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) designation and Certified Financial Planner® certification (CFP® certification). 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

Amir Akbari

AMIR AKBARI

Assistant Professor

Dr. Amir Akbari received his Ph.D. in Finance from McGill University. His main research interests include Empirical Asset Pricing, International Finance, Institutional Investing, and Financial...

Ronald Balvers

RONALD BALVERS

Professor / Chair, Finance & Business Economics / Michael Lee-Chin & Family Chair in Investment & Portfolio Management

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...

Narat Charupat

NARAT CHARUPAT

Professor / Director, Master of Finance

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

Sherman Cheung

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...

Anna Danielova

ANNA DANIELOVA

Associate Professor

Dr. Anna Danielova is an award-winning instructor and researcher whose interests lie in the area of empirical corporate finance and corporate governance. Dr. Danielova has researched divestitures...

Yoontae Jeon

YOONTAE JEON

Assistant Professor

Dr. Yoontae Jeon received his Ph.D. in Finance from the Rotman School of Management, University of Toronto. His main research interests include Derivatives, Information in Financial Markets,...

Rosemary Luo

ROSEMARY 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 / Distinguished Business Research Professor

Katya Malinova

KATYA MALINOVA

Associate Professor / Mackenzie Investments Chair in Evidence-Based Investment Management

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. ...

Jiaping Qiu

JIAPING QIU

Professor / CIBC Chair in Financial Markets

Dr. Jiaping Qiu is a professor of finance and business economics at the DeGroote School of Business and holds the CIBC Chair in Financial Markets. His research interests are in corporate finance,...

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

January 2023

Global Risk And Market Conditions

JOURNAL : INTERNATIONAL REVIEW OF ECONOMICS AND FINANCE
CONTRIBUTORS: Amir Akbari, F Carrieri
August 2022

News As Sources Of Jumps In Stock Returns: Evidence From 21 Million News Articles For 9000 Companies

JOURNAL : JOURNAL OF FINANCIAL ECONOMICS
CONTRIBUTORS: Yoontae Jeon, Thomas h Mccurdy, Xiaofei Zhao
May 2022

Local Labor Market Competition And Capital Structure Decisions

CONTRIBUTORS: John jianqiu Bai, Massimo Massa, Chi Wan, Yan Wang
March 2022

Employee Costs Of Corporate Bankruptcy

CONTRIBUTORS: John r Graham, Hyunseob Kim, Si Li, Jiaping Qiu
March 2022

Employee Costs Of Corporate Bankruptcy

JOURNAL : FRB OF CHICAGO WORKING PAPER
CONTRIBUTORS: John r Graham, Hyunseob Kim, Si Li, Jiaping Qiu
September 2022

Understanding Leveraged Etfs’ Compounding Effect

JOURNAL : MANAGERIAL FINANCE
CONTRIBUTORS: Narat Charupat, Zhe Ma, Peter Miu
June 2022

Infinite Markov Pooling Of Predictive Distributions

JOURNAL : JOURNAL OF ECONOMETRICS
CONTRIBUTORS: X Jin, John Maheu, Q Yang
January 2022

Covid-19 Pandemic And Periodontal Practice: The Immunological, Clinical, And Economic Points Of View

JOURNAL : BIOMED RESEARCH INTERNATIONAL
CONTRIBUTORS: Mn Darestani, Amir Akbari, S Yaghobee, M Taheri, S Akbari
May 2022

The Impact Of Public Information On Housing Market Decisions: Evidence From Third-party Avms

JOURNAL : JOURNAL OF REAL ESTATE RESEARCH
CONTRIBUTORS: Yoontae Jeon, Michael j Seiler, Youngme Seo
May 2022

Which Uncertainty Measures Matter For The Cross-section Of Stock Returns? #

JOURNAL : FINANCE RESEARCH LETTERS
CONTRIBUTORS: Kiryoung Lee, Yoontae Jeon, Minki Kim
July 2022

A Pedagogic Note On The Inverse Of The Sum Of Matrices: Miller’s Theorem And A Spreadsheet-based Illustration

JOURNAL : SPREADSHEETS IN EDUCATION
CONTRIBUTORS: Clarence c y Kwan
July 2022

Seasonality And Momentum Across National Equity Markets

JOURNAL : NORTH AMERICAN JOURNAL OF ECONOMICS AND FINANCE
CONTRIBUTORS: J Song, Ronald Balvers
May 2022

Impact Of The Global Financial Crisis On Corporate Investment In France

JOURNAL : INTERNATIONAL ADVANCES IN ECONOMIC RESEARCH
CONTRIBUTORS: Trevor william Chamberlain, Jcv Fosso
October 2021

The Effect Of Labor Cost On Labor-saving Innovation

CONTRIBUTORS: Amrita Nain, Yan Wang
May 2021

Government Real Estate Interventions And The Stock Market

JOURNAL : INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS
CONTRIBUTORS: Amir Akbari, K Krystyniak
January 2021

The Uncertainty-investment Relationship With Endogenous Capacity

JOURNAL : OMEGA (UNITED KINGDOM)
CONTRIBUTORS: Sudipto Sarkar
May 2021

Agency Problems In Public-private Partnerships Investment Projects

JOURNAL : EUROPEAN JOURNAL OF OPERATIONAL RESEARCH
CONTRIBUTORS: F Silaghi, Sudipto Sarkar
May 2021

Are Firms As Liquid As They Appear In Annual Reports?

