Baulkaran, Vishaal

Faculty

Dhillon School of Business - Finance

Phone
(403) 329-2074
Email
vishaal.baulkaran@uleth.ca

About Me

Dr. Vishaal Baulkaran is an Associate Professor of Finance at the Dhillon School of Business. Dr. Baulkaran holds a Ph.D. from Wilfrid Laurier University, an MBA, and a BBA majoring in Finance from the University of New Brunswick. He is a CFA® Charterholder. Dr. Baulkaran has published his research in the Journal of Corporate Finance, Journal of Financial Research, Financial Review, International Review of Finance, Journal of Real Estate Economics and Finance, Journal of Asset Management, Quarterly Review of Economics and Finance, Journal of Economics and Business, and Advances in Financial Economics. Dr. Baulkaran has received several external (SSHRC) and internal research grants. Dr. Baulkaran has presented his research at numerous finance conferences including Financial Management Association, Financial Management Association Europe, Northern Finance Association, Eastern Finance Association, American Real Estate Society, and Midwest Finance Association, and acts as a reviewer for several academic journals. He was awarded the Wilfrid Laurier University Gold Medal for Academic Excellence and the E.D. Maher Graduate Student Prize for the graduating MBA student with the highest CGPA (4.1 out of 4.3) at the University of New Brunswick.

Biography

Wilfrid Laurier University, PhD 2011
CFA Institute, CFA Charterholder 2013
University of New Brunswick, MBA 2006

Publications

Amoako-Adu, B., Baulkaran, V and B. F. Smith, 2011, "Executive Compensation in Firms with Concentrated Control: The Impact of Dual Class Structure and Family Management," Journal of Corporate Finance, 17, 1580-1594

Amoako-Adu, B., Baulkaran, V., and B. F. Smith, 2013, "Dual Class Discount, and the Channels of Extraction of Private Benefits", Advances in Financial Economics, 16, 165-216

Baulkaran,V., 2014, "Managerial Entrenchment and the Valuation Discount of Dual Class Firms", Quarterly Review of Economics and Finance,54,70-81

Baulkaran, V., 2014, "A Quiet Revolution in Corporate Governance: An Examination of Voluntary Best Practice Governance Policies", International Review of Finance, 14, 459-483

Amoako-Adu, B., Baulkaran, V., and B. F. Smith, 2014, "Analysis of Dividend Policy of Dual and Single Class U.S Corporations", (Previously Titled: Concentrated Control, Agency Problems and Dividend Policy), Journal of Economics and Business, 72, 1-29 (Lead Article)

Asem, E., and V. Baulkaran (2016), Characteristics of top tier journal publications, International Journal of Economics and Finance, 8, 50-62

Asem, E., Baulkaran, V., Yalamova R., and X. Zhang, (2017), Internal market efficiency, market co-movements and cross-market efficiency: The case of Shanghai and Hong Kong stock markets, Asia-Pacific Financial Markets, 24, 253-267

Baulkaran, V., Jain, P., and M. Sunderman (2018), Housing "Beta": Common risk factor in returns of stocks, Journal of Real Estate Finance and Economics, 58, 438-456

Baulkaran, V., (2019), Stock Market Reaction to Green Bond Issuance, Journal of Asset Management, 20, 331-340

Baulkaran, V., and Bhattarai, S., (2020), Board effectiveness: Evidence from firm risk, Journal of Economics and Business, 110, 1-15

Baulkaran V., and N. Lupton (2020), U.S FDI and Shareholder Rights Protection in Developed and Developing Economies, Multinational Finance Journal, Forthcoming

Asem, E., Baulkaran, V., Jain, P., and M. Sunderman (2022), Institutional investor trading around dividend announcements: The case of REITs vs. industrial firms, Review of Quantitative Finance and Accounting, 58, 1685-1707

Baulkaran, V., (2022), Financial Literacy: The case of personal bankruptcy and consumer credit delinquency, International Review of Financial Analysis, 81,

Lupton, N., Baulkaran, V., and Y. No, (2022), Subsidiary Staffing, Location Choice, and Shareholder Rights Effectiveness, Journal of Business Research, Forthcoming

Baulkaran, V., and P. Jain (2022), CDS Contact Initiations: REITs board monitoring and corporate decision outcome, Journal of Financial Research, forthcoming

Baulkaran, V., and P. Jain (2023), Robo-Advisory: An Exploratory Analysis, Financial Review, 58, 65-89
Baulkaran, V and P. Jain (2023), COVID-19, home equity and retirement funding, Finance Research Letters, 58, 104390
Baulkaran, V and P. Jain (2024), Behavioral Biases of financial planners: The case of retirement funding recommendations, Journal of Behavioral Finance, 1-14
Baulkaran, V., and P. Jain (2024), Home equity and retirement funding: Challenges and opportunities, Global Finance Journal, 61, July 2024, 100969
Baulkaran, V., and P. Jain (2025), U.S Congress members’ trading activities: A case of NANC and KRUZ, Economics Letters, 250, April 2025, 112263




In The Media

Globe and Mail -Biases around house-rich cash-poor homeowners are impacting financial planning for retirement (April 21, 2024),  https://www.theglobeandmail.com/investing/personal-finance/household-finances/article-biases-around-house-rich-cash-poor-homeowners-are-impacting-financial/ 


The Edge Malaysia - It all starts with financial literacy (Nov. 2023), https://theedgemalaysia.com/node/689427


 National Post - Why some Canadians recoil at tapping home equity to plug retirement savings hole (Sep 28, 2023), https://financialpost.com/news/retired-canadians-wary-tapping-home-equity


Investment Executive -Why aren’t more advisors incorporating home equity into retirement plans? (September 27, 2023), https://www.investmentexecutive.com/news/industry-news/why-arent-more-advisors-incorporating-home-equity-into-retirement-plans/


Advisors.ca -Why aren’t more advisors incorporating home equity into retirement plans? (Sept. 2023), https://www.advisor.ca/practice/planning-and-advice/why-arent-more-advisors-incorporating-home-equity-into-retirement-plans/ 


Research Areas

FinTech, REITS, corporate governance, executive compensation, corporate finance, environmental violations and financial planning.