Oren Sussman

Emeritus Reader

Saïd Business School
University of Oxford
Park End Street


Oren's areas of expertise include macroeconomics, international finance and financial distress.

His research focuses on financial crisis, financial constraints and the business cycle, economic analysis of insolvency law, cross-border insolvency, sovereign debt and exchange-rate volatility. Much of this work combines insights from macroeconomics, law, finance and economics.

Oren publishes widely in leading journals in the field, often co-authored with other prominent academics. He also has an interest in economic policy and in 2002 he was commissioned by the British Government to conduct a survey (together with Julian Franks) of the resolution of financial distress within the framework of English insolvency law. The study pointed out the merits of the English approach to insolvency, a view that gained more support following the Franks-Sussman research.

Oren has a valuable international perspective and has undertaken research and held teaching positions in Israel, America and Europe. He took his BA, MA and PhD at the Hebrew University of Jerusalem, where he lectured from 1992 to 1996, before being appointed as a senior lecturer at Ben Gurion University. Before joining Saїd Business School, Oren held visiting positions at MIT, University of Pennsylvania, CEMFI (Madrid) and London Business School. He has served as member of the programme committees for several conferences, including the annual meetings of the European Finance Association.


  • Macroeconomics
  • Financial distress
  • Sovereign debt
  • Bankruptcy law
  • Quantitative measures of legal innovation
  • Bank-financed corporate investment


Oren’s research focuses on financial distress, including sovereign debt, bankruptcy law and the macroeconomic implications of default and fire sales.

In a recent paper, 'A welfare analysis of hot money' co-authored with Alexander Guembel, he derived precise measures to value the welfare loss resulting from under-provision of liquidity and heightened financial fragility.

His paper, Financial Innovations and Corporate Insolvency (co-written with Julian Franks), was awarded the prize of the most significant paper of the year (2005) by the Journal of Financial Intermediation.


  • Kristin van Zwieten,
  • Horst Eidenmueller,
  • Oren Sussman

Marketplace lending, information aggregation, and liquidity(opens in new window)

  • Journal article
  • Review of Financial Studies
  • Julian Franks,
  • Nicolas Serrano-Velarde,
  • Oren Sussman
  • A Guembel,
  • Oren Sussman

Sovereign debt without default penalties(opens in new window)

  • Journal article
  • Review of Economic Studies
  • A Guembel,
  • O Sussman

The economics of the EU’s corporate-insolvency law and the quest for harmonization by market forces

  • Chapter
  • Handbook of European Financial Markets and Institutions
  • O Sussman
See more publications


Oren’s research explores the complex relationship between the financial markets and the rest of the economy.

Occasionally, this work has involved him in actual policy.

From 1997-1998 he worked as a consultant in the Bank of Israel.

In the UK, Oren advised HM treasury in relation to the Bankruptcy Act 2002. The Franks-Sussman survey of UK insolvency was part of that effort. It highlighted the great advantages of the traditional approach of English law towards corporate insolvency – in relation to the more judicially activist US approach.


Oren taught the MBA students on macroeconomics and also the University of Oxford’s law students on the first principles of financial economics.

His teaching emphasised the importance of precise analytical thinking, as well as its application to real-world facts. He prefers discourse and class interaction to formal lecturing.

Oren taught these programmes:

  • Undergraduate: Introduction to management, Finance, Macroeconomics, Microeconomics, Financial Economics
  • MBA: Macroeconomics, Corporate restructuring
  • Executive MBA: Macroeconomics
  • MSc Law and Finance: First principles of financial economics
  • MPhil Economics: Advanced macroeconomics