ד"ר אלרואי חדד

2013-2017 Ph.D. Ben-Gurion University of the Negev (BGU), Industrial Engineering and Management Department.

Dissertation title: The effect of pension reforms on Israeli markets: Investment risk, market efficiency and accounting aspects

Advisers: prof. Ramy Yosef, Prof. Haim Kedar-Levy and Dr. Yisrael Parmet.

2009-2012 M.Sc. Ben-Gurion University of the Negev, Industrial Engineering and Management Department.

Dissertation title: Solving a mixture distribution problem via mixture linear regression – A comparison study of two approaches. Adviser: prof. Haim Shore.

2005-2008 B.Sc. in Industrial Engineering and Management. Ben-Gurion University of the Negev, Israel.

Hadad, E., Malhotra, D., & McLeod, R. (2025). US Options Exchange-traded Funds: Performance Dynamics and Managerial Expertise. Borsa Istanbul Review. https://doi.org/https://doi.org/10.1016/j.bir.2025.01.012

Hadad E. (2025). Does trading mechanism shape cross-market integration? Evidence from stocks and corporate bonds on the Tel Aviv Stock Exchange. Journal of Economics, Finance and Administrative Science, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/JEFAS-11-2023-0262

Choi, S. Y., & Hadad, E. (2025). The dynamic relationship among economic and monetary policy, geopolitical risk, sentiment, and risk aversion: A TVP-VAR approach. Finance Research Letters, 72, 106532. https://doi.org/10.1016/j.frl.2024.106532  

Vasileiou, E., & Hadad, E. (2024). Benefits and drawbacks of the cost average plan as an alternative investment strategy in EMU countries. Cogent Economics & Finance, 12(1). https://doi.org/10.1080/23322039.2024.2426539

Hadad, E., Malhotra, D., & Vasileiou, E. (2024). Risk spillovers and optimal hedging in commodity ETFs: A TVP-VAR Approach. Finance Research Letters, 70, 106372. https://doi.org/10.1016/j.frl.2024.106372

Hadad, E.; Le, T.H. & Luong, A.T (2024). Quantile Spillovers and Connectedness Between Real Estate Investment Trust, the Housing Market, and Investor Sentiment. International Journal of Financial Studies, 12, 117. https://doi.org/10.3390/ijfs12040117

Barkai, I.; Hadad, E.; Shushi, T. & Yosef, R. (2024). Capturing Tail Risks in Cryptomarkets: A New Systemic Risk Approach. Journal of Risk and Financial Management, 17(9), 397. https://doi.org/10.3390/jrfm17090397

Vasileiou E., Hadad E. & Oikonomou M. (2024). Persistent Trends and Inefficiencies in the Greek Housing Market: A Sentiment Based Approach. Journal of European Real Estate Research, 17 (1), pp 49-69. https://doi.org/10.1108/JERER-08-2023-0027

Vasileiou, E., Hadad, E., & Melekos, G. (2024). What drives the real estate market? Could behavioral indicators be useful in house pricing models?. EconomiA. https://doi.org/10.1108/ECON-10-2023-0166

Hadad, E., & Kedar-Levy, H. (2024). The impact of retail investor sentiment on the conditional volatility of stocks and bonds: Evidence from the Tel-Aviv stock exchange. International Review of Economics & Finance, 89, 1303-1313. https://doi.org/10.1016/J.IREF.2023.09.002

Hadad, E., Malhotra, D., & Nippani, S. (2024). Trading commodity ETFs: Price behavior, investment insights, and performance analysis. Journal of Futures Markets. https://doi.org/10.1002/fut.22509

Malhotra D.K & Hadad E. (2024). Can Allocation Strategies Create Superior Alpha? Journal of Investing, 33 (4), 122-139. https://doi.org/10.3905/joi.2024.1.311

Hadad, E., Zbigniew, G., Agnieszka, W. C., & Piotr, S. (2023). Enhancing waste resource efficiency: circular economy for sustainability and energy conversion. Frontiers in Environmental Science, 11, 1303792. https://doi.org/10.3389/fenvs.2023.1303792

Afik, Z., Hadad, E., & Yosef, R. (2023). A Guaranteed-Return Structured Product as an Investment Risk-Hedging Instrument in Pension Savings Plans. Risks, 11(6), 107. https://doi.org/10.3390/risks11060107

Hadad E., Shushi T. & Yosef R. (2023). Measuring Systemic Governmental Reinsurance Risks of Extreme Risk Events. Risks, 11(3), p.50. https://doi.org/10.3390/risks11030050

