Varouj A. Aivazian

Varouj A. Aivazian

Professor (Finance)

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).

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







  • “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.








  • "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
























Law and Economics, Economic Theory