Alfred Lehar

Alfred Lehar



Haskayne School of Business, Finance [FNCE]

Contact information

Web presence

Phone number

Office: +1 (403) 220-4567


Office: SH134

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Lauren Steeves
Senior Marketing and Communications Strategist

Phone: (403) 220-6153



Educational Background

Doctor of Philosophy Finance, Vienna University, 1999

M.A. Finance, Vienna University, 1994


Alfred is professor in the finance area. He has been teaching at the Haskayne School of Business since 2005. He received an undergraduate degree and a PhD from the University of Vienna. Prior to Joining Haskayne, Alfred held positions at the University of Vienna and the University of British Columbia.

Alfred teaches a introductory finance for the MBAs and a class on Corporate Finance for PhD students. Alfred's areas of research interest include fintech, bank regulation, financial stability, and corporate finance.

Alfred is currently researching mining fees and price differentials in Bitcoin markets, decentralized exchanges, and under what conditions renegotiations can facilitate a private sector workout of a financial crisis. He also works on how information produced by financial markets can be optimally used in bank regulation. In his previous research Alfred developed several methods on how to measure the probability of a financial crisis, analyzed conflicts of interest for financial Analysts, and looked at the empirical fit of alternative option pricing models. Alfred’s work has been published in the Review of Financial Studies, Management Science, the Journal of Financial Intermediation, the Journal of Banking and Finance, and the Review of Finance.

In his spare time he enjoys skiing and hiking.


Course number Course title Semester
FNCE 631 FinTech - MBA
FNCE 559 Decentralized Finance - undergraduate, special admission
FNCE 799 Theory of Corporate Finance - PhD
FNCE 653 Problems in Financial Management - EMBA


  • Dean’s award for Unparalleled Learning Opportunities, University of Calgary. 2019
  • Dean's Teaching Award, 2012
  • Outstanding Referee Award - Journal of Financial Intermediation, 2012
  • MBA Society Award Outstanding Teaching and Learning, 2011
  • Best paper award, 2010


  • Decentralized Exchange: The Uniswap Automated Market Maker. Alfred Lehar, Christine A. Parlour. Journal of Finance. forthcoming.
  • Industry Structure and the Strategic Provision of Trade Credit by Upstream Firms. Alfred Lehar, Yang Song, Lasheng Yuan. Review of Financial Studies. 33(10), 2020, 4916-4972. (2020)
  • Imperfect Renegotiations in Interbank Financial Networks. Alexander David, Alfred Lehar. Management Science. 65(5), 2019, 1949-2443. (2019)
  • Macroprudential Policy: A Review Journal of Financial Stability. Mahdi Ebrahimi Kahou, Alfred Lehar. 29, 2017, 92-105. (2021)
  • Network models and systemic risk assessment, in Handbook of Systemic Risk, edited by Jean-Pierre Fouque and Joseph A. Langsam. Helmut Elsinger, Alfred Lehar, Martin Summer. Cambridge University Press. (2013)
  • Macroprudential capital requirements and systemic risk. Celine Gauthier, Alfred Lehar, Moez Souissi. Journal of Financial Intermediation. 21(4), 2012, 594-618. (2012)
  • Towards a Stress-Testing Model Consistent with the Macroprudential Approach. Celine Gauthier, Alfred Lehar, and Moez Souissi. Bank of Canada Financial System Review. 53-57. (2009)
  • Risk Assessment for Banking Systems. Helmut Elsinger, Alfred Lehar, Martin Summer. Management Science. 52(9), 2006, 1301-1314. (2006)
  • Chinese Walls in German Banks, Review of Finance. Alfred Lehar, Otto Randl. 10(2), 2006, 301-320. (2006)
  • Using Market Information for Banking System Risk Assessment. Helmut Elsinger, Alfred Lehar, Martin Summer. International Journal of Central Banking . 2(1), 2006, 137-165. (2006)
  • Systemically Important Banks: An Analysis for the European Banking System . Helmut Elsinger, Alfred Lehar, Martin Summer. International Economics and Economic Policy. 3(1), 2006, 73-89. (2006)
  • Measuring Systemic Risk: A Risk Management Approach. Alfred Lehar. Journal of Banking and Finance. 29 (10), 2005, 2577-2603 (previously circulated as "Implementing a portfolio perspective in banking supervision"). (2005)
  • Value-at-risk vs. building block regulation in banking. Thomas Dangl, Alfred Lehar. Journal of Financial Intermediation. 13, 2004, 96-131. (2004)
  • GARCH vs Stochastic Volatility: Option Pricing and Risk Management. Alfred Lehar, Martin Scheicher, Christian Schittenkopf. Journal of Banking and Finance. 26(2-3), 2002, 323-345. (2002)
  • Trade versus Time Series based Volatility Forecasts: Evidence from the Austrian Stock Market. Alfred Lehar, Martin Scheicher, Günter Strobl. Financial Markets and Portfolio Management. 15(4), 2001, 500-515. (2001)
  • Risikoadjustierte Performancemessung in Banken - Konzepte zur Risiko-Ertragssteuerung. Alfred Lehar, Franz Welt, Christoph Wiesmayr, Josef Zechner. Österreichisches Bankarchiv. (1998)
  • Besonderheiten von Analystenvorhersagen in Universalbanken. Alfred Lehar, Otto Randl. Österreichisches Bankarchiv. 366-370. (2002)

