Concordia University

http://www.concordia.ca/content/concordia/en/jmsb/formation-des-dirigeants/professeur.html

Thomas J. Walker, PhD

Professor, Finance

Office: S-MB 11325 
John Molson Building,
1450 Guy
Phone: (514) 848-2424 ext. 2387
Email: thomas.walker@concordia.ca

Thomas Walker holds a BSc in Management Information Systems (US-equivalent) from the Technical University of Darmstadt, Germany, and an MBA and PhD degree in Finance from Washington State University. Dr. Walker joined Concordia University in 2001. Prior to his academic career, he worked for several years in the German consulting and industrial sector at such firms as Mercedes Benz, Utility Consultants International, Lahmeyer International, Telenet, and KPMG Peat Marwick. He has taught as a visiting professor at the University of Mannheim, the University of Bamberg, the European Business School, and the WHU – Otto Beisheim School of Management.

His research interests are in sustainability & climate change, corporate governance, IPO underpricing, securities regulation and litigation, institutional ownership, and insider trading and he has published over fifty articles, book chapters, and edited books in these areas. He is the co-editor of two forthcoming books on sustainable financial systems and sustainable real estate. In addition, his articles have been published in the Journal of Corporate Finance (4x), Contemporary Accounting Research, Financial Management, the Risk Management & Insurance Review, the Journal of International Financial Markets, Institutions, and Money, the Journal of Financial Stability, the Journal of Risk Finance, Information Systems Frontiers, the Canadian Journal of Administrative Sciences (2x), and the working paper series of the International Monetary Fund (IMF). He has acted as a referee for numerous journals and has served on the peer-review committees of the Social Sciences and Humanities Research Council of Canada (SSHRC) and the United Nations Principles for Responsible Investment (UN-PRI) Academic Network.

Dr. Walker has been the recipient of various distinctions throughout his career. Among other things, he was awarded an Outstanding Teaching Award from Washington State University and a Fellowship for Experienced Researchers from the Alexander von Humboldt Foundation, Germany. His research has repeatedly been listed among the 10% most downloaded papers on Proquest and the Social Sciences Research Network (SSRN) and has been featured in the Harvard Business Review and the Harvard Business Manager.

Dr. Walker has held numerous administrative and research positions at Concordia University. For instance, he served as Laurentian Bank Professor in Integrated Risk Management (2010-2015), Chair of the Finance Department (2011-2014), Director/Co-director of the David O’Brien Centre for Sustainable Enterprise (2015-2017), and as Associate Dean, Research and Research Programs (2016-2017). In addition, he has been an active member of various advisory boards and steering committees including the human resources group of Finance Montréal, the steering committee of the Montreal chapter of the Professional Risk Managers’ International Association (PRMIA), the academic advisory board of the MMI/Morningstar Sustainable Investing Initiative, the advisory board for Palgrave Macmillan’s Future Earth book series on sustainability, the advisory board of Concordia’s Institute of Aerospace Design & Innovation (CIADI), the advisory board of Concordia’s Institute for Water, Energy and Sustainable Systems (CIWESS), and the advisory board and scientific committee of the CN Centre for Sustainable Supply Chain Management.


Areas of expertise

  • Risk Management
  • Corporate Governance
  • Corporate Sustainability
  • Responsible Investing
  • Climate Finance
  • Securities Litigation & Regulation
  • Initial Public Offerings
  • Insider Trading
  • Institutional Ownership
  • Venture Capital


Publications

Refereed Journal Articles

The Effect of Capital Ratios on the Risk, Efficiency and Profitability of Banks: Evidence from OECD Countries (with Mohammad Bitar, Concordia University, and Kuntara Pukthuanthong, University of Missouri), Forthcoming, Journal of International Financial Markets, Institutions, and Money

Cross-Border Acquisitions by Chinese Enterprises: The Benefits and Disadvantages of Political Connections (with Denis Schweizer and Aoran Zhang, Concordia University), Forthcoming, Journal of Corporate Finance

Young Adults and Their Finances: An International Comparative Study on Applied Financial Literacy (with Andreas Oehler and Mathias Horn, University of Bamberg, Stefan Wendt, Reykjavik University, Lucia Reisch, Copenhagen Business School), Forthcoming, Economic Notes (Special Issue on Financial Literacy)

