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Lawrence Kryzanowski, PhD

Professor, Finance
Senior Concordia University Research Chair, Finance

Lawrence Kryzanowski, PhD
Office: S-MB 12229  
John Molson Building,
1450 Guy
Phone: (514) 848-2424 ext. 2782
ORCID: 0000-0002-3028-5700

Dr. Kryzanowski is Professor and Senior Concordia University Research Chair in Finance (formerly Ned Goodman Chair in Investment Finance), Department of Finance. He has published, consulted or appeared as an expert witness dealing with: impact of alleged financial misrepresentations on market prices; rate of return and capital structure of regulated utilities; management of investments for institutions and individuals; capital market trading; financial services; mergers/acquisitions/reorganizations; new corporate and governmental financings; risk management; agency issues; political corruption and risk; effect of natural disasters. He was the founding chairperson/promoter in1988 of the Northern Finance Association. He continues to be a Governor Emeritus at Concordia University; an Advisory Editor with the European Journal of Finance; Associate Editor with The International Review of Financial Analysis and Frontier of Finance and Economics; and Editorial Board Member with Canadian J. of Administrative Sciences, Managerial Finance, Studies in Economics and Finance, and Finance India. He is a former President of the Multinational Finance Society.

Dr. Kryzanowski is the (co-) author of eight texts, over 340 papers presented at refereed conferences,  and over 170 articles in refereed journals, such as the Bell Journal of Economics, Journal of Finance, Journal of Financial Economics, Journal of Financial & Quantitative Analysis, Journal of Money, Credit & BankingJournal of Banking & Finance, Journal  of Corporate Finance, Journal of Financial MarketsReview of Finance and Journal of Empirical Finance.


PhD (University of British Columbia), Finance. Committee: Drs. Michael J. Brennan (Supervisor), James D. MacBeth, Robert W. White and John D. Boyd (Economics).

Areas of expertise

  • Efficiency and regulation of global capital markets
  • Corporate Finance (e.g. External financing, Governance & diversity, Payout policy)
  • Investment and fund management/governance
  • Pricing of risk
  • Political corruption/risk and natural disasters
  • Agency and behavioral issues 


Publications: Journals (SuppM = Supplementary Material)

Political connections of Chinese fund management companies and fund performance. Accepted: Financial Review. 22 pp SuppM. With Chao He and Yunfei Zhao.

Conflicts of interest and agent heterogeneity in buyer brokerage. Real Estate Economics 51:1 (Jan. 2023), 130-169. 40 pp SuppM. With Yanting Wu and Tingyu Zhou.

Effect of COVID19 on non-performing loans in China. Finance Research Letters 52 (March 2023), 103372. 17 pp SuppM. With Jinjing Liu and Jie Zhang.

CSR structures: Evidence, drivers, and firm-value implications. In Press: Journal of Business Ethics. With Kais Bouslah, Abdelmajid Hmaittance & Bouchra M'Zali.

Signaling effects of recurrent list-price reductions on the likelihood of house sales. Journal of Financial Research 46:1 (Spring 2023), 99-130 7 pp SuppM. With Yanting Wu.

Robust market timing tests of Canadian hybrid mutual funds. In Press: International Journal of Managerial Finance. With Mohamed A. Ayadi and Anis Chaibi.

Share-loan pledging and relaxation of share-repurchase restrictions in China. Accounting & Finance 61:5 (2021), 5925-5964. 26 pp SuppM. With Qi Guo, Mingyang Li and Jie Zhang. 40 pages 26 pages SuppM.

Price-limit effectiveness: Evidence from the Borsa Istanbul (BIST). International Journal of Islamic and Middle Eastern Finance and Management 15:3 (2022), 527-568. 11 pp SuppM. With Osman Ulas Aktas and Jie Zhang. 42 Pages 10 pages SuppM.

Political corruption and corporate social responsibility (CSR). Journal of Behavioral and Experimental Finance 31 (September 2021), 100538, 18 pages  19 pages SuppM. With Ashrafee Tanvir Hossain.

Social environment and corporate payouts. European Journal of Finance.27:14 (2021), 1413-1437 9 pages SuppM. With Ashrafee T. Hossain and Takdir Hossain.

Political corruption and corporate payouts. Journal of Banking and Finance 123 (February 2021), 25 pages  12 pages SuppM. With Ashrafee T. Hossain and Takdir Hossain.

Financial oligopolies and parallel exclusion in the credit default swap markets. Journal of Financial Markets 56 (Nov. 2021), 100606, 28 pages 33 pages  SuppM. With Stylianos Perrakis and Rui Zhong.

Do country-level creditor protections affect firm-level debt structure concentration? Review of Finance.25:6 (Nov. 2021), 1677-1725 10 pages SuppM. With Kose John, Mahsa Kaviani and Hossein Maleki.

Political corruption shielding and corporate acquisitions. Financial Review 56:1 (February 2021), 55-83 7 pages SuppM. With Ashrafee T. Hossain.

Natural disasters and risk aversion. Journal of Economic Behavior and Organization 177 (September 2020), 818-835 25 pages SuppM. With Michael Bourdeau-Brien.