In the News

  • Alfred Lehar wins CSI professorship.

More Information

Working Papers

Liquidity Fragmentation on Decentralized Exchanges (with Christine A. Parlour and Marius Zoican)
Paper presented at: Tokenomics 2023, Gillmore Centre Annual Conference 2023, Edinburgh Economics of Technology, Financial Intermediation Research Society 2023, the Northern Finance Association 2023, the UNC Junior Faculty Finance Conference, the Microstructure Exchange, University of Melbourne, Hong Kong Baptist University, Chicago Booth

Systemic Fragility in Decentralized Markets (with Christine A. Parlour)
 American Economic  Association 2022, FIELDS-CFI Workshop on Mathematical Finance and Cryptocurrencies 2022, CryptoAssets and Digital Asset Investment Conference. CICF 2022, OFR, NBIM Transparency Conference, NYU Global Fintech Conference, 2022, Tel Aviv Finance Conference 2022, NUS–SKKU FinTech Seminar Series, CSA systemic risk committee, the HKBU-Monash-NTU Joint Online Digital-Economy Seminar, Warwick Business School Gillmore Centre Conference DeFi & Digital Currencies 2022, Financial innovation: A threat to financial stability conference 2022

Battle of the Bots:  Flash loans, Miner Extractable Value and Efficient Settlement (with Christine A. Parlour)
Paper presented at: ANU, the Fields Institute, McGill, McMaster, UNC Kenan-Flagler, American Economic Association 2023, P2P financial systems 2022, Bank of Canada Workshop on Payments and Securities Settlement 2023, Edinburgh Fintech Conference 2023, CBER 2023, and the Clermont Financial Innovation Workshop 2023

Miner Collusion and the BitCoin Protocol (with Christine A. Parlour)
Paper presented at: Western Finance Association 2020, European Finance Association 2020, Financial Management Assiciation 2020, 4th SAFE Market Microstructure Conference 2020, Crypto and Blockchain Economics Research Forum 2020, INFORMS annual meeting 2020, Toronto Fintech Conference 2020, 3rd UWA Blockchain, Cryptocurrency and FinTech conference 2020

Bitcoin Microstructure and the Kimchi Premium (with KJ Choi and Ryan Stauffer)
Paper presented at: SNB-CIF Conference on Cryptoassets and Financial Innovation 2019, Developments in Alternative Finance 2019, Annual Central Bank Conference on the Microstructure of Financial Markets 2018, FintecQC 2018, Shanghai Summer Institute of Finance 2018

Learning and Optimal Delay in Bargaining over Sovereign Debt Restructuring (with Ryan Stauffer)
Preliminary and incomplete

Restructuring Failure and Optimal Capital Structure
Paper has been accepted for presentation at: China International Conference in Finance 2018, International Risk Management Conference 2017, FMA Europe conference 2017, Fixed Income and Financial Institutions Conference 2017, University of South Carolina, CREDIT conference 2015, European Finance Association 2015, European Winter Finance Summit 2015, Midwest Finance Association 2014, Financial Intermediation Research Society Conference 2014, European Financial Management association 2014, Rome, UBC Summer conference 2014 (3 slide session)

Emergency liquidity facilities, signaling, and funding costs (with Celine Gauthier, Hector Perez Saiz, and Moez Souissi)
Paper has been accepted for presentation at: Canadian Economic Association 2013, Northern Finance Association 2013, Midwest Finance Association 2014, FIRS 2017

Using Price Information as an Instrument of Market Discipline in Regulating Bank Risk (with Duane Seppi and Guenter Strobl)
Paper presented at: FIRS 2006, Western Finance Association 2006, University of Hamburg 2006, University of Mannheim 2005, Imperial College 2005, Norges Bank 2005, Northern Finance Association 2005.

Alternative Value-at-Risk Models for Options
Paper presented at: GARP Research Conference 2000, London; Computation in Economics and Finance 2000, Barcelona; European Financial Management Association 2000, Athens; Southern Finance Association Meetings 2000, Savannah (winner of the best paper on derivatives award).