Ryan D Israelsen
CONTACT INFO
Eli Broad College of Business
Michigan State University
East Lansing, MI 48824
Ph: (517) 353-6982
Email: israels4@msu.edu
SSRN Page
Google Scholar Page
ACADEMIC EXPERIENCE
Eli Broad College of Business, Michigan State University
Professor of Finance, 2024 - present
Kaufman Endowed Professor in Insurance and Risk Management, 2024 - present
A. J. Pasant Research Fellow, 2022 - 2024
Associate Professor of Finance (with tenure), 2021 - 2024
Assistant Professor of Finance, 2017 - 2021
European University Institute, Fiesole, Italy
Visiting Faculty Fellow, 2025 - present
Kelley School of Business, Indiana University
Assistant Professor of Finance, 2009-2017
EDUCATION
PhD, Finance, Ross School of Business at the University of Michigan, 2009
MS, Financial Engineering, University of Michigan, 2003
BA, Economics, Huntsman School of Business at Utah State University, 2000
RESEARCH INTERESTS
Information, Behavior, Public Finance, Real Estate Finance.
PUBLISHED/FORTHCOMING ARTICLES
16. "Uncovering the Hidden Effort Problem"
with Azi Ben-Rephael, Bruce Carlin, and Zhi Da
Journal of Finance, 2023, forthcoming.
15. "Block Diversity and Governance"
with Miriam Schwartz-Ziv and James Weston
Review of Corporate Finance Studies, 2024, forthcoming
14. "Political Polarization in Financial News"
with Eitan Goldman and Nandini Gupta
Journal of Financial Economics, 2024, 155: 103816.
Editor's Choice
13. "Rating Agency Fees: Pay to Play in Public Finance?"
with Jess Cornaggia and Kimberly Cornaggia
Review of Financial Studies, 2022, forthcoming.
12. "Public and Private Information: Firm Disclosure, SEC Letters, and the JOBS Act"
with Sumit Agarwal and Sudip Gupta
Quarterly Journal of Finance, 2022, 12 (3).
Best Paper Award
Lead Article
11. "Who Pays Attention to SEC Form 8-K?"
with Azi Ben-Rephael, Zhi Da and Peter Easton
The Accounting Review, 2022, 97 (5): 59-88.
10. "Information Consumption and Asset Pricing"
with Azi Ben-Rephael, Bruce Carlin, and Zhi Da
The Journal of Finance, 2022, 76 (1): 357-394.
Best paper award at 2018 CICF Conference
9. "Where the Heart Is: Information Production and the Home Bias"
with Jess Cornaggia and Kimberly Cornaggia
Management Science, 2019, 66 (12): 5532-5557.
8. "Credit Ratings and the Cost of Municipal Financing"
with Jess Cornaggia and Kimberly Cornaggia
Review of Financial Studies, 2018, 31 (6): 2038-2079.
7. "Are Some Clients More Equal than Others? An Analysis of Asset Management Companies’ Execution Costs"
with Azi Ben-Rephael
Review of Finance, 2018, 22 (5): 1705-1736.
6. "It Depends on Where You Search: Institutional Investor Attention and Under-reaction to News"
with Azi Ben-Rephael and Zhi Da
Review of Financial Studies, 2017, 30 (9): 3009-3047.
5. "Key Human Capital"
with Scott Yonker
Journal of Financial and Quantitative Analysis, 2017, 52(1): 175-214.
4. "Does Common Analyst Coverage Explain Excess Comovement?"
Journal of Financial and Quantitative Analysis, 2016, 51(4): 1993-1229.
3. "How Quickly do Equity Prices Converge to Intrinsic Value?"
with Dennis Capozza
Journal of Investment Management, 2010, 8(4): 1-13.
2. "Predictability in Equilibrium: The Price Dynamics of Real Estate Investment Trusts"
with Dennis Capozza
Real Estate Economics, 2007 35(4): 541-567.
1. "Appraisal, Agency, and Atypicality: Evidence from Manufactured Homes"
with Dennis Capozza and Thomas Thomson
Real Estate Economics, 2005, 33(3): 509-537.
ACTIVE WORKING PAPERS
"Unauthorized Immigration and Local Government Finances" (with Jess Cornaggia and Kimberly Cornaggia) (January 2025)
Media Coverage: Noahpinion
To be presented at the FSU Truist Beach Conference (2025)
To be presented at the UC Davis-FMA Napa Finance Conference (2025)
To be presented at the Virtual Municipal Finance Workshop (2025)
To be presented at the Spring Labor and Finance Group Conference (2025)
Presented at Michigan State University
Presented at University of Iowa
"Security Analysis and the Collection of Hard and Soft Information" (with Azi Ben-Rephael, Bruce Carlin, and Zhi Da) (November 2023)
Media Coverage: Economist, Financial Times
Presented at Finance Conference at Chapman University*
Presented at the Future of Financial Information Conference, Paris (2023)
Presented at the Asian Bureau of Financial and Economic Research (ABFER) Conference (2023)*
Presented at Alliance Manchester Business School*
Presented at Boston College*
Presented at Brigham Young University
Presented at HEC Lausanne/EPFL*
Presented at Hong Kong PolyU*
Presented at Iowa State University*
Presented at Lancaster University*
Presented at MIT*
Presented at McMaster University*
Presented at Michigan State University (2022)
Presented at Nottingham University*
Presented at Oklahoma State University*
Presented at Peking University*
Presented at Renmin University*
Presented at Rutgers University (2022)*
Presented at Tsinghua University*
Presented at Washington State University*
Presented at Western University
Presented at York University*
"Hazy Outlook: Wildfire Smoke Exposure and Analysts" (with Jing Kong) (January 2024)
"Government Spending and Local Demographics: Evidence from Moody's Municipal Ratings Recalibration" (with Jess Cornaggia, Matthew Gustafson and Zihan Ye) (August 2019)
Presented at the Midwest Finance Association Conference (2020)*
Presented at the Eastern Finance Association Conference (2020)*
Presented at Central Florida* (2021)
Presented at Penn State University* (2019)
PERMANENT WORKING PAPERS
"Indirect Costs of the JOBS Act: Disclosures, Information Asymmetry and Post-IPO Liquidity" (with Sudip Gupta) (August 2014)
Presented at Indiana University (2014)
"Tell It like It Is: Disclosed Risks and Factor Portfolios" (October 2014)
Presented at the Financial Research Association annual meeting, Las Vegas (early ideas session) (2013)
Presented at Indiana University (2012)
"Investment Based Valuation and Managerial Expectations" (previously entitled 'Investment Based Valuation') (November 2010 - download).
Presented at Indiana University (2009)
Presented at Penn State (2009)
Presented at North Carolina (2009)
Presented at Houston (2009)
Presented at Notre Dame (2009)
Presented at Brigham Young University (2008)
Presented at Utah State University (2008)
Presented at Michigan State (2008)
Presented at Michigan (2008)
* indicates presentation by coauthor
PERSONAL
I am fluent in Italian. During the college basketball season, I maintain the website RPIforecast.com. With my limited free time, I enjoy cycling, rowing, and restoring vintage Italian Lambrettas.