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	4610	Advanced Corporate Finance
Fall 2023	FIN	4710	Advanced Investment Analysis
Spring 2023	FIN	3610	Corporate Finance
Spring 2023	FIN	3610	Corporate Finance
Fall 2022	FIN	3710	Investment Analysis
Fall 2022	FIN	4710	Advanced Investment Analysis
Fall 2022	FIN	4610	Advanced Corporate Finance
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	9770	Corporate Finance
Spring 2021	FIN	9770	Corporate Finance
Spring 2021	FIN	4610	Advanced Corporate Finance
Fall 2020	FIN	4610	Advanced Corporate Finance
Fall 2020	FIN	3610	Corporate Finance
Summer 2020	FIN	3710	Investment Analysis
Summer 2020	FIN	4610	Advanced Corporate Finance
Spring 2020	FIN	3610	Corporate Finance
Spring 2020	FIN	4610	Advanced Corporate Finance
Spring 2020	FIN	3710	Investment Analysis
Fall 2019	FIN	4610	Advanced Corporate Finance
Fall 2019	FIN	3610	Corporate Finance
Summer 2019	FIN	3710	Investment Analysis
Summer 2019	FIN	4610	Advanced Corporate Finance
Spring 2019	ACC	9313	Mngr Acc & App To Hc
Spring 2019	FIN	4610	Advanced Corporate Finance
Spring 2019	FIN	3610	Corporate Finance
Fall 2018	FIN	9770	Corporate Finance
Fall 2018	FIN	4610	Advanced Corporate Finance
Summer 2018	FIN	4610	Advanced Corporate Finance
Summer 2018	FIN	3710	Investment Analysis
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	4610	Advanced Corporate Finance
Summer 2017	FIN	3710	Investment Analysis
Spring 2017	FIN	9781	Intermediate Corporate Finance
Fall 2016	FIN	9770	Corporate Finance
Fall 2016	FIN	4610	Advanced Corporate Finance
Fall 2016	FIN	9781	Intermediate Corporate Finance
Summer 2016	FIN	3710	Investment Analysis
Summer 2016	FIN	4610	Advanced Corporate Finance
Spring 2016	FIN	4610	Advanced Corporate Finance
Spring 2016	FIN	97810	Managerial Finance
Spring 2016	FIN	9781	Intermediate Corporate Finance
Fall 2015	FIN	9781	Intermediate Corporate Finance
Fall 2015	FIN	97810	Managerial Finance
Fall 2015	FIN	97700	Financial Decision Making
Fall 2015	FIN	9770	Corporate Finance
Summer 2015	FIN	4610	Advanced Corporate Finance
Summer 2015	FIN	9770	Corporate Finance
Spring 2015	FIN	9781	Intermediate Corporate Finance
Spring 2015	FIN	4610	Advanced 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	4610	Advanced Corporate Finance
Fall 2012	FIN	9797	Options Markets
Fall 2012	FIN	9781	Intermediate Corporate Finance
Summer 2012	FIN	9770	Corporate Finance
Summer 2012	FIN	3000	Principles of Finance
Spring 2012	FIN	9770	Corporate Finance
Spring 2012	FIN	9797	Options Markets
Spring 2012	FIN	9798	Analysis Industrial Securities
Fall 2011	FIN	9770	Corporate Finance
Fall 2011	FIN	9781	Intermediate Corporate Finance
Summer 2011	FIN	9770	Corporate Finance
Summer 2011	FIN	3710	Investment Analysis
Spring 2011	FIN	9798	Analysis Industrial Securities
Spring 2011	FIN	9770	Corporate Finance
Spring 2011	MBA	9135	Exec MBA Module H
Fall 2010	FIN	9781	Intermediate Corporate Finance
Fall 2010	FIN	9797	Options Markets
Fall 2010	FIN	9771	Corporate Fin Theory
Fall 2010	FIN	9770	Corporate Finance
Summer 2010	FIN	3610	Corporate Finance
Summer 2010	FIN	9770	Corporate Finance
Spring 2010	FIN	9781	Intermediate Corporate Finance
Spring 2010	FIN	9771	Corporate Fin Theory
Spring 2010	FIN	9770	Corporate Finance
Spring 2010	FIN	9798	Analysis Industrial Securities
Fall 2009	FIN	4610	Advanced Corporate Finance
Summer 2009	FIN	9770	Corporate Finance
Summer 2009	FIN	9797	Options Markets
Summer 2009	FIN	3000	Principles of Finance
Spring 2009	MBA	9135	Exec MBA Module H
Spring 2009	FIN	9797	Options Markets
Spring 2009	FIN	9781	Intermediate Corporate Finance
Spring 2009	FIN	9770	Corporate Finance
Spring 2009	FIN	9798	Analysis Industrial Securities
Fall 2008	FIN	9770	Corporate Finance
Fall 2008	FIN	9771	Corporate Fin Theory
Fall 2008	FIN	4610	Advanced Corporate Finance
Summer 2008	FIN	3710	Investment Analysis
Summer 2008	FIN	9797	Options Markets
Summer 2008	FIN	9770	Corporate Finance
Spring 2008	FIN	9770	Corporate Finance
Spring 2008	FIN	9770	Corporate Finance
Spring 2008	FIN	9798	Analysis Industrial Securities
Spring 2008	FIN	9781	Intermediate Corporate Finance
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	9770	Corporate Finance
Summer 2007	FIN	9797	Options Markets
Spring 2007	FIN	9798	Analysis Industrial Securities
Spring 2007	FIN	9781	Intermediate Corporate Finance
Spring 2007	FIN	9770	Corporate Finance
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	9770	Corporate Finance
Spring 2006	FIN	9798	Analysis Industrial Securities
Spring 2006	FIN	9783	Investment Analysis
Fall 2005	FIN	4710	Advanced Investment Analysis
Fall 2005	FIN	9781	Intermediate Corporate Finance
Summer 2005	FIN	3710	Investment Analysis
Summer 2005	FIN	9770	Corporate Finance
Spring 2005	FIN	9798	Analysis Industrial Securities
Spring 2005	FIN	4710	Advanced Investment Analysis
Spring 2005	FIN	9770	Corporate Finance
Fall 2004	FIN	9770	Corporate Finance
Fall 2004	FIN	9783	Investment Analysis
Summer 2004	FIN	4750	Options
Summer 2004	FIN	9783	Investment Analysis
Spring 2004	FIN	9781	Intermediate Corporate Finance
Spring 2004	FIN	9783	Investment Analysis
Fall 2003	FIN	9781	Intermediate Corporate Finance
Fall 2003	FIN	4750	Options
Summer 2003	FIN	9783	Investment Analysis
Summer 2003	FIN	9781	Intermediate Corporate Finance
Spring 2003	FIN	3710	Investment Analysis
Spring 2003	FIN	9781	Intermediate Corporate Finance
Fall 2002	FIN	9798	Analysis Industrial Securities
Fall 2002	FIN	9770	Corporate Finance
Fall 2002	FIN	9781	Intermediate Corporate Finance
Summer 2002	FIN	3000	Principles of Finance
Summer 2002	FIN	9770	Corporate 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

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	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