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Articles by Itzhak Ben-David
Models Behaving Badly: The Limits of Data-Driven Lending
data-driven lending, model miscalibration, small business credit supply Models Behaving Badly: The Limits of Data-driven Lending (with Itzhak Ben-David and René Stulz), R&R, Review of Finance Ben-David, Itzhak; Johnson, Mark J.; and Stulz, René M., "Models Behaving Badly: The Limits of Data-Driven Lending" (2021). Faculty Publications. 9243. https://scholarsarchive.byu.edu/facpub/9243 Working Paper Review of Finance Marriott School of Business
Crimes Against Campbell-Shiller
This paper has benefited from careful feedback by John Campbell on earlier drafts. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. Copy Citation Itzhak Ben-David and Alex Chinco, "Crimes Against Campbell-Shiller," NBER Working Paper 35189 (2026), https://doi.org/10.3386/w35189. Download Citation MARC RIS BibTeΧ Related
Posts from: Itzhak Ben David
Posted by Itzhak Ben-David (Ohio State University), on Monday, April 20, 2026 Itzhak Ben-David is a Professor at the Ohio State University Fisher College of Business. This post is based on a recent paper by Professor Ben-David, Utpal Bhattacharya, Professor at the Hong Kong University of Science and Technology, Ruidi Huang, Professor at Southern Methodist University Cox School of Business, and Stacey Jacobsen, Associate Professor at Southern Methodist University Cox School of Business.
The max EPS Paradigm for Corporate Finance
The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. Copy Citation Itzhak Ben-David and Alex Chinco, "The max EPS Paradigm for Corporate Finance," NBER Working Paper 34971 (2026), https://doi.org/10.3386/w34971. Download Citation MARC RIS BibTeΧ Related
max EPS Payout Policy
Nothing to disclose. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. Copy Citation Itzhak Ben-David and Alex Chinco, "max EPS Payout Policy," NBER Working Paper 34960 (2026), https://doi.org/10.3386/w34960. Download Citation MARC RIS BibTeΧ Related
Acquirer Valuation and Acquisition Decisions: Identifying Mispricing Using Short Interest
misvaluation, mergers and acquisitions, short interest Ben-David, Itzhak and Drake, Michael S. and Roulstone, Darren T., Acquirer Valuation and Acquisition Decisions: Identifying Mispricing Using Short Interest (April 24, 2013). Journal of Financial and Quantitative Analysis (JFQA), Fisher College of Business Working Paper No. 2010-03-011, Charles A.
Capital Budgeting For EPS Maximizers
Skip to main content We want to thank Xavier Gabaix, John Graham, Sam Hartzmark, Marco Sammon, Vuk Talijan, and Jeff Wurgler. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. Related
From anecdotes to insights: Streamlining the research idea generation process
1 GENERATE FAST, FAIL FAST: MAXIMIZING RESEARCH THROUGHPUT Finding new research ideas can be daunting, especially for researchers early in their careers. Nothing is more frustrating than sifting through the well-written papers in The Journal of Finance, hoping to get inspired by one of them and that a publication-worthy idea will emerge. This moment is exceptionally rare. The challenge of finding the golden research idea is most acute at the start of one's career.
Expected EPS × Trailing P/E
We would like to thank Xavier Gabaix, Sinan Gokkaya, Valentin Haddad, Jeff Meli, Stefan Nagel, Marco Sammon, Amir Sufi, Laura Veldkamp, and Jeff Wurgler for helpful comments. This paper has also benefited from feedback at the NBER SI Asset-Pricing meeting. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. Related
FinTech Lending with LowTech Pricing - ProMarket
New research indicates that FinTech lending has not been as ‘disruptive’ in risk-based pricing as claimed. While FinTech has provided increased loan access to some individuals, reliance on traditional credit scoring and spillovers from banking regulations leads to mispricing and cross-subsidization of borrowers. The authors suggest alternatives to allocate capital efficiently and improve financial inclusion.
Modeling Managers as EPS Maximizers
In business schools, managers are taught to maximize the net present value (NPV) of future cash flows. In the real world, managers consistently ignore this advice. When asked, they repeatedly say they maximize earnings per share (EPS). “Firms view earnings, especially EPS, as the key metric for an external audience, more so than cash flows.
The importance of international coordination of environmental policies
The US Treasury Secretary Janet Yellen called on 6 July 2021 for tighter international coordination on carbon environmental policies. So why can’t individual countries implement their own environmental policies in an effective fashion so that global warming will be slowed down? The reason is that environmental policies are a form of tax on most firms. These policies require firms to install expensive equipment and modify existing production processes.
Mutual Fund Flows and Performance in Rational Markets
Abstract We derive a parsimonious rational model of active portfolio management that reproduces many regularities widely regarded as anomalous. Fund flows rationally respond to past performance in the model even though performance is not persistent and investments with active managers do not outperform passive benchmarks on average.
Exporting pollution
Well-intentioned regulation may be causing multinationals to shunt polluting activities to poorer countries where regulation isn’t so strict Read "Exporting Pollution: Where Do Multinational Firms Emit CO2?" by Itzhak Ben-David, Yeejin Jang, Stefanie Kleimeier and Michael Viehs here. Anti-pollution laws penalise firms whose activities emit CO2.
