Detail

Professor Kalay joined Columbia's Business School faculty in the summer of 2011. He teaches Financial Accounting in the MBA and EMBA programs. Professor Kalay's current research examines the relation between the firm's information environment and related disclosure activities managers engage in, and attributes of the firm's investors. In this context, his research develops a new approach to examine variation in investor sophistication (information processing abilities) based on investor activity in the options market. He uses this approach to analyze how different disclosure activities potentially attract investors with varying levels of sophistication, creating disclosure clientele effects. More broadly, Professor Kalay's research is focused on understanding the interplay between disclosure, the firm's information environment, and the firm's ownership structure (or investor base), including resulting private benefits of control. Professor Kalay earned a PhD from the University of Chicago in 2011, and an MBA from the Wharton School of Business in 2004. Prior to earning his PhD, Professor Kalay worked as an associate at McKinsey & Company, in the Corporate Finance Practice. He has also served as a faculty member in McKinsey's Core Skills Valuation Training Program.

• Spring 2012
  Accounting I: Financial Accounting (MBA)
  Financial Accounting (EMBA)
  
• Fall 2012
  Accounting I (MBA)
  

Investor Sophistication and Disclosure Clienteles Working Paper (2012)
Author(s): Alon Kalay

Earnings News and Aggregate Stock Returns (2011)
Author(s): Jung Ho Choi, Alon Kalay, Gil Sadka

The Market Reaction to Stock Split Announcements: Tests of Information, Liquidity, and Catering Hypotheses Working paper (2010)
Author(s): Alon Kalay, Mathias Kronlund