Afik Z., Hadad E. & Yosef R. (2023). Structured Product as an Investment Risk-Hedging Instrument in Pension Savings, Innovations in Management, 12 (in Hebrew). https://en-coller.tau.ac.il/sites/coller-english.tau.ac.il/files/media_server/Recanati/management/newsletter/march2023/hadad2.pdf

Hadad E., Dimitrov S. & Stoilova-Nikolova J. (2023). Development of capital pension funds in the Czech Republic and Bulgaria and readiness to implement PEPP. European Journal of Social Security, 24(4), 1-19. https://doi.org/10.1177/13882627221150542

Wójcik-Czerniawska A. & Hadad E. (2022). International Trade and Economic Growth Nexus: A Review. Annals of Social Sciences & Management Studies, 8(1).

Hadad E. & Yosef R. (2022). A Note on Tax Incentives and The Pan-European Pension Product (PEPP): The Israeli Perspective. Annals of Social Sciences & Management Studies, 7(4).

Dimitrov, S. & Hadad, E., 2022. Pension tracking system application: A new supervision challenge in the EU. International Journal of Economic Sciences, 11(2), pp.48-57.

Gur Gershgoren, G., Hadad, E., & Kedar-Levy, H. (2020). A Deep Market in Israeli Corporate Bonds: Macro and Microeconomic Analysis in Light of the Accounting Standards. Israel Economic Review, 18(1), 139-176.

Kedar-Levy, H., Hadad, E., & Gur-Gershgoren, G. (2020). Deep-Market by IAS-19: A Unified Cross-Country Approach for Discount Rate Selection. Multinational Finance Journal, 24(3/4), 119-154.

Gur Gershgoren, G, Hadad, E. & Kedar-Levy H. (2019). Deep Market in Israeli Corporate Bonds Market: A Comparative Micro- and Macro-Economic Analysis in light of Economic Aspects, The Economic Quarterly, 63(3/4) (in Hebrew).

Asset Pricing

Risk Management 

Financial Economics 

Behavioral Finance 

Financial Markets 

Economic Uncertainty, Geopolitical Risks, and Investor Sentiment: A New Analysis of Real Estate Markets in the Middle East. Shamoon College of Engineering, 2024. [PI]

Investor Sentiment and Debt Market Liquidity: Evidence from Israel. Ono academic college public trust research institute fund, 2022 [PI]

Estimating Systemic Risks of Government Reinsurance Programs. Shamoon College of Engineering, young Research Track, 2021 (Jointly with Tomer Shushi and Rami Yosef) [PI]

Investors Sentiment Effect on TASE Assets. Ono academic college public trust research institute fund, 2022 (Joinly with Haim Ker-Levy) [Co-PI]

Finance Theory

Quantitative Methods

Operations Research

Introduction to Probability and Statistics

Capital Markets and Risk Management

Engineering Economics in Civil Engineering

Management Economics

Computer Applications for Industry and Management

Management member in the Israeli Association of Industrial engineering and Management

International Review of Economics and Finance

Finance Research Letters

Financial Innovation

Journal of Financial Stability

Research in International Business and Finance

Heliyon

Economic Change and Restructuring

Review of Development Economics

Eurasian Economic Review

Cogent Economics and Finance

Newspapers:

Hedging pension savings investments – reality or dream? Funder – March 20th, 2023. [In Hebrew]. https://www.funder.co.il/article/145103

Cold, calculated, and boring? A surprising look at bond trading. Globes – January 19th, 2022 [In Hebrew]. https://www.globes.co.il/news/article.aspx?did=1001399060

Podcatsts & Interviews:

Bonds, the Capital Markets, Sentiment, and Their Connection to Engineering. SCE Academy Podcast – January 20th, 2022. [In Hebrew]. https://podtail.com/podcast/62b60f00/--2022-01-20-2/

The Intersection of Pension Savings and Financial Reforms: Israel's Corporate Bonds Story: Investment Risk, Market Efficiency, and Accounting Aspects. Amazon -  November 2024. 

Development of a Structured Product as a Risk Management Tool. Pension, Insurance & Finance (PIF), Ben-Gurion University, 2017. [In Hebrew]. 

Jivka Stoilova-Nikolova (Post-Doc) – “Development of Capital Pension Funds in Europe and Readiness to Implement PEPP (Pan-European Personal Pension Product)” (Jointly with Prof. Stanislav Dimitrov), August 2022.

Amit Fridman (M.B.A) – “Modeling Corporate Bonds’ Market Volatility Using Asymmetric GARCH Models”  (Jointly with Prof. Rami Yosef)