Dr. Menachem (Meni) Abudy

Dr.
Dr. Menachem (Meni) Abudy
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CV


Education

Ph.D., Tel Aviv University, 11/2010.  Major Field:  Finance

Dissertation topic: Nonmarketability, Taxation and the Valuation of Equity-Based Compensation.

Thesis advisor:  Prof. Simon Benninga

M.B.A., Tel Aviv University, 6/2004.  Major Field:  Finance, magna cum laude

B.A., Tel Aviv University, 4/1999.  Major Field:  Law, magna cum laude

B.A., Tel Aviv University, 5/1998.  Major Field:  Economics

 

 

Research

Fields of Interest

Equity Based Compensation, market micro-structure, Liquidity, Non-marketability.

SSRN Author Page: http://ssrn.com/author=361389

 

 

Research Grants

2015 

The Maurice Falk Institute for Economic Research in Israel

2014 

ISF (Israel Science Foundation) grant No. 337/14

The Rothschild Caesarea Center for Capital Markets and Risk Management 

2013

Winner of the TEVA Award in the name of Dan Suesskind for research in Corporate Finance and Financial Markets

2012

The Rothschild Caesarea Center for Capital Markets and Risk Management 

Bar-Ilan Rector grant for high rank research proposal

2011 

G.I.F. Young Scientist's Program research grant No. 2276-2196.4/2010

The Raymond Ackerman Family Chair in Israeli Corporate Governance grant

2010 

KPMG Global Valuation Institute research grant

The Joseph Kasierer Institute for Research in Accounting grant

 

Honors and Awards

2009: Tel-Aviv Stock Exchange (TASE) Fellowship

2006-2008:  University Fellowship, Faculty of management, Tel Aviv University

 

Publications

Publications

"Corporate Bond Trading on a Limit Order Book Exchange" with Avi Wohl, Review of Finance, accepted for publication

"How much Can Illiquidity Affects Corporate Debt Yield Spread?" with Alon Raviv, Journal of Financial Stability 25, 2016, 58-69.

"Valuing Restricted Stock Grants to Non-executive Employees" with Simon Benninga, Journal of Economics and Business 86, 2016, 33-51.

"The Cost of Equity for Private Firms", with Simon Benninga and Efrat Shust, Journal of Corporate Finance 37, 2016, 431-443.

"Israeli Mutual Funds' Performance: Equity and Bond Funds" with Moshe Barel and Avi Wohl, Israel Economic Review 13, 2016, 1-21.

"Changes in Controlling Shareholders’ Holdings: Do They Entail Financial Tunneling?" with Beni Lauterbach, Advances in Financial Economics 18, 2015, 47-63

"Nonmarketability and the Value of Employee-Stock Options" with Simon Benninga, Journal of Banking and Finance 37, 2013, 5500-5510

"Pricing Stock Options with Stochastic Interest Rate" with Yehuda Izhakian, International Journal of Portfolio Analysis and Management 1(3), 2013, 250-277
 
"Changes in Controlling Shareholders' Holdings: Another Vehicle for Private Benefits Extraction?" (with Eyal Yaniv, Beni Lauterbach and Oren Kapah),  The Economic Quarterly 59 (1-2), 2012, 111-130. (in Hebrew)
 
"Taxation and the Value of Employee Stock Options", (with Simon Benninga), International Journal of Managerial Finance 7(1), 2011, 9 - 37.

 

Published discussions, invited papers, monographs and other scientific publications

"Valuing Employee Stock Options and Restricted Stocks in the Presence of Market Imperfections" (with Simon Benninga). KPMG Global Valuation Institute Report, v1, 2011.

"Employees' Attitude towards Equity-based Compensation" (with Efrat Shust), Compensation and Benefits Review 44(5), 2012, 246-253.

"Attitude to Risk and the Subjective Value of Equity-Based Compensation", (with Efrat Shust). The Joseph Kasierer Institute for Research in Accounting (November 2011) (in Hebrew).

"Keeping the Options Open", (with Efrat Shust). The Accountant 29, 94-98, March 2012 (in Hebrew).

 

 

Courses

 

70-931 Financial applications with Excel    
70-953 Fundementals of finance
   

TA-100 Index from 2001-2011. The data was collected and processed during the research seminar of Cecilia Moskovitch and Lior Ohana. I thank them for publically sharing this information, and to Eddie Korol for his comments

Media

Working Papers

Working papers

"Execution Costs of Small Retail Stock Investors" (with Avi Wohl)

"Do Executive Compensation Contracts Maximize Firm Value? Evidence from a Quasi-Natural Experiment" (with Dan Amiram, Oded Rozenbaum and Efrat Shust)

"Non-marketability discount of thin-traded securities" (with Hadar Binskey and Alon Raviv)