Yehuda Izhakian

Education

Post Doctorate, Economics and Finance, Leonard N. Stern School of Business New York

Ph.D., Finance, Tel-Aviv University Tel-Aviv Israel

Journal Articles

(2023). A Continuous-Time, Forward-Looking Implied Ambiguity Index.

(2023). A Theoretical Foundation of Ambiguity Measurement: Reply.

Coiculescu, G., Izhakian, Y., & Ravid, A. (2023). Innovation under Risk and Ambiguity. Journal of Financial and Quantitative Analysis , forthcoming.

(2023). Bank Liquidity under Ambiguity. In Progress.

(2022). Do I Realy Want to Hear the News? Public Information Arrival and Investor Beliefs.

(2022). Trading, ambiguity and information in the options market.

(2022). Risk and Ambiguity in Turbulent Times. The Quarterly Journal of Finance, 12(1). 1-16.

(2022). Ambiguity and Corporate Yield Spreads.

(2022). Reputation and Experience in Blank Check Companies. In Progress.

Herron, R., & Izhakian, Y. (2022). Ambiguity, Risk, and Payout Policy. Review of Finance, Reject and Resubmit,

Izhakian, Y. (2022). Knight Meets Sharpe: Capital Asset Pricing under Ambiguity.

Calomiris, C., Izhakian, Y., & Zender, J. (2021). Underwriter Reputation, Issuer-Underwriter Matching, and SEO Performance. Journal of Financial and Quantitative Analysis, 1-40.

Izhakian, Y., Yermack, D., & Zender, J. (2021). Ambiguity and The Tradeoff Theory of Capital Structure. Management Science, 68(6). 1526-5501.

(2021). Ambiguity as Contractual Instrument. In Progress.

(2021). The Option to Pay Attention.

(2021). Should I Stay or Should I Go? Trading Behavior under Ambiguity.

Augustin, P., & Izhakian, Y. (2020). Ambiguity, Volatility and Credit Risk. Review of Financial Studies, 33 (4).

Izhakian, Y. (2020). A Theoretical Foundation of Ambiguity Measurement. Journal of Economic Theory, 187.

Crockett, S., Izhakian, Y., & Jamison, J. (2019). Ellsberg’s Second Paradox.

Crockett, S., Duffy, J., & Izhakian, Y. (2019). An Experimental Test of the Lucas Asset Pricing Model. The Review of Economic Studies, 86(2). 627-667.

(2019). Real Investment Under Ambiguity: Evidence from Mergers and Acquisitions.

Brenner, M., & Izhakian, Y. (2018). Asset Prices and Ambiguity: Empirical Evidence. The Journal of Financial Economics , 130(3). 503-531.

Izhakian, Y., & Zender, J. (2018). Ambiguity and Disclosure in The Principal-Agent Model.

Izhakian, Y. (2017). Expected Utility with Uncertain Probabilities Theory. The Journal of Mathematical Economics, 69. 91-103.

Izhakian, Y., & Yermack, D. (2017). Risk, Ambiguity, and the Exercise of Employee Stock Options. The Journal of Financial Economics, 124(1). 65-85.

Izhakian, Y. (2016). Does Ambiguity Diversification Pay?. In Progress.

Brenner, M., & Izhakian, Y. (2016). Pricing Systematic Ambiguity in Capital Markets.

Izhakian, Y., & Izhakian, Z. (2016). Phantom Probability.

Izhakian, Y., & Zender, J. (2015). Initial Public Offers under Ambiguity. Journal of Finance, Reject and Resubmit,

Izhakian, Y., & Izhakian, Z. (2015). Decision Making in Phantom Spaces. Economic Theory, 1(58). 59-98.

Cukierman, A., & Izhakian, Y. (2015). Bailout Uncertainty in a Microfounded General Equilibrium Model of the Financial System. Journal of Banking and finance, 52. 160-179.

Brenner, M., Izhakian, Y., & Sade, O. (2015). Ambiguity and Overconfidence. The Journal of Financial Markets, Reject & Resubmit,

Abudy, M., & Izhakian, Y. (2013). Pricing Stock Options with Stochastic Interest Rate. The International Journal of Portfolio Analysis and Management, 1(3). 250-277.

Izhakian, Y., & Benninga, S. (2011). The Uncertainty Premium in an Ambiguous Economy. The Quarterly Journal of Finance, 1(2). 323-354.

