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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: http://individual.utoronto.ca/vaivazian/Home.htm
Research fields: Financial economics, Law and economics

Selected research

  • 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 and E. Santor, "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 41 (2) (2008), 475–500.
  • Varouj A. Aivazian, Laurence Booth, S. Cleary, "Why some Firms Smooth Dividends and Others Do Not", Journal of Financial and Quantitative Analysis (2006)
  • 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 2018–2019

  • Winter

  • ECO2504H1S, section L0101 (St. George) • Financial Economics II • T7-9 • GE100
  • ECO440H5S, section L0101 (UTM) • Advanced Topics in Financial Economics