Varouj A. Aivazian
Professor of Finance and Chair of the Economics Department at University of Toronto Mississauga
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Email: aivazian@epas.utoronto.ca
Websites: Rotman School of Management; Personal Website
BIO
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.
EDUCATION
Ph.D., Ohio State University
MA, Ohio State University
B.Sc., Massachusetts Institute of Technology (MIT)
TEACHING & RESEARCH INTERESTS
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.
SELECTED PUBLICATIONS - Papers
• 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
HONORS & AWARDS
2011
Best paper in Corporate Finance Prize for paper with M. Rahaman and L. Sun, Financial Management Association Annual Meeting
1999
Best Paper in Corporate Finance for paper with L. Booth, V. Maksimovic and A. Demirguc- Kunt, Southern Finance Association Meetings
1998
Citation of Excellence from ANBAR, for paper with M. Berkowitz, Journal of Accounting, Auditing and Finance
1991
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