Political corruption and cost of equity (CoE). Business & Society 60:8 (Nov. 2021), 2060-2098 5 pages SuppM.  With Ashrafee T. Hossain.

Transparency and fund governance efficacy: The effect of the SEC’S disclosure rule on advisory contracts. Journal of Corporate Finance 62 (June 2020), 101559. With Mahmood Mohebshahedin.

Policy uncertainty and corporate credit spreads. Journal of Financial Economics 138:3 (December 2020), 838-865. With Mahsa S. Kaviani, Hosein Maleki and Pavel Savor.

Volatility spillover around price limits in an emerging market. Finance Research Letters 39 (March 2021), 101610, 8 pages 5 pages SuppM.  With Osman Ulas Aktas and Jie Zhang

Currency hedging and Quantitative Easing: Evidence from global bond markets. International Review of Finance 21:2 (June 2021), 555-597 4 pages SuppM. With Jie Zhang and Rui Zhong.

US political corruption and loan pricing, Journal of Financial Research 43:3 (Fall 2020), 459-489. With Ashrafee T. Hossain and XiaoBing Ma. Lead article.

A review of the literature on dual-class firms, Managerial Finance 45:9 (2019), 1199-1218. With Ashrafee T. Hossain.

Global financial crisis after ten years: A review of the causes & regulatory reactions, Managerial Finance 45:7 (July 2019), 904-924. With Ashrafee T. Hossain.

Share classes, families and asset purchases: Canadian evidence, Managerial Finance 46:2 (February 2020), 217-236. With Lingfeng Guo and Yinlin Nie.

Municipal financing costs following natural disasters, Global Finance Journal 40 (May 2019), 48-64. With Michael Bourdeau-Brien.

Dual-class firms, M&As and SOX, The Quarterly Review of Economics and Finance 71 (February 2019), 176-187. With Lamia Chourou and Ashrafee T. Hossain.

M&A price pressure revisited, Finance Research Letters 28 (March 2019), 299-308. With Yulin (George) Nie.

Social performance and firm risk: Impact of the financial crisis, Journal of Business Ethics 149:3 (May 2018), 643–669.With Kais Bouslah & Bouchra M’Zali. First Online: 11 February 2016.

Impact of sponsorship on fixed-income fund performance, The Quarterly Review of Economics and Finance 67 (February 2018),121-137. With Mohamed A. Ayadi and Mahmood Mohebshahedin.

Informed trading around biotech M&As,Studies in Economics and Finance 35:1 (2018), 44-64. With Trang Phuong Tran.

Price discovery in equity and CDS markets, Journal of Financial Markets 35 (September 2017), 21-46. With Stylianos Perrakis & Rui Zhong.

Defeating the VPIN: Slipping into the noise, Journal of Trading 12:3 (Summer 2017), 37-47. With Dan Glikstein.

The impact of natural disasters on the stock returns and volatilities of local firms, The Quarterly Review of Economicsand Finance 63 (February 2017), 259-270. With Michael Bourdeau-Brien.

Cross-financial-market correlations and quantitative easing, Financial Research Letters 20 (February 2017), 13-21. With Jie Zhang and Rui Zhong.

Performance of Canadian hybrid mutual funds, North American Journal of Economics and Finance 38 (November 2016), 124-147. With Mohamed A. Ayadi and Anis Chaibi.

Equity fund flows and performance around economic recessions, Journal of Wealth Management 19:3 (Winter 2016), 99-115.With Inès Gargouri.

Typical and tail performance of Canadian equity SRI mutual funds, Journal of Financial Services Research 50:1 (August 2016), 57-94. With Mohamed A. Ayadi and Hatem Ben-Ameur.

Timing the stock market: Does it really make no sense?, Journal of Behavioral and Experimental Finance 10 (June 2016),88-104. With Hubert Dichtl and Wolfgang Drobetz.

Board governance, monetary interest and closed-end fund performance, Journal of Corporate Finance 38 (June 2016), 196-217. With Mahmood Mohebshahedin.

Are idiosyncratic volatility and MAX priced in the Canadian market?, Journal of Empirical Finance 37 (June 2016), 20-36. WithAnas Aboulamer. 

Capacity effects and winner fund performance: The relevance and interactions of fund size and family characteristics, European Journal of Finance 22:1 (May 2016), 1-27. WithWolfgang Bessler, Philipp Kurmann and Peter Lückoff. Lead article.

Forecasting the LIBOR-Federal Funds Rate spread during and after the financial crisis, Journal of Futures Markets 36:4 (April 2016), 345–374. With Wassim Dbouk and Ibrahim Jamali.

Derivatives, short selling and U.S. equity and bond mutual funds. Quarterly Journal of Finance 6:1 (March 2016), 1640002-1—1640002-44. With Kaveh Moradi Dezfouli.

Earnings forecasts and idiosyncratic volatilities, International Review of Financial Analysis 41 (October 2015), 107-123.With Sana Mohsni.