Presentations

Ben-Rephael, A., Cookson, T., & Izhakian, Y. Do I Realy Want to Hear the News? Public Information Arrival, Ambiguity and Investor Beliefs.. Seminar. Gothenburg , Sweden: Gothenburg University.

Ben-Rephael, A., Cookson, T., & Izhakian, Y. Do I Realy Want to Hear the News? Public Information Arrival, Ambiguity and Investor Beliefs.. Seminar. New York, NY, USA: The City University of New York, Graduate Center.

Ben-Rephael, A., Cookson, T., & Izhakian, Y. Do I Realy Want to Hear the News? Public Information Arrival, Ambiguity and Investor Beliefs.. Seminar. Stockholm , Sweden: Stockholm University.

Ben-Rephael, A., Cookso, T., & Izhakian, Y. Do I Realy Want to Hear the News? Public Information Arrival, Ambiguity and Investor Beliefs.. Seminar. Lund , Sweden: Lund University.

Herron, R., & Izhakian, Y. Real Investment Under Ambiguity: Evidence from Mergers and Acquisitions . Seminar. New York, NY, USA: The City University of New York, Graduate Center.

Herron, R., & Izhakian, Y. Real Investment Under Ambiguity: Evidence from Mergers and Acquisitions . Seminar. Vaduz, Liechtenstein: University of Liechtenstein**.

Herron, R., & Izhakian, Y. Real Investment Under Ambiguity: Evidence from Mergers and Acquisitions. Southern Finance Association Meeting (SFA). Fajardo, Puerto Rico

Ben-Rephael, A., Cookson, T., & Izhakian, Y. Trading, Ambiguity and Information in the Options Market. Southern Finance Association Meeting (SFA). Fajardo, Puerto Rico

Ben-Rephael, A., Cookson, T., & Izhakian, Y. Trading, Ambiguity and Information in the Options Market. The 75th European meeting of the Econometric Society. Barcelona, Spain

Ben-Rephael, A., Cookson, T., & Izhakian, Y. Trading, Ambiguity and Information in the Options Market. The 38th meeting of the European Economic Association. Barcelona, Spain

Ben-Rephael, A., Cookson, T., & Izhakian, Y. Trading, Ambiguity and Information in the Options Market. The 30th Finance Forum. Málaga, Spain

Crockett, S., Izhakian, Y., & Jamison, J. Ellsberg's Hidden Paradox. The 13th annual meeting of the Society for Experimental Finance*. Sofia, Bulgaria

Ben-Rephael, A., Cookson, T., & Izhakian, Y. Trading, Ambiguity and Information in the Options Market. The 12th Portuguese Financial Network Conference**. Madeira, Portugal

Herron, R., & Izhakian, Y. Real Investment Under Ambiguity: Evidence from Mergers and Acquisitions. The 12th Portuguese Financial Network Conference**. Madeira, Portugal

Herron, R., & Izhakian, Y. Real Investment Under Ambiguity: Evidence from Mergers and Acquisitions. The 16th Annual Conference of the Behavioural Finance Working Group*. London, UK

Ben-Rephael, A., Cookson, T., & Izhakian, Y. Trading, Ambiguity and Information in the Options Market. Midwest Financial Association Meeting (MFA). Chicago, IL, USA

Izhakian, Y., Lewis, R., & Zender, J. Ambiguity and Corporate Yield Spreads. Midwest Financial Association Meeting (MFA). Chicago, IL, USA

Herron, R., & Izhakian, Y. Real Investment Under Ambiguity: Evidence from Mergers and Acquisitions. The 2022 North American Summer Meeting of the Econometric Society*. Miami, FL, USA

Ben-Rephael, A., Cookson, T., & Izhakian, Y. Do I Really Want to Hear the News? Public Information Arrival and Investor Beliefs. The 49th European Financial Association Meeting (EFA). Barcelona, Spain

Herron, R., & Izhakian, Y. Real Investment Under Ambiguity: Evidence from Mergers and Acquisitions. Behavioural Finance Working Group (BFWG) conference*. London, UK

Herron, R., & Izhakian, Y. Real Investment Under Ambiguity: Evidence from Mergers and Acquisitions. The 11th International Conference of the Financial Engineering and Banking Society*. Portsmouth, UK

Herron, R., & Izhakian, Y. Real Investment Under Ambiguity: Evidence from Mergers and Acquisitions . Seminar. Tuscaloosa, AL, USA: University of Alabama.

