University of Calgary

J. Ari Pandes

  • Associate Professor
  • Area Chair - Finance
  • Director - MBA Programs
  • Faculty [FNCE]

Research Interests




Dr. Pandes is an Associate Professor of Finance at the University of Calgary’s Haskayne School of Business. He joined the Finance faculty in July 2009 and teaches at the PhD, EMBA, MBA and senior undergraduate levels. He holds a Ph.D. in Finance from the Schulich School of Business at York University, a Master’s in Economics from York University, and a Bachelor of Commerce from the University of Toronto.    

Dr. Pandes's research focuses primarily on issues in empirical corporate finance, with specific interests in securities issuance, investment banking, and financing decisions. He has presented his research at top international Finance conferences, at various universities internationally, and at the U.S. Securities and Exchange Commission and the Bank of Canada. 

Dr. Pandes has also been awarded research grants from the Social Sciences and Humanities Research Council (SSHRC), the Canadian Securities Institute Research Foundation, and the University of Calgary. His research into the Canadian capital markets has twice won the Bank of Canada best paper award, and he has also won the CFA Society Toronto and Hillsdale Canadian Investment Research Award for best paper. 

Dr. Pandes's research has often been cited in the press, and he frequently provides financial and economic insight to various media outlets. 


“Is Exchange Regulation Effective for Junior Public Equity Markets?”, forthcoming, in Douglas Cumming and Sofia Johan (Eds.), Oxford Handbook of IPOs, Oxford University Press (with Michael J. Robinson)

“The Role of Agents in Private Entrepreneurial Finance”, 2015, Entrepreneurship Theory and Practice,39 (2), 345-374 (with Douglas Cumming and Michael Robinson).

"Is Effective Junior Equity Market Regulation Possible?", 2014, Financial Analysts Journal, 70 (4), 42-54 (with Michael Robinson).

“The IPO Market in Canada: What a Comparison with the United States tells us about a Global Problem”, 2013, Canadian Business Law Journal, 54 (3), 321-367 (with Bryce Tingle and Michael Robinson).

"The Canadian Junior IPO Market and The Capital Pool Company Program", 2013, in Mario Levis and Silvio Vismara (Eds.), Handbook of Research on IPOs, London: Edward Elgar (with Michael Robinson).

“Underwriter Quality and Long-Run IPO Performance”, 2011, Financial Management, 40 (1), 219-251 (with Ming Dong and Jean-Sebastien Michel).
“The Wealth Effects of Reducing Private Placement Resale Restrictions”, 2011, European Financial Management, 17 (3), 500-531 (with Elizabeth Maynes).
“Bought Deals: The Value of Underwriter Certification in Seasoned Equity Offerings”, 2010, Journal of Banking and Finance, 34 (7), 1576-1589.



Curriculum Vitae


  • PhD - Finance
    Schulich School of Business, York University
  • MA - Economics
    York University
  • BComm (Hons)
    Rotman School of Management, University of Toronto


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