Trade classification accuracy for the BIST. Journal of International Financial Markets, Institutions & Money 33 (November 2014), 259-282. With Osman Ulas Aktas.

Market impacts of trades for stocks listed on the Borsa Istanbul. Emerging Markets Review 20 (September 2014), 152-175. With Osman Ulas Aktas.

Persistence and current determinants of the future earnings growth rates of firms, European Journal of Finance 20:2 (February 2014), 181-200. With Sana Mohsni.

The January effect for individual corporate bonds. International Review of Financial Analysis 30 (December 2013), 69-77. With Wassim Dbouk and Ibrahim Jamali.

Mutual fund performance measurement with nonlinear stochastic discount factors, Advances in Quantitative Analysis of Finance and Accounting 11 (2013), 207-228. With Mohamed A. Ayadi.

Financial restatements and Sarbanes-Oxley: Impact on Canadian firm governance and management turnover, Journal ofCorporate Finance 21 (June 2013), 87-105. With Ying Zhang.

Financial restatements by Canadian firms cross-listed and not cross-listed in the U.S., Journal of Multinational Financial Management 23:1-2 (April 2013), 74-96. With Ying Zhang.

The impact of the dimensions of social performance on firm risk, Journal of Banking and Finance 37: 4 (April 2013),1258-1273. With Kais Bouslah & Bouchra M’Zali.

Growth of aggregate corporate earnings and cash-flows: Persistence and determinants, International Review of Economics and Finance 25 (January 2013), 13-23. With Sana Mohsni.

Fixed-income fund performance: Role of luck and ability in tail membership, Journal of Empirical Finance 18:3 (June 2011),379-392. With Mohamed A. Ayadi. Lead article.

Canada and the United States: Different roots, different routes to financial sector regulation, Business History 53:2 (April 2011), 249-269. With Donald J.S. Brean and Gordon S. Roberts.

Optimal investment decisions for twopositioned firms competing in a duopoly market with hidden competitors, European Financial Management 17:2 (March 2011), 305-330. With Manuel Rocha Armada and Paulo Jorge Pereira.

Informed traders of cross-listed shares trade more in the domestic market around earnings releases, Review of Quantitative Finance and Accounting 36:1 (2011), 1-31. With Skander Lazrak. Lead article.

Capital returns, costs and EVA for Canadian firms, North American Journal of Economics and Finance 21:3 (December 2010), 256-273. With Sana Mohsni.

Should minimum portfolio sizes be prescribed for achieving sufficiently well-diversified equity portfolios?,Frontiers in Finance and Economics 7:2 (October 2010), 1-37. With Shishir Singh. Lead article.

Behavior of liquidity and returns around Canadian seasoned equity offerings, Journal of Banking & Finance 34: 12 (December 2010), 2954-2967. With Skander Lazrak and Ian Rakita.

Determinants of credit spread changes for the financial sector, Studies in Economics and Finance 27:1 (2010), 67-82. With Wassim Dbouk.

Degrees-of-freedom problem and implied cost of equity capital, Finance Research Letters 6:3 (September 2009), 171-178. With Abdul Rahman.

In government we trust: Rise and fall ofCanadian business income trust conversions, Managerial Finance 35: 9 (September 2009), 784-802. With Ying Lu.

Diversification benefits for bond portfolios, European Journal of Finance 15:5&6 (July-September 2009),5 33-553. With Wassim Dbouk.

Do internationally cross-listed non-U.S.firms obtain more favorable terms for syndicated loans?, Managerial Finance 35:7 (July 2009), 548-578. With Claudia Champagne. Lead article.

Liquidity minimization in the choice of U.S. venue: Evidence based on Canadian cross-listings, Journal of International Financial Markets, Institutions and Money (July 2009), 550-564. With Skander Lazrak.

Generalized Fama proxy hypothesis: Impactof shocks on Phillips curve and relation of stock returns with inflation, Economics Letters 103:3 (June 2009), 135-137. With Abdul Rahman.

The impact of bond index revisions, Applied Financial Economics 19:9 (May 2009), 693-702. With Wassim Dbouk.

Portfolio performance ambiguity and benchmark inefficiency revisited, Journal of Asset Management 9:5 (December2008), 321-332. With Abdul Rahman. Included in the “Investmentreading list, 2006-2009”, U.K. Institute of Actuaries, November 2009.

Dynamic betas for Canadian sector portfolios, International Review of Financial Analysis 17:5 (December 2008), 1110-1122. With Zhongzhi He.

The impact of past syndicate alliances onthe consolidation of financial institutions, Financial Management 37: 3 (Autumn2008), 535-569. With Claudia Champagne. Earlier version chosen for a “top-10%”session at the October 2006 meetings of the Financial Management Association(FMA) in Salt Lake City, Utah.

Canadian IPO share releases, Journal of Private Equity 11:2 (Spring 2008), 73-90. With SiYi Liang.

Portfolio performance sensitivity forvarious asset pricing kernels, Computers and Operations Research, Part special issue: Applications of OR in Finance 35:1 (January 2008), 171-185. With Mohamed A. Ayadi.

