Israel Shaked

Israel Shaked is a Founder and Managing Director of The Michel-Shaked Group, and is also Professor of Finance and Economics at the Boston University Questrom School of Business. Over the past 33 years, he has taught courses at the graduate and undergraduate levels on various topics, including business valuation, corporate finance and financial economics, and is a two-time winner of Boston University’s Broderick Prize for Excellence in Teaching. He was the Director of the Boston Chartered Financial Analysts (CFA) Examination Review Program for 19 years, and was the co-founder and Director of the Institute of Chartered Pension Professionals (ICPP). He is a member of the Board of the American Bankruptcy Institute (ABI) and is a contributing editor of the ABI Journal.

Professor Shaked has authored several books and numerous articles, and appears frequently on television and in the press commenting on contemporary financial and business issues. His academic and professional research covers areas including, but not limited to, investment analysts, valuation, financial distress, solvency, preferences, fraudulent conveyance, bankruptcy, LBOs, international business, mergers and acquisitions, economics, corporate structure analysis, corporate financial decisions, and capital markets.

Professor Shaked has provided consulting, valuation, investment, and investment banking services to law firms and companies worldwide on a wide range of issues. He has also acted as a consultant to numerous government agencies, including the Securities Exchange Commission (SEC), the Internal Revenue Service (IRS), the Federal Deposit Insurance Corporation (FDIC), the Department of Labor (DOL), Pension Benefit Guarantee Corporation (PBGC) and the Commonwealth of Massachusetts. He has delivered hundreds of seminars to senior corporate executives and law firms in North and South America, Europe and Asia, and has testified before the U.S. House of Representatives’ Ways and Means Committee on the subjects of leveraged buyouts, acquisitions and taxation. He has been engaged as an expert witness, and has offered testimony at depositions, arbitrations and trials on numerous occasions.

EDUCATION

DBA, Harvard Graduate School of Business Administration, 1980 MBA, Hebrew University of Jerusalem, 1976 BA, Hebrew University of Jerusalem, 1973 BA, Hebrew University of Jerusalem, 1973

