Annual Safety and Risk Review Columbia St Marys
Sean Cleary
Professor, CFA, ICD.D, Executive Manager, Institute of Sustainable Finance
Overview
Dr. Sean Cleary is the Executive Manager of the newly-established Institute for Sustainable Finance based at Smith, likewise as the founder and Director of the Master of Finance plan.
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Total Bio
Dr. Sean Cleary is the Executive Director of the newly-established Establish for Sustainable Finance based at Smith, also as the founder and Manager of the Master of Finance program.
He holds a Ph.D. in finance from the University of Toronto, an MBA, and the Constitute of Corporate Directors (ICD.D) designation. He is a CFA lease holder, is a current fellow member of the CFA Society Toronto Advisory Quango, and is a former member of the Lath of Directors for the Toronto CFA Society and the Atlantic Canada CFA Society (where he served as President).
Dr. Cleary has authored fourteen finance textbooks and has published more 30 research articles, including several in top tier finance journals. His publications have been cited over 3,400 times and he has received several major research grants. His nigh recent inquiry and educational interests focus on the field of sustainable finance.
He is an Acquaintance Editor for 2 finance journals and frequently serves as a reviewer for many of the pinnacle finance journals. Dr. Cleary regularly serves as an expert witness on cost of majuscule and uppercase markets.
Academic Degrees
Ph.D., Finance
University of Toronto (1998)
M.B.A., Finance
Saint Mary's University (1989)
B.Ed., Secondary
Saint Francis Xavier Academy (1984)
B.A., Economics
Acadia University (1983)
Academic Feel
Smith Schoolhouse of Business, Queen'due south University
BMO Professor of Finance (2008-2014)
Director of Principal of Finance (2008-2014)
Saint Mary'southward University
Associate Dean and Pengrowth Nova Scotia Professor in Petroleum Financial Management (2007-2008)
Professor (2006-2007)
Associate Professor: Finance (2000-2001, 2002-2006)
Assistant Professor: Finance (1998-2000)
Lecturer: Finance and Statistics (1990-1993)
York Academy
Assistant Professor: Finance (2001-2002)
The Academy of Lethbridge
Assistant Professor: Finance (1997-1998)
The University of Toronto
Lecturer: Business Finance (1994-1997)
Ryerson Academy
Lecturer: Investment Finance (1994-1997)
WSC Investment Services
Instructor for CSC and CFA Seminars (1996 - Present)
Publications
Bookish Journals
"An Efficient and Functional Model for Predicting Banking company Distress: In and Out of Sample Bear witness," 2016. Co-authored with Greg Hebb, Dalhousie University. Journal of Banking and Finance, Vol. 64, March 2016, 101–111.
"Managerial Practices and Corporate Social Responsibility," 2015. Co-authored with Najah Attig, Saint Mary's University. Periodical of Business Ideals, Vol. 131 (No. one), 121-136.
"Organisation Capital and Investment Cash Menstruum Sensitivity: The Event of Direction Quality Practices," 2014. Co-authored with Najah Attig, Saint Mary's University. Lead Commodity - Financial Management, Vol. 43 (No. iii), 473-504.
"Corporate Legitimacy and Investment-Cash Flow Sensitivity," 2014. Co-authored with Najah Attig, Saint Mary's University, Sadok El Ghoul, University of Alberta, and Omrane Guedhami, South Carolina Academy. Journal of Business Ethics, Vol. 121 (No. ii), 297-314.
"Debt Rating Initiations: Natural Evolution or Opportunistic Behavior?" 2013. Co-authored with Laurence Booth, Academy of Toronto, and Lynnette Purda, Queen's University. Journal of Mod Bookkeeping and Auditing, Vol. nine (No. 12), 1574-1595.
"Institutional Investment Horizons and the Price of Equity Uppercase," 2013, Co-authored with Najah Attig, Saint Mary's University, Sadok El Ghoul, University of Alberta, and Omrane Guedhami, South Carolina Academy. Financial Direction, Vol. 42 (No.2), 2013, 441-477.