The behaviour of prices, trades and spreads for Canadian IPOs, Multinational Finance Journal 9:3&4 (2005), 213-234.With Skander Lazrak and Ian Rakita. Referenced on Jay Ritter’s website at:

Performance of Canadian E-REITs, International Real Estate Review (IRER) 10: 2 (2007), 1-22. With Margarita Tcherednitchenko. Lead article.

Are current syndicated loan alliances related to past alliances?, Journal of Banking and Finance 31 (October 2007), 3145-3161. With Claudia Champagne.

Cost of equity for Canadian and U.S.sectors, North American Journal of Economics and Finance 18:2 (August 2007), 215-229. With Zhongzhi He.

Trading activity, trade costs and informedtrading for acquisition targets and acquirers, European Journal of Finance 13:5(July 2007), 405-439. With Skander Lazrak.

A modified finite-lived American exchangeoption methodology applied to real option valuation, Global Finance Journal(GFJ) 17:3 (March 2007), 419-438. With Manuel R. Armada and Paulo F. Pereira.

The cross section of expected returns andamortized spreads, Review of Pacific Basin Financial Markets and Policies(RPBFMP) 9:4 (December 2006), 597-638. With Zhongzhi He.

A characteristic examination of beta, sizeand liquidity for the Canadian stock market, Journal of International Financeand Economics 4: 1 (2006), 49-58. With Zhongzhi He.

A reformulated asset pricing model based oncontrarian strategies, Studies in Economics and Finance 23:3 (2006), 185-201.With Zhongzhi He.

Trade costs and market behavior ofTSX-listed income trusts, Canadian Investment Review 19:1 (Spring 2006), 10-16.With Skander Lazrak and Ian Rakita.

Are split-date volatility changes primarilypermanent or temporary?, Finance Letters 3:5(2005), 12-18. With Skander Lazrak.

International trade-venue clientele effectsand order-flow competitiveness, Journal of Financial Intermediation 14:1(January 2005), 86-113.With Arturo Rubalcava.

Portfolio performance measurement usingAPM-free kernel models, Journal of Banking & Finance 29:3 (March 2005),623-659. With Mohamed A. Ayadi.

Key issues of venture capital investing inforeign markets: The case of Canadian biotechnology companies, The Journal ofPrivate Equity 7:3 (Summer 2004), 47-54. With Michel Y. Bergeron and MarkoSavor.

Valuation effects of domestic andinternational seasoned Canadian offerings by firms cross-listed on theNYSE/Amex or Nasdaq, Journal of Multinational Financial Management 14:2 (April2004), 171-186. With Arturo Rubalcava.

Determinants of underwriting fees fordomestic and non-domestic seasoned equity offerings by Canadian cross-listedshares, Assurances 70:3 (Octobre 2002), 379-406. With Arturo Rubalcava.

Focus on corporate bonds: Investmentmanagement implications of structural change in the Canadian “fixed”-incomemarket, Canadian Investment Review 15:3 (Fall 2002, Special), 1-8. Sponsored byMFC Global Investment Management.

Intraday market price integration forshares cross-listed internationally, Journal of Financial and QuantitativeAnalysis 37:2 (June 2002), 243-269. With Hao Zhang.

The relationship between overallotmentoptions, underwriting fees and price stabilization for Canadian IPOs,Multinational Finance Journal 4:1&2 (March/June 2000), 5-34. With RichardChung and Ian Rakita. Lead article.

Estimation of capital requirements for thetherapeutics sub-segment of the Canadian biotechnology industry,  The InternationalJournal of Biotechnology, 3:3/4 (2001), 362-373. With Michel Y. Bergeron, PaulBeaulieu and Sofiene Zorgati.

Financing-related issues and difficultiesfor Canadian biotechnology companies, The International Journal ofBiotechnology 3:3/4(2001), 287-298. With MichelY. Bergeron, Paul Beaulieu andYoser Gadoum.

Migration behavior of long-term bondratings of Canadian corporate bond issuers, Canadian Investment Review 14:3(Fall 2001), 19-27. With Jocelyne Ménard. Recipient of 1st annual BGIaward for excellence in Canadian capital market research.

Trade costs and investment performance,Canadian Investment Review 14:2 (Summer 2001), 53-54.

Tests of investor cognisance using earningsforecasts of North-American analysts, International Review of Economics and Finance10:2 (2001), 187-204. With Richard Chung.

Market quote and spread component costbehavior around trading halts for stocks interlisted on the Montreal andToronto Stock Exchanges, Financial Review 36:2 (May 2001),115-138. With HowardNemiroff.

Futures market equilibrium withheterogeneity and a spot market at harvest. Journal of Economic Dynamics andControl 25:5 (May 2001), 805-824.  With Henri Fouda and Chau Minh To.

Market timing using strategists’ andanalysts’ forecasts of S&P500 earnings per share, Financial Services Review9 (2000), 125-144. With Richard Chung. Lead article. In top 10 (3rd) downloadsfor this journal in 2001 from Elsevier’s Econbase (

What determines the holding period of theaverage investor, Canadian Investment Review 13:3 (Fall 2000), 18-25. With BinLi.

