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About the Author(s)

Itzhak Ben-David

Itzhak (Zahi) Ben-David is a research associate with the NBER Corporate Finance Program. He is the Neil Klatskin Chair in Real Estate and Finance at the Fisher College of Business at The Ohio State University and the academic director of the Ohio State Center for Real Estate.

Professor Ben-David's research program spans several areas. In regard to equity markets, Ben-David explores the impact of passive and active institutional investors on financial markets (e.g., prices, arbitrage). In behavioral finance, Ben-David examines how psychological biases impact the behavior of investors and managers. Finally, in the area of real estate research, Ben-David has contributed to the understanding of the microfoundations of the housing bubble of the early 2000s. His work includes an investigations of borrower fraud and misaligned incentives of loan officers and appraisers, as well as the effects of financial education and predatory lending.

Ben-David's academic work has been published in top economics and finance journals and is widely cited in both academic literature and general media. Ben-David holds a Ph.D. and an M.B.A. from the University of Chicago, an M.Sc. in Finance from London Business School, and a B.Sc. and an M.Sc. in Industrial Engineering and a B.A. in Accounting from Tel Aviv University. Prior to joining academia, Ben-David worked in the real estate industry.

Ben-David lives in Columbus, Ohio, with his wife Ayelet and is blessed with four delightful daughters: Shelly, Maia, Romy, and Talia.


1. I. Ben-David, F. Franzoni, R. Moussawi, and J. Sedunov, "The Granular Nature of Large Institutional Investors," NBER Working Paper 22247, May 2016.   Go to ⤴︎
2. I primarily discuss ETFs, which are the largest investment vehicle among exchange traded pooled investment vehicles. These vehicles are collectively called exchange traded products (ETPs), and include ETFs; exchange traded notes (ETNs), which are senior debt notes and do not invest in a portfolio of securities or a portfolio of derivatives on those securities; and exchange traded commodities (ETCs), which provide investors exposure to individual commodities or baskets and can be structured as funds or notes.   Go to ⤴︎
3. I. Ben-David, F. Franzoni, R. Moussawi, "Exchange Traded Funds (ETFs)," NBER Working Paper 22829, November 2016.   Go to ⤴︎
4. I. Ben-David, F. Franzoni, and R. Moussawi, "Do ETFs Increase Volatility?" NBER Working Paper 20071, April 2014.   Go to ⤴︎
5. I. Ben-David, F. Franzoni, and R. Moussawi, "Hedge Fund Stock Trading in the Financial Crisis of 2007-09," The Review of Financial Studies 25(1), 1-54, November 2011.   Go to ⤴︎
6. I. Ben-David, F. Franzoni, A. Landier, and R. Moussawi, "Do Hedge Funds Manipulate Stock Prices?" The Journal of Finance 68(6), 2383-434, November 2013. Go to ⤴︎

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