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Stephen Sapp

Associate Professor, Finance-Economics

Education

  • PhD Kellogg School of Management, Northwestern University
  • MSc, University of Toronto
  • BSc, Mount Allison University

Contact Information

Profile

Stephen Sapp received a Bachelor of Science degree with Distinction (mathematics and chemistry) from Mount Allison University, a Masters degree (applied statistics) from the University of Toronto and completed his Ph.D. (finance) at the Kellogg School of Management, Northwestern University. Before deciding to pursue his doctoral studies, he worked as a consultant at both the German Cancer Research Centre and the Centre for European Economic Research. Before coming to Ivey, Professor Sapp was an adjunct lecturer in Finance at Kellogg where he taught Investments.

Professor Sapp's research interests are concentrated in international finance. In particular, he is interested in how the globalization of financial markets has influenced the observed behaviour and interactions between investors and firms operating in diverse financial markets. In particular, Professor Sapp has examined how changing economic conditions influence financial decisions in global equity markets and the foreign exchange market. His research considers the effects at the level of both the individual trader as well as the overall market. Extending this work, he is studying how differences in the regulatory and corporate governance structures across countries influence firms' decisions. For example, how different ownership structures and corporate governance systems influence strategic decision-making, especially executive compensation.

Professor Sapp enjoys various outdoor activities such as golf, sailing, tennis, biking and all types of skiing.

Teaching

  • Finance, HBA
  • International Finance, HBA/MBA
  • International Business, MBA
  • Risk Management, MBA
  • Empirical Finance, PhD

Selected Publications

  • Foerster, S.R., Sapp, S., 2011, "Back to Fundamentals: The Role of Expected Cash Flows in Equity Valuation", North American Journal of Economics and Finance, 22(3): 320-343.
  • Vandenbosch, M.B., Sapp, S., 2010, "Opportunism Knocks", Sloan Management Review (MIT), Fall, 52(1): 17-19.
  • Lo, I., Sapp, S., 2010, "Order aggressiveness and quantity: How are they determined in a limit order market?", Journal of International Financial Markets, Institutions & Money, July, 20(3): 213-237.
  • Southam, C., Sapp, S., 2010, "Compensation Across Executive Labor Markets: What Can We Learn from Cross-Listed Firms?", Journal of International Business Studies, January, 41(1): 70-87.
  • Goerzen, A., Sapp, S., Delios, A., 2010, "Investor Response to Environmental Risk in Foreign Direct Investment", Management International Review, December, 50(6): 683-708.
  • Southam, C., Sapp, S., 2010, "Compensation Across Executive Labor Markets: What Can We Learn from Cross-Listed Firms?", Journal of International Business Studies, January, 41(1): 70-87.
  • Kaul, A., Sapp, S., 2009, "Trading Activity, Dealer Concentration and Foreign Exchange Market Quality", Journal of Banking & Finance, November, 33(1): 2122-2131.
  • Sapp, S., 2008, "The Impact of Corporate Governance on Executive Compensation", European Financial Management, September, 14(4): 710-746.
  • Charlebois, M., Sapp, S., 2007, "Temporal Patterns in Foreign Exchange Returns and Options", Journal of Money, Credit and Banking, March/April, 39(2/3): 443-470.
  • Foerster, S.R., Sapp, S., 2006, "The Changing Role of Dividends: A Firm-Level Study From the Nineteenth to the Twenty-First Century", Canadian Journal of Economics, November, 39(4): 1316-1344.
  • Kaul, A., Sapp, S., 2006, "Y2K Fears and Safe Haven Trading of the US Dollar", Journal of International Money and Finance, August, 25(5): 760-779.
  • McCracken, M., Sapp, S., 2005, "Evaluating the Predictability of Exchange Rates Using Long-Horizon Regressions: Mind Your p's and q's", Journal of Money, Credit and Banking, June, 37(3): 473-494.
  • Sapp, S., 2004, "Are All Central Bank Interventions Created Equal? An Empirical Investigation", Journal of Banking & Finance, March, 28(3): 443-474.
  • Sapp, S., 2002, "Price Leadership in the Spot Foreign Exchange Market", Journal of Financial and Quantitative Analysis, 37(3): 425-448.

Experience

  • Teaching: Kellogg School of Management

Expertise

  • Foreign Exchange
  • Corporate Governance
  • Valuation of International Securities
  • Empirical Methods in Financial Economics
 

Research Links

 

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