Varouj A. Aivazian


Varouj A. Aivazian

Varouj A. Aivazian

Professor of Finance and Chair of the Economics Department at University of Toronto Mississauga



Websites: Rotman School of Management; Personal Website




Varouj Aivazian is a Professor (1988 to present) with the Department of Economics and Management at the University of Toronto Mississauga, the former of which he has chaired from 2003-2014. He has taught Strategic Management (MGT1301), Mergers and Acquisitions and Valuation (MGT2281), Microeconomics (MGT1210) and Business Finance (MGT1330) successfully in the MMPA Program since 1996.  

Varouj earned his PhD and M.A. from Ohio State University. He was Director of the Master of Financial Economics Program at the University of Toronto from 2002-2011. Varouj has taught at both the undergraduate and graduate levels at the UTM and St. George campuses, and has supervised the theses of many Ph.D. students at the University of Toronto. His University of Toronto affiliations include:  Member, Institute for Management & Innovation (2014 – present); Member, University of Toronto Governing Council (2006 – 2011); Fellow, Trinity College (2008 – present). He is also a member of the Canadian Economics Association, Canadian Law and Economics Association, and the Multinational Finance Society.

Varouj has received many Social Sciences and Humanities Research Council of Canada Grants (1985 – present) for his research, and was awarded Best Paper at several academic conferences (in 1991, 1999, and 2011). He has close to 50 publications, including numerous papers in leading international academic journals. 



Ph.D., Ohio State University
MA, Ohio State University
B.Sc., Massachusetts Institute of Technology (MIT)



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.



   •   Bank Loan Contracting and Corporate Diversification: Does Organization Structure           Matter to Lenders?
        V. Aivazian, J. Qiu, and M. Rahaman                                                                                                   Journal of Financial Intermediation, 2015

   •   The Market for CEOs: An Empirical Analysis
        V. Aivazian, T. Lai, and M. Rahaman                                                                                                     Journal of Economics & Business, Issue 67, 2013, pp. 24-54

   •   Is Chapter 11 Efficient?
        V. Aivazian, T. Lai, and  S. Zhou                                                                                                           Financial Management, Issue 41(1), 2012, pp. 229-253

   •   Unanticipated Growth, Tobin's Q, and Leverage
        V. Aivazian, T. Lai, 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
        V. Aivazian, T.,  J. Callen and S. McCracken                                                                                         Journal of Law and Economics, 2009




Best paper in Corporate Finance Prize for paper with M. Rahaman and L. Sun, Financial            Management Association Annual Meeting 


Best Paper in Corporate Finance for paper with L. Booth, V. Maksimovic and A. Demirguc-        Kunt, Southern Finance Association Meetings


Citation of Excellence from ANBAR, for paper with M. Berkowitz, Journal                                    of Accounting, Auditing and Finance


Best Paper in Corporate Finance award (for a paper with M. Berkowitz), Northern Finance        Association Meetings in Montreal 


PROFESSIONAL AFFILIATIONS/ MEMBERSHIPS                                            

     1994 onwards

Served on various departmental and University-wide committees at the University of                  Toronto and McMaster University

    1994 onwards

Refereed for many academic journals in Economics and Finance