An explanatory analysis of the order book,and order flow and execution on the Saudi stock market, Journal of Bankingand Finance 24:8 (August 2000), 1323-1357. With Mohammad Al-Suhaibani.

The information content of orders on theSaudi stock market, Journal of Financial Research 23:2 (Summer 2000),145-156. With Mohammad Al-Suhaibani.

Is the U.S. 7% solution equivalent to theCanadian 6% solution?, Canadian Investment Review (Fall 1999), 27, 29-32 and34. With Ian Rakita.

Accuracy of consensus expectations fortop-down earnings per share forecasts for two S&P indexes, AppliedFinancial Economics 9 (1999), 233-238.  With Richard Chung.

Are the market effects associated withrevisions to the TSE300 index robust?, Multinational Finance Journal 2:1 (March1998), 1-36. With Richard Chung. Lead article. Best paper award for Vol. 2 ofthis journal.

Perspectives on Canadian bank insolvencyduring the1930s, Journal of Money, Credit and Banking 31:1 (February 1999),130-136. With Gordon S. Roberts.

Price discovery around trading halts on theMontreal exchange using trade-by-trade data, The Financial Review 33:2 (May1998), 195-212. With Howard Nemiroff.

Capital forbearance: Depression-eraexperience of life insurance companies, Canadian Journal of AdministrativeSciences 15:1 (March 1998), 1-16.  With Gordon S. Roberts.

Benchmark invariancy, seasonality andAPM-free portfolio performance measures, Review of Quantitative Finance andAccounting10:1 (January 1998), 75-94.  With Simon Lalancette and Chau MinhTo.

Trading activity, quoted liquidity andstock volatility, Multinational Finance Journal1:3 (September 1997),199-227.  With Li Jiang.

Robustness of selectivity and timingmeasures of performance based on quadratic and dummy variable regressions,International Review of Financial Analysis 6:3, 1997, 257-262.  WithRichard Chung.

Conditioning for better performance,Canadian Investment Review 10:3 (Fall 1997),36-38.  With Simon Lalancette.

Performance attribution using an APT withprespecified macrofactors and time-varying risk premia, Journal of Financialand Quantitative Analysis 32:2 (June 1997), 205-224.  With SimonLalancette  and Chau Minh To.

Long-term equilibria of taxable andtax-exempt bonds, International Review of Economics and Finance 6:2 (1997),119-143.  With Kuan Xu.

Is the day-of-the-week effect still valid,Canadian Investment Review 10:2 (Summer1997), 21-26.  With Hao Zhang.

Decimalization's winners and losers,Canadian Investment Review (1996/97), 35-39.  With Richard Chung and HaoZhang.

Trading patterns of small and large tradersaround stock split ex-dates, Journal of Financial Research 19:1 (Spring 1996),75-90. With Hao Zhang.

Macrofactor conditional volatilities,time-varying risk premia and stock return behavior, Financial Review 31:1(February 1996), 169-195. With George Koutoulas.

Introduction of dual-class shares: Furtherevidence on Canadian pro rata distributions, International Review of FinancialAnalysis 4:1 (1995), 67-79.  With Hao Zhang.

Determinants of the decreasingtermstructure of relative yield spreads for taxable and tax-exempt bonds,Applied Economics 27 (1995), 583-590.  With Kuan Xu and Hua Zhang.

Stock market crash behavior of screen-sortedportfolios, International Review of Economics and Finance 4:3 (1995),227-244. With Lorne Switzer and Li Jiang.

Analysis of small-business financialstatements using neural nets, Journal of Accounting, Auditing and Finance 10:1(Winter 1995), 147-170.  Professional Adaptation: 171-2. WithMichael Galler. Early application of AI (Artificial Intelligence) in Finance.

Integration or segmentation of the Canadianstock market: Evidence based on the APT, Canadian Journal of Economics 27:2(May 1994), 329-351.  With Geoge Koutoulas.

Performance attribution using a multivariateintertemporal asset pricing model with one state variable, Canadian Journal ofAdministrative Sciences 11:1 (March 1994), 75-85. With Simon Lalancetteand Chau Minh To.

Some tests of the exactness of an APT basedon mimicking portfolios, The Financial Review 29:2 (May1994),153-192. With Simon Lalancette and Minh C.huTo.

Using artificial neural networks to pickstocks, Financial Analysts Journal (July-August 1993), 21-27.  With MichaelGaller and David W. Wright. Early application of AI (Artificial Intelligence)in Finance.

Canadian banking solvency, 1922-1940,Journal of Money, Credit and Banking 25:3 (August 1993, Part 1), 361-376. WithGordon S. Roberts.

Market reaction to the formation of exporttrading companies by American banks, Journal of International Business Studies24:2 (Second Quarter 1993), 375-383.  With Nancy Ursel.

The market's reaction to the release ofdrill-core assay results by junior mining firms, Journal of Accounting,Auditing and Finance 8:3 (Summer 1993), 289-308. Professional Adaptation:309-311.  With Charles Jenkins.

