Media &amp; Articles

Opinion Columns

Treating the Symptom, Not the Disease: The Dollar Liquidity Problem Stems from Market Structure, Not Institutional Investor Activity

On institutional investors’ foreign exposures and derivatives use, and the need for a systemic solution to the dollar liquidity problem.

Calcalist | October 2025

Guy Lakan

Opinion Columns

Where Is the Regulator? The Capital Market Authority Ignores the Enrichment of Wealthy Pension Savers at the Expense of the Weak

On wealth transfers among savers arising from the valuation of illiquid assets and the need to address the resulting distortion.

TheMarker | March 2025

Guy Lakan

Opinion Columns

Will Recent Events in Long-Term Savings Lead to a Loss of Confidence in the Pension System?

On the Slice affair, public confidence in the pension system, the regulator’s responsibility, and the industry’s incentive structure.

Calcalist | July 2024

Guy Lakan

In the Media

A selection of articles and media coverage featuring the work, research, and professional activities of K&L’s partners over the years.

In the Media

The Impact of the Solvency Regime on Insurance Companies’ Investments

Coverage of research by Guy Lakan and Moshe Bareket examining how Solvency requirements affect insurance companies’ illiquid investments, particularly infrastructure investments. The research was presented at the Alternative Investments Forum of the Harel Center for Capital Market Research.

July 2026

Guy Lakan

Adif

FUNDER / Polisa

In the Media

Institutional Investors’ Overseas Investments and Their Impact on the Foreign Exchange Market

An article based in part on data and analyses presented by Guy regarding long-term savings exposure to foreign assets, derivatives activity, and the effect of savers’ preferences on foreign exchange conversions and the exchange rate. “The Phoenix vs. the Finance Ministry: Who Is Really Responsible for the Dollar’s Slide?”

June 2026

Guy Lakan

In the Media

Housing-Sector Financing Benefits: An Effective Discount of Approximately 12%-13%

Extensive coverage of a Phoenix Institute study on the state of Israel’s residential development sector and the economic value of financing incentives offered to homebuyers. The analysis found that these incentives reflect an average effective discount of approximately 12%-13% of the apartment price, and in high-demand areas their value may reach hundreds of thousands of shekels.

April–May 2026

Itay Kedmi

In the Media

The Lion’s Roar in the Capital Market: Households Bought, Institutions and Foreign Investors Sold

Coverage of a Phoenix Institute study examining investor responses during the first weeks of the conflict with Iran. The study found that the initial market gains were supported mainly by household purchases, while institutional and foreign investors reduced their exposure.

March 2026

Itay Kedmi

In the Media

Israel’s Capital Market: 2025 Review and Outlook

Coverage of a Phoenix Institute review of major developments in Israel’s capital market in 2025, including index performance, interest rates, the risk premium, and changes across investment channels, alongside the macroeconomic and regulatory factors that shaped market activity and possible directions ahead.

February 2026

Itay Kedmi

Maariv

In the Media

Foreign Exposure and Systemic Risk in the Long-Term Savings Market

An article on the growth in institutional investors’ exposure to foreign assets and the S&P 500, and the risks arising from derivatives use and foreign-currency liquidity needs. The article draws in part on data presented by Guy at the Fair Value Forum at Reichman University. “Because of the exposure to the S&P 500, sharp declines could put the financial system here at risk.”

January 2025

Guy Lakan

Adif – Bar-Ilan University Conference

In the Media

Bank Profitability in Israel

A professional discussion of the profitability of Israel’s banking system and the factors that have affected bank performance in recent years, including the structure of competition, the interest-rate environment, and the potential implications of policy measures for banks, the public, and the economy.

December 2025

Itay Kedmi

TheMarker

In the Media

“The Golden Age of Institutional Investors” – Book Launch and Public Discussion

Coverage of the book launch and the conferences held following its publication, which addressed the development of institutional investors in Israel, asset allocation, alternative investments, and their impact on the economy and capital markets.

December 2024–February 2025

Itay Kedmi and Guy Lakan, together with Moshe Bareket

Adif – Book Launch

Harel Center Conference – FUNDER

Adif – Non-Tradable Investments

Real Estate – FUNDER

In the Media

The Effect of Section 9(2) on Pension Fund and Provident Fund Investments

Coverage of research examining how tax rules affect the investment decisions of pension and provident funds, finding a link to under-allocation to alternative investments, particularly real estate and infrastructure in Israel.

May 2024

Guy Lakan and Moshe Bareket

Adif

In the Media

Income-Producing Real Estate: Rising Interest Rates, Asset Values, and Valuation Risks

Coverage of research conducted at the Bank of Israel examining the performance of income-producing real estate and the relationship between asset values and fundamentals. The research identified gaps between increases in asset values and rent growth and estimated that rising interest rates would likely reduce asset values and profitability, including through potential valuation losses.

February 2023

Itay Kedmi

Globes

Bizportal

In the Media

The Distortion in Illiquid-Asset Valuation and Wealth Transfers Among Savers

An article and interview following research by Guy Lakan and Lior David-Pour examining the illiquidity premium, the valuation of illiquid debt, and the potential implications for savers, particularly during crises and fund transfers.

