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Craig Dunbar

Associate Professor, Finance

Tangerine Chair in Finance

Craig Dunbar

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  • Commercial and Investment Banking
  • Capital Raising / IPO Pricing
  • Withdrawal of Security Offerings
  • Corporate Social Responsibility and CEO Inventives

Research Publications

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Professor Dunbar joined the Finance Faculty Group at the Ivey Business School in July 1997. He previously taught Finance at the Katz Graduate School of Business of the University of Pittsburgh from 1992 to 1997. He was the Associate Dean for Faculty Development and Research at Ivey from 2004 to 2009. Professor Dunbar has served the University in a number of capacities. From 2010 to 2013 he was an elected member of the Western Joint Pension Board. He was a University Senator from 2007 to 2011 and served on the Senate Committee on University Planning (SCUP) from 2008 to 2012. He was Chair of that committee from 2009 to 2012. Professor Dunbar is currently the Tangerine Chair in Finance and Finance Area Coordinator

Dr. Dunbar's research focuses on investment banking, capital raising and financial contract choice, and corporate social responsibility. His work has been published in the Journal of Financial Economics, the Journal of Financial Intermediation, the Journal of Financial and Quantitative Analysis, the Journal of Business, the Journal of Corporate Finance and the Financial Analyst Journal.

Professor Dunbar has taught Financial Institutions Management, Investment Management, Corporate Finance, and various Ph.D. level seminars at the University of Pittsburgh. At Ivey, he has taught the first year core finance class in the HBA and MBA programs, Learning through Action (a core HBA course) and elective courses on derivatives, risk management and applied valuation (focusing on natural resource and financial services firms). In the MSc program he has taught an elective course on global corporate finance.  He teaches on a number of open enrollment and custom executive development programs at Ivey including the Ivey Executive Program as well as programs for RBC.

Professor Dunbar received a Bachelor of Applied Science (Honours) in Civil Engineering from the University of Toronto in 1984, a Master of Science in Technology and Policy from the Massachusetts Institute of Technology in 1986. After working in consulting in Toronto for two years Professor Dunbar studied for his Ph.D. degree in Finance and Applied Statistics at the Simon School of Business of the University of Rochester from 1988 to 1992.


  • Core Corporate Finance (HBA and MBA)
  • Learning Through Action (HBA)

Programs Taught

  • HBA
  • Executive Education


  • BASc, University of Toronto
  • SM, Massachusetts Institute of Technology
  • MS, University of Rochester
  • PhD, University of Rochester

Recent Refereed Articles

  • Dunbar, C. G.; King, M. R., 2023, "Syndicate structure and IPO outcomes: The impact of underwriter roles and syndicate concentration", Journal of Corporate Finance, April 79: 102382 - 102382.
  • Boeh Kevin, K.; Dunbar, C. G., 2021, "Raising capital after IPO withdrawal", Journal Of Corporate Finance, August 69: 102020 - 102020.
  • Dunbar, C. G.; Li, Z. F.; Shi, Y. N., 2020, "CEO Risk-Taking Incentives and Corporate Social Responsibility", Journal of Corporate Finance, October 64
  • Boeh, K.; Dunbar, C. G., 2016, "Underwriter deal pipeline and the pricing of IPOs", Journal of Financial Economics, May 120(2): 383 - 399.
  • Boeh, K.; Dunbar, C. G., 2014, "IPO Waves and the Issuance Process", Journal of Corporate Finance, March 25: 455 - 473.
  • Dunbar, C. G.; Foerster, S. R., 2008, "Second Time Lucky? Withdrawn IPOs that Return to the Market", Journal of Financial Economics, March 87(3): 610 - 635.
  • Dunbar, C. G.; Clarke, J.; Kahle, K., 2004, "The Long-Run Performance of Secondary Equity Issues: A Direct Test of the Window of Opportunity Hypothesis?", Journal of Business, December 77(3): 575 - 603.
  • Clark, J.; Dunbar, C. G.; Kahle, K., 2001, "Long-Run Performance and Insider Trading in Completed vs. Canceled Seasoned Equity Offerings", Journal of Financial and Quantitative Analysis, January 36(4): 415 - 430.
  • Dunbar, C. G., 2000, "Factors Affecting Investment Bank Initial Public Offering Market Share", Journal of Financial Economics, January 55: 3 - 41.
  • Dunbar, C. G., 1998, "The Choice Between Firm-Commitment and Best-Efforts Offering Methods in IPOs: The Effect of Unsuccessful Offers", Journal of Financial Intermediation, January 7(1): 60 - 90.
  • Dunbar, C. G., 1997, "Overallotment Option Restrictions and Contract Choice in Initial Public Offerings", Journal of Corporate Finance, June 3(3): 251 - 275.
  • Barclay, M.; Dunbar, C. G., 1996, "Private Information and the Cost of Trading Around Quarterly Earnings Announcements", Financial Analysts Journal, December 52(6): 75 - 84.
  • Dunbar, C. G., 1995, "The Use of Warrants as Underwriter Compensation in Initial Public Offerings", Journal of Financial Economics, December 38(1): 59 - 78.

For more publications please see our Research Database

Work in Progress

  • IPO syndicate structure
  • CEO incentives and Corporate Social Responsibility
  • Post IPO withdrawal capital raising

Honours & Awards

  • MBAA Lawrence G. Tapp Excellence in Teaching Award (2016)
  • William F. Sharpe Award for Scholarship in Financial Research (best paper for 2001 in the Journal of Financial and Quantitative Analysis)
  • David G. Burgoyne Award for Outstanding Contribution to Student Development, Ivey Business School (2002)


  • Assistant professor, Katz Graduate School of Business, University of Pittsburgh (1992-97)
  • Consultant (1986-88)

Research/Course Development

  • IPO pricing
  • Post IPO withdrawal outcomes
  • Mutual fund holding of private companies pre IPO
  • Corporate Social Resposibility, capital raising and CEO incentives
  • Underwriter entry into the US market for IPOs

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