Finance and Business Economics

The Finance and Business Economics (F&BE) Area is well-known for its research on topics in portfolio theory and management, energy economics, corporate finance, derivatives, capital markets and telecommunications, among other things. Faculty members’ research has appeared in leading journals such as the Journal of FinanceEconometricaReview of Economic StudiesReview of Economics and StatisticsJournal of Monetary EconomicsJournal of Financial EconomicsJournal of Economic TheoryJournal of Financial and Quantitative Analysis, and the Review of Financial Studies, among others.

Area members are also well-known for their award-winning teaching and contributions to pedagogical research. Offerings in finance are very extensive at both the undergraduate and graduate levels, with courses ranging from financial modelling to pension plan management to Islamic finance. At both the undergraduate and graduate levels the Area’s offering also support and prepare students for the Chartered Financial Analyst (CFA) and Certified Financial Planner (CFP) designations. The area also encourages financial literacy across the university by making courses available to all undergraduate students on topics such as personal finance, financial management of health care organizations and entrepreneurial finance.

The area has been awarded a number of scholarly distinctions in recent years, including four academic chairs and two named professorships:

  • BMO Financial Group Chair in Capital Markets – Financial Literary and the Individual Investor
  • CIBC Chair in Financial Markets
  • Mackenzie Investments Chair in Evidence-Based Investment Management
  • Michael Lee Chin Family Chair in Investment and Portfolio Management
  • Michael Lee Chin Family Industry Professorship in Strategic Business Valuation
  • TSX Visiting Professorship

The Director of the Michael Lee Chin Institute for Strategic Business Studies and the Editor-in-Chief of the Energy Studies Review are also resident in the Finance and Business Economics Area.

Faculty

Ronald Balvers

RONALD BALVERS

Professor

Finance and Business Economics, DeGroote School of Business, McMaster University Michael Lee-Chin & Family Chair in Investment and Portfolio Management, Area of expertise is Asset Pricing and...

Trevor William Chamberlain

TREVOR WILLIAM CHAMBERLAIN

Professor

Current research interests include mergers, acquisitions and restructuring; business organization and corporate governance; business investment; capital structure and dividend policy. Recent...

Man-wah Luke Chan

MAN-WAH LUKE CHAN

Professor Emeritus

Dr. Luke Chan is Professor of Finance and Business Economics at McMaster’s School of Business. He is one of the pioneers in management education and management training in China. Due to his...

Narat Charupat

NARAT CHARUPAT

Professor

Professor Charupat has conducted research in the areas of financial innovation, security designs, annuity and insurance products, arbitrage relationship, commodity investment and behavioural...

Chun-sang-sherman Cheung

CHUN-SANG-SHERMAN CHEUNG

Professor

Professor Cheung specializes in investments and financial markets. His research has been published in the Journal of Finance, Journal of Banking and Finance, Decision Sciences, Financial Analysts...

Richard Deaves

RICHARD DEAVES

Professor Emeritus

The focus of his latest research is the field of behavioural finance. He has also published on such issues as the performance of investment funds; asset market experiments; market efficiency;...

Clarence C Y Kwan

CLARENCE C Y KWAN

Professor

In 1979, Clarence C.Y. Kwan, P.Eng. (Ontario), joined the Degroote School of Business (then the Faculty of Business), as Assistant Professor of Finance. He became Associate Professor of Finance in...

Guoying Luo

GUOYING LUO

Professor

Guo Ying Luo is a Professor at DeGroote School of Business of McMaster University, Canada. Prior to joining McMaster University, She was a faculty at Rutgers Business School of Rutgers University,...

John Maheu

JOHN MAHEU

Professor

Specializes in the areas of Time-series Econometrics, Empirical Finance. Maheu is currently the BMO Financial Group Chair in Capital Markets – Financial Literacy and the Individual Investor.

Katya Malinova

KATYA MALINOVA

Associate Professor

Professor Malinova specializes in financial market microstructure and FinTech, with her empirical work focused on Canadian equity markets.

Peter Miu

PETER MIU

Professor

Dr. Peter Miu’s research is primarily in the areas of credit risk modelling, financial institutions, exchange-traded funds, regulatory capital requirement, empirical methods, and investments. ...

Dean Clarence Mountain

DEAN CLARENCE MOUNTAIN

Professor

Professor Mountain specializes in energy economics, applied econometrics and measurement of productivity and economies of scale in financial institutions. Current research interests include...

Sudipto Sarkar

SUDIPTO SARKAR

Professor

Real options, corporate finance, agency problems, working capital management.

John Siam

JOHN SIAM

Associate Professor

Professor Siam is the Founding Director of the DeGroote Trading Centers (DTC) with a Joint Appointment: Associate Professor of Accounting & Financial Management Services and Associate...

Yan Wang

YAN WANG

Assistant Professor

Dr. Yan Wang received her M.A. in Economics and Ph.D. in Finance from McGill University. Her research interests lie mainly in the areas of financial institutions and empirical corporate finance....

