Varouj A. Aivazian

Professor (Finance)

Economics

E-mail:

varouj.aivazian@utoronto.ca
Phone:

905-828-5302
Room:

KN 3260
Mailing Address:

Kaneff Centre, 3359 Mississauga Rd.
Mississauga ON L5L1C6
Canada

Varouj Aivazian is a Professor and Chair of the Economics Department at University of Toronto Mississauga, with a cross-appointment to the Business Economics area at Rotman. He has published many scholarly articles in Finance, Law & Economics, and Economic Theory in leading international academic journals. He served on the Governing Council of the University of Toronto (2006-2011), was a member and Chair of the Social Sciences Review Panel of The Connaught Committee (1992-1995), and served as Director of the Master of Financial Economics program (2002-2011).

Education

Ph.D., Ohio State University

M.A., Ohio State University

B.Sc., Massachusetts Institute of Technology (MIT)

Publications

“Is Chapter 11 Efficient?”, Financial Management, with S. Zhou. Forthcoming

“Unanticipated Growth, Tobin’s Q, and Leverage” in I. Venezia and Z. Wiener (eds.), Bridging the GAAP: Recent advances in Accounting and Finance, World Scientific Publishers with J. Callen and D. Gelb. Forthcoming

“Experimental Tests of Core Theory and the Coase Theorem: Inefficiency and Cycling”, Journal of Law and Economics, November 2009, with J. Callen and S. McCracken.

“Financial Constraints and Investment: Assessing the Impact of a World Bank Credit Program on Small and Medium Enterprises in Sri Lanka”, Canadian Journal of Economics, May 2008, with Eric Santor.

“Dividend Policy and the Role of Contracting Environments”, FSR Forum, December 2005, 13-20, with L. Booth and S. Cleary.

"Why Some Firms Smooth their Dividends and Others Do Not", Journal of Financial and Quantitative Analysis, June 2006, with L. Booth and S. Cleary.

“Debt Maturity Structure and Firm Investment”, Financial Management, Winter 2005, 107- 119, with Y. Ge and J. Qiu.

“Can Corporatization Improve the Performance of State-Owned Enterprises even without Privatization?”, Journal of Corporate Finance, October 2005, 791-808, with Y. Ge and J. Qiu.

“The impact of Leverage on Firm Investment: Canadian Evidence”, Journal of Corporate Finance with J.Qiu and Y. Ge, March 2005.

"Manager Turnover and Corporate Governance: An Unusual Social Experiment", Journal of Banking and Finance (2005), 1459-1481, with Ying Ge and J. Qiu

Discussion of “Does Diversification Improve Bank Efficiency?”, in the proceedings of a conference held by the Bank of Canada, The Evolving Financial System and Public Policy, Dec. 2004, 128-131, Bank of Canada.

"Capital Structures in Developing Countries", Journal of Finance 56 (2001), 87-130, with L. Booth and V. Demirguc-Kunt and V. Maksimovic

"How Much Does Finance Matter in East Asia?", with J.D. Han, Walid Hejazi, Fiscal Frameworks and Financial Systems in East Asia: How Much Do They Matter (edited by Wendy Dobson), University of Toronto Press, Toronto, 1998, 91-183