Finance
Academic Areas
The Finance area at Haskayne aims to be a leading centre for research and teaching excellence. Our objective is to conduct innovative and impactful theoretical and empirical research and to bring the latest finance knowledge and skills to graduate and undergraduate students.
Our faculty regularly publishes in top finance, economics, and business journals. Through our regular seminar series, we invite finance scholars from around the world to present their recent research. We also contribute to financial research through the training of PhD students who then become faculty members at other academic institutions or become practitioners in the finance industry.
Our teaching approach mixes theory, case analysis, experiential learning and mentorship for students who participate in competitions and industry visits across Canada and internationally. Some of our unique experiential learning opportunities include instruction in the N. Murray Edwards Trading and Finance Lab, a hands-on Trading and Market Data Management course where undergraduate students learn to access data feeds, Decentralized Finance (DeFi) course where students learn an emerging financial technology, our student managed investment portfolio, the Calgary Portfolio Management Trust and the first university-based private equity fund managed for students by students in Western Canada, the UCeed Haskayne Student Fund.

Spotlight on Research
Exploration activity, long-run decisions, and the risk premium on energy futures
Alexander David
A new paper by Alex David shows that energy firms respond to increases in energy futures prices not only by increasing inventories (a short-run decision), but also by increasing upstream investment in exploration and the development of oil fields (a long-run decision). Financial investors reward upstream investments by energy firms by lowering the risk premium (cost of capital of funding energy investments in excess of the riskless rate) in recognition of the increase in future production capacity, and consequent lower energy price fluctuations in the future.

Megan Bailey
Assistant professor, Adjunct Assistant Professor
Area of expertise: Energy and Climate Change Policy, Innovation
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Kanwal Bokhari
Assistant Professor
Area of expertise:
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Kyoung Jin Choi
Associate Professor, Research Fellowship in FNCE
Area of expertise: Investments, Dynamic contracting, Real options, Portfolio choices, Fintech
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Philip Chang
Associate Professor Emeritus
Area of expertise: Portfolio Management, Investments, Corporate Finance, Capital Budgeting, Corporate Risk Management
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Jess Chua
Professor Emeritus
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Alexander David
Professor, David E. Mitchell Professorship in Mgmt
Area of expertise: Asset Pricing, Credit Risk, Derivatives, Bayesian Learning models, Energy Finance, Systemic Risk
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Robert Elliott
Professor Emeritus
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Thomas Holloway
Associate Professor (Teaching), Faculty Advisor - CPMT
Area of expertise: Investment Management, Fixed Income, Corporate Finance, Corporate Governance. Fintech, Tactical Asset Allocation
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Yrjo Koskinen
Professor, Associate Dean - Research, BMO Professor in Sustainable Finance
Area of expertise: Sustainable Finance, Energy Transition, Corporate Finance and Governance
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Alfred Lehar
Associate Professor, Research Professorship in FNCE
Area of expertise: Banking, Corporate Finance, Fintech, Crypto-Currencies
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Pablo Moran
Associate Professor
Area of expertise: Corporate Finance; Mergers, Corporate Takeovers and Restructuring; Securities Offerings; Investment Banking; Real Options
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Miguel Palacios
Associate Professor
Area of expertise: Labor and Finance, Asset-pricing, Education Finance
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Ari Pandes
Associate Professor, Area Chair - FNCE, Director - MBA and EMBA programs
Area of expertise: Corporate Finance, with specific interests in Securities Offerings, Investment Banking, and Financing Decisions; Entrepreneurial Finance; Law and Finance
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Gordon Sick
Professor Emeritus
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Lesley Tims
Assistant Professor (Teaching)
Area of expertise: Corporate Finance, Investment Management, Investment Analysis, Portfolio Selection, Securities Offerings, Mergers & Acquisitions
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Larry Wood
Senior Instructor (retired)
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