Conference/Policy Papers:
[1]. The Fat Tail: Political Risk and External Financing
Synopsis: Political risk can significantly imperil a firm's ability to access external financing, providing a rationale for why some firms engage in political activism to maneuver around such risk.
[2]. The Effect of Supply Chain Power on Debt Financing
Co-authors: P.R. Rau (University of Cambridge) and A. Zaman (Saint Mary's University).
Presentation: NFA 2017, FMA 2014.
Synopsis: Creditors explicitly take into account the supply chain power of a firm in its provisions for external debt financing.
[3]. Does Diversification Provide Insurance Against Economic Disruptions?
Co-authors: V. Aivazian (University of Toronto) and S. Zhou (Shanghai University of Finance and Economics)
Presentation: FMA 2014, Australian Banking & Finance Conference 2014, CEA 2016, MFS 2016.
Synopsis: Conglomerates withstand economic shocks better than focused firms owing to their diversified organizational structure.
[4]. Financial Shocks and Firm Performance: Evidence from Systemic Banking Crises
Co-authors: V. Aivazian (University of Toronto) and L. Sun (Brock University).
FMA 2011 Competitive Best Paper Award in Corporate Finance.
Previously titled: ``The Real Effects of Credit Contractions: A Firm-Level Analysis"
Presentation: Financial Management Association Meetings 2011, Denver, Colorado.
Synopsis: Credit contractions are costly for firms but the depth of a country's capital market can significantly attenuate such cost.
[5]. Window Dressing in Corporate Cash: Are Firms as Liquid as They Appear?
Co-authors: A.R. Khokhar (Saint Mary's University) and J. Qiu (McMaster University)
Synopsis: Managers tend to inflate liquidity by systematically reporting higher cash-holdings in the fourth fiscal quarter.
[6]. Do Firms Delay Exit? An Empirical Analysis
Co-authors: V. Aivazian (University of Toronto) and A.K. Priyo (North South University).
Presentation: University of Toronto 2014, CEA 2015, MFS 2015, ERG 2015, Australian Banking & Finance Conference 2017.
Synopsis: Managers tend to delay exit even when it is optimal to do so and the phenomenon is pervasive across sectors.
[7]. Booms, Busts, and the Market for Corporate Control
Co-author: D. Ding (Australian National University).
Presentation: University of Toronto 2010, NFA 2010, Dalhousie University 2011, FMA 2011.
Synopsis: Hyper acquisitiveness in good times tends to increase failure risk of firms in bad times.
[8]. Do Financial Regulations Matter for Firm Performance? Evidence from Systemic Banking Crises
Co-authors: V. Aivazian (University of Toronto) and D. Ding (Australian National University.
Presentation: FMA 2012, NFA 2013.
Synopsis: Following a systemic banking crisis, firms in a liberalized capital market recover to pre-crisis level of performance faster compared to firms in highly-regulated capital markets.
[9]. Excessive Continuation and the Costs of Flexibility in Financial Distress
Co-author: S. Davydenko (University of Toronto).
Presentation: Western Finance Association Meetings 2009, San Diego, U.S.
Current status: Received R&R from the Review of Finance; currently as working paper.
Synopsis: Some firms are indeed worth more dead than alive.
[10]. Dynamics of Financial Development: Does Equity Market Stifle Private Credit Market?
Presentation: FMA 2013.
Synopsis: Legal protection of creditors' and minority shareholders' rights is an important determinant of whether a country's financial system is bank-based as opposed to market-based.
[11]. Bad Luck or Bad Policy: Why Do Firms Fail?
Winner of the Canadian Securities Institute Research Foundation PhD Award.
Presentation: CEA 2008, EFA 2010, FMA 2010.
Synopsis: An organic growth strategy as opposed to an acquisition-driven growth strategy is economically and financially sustainable for firms' success in the long-run.
[12]. How Do CEOs Create Value for Their Firms?
Co-authors: V. Aivazian (University of Toronto) and T. Lai (Copenhagen Business School).
Presentation: EFA 2010, FMA 2010.
Synopsis: CEO skill matrix can explain heterogeneity in corporate policies and performances of firms.
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Policy Papers:
[1]. Does Globalization Benefit the Poor in Developing Countries?
Winner of the British Foreign and Commonwealth Office (FCO), U.K., Economic Policy Paper Competition, 2003.
Synopsis: Globalization creates growth poles and may lead to income inequalities within a country.
[2]. Human Face of Development in East Asia: A Reconsideration of the Contemporary Intellectual Parameters.
Paper & Proceedings, McGill Institute for the Study of Canada, McGill University, Canada, 2001.
Synopsis: More economic and political freedom is associated with less severity of financial crisis across countries.
