Orly Sade

Prof.

Orly

Sade

Dean

Albertson-Waltuch Chair in Business Administration

Room 21616

orlysade@mail.huji.ac.il

Curriculm Vitae

Personal Website

Orly Sade is the Dean of the Hebrew University Business School, Albertson-Waltuch Chair and Professor of Finance. She is a member of the scientific board of the Experimental Finance Society. Her research focuses on the design of financial markets, and on behavioral and experimental finance.

Her research has been published in the Journal of Financial Economics, Review of Financial Studies, Review of Finance, Journal of Business, Journal of Financial and Quantitative Analysis, Journal of Monetary Economics, Strategic Entrepreneurship Journal, Journal of Economic Behavior & Organization, AEA P&P, Journal of Economics Psychology, Journal of Behavioral Finance Economics Letters and several Israeli academic journals (in Hebrew).

Sade has been a Visiting Associate Professor at the Stern School of Business, NYU, NYU Shanghai, IE Madrid, EIEF Rome and NES, Moscow. She has received letters of recognition for excellent teaching. Her research has been presented at leading academic conferences. Professor Orly Sade served as director of the BA program at The Hebrew University and received the Abe Gray awards from the President of the Hebrew University. She has been awarded several research grants, including by the Israel Science Foundation (ISF), the National Insurance Institute of Israel Research Grant, the Pension Research Council/TIAA Institute Partnership Grant, and the Yissum-Fintech grant. Her research work has been cited by many local and international newspapers including the WSJ, Financial Times, TheMarker, Yediot Achronot, Jerusalem Post and others.

Prof. Sade earned her PhD in Finance from University of Utah’s David Eccles School of Business. Her MBA degrees, from Tel Aviv University (exchange program at the University of Rochester), and a BA in Economics and Management from Tel Aviv University.

In addition to her academic experience, Professor Orly Sade is a board member at “Clal Insurance” and was a member of the advisory board of the Israeli Ministry of Finance’s capital market division, a member of the Ministry of Finance committee which selected a company which cites non trade-able assets, and served on the board of directors of the Israeli Securities Authority. She also served as a member of the investment committee for the “Hadassah” pension fund (part of the Israeli pension reform), the provident fund for Hebrew University employees, the welfare fund for Hebrew University employees, the investment committee responsible for investing funds of the academic staff union of Hebrew University, and “responsibility” mutual funds. She served as a member of the board of directors of the Hebrew University provident fund and as an outside director at Sigma Mutual Funds. She advised financial institutions and companies in the fields of finance, debt offerings and tenders. She worked in the banking sector and the Banking Supervision Department of the Bank of Israel.

She teaches the courses Fundamentals of Finance, Crowdfunding and Alternative Markets, and Applied Behavioral and Experimental Finance.

