Dr. SHMUEL HAUSER

General Infromation	Selected Publications
Address	Research Interests
Working Experience	Research In Progress
Courses Taught	Abstracts

General Information

Education

1977-1980:	B.A. in Statistics and Economics at Hebrew University, Jerusalem, Israel.
1980-1982:	M.A., Hebrew University, Jerusalem, Israel.
1983-1986:	Ph.D., Temple University, Philadelphia.

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Address

Address at Work:

School Of Management
Ben-Gurion University of the Negev,
P.O.B. 653, Beer-Sheva, Israel 84105.

Room No. 8/2	+972-7-647-2110
Email: shauser@bgumail.bgu.ac.il Email: shauser@nihul.bgu.ac.il	+972-7-647-2896

Israel Securities Authority
22 Kanfe Nesharim St.,
Jerusalem 95464 Israel

Room 314	+972-2-6556-422
Email:mshauser@pluto.mscc.huji.ac.il	+972-2-6513-169

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Working Experience

Professional Experience

1989-Present:	Economic Consultant, Israel Securities Authority.
1988:	Coordinator of a public committee on the issue: "Ways to Raise Venture capital in Israel"
1987-1988:	Economist, Economic Unit of the Foreign Currency Department, Central Bank of Israel.

Academic Experience

1995-Present:	Associate Professor, Ben-Gurion University.
1987-Present:	Lecturer in the School of Business, The Hebrew University, Jerusalem.
1987-Present:	Visiting Assistant Professor, Temple University, Summer semesters.
1990-1995:	Lecturer in the School of Business, Bar-Ilan University.
1989-	Visiting Assistant Professor, Temple University.
1986-1987:	Visiting Assistant Professor in Finance. Temple University, Philadelphia.

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Courses Taught

International Finance;

Futures and Options;

Portfolio Theory;

Corporate Finance;

Principles of Finance;

Securities Analysis;

Applications of Financial Theory
in the Israeli Capital Market;

Seminar in Finance for M.B.A students.

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Selected Publications

Choi, J.J. and S. Hauser, "The Value of Foreign Currency Options and the Term Structure of Interest Rates." Recent Developments in International Banking and Finance, 3 1989, pp. 149-158.

Choi, J.J. and S. Hauser, "The Effects of Domestic and Foreign Yield Curves on the Value of Currency American Call Options." Journal of Banking and Finance, 14 1990, pp. 41-53.

Hauser, S., F. Fabozzi and U. Yaari, "Early Exercise of Foreign Currency Options:
Determinants of American Premium and the Critical Exchange Rate." Advances in Futures and Options Research, JAI Press, 4 1990, pp 219-236.

Hauser, S. and A. Levy, "Optimal Forward Coverage in International Fixed-Income Portfolios." Journal of Portfolio Management, 17 1990, pp. 54-59.

Hauser, S. and A. Levy, "The Effect of Exchange Rate and Interest Rate Risk on International Currency and Fixed Income Security Allocation." Journal of Economics and Business, 45 1991, pp. 375-388.

Hauser, S., D. Galai, and C.N. Bagley, "Predicting the Value of Foreign Currency Call Options with Constant Elasticity of Variance Diffusion Process." International Review of Financial Analysis, 1 1992, pp. 225-236.

Gizbar, S. and S. Hauser, "Executive Compensation Policy, Performance and Ownership Structure In Israel." The Economic Quarterly (hebrew) 3 1993, pp 413-445.

Hauser, S., A. Levy and U. Yaari "Trading Frequency and Implied Transaction Costs of Foreign Exchange Options." Advances in Futures and Options Research, 7 1994, pp. 37-45.

Hauser, S., M. Marcus and U. Yaari, "Investment in Emerging Markets: Is it Worthwhile Hedging Foreign Exchange Risk". Journal of Portfolio Management, 20 1994, pp. 76-81.

Hauser, S. and L. Hanes "The Affect of Inter-relationship Between Underwriter and Issuer on the Results of Public Offerings" The Economic Quarterly (hebrew), 1 1994, pp. 99-115.

Choi, J.J. and S. Hauser, "The Value of Forward Contract on Foreign Exchange In a Continuous-Time Option Theoretic Framework." Research in Finance, 12 1995, pp. 203-216.

Hauser, S., A. Levy, and U. Yaari, "Hedging Strategies of Financial Intermediaries: Pricing Options with A Bid-Ask Spread", Financial Review 30, 1995, pp. 809-822.

Hauser, S., "The Relationship Between Security Prices and Real Economic Activity in Small Markets: The Israeli Experience" The International Journal of Finance 7, 1995, pp. 1227-1239.

Ben-Zion, U., J.J. Choi, and S. Hauser, "The Causality Between Country Funds and Stock Price Indices: The Case of Germany, Japan, U.K. and U.S. Capital Markets". Journal of Business Finance and Accounting 23, 1996, pp. 1005-1017.

Hauser, S. and A. Levy,"Return and Risk in Initial Public Offerings of Units Including Both Shares and Warrants". Review of Fiancial and Quantitiative Analysis 7, 1996, pp. 29-43.

