Tavy Ronen, Director

Education and Employment

Tavy Ronen is an Associate Professor of Finance at Rutgers University. She holds a BA in Economics from Wesleyan University and a Ph.D. (1994) in Finance from the Stern School Of Business, New York University. She has taught at several universities, including NYU, Columbia University and the University of Wisconsin at Madison.

Research Interests

Professor Ronen has published several articles in peer rated academic journals such as the Review of Financial Studies and the Journal of Financial and Quantitative Analysis. She is also the editor of a book on Market Microstructure. Professor Ronen's research has spanned the areas of equity market microstructure, corporate bond market efficiency, liquidity and intraday movements, credit markets, and overnight information effects. She has written on various other aspects of the financial systems and has taught more than 17 different finance and economics courses on various topics throughout her teaching career.

Academic and Professional Activities

Professor Ronen is a member of many professional societies, including the American Finance Association, the European Finance Association, the Financial Management Association and the Western Finance Association. She has served as ad hoc reviewer for many top tier journals including the Journal of Banking and Finance, Journal of Finance, Journal of Financial Markets, the Review of Financial Studies and many others, and has served on the program committee of various conferences and symposiums such as the European Finance Meetings Association, the Western Finance Association Meetings, and the Whitcomb Microstructure Conference, which she coordinated.

She has also served as expert witness in a variety of litigation cases and as consultant on class action securities litigation cases and business infringements.

Full CV

Education:

Ph.D. in Finance, Stern School of Business, New York University, New York, NY, 1994
M.Phil. in Finance, Stern School of Business, New York University, New York, NY, 1991
B.A. in Economics, Wesleyan University, Middletown, CT, 1986

Experience:

Rutgers University, Associate Professor of Finance, 2003-present, Assistant Professor of Finance 1995-2003 Graduate courses taught: Analysis of Investments and Corporate Analysis, Financial Institutions and Markets, Advanced Financial Management, Managerial Economics, Macroeconomics, Corporate Finance, International Capital Markets. Undergraduate courses taught: Introduction to Finance, Investments, Advanced Corporate Finance

Pace University, Visiting Associate Professor, 2003-2004, while on leave from Rutgers. Taught MBA level and undergraduate level: Introduction to Finance, Investments and Portfolio Analysis, Managerial Finance, Investments Analysis and Management

Columbia University, Graduate School of Business, Visiting Assistant Professor, 1998-1999, Taught MBA level Capital Markets and Investments

New York University, Stern School of Business, Visiting Assistant Professor, Fall 1997 Taught MBA level Capital Markets and Investments

University of Wisconsin-Madison, Assistant Professor, 1993-1995 Taught MBA level and Undergraduate Investments and Introductory Finance courses

New York University, Stern School of Business, Full-Time Instructor while graduate student, 1990-1993 Taught MBA level and undergraduate Financial Management, Advanced Financial Management courses

Honors:

Recipient of Iddo Sarnat Award, Best Paper 1998, Journal of Banking and Finance, 1998

Dean's Award 1997-1998, Rutgers University - Co-Principal

Received Research Resources fellowship and grant, Rutgers University, 1996, 1997, 2004-2005

Dean's Award for Best Teaching, New York University, 1991-1992

Doctoral grant, New York University, 1987-1990

Teaching fellowship, New York University, 1990-1993 (Hired as Adjunct Professor in 1993)

Publications in Refereed Journals:

Tests and Properties of Variance Ratios in Microstructure Studies, Journal of Financial and Quantitative Analysis, 32, 183-204, June 1997

Trading Structure and Overnight Information: A Natural Experiment from the Tel-Aviv Stock Exchange, Journal of Banking and Finance, 22, 489-512, May 1998, Lead article (won Iddo Sarnat Award for best paper, Journal of Banking and Finance for 1998

Teenies Anyone? (with Daniel Weaver), Journal of Financial Markets, 4, 231-260, 2001

The Informational Efficiency of the Corporate Bond Market: An Intraday Analysis (with Edith S. Hotchkiss). Review of Financial Studies, Volume 15, Issue 5, 2002, pp. 1325-1354. Lead article, presented at Review of Financial Studies 1999 Symposium on Price Formation

On the Tension Between Truth-telling and Earnings Management: a Reconsideration of the Revelation Principle, with Varda Yaari, Journal of Accounting, Auditing and Finance, September 2002

Price Continuity and Volatility (with Daniel Weaver, Joseph Tzur and Varda Yaari), Estonian Business School Review, Summer 2002

Does the Increased Flexibility in US GAAP Enhance Market Efficiency? (With Varda Yaari and Joseph Tzur), Estonian Business School Review, Summer 2002

The Effect Of Voluntary Disclosure and Preemptive Pre-Announcements on Earnings Response Coefficients (ERC) When Firms Manage Earnings (with Joshua Ronen and Varda Yaari), Journal of Accounting, Auditing and Finance, Volume 18, Issue 3, Summer 2003

Observable Consequences of Trading Structure Differences: On the Use of Variance Ratios in Microstructure Studies, Review of Quantitative Finance and Accounting, Volume 20, Number 2, 2003, pp.187-200

Published Books:

Edited book entitled Essays in Microstructure in Honor of David K. Whitcomb, co-edited with Ivan E. Brick and Cheng-Few Lee, 2006, in Advances in Quantitative Analysis of Finance and Accounting, Volume 3. Co-authored Introduction.