"Institutional Investment Horizon and Investment-Cash Flow Sensitivity." Co-authored with Najah Attig, Saint Mary's University, Sadok El Ghoul, Academy of Alberta, and Omrane Guedhami, South Carolina University. Journal of Banking & Finance, Vol. 36, (No. 4), 2012, 1164-1180.
"Capital Marketplace Developments in the Post-October 1987 Period: A Canadian Perspective." Coauthored with Laurence Booth from the University of Toronto. Review of Accounting and Finance, Vol. viii (No.ii), 2009, 155-175.
"Cash Flow Volatility, Financial Slack and Investment Decisions," 2008, Communist china Finance Review, Number one, Vol 2, 63-86. Co-authored with Laurence Booth from the Academy of Toronto.
"The Investment Nature of Income Trusts and Their Role in Diversified Portfolios," Canadian Journal of Administrative Sciences. Co-authored with Greg MacKinnon from Saint Mary'southward University, (Vol 24(iv)), 2007, 314-325.
"The U-Shaped Investment Curve: Theory and Evidence." Co-authored with Paul Povel, Academy of Minnesota, and Michael Raith, University of Southern California, Lead article, Journal of Financial and Quantitative Analysis, Vol. 42 (No. 1), March 2007.
"Financial Constraints and Investment: An Culling Empirical Framework." Co-authored with Bert D'Espallier, Hasselt Academy, Anales de Estudios Economicos y Empresariales, Vol. 17, 2007, ix-41.
"Dividend Smoothing and Debt Ratings." Co-authored with Laurence Booth and Varouj Aivazian, both from the Academy of Toronto. Atomic number 82 commodity, Journal of Financial and Quantitative Analysis, Vol. 41(No. 2), June 2006, 439-452.
"International Corporate Investment and the Relationships between Financial Constraint Measures," Journal of Banking and Finance, Book 30 (5), 2006, 1559-1580.
"Are U.South. Variables Good Predictors of Foreign Disinterestedness Risk Premiums?" 2006. Co-authored with John Schmitz, President, Sci-Vest Capital letter Direction Inc., The Cyprus Periodical of Sciences.
"Income Trusts: By Performance and Future Prospects." Co-authored with Greg MacKinnon of Saint Mary'south University. Canadian Investment Review, Winter 2005, 53-54.
"Dividend Policy and the Part of Contracting Environments" FSR Forum, December 2005, 1320. Co-authored with Laurence Booth and Varouj Aivazian, both from the University of Toronto.
"Corporate Investment and Fiscal Slack: International Evidence," The International Periodical of Managerial Finance, 2005, 140-163.
"Manufacture Factors Do Non Explain Momentum in Canadian Stock Returns," Investment Direction and Fiscal Innovations, 2005(2), 49-60. Co-authored with John Schmitz, President, Sci-Vest Capital Management Inc., and David Doucette, Saint Mary'south University.
"Do Emerging Market Firms Follow Dissimilar Dividend Policies from U.S. Firms?" The Periodical of Financial Research, Autumn 2003, 371-387. Co-authored with Laurence Booth and Varouj Aivazian, both from the University of Toronto.
"Dividend Policy and the Organisation of Capital Markets." Journal of Multinational Financial Management, Jump 2003, 101-121. Co-authored with Laurence Booth and Varouj Aivazian, both from the University of Toronto.
"The Run a risk-Adapted Performance of Closed-Stop Funds and the Touch on of Discounts." Journal of Today, December 2002, 119-133. Co-authored with Greg Hebb of Dalhousie Academy and Greg MacKinnon from Saint Mary's University.
"Transactions Costs on the TSE," Canadian Investment Review, Spring 2002, 20-26. Co-authored with John Schmitz, President, Sci-Belong Majuscule Management Inc., and Kevin Kerr, TD Securities, Toronto.
"What Has Worked on Bay Street," Canadian Investment Review, Winter 2001, 25-34. Coauthored with John Schmitz, President, Sci-Vest Upper-case letter Management Inc.
"The Sensitivity of Canadian Corporate Investment to Liquidity," Canadian Journal of Administrative Sciences, September 2000, 217-232.
