Faculty & Research

Walid Y. Busaba

Walid Y. Busaba

Associate Professor, Finance


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Professor Busaba joined the faculty of the Ivey Business School in July 2002. He had been on the faculty at the Eller College of Business of the University of Arizona from 1995 to 2002, and a visiting faculty at the Carlson School of Management of the University of Minnesota in 1997-98. He received a Bachelor of Business Administration (with Distinction) in 1985 and an MBA in 1987, both from the American University of Beirut. He also received a Masters of Arts in Economics (with Academic Excellence Award) from the University of North Carolina-Greensboro in 1991 and a Ph.D. in Finance (with Outstanding Academic Performance Award) from Boston College in 1995. Professor Busaba worked as an Auditor in the Beirut offices of Touche Ross (currently Deloitte and Touche) between 1985 and 1988, and as a Financial Manager with Droguerie De L'Union, Beirut, in 1988 and 1989.

Professor Busaba's research focuses on investment banking, corporate finance and financial contracting. His current research examines the efficiency of underwriting methods and auctions, implications for the decision to go public of various underwriting practices, the timing of initial public stock offerings, and the determinants of the original maturity and renegotiation of late 19th Century mortgages. Professor Busaba has reviewed tenure cases for several schools and articles for the leading finance journals. He has also presented and discussed papers at the annual meetings of the major finance associations.

While at Arizona, Professor Busaba served as the Ph.D. coordinator for the finance department, as the Finance Honours Advisor and as the Finance Department representative in the University Library Council. He also acted as a Judge of business plans in the Entrepreneurial program of the Eller College. At Ivey, he served as the Ph.D. coordinator for the Finance area group from 2004 until 2009, and he is currently the Finance area coordinator. Professor Busaba has taught core Finance, Investments, International Finance, and Derivative Securities and Risk Management at both the undergraduate and MBA levels, MBA Advanced Corporate Finance, and a Ph.D. course in Corporate Finance.


  • Derivatives and Risk Management
  • Advanced Corporate Finance
  • Ph.D. seminar in corporate finance

Selected Publications

  • "Bookbuilding vs. Fixed Price Revisited: The Effect of Aftermarket Trading," with Chun Chang, Journal of Corporate Finance, 16 (2010) 370-381.
  • "Secret Reservation Prices in Bookbuilding," with Neil Brisley, Review of Finance, 11, (2007) 693-718.
  • "Bookbuilding, the Option to Withdraw, and the Timing of IPO's," lead article, Journal of Corporate Finance, 12, (2006) 159-186.
  • "Information Externalities and the Role of Underwriters in Primary Equity Markets," with Lawrence Benveniste and William Wilhelm, Journal of Financial Intermediation 11, (2002) 61-86. (Best Paper Award-2nd prize, ABN-AMRO International Conference on Initial Public Offerings, University of Amsterdam, The Netherlands, 2000.)
  • "The Option to Withdraw IPOs during the Premarket: Empirical Analysis," with Lawrence Benveniste and Re-Jin Guo, Journal of Financial Economics 60, (2001) 73-102. (Abstracted in Contemporary Finance Digest 4, (2001) 13-14.)
  • "Bookbuilding versus Fixed Price: An Analysis of Competing Strategies for Marketing IPOs," with Lawrence Benveniste, lead article, Journal of Financial and Quantitative Analysis 32, (1997) 383-403. (Abstracted in Contemporary Finance Digest 2, (1998) 60-61.)
  • "Price Stabilization as a Bonding Mechanism in New Equity Issues," with Lawrence Benveniste and William Wilhelm, Journal of Financial Economics 42, (1996) 223-255.

Research/Course Development

  • The equity underwriting process in the US: price stabilization, option to withdraw, and the greenshoe option.
  • Comparison of international methods for selling initial public offerings.
  • The timing of initial public offerings.
  • Optimal maturity of debt contracts.


  • Assistant Professor, Eller College of Business, University of Arizona (1995- 2002)
  • Visiting Assistant Professor, Carlson School of Management, University of Minnesota (1997-98)
  • Financial Manager (1988-89)
  • Auditor (1985-88)



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