Concordia University

https://www.concordia.ca/content/concordia/en/jmsb/faculty.html

Lorne N. Switzer, PhD

Professor, Finance
Van Berkom Endowed Chair in Small-Cap Equities

Office: S-MB 11369 
John Molson Building,
1450 Guy
Phone: (514) 848-2424 ext. 2960
Email: lorne.switzer@concordia.ca

Lorne N. Switzer is a  Professor of Finance and the Van Berkom Endowed Chair in Small Cap Equities at the John Molson School of Business (JMSB) at Concordia University in Montreal, Canada. At the JMSB he has served as Associate Dean Research,  Associate Director of the Institute for Governance of Public and Private Organizations, Chair of the Finance Department, as well as the Director of the MSc and PhD Programs. He has published several  academic articles in leading journals and books and serves on the Editorial Boards of European Financial Management,  La Review Financier, the International Journal of Business, and the International Review of Economic Issues. He has won several research awards for his work, including the Best Paper Award at the  McMaster World Congress of Corporate Governance and the Bank of Canada Prize for Best Paper in the field of empirical research on Canadian Financial Markets at the Northern Finance Association Meetings. He has lectured widely abroad, including at the University of Auckland, New Zealand, the Hebrew University of Jerusalem, Ben Gurion University of the Negev, Israel, Tianjin University in the People's Republic of China, and IMT Ghaziabad, India.

Dr. Switzer has done consulting work for many business firms and government organizations including the Bourse de Montréal., Caisse de Dépot et Placement du Québec,  AMI Partners, Inc., Bank Credit Analysts Research Group, the CD Howe Institute, Keugler Kandestin LLC, Schlesinger, Newman, and Goldman, the Government of Canada,and the Gouvernement du Québec.  He is a native of Calgary, Alberta, and is a graduate of the Wharton School of the University of Pennsylvania. He obtained his PhD from the University of Pennsylvania in 1982. 

Education

PhD (University of Pennsylvania)

Areas of expertise

  • Portfolio Management
  • Corporate Governance
  • Small-Cap Equities 
  • International Finance
  • International Transfer Pricing
  • Capital Markets
  • Derivative Markets
  • Hedge Funds and Alternative Investments
  • Market Microstructure
  • Commercial Banking and Financial Institutions
  • Real Estate Finance
  • Financial Modeling
  • Economics of Technological Change


Publications

Recent Refereed Journal Articles

“Volatility measures as predictors of extreme returns,” Review of Financial Economics, forthcoming (with Cagdas Tahaoglu and  Yun Zhao).

Extreme Risk and Small Investor Behavior in Developed Markets,” Journal of Asset Management, forthcoming (with Jun Wang and SeunghoLee).

“An Event Based Approach for Quantifying the Effects of Securities Fraud in the IT Industry,” Information Systems Frontiers, forthcoming (with Jun Wang).

“Institutional Investment Horizon, the Information Environment  and Firm Credit Risk, Journal of Financial Stability, forthcoming (with Jun Wang).

“Effect of corporate governance on default risk in financial vs. non-financial firms: Canadian evidence, Canadian Journal of Administrative Sciences, forthcoming (with Jun Wang and Yajing Zhang).

“Market Manipulation and Insider Trading in Canada: A Case Study of Exceptional Convictions,” Corporate Securities and Finance Law Report  21 (October 2106), pp 69-82 (with Jun Wang).

“Stock Market Liquidity and Economic Cycles: A Non-Linear Approach,” Economic Modelling 57 (Sept. 2016), pp. 106-119 (with Alan Picard).

“Idiosyncratic Volatility, Momentum, Liquidity,and Expected Stock Returns in Developed and Emerging Markets,” Multinational Finance Journal 19 (2015),pp. 169-221 (with Alan Picard).

“The Benefits of International Diversification: Market Development, Corporate Governance,Market Cap, and Structural Change Effects” International Review of Financial Analysis 42 (2015), pp. 76-97 (with Cagdas Tahaoglu).

