Refereed Articles   1. “The Timing of Initial Public Offerings”, Journal of Financial Economics, January 2005, p. 115-132 (with S. Benninga and M. Helmantel) 2. “A Time-Series Analysis of Corporate Payout Policies”, Review of Finance, December 2004, p. 1-22 3. “Risk, Returns, and Values in the Presence of Differential Taxation”, Journal of Banking and Finance, June 2003, p. 1123-1138 (with S. Benninga) 4. “Real and Nominal Effects of Central Bank Monetary Policy”, Journal of Monetary Economics, November 2002, p. 1493-1519 (with S. Kandel and M. Kahn) 5. “Do Investors Prefer Round Stock Prices? Evidence from Israeli IPO Auctions”, Journal of Banking and Finance, August 2001, p. 1543-1551 (with S. Kandel and A. Wohl) 6. “The Information Value of Bond Ratings”, Journal of Finance, December 2000, p. 2879-2902 (with D. Kliger) 7. “The Demand for Stocks: An Analysis of IPO Auctions”, Review of Financial Studies, Summer 1999, p. 227-247 (with S. Kandel and A. Wohl) 8. "The Effect of Leverage on Bargaining with a Corporation”, The Financial Review, February 1998, p. 1-16. 9. "In Defense of Defensive Measures", Journal of Corporate Finance, June 1997, p. 277-297 (with E. Talmor). 10. “Dividend Effects in Israel: A Puzzle”, Economics Letters, February 1997, p. 169-174 (with E. Tolkowsky). 11. "The Term Structure of Equity Risk: An Empirical analysis", Journal of Derivatives, Summer 1996, p. 48-63 (with A. Dravid). 12. "Real Interest Rates and Inflation: An Ex-Ante Empirical Analysis", Journal of Finance, March 1996, p. 205-224 (with S. Kandel and A. Ofer). 13. "Learning From Trading", Review of Financial Studies, No. 3 1993, p. 507-526 (with S. Kandel and A. Ofer). 14. "A Note on Market Expectations of Risk-Free Rates and Volatilities before and after October 1987", Journal of Banking and Finance, March 1993, p. 105-116 (with S. Benninga and U. Lowenstein). 15. "Dividend Surprises Inferred from Option and Stock Prices", Journal of Finance, September 1992, p. 1623-1640 (with S. Bar Yosef). 16. "Taxes and Capital Structure: Evidence from Firms' Response to the Tax Reform Act of 1986", Review of Financial Studies, No. 2 1992, p. 331-355 (with D. Givoly, C. Hayn, and A. Ofer). 17. "Expected Inflation, Unexpected Inflation, and Relative Price Dispersion: An Empirical Analysis", Economics Letters, December 1991, p. 383-390 (with S. Kandel and A. Ofer). 18. "Dividend Policy and Capital Structure: An Optimal Choice of a Combined Signal", Journal of Financial and Quantitative Analysis, June 1991, p. 165-180 (with A. Ravid). 19. "Some Empirical Estimates of the Risk Structure of Interest Rates", Journal of Finance, December 1989, p. 1351-1360 (with A. Warga). 20. "Bond Price Data and Bond Market Liquidity", Journal of Financial and Quantitative Analysis, September 1989, p. 367-378 (with A. Warga). 21. "The Puzzle of Financial Leverage Clienteles", Journal of Finance, December 1985, p.1459-1467 (with J. Scott). 22. "Mergers, Divestments and Options: A Note", Journal of Financial and Quantitative Analysis, September 1985, p. 385-390. 23. "Why do Companies Pay Dividends? Comment", American Economic Review, December 1985, p. 1142.   Books, Monographs, and Other Publications   1. Dividend Policy: Its Impact on Firm Value, 1999, Harvard Business School Press, Boston (with R. Lease, K. John, A. Kalay, and U. Loewenstein) 2. Corporate Finance: A Valuation Approach, 1996, McGraw-Hill, Inc., New York (with S. Benninga) 3. The Effect of Illiquidity on Bond Price Data: Some Symptoms and Remedies, The Research Foundation of the Institute of Chartered Financial Analysts Monograph Series, June 1990 (with A. Warga) 4. "Inventory Valuation" in the Encyclopedia of Accounting, 1996, R. Abdel-Khalik, Editor (with S. Bar Yosef)