Faculty of Business Administration
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Finance

Research interests and accomplishments within the group range from the highly theoretical to the practical, covering such issues as corporate financing and investment, valuation methods, the functioning of capital markets, individual and institutional investing, controlling risk with options and futures contracts, hedge funds and private equity, and real estate finance. Active participation in academic and professional associations and publications in top finance journals have given the group considerable international visibility.

Faculty List & Specializations

NamePositionSpecialization & Research Interests
Christina Atanasova Assistant Professor Empirical corporate finance, corporate governance, capital structure, corporate risk management, and pension economics and finance.
Avi Bick Associate Professor Options and Futures Markets, Investments, Mathematical Finance .
George Blazenko Professor Economics of insurance, analysis of corporate contingent claims and option pricing, corporate financial policy and pricing of initial public offerings.
Evan Gatev Associate Professor
Robert Grauer Endowed University Professor Asset allocation, portfolio theory, market efficiency, capital asset pricing.
John Heaney Associate Professor Equilibrium valuation, corporate investment policy, mathematical modelling of Financial Time Series.
Peter Klein Professor Return anomalies, taxation, derivative securities, credit risk.
Jijun Niu Assistant Professor Banking, Corporate Finance
Andrey Pavlov Associate Professor
Academic Chair, Master of Financial Risk Management		 Real options and their application to portfolio choice, strategic management, real estate markets and natural resource management; non-parametric methods, spatial statistics; real estate finance and valuation.
Geoffrey Poitras Professor Securities Analysis, Applied Econometrics, Risk Management Applications of Futures and Options Contracts, History of Financial Economics, Debt Management, Mathematical Finance, Statistical Simulation.
Amir Rubin Associate Professor & Area Coordinator, Finance Corporate Finance, Corporate Governance, Market Microstructure, Social Responsibility.
Alexander Vedrashko Assistant Professor Corporate Finance, Executive Compensation, Payout Policy, Real Estate, Corporate Governance

News & Activities

SSHRC and NSERC Grants Awarded to SFU Business Faculty

May 25, 2010

Congratulations to the following members of the SFU Business Faculty on their successful grant applications.

NSERC Discovery Grant:

Andrew Gemino (User-centred Design of Requirements Engineering Techniques)

SSHRC Standard Research Grants:

Evan Gatev (The Impact of Pension Fund Governance on Investment Performance and Risk Management)
Eric Gedajlovic (The Effects of Top-Management Social Capital on Corporate Entrepreneurship and Internationalization in Developing Economies)
Nilesh Saraf (Firm-Performance Impacts of IT Implementation and IT Capabilities)
David C. Thomas (Bi-cultural Individuals in Organizations)
Natalie Zhao (The Impact of Negative Emotions on Learning from Errors)
... Read More >>

Six SFU Business Researchers Awarded SSHRC Standard Research Grants

April 17, 2009


Congratulations to six SFU Business faculty members, four of whom are new scholars, in their successful Social Sciences and Humanities Research Council (SSHRC) Standard Research Grant applications. These are results for the Fall 2008 competition which funds three-year research projects and will be awarded in the Spring of 2009.

... Read More >>

SSHRC Small (Fall 2008 competition) Results

February 24, 2009


The results from the SSHRC Small Fall 2008 competition have been announced. ... Read More >>

2006/7 Scholarly Activities Report

December 1, 2008

Download a copy of the 2006/7 Scholarly Activities Report. ... Read More >>

Political Views Affect Firm’s Corporate Social Responsibility

September 23, 2008

Assistant Professor, Amir Rubin’s research on Political Views and Corporate Decision Making: The Case of Corporate Social Responsibility was recently referenced on the Science Daily website.

... Read More >>

SFU Business Researchers Score

July 1, 2007

SFU Business researchers scored well in the 2007 Social Sciences and Humanities Research Council (SSHRC) competition, receiving funding for six out of eight grant requests, plus an Initiative for the New Economy (INE) grant.

... Read More >>

Research Kudos

March 1, 2007

Professor Lindsay Meredith has won an Emerald Management Reviews Citation of Excellence for his article "A diagrammatical template for business market demand estimation" which appeared in the Industrial Marketing Management May 2006 (Vol 35, No 4). ... Read More >>

Featured Faculty

Coming Soon.

