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Laurence Booth

Laurence Booth

    Laurence Booth

    CIT Chair in Structured Finance 
    Professor of Finance

    Degrees: DBA, Indiana University
    MBA, Indiana University
    MA, Indiana University
    B.Sc in Economics, London School of Economics
    Email: Send an email to Laurence Booth
    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 two major textbooks: International Business and Introduction to Corporate Finance. The latter book will be the first Wiley Canada text to be edited for U.S. sale. Laurence is on the editorial board of four academic journals and in 2003 was awarded the Financial Post’s Leader in Management Education Award.

    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

    • Financial Constraints, R&D Investment and the Value of Cash Holdings,; Jun Zhou; Quarterly Journal of Finance; Issue: 5-2,; 2015
    • Which Analysts Lead?; Jun Zhou Bin Chang; Journal of Accounting, Auditing and Finance; Issue: 29-4; 2014
    • Dividend Policy and Market Power: A Risk based Approach,; Jun Zhou; Managerial Finance; Issue: 41-2; 2014
    • The Choice between Non-Callable and Callable Bonds; Frank Skinner & Dimitrious Gounopoulos; Journal of Financial Research,; Issue: 38-4; 2014
    • Increase in Cash Holdings: Pervasive or Sector Specific; Jun Zhou; Frontiers in Finance and Economics; Issue: 10-2; 2014
    • Corproate Finance; Sean Cleary, Pamela Drake Petersen; John Wiley & Sons US; 2014
    • Import Competition and disapearing dividends; Jun Zhou & Bin Chang; Journal of International Buiness Studies; 2013
    • target date funds: good news and bad news; Bin Chang; Journal of Risk; Issue: Spring; 2011
    • Influence of productivity on Equity market performance; Walid Hejazi, Pauline Shum and Bin Chang; Journal of Wealth management; Issue: Summer; 2011
    • Asset allocaiton and the performanc eof American targvet date funds; Bin Chang; Rotmna International pension Management; Issue: Fall; 2011
    • Information Asymmetry, Dividend Status and SEO Announcement Day Returns; with Bin Chang; Journal of Financial Research; Issue: September; 2010
    • The Secret of Canadian Banking: Common sense?; World Economics; Issue: September; 2009
    • Capital Market Developments in the Post 1987 Period: A Canadian Perspective,; with Sean Cleary; Review of Finance and Accounting; Issue: 8-2; 2009
    • Collateral Damage; Canadian Investment Review; Issue: 21-4; 2008; Pages: 10-17
    • Cash Flow Volatility, Financial Slack and Investment Decisions; with Sean Cleary; China Finance Review; Issue: 2-1; 2008; Pages: 63-87
    • 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
    • Equity risk premiums in the US and Canada; Canadian Investment Review (Forthcoming); Issue: Spring; 2003
    • Do emerging market firms follow different dividend policies from those in the US?; with S. Cleary and V Aivazian; Journal of Financial Research (forthcoming); Issue: September; 2003; Pages: 371-387
    • 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
    • What to do with Executive Stock Options; Canadian Investment Review; Issue: Summer; 2003; Pages: 12-18
    • The MBA International Finance course: a course whose time has come and gone; Research in Global Strategic Management; Issue: June; 2003
    • 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
    • The CAPM, Equity Risk Premiums and the Privately Held Business; Journal of Business Valuation; 1999; Pages: 87-114
    • 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
    • Time to Pass the Old Maid; Canadian Investment Review; Issue: Spring; 1999
    • The Case Against Foreign Bonds in Canadian Fixed Income Portfolios; Canadian Investment Review; Issue: Spring; 1998
    • A New Model for Estimating Risk Premiums (Along with Evidence of their Decline); Journal of Applied Corporate Finance; 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
    • On the Nature of Foreign Exchange Exposure; Journal of Multi-national Financial Management; Issue: Spring; 1996
    • Making Capital Budgeting Decisions in Multi-national Corporations; Managerial Finance; 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
    • 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
    • Taxes, Funds Positioning and the Cost of Capital; Advances in Financial Planning and forecasting; 1990

    Selected Publications - Books and Chapters

    • Introuction to Corporate Finance; with Sean Cleary and Ian Rakita; John Wiley & Sons; Issue: 4th Edition; 2016
    • 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
    • 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
    • Corporate Finance; Sean Cleary & Pamela Drake Petersen; John Wiley & Sons US; Issue: 2014

    Academic / Professional Service

    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
    1993  Program Committee Member; Financial Management Association meetings
    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
    2014  Program Chair; Mid-West Finance Association
    1997-2005  Finance Editor; Canadian Journal of Administrative Sciences

    Honors and Awards

    1999  Best Corporate Finance Paper; Southern Finance Association Annual Conference
    1988-1990  Director of Financial Management Association
    1990  ASAC (Administrative Sciences Association of Canada) Distinguished Professor Address
    2011  Teaching Excellence; Rotman
    1996, 1998, 2000  Graduate Business Council MBA (2nd year) Teaching Award
    2002  CBV; CICBV
    2012  Teaching Excellence; Rotman
    2014  Teaching Excellence; Rotman
    2003  Leader in Management Education; Financial Post
    2010/11  President; Multinational Finance Association
    2015  Teaching Excellence; Rotman
    2016  Teaching Excellence award; Rotman
    2015/16  President; Midwest Finance Association

    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.  

    Other Info

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