"Auction" or "call" trading systems are used in many stock exchanges. An essential problem in the application of these systems is that orders in one security cannot be conditioned on prices of other securities. This paper proposes and analyzes the feasibility of an index-contingent trading...

This paper examines the performance of mutual funds in Israel between 2003 and 2008. Almost all of the funds active during all or part of this period were examined. (The following funds were not included in the sample: money market funds, tracking funds, Israeli funds of funds, foreign funds of...

We suggest a behavioral perspective for the demand for risky assets (DRA) in which the risk-free rate affects this demand: the lower the risk-free rate the higher the demand for risky assets. This perspective is based on the idea that changes in return exhibit decreasing sensitivity, that is,...

Bond repurchases are widespread in the US and other markets but data limitations have thus far prevented market-timing analysis. We fill this gap using unique daily data from Israel and show that firms time the market in their actual open market bond repurchases. Firms repurchase their bonds...