Herron, R., & Izhakian, Y. Real Investment Under Ambiguity: Evidence from Mergers and Acquisitions . Seminar. New York, NY, USA: Yeshiva University.

Ben-Rephael, A., Cookson, T., & Izhakian, Y. Do I Really Want to Hear the News? Public Information Arrival and Investor Beliefs. Santiago Finance Workshop (SFW)*. Santiago, Chile

Ben-Rephael, A., Cookson, T., & Izhakian, Y. Do I Really Want to Hear the News? Public Information Arrival and Investor Beliefs. Northern Finance Association Meeting (NFA)*. Banff, Alberta, Canada

Ben-Rephael, A., Cookson, T., & Izhakian, Y. Do I Really Want to Hear the News? Public Information Arrival and Investor Beliefs. The 29th Finance Forum**. Santiago de Compostela, Spain

Herron, R., & Izhakian, Y. Real Investment Under Ambiguity: Evidence from Mergers and Acquisitions. Midwest Financial Association Meeting (MFA)*. Virtual

Izhakian, Y., Lewis, R., & Zender, J. Ambiguity and Corporate Yield Spreads. Fixed Income And Financial Institutions (FIFI) Conference*. Columbia, SC, USA

Ben-Rephael, A., Cookson, T., & Izhakian, Y. Trading, Ambiguity and Information in the Options Market. Financial Management Association (FMA)*. New York, NY, USA

Crockett, S., Izhakian, Y., & Jamison, J. Ellsberg's Hidden Paradox. Risk, Uncertainty and Decision (RUD)*. Virtual

Izhakian, Y., & Zender, J. Ambiguity and Beliefs in The Principal-Agent Model. American Economic Association Meeting (AEA). San Diego, CA, USA

Izhakian, Y.  Knight Meets Sharpe: Capital Asset Pricing under Ambiguity. Seminar. Odense, Denmark: University of Southern Denmark**.

Izhakian, Y.  Knight Meets Sharpe: Capital Asset Pricing under Ambiguity. Seminar. Lund, Sweden: Lund University**.

Izhakian, Y.  Knight Meets Sharpe: Capital Asset Pricing under Ambiguity. Seminar. Stockholm, Sweden: Stockholm University**.

Izhakian, Y.  Knight Meets Sharpe: Capital Asset Pricing under Ambiguity. Seminar. Gothenburg, Sweden: Gothenburg University**.

Izhakian, Y.  Knight Meets Sharpe: Capital Asset Pricing under Ambiguity. Seminar. Sydney, Australia: The University of Sydney**.

Izhakian, Y.  Knight Meets Sharpe: Capital Asset Pricing under Ambiguity. Seminar. Sydney, Australia: University of New South Wales**.

Izhakian, Y.  Knight Meets Sharpe: Capital Asset Pricing under Ambiguity. Seminar. New York, NY, USA: Yeshiva University**.

Izhakian, Y.  Knight Meets Sharpe: Capital Asset Pricing under Ambiguity. Seminar. Prague, Czech Republic: The Institute of Information Theory and Automation**.

Izhakian, Y.  Knight Meets Sharpe: Capital Asset Pricing under Ambiguity. Seminar. Trier, Germany: University of Trier.

Coiculescu, G., Izhakian, Y., & Ravid, A. Innovation under Risk and Ambiguity. Seminar. New York, NY, USA: New York University.

Herron, R., & Izhakian, Y. Ambiguity, Risk, and Payout Policy. Finance and Accounting Conference. Jerusalem, Israel

Herron, R., & Izhakian, Y. Real Investment Under Ambiguity: Evidence from Mergers and Acquisitions. Financial Management Association (FMA) European Conference**. Limassol, Cyprus

Herron, R., & Izhakian, Y. Real Investment Under Ambiguity: Evidence from Mergers and Acquisitions. Decision Theory, Experiments and Applications (D-TEA)**. Paris, France

Herron, R., & Izhakian, Y. Real Investment Under Ambiguity: Evidence from Mergers and Acquisitions. Financial Management Association (FMA)**. New York, NY, USA

