Josef Lakonishok

Josef Lakonishok

Professor of Finance

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Educational Background

  • Ph.D., Business Administration, Cornell University, 1976
  • M.S., Business Administration, Cornell University, 1974
  • M.B.A., Tel Aviv University, 1972
  • B.A., Economics and Statistics, Tel Aviv University, 1970

Positions Held

  • William G. Karnes Professor of Finance, University of Illinois, 1987-2007
  • Professor of Finance and Accounting, Tel Aviv University, 1985-1987
  • Associate Professor of Finance and Accounting, Tel Aviv University, 1983-1985
  • Visiting Professor of Finance, University of North Carolina, 1981-1983
  • Assistant Professor of Finance, Tel Aviv University, 1976-1980
  • Lecturer, Cornell University, 1975-1976

Recent Publications

  • Chan, L., Chen, H., & Lakonishok, J., T. Daniel Coggin and Frank J. Fabozzi (Ed.) (2013). Mutual fund investment styles. Handbook of Equity Style Management ( pp. 359-406). John Wiley & Sons, Inc.
  • Chan, L., Dimmock, S., & Lakonishok, J. (2009). Benchmarking money manager performance: Issues and evidence. Review of Financial Studies, 22 (11), 4553-4599.
  • Ikenberry, D., Chan, L., Lakonishok, J., & Lee, S. (2008). Are All Analysts Alike? Identifying Earnings Forecasting Ability. Journal of Investment Management, 6 (1), 1-19.

Other Publications

Articles

  • Chan, L., Karceski, J., & Lakonishok, J. (2007). Analysts' Conflicts of Interest and Biases in Earnings Forecasts Journal of Financial and Quantitative Analysis, 42 (4), 893-913.
  • Lakonishok, J., Lee, I., Pearson, N., & Poteshman, A. (2007). Option Market Activity. Review of Financial Studies, 20 (3), 813-857.
  • Chan, L., Lakonishok, J., & Swaminathan, B. (2007). Industry Classifications and return comovement. Financial Analysts Journal, 63 (6).
  • Chan, K., Chan, L., Jegadeesh, N., & Lakonishok, J. (2006). Earnings Quality and Stock Returns. Journal of Business, 79 (3), 1041-1082.
  • Lakonishok, J., & Chan, L. (2004). Value and Growth Investing: Review and Update. Financial Analysts Journal, 60 (1), 71-86.
  • Chan, L., Karceski, J., & Lakonishok, J. (2003). The Level and Persistence of Growth Rates. Journal of Finance, 58 (2), 634-684.
  • Chan, L., Chen, H., & Lakonishok, J. (2002). On the Mutual Fund Investment Styles. Review of Financial Studies, 15 (5), 1407-1437.
  • Chan, L., Lakonishok, J., & Sougiannis, T. (2001). The Stock Market Valuation of Research and Development Expenditures. Journal of Finance, 56 (6), 2431-2456.  link >
  • Lakonishok, J., & Lee, I. (2001). Are Insiders' Trades Informative? Review of Financial Studies.
  • Ikenberry, D., Lakonishok, J., & Vermaelen, T. (2000). Stock Repurchases in Canada: Performance and Strategic Trading. Journal of Finance, 55 (5), 2373-2398.
  • Chan, L., Karceski, J., & Lakonishok, J. (2000). A New Paradigm or the Same Old Hype?: The future of value versus growth investing. Financial Analysts Journal.
  • Chan, L., Jegadeesh, N., & Lakonishok, J. (1999). The Profitability of Momentum Strategies. Financial Analysts Journal, 80-90.
  • Chan, L., Karceski, J., & Lakonishok, J. (1999). On Portfolio Optimization: Forecasting Covariances and Choosing the Risk Model. Review of Financial Studies, 12 937-974.
  • Chan, L., Karceski, J., & Lakonishok, J. (1998). The Risk and Return from Factors. Journal of Financial and Quantitative Analysis, 33 159-188.
  • Chan, L., & Lakonishok, J. (1997). Institutional Equity Trading Costs: NYSE versus Nasdaq. Journal of Finance, 52 (2), 713-735.
  • Lakonishok, J., La Porta, R., Shleifer, A., & Vishny, R. (1997). Goods News for Value Stocks: Further Evidence on Market Efficiency. Journal of Finance, 52 (2), 859-874.
  • Ikenberry, D., Lakonishok, J., & Vermaelen, T. (1995). Market Underreaction to Open Market Share Repurchases. Journal of Financial Economics, 39 181-208.
  • Ikenberry, D., & Lakonishok, J. (1993). Corporate Governance Through the Proxy Contest: Evidence and Implications. Journal of Business, 66 (3), 405-435.

