Yishay Yafeh

Prof. Yishay Yafeh

Professor, School of Business Administration
yishay yafeh

PhD (1993) - Harvard University


Research Interest

  • Comparative financial systems
  • Financial intermediation and banking
  • The Japanese economy and economies of East Asia
  • Economic and financial history


Language Skills

Hebrew, English, Japanese, French, Italian, Arabic.



  • 1993 - Ph.D. in Economics, Harvard University.
  • 1991 - M.A. in Economics, Harvard University.
  • 1988 - B.A. in Economics and East Asian Studies, The Hebrew University of Jerusalem (with distinction).


Positions Held

  • 10/2006-Present - Associate Professor (with tenure), School of Business Administration, The Hebrew University.
  • 2/2008-8/2008 - Resident Scholar, IMF Research Department.
  • 10/2002-9/2006 - Senior Lecturer (with tenure), School of Business Administration and Department of East Asian Studies, the Hebrew University.
  • 11/2002-12/2003 - Associate Professor (with tenure), Department of Economics, University of Montreal.
  • 10/1995-9/2002 - Alon Lecturer of Economics and East Asian Studies, the Hebrew University.
  • 1-6/2002 - Visiting Lecturer, the Eitan Berglas School of Economics, Tel Aviv University.
  • 10/2000-12/2001 - Visiting Fellow, the University of Oxford, St. Antony’s College, the Nissan Institute, and the Said Business School.
  • 10/1994-9/1995 - Golda Meir Post-doctoral Fellow, Department of Economics, the Hebrew University.
  • 9/1992-8/1994 - Academy Scholar, Harvard Academy for International and Area Studies, Harvard University.


Other Affiliations

  • 12/2003-present - Research Fellow, Centre for Economic Policy Research (CEPR).
  • 7/2004-present - Research Associate, European Corporate Governance Institute (ECGI).
  • 12/2005-present - Associate Editor, Journal of Banking and Finance.
  • 7/2006-present - Associate Editor, Pacific Basin Finance Journal.
  • 8/2006-present - Associate Editor, Japan and the World Economy.
  • 1/2001-present - Member of the Editorial Board, Journal of Banking Regulation.
  • 1-6/2006 - Academic Consultant, Israel Securities Authority.
  • 10/1994-9/2000, 6/2002-9/2003 - Academic Consultant, Bank of Israel Research Department.


Other Related Experience

  • 6/2004, 2/2004, 4/2003, 12/2002, 8/2001, 5/2000 - Visiting Scholar, IMF.
  • 7-9/2002 - Visiting Professor, Hitotsubashi University.
  • 2/2002 - Visiting Professor, Tilburg University.
  • 4/2001 - Visiting Professor, Stockholm School of Economics.
  • 7-9/1998 - Visiting Scholar, the University of Tokyo.
  • 5-6/1993 - Visiting Scholar, the University of Tokyo.
  • 9/1990-8/1992 - Teaching Fellow, Economics Department, Harvard University.


Courses Taught

  • The Japanese Economy / Business and Markets in Asia (undergraduate; MBA).
  • Introduction to Industrial Organization (undergraduate; MBA).
  • Financial Economics (undergraduate).
  • Financial Economics (graduate).
  • Topics in Financial Economics (graduate; MBA)
  • The Japanese Financial System and Banking Crisis (graduate mini-course).
  • Corporate Finance (MBA).


Awards and Prizes

  • 2005 - Outstanding Teaching Award, the Hebrew University.
  • 2002-2005 - Israel Science Foundation Award, “Emerging Market Bond Spreads and Crises: Lessons from the Heyday of the London Market, 1870-1914” (with Nathan Sussman, $60,000.
  • 2000/01 - St. Antony’s College Fellowship, Oxford University.
  • 1996 - Outstanding Teaching Award, the Hebrew University.
  • 1995 - Alon Fellowship.
  • 1994 - Golda Meir Fellowship.
  • 1992/3, 1993/4 - Harvard Academy Scholar for International and Area Studies.
  • 1992 - W. Kremer Award for Study Abroad, the Hebrew University.
  • 1992 - East Asian Studies Award, the Hebrew University.
  • 1989/90, 1990/91 - US Committee on Japanese Economic Studies Award.
  • 1989 - Fulbright Award, US-Israel Education Foundation.
  • 1985/6, 1986/7, 1987/8 - The Dean Prize, the Hebrew University.
  • 1985 - Award for Study of the Italian Language, Government of Italy.


