Yochanan Shachmurove

Professor

Main Affiliation

Economics and Business

Building

North Academic Center

Office

5/103B

Phone

212-650-6202

Yochanan Shachmurove

Yochanan Shachmurove

Profile

Dr. Yochanan Shachmurove is Professor of Economics and Business at the City College and the Graduate Center of the City University of New York. He has worked with Harvard Institute for International Development advising the government of Ukraine with regards to its macroeconomic policies, including energy and natural resources issues.  He has served as a Guest Editor for three special issues of the International Journal of Business, two of them dealing with Financial Markets of the Middle East, and one co-edited with Nobel Laureate Professor Lawrence Klein about the BRICs (Brazilian, Russian, Indian and Chinese economies), and as a Guest Editor for two issues of the Journal of Entrepreneurial Finance and Business Ventures.  He is the Editor of the Proceedings of the Academy of Entrepreneurial Finance, 2002.

 

He has been on the board of many journals, including Montenegrin Journal of Ecology, Studia Historiae Oeconomicae, The Journal of Adam Mickiewicz University, Poland, Poznan University of Economics Review, Economics and Economy, Interdisciplinary Journal of Economics and Business Law, Montenegrin Journal of Economics, (Co-Editor with Veselin Draskovic), Montenegrin Journal of Economics, Polityka Wschodnia – Eastern Politics, Journal of Quantitative Methods for Social Sciences, Foundations of Management, Quantitative Methods in Economics, International Trade Journal, Empirical Economics Review, The International Journal of Finance, The Journal of Entrepreneurial Finance, Frontiers in Finance and Economics, International Journal of Business, Global Finance Journal, The Journal of Entrepreneurial Finance and Business Ventures, The American Economist, and the Indiana Academy of the Social Science.

 

Dr. Shachmurove has taught at leading institutions of higher learning in five continents: Asia, Africa, North America, South America, Europe, and Australia.  Examples are, the University of Pennsylvania, Harvard University, Temple University, Indiana University – Indianapolis, University of Minnesota, National University of Kiev – Mohyla Academy, Ukraine; Taras Shevchenko National University of Kiev, Ukraine, New Economic School, Russia; Moscow State University, Russia, The University of Warsaw, Poland, Beijing Jiaotong University, Beijing, P. R. China, Pokhara University, Nepal and Bar- Ilan and Tel - Aviv universities in Israel.  He has been awarded four Fulbright Senior Specialist awards in Shanghai, China in 2004, in Lodz, Poland in 2003-2004, in Warsaw, Poland in 2010-2011 and in Kiev, Ukraine in 2014.

 

Dr. Shachmurove has published extensively in the areas of economics, finance and management with more than 100 refereed papers and more than 110 papers accepted for presentation at professional meetings throughout the world, travelling to numerous numbers of countries.  His papers are published in journals including, among others, Kyklos, Public Choice, The Manchester Journal, Review of International Economics, Review of Development Economics, The World Economy, Journal of Policy Modeling, Journal of Economic Modelling, International Trade Journal, The Journal of Energy and Development, Energy Economics, Comparative Economic Studies, Justice Quarterly, Papers in Regional Science, Journal of Economic and Social Measurement, Applied Economics, Global Finance Journal, Applied Financial Economics, Journal of Futures Markets, The Journal of Derivatives, North American Journal of Economics and Finance, International Journal of Manpower, and International Migration.

 

Professor Shachmurove has been awarded grants from, among others, the Kauffman Foundation (several grants), The U.S.A.’s State Department, The Institute for International Education Research (several grants), The Eurasia Foundation, Ukraine, Russia and the U.S.A.; University of Pennsylvania, Institute for Economic Research, University of Pennsylvania, Center for Analytic Research in Economics and the Social Sciences, The New Economic School, Moscow Russia, The Kasierer Institute for Research in Accounting, the Israeli Institute of Accounting Research, The European University Institute, Indiana Department of Commerce, and the Hudson Institute. Dr. Shachmurove has been awarded four Fulbright Awards.

 

Professor Shachmurove’s main research interests are in applied econometrics (including vector auto regressions, Bayesian vector auto regressions, emulative neural networks, non-linear deterministic systems, and chaos), international economics, industrial organization, entrepreneurial finance, advanced futures and options.

 
 
 

Curriculum Vitae

Education

B.A., Tel Aviv Univ., M.B.A.; M.A., Univ. of Minnesota, Ph.D.

