Laurence Booth
Bio
Laurence Booth is the CIT Chair in Structured Finance at Rotman. His major research interests are in corporate finance and the behaviour of regulated industries. He has published extensively in top academic and professional journals, and is the co-author of fhree major textbooks: International Business, Introduction to Corporate Finance and Corporate Finance. The latter book was the first Wiley Canada text to be edited for sale in the United States. Laurence is on the editorial board of five academic journals and in 2003 was awarded the Financial Post’s Leader in Management Education Award.
Other Info
Lifetime Manchester United supporter
Academic Positions
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1987-Present
Professor of Finance, Rotman School of Management, University of Toronto
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1999-Present
CIT Chair in Structured Finance, Rotman School of Management, University of Toronto
Selected Publications - Papers
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Import Competition and Financial Flexibility: Evidence from Corporate Payout Policy
with Jun Zhou and Mengwing Yan
International Review of Economics and Finance
Issue:forthcoming
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Additional Sources of Equity Risk premium Data-Canada
Appendix 3c in Duff and Phelps Valuation Handbook
2019
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Estimating Equity Risk Premium and Expected Equity Rates of Return: The Case of Canada
Journal of Applied Corporate Finance
Issue:Winter 2019
2019
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Dividend policy: a selective review of results from around the world,"
with Jun Zhou
Global Finance Journal
Issue:34
2017
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Financial Constraints, R&D Investment and the Value of Cash Holdings
with Jun Zhou
Quarterly Journal of Finance
Issue:5-2,
2015
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Dividend Policy and Market Power: A Risk based Approach,
with Jun Zhou
Managerial Finance
Issue:41-2
2014
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Increase in Cash Holdings: Pervasive or Sector Specific
with Jun Zhou
Frontiers in Finance and Economics
Issue:10-2
2014
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The Choice between Non-Callable and Callable Bonds
with Frank Skinner & Dimitrious Gounopoulos
Journal of Financial Research,
Issue:38-4
2014
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Which Analysts Lead?
with Jun Zhou and Bin Chang
Journal of Accounting, Auditing and Finance
Issue:29-4
2014
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Import competition and disappearing dividends
Jun Zhou & Bin Chang
Journal of International Business Studies
2013
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Asset allocation and the performance of American target date funds
with Bin Chang
Rotmna International Pension Management
Issue:Fall
2011
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Influence of productivity on equity market performance
with Walid Hejazi, Pauline Shum and Bin Chang
Journal of Wealth management
Issue:Summer
2011
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Target date funds: good news and bad news
with Bin Chang
Journal of Risk
Issue:Spring
2011
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Information Asymmetry, Dividend Status and SEO Announcement Day Returns
with Bin Chang
Journal of Financial Research
Issue:September
2010
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Capital Market Developments in the Post 1987 Period: A Canadian Perspective
with Sean Cleary
Review of Finance and Accounting
Issue:8-2
2009
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The Secret of Canadian Banking: Common Sense?
World Economics
Issue:September
2009
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Cash Flow Volatility, Financial Slack and Investment Decisions
with Sean Cleary
China Finance Review
Issue:2-1
2008
Pages: 63-87
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Collateral Damage
Canadian Investment Review
Issue:21-4
2008
Pages: 10-17
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Capital Cash Flows, APV and Valuation
European Financial Management
Issue:Spring
2007
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What Drives Provincial-Canada Yield Spreads
with Walid Hejazi and George Georgeopolous
Canadian Journal of Economics
Issue:Summer
2007
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Dividend Smoothing and Debt Ratings
With Sean Clear and Varouj Aivazian
Journal of Financial and Quantitative Analysis
Issue:June
2006
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Dividend Policy and the Role of the Contracting Environment
with Sean Cleary
FSR Forum
Issue:December
2005
Pages: 13-22
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Formulating retirement targets and the impact of time horizon
Financial Services Review
Issue:Spring
2004
Pages: 13-1
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Discounting expected values with parameter uncertainty
Journal of Corporate Finance
Issue:Spring
2003
Pages: 505-519
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Dividend policy and the organisation of capital markets
with Sean Cleary and Varouj Aivazian
Journal of Multinational Financial Management
Issue:April
2003
Pages: 101-121
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Do emerging market firms follow different dividend policies from those in the US?
