Orly Sade

Orly Sade or אורלי שדה (born 1969) is a financial economist based out of the Hebrew University of Jerusalem who has been noted for her research regarding behavioral and experimental finance and crowdfunding platforms. Sade is the Israel Associate Professor of Finance at the Department of Finance, School of Business Administration at the Hebrew University of Jerusalem. She is the first female professor in the field of finance at Hebrew University.[1]

Education and academic career

Sade has finished her BA degree in Business Administration and Economics as well as her MBA degree in Business Administration at the Tel Aviv University, Israel. In 2001 she had finished her Ph.D. in Finance at the David Eccles School of Business, University of Utah.[2][3]

Since 2013 Sade is an Associate Professor of Finance at the Department of Finance, School of Business Administration, Hebrew University of Jerusalemw, here she served as director of the BA program. She is the first woman in Israel to become an Associate Professor with tenure in the field of Finance.[4]

Sade is a Visiting Associate Professor in the finance department at the Stern School of Business, NYU. In the past, she worked as a visiting Associate Professor in different universities such as IE in Madrid, EIEF in Rome, NES in Moscow and at NYU Shanghai.[2][5] Sade is an experimental economist based at the Hebrew University of Jerusalem, Israel.[6] Sade has been noted for her research with Dan Marom regarding crowdfunding platforms.[7][8][9][10] She is the first female professor in the field of finance at Hebrew University.[11]

Other Work

Besides her academic work, Sade, advises financial institutions and companies in the fields of finance, debt offerings, and tenders. Since 2017 Sade is a Director at "Clal Insurance company".

In the past, Sade worked in the Banking Supervision Department of the Bank of Israel and was a member of the advisory board of the Israeli Ministry of Finance as well as the board of directors of the Israeli Securities Authority.[12] Sade also served as a member of the investment committee for the “Hadassah” pension fund and the Investment Committee of the Hebrew University Workers Fund. Sade was a member of the board of directors of the Hebrew University provident fund and an outside director at Sigma Mutual Funds.[2]

Research

Sade's main fields of research are behavioral and experimental finance, financial auctions and market microstructures, the design of financial markets as well as Crowdfunding.[13][14] Sade's research is published in scientific Journals and presented at conferences worldwide. Sade received academic grants and awards including multiple grants from the Israel Science Foundation[15] as well as the Abe Gray awards from the President of the Hebrew University.[4] Sade has conducted research into pensions and found that people with less financial knowledge are less likely to take advantage of their available options.[16][17][18] She's also found that people with good finances check their financial options more often than those with poor finances, who tends to "bury their heads in the sand."[19][20]

Main Publications
  • Hurwitz, A., Sade, O. & Winter, E. (2020) Can Mandatory Minimum Annuity Laws Have Unintended Consequences? An Experimental Study. Journal of Economic Behavior & Organization, Volume 169, pp. 208-222.[21]
  • Hurwitz, A. & Sade, O. (2019) An Investigation of Time Preferences, Life Expectancy and Annuity versus Lump-Sum Choices – Can Smoking Harm Long-Term Saving Decisions? Journal of Economic Behavior & Organization, online edition.[22]
  • Gafni, Marom & Sade. (2018) Are the Life and Death of an Early Stage Venture Indeed in the Power of the Tongue? Lessons from Online Crowdfunding Pitches. Strategic Entrepreneurship Journal (SEJ), 2018, pp. 1-21.[23]
  • Mugerman, Sade, & Shayo. (2014). Long term saving decisions: financial reform, peer effects and ethnicity. Journal of Economic Behavior & Organization, 106, 235-253[24]
  • Camargo, Schnitzlein, Zender, & Sade. (2012). Divisible good auctions with asymmetric information: an experimental examination. Journal of financial and quantitative analysis, 48(4), 1271-1300[25]
  • Camargo, Schnitzlein, Zender, & Sade. (2013). On the persistence of overconfidence: evidence from multi- unit auctions. journal of behavioral finance.[26]
  • Brenner, Galai & Sade. (2009). Sovereign debt auctions: uniform or discriminatory? Journal of monetary economics, 56(2), 267-274.[27]
  • Galili & Sade. (2006). "The ostrich effect" and the relationship between the liquidity and the yields of financial assets. The journal of business, 79(5).[28]
  • Schnitzlein, Zender & Sade. (2006). When less (potential demand) is more (revenue): asymmetric bidding capacities in feasible good auctions. The review of finance (ROF), 10(3), 389-416.[29]
  • Schnitzlein, Zender & Sade. (2006). Competition and cooperation in feasible good auctions: an experimental examination. The review of financial studies (RFS), 19(1), 195-235.[30]
  • Kalay, Wohl & Sade. (2004). measuring stock illiquidity: an investigation of the demand and supply schedule at the TASE. The journal of financial economics, 74(3), 461-486.[31]
  • Crowley & Sade. (2004). Does the option to cancel an order in a double auction market matter? The economics letters, 83(1), 89-97.[32]
  • Brenner, Galili & Sade. (2010). A Note on Sovereign Debt Auctions: Uniform or discriminatory? In R. W. Kolb, J. Wiley & Sons, Inc., Sovereign Debt: From Safety to Default (119-127). New Jersey: John Wiley & Sons, Inc.[33]
  • Brenner, M., Galai, D. & Sade, O. (2016) Uniform or Discriminatory Auctions: Endogenizing Bidder’s Choice in Divisible Good Auctions In Behavioral Finance: Where do Investors Biases Come From"? edited by Itzhak Venezia.[33]
  • Zur, E. & Sade, O. (2011). Baseball and the art of fair value: Do managers or the prediction markets make better predictions? In I. Venezia & Z. Wiener., Bridging the GAAP: Recent advanced in finance and accounting (63-93). Singapore: World Scientific Publishing Co. Pte. Ltd.[33]

