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Laurence Booth

Laurence Booth

Professor of Finance
CIT Chair in Structured Finance

Degrees:

DBA, Indiana University
MBA, Indiana University
MA, Indiana University
B.Sc in Economics, London School of Economics

Phone:

416-978-6311

Bio

Laurence Booth is the CIT Chair in Structured Finance at Rotman. His major research interests are in corporate finance and the behaviour of regulated industries. He has published extensively in top academic and professional journals, and is the co-author of fhree major textbooks: International Business, Introduction to Corporate Finance and Corporate Finance. The latter book was the first Wiley Canada text to be edited for sale in the United States. Laurence is on the editorial board of five academic journals and in 2003 was awarded the Financial Post’s Leader in Management Education Award.

Other Info

Lifetime Manchester United supporter

Academic Positions

  • 1987-Present

    Professor of Finance, Rotman School of Management, University of Toronto

  • 1999-Present

    CIT Chair in Structured Finance, Rotman School of Management, University of Toronto

Selected Publications - Papers

  • Dividend policy: a selective review of results from around the world,"

    with Jun Zhou

    Global Finance Journal

    Issue:34

    2017

  • Financial Constraints, R&D Investment and the Value of Cash Holdings

    Jun Zhou

    Quarterly Journal of Finance

    Issue:5-2,

    2015

  • Dividend Policy and Market Power: A Risk based Approach,

    Jun Zhou

    Managerial Finance

    Issue:41-2

    2014

  • Increase in Cash Holdings: Pervasive or Sector Specific

    Jun Zhou

    Frontiers in Finance and Economics

    Issue:10-2

    2014

  • The Choice between Non-Callable and Callable Bonds

    Frank Skinner & Dimitrious Gounopoulos

    Journal of Financial Research,

    Issue:38-4

    2014

  • Which Analysts Lead?

    Jun Zhou Bin Chang

    Journal of Accounting, Auditing and Finance

    Issue:29-4

    2014

  • Import competition and disappearing dividends

    Jun Zhou & Bin Chang

    Journal of International Business Studies

    2013

  • Asset allocation and the performance of American target date funds

    Bin Chang

    Rotmna International Pension Management

    Issue:Fall

    2011

  • Influence of productivity on equity market performance

    Walid Hejazi, Pauline Shum and Bin Chang

    Journal of Wealth management

    Issue:Summer

    2011

  • Target date funds: good news and bad news

    Bin Chang

    Journal of Risk

    Issue:Spring

    2011

  • Information Asymmetry, Dividend Status and SEO Announcement Day Returns

    with Bin Chang

    Journal of Financial Research

    Issue:September

    2010

  • Capital Market Developments in the Post 1987 Period: A Canadian Perspective

    with Sean Cleary

    Review of Finance and Accounting

    Issue:8-2

    2009

  • The Secret of Canadian Banking: Common Sense?

    World Economics

    Issue:September

    2009

  • Cash Flow Volatility, Financial Slack and Investment Decisions

    with Sean Cleary

    China Finance Review

    Issue:2-1

    2008

    Pages: 63-87

  • Collateral Damage

    Canadian Investment Review

    Issue:21-4

    2008

    Pages: 10-17

  • Capital Cash Flows, APV and Valuation

    European Financial Management

    Issue:Spring

    2007

  • What Drives Provincial-Canada Yield Spreads

    with Walid Hejazi and George Georgeopolous

    Canadian Journal of Economics

    Issue:Summer

    2007

  • Dividend Smoothing and Debt Ratings

    With Sean Clear and Varouj Aivazian

    Journal of Financial and Quantitative Analysis

    Issue:June

    2006

  • Dividend Policy and the Role of the Contracting Environment

    with Sean Cleary

    FSR Forum

    Issue:December

    2005

    Pages: 13-22

  • Formulating retirement targets and the impact of time horizon

    Financial Services Review

    Issue:Spring

    2004

    Pages: 13-1

  • Discounting expected values with parameter uncertainty

    Journal of Corporate Finance

    Issue:Spring

    2003

    Pages: 505-519

  • Dividend policy and the organisation of capital markets

    with S. Cleary and V Aivazian

    Journal of Multinational Financial Management

    Issue:April

    2003

    Pages: 101-121

  • Do emerging market firms follow different dividend policies from those in the US?

    with S. Cleary and V Aivazian

    Journal of Financial Research

    Issue:September

    2003

    Pages: 371-387

  • Equity risk premiums in the US and Canada

    Canadian Investment Review

    Issue:Spring

    2003

  • The MBA International Finance course: a course whose time has come and gone

    Research in Global Strategic Management

    Issue:June

    2003

  • What to do with Executive Stock Options

    Canadian Investment Review

    Issue:Summer

    2003

    Pages: 12-18

  • How to find value when none exists: pitfalls in using APV and FTE

    Journal of Applied Corporate Finance

    Issue:Spring

    2002

    Pages: 95-105

  • Capital structures in developing countries

    with V. Aivazian, V. Maxsimovic and A. Demirgic Kunt

    Journal of Finance

    Issue:March

    2001

    Pages: 87-130

  • Estimating the Equity Risk Premium and Equity Costs: New Ways of Looking at Old Data

    Journal of Applied Corporate Finance

    Issue:Spring

    1999

    Pages: 85-95

  • The CAPM, Equity Risk Premiums and the Privately Held Business

    Journal of Business Valuation

    1999

    Pages: 87-114

  • Time to Pass the Old Maid

    Canadian Investment Review

    Issue:Spring

    1999

  • A New Model for Estimating Risk Premiums (Along with Evidence of their Decline)

