Giora Harpaz
Professor
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 2024 | FIN | 4610 | Advanced Corporate Finance |
| Spring 2024 | FIN | 4610 | Advanced Corporate Finance |
| Fall 2023 | FIN | 4710 | Advanced Investment Analysis |
| Fall 2023 | FIN | 4610 | Advanced Corporate Finance |
| Spring 2023 | FIN | 3610 | Corporate Finance |
| Spring 2023 | FIN | 3610 | Corporate Finance |
| Fall 2022 | FIN | 4710 | Advanced Investment Analysis |
| Fall 2022 | FIN | 4610 | Advanced Corporate Finance |
| Fall 2022 | FIN | 3710 | Investment Analysis |
| Summer 2022 | FIN | 4610 | Advanced Corporate Finance |
| Summer 2022 | FIN | 3710 | Investment Analysis |
| Spring 2022 | FIN | 4610 | Advanced Corporate Finance |
| Spring 2022 | FIN | 9770 | Corporate Finance |
| Fall 2021 | FIN | 9770 | Corporate Finance |
| Fall 2021 | FIN | 4610 | Advanced Corporate Finance |
| Fall 2021 | FIN | 3610 | Corporate Finance |
| Summer 2021 | FIN | 3710 | Investment Analysis |
| Summer 2021 | FIN | 4610 | Advanced Corporate Finance |
| Spring 2021 | FIN | 4610 | Advanced Corporate Finance |
| Spring 2021 | FIN | 9770 | Corporate Finance |
| Spring 2021 | FIN | 9770 | Corporate Finance |
| Fall 2020 | FIN | 4610 | Advanced Corporate Finance |
| Fall 2020 | FIN | 3610 | Corporate Finance |
| Summer 2020 | FIN | 4610 | Advanced Corporate Finance |
| Summer 2020 | FIN | 3710 | Investment Analysis |
| Spring 2020 | FIN | 3610 | Corporate Finance |
| Spring 2020 | FIN | 4610 | Advanced Corporate Finance |
| Spring 2020 | FIN | 3710 | Investment Analysis |
| Fall 2019 | FIN | 3610 | Corporate Finance |
| Fall 2019 | FIN | 4610 | Advanced Corporate Finance |
| Summer 2019 | FIN | 3710 | Investment Analysis |
| Summer 2019 | FIN | 4610 | Advanced Corporate Finance |
| Spring 2019 | FIN | 3610 | Corporate Finance |
| Spring 2019 | FIN | 4610 | Advanced Corporate Finance |
| Spring 2019 | ACC | 9313 | Mngr Acc & App To Hc |
| Fall 2018 | FIN | 9770 | Corporate Finance |
| Fall 2018 | FIN | 4610 | Advanced Corporate Finance |
| Summer 2018 | FIN | 3710 | Investment Analysis |
| Summer 2018 | FIN | 4610 | Advanced Corporate Finance |
| Spring 2018 | FIN | 9781 | Intermediate Corporate Finance |
| Spring 2018 | FIN | 3610 | Corporate Finance |
| Fall 2017 | FIN | 4610 | Advanced Corporate Finance |
| Fall 2017 | FIN | 9781 | Intermediate Corporate Finance |
| Fall 2017 | FIN | 4610 | Advanced Corporate Finance |
| Summer 2017 | FIN | 3710 | Investment Analysis |
| Summer 2017 | FIN | 4610 | Advanced Corporate Finance |
| Spring 2017 | FIN | 9781 | Intermediate Corporate Finance |
| Fall 2016 | FIN | 9781 | Intermediate Corporate Finance |
| Fall 2016 | FIN | 9770 | Corporate Finance |
| Fall 2016 | FIN | 4610 | Advanced Corporate Finance |
| Summer 2016 | FIN | 3710 | Investment Analysis |
| Summer 2016 | FIN | 4610 | Advanced Corporate Finance |
| Spring 2016 | FIN | 9781 | Intermediate Corporate Finance |
| Spring 2016 | FIN | 4610 | Advanced Corporate Finance |
| Spring 2016 | FIN | 97810 | Managerial Finance |
| Fall 2015 | FIN | 9770 | Corporate Finance |
| Fall 2015 | FIN | 9781 | Intermediate Corporate Finance |
| Fall 2015 | FIN | 97810 | Managerial Finance |
| Fall 2015 | FIN | 97700 | Financial Decision Making |
| Summer 2015 | FIN | 9770 | Corporate Finance |
| Summer 2015 | FIN | 4610 | Advanced Corporate Finance |
| Spring 2015 | FIN | 4610 | Advanced Corporate Finance |
| Spring 2015 | FIN | 9781 | Intermediate Corporate Finance |
| Fall 2014 | FIN | 4610 | Advanced Corporate Finance |
| Fall 2014 | FIN | 9781 | Intermediate Corporate Finance |
| Summer 2014 | FIN | 4610 | Advanced Corporate Finance |