“Intraday Market Liquidity, Corporate Governance, and Ownership Structure in Markets with Weak Shareholder Protection: Evidence from Brazil and Chile,” Journal of Management and Governance 19 (2015),  pp. 395-41 (with Diego Cueto).

“Position Growth Rate Interactions Between Exchange-Traded Derivatives and OTC Derivatives,” Gestion 2000 31 (4) 2014, pp. 35-63(with Qianyin Shan).“The Effect of CorporateEnvironmental Initiatives on Firm Value: Evidence from Fortune 500 Firms" M@n@gement  17 (1) 2014, pp. 1-19 (with Diego Cueto and Ulrich Wassmer).

“Do Company Visits Add Value forProfessional Investors?” Journal of Applied Finance  23 (1) 2013, pp. 71-94. (with MarianeKeushgerian).

“Default risk and corporate governancein financial vs. non-financial firms,” Risk and Decision Analysis 4 (2013) 243–253,(with Jun Wang).

“Default Risk Estimation Bank Credit Risk and Corporate Governance" Financial Markets, Institution and Instruments Journal. Vol 22 (2), May 2013, pp. 91-112 (with Jun Wang).

“The Impact of Derivatives Regulations on the Liquidity and Pricing Efficiency of Exchange Traded Derivatives,” Review of  Futures Markets, Vol 21,  March 2013, pp. 71-103  (with Qianyin Shan and Jean-Michel Sahut).

“Domestic vs. US Default Risk and the Small-Cap Premium,” La Revue du Financier 199, Jan-Feb. 2013, pp. 59-80.

“Convertible Bond Issuance, Risk, and Firm Financial Policy: A New Approach,” International Journal of Business Vol18 (1), 2013, pp. 1-25, (with Jinlin Liu).

“The Relative Performance of Small Cap Firms and Default Risk across the Business Cycle: International Evidence,” International Journal of Business, 17(4), 2012, pp. 379-396.

 “An Event Based Approach for Quantifying the Effects of Securities Fraud in the IT Industry,” Information Systems Frontiers, forthcoming (with Jun Wang).

“Institutional Investment Horizon, the Information Environment  and Firm Credit Risk, Journal of Financial Stability, forthcoming (with Jun Wang).

“Effect of corporate governance on default risk in financial vs. non-financial firms: Canadian evidence, Canadian Journal of Administrative Sciences, forthcoming (with Jun Wang and Yajing Zhang).

“Market Manipulation and Insider Trading in Canada: A Case Study of Exceptional Convictions,” Corporate Securities and Finance Law Report  21 (October 2106), pp 69-82 (with Jun Wang).

“Stock Market Liquidity and Economic Cycles: A Non-Linear Approach,” Economic Modelling 57 (Sept. 2016), pp. 106-119 (with Alan Picard).

“Idiosyncratic Volatility, Momentum, Liquidity,and Expected Stock Returns in Developed and Emerging Markets,” Multinational Finance Journal 19 (2015),pp. 169-221 (with Alan Picard).

“The Benefits of International Diversification: Market Development, Corporate Governance,Market Cap, and Structural Change Effects” International Review of Financial Analysis 42 (2015), pp. 76-97 (with Cagdas Tahaoglu).

“Intraday Market Liquidity, Corporate Governance, and Ownership Structure in Markets with Weak Shareholder Protection: Evidence from Brazil and Chile,” Journal of Management and Governance 19 (2015),  pp. 395-41 (with Diego Cueto).

“Position Growth Rate Interactions Between Exchange-Traded Derivatives and OTC Derivatives,” Gestion 2000 31 (4) 2014, pp. 35-63(with Qianyin Shan).“The Effect of CorporateEnvironmental Initiatives on Firm Value: Evidence from Fortune 500 Firms" M@n@gement  17 (1) 2014, pp. 1-19 (with Diego Cueto and Ulrich Wassmer).

“Do Company Visits Add Value forProfessional Investors?” Journal of Applied Finance  23 (1) 2013, pp. 71-94. (with MarianeKeushgerian).

“Default risk and corporate governancein financial vs. non-financial firms,” Risk and Decision Analysis 4 (2013) 243–253,(with Jun Wang).

