Skip to Main Content

Walid Y. Busaba

Professor, Finance

Walid Y. Busaba

Contact Information


  • Cross-Listings
  • Structure and functioning of the equity underwriting industry
  • Timing of equity offerings
  • Optimal maturity of debt contracts

Research Publications

  • To search for publications by a specific faculty member, select the database and then select the name from the Author drop down menu.

Walid Busaba is a Professor of Finance, and the former Bank of Montreal Professor, at the Ivey Business School. Prior to Ivey, Professor Busaba was on the faculty at the Eller College of Business of the University of Arizona and a visiting faculty at the Carlson School of Management of the University of Minnesota. He received a BBA (with Distinction) and an MBA from the American University of Beirut, an MA in Economics (with Academic Excellence Award) from the University of North Carolina-Greensboro, and a Ph.D. in Finance (with Outstanding Academic Performance Award) from Boston College. Professor Busaba’s industry experience includes Auditing and Financial Management.

Professor Busaba's research focuses on investment banking, corporate finance, and financial contracting. His current research examines the intermediary role of underwriters, the timing of initial public offerings, the capital raising experience of foreign-listed Chinese companies, and the determinants of the maturity and renegotiation of late 19th Century mortgages. Professor Busaba’s research has been supported by grants from the Social Sciences and Humanities Research Council of Canada, published in the leading finance journals, and presented at leading business schools and at the annual meetings of the major finance associations.

Professor Busaba’s teaching portfolio includes 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. He is the recipient of the Dean’s Commendation for teaching excellence at Ivey and the Award of Excellence, University Student Council Teaching Honour Roll at Western University. While at the University of Arizona, he received a Faculty Appreciation Award from the Business and Public Administration Student Council.

Professor Busaba served on the Investment Committee of Foundation Western, Western University, from 2009 until 2013. He served as the Ph.D. coordinator for the Finance Area Group at Ivey from 2004 until 2009, and as the Area coordinator during 2010 and 2011. While at Arizona, he 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. Professor Busaba has reviewed tenure cases for several schools, articles for the leading finance journals, and applications for granting agencies.


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


  • BBA, American University of Beirut
  • MBA, American University of Beirut
  • MA, Economics - UNC-Greensboro
  • PhD, Finance -Boston College

Recent Refereed Articles

  • Busaba, W. Y.; Restrepo, F., 2022, "“The 7% Solution” and IPO (Under)Pricing", Journal Of Financial Economics
  • Busaba, W. Y.; Liu, Z.; Restrepo, F., 2020, "Do Underwriters Price-Up IPOs to Prevent Withdrawal?", Journal of Financial and Quantitative Analysis, September 55(6): 2005 - 2036.
  • Busaba, W. Y.; Li, D. Y.; Yang, G., 2015, "Market Volatility and IPO Filing Activity", Quarterly Journal of Finance, December 5(4): 1550017 - 46.
  • Busaba, W. Y.; Guo, L.; Sun, Z.; Yu, T., 2015, "The Dark Side of Cross-Listing: A New Perspective from China", Journal of Banking & Finance, August 57: 1 - 16.
  • Busaba, W. Y.; Chang, C., 2010, "Bookbuilding vs. Fixed Price Revisited: The Effect of Aftermarket Trading", Journal of Corporate Finance, May 16(3): 370 - 381.
  • Brisley, N. K.; Busaba, W. Y., 2007, "Secret Reservation Prices in Bookbuilding", Review of Finance, December 11: 693 - 718.
  • Busaba, W. Y., 2006, "Bookbuilding the Option to Withdraw, and the Timing of IPO's", Journal of Corporate Finance, January 12(2): 159 - 186.
  • Benveniste, L.; Busaba, W. Y.; Wilhelm, W., 2002, "Information Externalities and the Role of Underwriters in Primary Equity Markets", Journal of Financial Intermediation, June 11: 61 - 86.
  • Busaba, W. Y.; Benveniste, L.; Guo, R. J., 2001, "The Option to Withdraw IPOs during the Premarket: Empirical Analysis", Journal of Financial Economics, December 60(1): 73 - 102.
  • Benveniste, L.; Busaba, W. Y., 1997, "Bookbuilding versus Fixed Price: An Analysis of competing Strategies for Marketing IPOs", Journal of Financial and Quantitative Analysis, December 32(4): 383 - 403.
  • Benveniste, L. M.; Busaba, W. Y., 1997, "Bookbuilding vs. Fixed Price: An Analysis of Competing Strategies for Marketing IPOs", Journal of Financial and Quantitative Analysis, December 32(04): 383 - 403.
  • Benveniste, L.; Busaba, W. Y.; Wilhelm, W., 1996, "Price Stablilization as a Bonding Mechanism in New Equity Issues", Journal of Financial Economics, December 42(2): 223 - 255.

For more publications please see our Research Database


  • Assistant Professor, Eller College of Business, University of Arizona
  • Visiting Assistant Professor, Carlson School of Management, University of Minnesota
  • Financial Manager
  • Auditor

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.

Connect with Ivey Business School