Market reaction to announcements oflegislative changes and Canadian bank takeovers of Canadian investment dealers,Journal of Financial Services Research7:2 (June1993), 171-185.  With NancyUrsel.

Market behaviour around Canadianstock-split ex-dates, Journal of Empirical Finance1:1 (June 1993), 57-81. With Hao Zhang.

The contrarian investment strategy does notwork in Canadian markets, Journal of Financial and Quantitative Analysis 27:3(September 1992), 383-395.  With Hao Zhang.

Economic forces and seasonality in securityreturns, Review of Quantitative Finance and Accounting 2:3 (September 1992),227-244. With Hao Zhang.

Introduction of dual-class shares: Someevidence on Canadian pro-rata distributions, The International Review ofFinancial Analysis 1:2 (September 1992), 95-108. With Hao Zhang.

Valuation effects of Canadian stock splitannouncements, Economics Letters 36 (1991), 317-322.  With Hao Zhang.

Hypothesis testing with the Sharpe andTreynor portfolio performance measures given non-synchronous trading, EconomicLetters 32 (1990), 345-352.  With Ah Boon Sim.

Transaction costs and option pricingbiases: Some evidence for options on foreign currency futures, The Review ofFutures Markets 9:1 (1990), 26-48.  With Joseph Ghalbouni and Chau Minh To.

Incorporating contemporaneous residualrelationships for security prices, Economics Letters 31 (1989), 245-249. With Abol Jalilvand.

Simultaneous estimation of the parametersof the Black-Scholes option pricing model, The Review of Economics andStatistics (November 1987), 727-32.  With Abdul Rahman and Ah Boon Sim.

Systematic risk in a purely random marketmodel: Some empirical evidence for individual public utilities, The Journal ofFinancial Research 10 (Summer 1987),143-152.  With Abdul Rahman and AhBoon Sim. 

Some empirical tests of alternativegeneralized two parameter asset pricing models, Canadian Journal ofAdministrative Sciences 4 (March 1987), 1-14.  With Chau Minh To.

The E-V stationarity of security returns:Some empirical evidence, Journal of Banking and Finance 11:1 (March 1987),117-135. With Chau Minh To.

Equity eligibility rules and privatepension fund investment: Some Canadian evidence, Canadian Journal of InsuranceLaw 4 (November-December 1986), 90-96.  With Vijay M. Jog.

Diversification and the reduction of stochasticdispersion – Summary, The Financial Review 21:3 (August 1986), 49. With AbdulRahman.

Statistical tests of the accuracy ofalternative forecasts: Some results for U.S. utility betas, The FinancialReview 21 (May 1986), 319-35.  With Abol Jalilvand.

Revealed preferences for risky assets inimperfect markets, Canadian Journal of Administrative Sciences 3:2 (December1986), 329-47.  With Chau Minh To.

Small business failure: A Canadianperspective, National Insolvency Review 3 (July-August & September-October,1986), 61-64.

Take-over disclosures, Securities andCorporate Regulation Review 1:1 (June 1986),1-3.  With Peter Marzitelli.

Alternative specifications of the errors inthe Black-Scholes option-pricing model and various implied-variance formulas,Economics Letters  21 (1986),61-65. With Abdul Rahman.

Petro-Canada's takeovers, Sloan ManagementReview 27 (Winter 1986), 27-41.  With Peter Marzitelli.

Incorporating contemporaneous residualrelationships: A new approach, Economics Letters 19 (1985), 319-321.  WithAbol Jalilvand.

Small-business debt financing: An empiricalinvestigation of default risk, Canadian Journal of Administrative Sciences 2(June 1985), 24-42.  With Chau Minh To.

Is Petrocan worth it? Financial andimplied investment performance of the crown corporation, CGA Magazine (May1984), 14-22. With Peter Marzitelli.

The telescopic effect of past returnrealizations on ex post beta estimates, The Financial Review 19 (February1984), 1-25. With Chau Minh To.

Participation mortgage investments andCanadian institutional investors, Appraisal Institute Magazine (AIM) 28(February 1984), 33-41.  With Paul Fahey.

Externalities, preferences and urbanresidential location: Some empirical evidence, Journal of Urban Economics 14(November 1983), 338-354.  With Chau Minh To and Alain Lapointe.

General factor models and the structure ofsecurity returns, Journal of Financial and Quantitative Analysis 18 (March1983), 31-52.  With Chau Minh To.

Bankruptcies and commercial arrangements inCanada: Some empirical evidence, Cost and Management (September-October 1982),4-11. With Jan Holland. Reprinted in A.L. Kahl and W.F. Rentz, Cases,Readings and Exercises in Canadian Financial Management(1983). Abridgedversion in Insolvency Bulletin 4 (September 1984), 3-10.

On traditional market models asreturn-generating models, The Financial Review17 (September 1982),165-173.  With Chau Minh To.

Asset pricing models when the number ofsecurities held is constrained – A comparison and reconciliation of the Mao andLevy models, Journal of Financial and Quantitative Analysis 17 (March 1982),63-73.  With Chau Minh To.