    Journal of Applied Corporate Finance

    Issue:Spring

    1998

  • The Case Against Foreign Bonds in Canadian Fixed Income Portfolios

    Canadian Investment Review

    Issue:Spring

    1998

  • The Importance of Market to Book Ratios in Regulation

    Quarterly Bulletin, National Regulatory Research Institute

    Issue:Winter

    1997

  • Great Lakes Forest Products

    with Professor W.Rotenberg

    Accounting Education

    Issue:5 (Winter)

    1996

  • Making Capital Budgeting Decisions in Multinational Corporations

    Managerial Finance

    Issue:Spring

    1996

  • On the Nature of Foreign Exchange Exposure

    Journal of Multinational Financial Management

    Issue:Spring

    1996

  • Lessons from Canadian Capital Market History

    Canadian Investment Review

    Issue:Spring

    1995

  • The Cost of Equity Capital of a Non-traded Canadian Entity

    Canadian Journal of Administrative Sciences

    Issue:June

    1993

  • Peoples Acquisition of Zale: An application of Valuation Principles

    in Canadian Investment Banking Review, (R.Rupert, Editor), McGraw Hill Ryerson

    1992

  • Evidence on Corporate Preferences for Foreign Currency Accounting Standards

    with W. Rotenberg

    Journal of International Financial Management and Accounting

    Issue:Summer

    1991

  • The Influence of Production Technology on Risk and the Cost of Capital

    Journal of Financial and Quantitative Analysis

    Issue:March

    1991

  • Taxes, Funds Positioning and the Cost of Capital

    Advances in Financial Planning and forecasting

    1990

  • Assessing Foreign Exchange Exposure: Theory and Application Using Canadian Firms

    with W. Rotenberg

    Journal of International Financial Management and Accounting

    Issue:Spring

    1990

  • Stock Returns and the Dollar

    with W. Rotenberg

    Canadian Investment Review

    Issue:Spring

    1990

Selected Publications - Books and Chapters

  • The Cost of Equity Capital and Fair Rate of Return on Equity (ROE) for a Canadian Utility

    in Energy Law and Policy (G Kaiser editor)

    Carswell

    Issue:2011

  • Additional Sources of equity risk premium data-Canada

    John Wiley Inc

    Issue:Duff and Phelps Valuation Handbook

    2017

  • Deconstructing income inequality in Canada

    Rotman Management

    Issue:August

    2017

  • Introduction to Corporate Finance

    Sean Cleary & Ian Rakita

    John Wiley & Sons

    Issue:4th Edititon

    2016

  • Corporate Finance

    with Sean Cleary and Pamela Drake Petersen

    John Wiley & Sons (US)

    2014

  • An Overview of Value Based Management

    in Advanced Corporate Finance

    Prentice Hall International

    2009

  • Sub-prime market meltdown and learning from the past

    in The Financial Crisis and Rescue

    U of T Press

    2008

  • Competition and Profitability in the Financial Services Industry in Canada

    in Putting Canadians First (J. Mintz & J. Pesando Ed) C.D. Howe Institute (September)

    1996

  • Regulation of Transmission and Distribution Activities of Ontario Hydro

    in R. Daniels, Editor, Ontario Hydro at the Millenium: Has Monopoly's Moment Passed? McGill-Queens University Press (with P. Halpern) Fall

    1996

  • Taxes, Funds Positioning and the Cost of Capital

    in R. Aggarwal (Ed) Advances in Financial Planning and Forecasting, JAI Press

    1990

Research and Teaching Interests

Main interest is teaching domestic and international corporate finance and the behaviour of regulated industries. Research interests centre on the cost of capital, empirical corporate finance and capital market theory.

Honors and Awards

  • 2009,2010,2011,2013,2014,2015,2017

    Teaching Excellence Award, Rotman

  • 1988-1990

    Director of Financial Management Association,

  • 1990

    ASAC (Administrative Sciences Association of Canada) Distinguished Professor Address,

  • 1996, 1998, 2000

    Graduate Business Council MBA (2nd year) Teaching Award,

  • 2002

    CBV, CICBV

  • 2003

    Leader in Management Education, Financial Post

  • 2010/11

    President , Multinational Finance Association

  • 2015/16

    President, Midwest Finance Association

Academic / Professional Service

  • 2011-2014

    pension governance committee, Governing Council, University of Toronto

  • 2010-2015

    Investment Committee member, Trinity College, University of Toronto

  • 2016-present

    Editorial Board, Managerial Finance

  • 2016-present

    Editorial Board, Global Finance Journal

  • 2002-present

    Programme Committee, EFMA

  • 1992-present

    Programme committee, NFA

  • 1998-Present

    Director at large and Editorial Board Member, Multinational Finance Journal

  • 1992-2002 & 2005-present

    Editorial Advisory Board, JIBS

  • 1989-Present

    Editorial Board, Journal of Multinational Financial Management

  • 1992

    Co-Chair, Northern Finance Association Meetings

  • 1987-1991 & 1994-2008

    Finance Area Coordinator,

  • 1998

    Program Chair, Northern Finance Associaiton

  • 2008

    Program Chair, Multinational Finance Society

  • 1997-2005

    Finance Editor, Canadian Journal of Administrative Sciences

  • 2014

    Program Chair, Mid-West Finance Association

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