Rotman School of Management

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Varouj A. Aivazian

Varouj Aivazian

    Varouj A. Aivazian

    Professor of Finance, University of Toronto Mississauga

    Degrees: PhD, Ohio State University
    MA, Ohio State University
    BSc, Massachusetts Institute of Technology (MIT)
    Email: Send an email to Varouj A. Aivazian

    Bio

    Varouj Aivazian is a Professor and Chair of the Economics Department at University of Toronto Mississauga, with a cross-appointment to the Business Economics area at Rotman.  He has published many scholarly articles in Finance, Law & Economics, and Economic Theory in leading international academic journals. He served on the Governing Council of the University of Toronto (2006-2011), was a member and Chair of the Social Sciences Review Panel of The Connaught Committee (1992-1995), and served as Director of the Master of Financial Economics program (2002-2011).

    Academic Positions

    1981-Present  Univeristy of Toronto
    1975-1981  McMaster University

    Selected Publications - Papers

    • Bank Loan Contracting and Corporate Diversification: Does Organization Structure Matter to Lenders?; V. Aivazian, J. Qiu, and M. Rahaman; Journal of Financial Intermediation; Forthcoming
    • The Market for CEOs: An Empirical Analysis; V. Aivazian, T. Lai, and M. Rahaman; Journal of Economics & Business; Issue: 67; 2013; Pages: 24-54
    • Is Chapter 11 Efficient?; with S. Zhou; Financial Management; Issue: 41(1); 2012; Pages: 229-253
    • Unanticipated Growth, Tobin's Q, and Leverage; with J. Callen and D. Gelb; Bridging the GAAP: Recent Advances in Finance and Accounting; 2011
    • Experimental Tests of Core Theory and the Coase Theorem: Inefficiency and Cycling; with J. Callen and S. McCracken; Journal of Law and Economics; Issue: November; 2009
    • Financial Constraints and Investment: Assessing the Impact of a World Bank Credit Program on Small and Medium Enterprises in Sri Lanka; with Eric Santor; Canadian Journal of Economics; Issue: May; 2008
    • Why Some Firms Smooth their Dividends and Others Do Not; with L. Booth and S. Cleary; Journal of Financial and Quantitative Analysis; Issue: June; 2006
    • Dividend Policy and the Role of Contracting Environments; with L. Booth and S. Cleary; FSR Forum; Issue: December; 2005; Pages: 13-20
    • Debt Maturity Structure and Firm Investment; with Y. Ge and J. Qiu; Financial Management; Issue: Winter; 2005; Pages: 107- 119
    • Can Corporatization Improve the Performance of State-Owned Enterprises even without Privatization?; with Y. Ge and J. Qiu; Journal of Corporate Finance; Issue: October; 2005; Pages: 791-808
    • The impact of Leverage on Firm Investment: Canadian Evidence; with J.Qiu and Y. Ge; Journal of Corporate Finance; Issue: March; 2005
    • Manager Turnover and Corporate Governance: An Unusual Social Experiment; with Ying Ge and J. Qiu; Journal of Banking and Finance; 2005; Pages: 1459-1481
    • Discussion of 'Does Diversification Improve Bank Efficiency?' , preceedings of a conferece held by the Bank of Canada; proceedings of a conference held by the Bank of Canada, The Evolving Financial System and Public Policy, Bank of Canada; Issue: December; 2004; Pages: 128-131
    • Dividend Policy and the Organization of Capital Markets; Varouj A. Aivazian, Laurence Booth, S. Cleary; Financial Management; Issue: 13; 2003
    • Do Emerging Market Firms Follow Different Dividend Policies from U.S. Firms?; Varouj A. Aivazian, Laurence Booth, S. Cleary; Journal of Financial Research; 2003
    • The Core, Transaction Costs, and the Coase Theorem; Varouj A. Aivazian and Jeffrey L. Callen; Constitutional Political Economy; 2003
    • Capital Structures in Developing Countries; with L. Booth and V. Demirguc-Kunt and V. Maksimovic; Journal of Finance; Issue: 56; 2001; Pages: 87-130
    • Ex Post Production Flexibility, Asset Specificity, and Financial Structure,; with M. Berkowitz; Journal of Accounting, Auditing and Finance; Issue: Vol. 13, No. 216; 1998
    • Microeconomic Elements of Financial Liberalization: Perspectives from Finance Theory; Financial Reform in DevelopingCountries (edited by M. Fanelli and R. Medhora), MacMillan, London; 1998; Pages: 328-351
    • How Much Does Finance Matter in East Asia?; Varouj A. Aivazian, J.D. Han, Walid Hejazi; Fiscal Frameworks and Financial Systems in East Asia: How Much Do They Matter (edited by Wendy Dobson), University of Toronto Press, Toronto; 1998; Pages: 91-183
    • Microeconomic Elements of Financial Liberalization: Perspectives from Finance Theory; J. Fanelli, and R. Medhora (eds.); MacMillan, London; 1997
    • Precommitment and Financial Structure: An Analysis of the Effects of Taxes; with M. Berkowitz; Economica; Issue: 59, (February); 1992; Pages: pp. 93-106