with S. Cleary and V Aivazian
Journal of Financial Research
Issue:September
2003
Pages: 371-387
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Equity risk premiums in the US and Canada
Canadian Investment Review
Issue:Spring
2003
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The MBA International Finance course: a course whose time has come and gone
Research in Global Strategic Management
Issue:June
2003
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What to do with Executive Stock Options
Canadian Investment Review
Issue:Summer
2003
Pages: 12-18
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How to find value when none exists: pitfalls in using APV and FTE
Journal of Applied Corporate Finance
Issue:Spring
2002
Pages: 95-105
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Capital structures in developing countries
with V. Aivazian, V. Maxsimovic and A. Demirgic Kunt
Journal of Finance
Issue:March
2001
Pages: 87-130
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Estimating the Equity Risk Premium and Equity Costs: New Ways of Looking at Old Data
Journal of Applied Corporate Finance
Issue:Spring
1999
Pages: 85-95
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The CAPM, Equity Risk Premiums and the Privately Held Business
Journal of Business Valuation
1999
Pages: 87-114
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Time to Pass the Old Maid
Canadian Investment Review
Issue:Spring
1999
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A New Model for Estimating Risk Premiums (Along with Evidence of their Decline)
Journal of Applied Corporate Finance
Issue:Spring
1998
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The Case Against Foreign Bonds in Canadian Fixed Income Portfolios
Canadian Investment Review
Issue:Spring
1998
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The Importance of Market to Book Ratios in Regulation
Quarterly Bulletin, National Regulatory Research Institute
Issue:Winter
1997
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Great Lakes Forest Products
with Professor W.Rotenberg
Accounting Education
Issue:5 (Winter)
1996
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Making Capital Budgeting Decisions in Multinational Corporations
Managerial Finance
Issue:Spring
1996
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On the Nature of Foreign Exchange Exposure
Journal of Multinational Financial Management
Issue:Spring
1996
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Lessons from Canadian Capital Market History
Canadian Investment Review
Issue:Spring
1995
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The Cost of Equity Capital of a Non-traded Canadian Entity
Canadian Journal of Administrative Sciences
Issue:June
1993
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Peoples Acquisition of Zale: An application of Valuation Principles
in Canadian Investment Banking Review, (R.Rupert, Editor), McGraw Hill Ryerson
1992
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Evidence on Corporate Preferences for Foreign Currency Accounting Standards
with W. Rotenberg
Journal of International Financial Management and Accounting
Issue:Summer
1991
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The Influence of Production Technology on Risk and the Cost of Capital
Journal of Financial and Quantitative Analysis
Issue:March
1991
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Taxes, Funds Positioning and the Cost of Capital
Advances in Financial Planning and forecasting
1990
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Assessing Foreign Exchange Exposure: Theory and Application Using Canadian Firms
with W. Rotenberg
Journal of International Financial Management and Accounting
Issue:Spring
1990
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Stock Returns and the Dollar
with W. Rotenberg
Canadian Investment Review
Issue:Spring
1990
Selected Publications - Books and Chapters
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The Cost of Equity Capital and Fair Rate of Return on Equity (ROE) for a Canadian Utility
in Energy Law and Policy (G Kaiser editor)
Carswell
Issue:2011
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Additional Sources of equity risk premium data-Canada
John Wiley Inc
Issue:Duff and Phelps Valuation Handbook
2017
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Deconstructing income inequality in Canada
Rotman Management
Issue:August
2017
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Introduction to Corporate Finance
Sean Cleary & Ian Rakita
John Wiley & Sons
Issue:4th Edititon
2016
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Corporate Finance
with Sean Cleary and Pamela Drake Petersen
John Wiley & Sons (US)
2014
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An Overview of Value Based Management
in Advanced Corporate Finance
Prentice Hall International
2009
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Sub-prime market meltdown and learning from the past
in The Financial Crisis and Rescue
U of T Press
2008
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Competition and Profitability in the Financial Services Industry in Canada
in Putting Canadians First (J. Mintz & J. Pesando Ed) C.D. Howe Institute (September)
1996
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Regulation of Transmission and Distribution Activities of Ontario Hydro
in R. Daniels, Editor, Ontario Hydro at the Millenium: Has Monopoly's Moment Passed? McGill-Queens University Press (with P. Halpern) Fall
1996
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Taxes, Funds Positioning and the Cost of Capital
in R. Aggarwal (Ed) Advances in Financial Planning and Forecasting, JAI Press
1990
Research and Teaching Interests
Main interest is teaching domestic and international corporate finance and the behaviour of regulated industries. Research interests centre on the cost of capital, empirical corporate finance and capital market theory.
Honors and Awards
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2009,2010,2011,2013,2014,2015,2017 2018
Teaching Excellence Award, Rotman
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1988-1990
Director of Financial Management Association,
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1990
ASAC (Administrative Sciences Association of Canada) Distinguished Professor Address,
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1996, 1998, 2000
Graduate Business Council MBA (2nd year) Teaching Award,
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2002
CBV, CICBV
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2003
Leader in Management Education, Financial Post
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2010/11
President , Multinational Finance Association
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2015/16
President, Midwest Finance Association
Academic / Professional Service
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2011-2014
pension governance committee, Governing Council, University of Toronto
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2010-2015
Investment Committee member, Trinity College, University of Toronto
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2016-present
Editorial Board, Managerial Finance
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2016-present
Editorial Board, Global Finance Journal
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2002-present
Programme Committee, EFMA
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1992-present
Programme committee, NFA
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1998-Present
Director at large and Editorial Board Member, Multinational Finance Journal
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1992-2002 & 2005-present
Editorial Advisory Board, Journal of International Business Studies
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1989-Present
Editorial Board, Journal of Multinational Financial Management
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1992
Co-Chair, Northern Finance Association Meetings
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1987-1991 & 1994-2008
Finance Area Coordinator,
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1998
Programme Chair, Northern Finance Association
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2008
Programme Chair, Multinational Finance Society
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1997-2005
Finance Editor, Canadian Journal of Administrative Sciences
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2014
Program Chair, MidWest Finance Association