CEO Turnover after Poor Performance: Turnaround or Scapegoating? (with Catherine Rodriguez Milanes and Saif Ullah, Concordia University), Forthcoming, International Journal of Accounting and Finance

Political Systems and the Financial Soundness of Islamic Banks (with Mohammad Bitar, University of Grenoble, and M. Kabir Hassan, University of New Orleans), Journal of Financial Stability 31 (2017), pg. 18-44

Timely vs. Delayed CEO Resignation and Company Performance (with Xuan Wu and Saif Ullah, Concordia University, and Kuntara Pukthuanthong, University of Missouri), Information Systems Frontiers 19:3 (2017), pg. 469-479

Estimates and Inferences in Accounting Panel Data Sets: Comparing Approaches (with Felix Canitz, University of Oldenburg, Panagiotis Ballis-Papanastasiou, Abu Dhabi Investment Authority, Christian Fieberg, University of Bremen, Kerstin Lopatta, University of Oldenburg, and Armin Vermaz, University of Applied Sciences Bremen), Journal of Risk Finance 18:3 (2017), pg. 268-283

Litigation Risk and Institutional Monitoring (with Jun Wang, University of Western Ontario, Kuntara Pukthuanthong, University of Missouri, and Harry Turtle, Colorado State University), Journal of Corporate Finance 42:C (2017), pg. 342-359

The Determinants of IPO-Related Shareholder Litigation: The Role of CEO Equity Incentives and Corporate Governance (with Xingli Li, Sunlife Everbright, Marcus Glenn Walker, Fin-Consult, and Kuntara Pukthuanthong, University of Missouri), Journal of Financial Markets 31 (November 2016), pg. 81-126

On the Role of the Chief Risk Officer and the Risk Committee in Insuring Financial Institutions against Litigation (with Kuntara Pukthuanthong, University of Missouri, and Arash Amoozegar, University of Rochester), Managerial Finance 43:1 (2016), pg. 19-43

Insider Trading Surrounding Securities Class Action Litigation and Settlement Announcements (with Behzad Taghipour Hajiabadi and Fred Davis, Concordia University), Managerial Finance 43:1 (2016), pg. 124-140

Training the Next Generation of Disaster Risk Managers through Sustainability Research and Teaching (with Amr Addas, Stefanie Kibsey, and Gary Ng, Concordia University), Ad-Minister 28 (2016)

Insider Stock Trading and the Bond Market (with Andreas Oehler, Bamberg University, Kuntara Pukthuanthong, University of Missouri, and Stefan Wendt, Reykjavik University), Journal of Fixed Income 25:3 (Winter 2016), pg. 74-91

Legal Opportunism, Litigation Risk, and IPO Underpricing (with Harry Turtle, Western Virginia University, Kuntara Pukthuanthong, San Diego State University, and Dolruedee Thiengtham, University of Exeter), Journal of Business Research 68:2 (2015), pg. 326-340

Corporate Sustainability in Asset Pricing Models and Mutual Funds Performance Measurement (with Kerstin Lopatta and Thomas Kaspereit, University of Oldenburg), Financial Markets and Portfolio Management 28:4 (2014), pg. 363-407

The Role of Aviation Laws and Legal Liability in Aviation Disasters: A Financial Market Perspective (with Kuntara Pukthuanthong, San Diego State University, and Dolruedee Thiengtham, Concordia University), Forthcoming, International Review of Law and Economics 37:1 (March 2014), pg. 51-65

Underwriters and the Broken Chinese Wall: Institutional Holdings and Post-IPO Securities Litigation (with Onem Ozocak, Brock University, Sergey Barabanov, University of St. Thomas, and Kuntara Pukthuanthong, University of Missouri), Journal of Financial Research 38:4 (Winter 2013), pg. 543-578

An Empirical Study of the Information Content and Insider Trading around Open Market Share Repurchase Announcements (with Liang Feng and Dolruedee Thiengtham, Concordia University, Harry Turtle, Western Virginia University, and Kuntara Pukthuanthong, San Diego State University), Forthcoming, Journal of Applied Corporate Finance (2013)

Effects of Election Results on Stock Price Performance: Evidence from 1980 to 2008 (with Andreas Oehler and Stefan Wendt, Universität Bamberg), Managerial Finance 39:8 (June 2013), pg. 714-736