Exporting pollution
Itzhak Ben-David interviewed by Tim Phillips, 05 March 2021 Anti-pollution laws penalise firms whose activities emit CO2. Itzhak Ben-David tells Tim Phillips that well-intentioned regulation may be causing multinationals to shunt polluting activities to poorer countries where regulation isn’t so strict. Topics: Environment Tags: air pollution, CO2 emissions Printer-friendly version
Competition for Attention in the ETF Space
We thank Thummim Cho, Nicola Gennaioli, Wes Gray, Elisabeth Kempf, Jim Simpson (ETP Resources), Amin Shams, Matt Sheridan, Petra Vokata, and René Stulz and the seminar audience at the University of Colorado at Boulder for helpful comments. Ben-David is with The Ohio State University and the National Bureau of Economic Research, Franzoni is with USI Lugano, the Swiss Finance Institute, and CEPR.
ADHD, financial distress, and suicide in adulthood: A population study
Abstract Attention-deficit/hyperactivity disorder (ADHD) exerts lifelong impairment, including difficulty sustaining employment, poor credit, and suicide risk. To date, however, studies have assessed selected samples, often via self-report. Using mental health data from the entire Swedish population (N = 11.55 million) and a random sample of credit data (N = 189,267), we provide the first study of objective financial outcomes among adults with ADHD, including associations with suicide.
ADHD, financial distress, and suicide in adulthood: A population study
Research Article PSYCHOLOGICAL SCIENCE Theodore P. Beauchaine https://orcid.org/0000-0002-0938-945X beauchaine.1@osu.edu, Itzhak Ben-David https://orcid.org/0000-0001-9743-7441 beauchaine.1@osu.edu, and Marieke Bos https://orcid.org/0000-0002-7367-2372 beauchaine.1@osu.eduAuthors Info & Affiliations Abstract Attention-deficit/hyperactivity disorder (ADHD) exerts lifelong impairment, including difficulty sustaining employment, poor credit, and suicide risk.
How Important Is Moral Hazard For Distressed Banks?
The bank safety net inherently introduces moral hazard. For example, deposit insurance effectively serves as a put option whose value increases as risk-taking increases, potentially encouraging a bank to increase its value by taking on more risk. Also, due to banks’ systemic importance, they typically receive state support during periods of crisis and even outside crisis periods.
How Hedge Fund Performance Fees Fail Investors
How Hedge Fund Performance Fees Fail Investors In the hedge fund industry, there is a material disconnect between funds' lifetime performance and lifetime incentive fees for managers. Read Full Article »
Financial Education versus Costly Counseling: How to Dissuade Borrowers from Choosing Risky Mortgages?
Abstract This paper explores the effects of mandatory third-party review of mortgage contracts on consumer choice. The study is based on a legislative pilot carried out in Illinois in 2006, under which mortgage counseling was triggered by applicant credit scores or by their choice of "risky mortgages." Low-credit score applicants for whom counselor review was mandatory did not materially alter their contract choice.
The Performance of Hedge Fund Performance Fees
We thank Berk Sensoy, René Stulz, and Cristian Tiu for helpful comments. Ben-David is with The Ohio State University and the National Bureau of Economic Research, Birru is with The Ohio State University, and Rossi is with the University of Arizona. Ben-David is a co-founder and a partner in an investment advisor that manages a small number of friends-and-family accounts for an incentive fee. Until 2016, the investment advisor was a general partner in a hedge fund.
HBR: When environmental regulations are tighter at home, companies emit more abroad
Editor's note: This story is available via the Harvard Business Review. It and other HBR stories are provided to our subscribers on our website (and in our daily emails) as an added value to your subscription. If we want to avoid the most damaging effects of climate change, countries need to work together to limit pollution and keep global warming to under 1.5 degrees Celsius above preindustrial levels. But countries differ in their approaches toward environmental regulation.
Research: When Environmental Regulations Are Tighter at Home, Companies Emit More Abroad
Howard George/Getty Images If we want to avoid the most damaging effects of climate change, countries need to work together to limit pollution and keep global warming to under 1.5 degrees Celsius. But countries differ in their approaches towards environmental regulation. Some are trying to reduce carbon dioxide (CO2) emissions by enforcing strict environmental policies. Others are considering withdrawing from the Paris Agreement designed to collectively combat climate change – or already have.
Richard Thaler and the Science of People -
Richard Thaler’s thought process and perspective on human behavior have influenced how we view economic phenomena and how they affect and are effected by people. Earlier this week, the Economic Sciences Prize Committee announced that Professor Richard Thaler, a professor of behavioral sciences at Booth School of Business at the University of Chicago, is the recipient of the 2017 Nobel Memorial Prize in Economic Sciences.
Collateral Valuation and Borrower Financial Constraints: Evidence from the Residential Real Estate Market
We benefited from the comments of Brent Ambrose, Effi Benmelech (NBER discussant), Joao Coco, Yongheng Deng, Ted Durant, Mike Faulkner, Paula Sapienza, Antoinette Schoar, Amit Seru, Susan Wachter, Wenlan Qian, Larry White, Yildiray Yildirim, and Luigi Zingales, as well as from those of seminar participants at the NBER Corporate Finance Meeting, Chicago Federal Reserve Bank, and Weimer School of Advanced Studies in Real Estate and Land Economics.
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