Itay is a Professor of Finance at the Wharton School. He is also the coordinator of the PhD program in Finance. He has been on Wharton’s faculty since 2004. He is an expert in the areas of corporate finance, financial institutions, and financial markets, focusing on financial fragility and crises and on the feedback effects between firms and financial markets. His research has been published in major academic journals, including the Review of Economic Studies, the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, and the Journal of Economic Theory. Itay’s research has also been featured in the popular press in the Financial Times, Bloomberg, Forbes, National Public Radio, and others. He is an editor of the Review of Financial Studies and has been an editor of the Finance Department at the Management Science as well as an editor of the Journal of Financial Intermediation.
Itay serves as an academic consultant of the Federal Reserve Bank of New York and the Federal Reserve Bank of Philadelphia, and has served as an academic consultant of the Committee for Capital Markets Regulation. He was the co-founder and the first president of the Finance Theory Group. He has taught undergraduate, MBA, PhD, and executive education courses in finance and economics. Prior to joining Wharton, Itay was on the faculty of Duke University’s Fuqua School of Business. He had also worked in the research department of the bank of Israel, where he was in charge of the analysis of the current account of Israel. He earned his BA in Economics and Accounting and his MA and PhD in Economics from Tel Aviv University.
PhD, TelAviv University, 2001; MA, TelAviv University, 1998; BA, TelAviv University, 1994.
Joel S Ehrenkranz Family Professor, Professor of Finance, Professor of Economics
Academic Advisor, Bank of Canada, 2015; Visiting Scholar, Federal Reserve Bank of Richmond, 2013; Academic Consultant, Federal Reserve Bank of New York, 2011 ; Academic Consultant, Committee on Capital Markets Regulation 20102012; Visiting Scholar, Federal Reserve Bank of Philadelphia, 2005 ; Visiting Scholar, Princeton University, 20002001; Economist, Bank of Israel, 19982000.
Cofounder of the Finance Theory Group; Editor of the Review of Financial Studies; Previously Editor at Management Science and the Journal of Financial Intermediation; Coorganizer of Wharton Conferences on Liquidity and Financial Crises; Director of the Western Finance Assocation; Director of the Financial Intermediation Research Sociey; Elected Member of FARFE (Foundation for the Advancement of Research in Financial Economics); Member of FARFE Prize Committee, 2010.
Economist, Financial Times, National Public Radio, Forbes, Bloomberg, Ruters, TheStreet.com, Morningstar.
The objective of this course is to study the major decisionmaking areas of managerial finance and some selected topics in financial theory. The course reviews the theory and empirical evidence related to the investment and financing policies of the firm and attempts to develop decisionmaking ability in these areas. This course serves as an extension of FNCE 611. Some areas of financial management not covered in FNCE 611 are covered in FNCE 726. These may include leasing, mergers and acquisitions, corporate reorganizations, financial planning, and working capital management, and some other selected topics. Other areas that are covered in FNCE 611 are covered more in depth and more rigorously in FNCE 726. These include investment decision making under uncertainty, cost of capital, capital structure, pricing of selected financial instruments and corporate liabilities, and dividend policy.
This course provides students with an overview of the basic contributions in the modern theory of corporate finance and financial institutions. The course is methodology oriented in that students are required to master necessary technical tools for each topic. The topics covered may include capital structure, distribution policy, financial intermediation, incomplete financial contracting, initial and seasoned public offerings, market for corporate control, product market corporate finance interactions, corporate reorganization and bankruptcy, financing in imperfect markets, security design under adverse selection and moral hazard, and some selected topics.
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