עברית
Head of the IMBA program
Head of the IMBA program

Prof. Alon Raviv

Telephone
+972-3-5318911
Fax
+972-3-7384040
Email
alon.raviv@biu.ac.il
Office
320; Building 504
Personal Website
Research Categories
Finance
Research

New Working papers & materials 

Dynamic volatility regulation of financial institutions, with Jens Hilscher and Zvi Wiener 
​​​​ New accepted paper:  January 2024

How Likely is an Inflation Disaster?, with Jens Hilscher and Ricardo Reis
​​​​ Current version: April 2022. 

The Effects of the Financial Crisis and Basel III on Banks’ Risk Disclosure:   A Textual Analysis, with Avinoam Blum
​​​​ New accepted paper:  February 2023 

"Banks Risk Taking and Creditors Bargaining Power,", 2022, (with Yuval Heller and Sharon Peleg Lazar), Journal of Corporate Finance

New accepted paper:  April 2022 

"Inflating Away the Public? An Empirical Assessment", 2022, (with Jens Hilscher and Ricardo Reis), Review of Financial Studies 35.

Published in March 2022

"Economists in the 2008 Financial Crisis: Slow to See, Fast to Act", 2022, (with Daniel Levy and Tamir Mayer),   Journal of Financial Stability 

 Published in June 2022

"Optimal regulation, executive compensation, and risk taking by financial institutions", (with Jens Hilscher and Yoram Landskroner), Journal of Corporate Finance


​​​​Published in December 2021

 

Associate Editor

 Journal of Financial Stability (2018 -Current)

 Review of Business (2020 - Current)

 

Research Grants, Honors and Awards

2020- 2021 Data Science grant (Israeli council for Higher Education )

2019-2021 ISF (Israel Science Foundation) grant No. 2443/19

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).

 

 

Courses

Investments

Securities Analysis

Fixed Income Analysis

Financial Modeling with VBA

 

Publications

Journals

  1. "Dynamic volatility regulation of financial institutions,", 2024, (with Jens Hilscher and Zvi Wiener),  Finance Research Letters 61.

  2. "The Effects of the Financial Crisis and Basel III on Banks’ Risk Disclosure:   A Textual Analysis,", 2023, (with Avinoam Blum),  Finance Research Letters 53.

  3. "Inflating Away the Public? An Empirical Assessment", 2022, (with Jens Hilscher and Ricardo Reis), Review of Financial Studies 35.

  4. "Banks Risk Taking and Creditors Bargaining Power,", 2022, (with Yuval Heller and Sharon Peleg Lazar)),  Journal of Corporate Finance 74.

  5. "Economists in the 2008 Financial Crisis: Slow to See, Fast to Act", 2022, (with Daniel Levy and Tamir Mayer),  Journal of Financial Stability  60. 

  6. "Designing Bankers' Pay: Using Contingent Capital to Reduce Risk-shifting Incentives", 2022, (with Jens Hilscher and Sharon Peleg-Lazar),  Quarterly Journal of Finance  12.

  7. "Optimal regulation, executive compensation and risk taking by financial institutions", 2021, (with Jens Hilscher and Yoram Landskroner),  Journal of Corporate Finance 71.

  8. “Risk management of Corporate Bond indexes - A structural Model” (with Gil Karisa and Sharon Peleg-Lazar), 2021, Theory and Practice in Management 2.

  9. "The Risk Spiral - The Effects of Bank Capital and Diversification on Risk Taking, (with Sharon Peleg Lazar), 2019, International Review of Financial Analysis 65.

  10. “A Closed-Form Solution to the Risk-Taking Motivation of Subordinated Debtholders”, 2019, (with Yuval Heller and Sharon Peleg Lazar), Economics Letters 181, 169-173.

  11. “The Effect of Liquidity on Non-Marketable Securities”, 2018, (with Menachem Abudy and Hadar Binsky), Financial Research Letters, 26, 139-144. 

  12.  “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.

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

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

  15. "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 

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

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

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

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

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

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

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

 

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

 

Other Publications 

1.  “Inflation Risks are on the Rise.” 2022, (with Jens Hilscher and Ricardo Reis),ARE Update 25(3): 9–11. University of California Giannini Foundation of Agricultural Economics

2. "Economists in the 2008 crisis: Slow to see, fast to act", 2020, (with Daniel Levy and Tamir Levy) VOXeu.

Media
Press Coverage and Policy proposals

VOXeu, April 2020, Economists in the 2008 crisis: Slow to see, fast to act

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. How Likely is an Inflation Disaster?, Jens Hilscher (UC Davis) and Ricardo Reis (LSE)

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

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

 

Last Updated Date : 13/03/2024