Books

Sade co-authored a children book that teaches young people some of the basics of economics:[34]

• Sade, O. & Neurborne, E. (2011). How Ella Grew An Electric Guitar. New York: CreateSpace Independent Publishing Platform (110 Pages)

gollark: I mean, you can just use <#424419879853096961> for all this stuff, although with the impending reshufflement maybe there's a better chance of getting new channels implemented.
gollark: Really? Huh.
gollark: It's not as if adding channels magically makes discussion happen. Although it might help a bit.
gollark: ...
gollark: What? Greeting people ~~tricks them into believing the server is more welcoming~~.

References
  1. http://new.huji.ac.il/article/18295
  2. "Academic Profile | Orly Sade (PhD)". orly-sade.huji.ac.il. Retrieved 2018-04-17.
  3. "המועמדת המובילה לכיסא המפקח על הביטוח: אורלי שדה". כלכליסט - www.calcalist.co.il. 2013-08-18. Retrieved 2018-04-30.
  4. "פרופ' אורלי שדה היא האישה הראשונה בארץ הזוכה בתואר פרופסור למימון | האוניברסיטה העברית בירושלים | The Hebrew University of Jerusalem". new.huji.ac.il (in Hebrew). Retrieved 2018-04-17.
  5. "NYU Stern - Orly Sade - Visiting Associate Professor of Finance". www.stern.nyu.edu. Retrieved 2018-04-17.
  6. SciDev.Net. "The advent of crowdfunding innovations for development". SciDev.Net. Retrieved 2018-04-30.
  7. "Women Entrepreneurs Are More Successful Than Men In Crowdfunding Campaigns". NoCamels - Israeli Innovation News. 2014-09-08. Retrieved 2018-04-30.
  8. Simon, Ruth (2014-08-13). "Kickstarter Closes the 'Funding Gap' for Women". Wall Street Journal. ISSN 0099-9660. Retrieved 2018-04-30.
  9. "Why Female-Oriented Businesses Like Etsy and Thinx Struggle to Find Investors". Racked. Retrieved 2018-04-30.
  10. "בדרך למימון המונים, הצטיידי בנעלי בלט". כלכליסט - www.calcalist.co.il. 2014-09-04. Retrieved 2018-04-30.
  11. "ח"כ לשעבר רחל אדטו ופרופ' אורלי שדה ימונו לדח"ציות בכלל". כלכליסט - www.calcalist.co.il. 2017-02-13. Retrieved 2018-04-30.
  12. "ISA :: Prof. Orly Sade". www.isa.gov.il (in Hebrew). Retrieved 2018-04-17.
  13. "The Jerusalem School of Business Administration | Faculty & Research". bschool.huji.ac.il. Retrieved 2018-04-17.
  14. "רפורמת בכר לא תמיד הועילה". כלכליסט - www.calcalist.co.il. 2014-09-04. Retrieved 2018-04-30.
  15. T.N.G, Datascope. "Israel Science Foundation (ISF)". www.isf.org.il. Retrieved 2018-04-17.
  16. פרץ, סמי (2017-10-20). "המיליארדים שלנו תקועים בהר הכסף". TheMarker. Retrieved 2018-04-30.
  17. רוזנברג, אליצפן (2017-10-15). "מודעות לזכויות פיננסיות? בעיקר בשכבות החזקות". Ynet (in Hebrew). Retrieved 2018-04-30.
  18. "בנק ישראל: רפורמת חשבונות הגמל הקטנים היטיבה יותר לאוכלוסיות חזקות". כלכליסט - www.calcalist.co.il. 2017-10-15. Retrieved 2018-04-30.
  19. וינרב, גלי. "עובדים על עצמנו: מדוע אנו מדחיקים את חיינו הכלכליים?". Globes (in Hebrew). Retrieved 2018-04-30.
  20. רז, הילה (2012-09-04). "מוכרים מניות ברווח כדי לרוץ לספר לחבר'ה, אבל לא מוכרים בהפסד". TheMarker. Retrieved 2018-04-30.
