Office: +972 9 8607714 [email protected]
1. Academic Degrees
1988 - Ph.D.- New York University, Stern Business School, Finance.
1985 - MA - New York University, Stern Business School, Finance.
1977 - 1982 - Studies for Ph.D. in Economics, New York University, Completed all classes Oral and Qualification examinations. (in 1982 changed to Ph.D. in Finance)
1.1 Dissertation
Topic: “The Optional Forward Contract, Provided by Money Center Banks in the Foreign Exchange Markets”. Committee: T. Saunders, A. Bick, R. Cumby, S. Figlewski and Kose John.
2. Academic appointments
Ntanya Academic Senior lecturer from 2002 2.1 Other Universities
· Fordham University, USA - 1990-1992 · Columbia University, USA - 1985-1986 · New Economic University, Moscow, 1996
· Moscow State, 1997- 2002
· NYU, Stern Business School, 1986-2002 · Technion, Israel 1994- 200 4
3. Teaching Activities · Strategic policy · Corporate finance A · Corporate Finance B · Fundamentals of Finance · Risk Management · Model in Finance
· Quantitative Methods in Finance · Managerial Economics
· Public Policy
· Money and Banking and Financial Markets · Real Estate Finance
· Corporate valuation
(Student evaluation grades are 4.3-4. 6
(scale of 5) in the Technion
and 6. 6 (scale of 7) at New York University.
4. Other University Activities 4.1 IMBA program at Bar Ilan- 1997
Established the International MBA program at the School of Business, Bar Ilan University, for foreign students, courses taught in English.
4.2 Joint program Bar Ilan - Moscow State - 1997-2001
An agreement between Bar Ilan and Moscow State for Russian MBA students, courses taught in English.
4.3 Joint program Bar Ilan - LKEM Warsaw - 2001 In the making.
5. Grants and honors
- Research Grant from Chicago Mercantile Exchange - TBL Futures Pricing
- Research Grant from Sloan Foundation: Applied Microeconomics, supervised by W. Baumol.
- Grant from Bank Klali in Israel - International Trade - Ford Foundation, Callable Bonds Pricing - with Eli Prisman
6. Conferences
- Chicago Mercantile Exchange, Chicago (1985) Kraizberg, E., “Pricing Treasury Bills Futures”
- Financial Management Association, Toronto (1986) Discussant. - Finance Association, New Orleans (1987)
Kraizberg, E.,“Valuing Depreciable Assets” European Finance, Paris, (1989)
Kraizberg, E., “The Value of a Callable bond”
Kraizberg, E., “The Market Making of Forward Contracts with Early Delivery Provision" - Derivative Assets, Solomon Brothers, New York (1991)
Kraizberg, E., and H. Reisman, “The Valuation of Options with Stochastic Volatility; A Simplification of the Monte Carlo Simulation”,
- Statistics Association, Haifa, (1993)
Kraizberg, E., “The simultaneously Implied Variables in Option Prices” - Banking in Russia, Moscow (1996)
Kraizberg, E.,"Credit Rationing, Capital Constraints, and Real Estate Development Activity",
- Eastern Academy of Management, (2000)
Kraizberg E., Tziner A., and j Weisberg, “Monetary Costs of non- monetary rewards: Employee Stock Options"
- Entrepreneurial Finance , ( 2002)
- Isini’s 7th International conference in Finance, Lille France (2003), Kraizberg, E. and J. Teall, “The Value of Control”
6.1 Papers presented in Seminars - Indiana University
- North Carolina Chapel hill - Florida State, Gainesville - University of California, Irvine - City University of New York - New York University, Stern - Tel Aviv University
- Ben Gurion University
7. Refereed Publications
1. Kraizberg, E.,"The Option to Deliver Prematurely, Associated with Forward Contracts", Development in International Banking and Finance, 1988, pp. 271-292. 2. Kraizberg, E.,"The Market Making of Forward Contracts with Early Delivery Provision", Journal of Banking and Finance, 1990, pp. 691-716.