Awards & Achievements

Atanasova, Christina
  • SSHRC Small: Risk-Taking of Institutional Investors (2008, with Evan Gatev)
Gatev, Evan
  • SSHRC Standard Research Grant: The Impact of Pension Fund Governance on Investment Performance and Risk Management (2010-2013, with Christina Atanasova)
Grauer, Rob
  • SSHRC Standard Research Grant: Portfolio Selection. (2007-2010)
  • Western Decision Sciences Institute: 2005 Best Paper Award, Finance
Klein, Peter
  • 2009 AIMA Canada Hillside Research Award (with Isaac Schweigert and Daryl Purdy)
  • Bourse de Montreal: 2006 Award for Best Derivatives Paper - Jones, Robert, Peter Klein and Eddy Kou, “Vulnerable European options: how important is the risk of early default?”
  • Barclay’s Global Investors: 2005 Award for Best Paper in Canadian Capital Markets - Klein, Peter, Daniel Shapiro and Jeff Young, “Corporate governance, family ownership and firm value: the Canadian evidence”, Corporate Governance: an International Journal 13(6) (2005), 769-84.
  • AIMA: 2005 Canada Research Award - Brulhart, Todd and Peter Klein, “Are extreme hedge fund returns problematic?
Pavolv, Andrey
  • SSHRC Small: Cities and the Credit Crisis (2009, with George Blazenko)
  • CMHC: Stability versus Flexibility in the Canadian Mortgage Insurance System. (2007-2008, with George Blazenko)
  • SSHRC Standard Research Grant: The Implication of Home Ownership for Asset Allocation and Retirment Savings. (2003-2006)
  • SSHRC Standard Research Grant: Rethinking Formal Methods for Strategic Decision Making. (2002-2005, with A. Vining (PI), M. Brydon and E. Love)
Perignon, Christophe
  • SSHRC Standard Research Grant: Modeling Canadian Interest Rates in a Global Environment. (2006-2009, with Daniel Smith)
Rubin, Amir
  • SSHRC Standard Research Grant: Public Information and Financial Markets (2009-2012)
  • SSHRC Small Grant: Share Liquidity and Ownership (2006)
  • SSHRC Standard Research Grant: Corporate Social Responsibility and Ownership Structure. (2004-2006)
Smith, Daniel
  • SSHRC Standard Research Grant: Latent Autoregressive Density Modeling For Finance. (2008-2011)
  • SSHRC Standard Research Grant: Modeling Canadian Interest Rates in a Global Environment. (2006-2009, with Christophe Perignon)
Vedrashko, Alexander
  • SSHRC Small: Trading Performance and CEO Talent

Recent Faculty Books

Grauer, Rob
  • Robert R. Grauer and Frederick C. Shen. "On Estimation Risk and Power Utility Portfolio Selection." In Advances In Investment Analysis And Portfolio Management, to appear
Pavlov, Andrey
  • Value Creation through Real Options Management. (with Marcel Boyer, Peter Christoffersen, and Pierre Lasserre) Enterprise Risk Management-Concepts and Cases - Vol.VI. 2006.
Poitras, Geoffrey
  • Geoffrey Poitras. (Ed.). (2007). Pioneers of Financial Economics: Twentieth Century Contributions, (vol.2). Cheltenham, UK and Northampton, MA: Edward Elgar.
  • Geoffrey Poitras. (2007). Introduction. In Geoffrey Poitras (Ed.), Pioneers of Financial Economics: Twentieth Century Contributions, (vol.2) (pp. 1-16). Cheltenham, UK and Northampton, MA: Edward Elgar.
  • Geoffrey Poitras. (2007). Fredrick R. Macaulay, Frank M. Redington and the Emergence of Modern Fixed Income Analysis. In Geoffrey Poitras (Ed.), Pioneers of Financial Economics: Twentieth Century Contributions, (vol.2). Cheltenham, UK and Northampton, MA: Edward Elgar.
  • Geoffrey Poitras. (Ed.). (2006). Pioneers of Financial Economics: Contributions Prior to Irving Fisher, (vol.1). Cheltenham, UK and Northampton, MA: Edward Elgar.
  • Geoffrey Poitras. (2006). Introduction. In Geoffrey Poitras (Ed.), Pioneers of Financial Economics: Contributions Prior to Irving Fisher, (vol.1) (pp.1-10). Cheltenham, UK and Northampton, MA: Edward Elgar.
  • Geoffrey Poitras. (2006). Life Annuity Valuation: From de Witt and Halley to de Moivre and Simpson. In Geoffrey Poitras (Ed.), Pioneers of Financial Economics: Contributions Prior to Irving Fisher, (vol.1). Cheltenham, UK and Northampton, MA: Edward Elgar.
  • J. van Dillen, Geoffrey Poitras and A. Majithia. (2006). Isaac Le Maire and the Early Trading in Dutch East India Company Shares. In Geoffrey Poitras (Ed.), Pioneers of Financial Economics: Contributions Prior to Irving Fisher, (vol.1). Cheltenham, UK and Northampton, MA: Edward Elgar.
  • Geoffrey Poitras. (2005). Security Analysis and Investment Strategy. Boston, MA and Oxford, UK: Blackwell Publishing.