"Diversification with Canadian Stocks: How Much is Enough?" Canadian Investment Review, Fall 1999, 21-25. Co-authored with David Copp, Mount Allison University.
"The Relationship Between Firm Investment and Financial Condition," Journal of Finance, April 1999, 673-692. Received at least one vote from the editorial board for the tiptop Corporate Finance Newspaper Honor during the year of publication.
"Momentum in Stock Returns and Time-Varying Risk," Canadian Journal of Authoritative Sciences, September 1998, 279-291. Co-authored with Michael Inglis, University of Toronto. One of five nominations for "best 1998 CJAS paper."
Books and Book Chapters
Corporate Finance, First US Edition. Co-authored with Laurence Berth from the University of Toronto and Pamela (Petereson) Drake) from Virgina Commonwealth University. John Wiley & Sons. In progress – publication date 2013.
Introduction to Corporate Finance, Get-go three editions. Co-authored with Laurence Berth from the University of Toronto. John Wiley & Sons Canada Express (2007, 2010, 2013). This is an Introductory Canadian Finance text that was written from "scratch."
Investments: Analysis and Management, First, Second and Third Canadian Editions, co-authored with Charles P. Jones of North Carolina State University, John Wiley & Sons Canada Limited (1999, 2004, 2008). I was solely responsible for the evolution of all three Canadian editions, the first being based on an adaptation of the sixth U.Southward. edition, authored past Professor Jones.
The Canadian Securities Exam Fast Rail Study Guide, Get-go, Second, Tertiary and Fourth Editions (2001, 2006, 2009, 2013) – sole author. Published by John Wiley & Sons Canada Express.
Finance in a Canadian Setting, Sixth Edition, co-authored with Peter Lusztig and Bernard
Schwab, both of the Academy of British Columbia, John Wiley & Sons Canada Limited, March, 2001. I was solely responsible for the evolution of this edition of the text, based on an adaptation of the fifth edition, authored past Professors Lusztig, Schwab and Randall Morck of University of Alberta.
Market Efficiency, a chapter in the CFA Institute Investment Series volume entitled Investments: Principles of Portfolio and Equity Assay (Wiley, 2011), which is currently used as CFA Level 1 cloth within the Candidate Trunk of Knowledge.
"Introduction to Financial Markets," (on-line course). Developed all vii modules for the Bourse de Montreal, 2002.
"Derivatives for the Retail Investor," (on-line grade). Developed two modules (Forwards and Future, and Options) for the Bourse de Montreal, 2002.
"Derivatives for the Institutional Investor," (on-line grade). Adult two modules (Options and Derivatives for Equity and Index Products) for the Bourse de Montreal, 2002.
"Investment Strategies and Nugget Resource allotment," Chapter 5, Investment Management Techniques, The Canadian Securities Establish, 1999.
"Disinterestedness Securities," Chapter 12, Investment Direction Techniques, The Canadian Securities Institute, 1999.
Cases
"Fourth dimension Value of Coin: The Buy versus Rent Decision," with Stephen Foerster. Ivey Publishing, Baronial 2014.
Piece of work-in Progress
"The Cash Effect and Market place Reaction over Three Decades," 2015, Working Newspaper. Co-authored with Fatma Sonmez, Queen'southward University. Under review.
"Institutional Investors, Monitoring and Corporate Finance Policies," 2015, Working Paper. Coauthored with Jun Wang, The Academy of Western Ontario.
Teaching
Pupil Supervision
External Examiner for several PhD students.
Supervisor, Queen'south MSc Finance Student, Wayne Charles
Served as co-director for the Investment Direction of Portfolios in Atlantic Canada Preparation Program (Bear on) at Saint Mary'southward University. This innovative program has students manage a portfolio of over $150,000 of "existent" coin (2005-2008).
Served as faculty advisor to several MBA students preparing their Management Research Project (MRP) in finance (FIN 669) to satisfy their MBA requirements:
Robert March, "Using Canadian and US Macroeconomic Variables to Predict Canadian Disinterestedness Chance Premiums" (1999).
Simon Sagar, "Practice Canadian Investors Overreact?" (2000). Simon also presented his paper at the 1999 Atlantic Schools of Business concern (ASB) conference in Halifax.
