Giora Harpaz
Professor Emeritus
Zicklin School of Business
Department: Bert Wasserman Dept Eco & Fin
Areas of expertise: Corporate Finance, Investments, Derivative Securities, Bayesian Statistics
Email Address: giora.harpaz@baruch.cuny.edu
> View CV- Biography
- Teaching
- Research and Creative Activity
- Grants
- Honors and Awards
- Service
Education
D.B.A., Finance, Indiana Univ.
M.B.A., Finance, Hebrew Univ.
B.A., Eco. & Stat., Hebrew Univ.
| Semester | Course Prefix | Course Number | Course Name |
|---|---|---|---|
| Spring 2019 | ACC | 9313 | Mngr Acc & App To Hc |
Journal Articles
Harpaz, G., & Harel, A. (2024). Why Stock Analysts May Make Wrong Predictions?. Economics Letters, 244(244 (2024) 111956).
Harel, A., & Harpaz, G. (2022). Predicting Security Returns in the Presence of Upper Price Limits. Theoretical Economics Letters, 12(5). 1280-1287.
Harel, A., & Harpaz, G. (2021). Forecasting Stock Prices. International Review of Economics and Finance , 73. 249-256.
Harel, A., & Harpaz, G. (2020). Forecasting the S&P 500 Index with Circuit Breakers. Theoretical Economics Letters , 10(6). 1205-1212.
Harel, A., Francis, J. C., & Harpaz, G. (2018). Alternative Utility Functions: Review, Analysis and Comparison. Review of Quantitative Finance and Accounting , 51 (October, 2018)(3). 785-811..
Harel, A., Harpaz, G., & Francis, J. C. (2016). Market Efficiency: Is it Possible?. The International Journal of Finance , 28 (April, 2016)(1). 1-13.
Harel, A., Harpaz, G., & Francis, J. (2014). Optimal Executive Compensation Schemes. The International Journal of Finance , 26(1). 1-7.
Harel, A., Harpaz, G., & Francis, C. J. (2011). Analysis of Efficient Markets. Review of Quantitative Finance and Accounting, 36(2). 287-296..
Francis, J. C., Harel, A., & Harpaz, G. (2010). Actuarially Fair Premia for Deductible Insurance Policies. American Economist, 35(2). 83-91..
Harel, A., Harpaz, G., & Francis, J. (2010). A New Paradigm for Forecasting Security Returns in a Market Regulated by Price Limits . Review of Quantitative Finance and Accounting, 35(1). 13 double-spaced pages.
Francis, J., Harel, A., & Harpaz, G. (2009). Exchange Mergers and Electronic Trading. The Journal of Trading, 4(1). 35-43.
(2009). "Exchange Mergers and Electronic Trading". The Journal of Trading, 4(1). 35-43.
Harel, A., Harpaz, G., & Francis, J. (2007). Pricing Futures on Geometric Indexes: A Discrete Time Approach. Review of Quantitative Finance and Accounting, 28(3). 227-240.
Harel, A., & Harpaz, G. (2007). Fair Actuarial Values for Deductible Insurance Policies in the Presence of Parameter Uncertainty. International Journal of Theoretical & Applied Finance, 10(2). 389-397.
Harel, A., Harpaz, G., & Francis, J. C. (2007). Pricing Securities with Exchange-Imposed Price Limits Via Risk Neutral Valuation . International Journal of Theoretical & Applied Finance, 10(3). 399-406.
(2006). Security Markets with Price Limit: A Bayesian Approach. International Journal of Theoretical and Applied Finance, 9(3). 359-372.
Harel, A., Harpaz, G., & Mesznik, R. (2006). Forecasting Demand for Perishable Commodities and Services Under Capacity Constraint. Forecasting Letters, 1. 10-16.
Harel, A., & Harpaz, G. (2005). The Pricing of the CME$INDEX Futures Contracts. Risk Letters, 1(1). 1-5.
Harel, A., Harpaz, G., & Mesznik, R. (2005). The Determinant of the Bank Loan Loss Ratios. Risk Letters, 1(2). 1-4.
Harel, A., & Harpaz, G. (2005). Premium Computation for Deductible Insurance Policies: A Bayesian Approach. Finance Letters, 3(6). 1-7.
Harel, A., Harpaz, G., & Yagil, J. (2005). Forecasting Futures Returns in the Presence of Price Limits. Journal of Futures Markets, 25(2). 199-210.
Harel, A., & Harpaz, G. (2005). Project Valuation with Time-Varying Cash Flows: A Bayesian Approach. Engineering Economist, 50(4). 337-359.