Coiculescu, G., Izhakian, Y., & Ravid, A. Innovation under Risk and Ambiguity. The 47th European Financial Association Meeting (EFA). Virtual

Izhakian, Y.  Knight Meets Sharpe: Capital Asset Pricing under Ambiguity. Asset Pricing, Macro-Finance, and Computation, Stanford Institute for Theoretical Economics (SITE). Virtual

Izhakian, Y.  Knight Meets Sharpe: Capital Asset Pricing under Ambiguity. Risk, Uncertainty and Decision (RUD). Virtual

Ben-Rephael, A., Cookson, T., & Izhakian, Y. Do I Really Want to Hear the News? Public Information Arrival and Investor Beliefs. Financial Management Association (FMA)**. New York, NY, USA

Izhakian, Y., & Zender, J. Ambiguity and Beliefs in The Principal-Agent Model. European Econometric Society Meeting. Manchester, UK

Izhakian, Y., & Zender, J. Ambiguity and Beliefs in The Principal-Agent Model. Midwest Financial Association Meeting (MFA). Chicago, USA

Izhakian, Y., Yermack, D., & Zender, J. Ambiguity and The Tradeoff Theory of Capital Structure. Seminar. Mannheim, Germany: University of Mannheim.

Izhakian, Y., Yermack, D., & Zender, J. Ambiguity and The Tradeoff Theory of Capital Structure. Seminar. Storrs, CT, USA: University of Connecticut.

Augustin, P., & Izhakian, Y. Ambiguity, Volatility, and Credit Risk . Seminar. New York, NY, USA;: New York University.

Crockett, S., Izhakian, Y., & Jamison, J. Ellsberg's Hidden Paradox. Australasia Meeting of the Econometric Society*. Perth, Australia

Herron, R., & Izhakian, Y. Ambiguity, Risk, and Payout Policy. Western Financial Association Meeting (WFA). Huntington Beach, CA, USA

Izhakian, Y., Yermack, D., & Zender, J. Ambiguity and The Tradeoff Theory of Capital Structure. Southern Finance Association Meeting (SFA). Orlando US

Augustin, P., & Izhakian, Y. Ambiguity, Volatility, and Credit Risk . Seminar. Barcelona, Spain: Ramon LLull University.

Augustin, P., & Izhakian, Y. Ambiguity, Volatility, and Credit Risk . Seminar. Sydney, Australia: The University of Sydney.

Augustin, P., & Izhakian, Y. Ambiguity, Volatility, and Credit Risk. Netspar International Pension Workshop. Leiden, Nethreland

Herron, R., & Izhakian, Y. Ambiguity, Risk, and Payout Policy. International Risk Management Conference. Paris, France

Herron, R., & Izhakian, Y. Ambiguity, Risk, and Payout Policy. Eastern Finance Association 2018 Annual Meetings. Philadelphia, PA, USA

Augustin, P., & Izhakian, Y. Ambiguity, Volatility, and Credit Risk . Seminar. Barcelona, Spain: Universitat Autonoma de Barcelona**.

Brenner, M., & Izhakian, Y. Asset Prices and Ambiguity: Empirical Evidence. The 44th European Financial Association Meeting (EFA). Mannheim, Germany

Augustin, P., & Izhakian, Y. Ambiguity, Volatility, and Credit Risk. The 32nd European Economic Association Meeting. Lisbon, Portugal

Augustin, P., & Izhakian, Y. Ambiguity, Volatility, and Credit Risk. The 25th Annual Meeting of the Spanish Finance Association. Barcelona, Spain

Augustin, P., & Izhakian, Y. Ambiguity, Volatility, and Credit Risk. The 15th INFINITI Conference on International Finance. Valencia, Spain

Augustin, P., & Izhakian, Y. Ambiguity, Volatility, and Credit Risk. Southern Finance Association Meeting (SFA). Key West, FL, USA

Herron, R., & Izhakian, Y. Payout Policy and Ambiguity. Financial Management Association (FMA) European Conference. Lisbon, Portugal

Augustin, P., & Izhakian, Y. Ambiguity, Volatility, and Credit Risk. The 5th Conference on Credit Analysis and Risk Management. Basel, Switzerland

Izhakian, Y., Yermack, D., & Zender, J. Ambiguity and The Trade Off Theory of Capital Structure. The 7th International Conference of the Financial Engineering and Banking Society. Glasgow, UK

Izhakian, Y., Yermack, D., & Zender, J. Ambiguity and The Trade Off Theory of Capital Structure. The 44th European Financial Association Meeting (EFA). Mannheim, Germany

Augustin, P., & Izhakian, Y. Ambiguity, Volatility, and Credit Risk . Seminar. New York, NY, USA: Yeshiva University.

