J. Ari Pandes

Dr. J. Ari Pandes is an Assistant Professor of Finance at the Haskayne School of Business, University of Calgary. He joined the faculty in July 2009. Dr. Pandes holds a PhD in Finance from the Schulich School of Business at York University, a Master’s in Economics from York University, and a Bachelor of Commerce from the University of Toronto.

Ari teaches Advanced Financial Management at the undergraduate level. His research focuses primarily on issues in corporate finance, especially investment banking, raising financing, securities issuance, and the going public decision. Ari has presented his research at top Finance conferences including the annual meetings of the American Finance Association and European Finance Association, in addition to several presentations he has given at seminars and other conferences internationally.

Ari’s recent research has focused on the examination of unique equity financing arrangements in Canada, showing significant cost savings for Canadian equity issuers. This research drew interest from regulators, investment banks and corporate law firms in both Canada and the U.S. He was recently invited to present this research at the U.S. Securities and Exchange Commission in Washington D.C. Ari’s current research focuses on Initial Public Offerings (IPOs) globally.

Ari’s research has also attracted considerable attention. His paper entitled “Private Placements of Equity and Liquidity” won the Bank of Canada Best Paper Award on Canadian Financial Markets, and his paper entitled “Bought Deals: The Value of Underwriter Certification” was featured in the Financial Post.

Publications:
 
Dong, Ming, Jean-Sebastien Michel, and J. Ari Pandes, “Underwriter Quality and Long-Run IPO Performance”, Financial Management, forthcoming.
 
Maynes, Elizabeth and J. Ari Pandes, “The Wealth Effects of Reducing Private Placement Resale Restrictions”, European Financial Management, forthcoming.
 
Pandes, J. Ari, 2010, “Bought Deals: The Value of Underwriter Certification in Seasoned Equity Offerings”, Journal of Banking and Finance 34 (7), 1576-1589.
 
Working Papers:
 
“The Role of Agents in Markets Characterized by Extreme Information Asymmetry”, with Douglas Cumming and Michael Robinson.
 
“Analyst Forecasts: Dispersion, Revisions and the Stock Returns in G-7 Countries”, with Jean-Sebastien Michel.

• Courses