Alon Kalay

Assistant Professor


BA, Tel Aviv University, 1998; MBA, Wharton, 2004; PhD, University of Chicago, 2011

Joined CBS in 2011

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Alon Kalay

620 Uris




Teaching and research interest

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.

Working Papers

Earnings News, Expected Earnings and Aggregate Stock Returns (2013)
Author(s): Jung Ho Choi, Alon Kalay, Gil Sadka

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

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

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