Augustin, P., & Izhakian, Y. Ambiguity, Volatility and Credit Risk. Triple Crown Conference. New Jersey, NJ, USA

Augustin, P., & Izhakian, Y. Ambiguity, Volatility and Credit Risk. International Risk Management Conference. Jerusalem, Israel

Izhakian, Y. A Theoretical Foundation of Ambiguity Measurement. Seminar. New York, NY, USA: New York University.

Augustin, P., & Izhakian, Y. Ambiguity, Volatility, and Credit Risk . Seminar. Ramat Gan, Israel: Bar-Ilan University.

Brenner, M., & Izhakian, Y. Asset Prices and Ambiguity: Empirical Evidence. UNCC-IRF Conference. Charlotte, NC, USA

Izhakian, Y. A Theoretical Foundation of Ambiguity Measurement. Seminar. Columbus, OH, USA: Ohio State University.

Izhakian, Y. A Theoretical Foundation of Ambiguity Measurement. Seminar. Minneapolis, MN, USA: University of Minnesota.

Izhakian, Y. A Theoretical Foundation of Ambiguity Measurement. Seminar. Montreal, Quebec, Canada;: University of Montreal.

Brenner, M., & Izhakian, Y. Asset Pricing and Ambiguity: Empirical Evidence. Decision: Theory, Experiments and Applications (D-TEA).

Izhakian, Y., & Yermack, D. Risk, Ambiguity, and the Exercise of Employee Stock Options. Seminar. Chapel Hill, NC, USA;: University of North Carolina.

Izhakian, Y. A Theoretical Foundation of Ambiguity Measurement. Foundations and Applications of Utility, Risk and Decision Theory (FUR). Rotterdam, Netherlands

Izhakian, Y. Capital Asset Pricing under Ambiguity. Arne Ryde Workshop in Financial Economics. Lund, Sweden

Izhakian, Y. A Theoretical Foundation of Ambiguity Measurement. Risk, Uncertainty and Decision (RUD). Paris, France

Izhakian, Y. A Theoretical Foundation of Ambiguity Measurement. Workshop on Ambiguity and Robustness in Macroeconomics and Finance. Chicago, IL, USA

Izhakian, Y. Capital Asset Pricing under Ambiguity. Decision: Theory, Experiments and Applications (D-TEA). Paris, France

Izhakian, Y. Capital Asset Pricing under Ambiguity. Netspar International Pension Workshop. Frankfurt, Germany

Izhakian, Y. Capital Asset Pricing under Ambiguity. Seminar. Ann Arbor, MI, USA: University of Michigan.

Izhakian, Y. Capital Asset Pricing under Ambiguity. Seminar. New York, NY, USA: New York University.

Izhakian, Y. Capital Asset Pricing under Ambiguity. Seminar. East Lancing, MI, USA: Michigan State University.

Izhakian, Y. Capital Asset Pricing under Ambiguity. Seminar. Bloomington, IN, USA: Indiana University.

Izhakian, Y. Capital Asset Pricing under Ambiguity. Seminar. New York, NY, USA: Baruch College.

Izhakian, Y. Capital Asset Pricing under Ambiguity. Seminar. Herzliya, Israel: IDC.

Izhakian, Y. Capital Asset Pricing under Ambiguity. Seminar. Ramat Gan, Israel: Bar-Ilan University.

Cukierman), A., & Izhakian, Y. Bailout Uncertainty in a Microfounded General Equilibrium Model of the Financial System. North American Meetings of the Econometric Society. Evanston, IL, USA

Izhakian, Y. Capital Asset Pricing under Ambiguity. Seminar. Houston, TX, USA: University of Houston.

Izhakian, Y. Capital Asset Pricing under Ambiguity. Seminar. Boulder, CO, USA: University of Colorado Boulder.

Izhakian, Y. Capital Asset Pricing under Ambiguity. Seminar. New York, NY, USA: New York University.

