Rotman School of Management

Main Content

Walid Hejazi

Walid Hejazi

    Walid Hejazi

    Associate Professor of International Business  

    Degrees: PhD, University of Toronto
    MA, University of Toronto
    HBA, University of Western Ontario
    Email: Send an email to Walid Hejazi


    Walid Hejazi is an Associate Professor of Economic Analysis and Policy, and Academic Director, at the Rotman School of Management. He has researched, advised, and testified extensively on global competitiveness, and is currently working on a series of studies which shed light on the competitiveness and productivity of Canadian firms. He teaches Macro and Global Economics in Rotman’s MBA and EMBA programs, and has also delivered lectures in over 30 countries. Walid has also developed and teaches a successful MBA course in Islamic Finance, the first such course in Canada. He is extensively involved in enhancing the prevalence of Islamic Finance in Canada He is currently writing a book on Islamic project finance, and has several ongoing research projects in the area. 

    Academic Positions

    2005-present  Associate Professor; Rotman School of Management
    2000-2005  Assistant Professor; cross appointed to the Rotman School of Management and the Division of Management at the University of Toronto at Scarborough
    1995-2000  Assistant Professor; Division of Management at the University of Toronto at Scarborough
    1994-1995  Research Fellow; Institute for International Business, University of Toronto
    1993-1994  Research Fellow; Institute for Policy Analysis, University of Toronto

    Selected Publications - Papers

    • Mobilizing Islamic Finance for Public-Private Partnerships; World Bank; 2017
    • Mobilizing Islamic Finance for Public-Private Partnerships; The World Bank; 2017
    • Intraday Share Price Volatility and Leveraged ETF Rebalancing; Pauline Shum, Walid Hejazi, Edgar Haryanto, Arthur Rodier; Review of Finance; Issue: 20(6); 2016; Pages: Page p.2379-2409
    • Barbados: Vital to Canadas Global Competitiveness?; Walid Hejazi; Transnational Corporations Review; Issue: 7(1); 2015; Pages: 22-43
    • The Influence of Productivity Growth on Equity Market Performance; with Laurence Booth, Bin Chang and Pauline Shum; Journal of Wealth Management; Issue: Summer; 2011; Pages: 78-92
    • Gravity, the English Language and International Business; Walid Hejazi and Juan Ma; Multinational Business Review; Issue: 19(2); 2011; Pages: 152-167
    • DOI and Performance: What comes first? An Analysis of Canadian Banks; Walid Hejazi and Eric Santor; Journal of International Business Studies; Issue: 41; 2010; Pages: 845-860
    • Offshore Financial Centres and the Canadian Economy, February 2007; 2007
    • High Taxes Impede Foreign Investment; with A.E. Safarian; Op-ed, National Post; Issue: January 9; 2002
    • The Complementarity Between US FDI stock and Trade; with A.E. Safarian; Atlantic Economic Journal; Issue: (29) 4; 2001
    • Foreign Direct Investment and Capital Formation; Research Note, with Peter Pauly; International Advances in Economic Research; Issue: 7 (2), May; 2001
    • Access to Foreign R&D Does Not Undermine Domestic R&D Efforts; Policy Options; Issue: October; 2001
    • Modelling Links Between Foreign Direct Investment and Domestic Capital Formation; with Peter Pauly; Industry Canada working paper series; Issue: Number 36; 2001
    • Cointegration and Canada-US Term Structures: Does Accounting for Structural Breaks Make a Difference?; with Michael Marr and Jack Parkinson; Canadian Journal of Administrative Sciences; Issue: 17 (4); 2000; Pages: pp. 342-355
    • Are Forward Premia Mean Reverting?; with Zhixin Li; Applied Financial Economics; Issue: 10 (4) August; 2000; Pages: pp. 343-350 (Lead Article)
    • Yield Spreads as Predictors of Industrial Production: Short Rates or Term Premia?; Applied Economics; Issue: 32 (8), June; 2000; Pages: pp. 945-951. (Lead Article)
    • The Expectations Hypothesis, Term Premia, and the Canadian Term Structure of Interest Rates; with Huiwen Lai and Xian Yang; Canadian Journal of Economics; Issue: 33 (1), February; 2000; Pages: pp. 133-148
    • Trade, Foreign Direct Investment and R&D Spillovers; with A.E. Safarian; Journal of International Business Studies; Issue: 30 (3), Third quarter; 1999; Pages: pp. 491-511
    • Modelling Links Between Canadian Trade and Foreign Direct Investment; with A.E. Safarian; Industry Canada Research Publications series entitled Perspectives on North American Free Trade; Issue: April; 1999
    • How Much Does Finance Matter in East Asia?; with Varouj Aivazian; Fiscal Frameworks and Financial Systems in East Asia: How Much Do They Matter? Hong Kong Bank of Canada Papers on Asia, University of Toronto Press; 1998
    • Productivity, Innovation and Economic Growth; with Melvyn Fuss and Len Waverman; Trade, Innovation, and Industrial Performance, Ottawa: Centre for Trade Policy and Law, edited by Sunder Magun; 1997
    • Canada and the Asia Pacific Region: Views from the Gravity, Monopolistic Competition, and Heckscher-Ohlin Models; with Dan Trefler; The Asia Pacific Region and the Global Economy: A Canadian Perspective, edited by Richard Harris, University of Calgary Press; 1996
    • The Impact of NAFTA on China's Competitive Advantage and Trade Patterns with North America; with Leonard Waverman and Alan Alexandroff; Sino-North American Trade: Challenges and Opportunities, edited by Leonard Waverman, University of Toronto Press; 1996
    • Canada and Foreign Direct Investment: A Study of Determinants; with A.E. Safarian; monograph, University of Toronto Centre for Public Management
    • East Asia's Ageing Populations: Pension Reform and Implications; with Pauline Shum; Key Long-Term Economic and Security Issues in Asia, HSBC Bank Canada Papers on Asia, University of Toronto Press

    Selected Publications - Books and Chapters

    • U.S. Firms in World Finance; with Marc von der Ruhr; American Macromanagement. Edward Elgar Publishers

    Honors and Awards

    2016  2016 Leadership Award; Canada Post

    Research and Teaching Interests

    International Business, Financial Economics and Money and Banking Islamic Finance  

    Login to my account

    © Rotman School of ManagementAASCB