Research Papers

For full papers, please contact the authors.

Journal Articles Published:

  • Pavlov, A., & Wachter, S. (2011). Subprime Lending and Real Estate Prices. Real Estate Economics, 39(1), 1-17.
  • Niu, J. (2010). The Effect of Overconfidence on the Sensitivity of CEO Wealth to Equity Risk. Journal of Financial Services Research, 38, 29-39.
  • Rubin, A., & Kraus, A. (2010). Reducing Managers' Incentives to Cannibalize: Managerial Stock Options when Shareholders are Diversified. Journal of Financial Intermediation, 19, 439-460.
  • Rubin, A., & Rubin, E. (2010). Informed Investors and the Internet. Journal of Business Finance and Accounting, 37(7-8), 841-865.
  • Rubin, A., & Barnea, A. (2010). Corporate Social Responsibility as a Conflict between Shareholders. Journal of Business Ethics, 97, 71-86.
  • Grauer, R., & Janmaat, J.A. (2010). Cross-Sectional Tests of the CAPM and Fama-French Three-Factor Model. Journal of Banking and Finance, 34(2), 457-470.
  • Atanasova, C., & Hrazdil, K. (2010). Why Do Healthy Firms Freeze Their Defined Benefit Pension Plans? Global Finance Journal, 21(3), 293-303.
  • Pavlov, A., & Blazenko, G. (2010). Value Maximizing Hurdle Rates for R&D Investment. Economics of Innovation and New Technology, 19(8), 693-717.
  • Niu, J. (2010). A Note on Loan Market Equilibrium when Some Borrowers are Optimistic. Economics Bulletin, 30, 1210-1216.
  • Atanasova, C., & Hudson, R. (2010). Technical Trading Rules and Calendar Anomalies: Are they the Same Phenomenon? Economic Letters, 106, 128-130.
  • Perignon, C. & Smith, D.R. (2010). The Level and Quality of Value-at-Risk Disclosure by Commercial Banks. Journal of Banking and Finance, 34, 362-377. [Journal Article]
  • Gatev, E., & Strahan, P. (2009). Liquidity Risk and Syndicate Structure. Journal of Financial Economics, 93(3), 490-504.
  • Gatev, E. (2009). Liquidity Risk and Limited Arbitrage: Are Taxpayers Helping Hedge Fund Managers Get Rich? Journal of Investment Management, forthcoming. 
  • Pavlov, A., & Wachter, S. (2009). Mortgage Put Options and Real Estate Markets. Journal of Real Estate Finance and Economics, 38(1), 86-103.
  • Poitras, G., Veld, C., & Zabolotnyuk, Y. (2009). European Put-Call Parity and the Early Exercise Premium for American Currency Options. Multinational Finance Journal, 13, 39-54.
  • Gatev, E., Schuermann, T., & Strahan, P. (2009). Managing Bank Liquidity Risk: How Deposit-Loan Synergies Vary with Market Conditions. Review of Financial Studies, 22(3), 995-1020.
  • Poitras, G. (2009). From Antwerp to Chicago: The History of Exchange Traded Derivative Security Contracts. Revue d'Histoire des Sciences Humaines, 20, 11-50.
  • Gatev, E., & Ross, S. (2009). Momentum Trading and Performance with Wrong Return Expectations. Journal of Portfolio Management, 35(3), 73-78.
  • Atanasova, C., & Hudson, R. (2009). Equity Returns at the Turn of the Month - Further Confirmation and Insights. Financial Analysts Journal, 65(4), 14-16.
  • Grauer, R. and Janmaat, J.A. (2009). On The Power of Cross-sectional and Multivariate Tests of the CAPM. Journal of Banking and Finance, 33, 775-787. [Journal Abstract]