Finance Research

Publications

Using AI and Behavioral Finance to Cope with Limited Attention and Reduce Overdraft Fees Co-authored with Daniel Ben-David and Ido Mintz – forthcoming Management Science
Is One Plus One Always Two? Insuring Longevity Risk While Having Multiple Saving Accounts (May 2025) Co-authored with Abigail Hurwitz – Management Science 71(5):4474-4494.
Experimental Finance: Introduction to the Special Issue in the QJF (2024) Co-authored with Debrah Meloso and Yehuda Izhakian, forthcoming Quarterly Journal of Finance, Special issue: Experimental Finance, Volume No. 14, Issue No. 02. https:///dx.doi.org/10.1142/S2010139224030010
Testing Methods to Enhance Longevity Awareness (2022) co-authored with Abigail Hurwitz and Olivia S. Mitchell Journal of Economic Behavior and Organization Volume 204, Pages 466-47
Investigating the Introduction of a Regulatory Fintech Advancement Designed to Reduce Limited Attention Regarding Inactive Saving Accounts – Data, Survey, and Field Experiment (2022) Co-authored with Maya Haran Rosen AEA Papers and Proceedings 112: 370-75
The Disparate Effect of Nudges on Minority Groups (2022) Co-authored with Maya Haran Rosen –Review of Corporate Finance Studies Volume 11, Issue 3, August 2022, Pages 605–643
Longevity Perceptions and Saving Decisions during the Covid-19 Outbreak: An Experimental Investigation (2020) with Abigail Hurwitz and Olivia Mitchell – forthcoming AEA papers and proceedings.
Gender Dynamics in Crowdfunding: Evidence on Entrepreneurs, Investors, and Deals from Kickstarter – (2020) co authored with Hadar Gafni, Dan Marom and Alicia Robb - forthcoming - Review of Finance
Out-Of-Pocket vs. Out-Of-Profit in Financial Advisory Fees: Evidence from the Lab (2020) Co-authored with Yevgeny Mugerman and Eyal Winter forthcoming Journal of Economics Psychology
Can Mandatory Minimum Annuity Laws Have Unintended Consequences? An Experimental Study (2020) Co-authored with Abigail Hurwitz and Eyal Winter – Journal of Economic Behavior & Organization Volume 169, January 2020, Pages 208-222
An Investigation of Time Preferences, Life Expectancy and Annuity versus Lump-Sum Choices – Can Smoking Harm Long-Term Saving Decisions? (2020) Co-authored with Abigail Hurwitz Journal of Economic Behavior & Organization Volume 180, December 2020, Pages 812-825
Are the Life and Death of an Early Stage Venture Indeed in the Power of the Tongue? Lessons from Online Crowdfunding Pitches (2019) co authored with Hadar Gafni and Dan Marom – Strategic Entrepreneurship Journal. Volume 13, Issue 1 3-23 (lead article)
“On the Persistence of Overconfidence: Evidence from Multi-Unit Auctions” (2015) co-authored with Emmanuel Morales Camargo, Charles Schnitzlein and Jaime Zender Journal of Behavioral Finance Vol. 16, No. p. 68-80
Long Term Savings Decisions: Inertia, Peer Effects and Ethnicity (2014) co-authored with Yevgeny Mugerman and Moses Shayo, Journal of Economic Behavior & Organization Vol 106, 235-253
“Divisible Good Auctions with Asymmetric Information: An Experimental Examination” (2013) coauthored with Emmanuel Morales Camargo, Charles Schnitzlein and Jaime Zender – Journal of Financial and Quantitative Analysis, volume 48, issue 04, pp. 1271-1300
"Sovereign Debt Auctions: Uniform or Discriminatory?" (2009) co-authored with Menachem Brenner and Dan Galai –Journal of Monetary Economics vol. 56, issue 2, pages 267-274
““The Ostrich Effect” and the Relationship between the Liquidity and the Yields of Financial Assets” (2006) co-authored with Dan Galai - the Journal of Business Volume 79, Issue 5 , September 2006
“When Less (Potential Demand) is More (Revenue): Asymmetric Bidding Capacities in Divisible Good Auctions” (2006) co-authored with Charles Schnitzlein and Jaime Zender the Review of Finance Volume 10, Issue 3, 389-416
“Competition and Cooperation in Divisible Good Auctions: An Experimental Examination” (2006) coauthored with Charles Schnitzlein and Jaime Zender – the Review of Financial Studies Volume 19 (1), January 2006, 195-235 3
“Measuring Stock Illiquidity: an Investigation of the Demand and Supply Schedules at the TASE” (2004) co-authored with Avner Kalay and Avi Wohl, Journal of Financial Economics Volume 74, Issue 3, December 2004, pages 461-486
“Does The Option to Cancel an Order in a Double Auction Market Matter?” (2004) co- authored with Steve Crowley, the Economics Letters, Volume 83, Issue 1 , April 2004, Pages 89-97

Chapters in Books

“Annuity or lump sum: getting retiring smokers to make better savings distribution decisions” (2024) ) co-authored with Abigail Hurwitz, Yaniv Hanoch and Andrew Barnes at Behavioral Finance Beyond the Basic edited by Itzhak Venezia, World Scientific Publishing Company “Racial and Ethnic Differences in Longevity Perceptions and Implications for Financial Decision Making”, (2024) co-authored with Abigail Hurwitz and Olivia S. Mitchel at Reducing Retirement Inequality: Building Wealth and Old-Age Resilience, Eds Olivia S. Mitchell and Nikolai Roussanov, Oxford University Press: Oxford (forthcoming) "Smokers’ Life Expectancy and Annuitization Decision”. (2020). Co-authored with Abigail Hurwitz at “behavioral finance: how near is the end?” edited by Itzhak Venezia – forthcoming “Uniform or Discriminatory Auctions: Endogenizing Bidder’s Choice in Divisible Good Auctions” (2016) co-authored with Menachem Brenner and Dan Galai at "Behavioral Finance: Where do Investors Biases Come From"? edited by Itzhak Venezia "A Note on Sovereign Debt Auctions: Uniform or discriminatory?" (2010) co-authored with Menachem Brenner and Dan Galai, at “Sovereign Debt: From Safety to Default”, edited by Robert W. Kolb, John Wiley & Sons, Inc “Baseball and the Art of Fair Value: Do Managers or the Prediction Markets Make Better Predictions?” (2011) co-authored with Emanuel Zur, Bridging the GAAP: Recent Advances in Finance and Accounting edited by Itzhak Venezia & Zvi Wiener

Book: How Ella Grew an Electric Guitar

What does a smart, talented 11-year-old girl do when she wants an electric guitar and is told by her parents: “Money doesn’t grow on trees!”? She grows the money herself. This is the story of Ella, who when faced with a cash crunch, learns business skills to solve her problem. How many times did we wish that school would have taught us some basic life skills, such as how to save, what happens to our money in the bank, what is an investment, and how to calculate returns? Well, schools still do not do that, but this book does. Through a simple and easy to read story about a girl what wanted to grow her very modest fortune to but a guitar, the authors walk us though the mysteries of finance.

https://books.google.co.il/books/about/How_Ella_Grew_an_Electric_Guitar.html?id=n748XwAACAAJ&redir_esc=y

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