Publications

Shachmurove, Yochanan, 1998. "Portfolio Analysis of South American Stock Markets,

 

"Applied Financial Economics, Taylor and Francis Journals, vol. 8(3), pages 315-27, June Kellman,

 

Mitchell & Shachmurove, Yochanan & Saadawi, Tarek, 1996. "Import vulnerability of defense-related industries: An empirical model,"

 

Journal of Policy Modeling, Elsevier, vol. 18(1), pages 87-107, February.

 

Hakim, Simon & Shachmurove, Yochanan, 1996. "Social cost benefit analysis of commercial and residential burglar and fire alarms," Journal of Policy Modeling, Elsevier, vol. 18(1), pages 49-67, February.

 

[Downloadable!] (restricted) Shachmurove, Yochanan & Spiegel, Uriel, 1995. "On Nations' Size and Transportation Costs," Review of International Economics, Blackwell Publishing, vol. 3(2), pages 235-43, June.

 

Chow, Peter & Kellman, Mitchell & Shachmurove, Yochanan, 1994. "East Asian NIC manufactured intra-industry trade 1965-1990,"

 

Journal of Asian Economics, Elsevier, vol. 5(3), pages 335-348.

 

Guttman, Joel M & Hilger, Naftali & Shachmurove, Yochanan, 1994. "Voting as Investment vs. Voting as Consumption: New Evidence

 

Kyklos, Blackwell Publishing, vol. 47(2), pages 197-207.

 

Guttman, Joel M & Shachmurove, Yochanan, 1990. " Dynamic Optimization of Political Popularity in an Empirical Macroeconomic Model'

 

Public Choice, Springer, vol. 66(1), pages 51-66, July.

Referred Publications

1.      “Determinants of Economic Growth in Israel,” Chapter 6 in Economic Miracles in European Economies, Magdalena Osińska (Editor), Springer International Publishing AG, 2019.

2.      “Technological Entrepreneurship: Substance, Meaning, Selected Directions in Research,” in Polish, (With Iwona Staniec, Karol Marek and Wojciech Machowiak), STUDIA I PRACE, Kolegium Zarzadzania i Finansow, Seszyt Naukowy, 168/2018, Pages 101-112, 2018.

3.      “Economic Development in Poland and Ukraine: The Case of Foreign Trade,” (With Tadeusz Kowalski),Interdisciplinary Journal of Economics and Business Law (IJEBL), UK. Volume 7, Issue 2, Pages 35 – 61, 2018.

4.      “Forecasting Company Default Using News Sentiment Analytics,” (With Bogusław BŁAWAT, Alojzy Z. NOWAK, Tadeusz WINKLER-DREWS), Interdisciplinary Journal of Economics and Business Law (IJEBL), UK. Volume 7, Issue 1, Pages 8-49, 2018.

5.      “Spatial Differentiation of Food Expenditures in an Enlarged European Union,” (With Borkowski B., Krawiec M., Szczesny, W., and Świątkowska, M.), Annals of Nutrition & Food Science, Volume 2, Issue 2, Article 1006, Pages 1-9, 2017.

6.      “Monetary Transmission: The Federal Funds Rate and the London Interbank Offered Rate (LIBOR),” (With J. Friedman) Journal of Finance and Economics, Volume 5, Issue 1, Pages 1-8, 2017.

7.      “Collaboration and Collaboration Risk in Small and Middle-Size Technological Enterprises,” (With Karol Marek Klimczak, Wojciech Machowiak and Iwona Staniec), LogForum, Scientific Journal of Logistics, Volume 13(2), Pages 221-235, 2017.

8.      “The Evolution and Future of the BRICS: Unbundling Politics from Economics,” (With Shahrokhi, Huifang, Dandapani, Figueiredo and Parhizgari, Global Finance Journal, Volume 32, February, Pages 1-15, 2017.

9.      “U.S.  SPACs with a focus on China,” (With Milos Vulanovic), Lead Article, Journal of Multinational Financial Management, Volume 39, Pages 1-18, 2017.

10.    Performance of American and Russian Joint Stock Companies on Financial Market: A Microstructure Perspective,” With Magdalena Osińska and Andrzej Dobrzyński, Equilibrium, Quarterly Journal of Economics and Economic Policy, Volume 11, Issue 4, Pages 819-851. DOI: http://dx.doi.org/10. 12775/EQUIL.2016.037, 2016.

11.    “Finance Methodology of Free Cash Flow,” (With U. Yaari, A. Nikiforova, E. Kahyaa), Global Finance Journal, Volume 29, February 2016, Pages 1–11, (Lead Article), 2016.