  • Smith, D.R. (2009). Asymmetry in Stochastic Volatility Models: Threshold or Correlation?, Studies in Nonlinear Dynamics and Econometrics. 13(3), Article 1 [Journal Abstract]
  • Blazenko, G., & Pavlov, A. (2009). Investment Timing for Dynamic Business Expansion. Financial Management, 38(4), 837-860.
  • Poitras, G. (2009). Business Ethics, Medical Ethics and Economic Medicalization. International Journal of Business Governance and Ethics, 4, 372-389.
  • Grauer, R. (2008). Benchmarking Performance Measures with Perfect-Foresight and Bankrupt Asset-Allocation Strategies. Journal of Portfolio Management, 34, 43-57. [Journal Abstract]
  • Atanasova, C. & Gang, J. (2008). The Decline in the Volatility of the Business Cycles in the UK. The Manchester School. 76(s1), 14-36. [Journal Abstract]
  • Gray, P. & Smith, D.R. (2008). An Empirical Investigation of the Level Effect in Australian Interest Rates. Australian Journal of Management. 33(1), 31-45. [Journal Abstract]
  • Kan, R. & Smith, D.R. (2008). The Distribution of the Sample Minimum-Variance Frontier. Management Science. 54(7), 1364-1380. [Journal Abstract]
  • Niu, J. (2008). Bank Competition, Risk and Subordinated Debt. Journal of Banking and Finance. 32, 1110-1119. [Journal Abstract]
  • Niu, J. (2008). Can Subordinated Debt Constrain Banks' Risk Taking? Journal of Financial Services Research. 33, 37-56.  [Journal Abstract]
  • Pavlov, A. & Wachter, S. (2008). Mortgage Put Options and Real Estate Markets. Journal of Real Estate Finance and Economics.  [Journal Abstract]
  • Rubin, A. (2008). Political Views and Corporate Decision Making: The Case of Corporate Social Responsibility. The Financial Review. 43, 337-360. [Journal Abstract]
  • Smith, D.R. (2008). Evaluating Specification Tests for Markov-Switching Time-Series Models. Journal of Time Series Analysis. 29(4), 629-652. [Journal Abstract]
  • Day Cauley, S., Pavlov, A.D. & Schwartz E.S. (2007). Homeownership as a Constraint on Asset Allocation. Journal of Real Estate Finance and Economics. 34, 283-311. [Journal Abstract]
  • Layton, A.P. & Smith, D.R. (2007). Business Cycle Dynamics with Duration Dependence and Leading Indicators. Journal of Macroeconomics, 29, 855-875. [Journal Abstract]
  • Perignon, C., Smith, D.R. & Villa, C. (2007). Why Common Factors in International Bond Returns Are Not So Common. Journal of International Money and Finance. 26, 284-304. [Journal Abstract]
  • Poitras, G. (2007). Immunization Bounds, Time Value and Non-Parallel Yield Curve Shifts. Insurance and Risk Management. 75(3), 323-356. [Journal Abstract]
  • Rubin, A. (2007). Ownership Level, Ownership Concentration and Liquidity. Journal of Financial Markets. 10, 219-248. [Journal Abstract]
  • Smith, D.R. & Layton, A.P. (2007). Comparing Probability Forecasts in Markov Regime Switching Business Cycle Models. Journal of Business Cycle Measurement and Analysis. 3(1), 79-98. [Journal Abstract]


Research Seminars & Events



West Coast and Rocky Mountains Finance Workshop

Vancouver 2012



Coming in March 2012

Alexander Vedrashko awv@sfu.ca







More details to come...


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