List of Publications


“Essays on the Evolution and Behavior of the Japanese Corporate Groups,” Harvard University, Cambridge Mass., August 1993.


Published Book


“Emerging Markets and Financial Globalization: Sovereign Bond Spreads in 1870-1913 and Today”, Oxford University Press, 2006 (with Paolo Mauro and Nathan Sussman).

Research Articles

  • "Can Venture Capital Funds Pick Winners? Evidence from Pre-IPO Survival Rates and Post-IPO Performance" (with Hedva Ber), Israel Economic Review Vol. 5, No. 1, November 2007, pp. 23-46 (English version) and Bank of Israel Economic Review, Vol. 81, January 2008, pp. 115-141 (Hebrew version).
  • "Japan's Banking Crisis: An Event-Study Perspective" (with Hideaki Miyajima), Journal of Banking and Finance, Vol. 31, No. 9, September 2007, pp. 2866-2885 .
  • “Business Groups in Emerging Markets: Paragons or Parasites?” (with Tarun Khanna), forthcoming, Journal of Economic Literature (subject to minor revision).
  • “Institutional Reforms, Financial Development and Sovereign Debt: Britain 1690-1790” (with Nathan Sussman), forthcoming, Journal of Economic History.
  • “Sources of Funds and Investment Strategies of Venture Capital Funds: Evidence from Germany, Israel, Japan and the UK” (with Colin Mayer and Koen Schoors), Journal of Corporate Finance, Vol. 11, No. 3, June 2005, pp. 586-608.
  • “Business Groups and Risk Sharing around the World” (with Tarun Khanna), Journal of Business, Vol. 78, No. 1, January 2005, pp. 301-340.
  • “Large Shareholders and Banks: Who Monitors and How” (with Oved Yosha), Economic Journal, Vol. 113, No. 484, January 2003, pp. 128-146. Reprinted in J. Fan, M. Hanazaki and J. Teranishi (eds.), Designing Financial Systems in East Asia and Japan, Routledge Press, London 2004, pp. 225-246.
  • “Emerging Market Spreads: Then versus Now” (with Paolo Mauro and Nathan Sussman), Quarterly Journal of Economics, Vol. 117, No. 2, May 2002, pp. 695-733.
  • “The Industrial Organization of Financial Systems and the Strategic Use of Relationship Banking” (with Oved Yosha), European Finance Review, Vol. 5, No. 1-2, 2001, pp. 63-78.
  • “Vagabond Shoes Longing to Stray: Why Foreign Firms List in the United States” (with Asher Blass), Journal of Banking and Finance, Vol. 25, No. 3, March 2001, pp. 555-572.
  • “Conflict of Interest in Universal Banking: Bank Lending, Stock Underwriting, and Fund Management” (with Hedva Ber and Oved Yosha), Journal of Monetary Economics, Vol. 47, No. 1, February 2001, pp. 189-218.
  • “Institutions, Reforms, and Country Risk: Lessons from Japanese Government Debt in the Meiji Period” (with Nathan Sussman), Journal of Economic History, Vol. 60, No. 2, June 2000, pp. 442-467.
  • “On the Costs of a Bank-Centered Financial System: Evidence from the Changing Main Bank Relations in Japan” (with David Weinstein), Journal of Finance, Vol. 53, No. 2, April 1998, pp. 635-672.
  • “Japan’s Corporate Groups: Collusive or Competitive? An Empirical Investigation of Keiretsu Behavior” (with David Weinstein), Journal of Industrial Economics, Vol. 43, No. 4, December 1995, pp. 359-376.
  • “Corporate Ownership, Profitability and Bank-Firm Ties: Evidence from the American Occupation Reforms in Japan,” Journal of the Japanese and International Economies, Vol. 9, No. 2, June 1995, pp. 154-173.
  • “A Micro-econometric Analysis of Technology Transfer: The Case of Licensing Agreements of Japanese Firms” (with Jose Montalvo), International Journal of Industrial Organization, Vol. 12, No. 2, June 1994, pp. 227-244.