Kevin Kerr, "Bid-Ask Spreads and Commissions on the TSE" (2000).
Scott LeBlanc, "An Investigation of Derivative Use: A Case Study of Cambior Inc." (2000).
David Doucette, "Industry Momentum in Canadian Stock Returns" (2001).
Balakrishna Murty, "The Effect of Lath Composition on Firm Value: Some Canadian Prove" (2003). Bashir Jallow, "United states of america Economical Factors and International Equity Risk Premia Predictability" (2005). Kathy Isnor, "The Effect of Corporate Governance Policies on the Corporate Bond Rating" (2005).
Interests
Investments, Business Finance and Corporate Finance. I have also taught numerous courses and delivered seminars in many preparatory programs designed to fix students to write exams for all three levels of the CFA plan and the CSC for over 10 years.
Research
Interests
Empirical studies in corporate finance and investments.
Presentations
Conference Proceedings
I have published numerous manufactures in briefing proceedings, as summarized beneath:
European Financial Direction Clan annual briefing, 2008, 2006, 2005, 2002.
Hawaii International Conference on Business, 2002.
Multinational Finance Order annual conference, 2001.
Atlantic Schools of Business annual conferences, 2000, 1998. ASAC annual conferences, 2006, 2001, 2000.
Conference Best Paper Awards
"The Information Content of Institutional Investment Horizon: Testify from Firms' Implied Cost of Disinterestedness," 2012, Working Paper, Co-authored with Najah Attig, Saint Mary'southward University, Sadok El Ghoul, Academy of Alberta, and Omrane Guedhami, South Carolina University. Chosen Best Paper in Banking and Finance – 2012 European Concern Research Conference.
"Income Trusts: Why All the Fuss and What Nigh the Time to come?" 2006. Co-authored with Greg MacKinnon from Saint Mary'south University. Chosen as the best paper in the Finance partitioning for the 2006 ASAC Briefing in Banff, Alberta.
"The U-Shaped Investment Curve: Theory and Evidence" 2004. Co-authored with Paul Povel, University of Minnesota, and Michael Raith, Rochester Academy. Presented at the 2004 NFA Conference and received award as the "All-time Paper in Managerial Finance."
"The Sensitivity of Canadian Corporate Investment to Liquidity." Published in conference proceedings for the 1999 ASAC Conference in Saint John, New Brunswick. Called as the best paper in the Finance division for this conference.
Briefing Presentations:
Keynote Speaker (Finance Surface area) – ASAC 2012 Annual Conference.
I have presented papers at numerous conferences, as summarized beneath:
World Finance Conference, 2014, 2013, 2011, 2010.
Paris Fiscal Management Conference, 2014.
Northern Finance Clan almanac conferences, 2013, 2011, 2010, 2008, 2005, 2004, 2002, 2000, 1996.
Multinational Finance Club annual conferences, 2010, 2001, 1999.
European Financial Management Clan annual conference, 2008, 2006, 2005, 2002.
Hawaii International Conference on Business, 2002.
Eastern Finance Association almanac conferences, 2003, 2000.
Atlantic Schools of Business annual conferences, 2000, 1998, 1996.
ASAC annual conferences, 2006, 2000, 1999.
Financial Management Association annual conferences, 2013, 2011, 2010, 2008, 2005, 2004, 2001, 1999, 1996.
Southern Finance Association annual conference, 2008.
Finance Workshops (Invited Presentations)
Atlantic Canada CFA Order, 2006.
Melbourne Centre for Fiscal Studies, 2006.
Melbourne CFA Society, 2006.
Monash University (Caulfield), 2006.
Academy of Melbourne, 2006.
University of New South Wales, 2006.
Academy of Sydney, 2006.
Academy of Manitoba CGA Finance Briefing 2005
Wilfred Laurier University, 2002.
University of Western Ontario, 2001.
York Academy, 2001, 2010.
Dalhousie University, 2001, 2013.
Queen's University, 2000.
Saint Mary's Academy, 2002, 2001, 2000, 1999.
Schulich School of Business, 2010. Concordia Academy, 2013.
