Ari Pandes

J. Ari Pandes


Associate Dean (Graduate)

Haskayne School of Business

Associate Professor

Haskayne School of Business, Finance [FNCE]


Haskayne School of Business, MBA Programs

Contact information

Web presence

Phone number

Office: +1 (403) 220-4350


Office: SH142

For media enquiries, contact

Lauren Steeves
Senior Marketing and Communications Strategist

Phone: (403) 220-6153



Educational Background

Doctor of Philosophy , York University, 2009

M.A. Economics, York University, 2003

Bach of Comm Finance, University of Toronto, 2002


Dr. Pandes is an Associate Professor of Finance at the University of Calgary’s Haskayne School of Business. He joined the Finance faculty in July 2009 and teaches at the PhD, EMBA, MBA and senior undergraduate levels. He holds a Ph.D. 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.    

Dr. Pandes's research focuses primarily on issues in empirical corporate finance, with specific interests in securities issuance, investment banking, and financing decisions. He has presented his research at top international Finance conferences, at various universities internationally, and at the U.S. Securities and Exchange Commission and the Bank of Canada. 

Dr. Pandes has also been awarded research grants from the Social Sciences and Humanities Research Council (SSHRC), the Canadian Securities Institute Research Foundation, and the University of Calgary. His research into the Canadian capital markets has twice won the Bank of Canada best paper award, and he has also won the CFA Society Toronto and Hillsdale Canadian Investment Research Award for best paper. 

Dr. Pandes's research has often been cited in the press, and he frequently provides financial and economic insight to various media outlets. 


Course number Course title Semester
FNCE 451 LEC 02 02 Corporate Finance 2020
FNCE 451 LEC 01 01 Corporate Finance 2021
FNCE 55906 LEC 01 01 Sel Topics in Financial MGMT 2020
FNCE 611 LEC 02 02 Adv Topics in Financial Admin 2020
FNCE 611 LEC 02 02 Adv Topics in Financial Admin 2020


  • Great Supervisor Award, 2018
  • Canadian Securities Institute Research Foundation Award, 2014
  • Haskayne Fellowship in Finance, 2014
  • Invited to attend the UBC Summer Conference -- Attendance is by select invitation only, 2014
  • Outstanding Reviewer Award from the Canadian Journal of Administrative Sciences, 2014
  • Visitin Research Professor (University of Bergamo) Honourarium, 2014
  • Industry Canada Network to Study Productivity in Canada from a Firm-Level Perspective Travel Grant., 2013
  • Queens University Economics of Entrepreneurship and Innovation Travel Grant., 2012
  • Bank of Canada Best Paper Award, 2011
  • Bank of Canada Travel Grant, 2011
  • Invited to attend the National Bureau of Economic Research (NBER) Summer Institute in Entrepreneurship (Boston, Massachusetts), 2011
  • University of Calgary Travel Grant, 2011
  • Bank of Canada Best Paper Award, 2008


  • The Role of Agents in Private Entrepreneurial Finance. J. Ari Pandes with Douglas Cumming and Michael Robinson. Entrepreneurship Theory and Practice,39 (2). 345-374. (2015)
  • Is Effective Junior Equity Market Regulation Possible?. J. Ari Pandes with Michael Robinson. Financial Analysts Journal, 70 (4). 42-54. (2014)
  • The IPO Market in Canada: What a Comparison with the United States tells us about a Global Problem. J. Ari Pandes with Bryce Tingle and Michael Robinson. Canadian Business Law Journal, 54 (3). 321-367. (2013)
  • Underwriter Quality and Long-Run IPO Performance. J. Ari Pandes with Ming Dong and Jean-Sebastien Michel. Financial Management, 40 (1). 219-251. (2011)
  • Underwriter Quality and Long-Run IPO Performance. J. Ari Pandes with Ming Dong and Jean-Sebastien Michel. Financial Management, 40 (1). 500-531. (2011)
  • The Wealth Effects of Reducing Private Placement Resale Restrictions. J. Ari Pandes with Elizabeth Maynes. European Financial Management, 17 (3). 500-531. (2011)
  • Bought Deals: The Value of Underwriter Certification in Seasoned Equity Offerings. J. Ari Pandes . Journal of Banking and Finance, 34 (7). 1576-1589. (2010)

In the News

  • Tick Tock: The Death of the Stock. The Bull & Bear. (2019)