Roni Michaely

Cornell Tech, Cornell University, Ithaca, NY 14853

Professor Roni Michaely is a Rudd Family Professor of Management and a Professor of Finance at Cornell University's Johnson Graduate School of Management. He obtained his PhD from New York University.

Professor Michaely's research interests are in the area of corporate finance, capital markets and valuation. His current research focuses on conflict of interest in the capital markets, corporation payout policy, and the corporate finance decision of privately held firms as well as issues related to the IPO process.

Michaely has published numerous works (several of which received best-paper awards) in refereed journals such as the Review of Financial Studies, the Journal of Finance, the Journal of Financial Economics, the Journal of Business, and the Journal of Financial and Quantitative Analysis. His research has been also frequently featured in The Wall Street Journal, The New York Times, The Economist, Investor's Business Daily, The San Francisco Chronicle, BusinessWeek, Forbes, Barrons, Money, Reuters, Worth, and others.

Michaely's research has received several awards and honors, including the 2005 Journal of Financial Economics award for the best corporate finance paper, the 2000 Journal of Finance Smith Breeden Prize for distinguish paper, the 2000 Western Finance Association Award for the best paper on capital formation, the Review of Financial Studies1999 Barclays Global Investors/Michael Brennan Runner-up Award, the 1999 Western Finance Association Award for the best paper, 1996 Quantitative Alliance Group Prize for best paper, and the 1996 Western Finance Association Award for best paper on investments.

Michaely currently serves as an associate editor for the Journal of Finance. He is on the board of several startups including Tipranks, Urbanr, and Meerchantz. He is on the advisory board of Nielsen Innovate and was a director of the Israel Securities Authority (ISA) from 1998 to 2003.


Accepted Papers

1. Alstadsaeter, Annette; Jacob, Martin; Michaely, Roni.  "Do Dividend Taxes Affect Corporate Investment?"  Journal of Public Economics  (Accepted)

2. Chhaochharia, Vidhi; Grullon, Gusvavo; Grinstein, Yaniv; Michaely, Roni.  "Product Market Competition and Agency Conflicts: Evidence from the Sarbanes-Oxley Act"  Management Science  (Accepted)

3. Michaely, Roni; Rubin, Amir; Vedrashko, Alexander.  "Are Friday Announcements Special? Overcoming Selection Bias"  Journal of Financial Economics  (Accepted)

4. Kecskes, Amrus; Michaely, Roni; Womack, Kent.  "Do Earnings Estimates Add Value to Sell-Side Analysts' Investment Recommendations"  Management Science  (Accepted)

Published Papers

1. Farre-Mensa, Joan; Michaely, Roni; Schmalz, Martin.  "Payout Policy"  Annual Review of Financial Economics  6  (2014):  75-134.

2. Michaely, Roni; Rubin, Amir; Vedrashko, Alexander.  "Corporate Governance and the Timing of Earnings Announcements"  Review of Finance  18.6  (2014):  2003-2044.

3. Michaely, Roni; Roberts, Michael R.  "Corporate Dividend Policies: Lessons from Private Firms"  Review of Financial Studies  25.3  (2012):  711-746.

4. Leary, Mark T; Michaely, Roni.  "Determinants of Dividend Smoothing: Empirical Evidence"  Review of Financial Studies  24.10  (2011):  3197-3249.

5. Ellis, Katrina; Michaely, Roni; O'Hara, Maureen.  "Competition in Investment Banking"  Review of Development Finance  1.1  (2011):  28-46.

6. Brav, Alon; Michaely, Roni; Roberts, Michael; Zarutskie, Rebecca.  "Evidence on the Trade-Off between Risk and Return for IPO and SEO Firms"  Financial Management  38.2  (2009):  221-252.

7. Weld, William C.; Michaely, Roni; Thaler, Richard H.; Benartzi, Shlomo.  "The Nominal Share Price Puzzle"  Journal of Economic Perspectives  23.2  (2009):  121-142.

8. Brav, Alon; Graham, John R.; Harvey, Campbell R.; Michaely, Roni.  "Managerial Response to the May 2003 Dividend Tax Cut"  Financial Management  37.4  (2008):  611-624.

9. Brav, Alon; Graham, John; Harvey, Campbell; Michaely, Roni.  "The effect of the May 2003 dividend tax cut on corporate dividend policy: Empirical and Survey Evidence"  National Tax Journal  61  (2008):  381-396.

10. Boudoukh, Jacob; Michaely, Roni; Richardson, Matthew P.; Roberts, Michael R..  "On the Importance of Measuring Payout Yield: Implications for Empirical Asset Pricing"  Journal of Finance  62.2  (2007):  877-915.

11. Brav, Alon; Lehavy, Reuven; Michaely, Roni.  "Using Expectations to Test Asset Pricing Models"  Financial Management  34.3  (2005):  31-64.

12. Grullon, Gustavo; Michaely, Roni; Benartzi, Shlomo; Thaler, Richard H..  "Dividend Changes Do Not Signal Changes in Future Profitability"  Journal of Business  78.5  (2005):  1659-1682.

