Tavy Ronen
Finance and Economics Department
Rutgers Business School
1 Washington Park, Room 1128
Newark, NJ 07102
Tel: 973-353-5272
tronen@business.rutgers.edu
May 2016
Research Interests:
Current research interests include credit and equity market efficiency, liquidity, market
microstructure and the finance of fashion. Specific markets of interest include corporate bond
markets, credit derivative markets, asset backed securities, subprime markets, equity market
structure and emerging equity markets. Microstructure issues include price discovery of equity,
corporate bond and CDS markets, transparency, market regulation, transitory volatility, market
mechanisms, and formation of prices after trading and non-trading periods.
1. Rutgers University
Associate Professor of Finance, 2003-current
Founding Director, Business of Fashion Program, 2014-current
Vice-Director, Whitcomb Center for Research in Financial Services, 2010-current
Associate Director (Co-Director 2015-2016), Whitcomb Center for Research in Financial
Services, 2010-2015
Coordinator, Ph.D. Program in Finance, 2011-2016
Assistant Professor of Finance, 1995-2003
Graduate Courses Taught: Doctoral Seminar in Empirical Market Microstructure; Analysis
of Investments and Corporate Analysis; Financial Institutions and Markets; Advanced
Financial Management; Managerial Economics; Macroeconomics; Corporate Finance; and
International Capital Markets.
Online Courses Taught: Financial Management (MBA).
Undergraduate courses taught: Introduction to Finance; Financial Institutions and Markets,
Finance for Fashion and Other Creative Pursuits, Investments; and Advanced Corporate
Finance.
2. Pace University
Visiting Associate Professor, 2003-2004, while on leave from Rutgers
Taught MBA level and undergraduate level: Introduction to Finance; Investments and
Portfolio Analysis; Managerial Finance; and Investments Analysis and Management.
3. Columbia University, Graduate School of Business
Visiting Assistant Professor, 1998-1999
Taught MBA-level Capital Markets and Investments.
4. New York University, Stern School of Business
Visiting Assistant Professor, Fall 1997
Taught MBA-level Capital Markets and Investments.
5. University of Wisconsin-Madison
Assistant Professor, 1993-1995
Taught MBA-level and undergraduate Investments and Introductory Finance courses.
6. New York University, Stern School of Business
Full-Time Instructor while graduate student, 1990-1993
Taught MBA-level and undergraduate Financial Management, Advanced Financial
Management courses.
Publications in Refereed Journals:
1. Tests and Properties of Variance Ratios in Microstructure Studies, Journal of Financial
and Quantitative Analysis, 32, 183-204, June 1997
2. Trading Structure and Overnight Information: A Natural Experiment from the Tel-Aviv
Stock Exchange, Journal of Banking and Finance, 22, 489-512, May 1998, Lead article
(won Iddo Sarnat Award for best paper, Journal of Banking and Finance for 1998)
3. Teenies Anyone? (with Daniel Weaver), Journal of Financial Markets, 4, 231-260, 2001
4. The Informational Efficiency of the Corporate Bond Market: An Intraday Analysis (with
Edith S. Hotchkiss). Review of Financial Studies, Volume 15, Issue 5, 2002, pp. 13251354. Lead article, presented at Review of Financial Studies 1999 Symposium on Price
Formation
5. On the Tension Between Truth-telling and Earnings Management: a Reconsideration of the
Revelation Principle, with Varda Yaari, Journal of Accounting, Auditing and Finance,
September 2002
6. Price Continuity and Volatility (with Daniel Weaver, Joseph Tzur and Varda Yaari),
Estonian Business School Review, Summer 2002
7. Does the Increased Flexibility in US GAAP Enhance Market Efficiency? (With Varda
Yaari and Joseph Tzur), Estonian Business School Review, Summer 2002
8. The Effect of Voluntary Disclosure and Preemptive Pre-Announcements on Earnings
Response Coefficients (ERC) When Firms Manage Earnings (with Joshua Ronen and
Varda Yaari), Journal of Accounting, Auditing and Finance, Volume 18, Issue 3, Summer
2003
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9. Observable Consequences of Trading Structure Differences: On the Use of Variance Ratios
in Microstructure Studies, Review of Quantitative Finance and Accounting, Volume 20,
Number 2, 2003, pp.187-200
10. Bootstrap Refinements of Microstructure Tests (with Tom George and Chuan Yang Huang)