“Default Risk Estimation Bank Credit Risk and Corporate Governance" Financial Markets, Institution and Instruments Journal. Vol 22 (2), May 2013, pp. 91-112 (with Jun Wang).

“The Impact of Derivatives Regulations on the Liquidity and Pricing Efficiency of Exchange Traded Derivatives,” Review of  Futures Markets, Vol 21,  March 2013, pp. 71-103  (with Qianyin Shan and Jean-Michel Sahut).

“Domestic vs. US Default Risk and the Small-Cap Premium,” La Revue du Financier 199, Jan-Feb. 2013, pp. 59-80.

“Convertible Bond Issuance, Risk, and Firm Financial Policy: A New Approach,” International Journal of Business Vol18 (1), 2013, pp. 1-25, (with Jinlin Liu).

“The Relative Performance of Small Cap Firms and Default Risk across the Business Cycle: International Evidence,” International Journal of Business, 17(4), 2012, pp. 379-396.

 “Volatility measures as predictors of extreme returns,” Review of Financial Economics, forthcoming (with Cagdas Tahaoglu and  Yun Zhao).

ExtremeRisk and Small Investor Behavior in Developed Markets,” Journal of Asset Management, forthcoming (with Jun Wang and SeunghoLee).

“An Event Based Approach for Quantifying the Effects of Securities Fraud in the IT Industry,” Information Systems Frontiers, forthcoming (with Jun Wang).

“Institutional Investment Horizon, the Information Environment  and Firm Credit Risk, Journal of Financial Stability, forthcoming (with Jun Wang).

“Effect of corporate governance on default risk in financial vs. non-financial firms: Canadian evidence, Canadian Journal of Administrative Sciences, forthcoming (with Jun Wang and Yajing Zhang).

“Market Manipulation and Insider Trading in Canada: A Case Study of Exceptional Convictions,” Corporate Securities and Finance Law Report  21 (October 2106), pp 69-82 (with Jun Wang).

“Stock Market Liquidity and Economic Cycles: A Non-Linear Approach,” Economic Modelling 57 (Sept. 2016), pp. 106-119 (with Alan Picard).

“Idiosyncratic Volatility, Momentum, Liquidity,and Expected Stock Returns in Developed and Emerging Markets,” Multinational Finance Journal 19 (2015),pp. 169-221 (with Alan Picard).

“The Benefits of International Diversification: Market Development, Corporate Governance,Market Cap, and Structural Change Effects” International Review of Financial Analysis 42 (2015), pp. 76-97 (with Cagdas Tahaoglu).

“Intraday Market Liquidity, Corporate Governance, and Ownership Structure in Markets with Weak Shareholder Protection: Evidence from Brazil and Chile,” Journal of Management and Governance 19 (2015),  pp. 395-41 (with Diego Cueto).

“Position Growth Rate Interactions Between Exchange-Traded Derivatives and OTC Derivatives,” Gestion 2000 31 (4) 2014, pp. 35-63(with Qianyin Shan).“The Effect of CorporateEnvironmental Initiatives on Firm Value: Evidence from Fortune 500 Firms" M@n@gement  17 (1) 2014, pp. 1-19 (with Diego Cueto and Ulrich Wassmer).

“Do Company Visits Add Value forProfessional Investors?” Journal of Applied Finance  23 (1) 2013, pp. 71-94. (with MarianeKeushgerian).

“Default risk and corporate governancein financial vs. non-financial firms,” Risk and Decision Analysis 4 (2013) 243–253,(with Jun Wang).

“Default Risk Estimation Bank Credit Risk and Corporate Governance" Financial Markets, Institution and Instruments Journal. Vol 22 (2), May 2013, pp. 91-112 (with Jun Wang).

“The Impact of Derivatives Regulations on the Liquidity and Pricing Efficiency of Exchange Traded Derivatives,” Review of  Futures Markets, Vol 21,  March 2013, pp. 71-103  (with Qianyin Shan and Jean-Michel Sahut).

“Domestic vs. US Default Risk and the Small-Cap Premium,” La Revue du Financier 199, Jan-Feb. 2013, pp. 59-80.