The operational efficiency of the FederalBusiness Development Bank in financing small businesses, American Journal ofSmall Business 6 (July-September 1981),9-19.  With Chau Minh To. Currentjournal name is:  Entrepreneurship: Theory and Practice.

Equal Access to Credit: Lenders' attitudestowards an applicant's sex and marital status, International Journal of Women'sStudies 4 (May/June 1981), 213-233.  With Elizabeth Bertin-Boussu.

Canadian experiences with foreign-basedcomplete technological projects and international competition, The CanadianMarketer 11 (Spring 1980), 8-13. With K.C. Dhawan.

The efficacy of trading suspensions: Aregulatory action designed to prevent the exploitation of monopoly information,The Journal of Finance 34 (December1979), 1187-1200.  Summary printed inthe C.F.A. Digest 10 (Summer 1980):47-48.The use of circuit-breaker levels totrigger trading halts on stock exchanges is now common (e.g., NYSE, NASDAQ,TSX, SIX Swiss, Tokyo and Singapore). They were instituted in 1988 by the NYSEin response to the market drops in October of 1987 to bolster investorconfidence by reducing market volatility.

The role of investor relations in theoperations of Canadian public companies, Cost and Management (July-August1979), 11-15. With Patricia E. Moran.

Misinformation and security markets, TheMcGill Law Journal 24 (Spring 1978), 123-135.

Misinformation and regulatory actions inthe Canadian capital markets: Some empirical evidence, The Bell Journal ofEconomics 9 (Autumn 1978), 355-368.

TSE performance of new seasoned naturalresource equity issues, 1965-69, Journal of Business Administration 9 (Fall1977), 59-70.  With Kenneth W. Phelan.

Venture capital management: A survey ofattitudes towards selection criteria, American Journal of Small Business 2 (July1977), 29-37.  With Roger Giraldeau. Current journal name is: Entrepreneurship: Theory and Practice.

Monte Carlo Simulation and capitalexpenditure decisions: A case study, The Engineering Economist 18:1 (Fall 1972),31-48.  With Peter Lusztig and Bernhard Schwab.

Publications: Book/Annuals Contributions

Preface In: André Dorsman, John Simpson and Wim Westerman, Energy technology, policy and valuation, Springer Verlag, May 2015.

Chapter 1: Performance leakage and value discounts on the Toronto Stock Exchange. In: Greg N. Gregoriou (editor), Handbook of Trading (McGraw-Hill, 2010). With Skander Lazrak.

Ownership control and valuation changes for earnings announcements around US crosslistings by Canadian firms, chapter 11, pages 299-323. In: Lloyd P. Blenman, Harold Black and Edward Kane (Editors), Banking and Capital Markets: New International Perspectives (World Scientific Publishing Company, 2010). With Arturo Rubalcava.

Chapter 4, Organizational design and positioning of the deposit insurance function in the financial system safety net, pp. 91-115. In: Andrew Campbell, John Raymond LaBrosse, David Mayes and Dalvinder Singh (Editors), Deposit Insurance (Palgrave, U.K.,2007).

A stochasticdiscount factor-based approach for fixed-income mutual fund performance evaluation, chapter 10, 193-226. In: Michele Breton and Hatem Ben-Ameur, Numerical Methods in Finance, New York, Springer Science Business Media, Inc., 2005. With Mohamed A. Ayadi.

Trading halts and conditional volatility on the Montreal and Toronto Stock Exchanges, 351-356. In: M.G. Adams and A. Alkhafaji, Business Research Yearbook, International Academy of Business Disciplines, Vol. 12, 2005. With Howard Nemiroff.

Suivi des analystes et comportement du marché autour des recompositions de l’indiceTSE300 [Analyst Following and Market Behavior Around TSE300 Index Revisions], 171-183. In: B. Biais, D. Davydoff et B. Jacquillat, Organisationet qualité des marchés financiers [Organizationand Quality of Equity Markets] (Paris: Presses Universitaires de France, 1997). With R. Chung.

Bank structure in Canada, 1-57. In: George G. Kaufman (ed.) Bank Structures in Major Countries (Boston: Kluwer Academic Publishers,1992).  With G. Roberts.

Chapter 10, The business of banking, & Chapter 21, Regulation of banking activity. In: Bank Financial Management (Montreal: Institute of Canadian Bankers, 1990). With J.C. Ellert and G.S. Roberts.

Financial research: The last ten years; the next ten years. In: Hamid Etemad, ed., Selected Reviews in Ten Management Disciplines, Administrative Sciences Association of Canada, 1989. With Iraj Fooladi and Gordon Roberts.

Manipulation of share prices. In: Lazar Sarna (ed.), Corporate Structure, Finance and Operations (Toronto: The Carswell Company Limited, 1982), 265-282.

Characteristics and experiences of Canadian-based export consortia, 228-241. In: K.C. Dhawan, H. Etemad and R. Wright (eds.), International Business: A Canadian Perspective (Don Mills, Ontario: Addison-Wesley (Canada) Limited, 1981).  With K.C. Dhawan.