12.    “Economic Policy After the Financial Crisis,” (With A. Nowak and K. Ryc), in Global Financial Turbulence in the Euro Area: Polish Perspective, ed. A Nowak, Peter Lang GmbH, Internationaler Verlag der Wissenschaften, Frankfurt am Main, Pages 119 – 136, 2015.

13.    “Alternative Method of Measuring Concentration,” (With Z. J. Zawistowski1, W. Szczesny, B. Borkowski1, R. Kozera1 http://dx.doi.org/10.12785/amis/Concentration AMIS, Applied Mathematics and Information Sciences, Volume 10, Number 1, Pages 11 -19, 2015.

14.    “The Responses of the Prime Rate to a Change in Policies of the Federal Reserve,” (With J. Friedman), Journal of Economic Modelling, Volume 46, Pages 407 – 411, April 2015.

15.    “Specified Purpose Acquisition Companies in Shipping,” (With M. Vulanovic), Global Finance Journal, Volume 26, Issue 1, Pages 64-79, 2015.

16.    “The Risk of Holding Periods of International Stock Exchanges,” (With A. Nowak and T. Winkler-Drewsn), International Journal of Business, Vol. 20, No. 2, Forthcoming, pages 91 – 110 (Lead Article), 2015.

17.    “Real Convergence as the Way to Heal the Eurozone,” (With A. Nowak and K. Ryc) Przeglad Ustawodawstwa Gospodarczego NR 4, pages 1 – 12, 2014, also published in Yearbook of Polish European Studies (Yearbook of Polish European Studies), issue: 16 / 2013, pages: 85-110, and on www.ceeol.com.

18.    “Institutional Changes of Specified Purpose Acquisition Companies (SPACs),” (With M. Lakicevic, and M. Vulanovic), North American Journal of Economics and Finance, Volume 28, pages 149–169, 2014.

 

        19.    “The Reaction of the U.S. and the European Monetary Union to Recent Global Financial Crisis," (with T. Kowalski), Global Finance Journal, Volume 25, Issue 1, pages 27-47, 2014.

        20.    “Financing Innovation: First Round of Financing by Venture Capital,” in Perspectives on Financing Innovation, coedited by James E. Daily F Scott Kieff, and Arthur E. Wilmarth Routledge Publishers, C-LEAF Studies in Economic and Financial Law, pages 121 - 148, 2014.  The web-link for the book on Amazon is:

http://www.amazon.com/Perspectives-Financing-Innovation-Routledge-Financial/dp/1138017957/ref=sr_1_3?s=books&ie=UTF8&qid=1404389045&sr=1-3&keywords=Financing+Innovation#_

21.    “Exports and Development Montenegro 2006-2012,” (With M. Kellman), Montenegrin Journal of Economics, Volume 9, No. 3, July, pp. 29-43, 2013.

22.    “Sustainable Effects of Technological Progress and Trade Liberalization,” (With U. Spiegel),Economic Modelling, Volume 33, pp. 956–964, 2013.

23.    “Impact of Volatility Estimation Method on Theoretical Option Values,” (With B. Borkowski and M. Krawiec), Global Finance Journal, Volume 24, Number 2, pp. 119-128, 2013.

24.    “An Error of Collateral: Why Selling S&P 500 Index (SPX) Put Options May Not be Profitable,” (With E. Berkovich), The Journal of Derivatives, Spring, Volume 20, Number 3, pages 31-42, 2013.

25.    “Zmiany struktury eksportu produktów rolnych w wybranych krajach UE w okresie 1980-2010,” in Polish (With  Binderman, Z., Borkowski B., and Szczesny W.), Quantitative Methods  in  Economics, Vol. XIII, Number 1, pages 36 - 48, 2012.

26.    “Foreign Direct Investment among Latin American Custom Union Economies: An Economic Integration Analysis,” Chapter 10, (With Bengoa M., and Sanchez-Robles, PROPUESTAS DE POLÍTICA ECONÓMICA ANTE LOS DESAFÍOS ACTUALES, (University of Malaga Ed.), 2012, pp. 503-527.

27.    “Evolving Sophistication of Trade Patterns in a Transition Economy – Machinery Exports of Poland 1980–2009,” (with M. Kellman), POZNAŃ UNIVERSITY OF ECONOMICS REVIEW, (Lead Article), Volume 12, Number 3, 2012, pp. 9-41.

