Lorne N. Switzer, PhD

Professor, Finance
Professeur titulaire – Département de Finance, Titulaire de la Chaire de recherche Van Berkom sur les titres à faible capitalization boursière École de Gestion John Molson Université Concordia; Full Professor, Finance Department, Van Berkom Endowed Chair in Small-Cap Equities, Finance

Contact information

Email:

lorne.switzer@concordia.ca

Biography

Lorne N. Switzer is a Professor of Finance and the Van Berkom Endowed Chair in Small Cap Equities at the John Molson School of Business (JMSB) at Concordia University in Montreal, Canada. At the JMSB he has served as Associate Dean Research, Associate Director of the Institute for Governance of Public and Private Organizations, Chair of the Finance Department, as well as the Director of the MSc and PhD Programs. He has published several academic articles in leading journals and books and serves on the Editorial Boards of European Financial Management, La Review Financier, and Risk and Decision Analysis. He has won several research awards for his work, including the Best Paper Award at the McMaster World Congress of Corporate Governance and the Bank of Canada Prize for Best Paper in the field of empirical research on Canadian Financial Markets at the Northern Finance Association Meetings, and Best Paper in the Canadian Journal of Administrative Sciences, 2021. He has lectured widely abroad, including at the University of Auckland, New Zealand, the Hebrew University of Jerusalem, Ben Gurion University of the Negev, Israel, Tianjin University in the People's Republic of China, and IMT Ghaziabad, India.

Dr. Switzer has done consulting work for many business firms and government organizations including the Bourse de Montréal., Caisse de Dépot et Placement du Québec, AMI Partners, Inc., Bank Credit Analysts Research Group, the CD Howe Institute, Keugler Kandestin LLC, Schlesinger, Newman, and Goldman, the Government of Canada,and the Gouvernement du Québec. He is a native of Calgary, Alberta, and is a graduate of the Wharton School of the University of Pennsylvania. He obtained his PhD from the University of Pennsylvania in 1982.

Education

PhD (University of Pennsylvania)

Areas of expertise

Investments and Portfolio Management
Corporate Governance
Small-Cap Equities
FinTech
International Finance
International Transfer Pricing
Capital Markets
Derivative Markets
Hedge Funds and Alternative Investments
Market Microstructure
Commercial Banking and Financial Institutions
Real Estate Finance
Financial Modeling
Economics of Technological Change

View Lorne Switzer's CV

Publications

Books

The Financing of TechnologicalChange, Ann Arbor, Michigan: UMI Press, 1985.

Economic and Industrial Analysis,Toronto: Institute of Canadian Bankers, 1988 (with S. Perrakis).

Investments(8^th Canadian Edition), Bodie, Z., Kane, A.J., Perrakis, S., Ryan,P.J, and Switzer, L.N., McGraw-Hill, Ryerson, 2014.

Investments (9^th and 10th Canadian Edition), Bodie, Z., Kane, A.J., Switzer, L.N.,Stapleton, M., Boyko, D., and Panasian, C., McGraw-Hill, Ryerson, 2019, 2022.

Instructor’sManual, Investments(9^th Canadian Edition), McGraw-Hill, Ryerson, 2019.

Investments (10th Canadian Edition), Bodie, Z., Kane, A.J., Switzer, L.N., Stapleton, M., Boyko, D., and Panasian, C., McGraw-Hill, Ryerson, 2022.

Investments SmartBook, McGraw-Hill, Ryerson, 2022.

Investments (11th Canadian Edition), Bodie, Z., Kane, A.J., Switzer, L.N., Stapleton, M., Boyko, D., and Panasian, C., McGraw-Hill, Ryerson, forthcoming fall 2024..

Recent Refereed Journal Articles

“The Impact of CorporateGovernance on the Default Probabilities of Chinese Firms,” Emerging Markets Review, forthcoming with Jun Wang and Yuehao Jiang.

“The Impact of Position Limits on Options Trading. Finance Research Letters.(2024) forthcoming with Qiao Tu.

“Circumventing SEC Rule201 short sale restrictions with options> Finance Research Letters (forthcoming)

"The Dynamics of CEO Equity vs. Inside Debt and Firm Performance" Research in International Business and Finance 64 (2023) (with Susan Pollock and Jun Wang).

“IPO Performance and the SizeEffect: Evidence for the US and Canada,” NorthAmerican Journal of Economics and Finance 62, November 2022, 101744 (with Nabil El Meslmani and Xinkai Zhai)

“Volatility of Implied Volatility and Mergers and Acquisitions ,” Journal of Corporate Finance Volume 75, (August 2022), article 102243 (Sandra Betton and Nabil El Meslmani),

“IPO Performance and the Size Effect: Evidence for the US and Canada,” North American Journal of Economics and Finance 62, November 2022, 101744 (with Nabil El Meslmani and Xinkai Zhai).(forthcoming with Nabil El Meslmani and Xinkai Zhai).

"Peer Effects on Corporate Capital Structure: A Network Approach.” Journal of International Financial Markets, Institutions and Money 78, May 2022, 101562 (with Bahman Fathi Ajirloo).

