7th Spring MFS Conference - The final version of the program with the sessions, paper presentations and booklet is now available online
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The Tel Aviv-Yaffo Academic College is pleased to invite you to The Third Israel Behavioral Finance Conference, which will take place on its Tel Aviv campus.
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The hotel reservation form for the 26th Annual MFS Conference is now available online.
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Plenary Talks


Eti Einhorn - Tel Aviv University, Israel

Short Bio:

Prof. Eti Einhorn was appointed for a second term as a member of the ISA by the Minister of Finance, Yair Lapid, on October 16, 2013.

She is a senior (tenured) faculty member at the Faculty of Management, Tel Aviv University. Her professional scope includes research, teaching, management of academic programs, and other various academic and public service activities in the areas of information economics, information in financial markets, financial accounting and reporting.

She has received a B.Sc. in Mathematics and Computer Science (Magna Cum Laude) from Tel Aviv University (1984), a B.A. in Accounting (Summa Cum Laude) from Tel Aviv University (1997), and a Ph.D. in Accounting and Finance from Tel Aviv University (2004). She also holds an Israeli Certified Public Accountant license (1999).



Dan Galai - Hebrew University of Jerusalem, Israel

Short Bio:

Prof. Dan Galai serves as Co-Chief Executive Officer and Manager and Director of Startify A.S (1992) Ltd. Prof. Galai is also a Professor of Finance and Banking and Dean of the School of Management at the Hebrew University, Jerusalem. Prior to founding Startify, Prof. Galai served as Consultant to the Bank of Israel, Bank Hapoalim, Mizrachi Bank and many more companies and institutions. He is an international expert in the area of options, financial engineering, and risk management. Prof. Galai serves as a Director of Startify A.S (1992) Ltd. He serves as Director of B.P.T. Bio Pure Technology Ltd. He is recipient of the Pomeranze Prize of the Chicago Board Options Exchange (CBOE) for excellence in research on options. Prof. Galai has authored numerous papers in the areas of finance and banking, and his published books include Risk Management (McGraw-Hill, 2000), The Business Plan Process (Matar, 2003), and The Essentials of Risk Management (McGraw-Hill, 2005).


Roni Michaely
 - University of Geneva, Switzerland

Short Bio:

Professor Michaely is a Finance Professor at the Geneva Finance Research Institute; University of Geneva. He is also a dean’s fellow at the Hebrew University in Jerusalem. He teaches corporate finance and entrepreneurial finance. Professor Michaely’s research interests are in the areas of corporate finance, entrepreneurial finance, capital markets, and valuation. His current research focuses on conflict of interest in the capital markets, corporate payout policy, and securities’ valuation. He was recently recognized as one of the most cited people in finance, and was an associate editor for the Journal of Finance. Professor Michaely also serve on the board of directors and advisory board of several start-up firms.

His research has appeared in such scholarly journals as the Journal of Finance, Review of Financial Studies, Journal of Financial Economics, Management Science, Journal of Public Economics, Journal of Financial and Quantitative Analysis, and Review of Finance. His research has been also featured in the Wall Street Journal, New York Times, the Economist, BusinessWeek, Forbes, Barrons, Money, Reuters, Worth, and others. Prof. Michaely has given over 250 invited research talks and conference presentations around the world, and is working with scholars from the US, Europe, and Asia on research in corporate finance.

Professor Michaely’s research has also received many awards and honors. Awards include the 2005 Journal of Financial Economics Fama Prize for best paper, the 2000 Journal of Finance Smith Breeden Prize for distinguish paper, The 2000 Western Finance Association Award for the best paper on capital formation, The Review of Financial Studies 1999 Barclays Global Investors/Michael Brennan Runner-up Award, The 1999 Western Finance Association Award for the best paper, 1996 Quantitative Alliance Group Prize for best paper, and the 1996 Western Finance Association Award for best paper on investments.



Stylianos Perrakis - Concordia University, Canada

Talk Title:

Stochastic dominance. An alternative paradigm for pricing options.
(Palgrave MacMillan, 2019)


Thierry Post - Nazarbayev University, Kazakhstan
Alon Raviv - Bar Ilan University, Israel
Amnon Schreiber - Bar Ilan University, Israel


This presentation summarizes index and equity option pricing under stochastic dominance, which develops trading bounds for options based on the condition that an index overlaid with a zero net cost option portfolio should not second degree dominate the index. This condition produces at the limit the Black-Scholes-Merton option price when markets are complete. It can also be extended to accommodate persistent theoretical and empirical failures of the dominant no arbitrage-simultaneous equilibrium paradigm. These include, among others, the existence of transaction costs, the partial segmentation of the put and call markets, the inconsistencies between the physical and option implied risk neutral distributions under systematic rare event risk, the widening of the proportional bid-ask spreads for out-of-the money options, etc. Suggestions for new research include pricing under all forms of GARCH dynamics, state dependent volatility with rare event risk and the determination of bid-ask spreads in the option market.

Short Bio:

Stylianos Perrakis holds a Diploma in Mechanical-Electrical Engineering from the National Technical University in Athens, Greece, and an MSc and PhD from the University of California at Berkeley. He has also taught as a full professor at the University of Ottawa, and as a Visiting Professor at the University of Geneva, Switzerland, the University of California, Santa Barbara, the École Supérieure de Commerce of Reims, France, and the Athens Laboratory of Business Administration in Greece.

Dr. Perrakis has published widely in Economics, Finance and Management Science over the last 40 years. His articles have appeared in (among others) The American Economic Review, The Review of Economic Studies, The International Economic Review, Management Science, The Journal of Finance, The Journal of Business, The Review of Financial Studies, The Journal of Financial and Quantitative Analysis, The Journal of Futures Markets, The Journal of Banking and Finance, The Journal of Economic Dynamics and Control, The International Journal of Industrial Organization, and Economic Letters. He is also author of a monograph on Canadian Industrial Organization and co-author of a textbook on Investments that is currently in its 8th edition. He acts as a referee for over 20 journals, has served on the editorial board of Finance, the official publication of the French Finance Association, and is currently Associate Editor of Risk and Decision Analysis and Editor of the Multinational Finance Journal. His latest research interests are option pricing under transaction costs, microstructure in option markets and credit derivatives.

Dr. Perrakis has been the recipient of various distinctions throughout his career. Most recently, he was elected Fellow of the Royal Society of Canada in July 2007, became a member of Concordia University’s Provost Circle of Distinction in July 2009 and was appointed RBC Professor of Financial Derivatives in June 2010. In 2013 he was elected member of the Board of Governors of the University of Macedonia, Thessaloniki, Greece.