SELECTED PUBLICATIONS

• Michel, A., Oded, J., Shaked, I. (In Press). Behavioral Characteristics of IPO Underpricing. In Itzhak, Venezia. (Eds.), "Behavioral Finance: How Near Is the End", World Scientific Publishers
• Michel, A., oded, J., Shaked, I. (In Press). "Institutional Investors and Firm Performance: Evidence from IPOs", The North American Journal of Economics and Finance
• Michel, A., oded, J., Shaked, I. (In Press). ""Do Security Breaches Matter? The Shareholder Puzzle"", European Financial Management
• Michel, A., Shaked, I., Oded, J. (In Press). "The Impact of Data Breaches on Shareholder Performance", European Financial Management
• Michel, A., Oded, J., Shaked, I. (2019). ""Do Security Breaches Matter? The Shareholder Puzzle" summarized in the Columbia Law School's Blog on Corporations and the Capital Markets", Columbia Law School's Blog on Corporations and the Capital Markets
• Shaked, I., Dionne, P. (2019). "Credibility Test: Management Projections vs. Market Evidence", American Bankruptcy Institute Journal
• Michel, A., Oded, J., Shaked, I. (2019). "Do Security Breaches Matter? The Shareholder Puzzle", European Financial Management
• Shaked, I., Dionne, P. (2018). "Use and Abuse of Quantitative Bankruptcy Prediction Models", American Bankruptcy Institute Journal, XXXVII (12), 52-52
• Shaked, I., Orelowitz, B. (2018). "10 Common Causes of Distress", American Bankruptcy Institute Journal, XXXVII (7), 16-16
• Shaked, I., Plastino, D., Dionne, P. (2018). "The Role of the Corporate Finance Expert in Debt-Equity Litigation: Lessons from ScottishPower (Part II)", Journal of Taxation, 128 (4), 24-24
• Shaked, I., Plastino, D., Dionne, P. (2018). "The Role of the Corporate Finance Expert in Debt-Equity Litigation: Lessons from ScottishPower (Part I)", Journal of Taxation, 128 (3), 22-22
• Shaked, I., Orelowitz, B. (2018). "Key Valuation Issues in Distressed Investing", Journal of Corporate Renewal, 31 (1), 10-10
• Shaked, I., Orelowitz, B. (2017). "Understanding Retail Bankruptcy", American Bankruptcy Institute Journal, 36 (11), 20, 72-21, 74
• Shaked, I., Reilly, R. (2017). "A Practical Guide to Bankruptcy Valuation", American Bankruptcy Institute
• Shaked, I., Altman, E. (2016). "Warning Signs of Financial Distress", American Bankruptcy Institute Journal, 35 (11)
• Shaked, I., Orelowitz, B., Weisfelner, E. (2016). "Judging Fraud: The Case of Relying on Wrong Information", American Bankruptcy Institute Journal, 35 (8)
• Shaked, I., Plastino, D., Dionne, P. (2016). "The Predictable Unpredictability of Global Oil Prices, and What It Means for Professionals", American Bankruptcy Institute Journal, 35 (4)
• Shaked, I., Kempainen, S. (2015). "A Review of Fairness Opinions and Proxy Statements: 2005-2006", Journal of Applied Finance (Formerly Financial Practice and Education), Vol. 19 (1)
• Michel, A., Oded, J., Shaked, I. (2015). "Index correlation: implications for asset allocation", Managerial Finance, 41 (11), 1236-1256
• Shaked, I., Orelowitz, B. (2015). "Contingent Liabilities: GAAP vs. Valuation Perspective", American Bankruptcy Institute Journal, 34 (8)
• Shaked, I., Plastino, D. (2015). "Operating Leverage: The Often-Overlooked Risk Factor", American Bankruptcy Institute Journal, 34 (4)
• Shaked, I., Plastino, D. (2015). "Decision Trees for Decision-Makers: A Framework for Analyzing Claims and Maximizing Recoveries", American Bankruptcy Institute Journal, 34 (2)
• Shaked, I., D'Arezzo, P. (2014). "Capital Adequacy and the Debt-Refinancing Assumption", American Bankruptcy Institute Journal
• Shaked, I., Orelowitz, B. (2014). "Role of Uncertainty in Determining a distressed Company's Fate", American Bankruptcy Institute Journal
• Mangiero, S., Shaked, I., Orelowitz, B. (2014). "Muni Bonds, Pension Liabilities and Investment Due Diligence",
• Shaked, I., Orelowitz, B. (2014). "FMV and Going-Concern Value Compared: An Expert's Perspective", American Bankruptcy Institute Journal
• Michel, A., Oded, J., Shaked, I. (2014). "Ownership structure and performance: Evidence from the public float in IPOs", Journal of Banking and Finance, 40 54-61
• Shaked, I., Plastino, D., D'Arezzo, P. (2013). "Buyouts Gone Bad: Common Themes in Failed Leveraged Transactions", American Bankruptcy Institute Journal
• Shaked, I., Orelowitz, B. (2013). "Cornerstone of Financial Decision-Making: Credible Projections", American Bankruptcy Institute Journal
