Associate Professor, Finance

  • Tangerine Chair in Finance


Michael joined the Finance Group at the Ivey Business School in 2011 after two decades working in international financial markets, both in the private and public sectors.

Michael began his career in investment banking and trading working between 1990 and 1998 in New York, London, and Zurich with Credit Suisse and RBC Dominion Securities. During this period, he obtained the Chartered Financial Analyst (CFA) designation. After completing his Phd at the London School of Economics in 2001, Michael joined the Bank of Canada in Ottawa where he worked in increasingly senior positions in the Financial Markets and International Departments. From 2006 to 2008, he also taught part-time on the Queen's Executive MBA program. From 2008 to 2011, Michael worked for the Bank for International Settlements (BIS) in Basel, Switzerland, where he contributed to the analysis of the global financial crisis, wrote about developments in international financial markets for the BIS Quarterly Review, researched the economic implications of the revised Basel Capital Adequacy Accord (Basel III), and analyzed the results of the 2010 Triennial Global Foreign Exchange survey.

Michael's research focuses on international finance, corporate finance, foreign exchange markets and all aspects of banking. His academic work has appeared in the Review of Financial Studies, Journal of Banking and Finance, Financial Management, Journal of Financial Stability, Journal of Applied Corporate Finance, and International Finance. His work targeting practitioners and the public has appearing in CFA Magazine, Bank of Canada Review, BIS Quarterly Review, Policy Options and Central Banking. He has been an active speaker at both academic and industry events and a regular contributor to Canadian Investment Review. He has travelled extensively, and speaks English, French and German.


  • Finance
  • Investment Banking
  • Raising Capital


  • BComm Hons, Queen's
  • MSc, DPhil - LSE
  • Chartered Financial Analyst - CFA

Selected Publications

  • Multinational banks and state bailouts: The role of political bargaining and institutions, 2015, Journal of International Business Studies 46: 206-222.
  • The Market Microstructure Approach to Foreign Exchange: Looking Back and Looking Forward (with C. Osler and D. Rime), 2013, Journal of International Money and Finance 38: 95-119.
  • The Basel III Net Stable Funding Ratio and Bank Net Interest Margins, 2013, Journal of Banking and Finance 37: 4144-4156.
  • Timing Exchange Rates Using Order Flow: The Case of the Loonie (with L. Sarno and E. Sojli), 2010, Journal of Banking and Finance 34: 2917-2928.
  • The Long-Term Effects of Cross-Listing, Investor Recognition, and Ownership Structure on Valuation (with D. Segal), 2009, Review of Financial Studies 22: 2393-2421.
  • Pre-Bid Run-Ups Ahead of Canadian Takeovers: How Big Is the Problem?, 2009, Financial Management 38: 699-726.
  • Hedge Funds and Financial Stability: Regulating Prime Brokers Will Mitigate Systemic Risks (with P. Maier), 2009, Journal of Financial Stability 5: 283-297.
  • Family Values: Ownership Structure, Performance and Capital Structure of Canadian Firms (with E. Santor), 2008, Journal of Banking and Finance 32: 2423 -2432.

Honours & Awards

  • Bank of Montreal Fellowship, 2011-14
  • HBA2 David G. Burgoyne Teaching Award 2013, 2015


  • Bank for International Settlements, Basel, Switzerland (2008-2011)
  • Bank of Canada, Ottawa, Canada (2001-2008)
  • RBC Dominion Securities, London, UK (1997-1998)
  • Credit Suisse, Switzerland; USA; UK (1990-1996)

Research/Course Development

  • BUS 4559 Raising Capital in the Financial Markets (HBA2)
  • BUS 4574 Mergers, Acquisitions & Restructuring (HBA2)
  • BUS 9466 Investment Banking and Capital Markets (MBA)