Review of Quantitative Finance and Accounting, Volume 35, No.1, 2010
11. Trade and Information in the Corporate Bond Market, with Xing Zhou, Journal of
Financial Markets, Volume 16, Issue 1, 2013
Published Books:
Edited book entitled Essays in Microstructure in Honor of David K. Whitcomb, co-edited
with Ivan E. Brick and Cheng-Few Lee, 2006, in Advances in Quantitative Analysis of
Finance and Accounting, Volume 3 (includes Co-authored Introduction)
Selected Publications Reprinted in Books:
1. The Informational Efficiency of the Corporate Bond Market: An Intraday Analysis (with
Edith S. Hotchkiss). Reprinted in Financial Markets, edited by Jeff Madura, Florida
Atlantic University, Sage Publications, June 2004
2. Teenies Anyone? (with Daniel Weaver). Reprinted in Million Dollar Trading Articles:
Stocks Futures, Commodities, Options, Forex, compiled by David Jenyns, 2005
Selected Papers used in Ph.D. courses at other Universities/Research Centers:
These papers are/have been on the required reading lists of graduate courses in Finance at major
Universities in the U.S., Europe and the Far East. Selected list:
1. The Informational Efficiency of the Corporate Bond Market: An Intraday Analysis (with
Edith S. Hotchkiss). Review of Financial Studies, Volume 15, Issue 5, 2002, pp. 13251354. Lead article. Appears on doctoral course reading lists as well as on the reading list
for Vanishing Liquidity, part of the Emerging Finance Series, put together by Olsen Group,
a leading think tank in high frequency finance.
2. Tests and Properties of Variance Ratios in Microstructure Studies, Journal of Financial
and Quantitative Analysis, 32, 183-204, June 1997.
3. Trading Structure and Overnight Information: A Natural Experiment from the Tel-Aviv
Stock Exchange, Journal of Banking and Finance, 22, 489-512, May 1998, Lead article
(won Iddo Sarnat Award for best paper, Journal of Banking and Finance for 1998. Appears
in Joel Hasbrouck’s course at NYU and others.
4. Teenies Anyone? (with Daniel Weaver), Journal of Financial Markets, appears in Matthew
Spiegel (Editor, RFS)’s Ph.D. course as required reading, Yale University.
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Working Papers:
1. When an Executive Departs: An Information Content Story, with Seungham Nam and Joshua
Ronen, under review.
2. Unfair “Fair Value”: in an Opaque Credit Default Swap Market: How Marking to Market
Pushed the Credit Crunch, with Alex Dontoh, Fayez Elayan, and Joshua Ronen
Work in Progress:
1. Market Conditions and Mispricing: Evidence from the CDS Market
2. Intra-Day Activity Patterns in the CDS Market, with Oleg Sokolinkiy
3. Corporate Bond Market Litigation Issues, with Zachary Nye
4. Visual Attention in A Visual Market: A Microstructure Approach, with Scott Callahan
5. Corporate Bond Markets: Liquidity: What Liquidity Might Mean Today, with Joshua Ronen
Recent Professional Activity:
Referee for the following journals: Review of Financial Studies; Journal of Finance; Journal of
Financial and Quantitative Analysis; Journal of Financial Markets; Journal of Banking and
Finance; Journal of Empirical Finance; Journal of Business Finance and Accounting, Journal of
Financial Intermediation; Review of Quantitative Finance and Accounting; European Financial
Management, International Review of Economics and Finance; Asia Pacific Management Review;
and Journal of Regulatory Economics.
Program Committee Member: Western Finance Association Meetings, 2009-2016; European
Finance Association Meetings, 2013-2016; Midwest Finance Association, 2015, Triple Crown
Conference, 2009-2012,2015; Financial Economics and Accounting Conference, 2009-2010;
Program Committee member for INFORMS.
Established the MS in Business of Fashion. Founding Director of the Business of Fashion
Programs, 2015. Established the RBS Business of Finance Undergraduate Programs at Rutgers
Business School, Minor and Concentration- 2014, Founding Director; Chair of the Task Force for
The Business of Fashion, 2013-2014. Established the Center for Business of Fashion, Founding
Director, 2015.
Panelist for Facebook at Facebook Fit for Business (NY, June 2014) and NY Business Expo (NY,
October 2014)
Amicus Curaie on Halliburton Co. v. Erica P. John Fund, Inc – February 2014
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Organized Microstructure Conference in honor of David K. Whitcomb, October 2002, Rutgers
University.
