Chair, the Ackerman Center for Israeli Corporate Governance
Chair, the Ackerman Center for Israeli Corporate Governance

Prof. Menachem (Meni) Abudy

Telephone
Fax
+972-3-7384040
Email
menachem.abudy@biu.ac.il
Office
338; Building : 504
Research Categories
    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

     

    Fields of Interest

    Market microstructure, Liquidity, Marketability, Corporate governance, Equity-Based compensation, Behavioral Finance.

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

    Research

    Research Grants

    2022

    ISF (Israel Science Foundation) grant No.2248/22

    Raya Strauss Family Business Research Center

    2019

    ISF (Israel Science Foundation) grant No.1619/19

    The Raymond Ackerman Family Chair in Israeli Corporate Governance grant

    Bar-Ilan research grant for interdisciplinary research groups

    2018

    Raya Strauss Family Business Research Center

    2017

    The Raymond Ackerman Family Chair in Israeli Corporate Governance grant

    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

     

    Courses

    https://lemida.biu.ac.il/

    70-631 Corporate Finance    
    70-014 Principals of Finance
    70-617 Quantitative methods in 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

    Publications

    Publications

    "Don't Move My Cheese: Financial Advice Adaptation to Regulatory Change". with Ilan Gildin and Yevgeny Mugerman, Finance Research Letters (2024), 105005.

    "Non-Standard Errors", a crowd-sourced empirical project with 342 co-authors. Journal of Finance, forthcoming.

    "Can Gender Pay-Gap Disclosures Make a Difference?", with David Aharon and Efrat Shust, Finance Research Letters 52 (2023), 103583

    "Does Adopting Voluntary ESG Practices Affect Executive Compensation?" with Ilanit Gavious and Efrat Shust, Journal of International Financial Markets, Institutions and Money 83 (2023), 101718

    "Does Market Design Contribute to Market Stability? Indications from Corporate Bond Exchange during the COVID-19 Crisis", with Efrat Shust, Journal of Economics and Business 123 (2023), 106105.

    "The Winner Takes It All: Investor Sentiment and the Eurovision Song Contest" with Yevgeny Mugerman and Efrat Shust, Journal of Banking and Finance (2022), 106432.

    "Do Computerized Traders Follow Social Norms? Evidence from the Holocaust Remembrance Moment of Silence", with Ilan Gildin and Yevgeny Mugerman, Finance Research Letters 48 (2022), 102914.

    "Stock Markets and Female Participation in the Labor Force" with Yevgeny Mugerman and Zvi Wiener, Journal of International Financial Markets, Institutions & Money (2021), 101297.

    "Retail Investors' Trading and Stock Market Liquidity", The North American Journal of Economics and Finance, 54 (2020), 101281.

    "Do Executive Compensation Contracts Maximize Firm Value? Indications from a Quasi-Natural Experiment" with Dan Amiram, Oded Rozenbaum and Efrat Shust, Journal of Banking and Finance 114 (2020), 105787.

    "What Happens to Trading Volume When the Regulator Bans Voluntary Disclosure" with Efrat Shust, European Accounting Review 29(3), 2020, 555-580.

    "The Effect of Liquidity on Non-Marketable Securities" with Hadar Binskey and Alon Raviv, Finance Research Letters 26, (2018), 139-144. 

    "Corporate Bond Trading on a Limit Order Book Exchange" with Avi Wohl, Review of Finance 22(4), (2018), 1413-1440.

    "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
     
    "Taxation and the Value of Employee Stock Options", with Simon Benninga, International Journal of Managerial Finance 7(1), (2011), 9 - 37.

     

    Publications (in Hebrew)

    "Have hourly audit fees declined over time and have audit revenues declined due to the disclosure or audit and non-audit hours?" with Eli Amir, Shai Levi and Efrat Shust, Innovations in Management 11, 132-146.

    "Silence is golden: how reporting restrictions affect investor disagreement" with Efrat Shust, Theory and Practice in Management 2, 23-32.

    "The effects of the compensation cap law in financial institutions" with Dan Amiram, Oded Rozenbaum and Efrat Shust, Innovations in Management 9, 42-52.

    "Corporate bond trading on the Tel Aviv Stock Exchange" with Avi Wohl, Innovations in Management 2 (2018),82-91.

    "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)

     

    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).

     

     

    Media

    Last Updated Date : 18/01/2024