CONTRIBUTORS: Rahman Khokhar, Jiaping Qiu, Mohammad m Rahaman
August 2021

Chilling Effects Of Patent Trolls

CONTRIBUTORS: Feng Chen, Yu Hou, Jiaping Qiu, Gordon Richardson
March 2021

Drivers Of Economic And Financial Integration: A Machine Learning Approach

JOURNAL : JOURNAL OF EMPIRICAL FINANCE
CONTRIBUTORS: Amir Akbari, L Ng, B Solnik
January 2021

Can Cross-border Funding Frictions Explain Financial Integration Reversals?

JOURNAL : REVIEW OF FINANCIAL STUDIES
CONTRIBUTORS: Amir Akbari, Francesca Carrieri, Aytek Malkhozov
February 2021

Performance Of Japanese Leveraged Etfs

JOURNAL : PACIFIC BASIN FINANCE JOURNAL
CONTRIBUTORS: Peter Miu, Ml Yueh, J Han
January 2021

The Validity Of The Export-led Growth Hypothesis: Some Evidence From The Gcc

JOURNAL : JOURNAL OF INTERNATIONAL TRADE AND ECONOMIC DEVELOPMENT
CONTRIBUTORS: As Kalaitzi, Trevor william Chamberlain
May 2021

Export Diversification In The Gulf: The Kuwait Experience

JOURNAL : INTERNATIONAL ADVANCES IN ECONOMIC RESEARCH
CONTRIBUTORS: As Kalaitzi, Trevor william Chamberlain
December 2021

Determinants And Predictability Of Commodity Producer Returns

JOURNAL : JOURNAL OF BANKING AND FINANCE
CONTRIBUTORS: Q Wang, Ronald Balvers
January 2021

Informed Liquidity Provision In A Limit Order Market

JOURNAL : JOURNAL OF FINANCIAL MARKETS
CONTRIBUTORS: M Brolley, Katya Malinova
October 2021

Bull And Bear Markets During The Covid-19 Pandemic

JOURNAL : FINANCE RESEARCH LETTERS
CONTRIBUTORS: John Maheu, Th Mccurdy, Y Song
March 2021

Designing A Global Digital Currency

JOURNAL : JOURNAL OF INTERNATIONAL MONEY AND FINANCE
CONTRIBUTORS: Ronald Balvers, B Mcdonald
September 2021

Remedies For Misapplications Of Sylvester’s Criterion: A Pedagogic Illustration

JOURNAL : SPREADSHEETS IN EDUCATION
CONTRIBUTORS: Clarence c y Kwan
March 2021

Fragmentation In The Bitcoin Market: Evidence From Multiple Coexisting Order Books

JOURNAL : FINANCE RESEARCH LETTERS
CONTRIBUTORS: Yoontae Jeon, Laleh Samarbakhsh, Kenji Hewitt
June 2021

Macroeconomic Uncertainty Shocks And Households’ Consumption Choice

JOURNAL : JOURNAL OF MACROECONOMICS
CONTRIBUTORS: Ey Nam, K Lee, Yoontae Jeon
June 2021

Which Economic Uncertainty Measure Matters For Households' Portfolio Decision?

JOURNAL : THE JOURNAL OF FINANCIAL RESEARCH
CONTRIBUTORS: Kiryoung Lee, Yoontae Jeon, Insik Kim
November 2021

Chinese Economic Policy Uncertainty And The Cross-section Of U.s. Asset Returns

JOURNAL : INTERNATIONAL REVIEW OF ECONOMICS & FINANCE
CONTRIBUTORS: Kiryoung Lee, Yoontae Jeon, Eun-young Nam
November 2021

Working Capital Management And Firm Performance: Some Evidence From Europe

JOURNAL : INTERNATIONAL ADVANCES IN ECONOMIC RESEARCH
CONTRIBUTORS: Trevor william Chamberlain, J Aucouturier
April 2021

Who Is Afraid Of Blackrock?

JOURNAL : REVIEW OF FINANCIAL STUDIES
CONTRIBUTORS: M Massa, D Schumacher, Yan Wang

OTHER PUBLICATIONS

May 2022

Repurchases For Price Impact: Evidence From Fragile Stocks

CONTRIBUTORS: Massimo Massa, David Schumacher, Yan Wang
January 2021

Nonparametric Dynamic Conditional Beta

CONTRIBUTORS: John Maheu, A Shamsi zamenjani
January 2021

Bayesian Nonparametric Estimation Of Ex Post Variance

CONTRIBUTORS: J Griffin, J Liu, John Maheu
June 2021

Credit Risk Spillovers And Cash Holdings

OTHER : JOURNAL OF CORPORATE FINANCE
CONTRIBUTORS: J Lei, Jiaping Qiu, C Wan, F Yu