Harel, A., & Harpaz, G. (2004). The Valuation of Indexed Bonds. Finance Letters, 2(6). 1-7.
Harel, A., & Harpaz, G. (2004). A Bayesian Estimator for Time Varying Betas. Finance Letters, 2(3). 10-15.
(2004). "A Bayesian Estimator for Time Varying Betas". Finance Letters, 2(3). 10-15.
Cakici, N., Eytan, H. T., & Harpaz, G. (1998). American versus European Options on the Value Line Index. Journal of Futures Markets, 8. 373-388.
Harpaz, G., & Yagil, J. (1995). Options and the Valuation of Inventory. The International Journal of Finance, 7(2). 1174-1182.
Harpaz, G., Krull, S., & Yagil, J. (1991). A Valuation of the CRB Futures Contract: Theory and Evidence. Advances in Futures and Options Research, 5. 323-334.
Harpaz, G., Krull, S., & Yagil, J. (1990). The Efficiency of the U.S. Dollar Index Futures Market. Journal of Futures Markets, 10. 469-479.
Cakici, N., Harpaz, G., & Yagil, J. (1990). The Inefficiency of the Value Line Futures Market. Advances in Futures and Options Research, 4. 237-251.
Harpaz, G. (1988). The Non-Optimality of the OTC Options Dividend Protection. Economics Letters, 27. 55-59.
Eytan, H. T., Krull, S., & Harpaz, G. (1988). The Pricing of Dollar Index Futures Contracts. Journal of Futures Markets, 8. 127-139.
Harpaz, G., & Thomadakis, S. B. (1987). Valuation Under Imperfect Information: Bayesian Learning from the Performance of the Firm and the Market. Managerial and Decision Economics, 8. 229-234.
Eytan, H., & Harpaz, G. (1986). The Pricing of Options and Futures Contracts on the Value Line Index. Journal of Finance, XLI. 843-855.
Harpaz, G., & Mesznik, R. (1986). Optimal Government Policy with Imperfect Information. The American Economist, 30. 23-31.
(1986). Optimal Risk Sharing Policies. The American Economist, 30. 37-40.
Harpaz, G. (1985). Learning by a Dominant Firm. Managerial and Decisions Economics, 6. 59-63.
Harpaz, G. (1985). Firm Learning and Systematic Risk. Research in Finance. JAI Press, 5. 57-75.
Harpaz, G., & Krausz, J. (1984). Kalman Filtering Estimation of Stock Betas. Northwest Business Review, 9(4). 11-15.
Harpaz, G., & Krausz, J. (1984). An Empirical Examination of the Lee, Rao and Auchmuty Option Pricing Model. The Mid-Atlantic Journal of Business, 22(2). 1-14.
Harpaz, G., & Thomadakis, S. B. (1984). Project Valuation with Imperfect Information. The Engineering Economist, 29(2). 101-112.
Harpaz, G., & Thomadakis, S. B. (1982). Systematic Risk and Firm's Experimental Strategy. Journal of Financial and Quantitative Analysis, 17(3). 363-389.
Harpaz, G., Lee, W. Y., & Winkler, R. L. (1982). Learning, Experimentation and the Optimal Output Decisions of a Competitive Firm. Management Science, 28. 598-603.
Presentations
Harpaz, G. (1982, December 31). A Bayesian Estimator for Nonstationary Betas. paper presented. Jerusalem: European Finance Convention.
Harpaz, G. (1981, December 31). Beta Nonstationarity and Mutual Fund Performance: Theory and Evidence. paper presented. Cincinnati: FMA Convention.
Harpaz, G., & Mesznik, R. (1981, December 31). The Firm as an Option. paper presented. Cincinnati: FMA Convention.
Harpaz, G. (1979, December 31). Firm Learning and Systematic Risk. paper presented. New Orleans: FMA Convention.
Other Scholarly Works
Harpaz, G. (1982). Five short articles in the newspaper Israel Shelano.
Reviews
Harpaz, G. (1985,March 1). Capital Budgeting Techniques by F.M. Wilkes, John Wiley & Sons 2nd edition 1983. The Journal of Finance.
Research Currently in Progess
Harpaz, G., Harel, A., & Francis, J. C.(n.d.). In Progress.
Francis, J. C., Harel, A., Harpaz, G., & Ma, B.(n.d.). In Progress.
Harpaz, G., & Harel, A.(n.d.). In Progress.
Harpaz, G.(n.d.). In Progress.
Harpaz, G.(n.d.). Beta Estimation in a Security Market Regulated by Price Limit (2021). In Progress.