Publications Reprinted in Books:

The Informational Efficiency of the Corporate Bond Market: An Intraday Analysis (with Edith S. Hotchkiss). Reprinted in Financial Markets, edited by Jeff Madura, Florida Atlantic University, Sage Publications, June 2004

Teenies Anyone? (with Daniel Weaver). Reprinted in Million Dollar Trading Articles: Stocks Futures, Commodities, Options, Forex, compiled by David Jenyns, 2005

Working Papers:

Bootstrap Refinements of Microstructure Tests (with Tom George and Chuan Yang Huang)

Where did all the Information Go? Trade in the Corporate Bond Market, with Xing Zhou

Work in Progress:

Increased Transparency: A Transactions Level Analysis of Informational Asymmetry and Efficiency in the Corporate Bond Market, with Edith Hotchkiss and Xing Zhou.

Price Leaders: Reflecting Liquidity in the Corporate Bond and CDS Markets, and How the Credit Crunch Stole the Day", with Wei Wu and Xing Zhou

Whose Report Matters? Analyst Types and Debt Markets, with Edith Hotchkiss

Price Discovery in the CDS and Equity Markets: Pricing Errors and Volatility Overnight and During the Day, with Andras Fulop

Equity Dark Pools Meet Credit Markets: What Liquidity Might Mean Today, with Gerald O'Donnell

CDS Opacity and How Marking to Market Pushed the Credit Crunch: A Case Study, with Alex Dontoh and Joshua Ronen

Professional Activity

Invited Seminar Presentations: University of Colorado, May 2, 2008; University of California at Berkeley; University of Iowa; Group HEC; INSEAD; London Business School; Rutgers University; Baruch College; Carnegie-Mellon; Columbia University; Duke; New York University; Penn State; Rutgers University; SUNY Buffalo; the University of Miami; University of Wisconsin-Madison

Competitive Conference Acceptances/Invited Presentations/Presentations: C.R.E.D.I.T Liquidity and Credit Risk Conference, September 2008; European Finance Association Meetings, August 2008; China International Conference, June 2008; FMA European Meetings, June 2008, NBER Microstructure group meetings, December 1999; Fuqua and Duke Law School Conference on Reexamining the Regulation of Capital Markets for Debt, November 1999; RFS conference on Price Formation 1999; INFORMS meetings, 1998; European Finance Association Meetings, 1994, 1995, 1999,; Western Finance Association Meetings, 1994, 1999; Financial Management Association Meetings, 2001

Conference Panelist:

Equity Markets Microstructure Seminar, Baruch College, Round Table Panelist, November 2003

Invited Discussant/Chairperson at Competitive Conferences/NBER: Discussant, European Finance Association Meetings, August 2008; Discussant, FMA European Meetings, June 2008; Discussant, NBER Microstructure Meetings, May 2004; Chairperson, Financial Management Association Meetings 2004, New Orleans; Discussant, Twelfth Annual Conference on Accounting and Finance, New Jersey, 2001; Discussant, European Finance Association Meetings, Brussels, 1994; Discussant, European Finance Association Meetings, Milan, 1995; Discussant, European Finance Association Meetings, Helsinki, 1999; Discussant, Western Finance Association Meetings, Whistler, 1993; Discussant, Financial Management Association Meetings, St. Louis, 1993; Organizing Chairperson, INFORMS Association Meetings, Tel-Aviv, 1998

Courses Taught:

1. Financial Institutions 2. Analysis of Investments and Corporate Analysis 3. Financial Institutions and Markets 4. Capital Markets and Investments 5. Foundations of Finance 6. Advanced Financial Management 7. Financial Management 8. Introduction to Finance 9. Managerial Economics 10. Macroeconomics 11. Corporate Finance 12. Investments 13. Investments Analysis and Management 14. Investments and Portfolio Analysis 15. Managerial Finance 16. International Capital Markets 17. Doctoral Course: Microstructure

Testimony:

In re HealthSouth Bondholder Litigation, Consolidated Case No.CV-03-BE-1502-S, United States District Court, Northern District of Alabama, Southern Division.
Deposition January 30, 2008

In re Engelhard Corporation v. AGF Marine Aviation Transport; Docket # L-6645-98 Superior Court of NJ, Law Division of Middlesex County
Deposition March 21, 2001
Trial testimony May 2002

Consulting:

American Stock Exchange 1995, 2003, 2004: Provided consulting on structuring of the opening and closing trade mechanism and other matters

Federal Energy Regulation Committee (on Enron Case), 2001, provided consulting on trading mechanism used by utility industry