User profiles for Zvika Afik

Zvika Afik

Ben-Gurion University of the Negev
Verified email at som.bgu.ac.il
Cited by 235

Using Merton model for default prediction: An empirical assessment of selected alternatives

Z Afik, O Arad, K Galil - Journal of Empirical Finance, 2016 - Elsevier
It is surprising that although four decades passed since the publication of Merton (1974)
model, and despite the development and publications of various extensions and alternative …

The (un) informative value of credit rating announcements in small markets

Z Afik, I Feinstein, K Galil - Journal of Financial Stability, 2014 - Elsevier
This work examines the information value of local Israeli credit rating announcements. This
matter is also important to other small markets, in which a debt issuer may take advantage of …

Information effect of credit rating announcements in transition economies

Z Afik, Y Zabolotnyuk - … of International Financial Markets, Institutions and …, 2023 - Elsevier
This paper analyzes the credit rating markets in transition economies of Central and Eastern
Europe and the former USSR, an important economic area and countries that are quickly …

Getting high on cannabis stock returns an event study

Z Afik, TR Cohen, Y Lahav - Finance Research Letters, 2022 - Elsevier
We report the Israeli firms’ market value reaction to announcements on initiating Cannabis-related
activity. Using Event Study analysis, we find a significant positive effect of the …

Advance notice labor conflicts and firm value—An event study analysis on Israeli companies

Z Afik, R Haim, Y Lahav - Finance Research Letters, 2019 - Elsevier
The Israeli law has a special requirement—unions must announce a labor-conflict at least
15 days before a potential strike. This raises the question whether (and how) an advance …

Using Merton model: an empirical assessment of alternatives

Z Afik, O Arad, K Galil - Available at SSRN 2032678, 2012 - papers.ssrn.com
Merton (1974) suggested a structural model for default prediction which allows using timely
information from the equity market. The literature describes several specifications to the …

Risk transfer valuation in advance pricing agreements between multinational enterprises and tax authorities

Z Afik, Y Lahav - Journal of Accounting, Auditing & Finance, 2016 - journals.sagepub.com
Advance pricing agreements (APAs) are long-term contracts between multinational taxpayers
and tax authority(ies), according to which the taxpayer consents to use the agreed upon …

Winners and losers in investment competition–Experimental study

Z Afik, HH Dafna, Y Lahav - Finance Research Letters, 2024 - Elsevier
We report the results of lab experiments on investment competition, where all subjects receive
their accumulated earnings and the subject with the highest returns earns an additional …

The inverse of a terror event? Stock market response to pro-active action

Z Afik, Y Lahav, L Mandelzweig - Studies in Economics and Finance, 2016 - emerald.com
Purpose – This paper aims to study and document the effect of counter-terrorism on stock
returns. The authors select a sample of pro-active defense operations, performed by the Israeli …

New development: Does investment in social impact bonds affect equity prices? An event study

Z Afik, H Katz, A Levy, R Yosef - Public Money & Management, 2021 - Taylor & Francis
In social impact bonds (SIB), investors, service providers and governments collaborate to
alleviate a social problem. Despite growing interest in SIBs, researchers have overlooked how …