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Faculty Directory

Avi Kamara
Office: 526
Phone: 206-543-0652
Fax: 206-543-7472

Foster School of Business
University of Washington
Box: 353226
Seattle, WA 98195-3226

Trading costs in futures and options markets are often much smaller than in cash markets. In addition, futures and options positions are not exposed to counter-party credit risk. These differences, together with leverage, explain the success of financial futures and options markets even in the presence of very liquid equity and fixed income markets.

Avraham Kamara

Professor of Finance
William W. Alberts Endowed Professor


PhD Columbia University (1986)
MPhil Columbia University (1982)
MSSc Hebrew University of Jerusalem (1979)
BA Hebrew University of Jerusalem (1976)

Academic Expertise

asset pricing
commodity markets
financial markets
risk management

Positions Held

At the University of Washington since 1984
Visiting Professor at the Technion of Israel, 1998-1999
Visiting Professor at University of California Los Angeles, 1997-1998
Taught at Columbia University, 1983-1984

Selected Publications

  1. The Structure of Information Release and the Factor Structure of Returns
    Journal Article: Gilbert, T., Hrdlicka, C., & Kamara, A., (forthcoming). Journal of Financial Economics,
  2. Horizon Pricing
    Journal Article: Kamara, A., Korajczyk, R., Lou, X., & Sadka, R., (2017). Journal of Financial and Quantitative Analysis, Vol. 51(6), pp. 1769-1793.
  3. The Effects of Randomizing the Opening Time on the Performance of a Stock Market under Stress
    Journal Article: Hauser, S., Kamara, A., & Shurki, I., (2012). Journal of Financial Markets, Vol. 15(4), pp. 392-415.
  4. Has the U.S. Stock Market Become More Vulnerable Over Time
    Journal Article: Kamara, A., Lou, X., & Sadka, R., (2010). Financial Analysts Journal, Vol. 66(1), pp. 41-52.
  5. The Divergence of Liquidity Commonality in the Cross-section of Stocks
    Journal Article: Kamara, A., Lou, X., & Sadka, R., (2008). Journal of Financial Economics, Vol. 89(3), pp. 444-466.
  6. The Nontradability Premium of Derivatives Contracts
    Journal Article: Eldor, R., Hauser , S., Kahn, M., & Kamara, A., (2006). Journal of Business, Vol. 79(4), pp. 2067-2097.
  7. Conditional Time-varying Interest Rate Risk Premium: Evidence from the Treasury Bill Futures Market
    Journal Article: Hess, A., & Kamara, A., (2005). Journal of Money, Credit and Banking, Vol. 37(4), pp. 679-698.
  8. Volatility, Autocorrelations, and Trading Activity After Stock Splits
    Journal Article: Kamara, A., & Koski, J., (2001). Journal of Financial Markets, Vol. 4(2), pp. 163-184.
  9. New Evidence on the Monday Seasonal in Stock Returns
    Journal Article: Kamara, A., (1997). Journal of Business, Vol. 70(1), pp. 63-84.
  10. The Relation between Default-free Interest Rates and Economic Growth is Stronger than you Think
    Journal Article: Kamara, A., (1997). Journal of Finance, Vol. 52(4), pp. 1681-1694.
  11. Daily and Intradaily Tests of European Put-Call Parity
    Journal Article: Kamara, A., & Miller, T., (1995). Journal of Financial and Quantitative Analysis, Vol. 30(4), pp. 519-539.


Advisor, Darigold, Inc.
Advisor, Dechert LLP
Advisor, Safeco Corporation
Advisor, Stoel Rives LLP

Honors and Awards

Global EMBA Excellence in Teaching Award, 2008
MBA Professor of the Quarter, Spring, 1994
Outstanding Contribution to Undergraduate Education, 1995-1996

Academic Service

Associate editor of the Journal of Financial and Quantitative Analysis, 1996-2005
Chairman of the Department of Finance and Business Economics, 2002-2006