Prof. Shai Levi

Coller School of Management
הפקולטה לניהול ע"ש קולר סגל אקדמי בכיר

Short Biography

Shai joined Tel Aviv University after serving as faculty at UC Berkeley and teaching at its MBA program from 2004 to 2011. He holds a PhD from NYU's Stern School of Business, and a BA in economics and LLB in law from Tel Aviv University. He is lawyer by training, did his law clerkship in one of the leading Israeli law firms, and served as an economist in the Israeli Antitrust Authority.

Fields of Research

Shai teaches financial statement analysis and financial accounting, and his research focuses on the effects of financial disclosure on price efficiency and market liquidity


Levi, S. (2008). Voluntary disclosure of accruals in earnings press releases and the pricing of accruals. Review of Accounting Studies 13(1), 1-21.


Levi, S., and B. Segal (2014). The Impact of Debt-Equity Reporting Classifications on the Firm's Decision to Issue Hybrid Securities. European Accounting Review, 1-22.


Levi, S., and X.J. Zhang (2014). Do temporary increases in information asymmetry affect the cost of equity? Management Science, 61(2), 354-371.


Amir, E., Kama, I., and S. Levi (2015). Conditional persistence of earnings components and accounting anomalies. Journal of Business Finance & Accounting42(7-8), 801-825.


Levi, S., and X.J. Zhang (2015). Asymmetric decrease in liquidity before announcements, and the earnings announcement premium. Journal of Financial Economics, 118(2), 383-398.


Aboody, D., Levi, S., & Weiss, D. (2018). Managerial incentives, options, and cost-structure choices. Review of Accounting Studies, 23(2), 422-451.


Amir, E., Levi, S., & Livne, T. (2018). Do firms underreport information on cyber-attacks? Evidence from capital markets. Review of Accounting Studies, 1-30.


Amir, E., Lazar A., and S. Levi (2018). The Deterrent Effect of Whistleblowing on Tax Collections. European Accounting Review, 27 (5), 939-954.


Amir, E., & Levi, S. (2019). Estimating the Precision of Information on Earnings and Non-earnings Announcement Days, and Its Relation with the Cost of Equity. European Accounting Review28(2), 223-248.


Amir, E., S. Danziger, and S. Levi (2019). Business corruption and economic prosperity. Journal of Accounting, Auditing, and Finance, 34(4) 546–562.


Levi, S., and X.J. Zhang (2020). Strategic trading in the opening auction after earnings announcements. Journal of Financial Reporting. Forthcoming


Amir, E., S. Levi, and R. Zuckerman (2020). Differential precision of positive and negative information in the capital market. Journal of Accounting, Auditing, and Finance, Forthcoming.


Levi, S., B. Segal, and D. Segal (2020). Do fiduciary duties to creditors reduce debt-covenant avoidance? Journal of Business Finance & Accounting. Forthcoming.


An, J., D. Briley, S. Danziger, K. Jung, and S Levi (2022). The effect of socially responsible investments on investors’ charitable donations. Management Science. Forthcoming.


Amihud, Y., and S. Levi. (2023) Stock liquidity, the firm’s investment and its production. Review of Financial Studies 36(3), 1094–1147.

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