Invited Seminar Presentations: University of Colorado, May 2, 2008; University of California at
Berkeley; University of Iowa; Group HEC; INSEAD; London Business School; Rutgers
University; Baruch College; Carnegie-Mellon; Columbia University; Duke; New York University;
Penn State; Rutgers University; SUNY Buffalo; the University of Miami; University of
Wisconsin-Madison.
Competitive Conference Acceptances/Invited Presentations/Presentations:
Sixth International Workshop on Acc. Regulation, Siena, Italy, July 4,-5, 2013, FMA European
Meetings in Barcelona, July 2012, C.R.E.D.I.T Liquidity and Credit Risk Conference, September
2008; European Finance Association Meetings, August 2008; China International Conference,
June 2008; FMA European Meetings, June 2008, NBER Microstructure group meetings,
December 1999; Fuqua and Duke Law School Conference on Reexamining the Regulation of
Capital Markets for Debt, November 1999; RFS conference on Price Formation 1999; INFORMS
meetings, 1998; European Finance Association Meetings, 1994, 1995, 1999,; Western Finance
Association Meetings, 1994, 1999; Financial Management Association Meetings, 2001.
Conference Panelist: Equity Markets Microstructure Seminar, Baruch College, Round Table
Panelist, November 2003.
Invited Discussant/Chairperson at Competitive Conferences/NBER: Chairperson and Discussant,
FMA, October 2016, 2010, Discussant, European Finance Association Meetings, August 2008;
Discussant, FMA European Meetings, June 2008; Discussant, NBER Microstructure Meetings,
May 2004; Chairperson, Financial Management Association Meetings 2004, New Orleans;
Discussant, Twelfth Annual Conference on Accounting and Finance, New Jersey, 2001;
Discussant, European Finance Association Meetings, Brussels, 1994; Discussant, European
Finance Association Meetings, Milan, 1995; Discussant, European Finance Association Meetings,
Helsinki, 1999; Discussant, Western Finance Association Meetings, Whistler, 1993; Discussant,
Financial Management Association Meetings, St. Louis, 1993; Organizing Chairperson,
INFORMS Association Meetings, Tel-Aviv, 1998.
Courses Taught:
1.
2.
3.
4.
5.
6.
7.
8.
9.
Financial Institutions
Analysis of Investments and Corporate Analysis
Financial Institutions and Markets
Capital Markets and Investments
Foundations of Finance
Advanced Financial Management
Financial Management
Introduction to Finance
Managerial Economics
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10. Macroeconomics
11. Corporate Finance
12. Investments
13. Investments Analysis and Management
14. Investments and Portfolio Analysis
15. Managerial Finance
16. International Capital Markets
17. Doctoral Course: Microstructure
18. Finance, Honors, Undergrad
19. Online Course: Financial Management, MBA
20. Finance for Fashion
Other course related activities: Served as reviewer for several texts, including Brealey, Myers and
Marcus, Fundamentals of Corporate Finance.
Doctoral Committees/Students:
1. Dissertation Chair: Xin Cheng (2014-2016). Louis Picollo (2011-2012). Dissertation
committee Member:, Ming Gu, 2010, Hui Ju Tsai, 2010, Tony Anderson, 2009- 2010, Ana
Pomeranets, 2009, Michael Pagano, 2000, Eleni Mariola, 1996, Initial Advisor/Advisor: Oliver
Alber, 2014-2015, Scott Callahan, 203-2014, Sanghugh Kim, 2013-2014, Bo Zhou, 2012-2013,
Sanghugh Kim, 2012-2013, Xianjue Wang, 2010-2011, Louis Picollo, 2008-2009; Ming Gu, 2007,
2008; Wei Kang, 2007-2008, Summer doctoral research advisor, Scott Callahan, 2014, Sanghugh
Kim, 2014, Louis Picollo, 2009,2010, Stephanie Mason, 2010, Independent Study, Hui Ju-Tsai,
2007; Urvi Tiwari, 2015
Other Service/University:
1. Co-Director, Whitcomb Center for Research and Financial Services
2. Founding Director, MS in The Business of Fashion Program (2015-current)
3. Founding Director, Business of Fashion Concentration and Minor, 2014-current
4. Founding Director, Center for The Business of Fashion (2015-current)
5. Director/Coordinator, PhD/Doctoral Program, 2011-2016
6. Associate-Director, Whitcomb Center for Research and Financial Services, 2011-2015
7. Member, Research Resources Committee, 2015-2016, 2008-2011
8. Chair, Task Force Committee on The Business of Fashion, 2013-2014
9. Member, Task Force Committee, 2014-2015, RBS Participation in Rutgers’ Integrating
Themes
10. Member, Recruiting Committee, Econometrics, 2013- 2014
11. Chairperson, committee for evaluating mega classes, Finance Department
12. Member, Core Curriculum Committee, 2011-2012
13. Member, PhD Program Committee, 2010-2011
14. Chairperson, subcommittee for research coordination for Finance PhD students
15. Member, Recruiting Committee, Finance and Economics, 2009-2010
16. Member, PhD Program Committee, 2009-2010
17. Chairperson, Research Resources Committee, 2009-2010
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18. Member, Honor Code Committee, 2009-2010