Publications

JOURNAL PUBLICATIONS

August 2019

Evolution And Monopolistic Competition In An Irrational Industry

JOURNAL : JOURNAL OF BIOECONOMICS
CONTRIBUTORS: Guoying Luo
July 2019

Transfer Fees In Professional Soccer

JOURNAL : INTERNATIONAL ADVANCES IN ECONOMIC RESEARCH
CONTRIBUTORS: Trevor W Chamberlain, Nicolas Gardette
January 2019

The Investment Decision With Technological And Market Uncertainties

JOURNAL : THE EUROPEAN JOURNAL OF FINANCE
CONTRIBUTORS: Yunfeng Fan, Sudipto Sarkar, Chuanqian Zhang
May 2019

Agency Cost Of Debt Overhang With Optimal Investment Timing And Size

JOURNAL : JOURNAL OF BUSINESS FINANCE & ACCOUNTING
CONTRIBUTORS: Michi Nishihara, Sudipto Sarkar, Chuanqian Zhang
June 2019

Return On Violin And Macroeconomic Fluctuation

JOURNAL : JOURNAL OF CULTURAL ECONOMICS
CONTRIBUTORS: Mw Luke Chan, Dan Sabrina Gong, Terry A Yip
February 2018

The Product Market Impact Of Minority Stake Acquisitions

JOURNAL : MANAGEMENT SCIENCE
CONTRIBUTORS: Amrita Nain, Yan Wang
November 2018

Regulating Dark Trading: Order Flow Segmentation And Market Quality

JOURNAL : JOURNAL OF FINANCIAL ECONOMICS
CONTRIBUTORS: Carole Comerton-forde, Katya Malinova, Andreas Park
April 2018

Improving Markov Switching Models Using Realized Variance

JOURNAL : JOURNAL OF APPLIED ECONOMETRICS
CONTRIBUTORS: Jia Liu, John M Maheu
February 2018

On The Survival Of Conservatism Traders In An Asset Market With Strategic Interaction

JOURNAL : JOURNAL OF APPLIED BUSINESS AND ECONOMICS
CONTRIBUTORS: G Luo
March 2018

An Efficient Bayesian Approach To Multiple Structural Change In Multivariate Time Series

JOURNAL : JOURNAL OF APPLIED ECONOMETRICS
CONTRIBUTORS: John M Maheu, Yong Song
August 2018

An Exploratory Experimental Analysis Of Path-dependent Investment Behaviors

JOURNAL : JOURNAL OF ECONOMIC PSYCHOLOGY
CONTRIBUTORS: Richard Deaves, Brian Kluger, Jennifer Miele
June 2017

Regulating Dark Trading: Order Flow Segmentation And Market Quality

JOURNAL : SSRN ELECTRONIC JOURNAL
CONTRIBUTORS: Carole Comerton-forde, Katya Malinova, Andreas Park
February 2017

Social Screens And Systematic Investor Boycott Risk

JOURNAL : JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS
CONTRIBUTORS: H Arthur Luo, Ronald J Balvers
February 2017

Social Screens And Systematic Investor Boycott Risk

JOURNAL : JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS
CONTRIBUTORS: H Arthur Luo, Ronald J Balvers
August 2017

The Performance Of Reverse Leveraged Buyouts: Another Look

JOURNAL : INTERNATIONAL ADVANCES IN ECONOMIC RESEARCH
CONTRIBUTORS: Trevor W Chamberlain, Francois Xavier Joncheray
2017

REVERSE LEVERAGED BUYOUT RETURN BEHAVIOR: SOME EUROPEAN EVIDENCE

JOURNAL : EURASIAN JOURNAL OF ECONOMICS AND FINANCE
CONTRIBUTORS: Trevor W Chamberlain, Francois-xavier Joncheray
October 2017

Profitability, Value, And Stock Returns In Production-Based Asset Pricing Without Frictions

JOURNAL : JOURNAL OF MONEY, CREDIT AND BANKING
CONTRIBUTORS: Ronaldj Balvers, Li Gu, Dayong Huang
December 2017

The Evolution Of Equilibria In Irrational Markets

JOURNAL : THEORETICAL ECONOMICS LETTERS
CONTRIBUTORS: Guo Ying Luo
2016

An Infinite Hidden Markov Model For Short-term Interest Rates

CONTRIBUTORS: John M Maheu, Qiao Yang
January 2016

Accruals And Real Earnings Management: Testing The Debt Covenant Hypothesis

JOURNAL : INTERNATIONAL JOURNAL OF ACCOUNTING AND FINANCE
CONTRIBUTORS: Umar Butt, Trevor Chamberlain, Sudipto Sarkar
September 2016

The Sluggish And Asymmetric Reaction Of Life Annuity Prices To Changes In Interest Rates

JOURNAL : JOURNAL OF RISK AND INSURANCE
CONTRIBUTORS: Narat Charupat, Mark J Kamstra, Moshe A Milevsky
May 2016