28.    “Economic Institutions and the Euro,” (with A. Nowak), Montenegrin Journal of Economics, (Lead Article), Volume 8, Number 2, 2012, pp. 7–24.

29.    “Financial Crises and Economic institutions: An Institutional Account of the U.S.A. Financial Crisis,” Montenegrin Journal of Economics, Volume 8, Number 2, 2012, pp. 45-52.

30.    “Economies, New: Africa, 1900-Present,” in Cultural Sociology of the Middle East, Asia, and Africa: An Encyclopedia, edited by Edward Ramsamy, Andrea L. Stanton, Peter J. Seybolt, and Carolyn Elliott, Volume 2; Africa, Volume 2, 2012, pp. 262-267, SAGE Publications Inc.

        31.    “An Essay in Favor of Dynamic Partial Control of the Economy,” (with R. Shinnar), International Journal of Business, Volume 17, Number 3, 2012, pp. 221 – 237.

        32.    “Changes of Structure of Exports of Agricultural Products in Chosen Countries During 1980 – 2010,” (with Z. Binderman, B. Borkowski, and W. Szczesny) Quantitative Methods in Economics, Volume XIII, Number 1, 2012, pp. 36-48, in Polish with an abstract in English.

        33.    “Giffen Goods in a Transition Economy: Subsistence Consumption in Russia,” (with J. Szyrmer), Frontiers in Finance and Economics, Volume 8, Number. 2: 27-48, 2011.

        34.    “String of Defaults: Spanish Financial Crises through the Years,” (with T. Shachmurove), AESTIMATIO, The IEB International Journal of Finance, Volume 2, 2011, pp. 168-187.

        35.    “A Historical Overview of Financial Crises in the United States,” Global Finance Journal, Volume 23, Issue 3: 217-231, 2011, published simultaneously in Poznan University of Economics Review, Volume 11, Number 1, 2011, pp. 28-47.

        36.    “The Financial Crisis: What is there to Learn?,” (with T. Kowalski), Global Finance Journal, Volume 23, Issue 3: 238-248, 2011, published simultaneously in “The Financial Crisis: What Lessons Can Be Learned?” (with T. Kowalski) Poznan University of Economics Review, Volume 11, Number 1, 2011, pp. 48-63.

        37.    “Geography and Venture Capital Investment in the U.S. 1995-2009,” (with E. Shachmurove), in Douglas Cumming (ed.) Handbook of Entrepreneurial Finance, Venture Capital and Private Equity, Chapter 31, 2011, pp. 938-965, Oxford University Press.

38.    “Diversification and Specialization Paradox in Developing Country Trade,” (with M. Kellman),Review of Development Economics, Volume 15, Number 2, May 2011, pp. 212-222.

39.    “An Excursion Through Two Hundred Years of Financial Crises,” Quantitative Methods in Economics, (Lead Article), Volume 11, Number 1, 2010, pp. 1-23.

40.    “Economic Crises: Past, Present and… Future,” International Journal of Business, (Lead Article), Volume 15, Number 4, Fall 2010, pp. 363-375.

41.    “The Welfare of Nations in a Globalized Economy,” (with U. Spiegel) International Trade Journal, (Lead Article), Volume 24, Number 3, July-September 2010, pp. 230-260.

42.     “Major U.S. States as Centers of Venture Backed Entrepreneurial Activities,” International Journal of Business, (Lead Article), Volume 15, Issue 2, 2010, pp. 131-141.

43.    “Venture-Backed Capital Investment in the Clean-Technology Industry in the United States,” in Spanish, “La Inversion Respaldada Por El Capital Riesgo En La Industria De La Technologia Limpia En Estados Unidos,” (with E. Shachmurove), CLM. Economia (Spain), Number 15, 2009, pp. 81-104.

44.    “The Rise in the Clean-Technology Venture Capital Market in the United States, 1995-2008,” (with E. Shachmurove), Polish Journal of Environmental Studies, Volume 18, Number 5B, 2009, pp. 171-176.

45.    “The Effects of Industrial Sector and Location on Venture-Backed United States Companies, 1995-2008,” (with E. Shachmurove), Polish Journal of Environmental Studies, Volume 18, Number 5B, 2009, pp. 165-170.

46.    “Entrepreneurship, Medium and Small Enterprises in Oman,” Chapter 25, in Handbook of Research on Asian Entrepreneurship, Leo Dana, Isabell Welpe, Vanessa Ratten and Mary Han (eds.), Edward Elgar, 2009, pp. 220-229.