Hauser, S. and B. Lauterbach, "Empirical Tests of the Longstaff Extendible Warrant Model". Journal of Empirical Finance 3, 1996, pp. 1-14.

Hauser, S. and B. Lauterbach, "The Relative Performance of Five Alternative Warrant Pricing Models". Financial Analyst Journal, February 1997, pp 55-61.

Hauser, S. And B. Lauterbach, "Tests of Warrant Pricing Models: The Trading Profits Perspective". The Journal of Derivatives, 4, Winter 1997, pp. 71-79.

Hauser, S. and A. Levy, "Pricing of Foreign Exchange Options with Transaction Costs: The Choice of Trading Interval", forthcoming, International Review of Financial Analysis, 1997.

Books

Hauser, S., Levy, A. and Yaari, Y., "Fixed-Income Immunization Strategy for Multinational Firms". FX: Managing Global Currency Risk, edited by Gary Klopfenstein, The Glenlake Company Ltd. forthcoming 1997.

Professional Publications

Hauser, S. and D. Chertoff, "One Share-One Vote in Israel" (hebrew), Israel Securities Authority, 1989.

Hauser, S. and I. Shohet "Corporate Dividend Policy in Israel" (hebrew), Israel Securities Authority, 1990.

Ben-Yaakov, M., Goberman, S., S. Hauser and I. Shohet, "Municipal Bonds in Israel" (hebrew), Israel Securities Authority, 1991 (with I. Shohet, G. Goberman, M. Ben-Yaakov).

Hauser, S. and I. Shohet, "Exercise of Shareholder Voting Rights by Institutional Investors" (hebrew), Israel Securities Authority, 1991.

Hauser, S, and I. Shohet, "The Relationship Between Corporate Control and Market Performance" (hebrew), Israel Securities Authority, 1992.

Hauser, S. and A. Levy, "Risk and Return in Initial Public Offerings" (hebrew), Israel Securities Authority, 1992.

Hauser, S. and L. Hanes, "The Affect of Inter-relationship Between Underwriter and Issuer on the Results of Public Offerings" (hebrew), Israel Securities Authority, 1993.

Hauser, S. and I. Shohet, "Empirical Evidence on the Stock Price Reaction to the Timeliness of Annual Earnings Announcements" (hebrew), Israel Securities Authority, 1993.

Hauser, S., A. Levy and S. Kandel, "Valuation of Warrants with Uncertain Exercise Price on the Tel-Aviv Stock Exchange" (hebrew), Israel Securities Authority, 1993.

Hauser, S. and Y. Tanchuma, "What Explains The 750% Increase in Prices on the TASE Common Stocks in Israel: 1988-1993" (hebrew), Israel Securities Authority, 1994.

Hauser, S. and Y. Tanchuma, "The Relationship Between the Price Behavior of Stocks Listed in Israel and in United States" (hebrew), Isreal Securities Authority, 1994.

Hauser, S. and Y. Tanchuma, "The Effects of Index Option Listing on Volatility and Trading Volume" (hebrew), Isreal Securities Authority, 1995.

Hauser, S., I. O. Solomon, I. Shohet and Y. Tanchuma, "Corporate Control, Dividend Policy and Management Compensation" (hebrew), Israel Securities Authority, 1996.

Hauser, S. and A. Levy, "The Relationship Between Volume, Volatility and The Quality of Trading Mecahnism" (hebrew), Israel Securities Authority, 1996.

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Research Interests Corporate Finance: Regulation in capital markets, agency theory. Securities Analysis: Options, Portfolio selection, etc. International Finance: Exchange rate systems, foreign currency option, multinational corporations, direct investments, efficiency of the foreign market exchange, fixed-income securities, etc. Dissertation: "Essays on the Valuation of Foreign Currency Options: Theory, Applications, and Empirical Evidence."

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Research in Progress

Hauser, S., "Dividend Policy, Management Compensation and Voting Power".

Hauser, S., and Y. Tanchuma, "Stock Price Reaction to Economic Growth in Small Capital Markets".

Hauser, S. ,Y. Tanchuma and U. Yaari, "Price Information Transmission Between International Dually Listed Stocks".

Choi, J.J., S. Hauser and K. Kopecky, "Predicting Real Activity with Stock Price Movements: Evidence from the G-7 Countries".

Hauser, S. and A. Levy, "Quality Assessment of Trading Mechanisms in Thin Markets: A Case Study of International Dually Listed Stocks".

Lieberman, O., U. Ben-Zion and S. Hauser, "A Characterization of the Price Behavior of International Dual Stocks: An Error Correction Approach".

Ang, J., S. Hauser and B. Lauterbach, "Top Executive Under Alternative Ownership and Governance Structures: The Case of Israeli Firms".

Ang, J., S. Hauser and B. Lauterbach, "The Pay Structure of CEO vs. Senior Top Executives".

Elyasiani, E., S. Hauser and B. Lauterbach, "Market Response to Liquidity Improvements: Evidence from Exchange Listings."

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