Izhakian, Y. Capital Asset Pricing under Ambiguity. Seminar. Oslo, Norway: Norwegian School of Business.

Izhakian, Y. Capital Asset Pricing under Ambiguity. Seminar. Tel Aviv, Israel: Tel-Aviv University.

Izhakian, Y. Capital Asset Pricing under Ambiguity. Seminar. Jerusalem, Israel: The Hebrew University of Jerusalem.

Izhakian, Y. Capital Asset Pricing under Ambiguity. Seminar. Baltimore, MD, USA: Johns Hopkins University.

Izhakian, Y. Decision Making in Phantom Spaces. Seminar. Jerusalem, Israel: The Hebrew University of Jerusalem.

Cukierman), A., & Izhakian, Y. Bailout Uncertainty in a Microfounded General Equilibrium Model of the Financial System. Sixth International Conference on Financial Regulation And Supervision. Milan, Italy

Brenner, M., Izhakian, Y., & Sade, O. Ambiguity and Overconfidence. Experimental Finance. Innsbruck, Austria

Izhakian, Y. Decision Making in Phantom Spaces. Seminar. New York, NY, USA: New York University.

Izhakian, Y. Decision Making in Phantom Spaces. Seminar. Herzliya, Israel: IDC.

Cukierman), A., & Izhakian, Y. Bailout Uncertainty in a Microfounded General Equilibrium Model of the Financial System. Decision Theory Workshop. New York, NY, USA

Izhakian, Y., & Benninga, S. The Uncertainty Premium in an Ambiguous Economy. Decision Theory, Experimental Finance. Paris, France

Izhakian, Y., & Benninga, S. The Uncertainty Premium in an Ambiguous Economy. Foundations and Applications of Utility, Risk and Decision Theory (FUR). Newcastle, England, UK

Izhakian, Y., & Benninga, S. The Uncertainty Premium in an Ambiguous Economy. AXA Talent Day on Decision Sciences. Paris, France

Izhakian, Y. Decision Making in Phantom Spaces. Seminar. Seminar. Haifa, Israel: Technion.

Izhakian, Y. Decision Making in Phantom Spaces. Arne Ryde Workshop in Financial Economics. Lund, Sweden

Izhakian, Y. Decision Making in Phantom Spaces. Seminar. Seminar. Tel Aviv, Israel: Tel-Aviv University.

Izhakian, Y., & Benninga, S. The Uncertainty Premium in an Ambiguous Economy. Seminar. Jerusalem, Israel: The Hebrew University of Jerusalem.

Izhakian, Y., & Benninga, S. The Uncertainty Premium in an Ambiguous Economy. Seminar. Raanana, Israel: The Open University of Israel.

Izhakian, Y., & Benninga, S. The Uncertainty Premium in an Ambiguous Economy. Seminar. Konstanz, Germany: University of Konstanz.

Izhakian, Y. Decision Making in Phantom Spaces. Seminar. Seminar. New Haven, CT, USA: Yale University.

Izhakian, Y., & Benninga, S. The Uncertainty Premium in an Ambiguous Economy. Seminar. Stockholm, Sweden: Swedish Institute for Financial Research.

Izhakian, Y. Phantom Probabilities. Arne Ryde Workshop in Financial Economics. Lund, Sweden

Izhakian, Y., & Benninga, S. The Uncertainty Premium in an Ambiguous Economy. Seminar. Saint Louis, MO, USA: Olin Business School.

Izhakian, Y., & Benninga, S. The Uncertainty Premium in an Ambiguous Economy. Seminar. Jerusalem, Israel: The Hebrew University of Jerusalem.

Izhakian, Y., & Benninga, S. The Uncertainty Premium in an Ambiguous Economy. The 14th Annual Conference of the Deutsche Gesellschaft für Finanzwirtschaft. Dresden, Germany

Izhakian, Y., & Benninga, S. The Uncertainty Premium in an Ambiguous Economy. Arne Ryde Workshop in Financial Economics. Lund, Sweden

Izhakian, Y., & Benninga, S. The Uncertainty Premium in an Ambiguous Economy. Risk: Individual And Collective Decision Making Workshop. Paris, France

Izhakian, Y., & Bennninga, S. The Uncertainty Premium in an Ambiguous Economy. Seminar. Tel Aviv, Israel: Tel-Aviv University.