47.    “Entrepreneurship, Medium and Small Enterprises in Qatar,” Chapter 29, in Handbook of Research on Asian Entrepreneurship, Leo Dana, Isabell Welpe, Vanessa Ratten and Mary Han, Edward Elgar (eds.), 2009, pp. 257-264.

48.    “Process Unpredictability in Deterministic Systems”, in Jose V. Ciprut, Editor, Indeterminacy, the Mapped, the Navigable and the Uncharted, (with H. Bau) Cambridge, MA: MIT Press, January 2009, pp. 215-240.

49.    “Dynamic Linkages among Asian – Pacific Exchange Rates 1995–2004,” (with T. Shachmurove),International Journal of Business, (Lead Article), Volume 13, Issue 2, 2008, pp. 101-117.

50.    “Modeling and Forecasting Energy Consumption in China: Implications for Chinese Energy Demand and Imports in 2020,” Energy Economics, (with J. Adams), Volume 30, Issue 3, May 2008, pp. 1263-1278.

51.    “A Future Global Economy to be Built by BRICs” (with Hui Fang Cheng, Margarida Gutierrez, Arvind Mahajan, and Manuchehr Shahrokhi), Global Finance Journal, (Lead Article), Volume 18, Number 2, 2007, pp. 143-156.

52.    “What Makes an Entrepreneur and Does it Pay? Native Men, Turks, and Other Migrants in Germany,” (with A. Constant, and K. F. Zimmermann), International Migration, Volume 45, Issue 4, October 2007, pp. 71-100.

53.    “Innovation and Trade: Introduction and Comments,” in Eytan Sheshinski, Robert J. Strom and William J. Baumol (eds.), Entrepreneurship, Innovation, and the Growth Mechanism of the Free-Enterprise Economies, Princeton University Press, 2007, pp. 247-260.

54.    “An Excursion into the Venture Capital Industry Stratified by Locations and Industries 1996-2005,”The Journal of Entrepreneurial Finance and Business Ventures, Volume 11, Issue 3, December 2006, pp. 79–104.

55.    “Endowment Shock and Its Welfare Effects in Open Market Economies,” (with U. Spiegel), The American Economist, Volume L, Number 2, Fall 2006, pp. 42–46.

56.    “The Aims and Purposes of the China Papers,” (with Laurence R. Klein), International Journal of Business, Volume 11, Number 3, 2006, pp. 237-238, 2006.

57.    “Dynamic Linkages among the Stock Exchanges of the Emerging Tigers of the Twenty First Century,”International Journal of Business, Volume 11, Number 3, 2006, pp. 317-344.

58.    “Entrepreneurial Ventures and Wage Differentials between Germans and Immigrants,” (with A. Constant), International Journal of Manpower, (Lead Article), Volume 27, Issue Number 3, July 2006, pp. 208-229.

59.    “Why Is China So Competitive? Measuring and Explaining China’s Competitiveness,” (with G. Adams and B. Gangnes), The World Economy, (Lead Article), Volume 29, Number 2, February 2006, pp. 95-122.

60.    “European Stock Market Linkages:  The Effect of the Adoption of the Euro as a Single Currency,”(with J. Friedman) Alliance Journal of Business Research, Volume 1, Number 2, November 2005, pp. 21-34.

61.    “Business Applications of Emulative Neural Networks”, International Journal of Business, (Lead Article), Volume 10, Issue 4, 2005, pp. 303–322.  Reprinted in Neural Networks, Mita Devi, Elizabeth Raju, Editors, Institute of Chartered Financial Analysts of India University Press, India, December 2009.

62.    “A Monopoly Reason Why Autarky Might be Best for a Large Country,” (with U. Spiegel), The Manchester School, (Lead Article), Volume 73, Number 3, June 2005, pp. 269 - 280.

63.    “Dynamic Linkages Among the Emerging Middle Eastern and the United States Stock Markets,”International Journal of Business, (Lead Article), Volume 10, Issue 1, 2005, pp. 103-132.

64.    “Annualized and Cumulative Returns on Venture-Backed Public Companies Categorized by Industry,” (with A. Shachmurove), The Journal of Entrepreneurial Finance and Business Ventures, Volume 9, Issue 3, December 2004, pp. 41-60.

65.    “Annualized Returns of Ventured-Backed Public Companies Stratified by Decades and by Stage of Financing,” (with E. Shachmurove), The Journal of Entrepreneurial Finance and Business Ventures, Volume 9, Issue 2, October 2004, pp. 109-123.