Consumer Welfare And The Strategic Choice Of Price Cap And Leverage Ratio

JOURNAL : THE QUARTERLY REVIEW OF ECONOMICS AND FINANCE
CONTRIBUTORS: Sudipto Sarkar
October 2016

Market Effects Of SEC Regulation Of Short-term Borrowing Disclosure

JOURNAL : INTERNATIONAL JOURNAL OF MANAGERIAL FINANCE
CONTRIBUTORS: Trevor C Chamberlain, Abdul-rahman Khokhar, Sudipto Sarkar
November 2016

Loan-commitment Borrowing And Performance-sensitive Debt

JOURNAL : REVIEW OF QUANTITATIVE FINANCE AND ACCOUNTING
CONTRIBUTORS: Sudipto Sarkar, Chuanqian Zhang
October 2016

Does The Marriage Market Sex Ratio Affect Parental Sex Selection? Evidence From The Chinese Census

JOURNAL : JOURNAL OF POPULATION ECONOMICS
CONTRIBUTORS: Xing Li, Mw Luke Chan, Byron G Spencer, Wei Yang
July 2016

Management Control And Takeover Premiums

JOURNAL : INTERNATIONAL JOURNAL OF FINANCIAL RESEARCH
CONTRIBUTORS: Trevor W Chamberlain, Maxime Fabre
2016

Modeling Covariance Breakdowns In Multivariate GARCH

CONTRIBUTORS: Xin Jin, John M Maheu
October 2016

Determining Hurdle Rate And Capital Allocation In Credit Portfolio Management

JOURNAL : JOURNAL OF FINANCIAL SERVICES RESEARCH
CONTRIBUTORS: Peter Miu, Bogie Ozdemir, Evren Cubukgil, Michael Giesinger
August 2016

Special Issue On Bayesian Econometrics

JOURNAL : COMPUTATIONAL STATISTICS & DATA ANALYSIS
CONTRIBUTORS: Luc Bauwens, Gary Koop, John Maheu, Yasuhiro Omori
September 2016

Taxing High Frequency Market Making: Who Pays The Bill

JOURNAL : SSRN ELECTRONIC JOURNAL
CONTRIBUTORS: Katya Malinova, Andreas Park, Ryan Riordan
February 2016

Asset Prices And Taxes: A Cross-Country Perspective

JOURNAL : INTERNATIONAL ADVANCES IN ECONOMIC RESEARCH
CONTRIBUTORS: Trevor Chamberlain, Hesam Shahriari
September 2016

’Modern’Market Makers

JOURNAL : UNPUBLISHED MANUSCRIPT, UNIVERSITY OF TORONTO
CONTRIBUTORS: Katya Malinova, Andreas Park

OTHER PUBLICATIONS

March 2019

Accounting Conservatism And Asset Prices

CONTRIBUTORS: Guoying Luo
August 2019

Accrual Anomaly And Earnings Fixation

CONTRIBUTORS: Guoying Luo
March 2019

Natural Selection And Market Competition

CONTRIBUTORS: Guoying Luo
March 2019

Traders' Negativity Bias And The Asymmetrical Asset Price Response To Positive And Negative Information

CONTRIBUTORS: Guoying Luo
August 2019

State Of Information Technology Support For Traders In Fixed Income Markets.

CONTRIBUTORS: Ali Montazemi, John Siam
March 2019

The Effect Of Tightening Accounting Standards On The Quality Of Reported Earnings And The Level Of Earnings Management

CONTRIBUTORS: Guoying Luo
March 2019

Accounting Standard Setting In The Presence Of Uninformed Traders

CONTRIBUTORS: Guoying Luo
March 2019

Accounting Standard Setting And Investors' Learning

CONTRIBUTORS: Guoying Luo
March 2019

Value Irrelevance Of The Reported Earnings And Informativeness Of The Asset Price Under The Conservative Accounting: Implications On Mark To Market Accounting

CONTRIBUTORS: Guoying Luo
March 2019

Can Earnings Fixed Traders Hurt The Informativeness Of The Asset Price In A Competitive Asset Market?

CONTRIBUTORS: Guoying Luo
2018

Oil Price Shocks And Economic Growth: The Volatility Link

CONTRIBUTORS: John M Maheu, Qiao Yang, Yong Song
October 2017

Bayesian Parametric And Semiparametric Factor Models For Large Realized Covariance Matrices

CONTRIBUTORS: Xin Jin, John M Maheu, Qiao Yang
September 2017

Does High Frequency Trading Add Noise To Prices?

CONTRIBUTORS: Katya Malinova, Andreas Park
September 2016

Nonparametric Dynamic Conditional Beta

CONTRIBUTORS: John M Maheu, Azam Shamsi
May 2016

Bayesian Nonparametric Estimation Of Ex-post Variance

CONTRIBUTORS: Jim Griffin, Jia Liu, John M Maheu