Research Papers in Special Issues of Refereed Journals

  • “The Determinants of Israel’s Cost of Capital: Globalization, Reforms and Politics” (with Asher Blass and Osnat Peled), The Economic Quarterly, Vol. 49, No. 4, December 2002, pp. 658-693 (Hebrew version); Israeli Economic Review, Vol. 2, No. 1, pp. 29-55 (English version).
  • “Contagion and Capital Market Integration in Asia: Historical and Contemporary Evidence” (with Nathan Sussman), in J. Lee (editor), Structural Adjustments after the Asian Financial Crisis, a special issue of the Seoul Journal of Economics, Vol. 12, No. 4, Winter 1999, pp. 391–417.
  • “The Gold Standard, the Cost of Foreign Borrowing, and Capital Market Integration: Historical Evidence from Japanese Sovereign Debt” (with Nathan Sussman, in French), in M. Flandreau (editor), A Century of International Financial Architecture, a special issue of Economie Internationale, Vol. 78, No. 2, 1999, pp. 85-103.


Chapters in Edited Volumes

  • "Business Group in Israel" (with Konstantin Kosenko), in A. Colpan, T. Hikino and J. Lincoln (eds.), Oxford Handbook of Business Groups, Oxford University Press, forthcoming.
  • “The Russo-Japanese War and the Perception of Japan by British Investors” (with Nathan Sussman), in R. Kowner and B. Shillony (eds.), Rethinking the Russo-Japanese War, 1904-5: A Centennial Perspective, Global Oriental, London, forthcoming.
  • “The Israeli Banking System in Historical Perspective: Diversification versus Competition” (with Oved Yosha and Sharon Blei), in N. Liviatan and H. Barkai (eds.), The Bank of Israel: Fifty Years of Striving for Monetary Control, Vol. 2, Bank of Israel, Jerusalem 2004, pp. 149-164 (Hebrew version); Selected Topics in Israel's Monetary Policy, Oxford University Press, forthcoming (English version).
  • “Japan’s Corporate Groups: Some International and Historical Perspectives,” in M. Blomstr?m, J. Corbett, F. Hayashi and A. Kashyap (eds.) Structural Impediments to Growth in Japan, University of Chicago Press, Chicago 2003, pp. 259-284.


Surveys and Reviews

  • "Financial Crises of the Future: Will Thy Resemble the Contagious Crises of the 1990s or the Contry-Specific Crises of the 1890s?" (with Paolo Mauro), Finance and Development, Vol. 44, No. 4, December 2007.
  • “Corporate Governance in Japan: Past Performance and Future Prospects,” Oxford Review of Economic Policy, Vol. 16, No. 2, Summer 2000, pp. 74-84.
  • “Corporate Governance in an Emerging Market: The Case of Israel” (with Asher Blass and Oved Yosha), Journal of Applied Corporate Finance, Vol. 10, No. 4, Winter 1998, pp. 79-89.
  • “Financial Markets Reform, Patterns of Corporate Finance, and the Continued Dominance of Large Banks: Israel 1985-95” (with Oved Yosha), Economic Systems, Vol. 22, No. 2, June 1998, pp. 175-199.
  • “Anatomy of Financial Markets Reform from an Industrial Organization Perspective, Israel 1985-1995” (with Oved Yosha, in Hebrew), The Economic Quarterly, Vol. 43, No. 4, December 1996, pp. 593-619.
  • “Competition vs. Stability in Capital Markets: Some General Aspects and the International Experience” (with Oved Yosha, in Hebrew), The Economic Quarterly, Vol. 42, No. 3, November 1995, pp. 409-416.
  • “Introduction: Japan as a Model? Insights and Cautionary Notes” (with Eyal Ben-Ari and Ehud Harari), in the proceedings of the conference Lessons from East Asia for the Middle East in the Era of Peace, The Truman Institute for the Advancement of Peace, The Hebrew University, June 1988, pp. vii-xxiii.
  • Review Article: “R. Dore, Stock Market Capitalism: Welfare Capitalism, Japan and Germany versus the Anglo-Saxons,” Economica, Vol. 70, No. 280, November 2003, pp. 704-705.
  • Review Article: “M. Fukao, Financial Integration, Corporate Governance and the Performance of Multinational Companies, Brookings Institution”, Journal of the Japanese and International Economies, Vol. 11, No. 3, September 1997, pp. 311-313.
  • Review Article: “Y. Miwa, Firms and Industrial Organization in Japan, New York University Press”, Journal of Economic History, Vol. 57, No. 2, June 1997, pp. 554-556.
  • Review Article: “S. Tsuru, Japan’s Capitalism: Creative Defeat and Beyond, Cambridge University Press”, American Asian Review, Vol. 12, No. 4, Fall 1994, pp. 252-258.