Harpaz, G.(n.d.). Forecasting Insurance Losses in the Presence of Missing Data (2021). In Progress.
Harpaz, G.(n.d.). Insurance Premiums with Nonstationary Claims Process (2021). In Progress.
Harel, A., & Francis, J. C.(n.d.). Non-Stationary Returns Process and the case for Capital Market Inefficiency (2021). In Progress.
Harpaz, G.(n.d.). Optimal Indexed Insurance Policies (2021). In Progress.
Harpaz, G.(n.d.). The Estimation of Nonstationary Betas (2021). In Progress.
| Honor / Award | Organization Sponsor | Date Received | Description |
|---|---|---|---|
| Summer Research Award | Department of Economics and Finance | 2021 | |
| Summer Research Award | Department of Economics and Finance | 2020-07-01 | |
| Summer Research Award | Department of Economics and Finance | 2020 | |
| Summer Research Awards | Department of Economics and Finance | 2019 | |
| Summer Research Award | Department of Economics and Finance | 2018 | |
| Summer Research Award | Department of Economics and Finance | 2017 | |
| Summer Research Award | Department of Economics and Finance | 2016 | |
| Summer Research Award | Department of Economics and Finance | 2015 | |
| Thirty Five Years of Service | Baruch College - CUNY | 2014 | Have taught at Baruch College - CUNY for 35 years. |
| Summer Research Award | Department of Economics and Finance | 2014 | |
| Faculty Research Recognition Award | Baruch College - The Zicklin School of Business | 2012 | |
| Faculty Research Recognition Award | Baruch College - The Zicklin School of Business | 2011 | |
| Faculy Research Award Recognition | Baruch College - The Zicklin School of Business | 2010 | |
| Faculty Research Award Recognition | Baruch College - The Zicklin School of Business | 2009 | |
| Faculty Reseach Award Recongnition | Baruch College - The Zicklin School of Business | 2008 | |
| Faculty Research Award Recognition | Baruch College - The Zicklin School of Business | 2007 | |
| Faculaty Research Award Recognition | Baruch College - The Zicklin School of Business | 2006 | |
| Faculty Research Recognition Award | Baruch College - The Zicklin School of Business | 2005 | |
| Award | PSC - BHE CUNY | 1981 | |
| Academic Fellowships (1977-1979) | Indiana University | 1979 | |
| Beta-Gamma-Sigma | 1979 | ||
| Academic Fellowship (1973-1975) | Hebrew University | 1975 | |
| Dean's List (1971-1972) | Hebrew University | 1972 | |
| B.A., M.B.A., Magna Cum Laude | Hebrew University |
College
| Committee Name | Position Role | Start Date | End Date |
|---|---|---|---|
| Career advising. Participated in the Career Fairs for finance majors | Present | ||
| Attended and participated in the recruiting seminars for new faculty members in the department of Economics and Finance | Present | ||
| Attended the conferences offered by Professor Schwartz from the department of Economics and Finance, regarding the microstructure of the NASDAQ stock market. These seminars were oriented towards practicing executives and traders from Wall Street firms | Present | ||
| Coordinator Finance 9770 Course | Faculty Mentor | Present | |
| A member of the International Business Program Coordinating Committee | Present | ||
| In charge of approving transfer credits in finance and economics for students who apply from other universities | Present | ||
| Is in charge of the departmental annual observation of faculty members | 12/31/2011 | ||
| Participated in recruiting new students for the Executive Master in Science in Finance program (EMSF) and the Executive MBA (EMBA) program. Attended the open houses for prospective students and lectured about the finance curriculum. | Faculty Advisor | 8/1/2011 | |
| Undergraduate Academic Advisor for finance majors | 12/31/2010 | ||
| Prepared the working paper list series | 12/31/2000 | ||
| Was in charge of the department of Economics and Finance annual Holiday Party | 12/31/2000 | ||
| Undergraduate Honor Committee | 12/31/1985 |
University
| Committee Name | Position Role | Start Date | End Date |
|---|---|---|---|
| Ph.D's Admission Committee | Committee Member | 1/1/1987 | Present |
| Ph.D's Curriculum Committee | Committee Member | 1/1/1988 | Present |
Public
| Organization | Position Role | Organization State | Organization Country | Start Date | End Date | Audience |
|---|---|---|---|---|---|---|
| Reviewer for several leading journals and grants proposals | Present | |||||
| Economic Journalist, for the newspaper, Israel Shelano | 1/1/1980 | 12/31/1982 |