“Do Single Stock Circuit Breakers Provide a Safety Net for Canadian Investors?” Canadian Journal of Administrative Sciences Sciences 38 (2021), pp. 94-113 (with Nabil El Meslmani and Cagdas Tahaoglu). – awarded Best Paper in Canadian Journal of Administrative Sciences, 2021

Pricing Efficiency and Arbitrage in the Bitcoin Spot and Futures Markets,” Research in International Business and Finance October 2020, pp. 1-14. with Seungho Lee and Nabil El Meslmani).(with Seungho Lee and Nabil El Meslmani).

“The Cyclical Behaviour of the Small-Cap Premium: ARegime-Switching Approach, Journal ofBusiness Accounting and. Finance. Perspectives, 2020, 2(1): 6; pp. 1-21doi:10.35995/jbafp2010006 (with Alan Picard).

Diversification Benefits of European Small-Cap Stocks After the Global Financial Crisis and Brexit,” Journal of Investing 2019, 29 (1) 95-118 ( with Dat Dao Nguyen).

“Risk, Culture and Investor Behavior in Small (but notorious) Eurozone Countries.” Journal of International Financial Markets, Institutions and Money 60(2019), pp. 8-110 (with Seungho Lee and Jun Wang).

“Effects of the Short Sale Circuit Breaker on the Stock Market,” Journal of International Financial Management and Accounting, 30 (2019) pp. 250–274 (with Heng Yue).

“Effect of corporate governance on default risk in financial vs. non-financial firms: Canadian evidence," Canadian Journal of Administrative Sciences 35 (2018), pp. 313-328 (with Jun Wang and Yajing Zhang).

“Ethical Finance and Governance,” Journal of Applied Accounting Research, 19 (2018) , pp. 202-205 (with Jean-Michel Sahut, Samir Saadi, and , Frédéric Teulon).

“Corporate Governance and Default Risk in Financial Firms over the Post-financial CrisisPeriod: International Evidence, Journalof International Financial Markets, Institutions and Money 52, (January 2018), pp. 196-210 (with Qiao Tu and Jun Wang).

“Volatility measures as predictors of extreme returns,” Review of Financial Economics35 (2017), pp. 1–10 (with Cagdas Tahaoglu and Yun Zhao) – lead article.

“The Idiosyncratic Volatility Puzzle and Mergers and Acquisitions Activity,” Risk and Decision Analysis 6 (2017) 193–212 (with Nabil El Meslmani).

“Extreme Risk and Small Investor Behavior in Developed Markets,” Journal of AssetManagement, 18, 6 (2017) 457–475 (with Jun Wang and Seungho Lee).

“An Event Based Approach for Quantifying the Effects of Securities Fraud in the IT Industry,” Information Systems Frontiers 19, 3 (2017), 457-467 (with JunWang).

“Institutional Investment Horizon, the Information Environment and Firm Credit Risk, Journal of Financial Stability 29 (April 2017), 57-71.

“Market Manipulation and Insider Trading in Canada: A Case Study of Exceptional Convictions,” Corporate Securities and Finance Law Report 21 (October 2016), pp 69-82 (with Jun Wang).

“Stock Market Liquidity and Economic Cycles: A Non-Linear Approach,” Economic Modelling 57 (Sept. 2016), pp. 106-119 (with Alan Picard).

“Idiosyncratic Volatility, Momentum, Liquidity,and Expected Stock Returns in Developed and Emerging Markets,” Multinational Finance Journal 19 (2015), pp. 169-221 (with Alan Picard).

“The Benefits of International Diversification: Market Development, Corporate Governance,Market Cap, and Structural Change Effects,” International Review of Financial Analysis 42 (2015), pp. 76-97 (with Cagdas Tahaoglu).

“Intraday Market Liquidity, Corporate Governance, and Ownership Structure in Markets with Weak Shareholder Protection: Evidence from Brazil and Chile,” Journal of Management and Governance 19 (2015), pp. 395-41 (with Diego Cueto).

“Position Growth Rate Interactions Between Exchange-Traded Derivatives and OTC Derivatives,” Gestion 2000 31 (2014), pp. 35-63 (with Qianyin Shan).

“The Effect of CorporateEnvironmental Initiatives on Firm Value: Evidence from Fortune 500 Firms" M@n@gement 17 (2014), pp. 1-19 (with Diego Cueto and Ulrich Wassmer).

“Do Company Visits Add Value forProfessional Investors?” Journal of Applied Finance 23 (2013), pp. 71-94. (with Mariane Keushgerian).

“Default risk and corporate governancein financial vs. non-financial firms,” Risk and Decision Analysis 4 (2013) 243–253,(with Jun Wang).

“Default Risk Estimation Bank Credit Risk and Corporate Governance" Financial Markets, Institution and Instruments Journal. 22 (2), May 2013, pp. 91-112 (with Jun Wang).

“The Impact of Derivatives Regulations on the Liquidity and Pricing Efficiency of Exchange Traded Derivatives,” Review of Futures Markets, Vol 21, March 2013, pp. 71-103 (with Qianyin Shan and Jean-Michel Sahut).

“Domestic vs. US Default Risk and the Small-Cap Premium,” La Revue du Financier 199, Jan-Feb. 2013, pp. 59-80.

“Convertible Bond Issuance, Risk, and Firm Financial Policy: A New Approach,” International Journal of Business Vol18 (1), 2013, pp. 1-25, (with Jinlin Liu).

“The Relative Performance of Small Cap Firms and Default Risk across the Business Cycle: International Evidence,” International Journal of Business, 17(4), 2012), pp. 379-396.

For earlier citations please refer to Dr. Switzer's CV