Nadia Massoud

Professor of Finance

Nadia is an internationally acclaimed Professor of Finance known for her research, teaching and expertise especially on financial intermediaries, Blockchain and Digital Currency.

Nadia  Joined MBS in 2014. Previous appointments  includes Schulich  School of Business, York University and University of Alberta. Nadia served as an Associate Dean of Research at MBS from 2014 to 2016.

Nadia has extensive experience as a consultant for financial intermediaries and served as a consultant for the Bank of Canada (the Canadian Central Bank), where she designed a state-of-the-art system to optimize the production and the circulation of the currency in the economy. She was an expert witness for the Canadian federal government investigation into the competitiveness of bank service fees.

Nadia holds a PHD Economics/Finance from Queen’s University and a Master of Economics from the University of Waterloo.

Nadia’s research, which has received extensive awards and appeared in leading journals, including the Review of Financial Studies, Journal of Finance, Journal of Financial Economics, Journal of Financial and Quantitative Analysis, Rand Journal of Economics and others, focuses on corporate governance and regulation in the banking sector.


  1. “Surprise Election for Trump Connections” (with Child, Schabus, Zhou). Journal of Financial Economics, Forthcoming.
  2. “Why Are Credit Rating Agencies Still Relevant? Evidence on Certification from Moody’s Credit Watches” (with Driss, and Roberts). Journal of Corporate finance, 2019, Volume 59(December): 119-14.
  3. “Hedge Funds in M&A Deals: Is there exploitation of Private Information?” (with Dai, Nandy and Saunders). Journal of Corporate finance, 2017, Volume 47 (December): 23-45.
  4. “Why and How Do Banks Lay Off Credit Risk? The Choice between Loan Sales and Credit Default Swaps.” Working paper, (with Mehdi Beyhaghi and Anthony Saunders). Journal of Corporate finance, 2017, 42 (February): 335-355
  5. “Does It Help Firms to Secretly Pay for Stock Promoters?” (with Ullah and Scholnick). Journal of Financial Stability, 2016, 26 (October): 45-61
  6. The impact of fraudulent false information on equity values’, Ullah, S, Massoud, N & Scholnick, B, March 2014, Journal of Business Ethics, vol. 120, no. 2, pp. 219–235.
  7. Do hedge funds trade on private information? Evidence from syndicated lending and short-selling’, Massoud, N, Nandy, D, Saunders, A, Song, K, March 2011, Journal of Financial Economics, vol. 99, no. 3, pp. 477–499. 
  8. “Which Financial Stocks did Short Sellers Target in the Subprime Crisis?” (with Hasan, Saunders and Song) Journal of Banking and Finance, 2015, 54 (May): 87–103. CFA Toronto Awards for Best Papers on Capital Markets, Northern Finance Association Conference (Winnipeg, Manitoba, CA).
  9. “The Impact of Fraudulent False Information on Equity Values” (with Ullah and Scholnick). Journal of Business Ethics, 2014, 120(2): 219-235.  Winner of Best Ph.D. Paper award, Northern Finance Association Conference (Awarded to Saif Ullah).
  10.  “The Impact of Wealth on Credit Card Mistakes.” (with Saunders and Scholnick). Journal of Financial Stability, 2013, 9 (1): 26-37
  11. Do Hedge Funds Trade on Private Information? Evidence from Syndicated Lending and Short-selling.” (with Nandy, Saunders and Song). Journal of Financial Economics 2011, 99: 477–49. Lead article and won JFE Fama/DFA Prize for Capital Markets and Asset Pricing)Best Paper Award in Financial Institutions Category, Eastern Finance Association meeting (2010 Miami, Florida, USA)
  12.  “The Cost of Being Late: Credit Card Penalty Fees.” (with Saunders and Scholnick). Journal of Financial Stability, 2011, 7: 49–59.
  13. Bank debt and corporate governance’, Ivashina, V, Nair, VB, Saunders, A, Massoud, N, Stover, R, January 2009, Review of Financial Studies, vol. 22, no. 1, pp. 41–77.
  14. ‘”You can enter but you cannot leave …”: US securities markets and foreign firms’, Marosi, A & Massoud, N, October 2008, The Journal of Finance, vol. 63, no. 5, pp. 2477–2506.
  15. The economics of credit cards, debit cards and ATMs: A survey and some new evidence.” (with Anthony Saunders and Barry Scholnick)The Journal of Banking and Finance JBF 30th Anniversary Special Issue, 2008, 32(8): 1468-1483.
  16. Why do firms go dark?’ Marosi, A & Massoud, N, June 2007, Journal of Financial and Quantitative Analysis, vol. 42, no. 2, pp. 421–442.
  17. ‘”Rip-off ATM” surcharges’, Massoud, N & Bernhardt, D, Spring 2002, Rand Journal of Economics, vol. 33, no. 1, pp. 96–115.
  18.  "Stock Market dynamics with rational liquidity traders” (with Dan Bernhardt) Journal of Financial Markets, 1999, 2: 359-389