Working Papers and Papers under Review

  • “Japan’s Banking Crisis: Who has the Most to Lose?” (with Hideaki Miyajima), CEPR Discussion Paper No. 4403, third revision.
  • “Venture Capital Funds and Post-IPO Performance in Booms and Busts: Evidence from Israeli IPO’s in the US in the 1990s” (with Hedva Ber), CEPR Discussion Paper No. 4672.
  • “The Corporation of Foreign Bondholders” (with Paolo Mauro), International Monetary Fund Working Paper No. 03/107.
  • “Bloodshed or Reforms? The Determinants of Sovereign Bond Spreads in 1870–1913 and Today” (with Paolo Mauro and Nathan Sussman), CEPR Discussion Paper No. 5528.


Presentations in Scientific Conferences

Politics of Corporate Governance (Copenhagen, 2006), Institutions, Politics, and Corporate Governance (Tokyo, 2006); RICAFE Risk Capital and Financing of European Innovative Firms (Turin, 2005), CEPR The Building Blocks of Effective Financial Systems (Rome, 2005); CEPR International Financial Integration (Vienna, 2005); CEPR Corporate Governance: Europe-Japan Comparisons (Tokyo, 2005); CEPR European Summer Symposium in Financial Markets (Gerzensee, 2005); European Corporate Governance Institute Inaugural Conference (Oxford, 2005); Conference in Memory of Oved Yosha (Tel Aviv, 2005); Harvard Business School International Research Conference (Boston, 2004); CEPR Understanding Financial Architecture (Stockholm, 2004); Second Hitotsubashi conference on Corporate Governance in Asia (Tokyo, 2004); CEPR The Evolution of Corporate Governance and Family Firms (Paris, 2004); RICAFE Risk Capital and Financing of European Innovative Firms (London, 2003); CESifo Economic Stagnation in Japan (Venice, 2003); Sovereign Debt Conference (Stanford, 2003); IMF Global Linkages (Washington, 2003); NBER Japanese Economy Workshop (Tokyo, 2002); NBER Structural Impediments to Growth in Japan (Tokyo, 2002); IMF/Hitotsubashi conference on Corporate Governance in Asia (Tokyo, 2001); CEPR The Firm and its Stakeholders (Courmayeur, 2001); LBS Emerging Markets Finance (London, 2000); CEPR The Design of Primary Equity Markets (Capri, 2000); NBER Japanese Economy Workshop (Cambridge Mass., 2000); Competition in Banking: Good or Bad (Frankfurt, 2000); Invited Speaker, ASSET Annual Conference (Tel Aviv, 1999); Structural Adjustments after the Asian Financial Crisis (Seoul, 1999); CEPR Japanese Economy Network (Oxford, 1999); ZEW Financing Innovation Workshop (Mannheim, 1999); CEPR Japanese Economy Network (Milan, 1998); NBER Japanese Economy and Corporate Finance Workshop (Cambridge Mass., 1998); ASSET Conference on Banking (Lisbon, 1997); CEPR Financial Intermediation Conference (Sardinia, 1997); 1st Meeting of the European Network on Corporate Governance (Milan, 1997); CEPR Japanese Economy Network (London, 1996); Finance in Tel Aviv (1996); 21 EARIE Conference (Juans Les Pins, 1995); CEPR Japanese Economy Network (Berlin, 1995); CEPR Competing Models of Capitalism (Brussels, 1994); Cliometrics Annual Conference (Tucson, 1994).


Referee for

Bank of Israel Economic Review, Canadian Journal of Economics, CESIfo Economic Studies, Economic Journal, Economic Quarterly, Economic Systems, Economics Letters, Economics of Transition, European Finance Review, European Journal of Comparative Economics, European Review of Economic History, Financial Management, Fulbright Foundation, Hong Kong Research Grants Council, IMF Staff Papers, International Journal of Industrial Organization, International Journal of Managerial Finance, Israel Foundation of Trustees, Israel Science Foundation, Israeli Economic Review, Journal of Banking and Finance, Journal of Business, Journal of Corporate Finance, Journal of Economic Growth, Journal of Economic History, Journal of Economics & Management Strategy, Journal of Finance, Journal of Financial Intermediation, Journal of Industrial Economics, Journal of the Japanese and International Economies, Journal of Labor Economics, Journal of Law and Economics, Journal of Money, Credit and Banking, Journal of Political Economy, MIT Press, Open University (Israel), Oxford Economic Papers, Oxford University Press, Research in Economics, Review of Economics and Statistics, Review of Finance.


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