Varouj A. AivazianProfessor (Finance) Economics
- Office Location:
- KN 3260
Kaneff Centre, 3359 Mississauga Rd.
Mississauga , Ontario
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).
- “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
- "Microeconomic Elements of Financial Liberalization: Perspectives from Finance Theory", Financial Reform in Developing Countries (edited by M. Fanelli and R. Medhora), MacMillan, London, 1998, 328–351
- "Ex Post Production Flexibility, Asset Specificity, and Financial Structure", with M. Berkowitz, Journal of Accounting, Auditing and Finance, Vol. 13, No. 216, 1998
- "Precommitment and Financial Structure: An Analysis of the Effects of Taxes", with M. Berkowitz, Economica, 59, (February), 1992, pp. 93-106
- "Risk versus Return in the Substitutability of Debt and Equity Securities", with J. Callen, I. Krinsky and C. Kwan, Journal of Monetary Economics, (August), 1990, pp. 161-178
- "The Coase Theorem and Coalitional Stability", with J.L. Callen and I. Lipnowski, Economica, Vol. 54, No. 216, (November), 1987, pp. 517-520
- "Economies of Scale versus Technological Change in the Natural Gas Transmission Industry", with J.L. Callen, M.W.L. Chan and D.C. Mountain, Review of Economics and Statistics, (August), 1987, pp. 556-561
- "Miller's Irrelevance Mechanism: A Note", with J.L. Callen, Journal of Finance, March, 1987, pp. 169-180
- "Taxation and Capital Structure: A Selected Review", with S.M. Turnbull, S. M. Edited by Mintz, J. and Purvis D., The Impact of Taxation on Business Activity, edited by J. Mintz and D. Purvis, John Deutsch Institute, Queen's University, 1987
- "International Exchange Risk and Asset Substitutability", with J.L. Callen, I. Krinsky and C. Kwan, Journal of International Money and Finance, 5, 1986, pp. 449-466
- "The Demand for Risky Financial Assets Held by the U.S. Household Sector", with Jeffrey L. Callen, I. Krinsky, C. Kwan, Quarterly Review of Economics and Business, 26 (2), 1986, 47–65
- "The Law of Contract Modifications: The Uncertain Quest for a Benchmark of Enforceability", with M. Penny, Michael Trebilcock, Osgoode Hall Law Journal, 22 (2), 1984, 173–212
- "Mean-Variance Utility Functions and the Demand for Risky Assets: An Empirical Analysis Using Flexible Functional Forms", with Jeffrey L. Callen, I. Krinsky, C. Kwan, Journal of Financial and Quantitative Analysis, 1983
- "Reorganization in Bankruptcy and the Issue of Strategic Risk", with Jeffrey L. Callen, Journal of Banking and Finance, 1983, 119–133
- "Capacity Expansion in the U.S. Natural Gas Pipeline Industry", with Jeffrey L. Callen, in Productivity Measurement in Regulated Industries (edited by Thomas Cowing and Rodney Stevenson), New York: Academic Press, New York, 1981
- "The Unanimity Literature and the Security Market Line Criterion: The Additive Risk Case", with Jeffrey L. Callen, Journal of Business Finance and Accounting, 1981
- "The Coase Theorem and The Empty Core", with Jeffrey L. Callen, Journal of Law and Economics, 1981, 175–181
- "Corporate Leverage and Growth:The Game-Theoretic Issues", with Jeffrey L. Callen, Journal of Financial Economics, 1980, 379–399
- "Future Investment Opportunities and the Value of the Call Provision on a Bond: Comment", with Jeffrey L. Callen, Journal of Finance, 1980, 1051–1054
- "Uncertain Externalities, Liability Rules, and Resource Allocation: Comment", with Jeffrey L. Callen, American Economic Review, 1980, 1058-1059
- "Investment, Market Structure, and the Cost of Capital", with Jeffrey L. Callen, Journal of Finance, 1979, 85–92
- "A Note on the Economics of Exhaustible Resourses", with Jeffrey L. Callen, Canadian Journal of Economics, 1979, 83–89.