66.    “An introduction to the Special Issues on Financial Markets of the Middle East”, International Journal of Business, Volume 9, Issue 3, 2004, pp. 211-236.

67.    “Subjective Discount Functions – An Experimental Approach,” (with BenZion U. and Y. Yagil),Applied Financial Economics, 2004, Volume 14, pp. 299–311.

68.    “Entrepreneurial Failure and South Africa's Performance in the World Trading Environment,” (with M. Kellman and T. Roxo), The Journal of Entrepreneurial Finance and Business Ventures, (Lead Article), Volume 8, Issue 3, December 2003, pp. 1-15.

69.    “Introduction for the Special Issue on Emerging Financial Markets of the Middle East,”International Journal of Business, Volume 8, Issue 3, 2003, pp. 227-242.

70.    “Efficiency Differences Between the S&P 500 and the Tel-Aviv 25 Indices: A Moving Average Comparison,” (with BenZion, U., Klein, P. and Yagil Y.), International Journal of Business, Volume 8, Issue 3, 2003, pp. 267-284.

71.    “Costs and Benefits of Alarms to the Community,” (with S. Hakim, M. Gaffney and G. Renget), Chapter 6.3, pp. 311-321 in Readings in Security Management: Principles and Practices, Compiled and Edited by Robert D. McCrie, American Society for Industrial Security (ASIS) International, 2002, Reprinted from Security Journal, 1995.

72.    “Do Burglars Calculate ROI? A Logistic Regression Analysis,” (with G. Fishman, and S. Hakim),Second Moment: The News and Business Resource for Applied Analytics, 2003.

73.    “The Behavior of Secondary European Stock Markets to Positive and Negative Shocks,” International Journal of Business, (Lead Article), Volume 7, Number 2, 2002, pp. 1-16.

74.    “Annualized Returns of Venture-Backed Public Companies Categorized by Stage of Financing,” Journal of Entrepreneurial Finance, Volume 6, Number 1, 2001, pp. 44-58.

75.    “Dynamic Interrelation Among Major World Stock Market: A Neural Network Analysis,” (with D. Witkowska), International Journal of Business, (Lead Article), Volume 6, Issue 1, 2001, pp. 1-22.

76.    “Target Search of Burglars: A Revised Economic Model,” (with S. Hakim and G. Rengert), Papers in Regional Science, The Journal of the Regional Science Association International, (Lead Article), Volume 80, Number 2, April 2001, pp. 121- 137.

77.    “Have the Kibbutzim Helped to Narrow the Socioeconomic Gap in Israel?” (with T. Lecker), Jewish Population Studies 29, Papers in Jewish Demography 1997, Edited by Sergio Della Pergola and Judith Even, Jerusalem, 2001.

78.    “Portfolio Analysis of Major Eastern European Stock Markets” International Journal of Business, (Lead Article), Volume 5, Number 2, Fall 2000, pp. 1–28.

79.    “Energy Consumption and Economic Growth in East Asia: Implications of the East Asian Crisis” (with F. G. Adams), The Journal of Energy and Development, Volume 25, Number 1, 1999, pp. 71-85.

80.    “A Puzzle Resolved: Japan’s High Currency Value and Trade Surplus,” The American Economist, Volume 43, Number 1, 1999, pp. 47–51.

81.    “Immigration and Socioeconomic Gaps: Theory and Applications,” (with Tikva Lecker), Applied Economics, Volume 31, pp. 539 – 549, 1999.

82.    “The Premium in Black Dollar Foreign Exchange Markets: Evidence From Developing Economies,”Journal of Policy Modeling, (Lead Article), Volume 21, Number 1, 1999, pp. 1-39.

83.    “A Test of the Linder Hypothesis in Pacific Newly Industrialized Countries Trade,” (with Chow and Kellman) Applied Economics, Volume 31, pp. 175-182, 1999.

84.    “Return-Volume Dynamics in Futures Markets,” (with A. E. Kocagil), The Journal of Futures Markets, Volume 18, Number 4, June 1998, pp. 399-426.

85.    “The Use of Household Survey Data: The Probability of Property Crime Victimization,” (with G. Fishman and S. Hakim), Journal of Economic and Social Measurement, (Lead Article), Volume 24, Number 1, 1998, pp. 1-13. A Non-technical Summary Published in “Do Burglars Calculate ROI? A Logistic Regression Analysis,” (with G. Fishman and S. Hakim), Second Moment: The News and Business Resource for Applied Analytics, 2003.

86.    “Portfolio Analysis of South American Stock Markets,” Applied Financial Economics, Volume 8, 1998, pp. 315-327.