| Summer 2014 | FIN | 9770 | Corporate Finance |
| Spring 2014 | FIN | 9781 | Intermediate Corporate Finance |
| Spring 2014 | FIN | 9770 | Corporate Finance |
| Fall 2013 | FIN | 4610 | Advanced Corporate Finance |
| Fall 2013 | FIN | 4610 | Advanced Corporate Finance |
| Summer 2013 | FIN | 9770 | Corporate Finance |
| Summer 2013 | FIN | 4610 | Advanced Corporate Finance |
| Spring 2013 | FIN | 9770 | Corporate Finance |
| Spring 2013 | FIN | 4610 | Advanced Corporate Finance |
| Fall 2012 | FIN | 9797 | Options Markets |
| Fall 2012 | FIN | 4610 | Advanced Corporate Finance |
| Fall 2012 | FIN | 9781 | Intermediate Corporate Finance |
| Summer 2012 | FIN | 9770 | Corporate Finance |
| Summer 2012 | FIN | 3000 | Principles of Finance |
| Spring 2012 | FIN | 9798 | Analysis Industrial Securities |
| Spring 2012 | FIN | 9797 | Options Markets |
| Spring 2012 | FIN | 9770 | Corporate Finance |
| Fall 2011 | FIN | 9781 | Intermediate Corporate Finance |
| Fall 2011 | FIN | 9770 | Corporate Finance |
| Summer 2011 | FIN | 9770 | Corporate Finance |
| Summer 2011 | FIN | 3710 | Investment Analysis |
| Spring 2011 | MBA | 9135 | Exec MBA Module H |
| Spring 2011 | FIN | 9770 | Corporate Finance |
| Spring 2011 | FIN | 9798 | Analysis Industrial Securities |
| Fall 2010 | FIN | 9770 | Corporate Finance |
| Fall 2010 | FIN | 9771 | Corporate Fin Theory |
| Fall 2010 | FIN | 9781 | Intermediate Corporate Finance |
| Fall 2010 | FIN | 9797 | Options Markets |
| Summer 2010 | FIN | 9770 | Corporate Finance |
| Summer 2010 | FIN | 3610 | Corporate Finance |
| Spring 2010 | FIN | 9771 | Corporate Fin Theory |
| Spring 2010 | FIN | 9798 | Analysis Industrial Securities |
| Spring 2010 | FIN | 9781 | Intermediate Corporate Finance |
| Spring 2010 | FIN | 9770 | Corporate Finance |
| Fall 2009 | FIN | 4610 | Advanced Corporate Finance |
| Summer 2009 | FIN | 9770 | Corporate Finance |
| Summer 2009 | FIN | 3000 | Principles of Finance |
| Summer 2009 | FIN | 9797 | Options Markets |
| Spring 2009 | FIN | 9798 | Analysis Industrial Securities |
| Spring 2009 | MBA | 9135 | Exec MBA Module H |
| Spring 2009 | FIN | 9770 | Corporate Finance |
| Spring 2009 | FIN | 9781 | Intermediate Corporate Finance |
| Spring 2009 | FIN | 9797 | Options Markets |
| Fall 2008 | FIN | 4610 | Advanced Corporate Finance |
| Fall 2008 | FIN | 9770 | Corporate Finance |
| Fall 2008 | FIN | 9771 | Corporate Fin Theory |
| Summer 2008 | FIN | 9797 | Options Markets |
| Summer 2008 | FIN | 3710 | Investment Analysis |
| Summer 2008 | FIN | 9770 | Corporate Finance |
| Spring 2008 | FIN | 9770 | Corporate Finance |
| Spring 2008 | FIN | 9770 | Corporate Finance |
| Spring 2008 | FIN | 9781 | Intermediate Corporate Finance |
| Spring 2008 | FIN | 9798 | Analysis Industrial Securities |
| Fall 2007 | FIN | 3710 | Investment Analysis |
| Fall 2007 | FIN | 4610 | Advanced Corporate Finance |
| Fall 2007 | FIN | 4610 | Advanced Corporate Finance |
| Summer 2007 | FIN | 3710 | Investment Analysis |
| Summer 2007 | FIN | 9797 | Options Markets |
| Summer 2007 | FIN | 9770 | Corporate Finance |
| Spring 2007 | FIN | 9770 | Corporate Finance |
| Spring 2007 | FIN | 9781 | Intermediate Corporate Finance |
| Spring 2007 | FIN | 9798 | Analysis Industrial Securities |
| Spring 2007 | FIN | 9770 | Corporate Finance |
| Spring 2007 | MBA | 9135 | Exec MBA Module H |
| Fall 2006 | FIN | 4610 | Advanced Corporate Finance |
| Fall 2006 | FIN | 4610 | Advanced Corporate Finance |
| Summer 2006 | FIN | 3710 | Investment Analysis |
| Summer 2006 | FIN | 9770 | Corporate Finance |