Book Chapters

  • Ikenberry, D., & Lakonishok, J. (1989). Seasonal Anomalies in Financial Markets: A Survey. A Reappraisal of the Efficiency of Financial Markets NATO Advanced Science Institute Series: Springer-Verlag.

Presentations

  • Lakonishok, J., Chan, H., Chan, L., & Jegadeesh, N. (2002). The Accrual Effect in Stock Returns. Berkeley Program in Finance.
  • Lakonishok, J., Chan, L., & Karceski, J. (2002). The Level and Persistence of Growth Rates. Berkeley Program of Finance.
  • Lakonishok, J. (2001). The Level and Persistence of Growth Rates. University of Illinois.
  • Lakonishok, J., Chan, H., Chan, L., & Jegadeesh, N. (2001). The Accrual Effect in Stock Returns. American Finance Association Meetings.
  • Lakonishok, J., Chan, L., & Karceski, J. (2001). The Level and Persistence of Growth Rates. NBER, Behavioral Finance Group.
  • Lakonishok, J., Chan, L., & Sougiannis, T. (2000). The Stock Market Valuation of Research and Development Expenditures. American Finance Association Meetings.
  • Lakonishok, J. (1999). Are Insiders' Trades Informative? American Finance Association Meetings.
  • Lakonishok, J. (1999). The Stock Market Valuation of Research and Development Expenditures. University of Illinois.
  • Lakonishok, J., Chan, L., & Chen, H. (1999). On Mutual Fund Investment Styles. University of Rochester.
  • Lakonishok, J., Chan, L., & Chen, H. (1999). On Mutual Fund Investment Styles. American Finance Association Meetings.
  • Lakonishok, J., Chan, L., & Sougiannis, T. (1998). The Stock Market Valuation of Research and Development Expenditures. National Bureau of Economic Research, Behavioral Finance Meetings.
  • Lakonishok, J. (1997). Invited talk. Summer Seminar Series by Goldman Sachs & Co.
  • Lakonishok, J. (1997). What Do Money Managers Do? Salomon Center Conference.
  • Lakonishok, J., & Lee, I. (1997). Are Insiders' Trades Informative? NBER Corporate Finance Program.
  • Lakonishok, J., & Lee, I. (1997). Are Insiders' Trades Informative? Berkeley Program of Finance.
  • Lakonishok, J., Chan, L., & Jegadeesh, N. (1997). Momentum Strategies. Conference on Investment Decisions and Behavioral Finance.
  • Lakonishok, J., Chan, L., & Jegadeesh, N. (1997). Momentum Strategies. Q Group.
  • Lakonishok, J., Shleifer, A., & Vishny, R. (1997). Contrarian Investment, Extrapolation and Risk. Decisions and Behavioral Finance.

Working Papers

  • Chan, L., Karceski, J., & Lakonishok, J. Balance Sheet Growth and the Predictability of Stock Returns.
  • Lakonishok, J., & Lee, I. Investor Behavior in the Option Market.

Teaching Interests

Teaches and does research in the area of investment, with emphasis on the stock market. Has been a consultant in the area of investment strategies to major U.S. and European pension plans and money managers, 1990-94; and to various financial institutions in the area of execution cost, 1989-94.