- Empirical Asset Pricing
- Mutual Funds & Hedge Funds
- Organizational Structure
- Behavioural & Forensic Finance
- Read the Impact article featuring research from Professor Patel
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Assistant Professor, Finance
Saurin joined the Ivey Business School as an Assistant Professor of Finance in July 2013. He received his PhD in Finance from the Desautels Faculty of Management, McGill University.
Saurin's research interests broadly lie in the general areas of empirical asset pricing, investments, behavioural and forensic finance. His recent work focuses on the impact of managerial structure on performance and likelihood of deceptive behaviour in the mutual fund industry setting. Saurin has taught Investments and Portfolio Management at McGill, for which he received an Excellence in Teaching Award in 2010.
- Core Finance-HBA1, Portfolio and Investment Management, Risk Management
- PhD, McGill University, Canada
- MA (Economics) Concordia University, Canada
- MA (Econometrics) M.S. University, India
Recent Refereed Articles
Col, B., Patel, S.,
(forthcoming), "Going to Haven? Corporate Social Responsibility and Tax Avoidance", Journal of Business Ethics.
Abstract: This study examines the endogenous relation between corporate social responsibility (CSR) and tax avoidance by focusing on a common strategy of corporate tax avoidance, i.e., establishing entities in offshore tax havens. Using hand-collected data on a sample of U.S. firms, we find that firms’ CSR ratings increase substantially in the two years after they first open tax haven affiliates. We provide evidence by using the controlled foreign corporations (CFC) look-through rule enacted by Congress in 2006 that facilitates offshore profit shifting. We find that firms that are affected by the CFC legislation increase their CSR practices in response. Overall, our results are consistent with the risk management theory, which argues that firms hedge against the potential negative consequences of aggressive tax avoidance practices through an increase in positive CSR activities.
Link(s) to publication:
Patel, S., Sarkissian, S.,
2017, "To Group or Not To Group? Evidence from Mutual Funds", Journal of Financial and Quantitative Analysis, October 52(5): 1989 - 2021.
Abstract: Despite the overwhelming trend in mutual funds towards team management, empirical studies find no performance benefits for this phenomenon. We show it is caused by large discrepancies in reported managerial structures in CRSP and Morningstar Principia datasets versus SEC records, resulting in up to 50 bps underestimation of the team impact on fund returns. Using more accurate Morningstar Direct data, we find that team-managed funds outperform single-managed funds across various performance metrics. The relation between team size and fund performance is nonlinear. Also, team-managed funds take no more risk than single-managed funds. Overall, team management benefits the fund industry performance.
Link(s) to publication:
Works in Progress
- To Group or Not to Group? Evidence from Mutual Funds (with Sergei Sarkissian)
- Deception and Managerial Structure: A Joint Study of Portfolio Pumping and Window Dressing Practices (with Sergei Sarkissian)
- Economic Optimism, Information Uncertainty and Future Investment Decisions: Evidence from the Mutual Fund Industry
Honours & Awards
- National Bank Financial Group PhD Fellowship, 2011-2012
- Walter John Stenason PhD Fellowship, 2010-2011
- American Finance Association (AFA) Travel Grant, Denver Meeting, 2011
- Excellence in Teaching Award, McGill University, 2010
- FQRSC Doctoral Program Fellowship, 2008-2011
- Gold Medal for Top Graduate Student, Faculty of Arts, M.S. University, 2005
- Gold Medal for Academic Excellence, Department of Economics, M.S. University, 2005