Working Papers

  1. When Sentiment is News: Dictionary for News Headlines, Working paper (with Nazanin Babolmorad)
  2. Lender Effects on Gains from Mergers and Acquisitions. Working paper (with Keke Song and Nam Tran)
  3. Social Media and Political power: impact on capital market, Working paper (With Riste Ichev and Matej Marinč)
  4. “Does Bank Trading Activity Deliver Alpha or Just Higher Pay?” Working paper (with King and Song). Winner of best paper award in Financial Institutions Category at Global Finance Association meeting (Dubai, April 2014)
  5. Lenders reactions to Covenant violations in private loans. Work under progress (with Keke Song and Chander Shekhar)
  6. Investor sentiment on Cryptocurrency Forums and ICO success. Work under progress
  7. The impact of market sentiment on M&A gains. Work under progress (with Nazanin Babolmorad and Hamdi Driss)
  8. “The Impact of an Exogenous Reduction in the Transaction Costs in the Options Market on Short Sales and Equity Pricing Efficiency. A Study Related to the SEC “Penny Pricing” pilot programs in 2007 to 2010” Working paper (with Rui Dai)

Invited Keynote Speech

Financial Management Association (FMA) International, 24th European Conference, “The impact of Disruptive Technology on the Financial Market: Machine Learning, and Artificial Intelligence." Hosted by Cyprus University of Technology (Limassol, Cyprus, June 2020)

The 3rd Sydney Banking and Financial Stability Conference,Machine Learning: When Sentiment is News.” Organized by the University of Sydney Business School (Sydney, Australia, December 2019).

The 9th Behavioural Finance and Capital Markets Conference, “AI, Tool or Fool for Finance and Business.” Organized by La Trobe Business School (Melbourne, October 2019)

Cardiff Corporate Governance Research Group Conference, “How to Get Published.” (Cardiff, May. 2018)


In 2019 received FBE Certificate for Research Excellence in 2017

In 2017 received FBE Certificate for Research Excellence in 2015

Best paper award, financial institutions category, at the Global Finance Association meeting, Dubai, April 2014.

Journal of Financial Economics Fama-DFA Prize for Capital Markets and Asset Pricing, 2011.

Best paper award, financial institutions category, Eastern Finance Association meeting, Miami, 2010.

CFA Toronto Award for best paper on capital markets, Northern Finance Association Conference, Winnipeg, 2010.


Empirical Corporate Finance, PhD course

FinTech: Blockchain Disruptive Technology

Financial Institutions risk management

Risk management

Corporate Finance

Introduction to Finance

Graduate Thesis Supervisions

Nazanin Babolmorad, PhD candidate at Melbourne Business School, University of Melbourne, In progress

Haoyi Luo, PhD candidate at Faculty of Business and Economics, University of Melbourne, In progress

YiFan Zhou, PhD candidate at Faculty of Business and Economics, University of Melbourne, In progress

Hamdi Driss, PhD, York University, 2013 (Assistant professor of finance from Saint Mary’s University).

Mehdi Beyhaghi, PhD, York University, 2012 (Assistant Professor at the University of Texas San Antonio)

Rui Dai, PhD, York University, 2011 (Research Directors at Wharton Research Data Services)

Keke Song, PhD, York University, 2010 (Assistant professor at School of Management, Dalhousie University)

Saif Ullah, PhD, University of Alberta, November 2008. (Assistant professor at John Moslon School of Business, Concordia University)