revised: 04 May 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 75 (384,612)
Citation 1

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40.

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 182 (201,135)
Citation 6

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41.

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 174 (209,127)
Citation 6

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illiquidity, insolvency, fire sales, optimal regulation

42.

Market-Based Regulation and the Informational Content of Prices

Downloads 174 (209,127)
Citation 2

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 155 (231,074)
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 19 (650,942)
Citation 2

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rational expectations, regulation, market discipline

43.

The Positive Effects of Biased Self-Perceptions in Firms

Downloads 163 (221,088)

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 163 (221,388)
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

44.

Government Guarantees and Financial Stability

Downloads 162 (222,194)
Citation 21

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 161 (223,691)

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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 (807,134)
Citation 13
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bank moral hazard, fundamental runs, government guarantees, panic runs

45.

Information Sharing in Financial Markets

Number of pages: 68 Posted: 14 Jul 2020 Last Revised: 09 Jun 2021
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 159 (225,772)
Citation 1

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Information sharing, communication, sentiment, asset pricing

46.

Foreign Direct Investment vs. Foreiegn Portfolio Investment

NBER Working Paper No. w11047
Number of pages: 36 Posted: 09 Feb 2005 Last Revised: 10 Mar 2021
Itay Goldstein and Assaf Razin
University of Pennsylvania - The Wharton School - Finance Department and Tel Aviv University - Eitan Berglas School of Economics
Downloads 154 (231,866)

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47.

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

Number of pages: 67 Posted: 12 Apr 2021
Itay Goldstein, Alexandr Kopytov, Lin Shen and Haotian Xiang
University of Pennsylvania - The Wharton School - Finance Department, The University of Hong Kong - Faculty of Business and Economics, INSEAD and Peking University - Department of Finance
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ESG investing, heterogeneous preferences, price informativeness

48.

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 144 (245,004)
Citation 4

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Coordination, Asset price, Feedback, Excess Volatility

49.

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 Columbia Business School - Finance and Economics
Downloads 129 (266,850)
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50.

Optimal Deposit Insurance

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Citation 6

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 99 (323,594)
Citation 6

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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 Apr 2021
Eduardo Davila and Itay Goldstein
Yale University - Department of Economics and University of Pennsylvania - The Wharton School - Finance Department
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51.

Stress Tests Disclosure: Theory, Practice, and New Perspectives

To appear at Handbook of Financial Stress Testing, Edited by Farmer, Kleinnijenhuis, Wetzer, and Schuermann, Cambridge University Press, 2020
Number of pages: 29 Posted: 20 Jul 2020
Itay Goldstein and Yaron Leitner
University of Pennsylvania - The Wharton School - Finance Department and Washington University in St. Louis, Olin Business School
Downloads 100 (319,277)
Citation 1

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52.

Three Branches of Theories of Financial Crises

NBER Working Paper No. w18670
Number of pages: 79 Posted: 05 Jan 2013
Itay Goldstein and Assaf Razin
University of Pennsylvania - The Wharton School - Finance Department and Tel Aviv University - Eitan Berglas School of Economics
Downloads 69 (398,199)
Citation 1

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53.

Liquidity Transformation and Fragility in the US Banking Sector

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Liquidity Transformation and Fragility in the US Banking Sector

Number of pages: 57 Posted: 25 Feb 2021
Rahul Vashishtha, Qi Chen, Itay Goldstein and Zeqiong Huang
Duke University, Duke University - Fuqua School of Business, University of Pennsylvania - The Wharton School - Finance Department and Yale School of Management
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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: 58 Posted: 14 Sep 2020 Last Revised: 01 Mar 2021
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
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54.

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

Downloads 57 (438,466)
Citation 18

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: 14 May 2014
Itay Goldstein and Assaf Razin
University of Pennsylvania - The Wharton School - Finance Department and Tel Aviv University - Eitan Berglas School of Economics
Downloads 35 (544,654)
Citation 1

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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
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Citation 6
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55.

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, University of Pennsylvania - The Wharton School - Finance Department and Virginia Tech
Downloads 56 (442,053)

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Bank Loans, Housing Shocks, Investment Policy, Leverage

56.

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 56 (442,053)

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57.

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: 15 Feb 2021
Itay Goldstein and Assaf Razin
University of Pennsylvania - The Wharton School - Finance Department and Tel Aviv University - Eitan Berglas School of Economics
Downloads 50 (464,899)
Citation 4

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58.

Bank Heterogeneity and Financial Stability

Downloads 45 (485,494)
Citation 1

Bank Heterogeneity and Financial Stability

Number of pages: 60 Posted: 24 Sep 2020 Last Revised: 10 Dec 2020
Itay Goldstein, Alexandr Kopytov, Lin Shen and Haotian Xiang
University of Pennsylvania - The Wharton School - Finance Department, The University of Hong Kong - Faculty of Business and Economics, INSEAD and Peking University - Department of Finance
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Bank Heterogeneity and Financial Stability

NBER Working Paper No. w27376
Number of pages: 57 Posted: 15 Jun 2020 Last Revised: 21 Apr 2021
Itay Goldstein, Alexandr Kopytov, Lin Shen and Haotian Xiang
University of Pennsylvania - The Wharton School - Finance Department, The University of Hong Kong - Faculty of Business and Economics, INSEAD and Peking University - Department of Finance
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Citation 1
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59.

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: 29 Apr 2020
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
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financial reform, capital regulations, liquidity regulations, too big to fail, living wills, Dodd–Frank Wall Street Reform and Consumer Protection Act, financial stability, interconnectedness

60.

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: 02 Jul 2010
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 30 (558,719)

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61.

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 2021
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 22 (609,170)

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62.

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 (750,182)
Citation 8
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Coordination, Financial markets, Heterogenous Information, Learning, Liquidity

63.

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 (759,760)
Citation 3
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Coordination, Currency attacks, Feedback effects, Financial markets, Global games, Heterogenous information, Strategic complementarities

64.

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 - Sir John Cass Business School, Bocconi University and University of Pennsylvania - The Wharton School - Finance Department
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Banking, Basel III, financial stability, regulation

65.

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
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bank capital regulations, bank liquidity, Basel III, CET1, Doddâ?“Frank Act, Financial Stability, high-quality liquid assets (HQLAs)

66.

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

67.

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