Turnkey project contract procurement - A Canadian perspective, 524-541. In: K.C. Dhawan, H. Etemad and R. Wright (eds.), International Business: A Canadian Perspective (Don Mills, Ontario: Addison-Wesley (Canada) Limited, 1981).  With K.C. Dhawan.



Current Thought on the Regulation and Supervision of Financial Holding Companies and Lessons from Foreign Regulatory and Supervisory JurisdictionsIncluded as Appendix 2, International State of Financial Holding Companies, pp. 28-206, in: Office of Superintendent of Financial Institutions, A Proposal Regarding a Bank Holding Company.  Submission to the Task Force on the Future of the Canadian Financial Services Sector, June 18, 1998.  With G.S. Roberts.  Recommendations reflected in Bill C-8: An Act to Establish the Financial Consumer Agency of Canada, and to Amend Certain Acts in Relation to Financial Institutions, came into force on October 24, 2001. The bill permitted the incorporation of bank holding companies in Canada with accompanying regulations and established the Financial Consumer Agency of Canada (FCAC).


Investment and Portfolio Management (Montreal: The Institute of Canadian Bankers, 1994), 16 chapters, 422 pp.  Second Edition, 14 chapters, 453 pp., October 1996. Workbook, January 1996.


Financial Management Practices and Plight of Small- and Medium-sized Building "Contractors" (Ottawa: CMHC External Research Program, August 1989).


Business Solvency Analysis (Montreal: The Institute of Canadian Bankers, 1988).  Contributions to some chapters from M.C. To and R. Seguin.

Countertrade: A Canadian Perspective (Ottawa: External Affairs Canada, 1986), 153 pp.


High Technology Plant Location Decisions: U.S.-Based Multinationals in the Canadian Computer Industry (Montreal, November 1983), 184 pp.  With K.C. Dhawan.


Principles of Managerial Finance (New York: Harper & Row, Publishers, 1982, xxi 844 pp.  Appendices (76 pp.).  Plus an Instructor's Manual and a Student Study Guide.  With D.K. Gandhi and L.J. Gitman.


EXPORT CONSORTIA: A Canadian Study (Montreal: Dekemco Ltd., 1978), 249 pp.  With K.C. Dhawan.



Governor Emeritus, Concordia University, May 21, 2014. This title is bestowed by the Board of Governors based on the individual’s outstanding contributions and longstanding service to the University. For a listing of Emeriti Members see:


Barclays Global Investors Canada Research Award, 2001(first recipient). For excellence in Canadian capital market research. With J. Menard.

OSFI Award for Excellence in Research, 2000 (first recipient). Recognizes excellence in research related to prudential regulation & supervision of Canadian financial services sector. With G. Roberts.

Prix ACFAS/Caisse de dépôtet placement du Québec, 1996 (first recipient)Recognizes an exceptional contribution by a person resident in Canada to research infinance.

TSFA Research Award,1996.  For best original research into Canadian capital markets.  With R. Chung.

Best Paper Awards – Journals:

Best Paper Award (tied), notified in December 2000, for lead article in Vol. 2 of Multinational Finance Journal. WithR. Chung.

Best Paper Awards – Conferences:

ASAC Finance Division, 2021. With Yanting Wu & Tingyu Zhou.

5th European Bus. Research Conference, 2015. With Mohamed Ayadi & Anis Chaibi.

Financial Management Association 2008, Dallas, Risk Management (sponsored by PRMIA). With Sana Mohsni.

Northern Finance Association, 2005 (sponsored by Bank of Canada). With Skander Lazrak.

Atlantic Schools of Business Conference, Finance Division, 1996. With Howard Nemiroff.

ASAC Finance Division, 1996. With Ian Rakiata.

Mid-West Finance Association, Investments, 1996. With Feng Liu.

Eastern Finance Association, Investments, 1986. With Abdul Rahman. 

ASAC Finance Division, 1985. With Vijay M. Jog.

ASAC Finance Division, 1984. With Abol Jalilvand.

ASAC Finance Division, 1982 & 1981.  With Minh Chau To.

Best Paper Awards, Semi-finalist – Conferences:

      2010 FMA European Conference, Hamburg, “Corporate Finance” category. With Mohamed A. Ayadi.

      2015 FMA Annual Meeting, Orlando, “Investment”category. With Mahsa (Somayeh) Kaviani and Hosein Maleki

      2015 FMA Annual Meeting, Orlando, “Corporate Finance” category. With Mahsa (Somayeh) Kaviani and Hosein Maleki

      2016 FMA Annual Meeting, Las Vegas, “Corporate Finance” category. With Mahmood Mohebshahedin

      2016 FMA Annual Meeting, Las Vegas, “Corporate Finance” category. With Mahsa Kaviani and HoseinMaleki

Best Paper Awards, Honorable Mentions  Conferences:

      ASAC Finance Division, 2021. With Ali Rouhghalandari.

      ASAC Finance Division, 2020. With Ashrafee T. Hossain & Takdir Hossain.

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