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

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 / Director, Master of Finance

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,...

John Siam

JOHN SIAM

Associate Professor / Director, Gould Trading Floor & Horizon Exchange Traded Funds Investment Decision Centre

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 2024

Dental Service Utilization And The Covid-19 Pandemic, A Micro-data Analysis

JOURNAL : BMC ORAL HEALTH
CONTRIBUTORS: Amir Akbari, Mohammad reza Khami, Amine Beymouri, Solmaz Akbari
March 2024

Esg Performance And Corporate Bond Volatility

JOURNAL : INTERNATIONAL ADVANCES IN ECONOMIC RESEARCH
CONTRIBUTORS: Trevor william Chamberlain, Zehua Zhang, Ran Zhao, Lu Zhu
April 2024

Behavior Of Canadian Life Annuity Prices

JOURNAL : JOURNAL OF PENSION ECONOMICS AND FINANCE
CONTRIBUTORS: Narat Charupat, Mark j Kamstra
April 2024

Identification And Forecasting Of Bull And Bear Markets Using Multivariate Returns

JOURNAL : JOURNAL OF APPLIED ECONOMETRICS
CONTRIBUTORS: Jia Liu, John Maheu, Yong Song
April 2024

Bayesian Forecasting In Economics And Finance: A Modern Review

JOURNAL : INTERNATIONAL JOURNAL OF FORECASTING
CONTRIBUTORS: Gael m Martin, David t Frazier, Worapree Maneesoonthorn, Rubén Loaiza-maya, Florian Huber, Gary Koop, John Maheu, Didier Nibbering, Anastasios Panagiotelis
April 2024

An Infinite Hidden Markov Model With Stochastic Volatility

JOURNAL : JOURNAL OF FORECASTING
CONTRIBUTORS: Chenxing Li, John Maheu, Qiao Yang
January 2024

A Multivariate Garch–jump Mixture Model

JOURNAL : JOURNAL OF FORECASTING
CONTRIBUTORS: Chenxing Li, John Maheu
March 2024

Are Firms As Liquid As They Appear In Annual Reports?

JOURNAL : CONTEMPORARY ACCOUNTING RESEARCH
CONTRIBUTORS: Abdul?rahman Khokhar, Jiaping Qiu, Mohammad m Rahaman
February 2024

Labor-saving Innovations And Capital Structure

JOURNAL : JOURNAL OF CORPORATE FINANCE
CONTRIBUTORS: Jiaping Qiu, Chi Wan, Yan Wang
January 2023

Global Risk And Market Conditions

JOURNAL : INTERNATIONAL REVIEW OF ECONOMICS & FINANCE
CONTRIBUTORS: Amir Akbari, Francesca Carrieri
April 2023

Manufactured Exports, Disaggregated Imports And Economic Growth: The Case Of Kuwait

JOURNAL : ECONOMIC CHANGE AND RESTRUCTURING
CONTRIBUTORS: Athanasia stylianou Kalaitzi, Trevor william Chamberlain
October 2023

Bond Laddering And Bond Indexing

JOURNAL : FINANCIAL SERVICES REVIEW
CONTRIBUTORS: Chun-sang-sherman Cheung, Peter Miu
September 2023

The Effect Of Organization Capital On The Cost Of Bank Loans

JOURNAL : JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS
CONTRIBUTORS: Anna Danielova, Bill b Francis, Haimeng Teng, Qiang Wu
January 2023

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
November 2023

Tokenomics: When Tokens Beat Equity

JOURNAL : MANAGEMENT SCIENCE
CONTRIBUTORS: Katya Malinova, Andreas Park
September 2023

Superstition And Risk Taking: Evidence From “zodiac Year” Beliefs In China

JOURNAL : MANAGEMENT SCIENCE
CONTRIBUTORS: Ray Fisman, Wei Huang, Bo Ning, Yue Pan, Jiaping Qiu, Yongxiang Wang
August 2023

Employee Costs Of Corporate Bankruptcy

JOURNAL : THE JOURNAL OF FINANCE
CONTRIBUTORS: John r Graham, Hyunseob Kim, Si Li, Jiaping Qiu
April 2023

Chilling Effects Of Patent Trolls

JOURNAL : RESEARCH POLICY
CONTRIBUTORS: Feng Chen, Yu Hou, Jiaping Qiu, Gordon Richardson
December 2023

Optimal Capital Structure With Supplier Market Power

JOURNAL : ACCOUNTING AND FINANCE
CONTRIBUTORS: Xue Cui, Sudipto Sarkar, Chuanqian Zhang
June 2023

When To Invest In Electric Vehicles Under Dual Credit Policy: A Real Options Approach

JOURNAL : MANAGERIAL AND DECISION ECONOMICS
CONTRIBUTORS: Feng Liu, Yingshuang Tan, Sudipto Sarkar, Xueqing Zhang, Xingjun Huang
May 2023

Optimal Restrictiveness Of A Financing Covenant

JOURNAL : JOURNAL OF BANKING & FINANCE
CONTRIBUTORS: Sudipto Sarkar
May 2023

Supply Chain Product Innovation Considering Jointly Held Options Under Uncertain Demand

JOURNAL : COMPUTERS & INDUSTRIAL ENGINEERING
CONTRIBUTORS: Feng Liu, Yingshuang Tan, Xingjun Huang, Sudipto Sarkar, Xueqing Zhang
May 2023

The Effect Of Labor Cost On Labor-saving Innovation

CONTRIBUTORS: Amrita Nain, Yan Wang

OTHER PUBLICATIONS

March 2023

Repurchases For Price Impact: Evidence From Fragile Stocks

CONTRIBUTORS: Massimo Massa, David Schumacher, Yan Wang