Does Family Ownership Create or Destroy Value? Evidence from Canada (with Heng Du, Concordia University, Kuntara Pukthuanthong, San Diego State University, and Dolruedee Thiengtham, Concordia University), International Journal of Managerial Finance 9:1 (2013), pg. 13-48

Does Disclosure Regulation Work? Evidence from International IPO Markets (with Charles Shi, University of California, Irvine, and Kuntara Pukthuanthong, San Diego State University), Contemporary Accounting Research 30:1 (Spring 2013), pg. 356–387

An International Look at the Lawsuit Avoidance Hypothesis of IPO Underpricing (with Huiling Lin, Chinese University of Hong Kong, and Kuntara Pukthuanthong, San Diego State University), Journal of Corporate Finance 19:2 (February 2013), pg. 56–77

Kurz- und langfristige Folgen einer Veränderung der Rolle des Gründers bei Unternehmen mit IPOs (with Andreas Oehler, Universität Bamberg, Dolruedee Thiengtham, Martin Martens and Jean-Philippe Arcand, Concordia University), Die Betriebswirtschaft 71:1 (January 2011), pg. 35-56

Recent Developments in the Aviation Insurance Industry (with Paul Hayes, Airclaims Ltd., Triant Flouris, Daniel Webster College, Kuntara Pukthuanthong-Le, San Diego State University, and Dolruedee Thiengtham, University of Exeter), Risk Management & Insurance Review 12:2 (August 2010), pg. 227-249

The International Aviation Insurance Regime in Times of Industry Uncertainty (with Paul Hayes, Airclaims Ltd., Triant Flouris, Daniel Webster College, and Kuntara Pukthuanthong-Le, San Diego State University), International Journal of Private Law 2:4 (August 2009), pg. 343-357

Institutional Investors and Shareholder Litigation (with Harry Turtle, Washington State University, Sergey Barabanov, University of St. Thomas, and Onem Ozocak, Brock University), Financial Management 37:2 (Summer 2008), pg. 227-250

Leverage, Pre-IPO Insider Ownership, and Underpricing: High-Tech versus Low-Tech IPOs (with Jaemin Kim and Kuntara Pukthuanthong, San Diego State University), Management Decision 46:1 (March 2008), pg. 106-130

Family Control, Underwriter Prestige, and IPO Underpricing: A Cross Country Analysis (with Kuntara Pukthuanthong, San Diego State University), Multinational Business Review 16:2 (2008 Special Issue), pg. 1-29

How Employee Stock Options and Executive Equity Ownership Affect Long-term IPO Operating Performance (with Richard Roll, University of California, Los Angeles, and Kuntara Pukthuanthong, San Diego State University), Journal of Corporate Finance 13:5 (December 2007), pg. 695-720

Die Rolle des Luftverkehrsrechts und der Haftung bei Flugzeugkatastrophen: Eine Finanzmarktanalyse (with Dolruedee Thiengtham, Concordia University, and Andreas Oehler, Universität Bamberg, Germany), Zeitschrift für Betriebswirtschaft 77:12 (December 2007), pg. 1231-1262

Dynamic Relationships and Technological Innovation in Hot and Cold Issue Markets (with Michael Yi Lin, Concordia University), International Journal of Managerial Finance 3:3 (Summer 2007), pg. 200-228

Venture Capital in China: A Culture Shock for Western Investors (with Kuntara Pukthuanthong, San Diego State University), Management Decision 45:4 (May 2007), pg. 708-731

The Role of Indemnification Agreements and Legal Liability in Railroad Disasters: A Financial Market Perspective (with Dolruedee Thiengtham, Onem Ozocak, and Sergey Barabanov), International Journal of Managerial Finance 3:4 (Fall 2007), pg. 338-359
  • Recipient of the 2008 Outstanding Paper Award in the International Journal of Managerial Finance
Bookbuilding versus Auction Selling Methods: A Study of US IPOs (with Nikhil Varaiya and Kuntara Pukthuanthong, San Diego State University), Venture Capital 9:4 (October 2007), pg. 1-36

Causes and Consequences of Venture Capitalist Litigation (with Xuan Liu and Imants Paeglis, Concordia University), Journal of Private Equity 9:4 (Fall 2006), pg. 59-75

