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

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

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

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...

Anna Danielova

ANNA DANIELOVA

Associate Dean

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...

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,...

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

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

May 2021

Government Real Estate Interventions And The Stock Market

JOURNAL : INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS
CONTRIBUTORS: Amir Akbari, Karolina Krystyniak
October 2021

Bull And Bear Markets During The Covid-19 Pandemic

JOURNAL : FINANCE RESEARCH LETTERS
CONTRIBUTORS: John Maheu, Thomas h Mccurdy, Yong Song
March 2021

Who Is Afraid Of Blackrock?

JOURNAL : THE REVIEW OF FINANCIAL STUDIES
CONTRIBUTORS: Massimo Massa, David Schumacher, Yan Wang
May 2021

Agency Problems In Public-private Partnerships Investment Projects

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

Are Firms As Liquid As They Appear In Annual Reports?

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

Employee Costs Of Corporate Bankruptcy

CONTRIBUTORS: John r Graham, Hyunseob Kim, Si Li, Jiaping Qiu
August 2021

Chilling Effects Of Patent Trolls

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

Performance Of Japanese Leveraged Etfs

JOURNAL : PACIFIC-BASIN FINANCE JOURNAL
CONTRIBUTORS: Peter Miu, Meng-lan Yueh, Jing Han
March 2021

Drivers Of Economic And Financial Integration: A Machine Learning Approach

JOURNAL : JOURNAL OF EMPIRICAL FINANCE
CONTRIBUTORS: Amir Akbari, Lilian Ng, Bruno Solnik
January 2021

Informed Liquidity Provision In A Limit Order Market

JOURNAL : JOURNAL OF FINANCIAL MARKETS
CONTRIBUTORS: Michael Brolley, Katya Malinova
February 2021

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

JOURNAL : THE JOURNAL OF INTERNATIONAL TRADE & ECONOMIC DEVELOPMENT
CONTRIBUTORS: Athanasia stylianou Kalaitzi, Trevor william Chamberlain
May 2021

Export Diversification In The Gulf: The Kuwait Experience

JOURNAL : INTERNATIONAL ADVANCES IN ECONOMIC RESEARCH
CONTRIBUTORS: Athanasia stylianou Kalaitzi, Trevor william Chamberlain
January 2021

Can Cross-border Funding Frictions Explain Financial Integration Reversals?

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

Determinants And Predictability Of Commodity Producer Returns

JOURNAL : JOURNAL OF BANKING & FINANCE
CONTRIBUTORS: Qiao Wang, Ronald Balvers
March 2021

Designing A Global Digital Currency

JOURNAL : JOURNAL OF INTERNATIONAL MONEY AND FINANCE
CONTRIBUTORS: Ronald Balvers, Bill Mcdonald
April 2020

Does Ownership Concentration Affect Corporate Bond Volatility?

CONTRIBUTORS: Yan Wang, Ying Wang
November 2020

Emerging Markets Are Catching Up: Economic Or Financial Integration? - Corrigendum

JOURNAL : JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS
CONTRIBUTORS: Amir Akbari, Lilian Ng, Bruno Solnik
December 2020

Investment And Financing Decisions With Learning-curve Technology

JOURNAL : JOURNAL OF BANKING & FINANCE
CONTRIBUTORS: Sudipto Sarkar, Chuanqian Zhang
April 2020

International Market Integration: A Survey

JOURNAL : ASIA-PACIFIC JOURNAL OF FINANCIAL STUDIES
CONTRIBUTORS: Amir Akbari, Lilian Ng
June 2020

Return On Violin And Macroeconomic Fluctuation

JOURNAL : JOURNAL OF CULTURAL ECONOMICS
CONTRIBUTORS: Man-wah luke Chan, Dan sabrina Gong, Terry a Yip
September 2020

Behavior When The Chips Are Down: An Experimental Study Of Wealth Effects And Exchange Media

JOURNAL : JOURNAL OF BEHAVIORAL AND EXPERIMENTAL FINANCE
CONTRIBUTORS: Adam Stivers, Ming Tsang, Richard Deaves, Adam Hoffer
May 2020

Fuel-mining Exports And Growth In A Developing State: The Case Of The Uae

JOURNAL : INTERNATIONAL JOURNAL OF ENERGY ECONOMICS AND POLICY
CONTRIBUTORS: Athanasia stylianou Kalaitzi, Trevor william Chamberlain
March 2020

Intra?industry Bankruptcy Contagion: Evidence From The Pricing Of Industry Recovery Rates

JOURNAL : EUROPEAN FINANCIAL MANAGEMENT
CONTRIBUTORS: Yuanchen Chang, Yi?ting Hsieh, Wenchien Liu, Peter Miu
May 2020

Exports And Economic Growth: Some Evidence From The Gcc

JOURNAL : INTERNATIONAL ADVANCES IN ECONOMIC RESEARCH
CONTRIBUTORS: Athanasia stylianou Kalaitzi, Trevor william Chamberlain
February 2020

Fuel-mining Exports And Economic Growth: Evidence From The Uae

JOURNAL : INTERNATIONAL ADVANCES IN ECONOMIC RESEARCH
CONTRIBUTORS: Trevor william Chamberlain, Athanasia s Kalaitzi
January 2020

Credit Risk In Islamic Banking: Evidence From The Gcc

JOURNAL : JOURNAL OF ISLAMIC ACCOUNTING AND BUSINESS RESEARCH
CONTRIBUTORS: Trevor william Chamberlain, Sutan Hidayat, Abdul rahman Khokhar
2020

Addendum To A Case Study On Using Spreadsheets To Facilitate Committee Discussions And To Assist Committee Decisions In An Academic Setting: Graduate Admissions Of Applicants With Degrees From Chinese Universities

JOURNAL : SPREADSHEETS IN EDUCATION
CONTRIBUTORS: Clarence c y Kwan
April 2020

Are Time Preference And Risk Preference Associated With Cognitive Intelligence And Emotional Intelligence?

JOURNAL : JOURNAL OF BEHAVIORAL FINANCE
CONTRIBUTORS: Lucy f Ackert, Richard Deaves, Jennifer Miele, Quang Nguyen
March 2020

Cross-country Competitive Effects Of Cross-listings

JOURNAL : THE REVIEW OF CORPORATE FINANCE STUDIES
CONTRIBUTORS: Yan Wang, Yan Wang

OTHER PUBLICATIONS

October 2021

Nonparametric Dynamic Conditional Beta

CONTRIBUTORS: John Maheu, Azam Shamsi zamenjani
June 2021

Credit Risk Spillovers And Cash Holdings

OTHER : JOURNAL OF CORPORATE FINANCE
CONTRIBUTORS: Jin Lei, Jiaping Qiu, Chi Wan, Fan Yu
August 2021

The Bright Side Of Financial Fragility

CONTRIBUTORS: Massimo Massa, David Schumacher, Yan Wang
November 2020

Productivity Gaps And Global Systematic Risk Exposure: Pricing Country-industry Portfolios

CONTRIBUTORS: Punit Anand, Ronald Balvers, Lee-chin family institute for strategic business studies Michael
May 2020

Labor-capital Substitution And Capital Structure: Evidence From Automation

CONTRIBUTORS: Jiaping Qiu, Chi Wan, Yan Wang