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Stephen G. Sapp

Associate Professor, Finance

Bank of Montreal Professorship

Contact Information


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

Research Publications

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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.


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


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

Recent Refereed Articles

  • Strike, V, Berrone, P, Sapp, S, Congiu, L, 2015, "A socioemotional wealth approach to CEO career horizons in family firms", Journal of Management Studies 52(4): 555 - 583.
  • Van Essen, M, Strike, V, Camey, M, Sapp, S, 2015, "The Resilient Family Firm: Stakeholder Outcomes and Institutional Effects", Corporate Governance-An International Review 23(3): 167 - 183.
  • Foerster, SR, Sapp, S, Shi, YN, 2014, "The Effect of Voluntary Disclosure on Firm Risk and Firm Value: Evidence from Management Earnings Forecasts", Advances in Quantitative Analysis of Finance and Accounting 12: 179 - 213.
  • Foerster, SR, Fogler, L, Sapp, S, 2014, "Northern Exposure: How Canadian Micro-Cap Stock Investments Can Benefit Investors", Journal of Investment Consulting 15(1): 36 - 50.
  • Foerster, SR, 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.
  • Goerzen, A, Sapp, S, Delios, A, 2010, "Investor Response to Environmental Risk in Foreign Direct Investment", Management International Review 50(6): 683 - 708.
  • Vandenbosch, MB, Sapp, S, 2010, "Opportunism Knocks", Sloan Management Review (MIT) 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 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 41(1): 70 - 87.
  • Kaul, A, Sapp, S, 2009, "Trading Activity, Dealer Concentration and Foreign Exchange Market Quality", Journal of Banking & Finance 33(1): 2122 - 2131.
  • Lo, I, Sapp, S, 2008, "The Submission of Limit Orders or Market Orders: The Role of Timing and Information in the Reuters D2000-2 System", Journal of International Money and Finance 27(7): 1056 - 1073.
  • Sapp, S, 2008, "Sweet Deals - Canadian Regulators Need to Do a Better Job of Curbing Excessive CEO Pay Packages. Here's How", Canadian Investment Review 21(3): 18 - 23.
  • Sapp, S, 2008, "The Impact of Corporate Governance on Executive Compensation", European Financial Management 14(4): 710 - 746.
  • Charlebois, M, Sapp, S, 2007, "Temporal Patterns in Foreign Exchange Returns and Options", Journal of Money, Credit and Banking 39(2/3): 443 - 470.
  • Foerster, SR, Sapp, S, 2006, "The Changing Role of Dividends: A Firm-Level Study From the Nineteenth to the Twenty-First Century", Canadian Journal of Economics 39(4): 1316 - 1344.

For more publications please see our Research Database


  • Teaching: Kellogg School of Management