August 2022

Guy Lakan

Globes

Bizportal

In the Media

Growth in Construction-Sector Credit and the Risk to the Financial System

An article following an analysis conducted by Itay at the Bank of Israel on the exceptional growth in credit to the construction sector and the risks that could materialize under a scenario of falling housing prices, slower sales, and rising financing costs.

August 2022

Itay Kedmi

In the Media

Changes in the Corporate Bond Issuance Market and Their Impact on Savers

Coverage of research by Guy Lakan and co-authors examining changes in the corporate bond issuance market, particularly the decline in institutional investor involvement in the institutional stage of offerings and its implications for pricing and savers.

January 2022

Guy Lakan

Polisa

TheMarker

In the Media

The Hodak Committee and Its Impact on Institutional Investors’ Debt-Market Investments

Coverage of joint research examining the impact of implementing the Hodak Committee recommendations and finding that institutional investors shifted investments from tradable corporate bonds toward private loans. The research was later cited in the context of a renewed review of the regulation by the Capital Market Authority.

October 2021–January 2022

Itay Kedmi and Guy Lakan

In the Media

IFRS 16 and Corporate Risk Pricing

Coverage of Bank of Israel research examining how disclosure of the expected impact of IFRS 16 affected corporate risk assessment in the bond market. The research found that yield spreads of companies affected by the standard increased already when the expected impact was disclosed.

August 2021

Itay Kedmi

Adif

In the Media

The Effect of Opening Train Stations on Housing Prices

An article based on Guy’s research examining the relationship between improved access to public transportation, the opening of train stations, and housing prices in the Tel Aviv metropolitan area.

March 2019

Guy Lakan

Ynet

In the Media

The Financial Stability of Residential Development Companies Amid the Housing-Market Slowdown

Coverage of research conducted at the Bank of Israel examining the financial resilience of publicly traded residential development companies. The research found that despite slower sales and weaker cash flow, most companies remained financially resilient, although a prolonged slowdown could impair their ability to service debt.

June 2018

Itay Kedmi

Videos & Podcasts

A selection of interviews, lectures, podcasts, and professional conversations featuring K&L’s partners on economics, capital markets, finance, and current issues.

Videos & Podcasts

Who Decides Where Your Money Is Invested? – Fair Value | Episode 8

An episode on how investment decisions involving the public’s savings are made, the role of institutional investors, and the considerations that influence asset allocation in the capital market.

The Economy Channel | August 2026

Guy Lakan

Videos & Podcasts

The NIS 1.4 Trillion Question: Should the Public’s Overseas Investments Be Hedged?

An interview on institutional investors’ overseas investments, foreign-exchange hedging, investment in Israel, active versus passive investing, and their effects on return and risk.

Polisa - Full Coverage | June 2026

Guy Lakan

Videos & Podcasts

Sharp Slowdown in the Housing Market: The Two Factors Beginning to Change the Entire Picture

An interview on the slowdown in the housing market and the factors reshaping market conditions, against the backdrop of developments in developers’ activity and housing demand.

The Economy Channel | May 2026

Itay Kedmi

Videos & Podcasts

What They Don’t Tell You: The Decline in Real Estate Prices Is More Than 12% | #132

A discussion of the residential development sector, financing incentives, debt and cash flow, alongside the Israeli stock market, investor behavior, the shekel, and interest rates.

The Bull and the Bear | April 2026

Itay Kedmi

Videos & Podcasts

The FOMO Effect on the Battlefield – Israeli Investors Acted Against Conventional Logic

An interview following a Phoenix Institute study on investor behavior at the start of the Israel-Iran war, the exceptional market volatility, and the difference between household responses and those of institutional and foreign investors.

The Economy Channel | March 2026

Itay Kedmi

Videos & Podcasts

Is This the Golden Age of Financial Planners?

A lecture on changes in the savings and investment landscape and the opportunities and challenges facing financial planners. The lecture took place on June 17, 2025.

Annual Financial Planning Conference | June 2025

Itay Kedmi

Videos & Podcasts

Regulators and Businesses Share a Common Goal – The Regulator’s Role Is to Develop Business Fairly for the Public

A conversation on institutional investments, passive and alternative investments, savings transfers, and the role of the regulator.

Polisa - Full Coverage | February 2025

Guy Lakan and Moshe Bareket

Videos & Podcasts

The Golden Age of Institutional Investors

An interview on the development of institutional investors, direct investments, real estate, bonds, venture capital, regulation, and their impact on the economy.

IKGAI - Talking Finance | February 2025

Guy Lakan

Videos & Podcasts

The Golden Age of Institutional Investors

A conversation with the book’s authors on the development of institutional investors in Israel, investments, regulation, and their impact on the economy and capital markets.

Investor 360 | January 2025

Itay Kedmi, Guy Lakan, and Moshe Bareket

Videos & Podcasts

State of Play: Institutional Investments and Future Challenges

A lecture on trends in institutional investing, asset allocation, overseas investments, and the key challenges facing long-term savings.

24th Adif Conference | December 2024

Guy Lakan