  21. Hurwitz, Abigail; Sade, Orly; Winter, Eyal (2020-01-01). "Unintended consequences of minimum annuity laws: An experimental study". Journal of Economic Behavior & Organization. 169: 208–222. doi:10.1016/j.jebo.2019.11.008. ISSN 0167-2681.
  22. Hurwitz, Abigail; Sade, Orly (2019-05-22). "An investigation of time preferences, life expectancy, and annuity versus lump sum choices: Can smoking harm long-term saving decisions?". Journal of Economic Behavior & Organization. doi:10.1016/j.jebo.2019.05.011. ISSN 0167-2681.
  23. Sade, Orly; Marom, Dan; Gafni, Hadar (2017-02-27). "Are the Life and Death of an Early Stage Venture Indeed in the Power of the Tongue ? Lessons from Online Crowdfunding Pitches". Rochester, NY. SSRN 2255707. Cite journal requires |journal= (help)
  24. Mugerman, Yevgeny; Sade, Orly; Shayo, Moses (2014-05-02). "Long Term Savings Decisions: Financial Reform, Peer Effects and Ethnicity". Rochester, NY. SSRN 2011338. Cite journal requires |journal= (help)
  25. Morales-Camargo, Emmanuel; Sade, Orly; Schnitzlein, Charles R.; Zender, Jaime F. (2012-05-14). "Divisible Good Auctions with Asymmetric Information: An Experimental Examination". Rochester, NY. SSRN 1262474. Cite journal requires |journal= (help)
  26. Morales-Camargo, Emmanuel; Sade, Orly; Schnitzlein, Charles R.; Zender, Jaime F. (2012-07-01). "On the Persistence of Overconfidence: Evidence from Multi-Unit Auctions". Rochester, NY. SSRN 2143034. Cite journal requires |journal= (help)
  27. Brenner, Menachem; Galai, Dan; Sade, Orly (2009-03-01). "Sovereign Debt Auctions: Uniform or Discriminatory?". Rochester, NY. SSRN 1394962. Cite journal requires |journal= (help)
  28. Galai, Dan; Sade, Orly (2003-07-01). "The 'Ostrich Effect' and the Relationship between the Liquidity and the Yields of Financial Assets". Rochester, NY. SSRN 431180. Cite journal requires |journal= (help)
  29. Sade, Orly; Schnitzlein, Charles R.; Zender, Jaime F. (2005-05-10). "When Less (Potential Demand) is More (Revenue): Asymmetric Bidding Capacities in Divisible Good Auctions". Rochester, NY. SSRN 705901. Cite journal requires |journal= (help)
  30. Sade, Orly; Schnitzlein, Charles R.; Zender, Jaime F. (2008-02-29). "Competition and Cooperation in Divisible Good Auctions: An Experimental Examination". Rochester, NY. SSRN 900710. Cite journal requires |journal= (help)
  31. Kalay, Avner; Sade, Orly; Wohl, Avi (2005-02-17). "Measuring Stock Illiquidity: An Investigation of the Demand and Supply Schedules at the TASE". Rochester, NY. SSRN 668061. Cite journal requires |journal= (help)
  32. Crowley, Steve; Sade, Orly (2005-02-16). "Does The Option to Cancel an Order in a Double Auction Market Matter?". Rochester, NY. SSRN 667742. Cite journal requires |journal= (help)
  33. "In Books". orly-sade.huji.ac.il. Retrieved 2019-05-02.
  34. "איפה גדל הכסף? ספרי הילדים לא ממש עונים". כלכליסט - www.calcalist.co.il. 2011-10-09. Retrieved 2018-04-30.
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