3. Kraizberg, E.,“Valuing Depreciable Assets”, Journal of Accounting Auditing and Finance, 1992, pp. 115-136.
4. Kraizberg, E. and J. Tzur. “Tax Evasion and the Risk Averse Tax Collector” Public Finance, 1995, 50(1) , pp. 153-165
5. Kellman, M., and E. Kraizberg, “The U-Shape Autocorrelation Pattern in International Stock Markets”, American Economist, Fall 1999,2, 43, pp. 36-49.
6. Kraizberg, E., "The Mass Privatization Process in the Czech Republic", European Financial Review, 1999, 3, pp. 175-203 .
7. Kraizberg, E.,"Credit Rationing, Capital Constraints, and Real Estate Development Activity", Real Estate Research, 2000.
8. Kraizberg, E., "Efficient Contract Remedies and the European Unification" The European Journal of Law and Economics, 2000 , 10, pp. 93-112.
9. Kraizberg, E., "Insider Information, a Crime or a Priceable variable” The Israeli Economic Quarterly, 2000, 47, pp. 178-190.
10. Kraizberg, E., "Banks Forward Loan Commitments and the Effect on Real Estate Activity". Research in Banking and Finance, 2000, 1, pp. 77-105.
11. Kraizberg, E., A. Tziner, and J. Weisberg, “Employee Stock Options: Are they Indeed Superior to other Incentive Schemes? ”, Journal of Business and Psychology, Spring 2002 , 16(3), pp. 383-390.
12. Hauser, S. and E. Kraizberg, "Insider Trading around SEO Announcements" Journal of Corporate Finance, 2003, 9, pp. 183-199.
13. Kraizberg, E. and V. Gargalas, “Granting Employee Stock Options by small firms”, with V. Gargalas, The Journal of Entrepreneurial Finance and Business Ventures, Fall 2002, pp. 83-99.
14. Cakici, N. , M. Kelman, and E. Kraizberg, “Matched-Long Term Maturity Stock and Bond Returns in International Markets”, American Economist,
forthcoming 2003
15. Ang, J. and E. Kraizberg, "Transferring Share Ownership Among Heterogeneous Investors: The Induced Sidebets Game”, Forthcoming 2004 Journal of Corporate finance. 16. Kraizberg E., A. Tziner , and j Weisberg, “Monetary Costs of non-monetary
rewards: Employee Stock Options", Proceedings of Eastern Academy of Management, May, 2000, Boston, USA .
17. Kraizberg E., “Do high risk firms tend to grant ESOs?”, Proceedings of
Entrepreneurial Finance Conference, CUNY, New York, USA , April 2002 , Session 7, paper 1. 18. Kraizberg, E. and J. Teall, “The Value of Control” - Isini’s 7th International
conference in Finance, Lille France Proceedings (2003)
Chapter in a Book - refereed
19. Article (7) was published as a chapter in a book, “Essays in Honor of J.A. Graaskamp – Ten Yeas Later”, by Kluer Academic Publishers, 2000, pp. 187-213).
8. Papers under review
1. Halperin, B., and E. Kraizberg, “Hiring Tax Practitioner; Beyond the Obvious Solution”, (Submitted to Public Finance Quarterly)
2. Kraizberg, E., and H. Reisman, “The Valuation of Options with Stochastic Volatility; A Simplification of the Monte Carlo Simulation”, (Submitted to Journal of Mathematics and Finance)
3. Kraizberg, E. “Do Risky firms tend to issue Employees Stock Options” (Submitted to the Journal of Business)
9. Current research
1. “The value of control” With John Teal.
2. “Valuing shares equalization in Israel” with John Teal
3. " Managerial self-serving view of the grant of Employee Stock Options ", with J. Weisberg
4. “The role of a managerial consultant”, with J. Weisberg 5. “An efficient Privatization mechanism” with James Ang
6. “Privatization in the Czech Republic – ex-post “ with Jan Hanoucheck
Sole author:
7. “Valuation of Debt Covenants” - Theoretical modeling and empirical tests of the Israeli Bonds Market.
8. “Number of Shareholders, Pattern of Holding, Risk Sharing and New Issues.
9. “The Spillover Effect in Urban Markets”.
10. “The Option to Redevelop Real Estate Properties 11. “The Rationality of Callable Bonds”
12. “The simultaneously Implied Variables in Option Prices” 13. “Investment and Reinvestment and optimal dividend”