“Convertible Bond Issuance, Risk, and Firm Financial Policy: A New Approach,” International Journal of Business Vol18 (1), 2013, pp. 1-25, (with Jinlin Liu).

“The Relative Performance of Small Cap Firms and Default Risk across the Business Cycle: International Evidence,” International Journal of Business, 17(4), 2012, pp. 379-396.

 “An Event Based Approach for Quantifying the Effects of Securities Fraud in the IT Industry,” Information Systems Frontiers, forthcoming (with Jun Wang).

“Institutional Investment Horizon, the Information Environment  and Firm Credit Risk, Journal of Financial Stability, forthcoming (with Jun Wang).

“Effect of corporate governance on default risk in financial vs. non-financial firms: Canadian evidence, Canadian Journal of Administrative Sciences, forthcoming (with Jun Wang and Yajing Zhang).

“Market Manipulation and Insider Trading in Canada: A Case Study of Exceptional Convictions,” Corporate Securities and Finance Law Report  21 (October 2106), pp 69-82 (with Jun Wang).

“Stock Market Liquidity and Economic Cycles: A Non-Linear Approach,” Economic Modelling 57 (Sept. 2016), pp. 106-119 (with Alan Picard).

“Idiosyncratic Volatility, Momentum, Liquidity,and Expected Stock Returns in Developed and Emerging Markets,” Multinational Finance Journal 19 (2015),pp. 169-221 (with Alan Picard).

“The Benefits of International Diversification: Market Development, Corporate Governance,Market Cap, and Structural Change Effects” International Review of Financial Analysis 42 (2015), pp. 76-97 (with Cagdas Tahaoglu).

“Intraday Market Liquidity, Corporate Governance, and Ownership Structure in Markets with Weak Shareholder Protection: Evidence from Brazil and Chile,” Journal of Management and Governance 19 (2015),  pp. 395-41 (with Diego Cueto).

“Position Growth Rate Interactions Between Exchange-Traded Derivatives and OTC Derivatives,” Gestion 2000 31 (4) 2014, pp. 35-63(with Qianyin Shan).“The Effect of CorporateEnvironmental Initiatives on Firm Value: Evidence from Fortune 500 Firms" M@n@gement  17 (1) 2014, pp. 1-19 (with Diego Cueto and Ulrich Wassmer).

“Do Company Visits Add Value forProfessional Investors?” Journal of Applied Finance  23 (1) 2013, pp. 71-94. (with MarianeKeushgerian).

“Default risk and corporate governancein financial vs. non-financial firms,” Risk and Decision Analysis 4 (2013) 243–253,(with Jun Wang).

“Default Risk Estimation Bank Credit Risk and Corporate Governance" Financial Markets, Institution and Instruments Journal. Vol 22 (2), May 2013, pp. 91-112 (with Jun Wang).

“The Impact of Derivatives Regulations on the Liquidity and Pricing Efficiency of Exchange Traded Derivatives,” Review of  Futures Markets, Vol 21,  March 2013, pp. 71-103  (with Qianyin Shan and Jean-Michel Sahut).

“Domestic vs. US Default Risk and the Small-Cap Premium,” La Revue du Financier 199, Jan-Feb. 2013, pp. 59-80.

“Convertible Bond Issuance, Risk, and Firm Financial Policy: A New Approach,” International Journal of Business Vol18 (1), 2013, pp. 1-25, (with Jinlin Liu).

“The Relative Performance of Small Cap Firms and Default Risk across the Business Cycle: International Evidence,” International Journal of Business, 17(4), 2012, pp. 379-396.

For earlier citations please refer to Dr. Switzer's CV

Books

The Financing of TechnologicalChange, Ann Arbor, Michigan: UMI Press, 1985.

Economic and Industrial Analysis,Toronto: Institute of Canadian Bankers, 1988 (with S. Perrakis).

Investments(8th Canadian Edition), Bodie, Z., Kane, A.J., Perrakis, S., Ryan,P.J, and Switzer, L.N., McGraw-Hill, Ryerson, 2014.

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