Awards
Grants & Awards
Co-investigator for a Standard Inquiry Grant in the amount of $130,000 from the Social Sciences and Humanities Research Council of Canada (SSHRC) for the 2013 to 2017 menstruum (Principal investigator - Najah Attig of Saint Mary's University).
Awarded iii Research Grants of $90,000 each over three years from the Queen's School of Business at Queen's University (2008-xi; 2011-14; 2014-17).
Principal investigator for a Standard Research Grant in the amount of $60,500 from the Social Sciences and Humanities Research Quango of Canada (SSHRC) for the 2008 to 2011 flow.
Co-investigator for a Standard Research Grant in the amount of $111,000 from the Social Sciences and Humanities Research Council of Canada (SSHRC) for the 2006 to 2009 period (Principal investigator - Najah Attig of Saint Mary'southward University).
Principal investigator for a Standard Research Grant in the amount of $lxx,118 from the Social Sciences and Humanities Enquiry Council of Canada (SSHRC) for the 2003 to 2006 period.
Awarded a Research Grant of $25,000 per year for iii years from the Schulich School of Business at York University (July 2001).
Principal investigator for a Standard Inquiry Grant in the amount of $61,530 from the Social Sciences and Humanities Research Council of Canada (SSHRC) for the 1999 to 2002 menstruation.
Awarded Research Grant for $1,500 from Saint Mary's Academy (2003-2004).
Awarded Research Grant for 2,500 from Saint Mary's University (2002-2003).
Awarded Research Grant for $2,500 from Saint Mary'southward University (2000-2001).
Awarded Research Grant for $iii,030 from Saint Mary'due south Academy (1999-2000).
Awarded Research Grant for $2,000 from Saint Mary'southward University (1998-99).
Research Grant in the amount of $20,000 from the Intellectual Infrastructure Partnership Program (IIPP) at the University of Lethbridge (1997-98).
Enquiry Grant from the University of Lethbridge Inquiry Fund for $4,500 (1997-98).
Service
Professional person Activities
Editorial Informational Board – Investor Lit (2013-present)
Senior Advisor – Toronto CFA Continuing Education Commission (2014-present); Chair (2013-xiv); Vice-Chair (2012-13)
Chair – Awards Committee – CFA Toronto Board of Directors (2008-2011)
President - Board of Directors for the Atlantic Canada CFA Society (2007-2008). Served on the board from 2001 to 2008.
Editor (Finance area) for the Canadian Journal of Administrative Sciences.
Associate Editor for the European Periodical of Finance.
Editorial Board – Canadian Investment Review (2008-2011).
Served equally a reviewer for the Review of Financial Studies, the Journal of Financial and Quantitative
Analysis, Journal of Business concern, Financial Management, Periodical of Money, Credit and Banking, the Journal of Banking and Finance, the European Journal of Finance, the Journal of Corporate
Finance, the Periodical of Practical Economics, the Multinational Finance Journal, Financial Review,
Journal of International Financial Management, the International Review of Economic science and Finance, the Canadian Journal of Administrative Sciences, the Review of Financial Economics, the Journal of Risk Finance, and for the Journal of Management and Governance.
Reviewer for several SSHRC grant applications.
External reviewer/examiner for several tenure and renewal applications received for professors at other universities, equally well equally for Ph.D. dissertations.
Conference chair for 2001 Northern Finance Clan Annual Meeting, held in Halifax.
Briefing organizing committee and Reviewer for several conferences.
Completed the Chartered Financial Analyst (CFA) program, and awarded the CFA designation. Completed the Professional Financial Planning Course offered past the Canadian Securities Plant, as well every bit the Canadian Securities Course (CSC).
Completed the Investment Funds Institute of Canada'due south Mutual Fund Class.
Prepared course materials for several "on-line" finance courses. Instructor for Canadian Securities Course Seminars.
Prepared Grade Materials for the Canadian Securities Establish.
Delivered Seminars for the Canadian Securities Constitute on the Canadian Securities Course (CSC), Fixed Income Securities and Portfolio Management Techniques.
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Source: https://smith.queensu.ca/faculty_and_research/faculty_list/cleary-sean.php
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