Prof. Marshall Sarnat (z.l.)

Founding Dean of School of Business Administration


Prof. Marshall Sarnat, z.l., (August 1, 1929 – July 19, 2006) was an Israeli researcher and educator in the field of finance.  He was the founding Dean of Ono Academic College’s School of Business Administration.

Marshall Sarnat was born on August 1, 1929, in Chicago, Illinois, United States. Sarnat was the son of Maurice and Dena (Lewe) Sarnatzky. In 1950, he immigrated to Israel. Marshall Sarnat has been listed as a noteworthy Finance educator by Marquis Who’s Who. Sarnat married Carmela Shainker on January 17, 1956.  Their children are Don and Tamar.


Academic Career

Sarnat began his academic career as an instructor in the years 1959-65 at the Hebrew University of Jerusalem.  He was promoted to Lecturer in 1965 and acted as a Senior Lecturer from 1967-72. Sarnat became an associate professor in 1972 and a full professor of finance in 1976. [1] He was appointed senior research fellow at the International Institute of Management, Berlin, where he worked from 1975-1977.  Sarnat continued to work at the Hebrew University until 1995. In 1995, Sarnat was appointed the Dean of the Israeli Academic Center’s Faculty of Business administration.

Sarnat was a visiting professor at New York University, the University of California, Berkeley, the University of California at Los Angeles, and the New University of Lisbon (Portugal).  He also was the Project Director at the Floersheimer Institute for Policy Studies in Jerusalem from 1989 to 1993.

Sarnat has been the editor of the Journal of Banking and Finance since 1978.


Research Activity

In the academic field, Sarnat was one of the pioneers in researching the allocation of resources in financial markets, which are characterized by uncertainty.[2] Together with his colleague Prof. Haim Levy, he wrote one of the basic books in the field. Sarnat was in favor of free market action but thought that when there were banks with too much market power, a failure was created, and the only way to overcome it was through government intervention.[3]



  • European Finance Association (Vice-President 1982, president 1983),
  • American Finance Association,
  • Israel Economics Association,
  • Beta Gamma Sigma.[4]



Marshall Sarnat has published over 131 works in 370 journals in 5 languages[5], with over 40 peer-reviewed scientific articles.[6][7]



  1. ” Marshall Sarnat (z”l)”. Hebrew University of Jerusalem. Retrieved 3 May 2022.
  2. Temkin, Avi; Corinne-Lieber, Stella (20 July 2006). “Prof. Marshall Sernat, one of the leading economists and opponents of the power to the banks, passed away”. Globes. Retrieved 3 May 2022.
  3. Lavi, Zvi (20 July 2004). “Prof. Sarnat: Financial reform means splitting funds from banks”. Globes. Retrieved 3 May 2022.
  4. “Marshall Sarnat”. Prabook. Retrieved 2 May 2022.
  5. “Sarnat, Marshall”. Worldcat. Retrieved 3 May 2022.
  6. Marshall Sarnat in google scholar
  7. “Marshall Sarnat”. ResearchGate. Retrieved 2 May 2022.



Northwestern University (1965)
Northwestern University (1957)
Hebrew University of Jerusalem, Economics (1955)

Teaching Areas

Finance, Management, Business Administration

Research interests

Investment and Portfolio Analysis, Financial Decision Making, Inflation, Capital Markets, International Finance and Trade

Selected Publications