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Varouj A. Aivazian

Ph.D. (Ohio State, 1975), M.A. (Ohio State, 1973), B.S. (MIT, 1968)
Office: Max Gluskin House, 150 St. George Street, 272. Phone: 416-978-2375. Fax: 416-978-6713.
Office: University of Toronto, Mississauga, 3260. Phone: 905-828-5302.
Email address:
Personal website:
Research fields: Financial economics, Law and economics

Selected research

  • Varouj A. Aivazian and Jeffrey Callen, "The Coase Theorem and the Theory of the Core", in Encyclopedia of Law and Economics (edited by Alain Marciano and Giovanni Ramello), Springer, 2019, 1–5.
  • Varouj A. Aivazian, Jiaping Qiu, Mohammad Rahaman, "Bank Loan Contracting and Corporate Diversification: Does Organizational Structure Matter to Lenders?", Journal of Financial Intermediation 24 (2) (2015), 252–282.
  • Varouj A. Aivazian, Jeffrey Callen, Susan McCracken, "Experimental Tests of Core Theory and the Coase Theorem:Inefficiency and Cycling", Journal of Law and Economics 52 (November) (2009), 745–759.
  • Varouj A. Aivazian, J. Qiu, Ying Ge, "The Impact of Leverage on Firm Investment: Canadian Evidence", Journal of Corporate Finance 11 (1-2) (2005), 277–291.
  • Varouj A. Aivazian, Laurence Booth, V. Demirguc-Kunt, V. Maksimovic, "Capital Structures in Developing Countries", Journal of Finance 56 (2001), 87–130.
All publications

Honors and awards

  • Best paper in Corporate Finance, Financial Management Association Annual Meeting, (with , with M. Rahaman and L. Sun), “Financial Shocks and Firm Performance: Evidence from Systemic Banking Crises”, 2011.
  • Best Paper in Corporate Finance,Southern Finance Association Meetings,for paper (with L. Booth, V. Maksimovic and A. Demirguc-Kunt), entitled "Capital Structures in Developing Countries", 1999.
  • Best Paper in Corporate Finance,Northern Finance Association Meetings,for paper (with M. Berkowitz), "Production Flexibility and Corporate Capital Structure", 1991.

Courses taught 2023–2024

  • Winter

  • ECO1501H1S, section L5101 (St. George) • Financial Economics II • R7-9 • RW142
Last updated on May 16, 2024