Josef Lakonishok

Professor of Finance

Contact

393 Wohlers Hall

1206 S. Sixth

Champaign, IL 61820

217-333-7185

josefla@illinois.edu

SSRN

Listings

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.