19. Reading Committee member, Reappointment case 2009.
20. Member, PhD Program Committee, 2008-2009
21. Co Chair, Course Coordination Committee, 2008-2009
22. Liaison to Department, Learning Assessment Committee, 2008-2009
23. Member, Research Resources Committee, 2008-2009
24. Course coordinating liaison to the financial advisory board, 2006
25. Chairperson, Recruiting committee for Finance and Economics Department, 2005-2006
26. Member, Nominating / Procedures Committee, 2005-2007 appointment
27. Member, Review committee, 2005
28. Reading Committee member, Tenure case 2005.
29. Member, PhD Committee, Finance and Economics, 2004-2005
30. Member, Recruiting Committee, Finance and Economics, 2004-2005
31. Member, FASIP Evaluation Committee, Finance and Economics, 2004-2005
32. David K. Whitcomb Conference Coordinator, October 11, 2002
33. Chair, Finance and Economics Faculty Seminar Series 2002 –2003.
34. Investment Club Liaison 2002.
35. SOM Finance Clubs-Academic Liaison/Advisor –2002
36. Member, Ph.D. Committee, 1997-1998
37. Academic Standing Committee, School of Business1997
38. Member, recruiting committee, Finance and Economics, 1995-1996
39. Chair; course coordination committee for Corporate Finance
40. Co-Chair, Finance and Economics Faculty Seminar Series, 1995-1996
41. AACSB committee member, 1998-1999.
42. Member, MBA curriculum content and evaluation subcommittee for AACSB selfevaluation
43. Member, Graduate School, 1998-present.
Testimony of Tavy Ronen, Ph.D.
In re Dana Corporation Securities Bondholder Litigation
Deposition
August 26, 2015
In re MGM Mirage Securities Bondholder Litigation
Deposition
January 13, 2015
In re Tronox Bondholder and Stockholder Litigation
Deposition
July 2011
In re HealthSouth Bondholder Litigation, Consolidated Case No.CV-03-BE-1502-S, United States
District Court, Northern District of Alabama, Southern Division
Deposition
January 30, 2008
Deposition
February 4, 2009
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In re Engelhard Corporation v. AGF Marine Aviation Transport; Docket # L-6645-98
Superior Court of NJ, Law Division of Middlesex County
Deposition
March 21, 2001
Trial testimony
May 2002
Selected Consulting Activity:
1. Academic Affiliate, Stanford Consulting Group, Inc., 2006-present. Testifying and
consulting expert in financial economics: securities markets, market efficiency, market
microstructure, damages, asset pricing, and valuation.
2. Consultant to Ronen Economics, 2002-present. Provide consulting services in connection
with numerous securities class action lawsuits. Consult on issues pertaining to financial
valuations, financial economic analysis, damage analysis, and portfolio valuation.
3. American Stock Exchange 1995, 2003, 2004: provided consulting on issues including
structuring of the opening and closing trade mechanism.
4. Federal Energy Regulation Committee (re: Enron), 2001. Advised on trading mechanism
used by utility industry.
