Dr. Alon Raviv

Dr. Alon Raviv
Research Interests: 




Research Grants, Honors and Awards

2015-2019 US-Israel Binational Science Foundation grant 2014336

2015-2017 ISF (Israel Science Foundation) grant No. 969/15

2015 Bar-Ilan Research autority grant for high rank research proposal

2013 The Raymond Ackerman Family Chair in Israeli Corporate Governance grant

2012 Eastern Finance Association Outstanding Paper in Financial Institutions, Boston,(with Jens Hilscher).

2004 Recipient of Gal-Ed fellowship.

2001-2002 Recipient of H. Shtecel fellowship : The highest student award at the Hebrew University (the President’s awards).





  1.  “Heterogeneous beliefs and the choice between private restructuring and formal bankruptcy”, 2017, (with Pascal Francois), North American Journal of Economics and Finance, 41, 156-167.

  2. ."Bank risk dynamics where assets are risky debt claims”, 2017 (with Sharon Peleg), European Financial Managment , 23, 1-17.

  3. "How much can illiqudiity affect corporate debt yield spread?”, 2016 (with Menachem Abudy), Journal of Financial Stability, 25, 58-69.

  4. "Bank stability and market discipline: The effect of contingent capital on risk taking and default probability”, 2014 (with Jens Hilscher), Journal of Corporate Finance (Corporate Finance Theory Special Issue), 29, 542-560. Eastern Finance Association Outstanding Paper in Financial Institutions 

  5. "Will the US  inflate away its public debt?”, 2014 (with Jens Hilscher and Ricardo Reis), VOXeu.

  6. Inflation derivatives under inflation target regimes” 2013, (with Mordecai Avriel and Jens Hilscher),  Journal of Futures Markets 33, 911-938.

  7. Executive compensation, risk taking and the state of the economy”, 2013, (with Elif Sisli), Journal of Financial Stability 9, 55-68.

  8. Liquidation triggers and the valuation of equity and debt”, 2007 (with Dan Galai and Zvi Wiener), Journal of Banking and Finance 31, 3604-3620.

  9. The valuation of inflation indexed and FX convertible bonds”, 2008 (with Yoram Landskroner), Journal of Futures Markets, 28, 634-655.

  10. Credit spread implied by Inflation-Indexed convertible bonds” (with Yoram Landskroner), Banking Review 8, 2003.

  11. “Measuring the average marginal tax on labor income” (with Momi Dahan), Israeli Economic Quarterly 3, 1995.


.Papers in Books

1. “Executive Compensation and Risk Taking: The Impact of Systemic Crises.” (with  Elif Sisli-Ciamarra).  in Amann, Wolfgang, Ted Azarmi and Mathias Moersch eds. The Financial Crisis - Implications for Research and Teaching, Springer Verlag. 2016.

2.  “A balance sheet approach for sovereign debt”, (with Dan Galai, Yoram Landskroner and Zvi Wiener). Bridging the GAAP: Recent Advances in Finance and Accounting, edited by Itzhak Venezia and Zvi Weiner, 2012





Securities Analysis

Fixed Income Analysis

Financial Modeling with VBA



Press Coverage and Policy proposals

The Grumpy Economist: Inflating our troubles away?


VOXeu, August 2014: Will the US inflate away its public debt?


FDIC, Incorporating Employee Compensation Criteria into the Risk Assessment System, 19 January 2010,

Project Syndicate, Engineering Financial Stability, by Robert Shiller, 18 January 2010

Google Scholar Page

SSRN page

Repec page


Working Papers

Working papers

  1. Inflating away the public - an empirical assessment", with Jens Hilscher (UC Davis) and Ricardo Reis (Columbia University), NBER working paper No. 20339, July, 2014. Presentation:  AEA 2014 annual meeting, EFA 2015, WFA  2017.

  2. “How much is your central bank worth?”, with Jens Hilscher (UC Davis) and Ricardo Reis (Columbia University). Presentations: SED 2016 annual meeting. 

  3. The 2007-2009 Financial Crisis and executive compensation: an analysis and a proposal for a novel structure”, with Yoram Landskroner, NYU working paper, No. FIN-09-03. Presented at the AFFI 2012 annual meeting.

  4. Optimal regulation, executive compensation and risk taking and by financial institutions”, with Jens Hilscher (UC  Davis) and Yoram Landskroner. Presented at the FIRS 2016 annual meeting.

  5. The Risk Spiral - The Effects of Bank Capital and Diversification on Risk Taking”, with Sharon Peleg (TAU).

  6. Non-Marketability Discount of Thin-Traded Securities”, with Menachem Abudy and Hadar Binsky.