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Paul J. Halpern

Paul J. Halpern

Paul J. Halpern

Professor Emeritus of Finance


PhD, University Chicago
MBA, University of Chicago,
BComm., University of Toronto


Paul Halpern is a Professor Emeritus of Finance at Rotman. He is Senior Advisor at the Capital Markets Institute. His research interests include capital market policy issues and corporate restructurings. Outside of academia, Paul is the Chair of the Advisory Board for the Canadian Investment Review and Director, Portfolio Client Services, Canada for LSV Asset Management.

Academic Positions

  • 1999-Present

    Toronto Stock Exchange Chair in Capital Markets,

  • 1977-Present

    Faculty of Management, Institute for Policy Analysis, Faculty of Law, University of Toronto

  • 2001-2002

    Associate Director, Capital Markets Institute

  • 1999-2001

    Director, Capital Markets Institute

  • 1997-1998

    Interim Dean, Rotman School of Management

  • 1991-1993

    Associate Dean (Research) and Director of PhD Program,

  • 1985-1990

    Associate Dean (Graduate),

  • 1972-1977

    Associate Professor,

  • 1969-1971

    Assistant Professor,

Selected Publications - Papers

  • Quality Standards for Index Products

    with Eric Kirzner

    Barclays Global Investors


  • The Evolution of Equity Markets: A Canadian Perspective

    ”, in New Investment Opportunities, Bonham Centre for Finance


  • Are all index funds created equally?

    Canadian Investment Review



  • Implicit Claims: The Role of Corporate Reputation in Value Creation

    with Irene Devine

    Corporate Reputation Review



  • Strip Bonds and Arbitrage Bounds

    with John Rumsey

    Canadian Journal of Adminstrative Studies



  • On the Heterogeneity of Levered Going Private Transactions

    with R. Kieschnick and W. Rotenberg

    Review of Financial Studies



  • Poison Pills: The Next Round

    Canadian Investment Review



    Pages: pp. 43-46

  • On the Heterogeneity of Levered Going Private Transactions

    with R. Elitzur, R. Kieschnik and W. Rotenberg

    Journal of Economic Behaviour and Organization

    Issue:Vol. 36


  • Poison Pills: The Next Decade

    Canadian Investment Review



    Pages: pp. 69-70

  • A note on Market Efficiency, Institutional Practice and Economic constraints in the Experience of the Canadian Bond Market

    with J. Rumsey

    Journal of Banking and Finance

    Issue:vol 21


Selected Publications - Books and Chapters

  • Financing Growth Growth in Canada, editor, Industry Canada, University of Calgary Press, 1998

  • Systemic Perspectives on Corporate Governance Systems

    in S. Chen and G. Boyd (eds.) Corporate Governance and Globalization, Edward Elgar, Cheltenham, U.K. forthcoming


  • Tax Incentives and Comparative Advantage

    with J. Mintz in J. MacIntosh, Competitive Industrial Development: The Role of Cooperation in the Technology Sector, forthcoming


  • Limited Liability

    in The New Palgrave Dictionary of Law and Economics, MacMillian Press, Fall


Research and Teaching Interests

Teaches courses in corporate finance, capital markets, mergers and acquisitions, and financial strategy. Research interests centre on corporate governance issues, capital merkets, leveraged buyouts, and share recapitalization.

Academic / Professional Service

  • 1991-Present

    Member of the Pension Board for Fleet Aerospace,

  • 1988-Present

    Chair, of the Advisory Board, Canadian Investment Review

  • 1978-1998

    Member of the Board of Directors and Chair of Research Committee of Financial Research Foundation of Canada,