• Shaked, I., Orelowitz, B. (2013). "The Valuation of NOLs in a Bankruptcy Reorganization", American Bankruptcy Institute Journal
• Shaked, I., Orelowitz, B. (2013). "Quantifying the Impact of Fraud: Application of the Guideline Publicly Traded Company Approach", American Bankruptcy Institute Journal
• Shaked, I., Paul, D. (2013). "A Primer to Cost of Capital for the Distressed/Bankrupt Company", American Bankruptcy Institute Journal
• Reilly, R., Shaked, I. (2013). "A Practical Guide to Bankruptcy Valuation",
• Shaked, I., Plastino, D. (2012). "Debtor Beware: Double-Edged Sword of Financial Leverage", American Bankruptcy Institute Journal
• Shaked, I., Orelowitz, B. (2012). "Case Studies in Corporate Bankruptcy Valuation", American Bankruptcy Institute Journal
• Shaked, I., Plastino, D. (2012). "Soft Capital, Hard Times: Distressed Professional and Financial Services Firms", American Bankruptcy Institute Journal
• Shaked, I., D'Arezzo, P. (2011). "To Be or Not to Be Confirmed: A Debtor's Post-Reorganization Viability", American Bankruptcy Institute Journal
• Shaked, I., Orelowitz, B. (2011). "Bankruptcy Valuation Hearings: As Highly Contested as Ever", American Bankruptcy Institute Journal
• Michel, A., Oded, J., Shaked, I. (2010). "Not All Buybacks Are Created Equal: The Case of Accelerated Stock Repurchases", Financial Analysts Journal, 66 (6), 55-72
• Shaked, I., Plastino, D., D'Arezzo, P. (2010). "Playing the Market (Approach): Going Beyond the DCF Valuation Methodology", American Bankruptcy Institute Journal
• Shaked, I., Orelowitz, B., Marcus, M. (2010). "Comparable Company Valuation Methodology: Details Often Overlooked", American Bankruptcy Institute Journal
• Shaked, I., D'Arezzo, P. (2009). "Earnings: Quality vs. Quantity", American Bankruptcy Institute Journal
• Shaked, I., Kempainen, S. (2009). "A Review of Fairness Opinions and Proxy Statements: 2005-2006", Journal of Applied Finance, Spring/Summer 2009, Vol. 19 (1)
• Shaked, I., Plastino, D., D'Arezzo, P. (2009). "Financial Crisis of 2008 and Preliminary Framework for Analyzing Financially-distressed Firms", American Bankruptcy Institute Journal
• Shaked, I., Tullar, H. (2007). "Capturing the Complexity: The Importance of Financial Analysis in an Asbestos Bankruptcy Filing", American Bankruptcy Institute Journal
• Michel, A., Shaked, I., Plastino, D. (2007). "Had the Information Been Known: Lessons from Enron's Insolvency", American Bankruptcy Institute Journal
• Michel, A., Shaked, I. (1986). "Multinational corporations vs domestic corporations: Financial performance and characteristics", Journal of International Business Studies, 17 (3), 89-100
• Shaked, I. (1986). "Are Multinational Corporations Safer", Journal of International Business Studies, 17 (1), 83-106
• Michel, A., Oded, J., Shaked, I."What Determines Institutional Investors’ Holdings in IPO Firms?", International Review of Finance
• SELECTED RESEARCH PRESENTATIONS
• Shaked, I. Private Equity Dividend Recapitalization: The Case of Retail Distress, Coller School of Management, Tel-Aviv University, Israel, 2018
• Shaked, I. Director Duties in Restructurings, Bankruptcy Avoidance Action, Cross-Border Insolvency, and Credit Document, New York City Bankruptcy Litigation Roundtable, Institutional Investor Educational Foundation, New York, NY, 2018
• Shaked, I. Understanding Retail Bankruptcy: The Case of Payless ShoeSource, Inc., VALCON 2018: Cutting-Edge Valuation Solutions, The American Bankruptcy Institute (ABI) and Association of Insolvency & Restructuring Advisors (AIRA), Las Vegas, Nevada, 2018
• Shaked, I. Challenging Valuation Analyses: The Investment Banker's Perspective, Coller School of Management, Tel-Aviv University, Coller School of Management, Tel-Aviv University, Israel, 2017
• Shaked, I. Understanding Retail Distress: The Case of Payless ShoeSource, Institutional Investor's Global Shareholder Activism Conference,, New York, NY, 2017
• Shaked, I. Application of Financial Theory to Damages Calculation in the Medical Field, Coller School of Management, Tel-Aviv University, Israel, 2017
• Shaked, I. Valuation Assumptions: Case Studies of Failed Tests of Reasonableness, Valuation Conference (VALCON 2017: Emerging Valuation Issues in Bankruptcy and Beyond), The American Bankruptcy Institute (ABI) and Association of Insolvency & Restructuring Advisors (AIRA); University of Texas, Las Vegas, NV, 2017