Membership in Professional Associations:
1. American Finance Association
2. Western Finance Association
3. European Financial Management Association
4. Financial Management Association
Recent Conferences/Seminar Series attended (since 2010):
1. Princeton University Conference on Stock Trading Systems: China and US Comparison,
2016
2. NYU Conference Honoring John and Saunders, by invitation only, 2016
3. NYU Sovereign Bond Market Conference, 2016
4. FINRA Columbia Conference on Corporate Debt Market Structure, Liquidity and
Volatility, October 2015
5. Annual NYU Stern Microstructure Meetings, 2015, 2014, 2013
6. NBER Microstructure meetings, Bi-annually, 2014, 2013, 2012, 2011, 2010
(and
previous). Cambridge, Mass., by invitation
7. NYU Five Star Conference, 2015, 2014, 2013, 2012, 2011, 2010
8. Triple Crown Conference, 2015, 2014, 2013, 2012,2011, 2010
9. Financial Management Association Conference, 2015; Financial Management Association
European Conference, 2015, 2012
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10. American Finance Association Meetings, 2014
11. NYU and Moody’s Credit Conference, May 2011, 2010
Invited Presentations at Universities, Symposiums, Think Tanks, and Presentations at
Competitive Conferences by Paper:
“Unfair “Fair Value” in an Opaque Credit Default Swap Market: How Marking to Market
Pushed the Credit Crunch” (J.Ronen, T. Ronen), listed since 2012
1. National Taiwan University in Taipei, Department Seminar, January 21, 2016.
2. Polytechnic University of Hong-Kong, Department Seminar, January 19, 2016
3. City University of Hong Kong, Acc. Department Seminar, July 6, 2013
4. Sixth International Workshop on Acc. Regulation, Siena, Italy, July 4,-5, 2013
5. Financial Management Association European Meetings, Barcelona, July 2012
6. Queensland University of Technology, Queensland, Australia, August, 2012
7. University of Sydney, Sydney Australia, September 8, 2012
8. University of Bocconi, Milan, Italy, June 27, 2012
9. University of Federico Secundo in Naples, Italy, on June 22, 2012.
10. University of Sienna, Tuscany, Italy June 20, 2012
11. University of Lancaster, UK, on June 15, 2012
"Information Transfer Effects of Senior Executives' Migrations and
Subsequent Write‐Offs" (previous title, Departing Executives Paper), listed since 2009
1. First Annual Conference on IFRS, Adoption,
Governance, and Financial Markets in Hammamet, Tunisia on December 18,
2009,
2. Harvard University on April 28, 2009
“Where did all the Information Go? Trade in the Corporate Bond Market”
1. C.R.E.D.I.T Liquidity and Credit Risk Conference, September 2008
2. European Finance Association Meetings in Athens, August 2008
3. China International Conference in Finance, July 2008
4. Financial Management Association European Meetings, June 2008
5. University of Colorado at Boulder, May 2008
6. Rutgers University, April 2008
“The Informational Efficiency of the Corporate Bond Market: An Intraday Analysis”
1. NBER Market Microstructure Meeting, 2000
2. Fuqua and Duke Law School Conference: Reexamining the Regulation of Capital
Markets for Debt, Washington DC, October 1999
3. European Finance Association Meetings, 1999
4. Western Finance Association Meetings, 1999
5. Review of Financial Studies 1999 Symposium on Price Formation, 1999
6. University of California at Berkeley, 1999
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7. University of Iowa, 1999
8. Rutgers University, 1999
“Teenies Anyone? The Case of the American Stock Exchange”
1. INFORMS Annual Meetings, Tel-Aviv, 1998
“Tests and Properties of Variance Ratios in Microstructure Studies”
1. European Finance Association Meetings, Milan, 1995
2. Western Finance Association Meetings, Santa Fe, 1994
3. HEC, Finance Department, 1994
4. INSEAD, Finance Department, 1994
5. London Business School, 1994
6. Baruch College, 1993
7. Carnegie-Mellon, 1993
8. Columbia University, 1993
9. Duke University, 1993
10. New York University, 1993
11. Penn State, 1993
12. Rutgers, 1993
13. SUNY Buffalo,1993
14. University of Miami, 1993
15. Wisconsin-Madison, 1993
“Trading Structure and Efficiency: The Case of the Tel-Aviv Stock Exchange”
1. European Finance Association Meetings, Brussels, 1994
2. INSEAD, Finance Department, November 1994
3. London Business School, November 1994
4. Rutgers University, Finance Department, November 1994
“The Informational Content of Debt Offering Announcements”
1. Financial Management Meetings, October 2001
“On the Tension between Truth-telling and Earnings Management: A Reconsideration of
the Revelation Principle”
1. American Accounting Association Meetings, 2002
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