87.    “Potential Gains From International Diversification Across Latin American Stock Markets,” inEmerging Markets Finance and Investments, Choi and Doukas (editors), Quorum Books, Greenwood Publishing Group, 1998, pp. 297-315.

88.    “Crime Mobility,” (with S. Hakim) in American Cities and Suburbs: An Encyclopedia, edited by Neil L. Shumsky, Garland Publishing, New York City, 1998, pp. 219-220.

89.    “Suburban Crime,” (with S. Hakim) in American Cities and Suburbs: An Encyclopedia, edited by Neil L. Shumsky, Garland Publishing, New York City, 1998, pp. 753-754.

90.    “Have the Kibbutzim Helped to Narrow the Socioeconomic Gap in Israel?” (with T. Lecker), in Jewish Population Studies 29, Papers in Jewish Demography 1997, selected proceedings of the Demographic Sessions held at the 12th World Congress of Jewish Studies, Jerusalem, July–August, 1997, Edited by Sergio Della Pergola and Judith Even, The Avraham Harman Institute of Contemporary Jewry, The Hebrew University of Jerusalem, Jerusalem, 2001.

91.    “Trade and Development Patterns in the East Asian Economies,” (with F.G. Adams), Asian Economic Journal, (Lead Article), Volume 11, Number 4, December 1997, pp. 345-360.

92.    “Co-Movements of Major European Community Stock Markets: A Vector Autoregression Analysis,” (with J. Friedman), Global Finance Journal, Volume 8(2), 257-277, Fall/Winter 1997.

93.    “A Social Cost-Benefit Analysis of Crime Avoidance,” (with S. Hakim) in Hakim S. and BlackstoneSecuring Home and Business, Butterworth-Heinemann Publishers, MA, USA, 1997, pp. 77-98.

94.    “The Effectiveness of Alarms to the Insurance Industry,” (with S. Hakim) in Hakim S. and Blackstone Securing Home and Business, Butterworth-Heinemann Publishers, MA, USA, 1997, pp. 99-112.

95.    “Dynamic Linkages Among Latin American and Other Major World Stock Markets,” in Research in International Business and Finance: International Stock Market Interactions and Financial Issues in Emerging Markets, (Lead Article), edited by John Doukas and Larry Lang, JAI Press Inc., Volume 13, 1996, pp. 3-34.

96.    “Stock Return Differentials as Predictors of Exchange Rates:  An Empirical Investigation,” (with R. A. Ajayi and S. M. Mehdian) The Journal of Business and Economic Studies, Volume 3, Number 1, 1996, pp. 45-52.

97.    “International Transmission of Innovations Among European Community Stock Markets,” in Research in International Business and Finance, edited by John Doukas, JAI Press, Greenwich, CT, (with J. Friedman), Volume 13, 1996, pp. 35-64.

98.    “Import Vulnerability of Defense-Related Industries: An Empirical Model,” (with M. Kellman and T. Saadawi), Journal of Policy Modeling, Volume 18, Issue 1, 1996, pp. 87-108.

99.    “Social Cost Benefit Analysis of Commercial and Residential Burglar and Fire Alarms,” (with S. Hakim), Journal of Policy Modeling, Volume 18, Issue 1, 1996, pp. 49-68.

100.  “The Optimum Size of the Labor-Managed Firm,” (with U. Spiegel), Atlantic Economic Journal, Volume 24, Issue 2, June 1996, pp. 110-117.

101.  “Spatial and Temporal Patterns of Commercial Burglaries: The Evidence Examined,” (with S. Hakim),The American Journal of Economics and Sociology, Volume 55, Issue 4, October 1996, pp. 443-456.

102.  “Residential Alarms: A Cost-Benefit Analysis,” (with S. Hakim, and G.F. Rengert), Justice Quarterly - The Journal of the Academy of Criminal Justice Sciences, Volume 13, Issue 1, March 1996, pp. 153-170.

103.  “On Nations' Size and Transportation Costs,” (with U. Spiegel), Review of International Economics, Volume 3, Issue 2, June 1995, pp. 235 -243.

104.  “Burglar and Fire Alarms: Costs and Benefits to the Locality,” (with S. Hakim and G.F. Rengert),The American Journal of Economics and Sociology, Volume 54, Issue 2, April 1995, pp. 145-161.

105.  “Labor-Managed Firms in Transition Economies,” (with U. Spiegel), Comparative Economic Studies, Volume 37, Issue 1, 1995, pp. 39-53.

