Avner Kalay
· Francis A. Madsen & Blaine Huntsman Professor of FinanceUniversity of Utah · Department of Finance
Active 1978–2026
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About
Avner Kalay is the Francis A. Madsen Professor of Finance in the Department of Finance at the University of Utah's David Eccles School of Business. His research interests include corporate finance, with a particular focus on corporate dividend policy, taxation, and investment policy. He also specializes in capital market theory and efficiency, economics of information, agency theory, optimal contracting, real options, and the microstructure of markets.
Research topics
- Economics
- Business
- Monetary economics
- Financial economics
- Econometrics
Selected publications
Journal of Financial Economics · 2007-02-26 · 115 citations
article1st authorThe Market Value of Corporate Votes: Theory and Evidence from Option Prices
The Journal of Finance · 2013-12-13 · 83 citations
article1st authorCorrespondingABSTRACT This paper proposes a new method using option prices to estimate the market value of the shareholder voting rights associated with a stock. The method consists of synthesizing a nonvoting share using put‐call parity, and comparing its price to that of the underlying stock. Empirically, we find this measure of the value of voting rights to be positive and increasing in the time to expiration of synthetic stocks. The measure also increases around special shareholder meetings, periods of h…
Measuring stock illiquidity: An investigation of the demand and supply schedules at the TASE
Journal of Financial Economics · 2004-06-15 · 67 citations
article1st authorMeasuring Stock Illiquidity: An Investigation of the Demand and Supply Schedules at the TASE
SSRN Electronic Journal · 2003-01-01 · 34 citations
articleOpen access1st authorCorrespondingThe Market Value of Corporate Votes: Theory and Evidence from Option Prices
SSRN Electronic Journal · 2011-01-01 · 32 citations
articleOpen access1st authorCorresponding
Frequent coauthors
- 17 shared
Bezalel Gavish
- 17 shared
Christopher Barry
UK Centre for Ecology & Hydrology
- 16 shared
Brien Rubinstein
Pacific Lutheran University
- 16 shared
Robert Bowen
- 16 shared
Lane A. Daley
- 16 shared
Leland O'
London School of Economics and Political Science
- 16 shared
D Stuart Bancroft
- 16 shared
Robert Jennings
Education
- 1994
Ph.D., Finance
University of California, Berkeley
- 1991
M.S., Finance
University of California, Berkeley
- 1988
B.S., Economics
University of California, Los Angeles
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