The Financial Performance of Low-Cost and Full-Service Airlines in Times of Crisis (with Triant Flouris, Concordia University), Canadian Journal of Administrative Sciences 22:1 (March 2005), pg. 3-20

On the Performance of Airlines and Airplane Manufacturers Following Aviation Disasters (with Dolruedee Thiengtham and Michael Yi Lin, Concordia University), Canadian Journal of Administrative Sciences 22:1 (March 2005), pg. 21-34

On the Pros and Cons of Employee Stock Options: What Are the Alternatives? (with Kuntara Pukthuanthong, San Diego State University), Journal of Corporate Ownership and Control 4:1 (Fall 2006), pg. 266-277

Financial Comparisons across Different Business Models in the Canadian Airline Industry (with Triant Flouris, San Jose State University), Journal of Air Transportation 12:1 (January 2007), pg. 25-52

On the Stock Market’s Reaction to Major Railroad Accidents (with Sergey Barabanov, University of St. Thomas, and Kuntara Pukthuanthong, San Diego State University), Journal of the Transportation Research Forum 45:1 (Spring 2006) pg. 23-39

Confidence in Airline Performance in Difficult Market Conditions: An Analysis of JetBlue’s Financial Market Results (with Triant Flouris, Concordia University), Journal of Air Transportation 10:1 (January 2005), pg. 38-57


Book Chapters

Slowing Climate Change: Mitigating Poverty and Environmental Degradation via Strategic Human Resource Management and Responsible Leadership (with Rohan Crichton, Concordia University, and Alpna Patel, University of Ottawa), In: Climate Change Implications for Multinational Enterprises, John McIntyre, Silvester Ivanaj, and Vera Ivanaj (eds.), Edward Elgar Publishing: Cheltenham, UK (forthcoming)

Impact Investing (with Stefanie Kibsey and Stephanie Lee, Concordia University), In: Sustainable Investing: Revolutions in Theory and Practice, Cary Krosinsky and Sophie Purdom (eds.), Routledge: London, UK (July 2016), pg. 30-40

Keeping an Eye on the Founders and a Thumb on the Mercenaries: A Study of Corporate Governance in IPO Firms (with Jason Moschella, Martin Martens, Jean McGuire, Concordia University), In: Corporate Governance in the 21st Century, Nova Science Publishers, New York, NY (December 2008), pg. 23-66

Are Investors Home Biased? Evidence from Germany (with Andreas Oehler and Stefan Wendt, Universität Bamberg, and Marco Rummer, University of Oxford), in: Diversification and Portfolio Management of Mutual Funds, Greg N. Gregoriou (ed.), Palgrave MacMillan, New York, NY (October 2006), pg. 57-77

Venture Capital in Europe: Closing the Gap to the U.S. (with Andreas Oehler, Universität Bamberg, Kuntara Pukthuanthong, San Diego State University, and Marco Rummer, University of Oxford), in: Venture Capital in Europe, Greg N. Gregoriou, Maher Kooli and Roman Kräussl (eds.), Elsevier, Amsterdam, The Netherlands (lead chapter, November 2006), pg. 3-17

Why Venture Capital Markets Are Well Developed in Some Countries But Comparatively Small in Others: Evidence from Europe (with Kuntara Pukthuanthong, San Diego State University, and Dolruedee Thiengtham, Concordia University), in: Venture Capital in Europe, Greg N. Gregoriou, Maher Kooli and Roman Kräussl (eds.), Elsevier, Amsterdam, The Netherlands (November 2006), pg. 33-50



Working Papers

Basel Compliance and Financial Stability: Evidence from Islamic Banks (with Mohammad Bitar, Concordia University, Sami Ben Naceur, International Monetary Fund, and Rym Ayadi, HEC Montreal), International Monetary Fund Working Paper WP/17/161 (July 2017)

The Impact of Firm-Founder and CEO Succession on Equity Performance (with Martin Martens and Jean-Philippe Arcand, Concordia University)
• The results of this working paper were highlighted in articles submitted by Martin Martens to the Harvard Business Manager and the Harvard Business Review:
Gründer an die Macht!, Harvard Business Manager, 1/2006 (January 2006)
Hang On to Those Founders, Harvard Business Review 83:10 (October 2005)

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