    • Risk versus Return in the Substitutability of Debt and Equity Securities; with J. Callen, I. Krinsky and C. Kwan; Journal of Monetary Economics; Issue: (August); 1990; Pages: pp. 161-178
    • The Coase Theorem and Coalitional Stability; with J.L. Callen and I. Lipnowski; Economica; Issue: Vol. 54, No. 216, (November); 1987; Pages: pp. 517-520
    • Economies of Scale versus Technological Change in the Natural Gas Transmission Industry; with J.L. Callen, M.W.L. Chan and D.C. Mountain; Review of Economics and Statistics; Issue: (August); 1987; Pages: pp. 556-561
    • Miller's Irrelevance Mechanism: A Note; with J.L. Callen; Journal of Finance; Issue: March; 1987; Pages: pp. 169-180
    • Taxation and Capital Structure: A Selected Review; with S.M. Turnbull, S. M. Edited by Mintz, J. and Purvis D.; The Impact of Taxation on Business Activity, edited by J. Mintz and D. Purvis; Issue: John Deutsch Institute, Queen's University; 1987
    • International Exchange Risk and Asset Substitutability; with J.L. Callen, I. Krinsky and C. Kwan; Journal of International Money and Finance; Issue: 5; 1986; Pages: pp. 449-466
    • The Demand for Risky Financial Assets Held by the U.S. Household Sector; with Jeffrey L. Callen, I. Krinsky, C. Kwan; Quarterly Review of Economics and Business; Issue: 26 (2); 1986; Pages: 47-65
    • The Law of Contract Modifications: The Uncertain Quest for a Benchmark of Enforceability; with M. Penny, Michael Trebilcock; Osgoode Hall Law Journal; Issue: 22 (2); 1984; Pages: 173-212
    • Mean-Variance Utility Functions and the Demand for Risky Assets: An Empirical Analysis Using Flexible Functional Forms; with Jeffrey L. Callen, I. Krinsky, C. Kwan; Journal of Financial and Quantitative Analysis; 1983
    • Reorganization in Bankruptcy and the Issue of Strategic Risk; with Jeffrey L. Callen; Journal of Banking and Finance; 1983; Pages: 119-133
    • The Unanimity Literature and the Security Market Line Criterion: The Additive Risk Case; with Jeffrey L. Callen; Journal of Business Finance and Accounting; 1981
    • with Jeffrey L. Callen; with Jeffrey L. Callen; in Productivity Measurement in Regulated Industries (edited by Thomas Cowing and Rodney Stevenson), New York: Academic Press, New York; 1981
    • The Coase Theorem and The Empty Core; with Jeffrey L. Callen; Journal of Law and Economics; 1981; Pages: 175-181
    • Capacity Expansion in the U.S. Natural Gas Pipeline Industry; with Jeffrey L. Callen; Productivity Measurement in Regulated Industries (edited by Thomas Cowing and Rodney Stevenson), New York: Academic Press, New York; 1981
    • Uncertain Externalities, Liability Rules, and Resource Allocation: Comment; with Jeffrey L. Callen; American Economic Review; 1980; Pages: 1058-1059
    • Future Investment Opportunities and the Value of the Call Provision on a Bond: Comment; with Jeffrey L. Callen; Journal of Finance; 1980; Pages: 1051-1054
    • Corporate Leverage and Growth:The Game-Theoretic Issues; with Jeffrey L. Callen; Journal of Financial Economics; 1980; Pages: 379-399
    • Investment, Market Structure, and the Cost of Capital; with Jeffrey L. Callen; Journal of Finance; 1979; Pages: 85-92
    • A Note on the Economics of Exhaustible Resourses; with Jeffrey L. Callen; Canadian Journal of Economics; 1979; Pages: 83-89
    • The Demand for Assets Under Conditions of Risk: Comment; Journal of Finance; Issue: XXXII; 1977; Pages: 927-929

    Academic / Professional Service

    1994-Present  Served on various departmental and University-wide committees at the University of Toronto and McMaster University
    1994-Present  Refereed for many academic journals in Economics and Finance.
    1994-1996  Editorial Board, Journal of Accounting, Auditing and Finance Executive Committee; Canadian Law and Economics Association

    Honors and Awards

    1991  Best Paper in Corporate Finance award (for a paper with M. Berkowitz); Northern Finance Association Meetings in Montreal
    1998  Citation of Excellence from ANBAR,for paper with M. Berkowitz; Journal of Accounting, Auditing and Finance
    1999  Best Paper in Corporate Finance for paper with L. Booth, V. Maksimovic and A. Demirguc-Kunt; Southern Finance Association Meetings
    2011  Best paper in Corporate Finance Prize for paper with M. Rahaman and L. Sun; Financial Management Association Annual Meeting

    Research and Teaching Interests

    Teaches graduate and undergraduate courses in Corporate Finance, Investments, Microeconomics, Financial Economics, Environmental Economics and Statistics. Research interests include various issues in corporate finance, portfolio theory, welfare economics, law and economics and currently the role of the financial system in economic development.  

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    http://individual.utoronto.ca/vaivazian/