| Spring 2006 | FIN | 9783 | Investment Analysis |
| Spring 2006 | FIN | 9770 | Corporate Finance |
| Spring 2006 | FIN | 9798 | Analysis Industrial Securities |
| Fall 2005 | FIN | 4710 | Advanced Investment Analysis |
| Fall 2005 | FIN | 9781 | Intermediate Corporate Finance |
| Summer 2005 | FIN | 9770 | Corporate Finance |
| Summer 2005 | FIN | 3710 | Investment Analysis |
| Spring 2005 | FIN | 4710 | Advanced Investment Analysis |
| Spring 2005 | FIN | 9798 | Analysis Industrial Securities |
| Spring 2005 | FIN | 9770 | Corporate Finance |
| Fall 2004 | FIN | 9770 | Corporate Finance |
| Fall 2004 | FIN | 9783 | Investment Analysis |
| Summer 2004 | FIN | 9783 | Investment Analysis |
| Summer 2004 | FIN | 4750 | Options |
| Spring 2004 | FIN | 9781 | Intermediate Corporate Finance |
| Spring 2004 | FIN | 9783 | Investment Analysis |
| Fall 2003 | FIN | 4750 | Options |
| Fall 2003 | FIN | 9781 | Intermediate Corporate Finance |
| Summer 2003 | FIN | 9781 | Intermediate Corporate Finance |
| Summer 2003 | FIN | 9783 | Investment Analysis |
| Spring 2003 | FIN | 3710 | Investment Analysis |
| Spring 2003 | FIN | 9781 | Intermediate Corporate Finance |
| Fall 2002 | FIN | 9781 | Intermediate Corporate Finance |
| Fall 2002 | FIN | 9770 | Corporate Finance |
| Fall 2002 | FIN | 9798 | Analysis Industrial Securities |
| Summer 2002 | FIN | 9770 | Corporate Finance |
| Summer 2002 | FIN | 3000 | Principles of Finance |
| Spring 2002 | FIN | 9770 | Corporate Finance |
| Spring 2002 | FIN | 9792 | Advanced Corporate Finance |
| Spring 2002 | FIN | 9770 | Corporate Finance |
| Fall 2001 | FIN | 9798 | Analysis Industrial Securities |
| Fall 2001 | FIN | 9781 | Intermediate Corporate Finance |
| Fall 2001 | FIN | 9770 | Corporate Finance |
| Summer 2001 | FIN | 9770 | Corporate Finance |
Journal Articles
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..
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. C., Harel, A., & Harpaz, G. (2010). Actuarially Fair Premia for Deductible Insurance Policies. American Economist, 35(2). 83-91..
(2009). "Exchange Mergers and Electronic Trading". The Journal of Trading, 4(1). 35-43.
Francis, J., Harel, A., & Harpaz, G. (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., & 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.
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.
(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). Project Valuation with Time-Varying Cash Flows: A Bayesian Approach. Engineering Economist, 50(4). 337-359.
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. (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.
Harpaz, G., & Mesznik, R. (1986). Optimal Government Policy with Imperfect Information. The American Economist, 30. 23-31.
Eytan, H., & Harpaz, G. (1986). The Pricing of Options and Futures Contracts on the Value Line Index. Journal of Finance, XLI. 843-855.
(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). 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., & Krausz, J. (1984). Kalman Filtering Estimation of Stock Betas. Northwest Business Review, 9(4). 11-15.
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.
Harpaz, G., & Thomadakis, S. B. (1982). Systematic Risk and Firm's Experimental Strategy. Journal of Financial and Quantitative Analysis, 17(3). 363-389.
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 |
|---|---|---|---|
| In charge of approving transfer credits in finance and economics for students who apply from other universities | Present | ||
| 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 | ||
| 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 |