106.  “Cost Benefit Analysis of Burglar Alarms,” (with S. Hakim, M.Gaffney and G. Renget), Security Journal, Elsevier Science Publisher Co., New York, Volume 6, Issue 3, 1995, pp. 197-204.

107.  “East Asian Newly Industrialized Countries Manufactured Intra-Industry Trade 1965-1990,” (with P. Chow and M. Kellman), Journal of Asian Economics, (Lead Article), Volume 5, Number 3, Fall 1994, JAI Press Inc. pp. 335-348.

108.  “Voting as Investment vs. Voting as Consumption: New Evidence,” (with J. M. Guttman and N. Hilger), Kyklos, Volume 47, Issue 2, 1994, pp. 197-207.

109.  “Costs and Benefits of Burglar Alarms to the Community,” (with G. Rengert), in Commercial Security, ed. S. Hakim, pp. 100-119, Security Industry Association, Washington, D.C., 1994.

110.  “The Linkage Among Stock Markets in Selected Western Countries and Israel Before and During the Gulf Crisis,” (with A. Birati), Quarterly Banking Review, Volume XXXI, Number 123, March 1993, pp. 82-98.

111.  “International Stock Price Movements Before and During the Gulf Crisis,” (with A. Birati),Atlantic Economic Society: Best Papers Proceedings, Volume 2, Number 2, July 1992, pp. 42-47.

112.  “The Influence of Financial Disclosure Number 36 on Securities Returns,” Quarterly Banking Review, Volume XXX, Number 118, December 1991, pp. 66-91.

113.  “The Effects of Changes in Stock Prices in the Major Industrial Countries During the Gulf Crisis,” (with A. Birati), Quarterly Banking Review, Volume XXX, Number 117, September 1991, pp. 85-100.

114.  “The Prediction of Corporate Bankruptcy Using Financial Ratios and Discriminant Analysis,”Quarterly Banking Review, Volume XXIX, Number 115, April 1991, pp. 89-111.

115.  “The Process of Adjustment Between Price and Exchange Rates - Israel 1977-1986,” Quarterly Banking Review, (with A. Birati), Volume XXIX, Number 115, April 1991, pp. 43-54.

116.  “Dynamic Optimization of Political Popularity in an Empirical Macroeconomic Model,” Public Choice, (with J. M. Guttman), Volume 66, Number 1, July 1990, pp. 51-66.

117.  “Politically Optimal Dynamic Macroeconomic Strategy,” (with J. M. Guttman), Issues in Israel's Economy, 1989.

118.  “The Sensitivity of the State Economy on the National Employment: Some Evidence,” in Public Policy and Regional Development, D. Kingsley (ed.) Indiana University Press, 1988.

119.  “The Effects of International Trade on Indiana Employment: A Time Series Analysis,” Perspectives on the Indiana Economy, 1987.

120.  “Nominal and Real Shocks to the Israeli Economy – The Seventies Versus the Eighties,” (Lead Article), (with Y.Rosenberg), Issues in Israel's Economy, 1987.

121.  “The Integration of the Israel Economy into the European Economic Community: Recent Trends and a Forecast,” in European Community and the State of Israel: Economic, Political and Institutional Aspects, edited by Greilsammer Ilan and Joseph H. Weiller, European University Institute, Berlin and New York, De Gruyter, 1987, pp. 73-112.

122.  “U.S. and Japanese Multinationals: How Their Societies' Social Structure Affect Their Success,”Indiana Academy of the Social Sciences, Volume XXI, 1986.

123.  “Changes in the Dependence of State Employment on National Employment in the Last Decade: Some Evidence,” Indiana Business Review, Volume 60, 1985, pp. 8-13.

124.  “Time Series Analysis of the Relation Between the Indiana and the U.S. Economy: Visions and Realities - 1984,” Indiana Academy of the Social Sciences, Volume XIX, 1984, pp. 51-62.

125.  “A Comparison of the Performance of a Vector Autoregressive Econometric Model of the Indiana Economy with the Indiana University School of Business Structural Model,” Indiana Academy of the Social Sciences, Volume XVIII, 1983, pp. 46-56.

126.  “Neural Network Analysis of Major World Stock Markets” (“Analiza Rynkow Kapitalowyche na Swiecie Przy Wykorzystaniu Sztucznych Sieci Neutonowych”, in Zastosowania Badan Operacyjnych Tadeusza Trzaskalika, Lodz, 1997 (with Dorota Witkowska in Polish).