Avner Arbel, emeritus finance professor, dies at 90

Avner Arbel, an influential thought leader and visionary scholar in hospitality research and education and an emeritus professor of financial management in the Cornell Peter and Stephanie Nolan School of Hotel Administration, died Aug. 22 in Jupiter, Florida. He was 90.

Arbel joined the School of Hotel Administration as a professor of financial management in 1982, after receiving his MBA and Ph.D. from New York University. He received tenure one year later and served with distinction on the finance faculty for over two decades.

During the mid-1980s, Avner represented a new generation of scholars recruited to bring greater rigor to hospitality research. His foundational 1983 paper, "Giraffes, Institutions and Neglected Firms," which he co-authored with Nolan School Professor Steve Carvell, introduced the "Giraffe Principle," a metaphor that encouraged investors to look beyond the obvious and explore overlooked opportunities.

This work not only influenced generations of students but also established Avner as a trailblazer and authority in his field. Over his career, he authored 15 books, including "Crash: Ten Days in October…Will it Strike Again," published two years after the 1987 stock market crash, in which he outlined necessary changes to prevent future crashes. Arbel was a consultant to the Brady Commission, a presidential task force on market mechanisms, which investigated causes of the '87 crash, and the group's findings were published in the Harvard Business Review.

As an educator, Avner was experientially focused and passionate about teaching, colleagues said. His course on stocks, where students made mock investment decisions, was often cited as a favorite. He also taught at Cornell's affiliate program at ESSEC in Paris.

In 1992 Avner co-founded the Center for Hospitality Research, which continues to serve as a global platform for scholarly and industry collaboration. He played a pivotal role in faculty recruitment and was known for his passionate advocacy for the Nolan School as the premier institution for hospitality education.

"Avner will be fondly remembered as an enthusiastic, inspiring and impactful scholar who taught generations of admiring students in Statler Hall, and at our affiliate program at ESSEC in Paris, thoughtfully mentoring many grateful colleagues, and helping take the Nolan School and the field of hospitality business to new heights," said Chekitan Dev, professor of marketing and management communication in the Nolan School.

Avner retired from Cornell in June of 2002 and became an emeritus professor the same year.

Arbel is survived by his son Jonathan Arbel, daughters Michele Arbel Clouser and Abi Arbel, and grandsons Maxim Clouser and Matisse Clouser.

In lieu of flowers, the family requests that contributions be made in Avner's memory to Peggy Adams Animal Rescue.

Sarah Magnus-Sharpe is director of public relations and communications for the Cornell SC Johnson College of Business.