13. Brav, Alon; Graham, John R.; Harvey, Campbell R.; Michaely, Roni.  "Payout Policy in the 21st Century"  Journal of Financial Economics  77.3  (2005):  483-527.

14. Grinstein, Yaniv; Michaely, Roni.  "Institutional Holdings and Payout Policy"  Journal of Finance  60.3  (2005):  1389-1426.

15. Bloomfield, Robert J.; Michaely, Roni.  "Risk or Mispricing? From the Mouths of Professionals"  Financial Management  33.3  (2004):  61-81.

16. Grullon, Gustavo; Michaely, Roni.  "The Information Content of Share Repurchase Programs"  Journal of Finance  59.2  (2004):  651-680.

17. Graham, John R.; Michaely, Roni; Roberts, Michael R..  "Do Price Discreteness and Transactions Costs Affect Stock Returns? Comparing Ex-Dividend Pricing before and after Decimalization"  Journal of Finance  58.6  (2003):  2611-2636.

18. Ellis, Katrina; Michaely, Roni; O'Hara, Maureen.  "The Making of a Dealer Market: From Entry to Equilibrium in the Trading of Nasdaq Stocks"  Journal of Finance  57.5  (2002):  2289-2316.

19. Grullon, Gustavo; Michaely, Roni.  "Dividends, Share Repurchases, and the Substitution Hypothesis"  Journal of Finance  57.4  (2002):  1649-1684.

20. Grullon, Gustavo; Michaely, Roni; Swaminathan, Bhaskaran.  "Are Dividend Changes a Sign of Firm Maturity?"  Journal of Business  75.3  (2002):  387-424.

21. Llorente, Guillermo; Michaely, Roni; Saar, Gideon; Wang, Jiang.  "Dynamic Volume-Return Relation of Individual Stocks"  Review of Financial Studies  15.4  (2002):  1005-1047.

22. Ellis, Katrina; Michaely, Roni; O'Hara, Maureen.  "The Accuracy of Trade classification Rules: Evidence from Nasdaq"  Journal of Financial and Quantitative Analysis  35.4  (2000):  529-551.

23. Koski, J. L.; Michaely, Roni.  "Prices, liquidity, and the information content of trades"  Review of Financial Studies  13.3  (2000):  659-696.

24. Kalay, Avner; Michaely, Roni.  "Dividends and taxes: A re-examination"  Financial Management  29.2  (2000):  55-75.

25. Ellis, Katrina; Michaely, Roni; O'Hara, Maureen.  "When the Underwriter Is the Market Maker: An Examination of Trading in the IPO Aftermarket"  Journal of Finance  55.3  (2000):  1039-1074.

26. Michaely, Roni; Womack, K. L..  "Conflict of interest and the credibility of underwriter analyst recommendations"  Review of Financial Studies  12.4  (1999):  653-686.

27. Ellis, Katrina; Michaely, Roni; O'Hara, Maureen.  "A Guide to the Initial Public Offering Process"  Corporate Finance Review  2.5  (1999)

28. Canina, Linda; Michaely, Roni; Thaler, Richard; Womack, K..  "Caveat Compounder: A Warning about Using the Daily CRSP Equal-Weighted index to Compute Long-Run Excess Returns"  Journal of Finance  53.1  (1998):  403-416.

Working Papers

1. Larkin, Yelena; Leary, Mark; Michaely, Roni.  "Do Investors Value Dividend Smoothing Stocks Differently?"

2. Merkley, Kenneth J.; Michaely, Roni; Pacelli, Joseph.  "Does the Scope of Sell-Side Analyst Industry Matter? An Examination of Bias, Accuracy and Information Content of Analyst Reports"

3. Farre-Mensa, Joan; Michaely, Roni; Schmaltz, Martin.  "Financing Payouts"

4. Michaely, Roni; Grullon, Gustavo.  "Payout Policy and Product Market Competition"

5. Kadan, Ohad; Michaely, Roni; Moulton, Pam.  "Speculating on Private Information: Evidence from Trades around Analyst Recommendations"
6. Alstadsaeter, Annette; Jacob, Martin; Michaely, Roni.  "Taxation and Dividend Policy: The Muting Effect of Diverse Ownership Structure"

7. Michaely, Roni; Popadak, Jillian; Vincent, Christopher.  "The Deleveraging of U.S. Firms and Institutional Investors' Role"

8. Lyandres, Evgeny; Marchica, Maria; Michaely, Roni; Mura, Roberto.  "The Effects of Owners' Portfolio Diversification on Firm Strategies: Theory and Evidence from Private and Public Firms" 

Book Chapters

1. Michaely, Roni; Womack, Kent L, 2005, Market Efficiency and Biases in Brokerage Recommendations, in Advances in Behavioral Finance II, eds Richard H. Thaler, Princeton University Press.

2. Allen, Franklin; Michaely, Roni, 2003, Payout policy, in Handbook of the Economics of Finance, eds George Constantinides, Milton Harris, and Rene Stulz, Elsevier.

3. Michaely, Roni; Shaw, W. H., 1998, Underwriter choice, institutional holdings and future IPO performance, in Advances in Quantitative Analysis of Finance and Accounting, eds Cheng-Few Lee, JAI Press.