In this paper, we show that institutional investors, like pension funds, may outperform standard market portfolio benchmarks. These results agree with contemporary research on pension funds' performance. Yet, the current research does not explain why do pension funds are able to outperform the...

We question the impact of the Venture Capital industry on its hosting economy. This area is rarely explored because 90% of the VC investments are in the US and other large economies, wherein the impact of the VC is too small to be measured. Israel presents a unique case in which the activity of...

When households make financial decisions, one may expect them to be both informative and rational — just as any other financial agent. In this paper, we question whether this hypothesis is error-free and correct by using a unique large-scale event study. Our results do not support the axioms...