Sadok Ghoul

Professor, Campus Saint-Jean - Academic Support
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Contact

Professor, Campus Saint-Jean - Academic Support
Email
elghoul@ualberta.ca
Phone
(780) 465-8725
Address
2-16 CSJ Pavillon Lacerte
8406 Marie-Anne-Gaboury St (91 St)
EdmontonAB
T6C 4G9

Overview

About

Sadok El Ghoul is a Professor of Business Administration at Campus Saint-Jean of the University of Alberta, where he teaches finance, international business and econometrics. He received his B.B.A. from Institut Supérieur de Gestion de Tunis and his M.B.A. and Ph.D. from Laval University. Before joining the University of Alberta, he taught international financial management at Laval University. His research interests include corporate finance, corporate governance, corporate social responsibility, international finance, financial institutions, and the role of culture in financial markets. His work has been published in finance, management, international business, business ethics and accounting journals such as Journal of Financial and Quantitative AnalysisReview of FinanceManagement ScienceJournal of International Business StudiesJournal of Business EthicsThe Accounting Review and Contemporary Accounting Research. Prof. El Ghoul received the McCalla Professorship at the University of Alberta in 2013-2014. He has won several awards including the Moskowitz Prize for the Best Paper in Socially Responsible Investing in 2011, the best paper award in financial institutions at the Southwestern Finance Association conference in 2012, the Korea Development Bank outstanding paper award at the Conference on Asia–Pacific Financial Markets in 2013, the best paper award at the World Business Ethics Forum in 2016, and the best paper award in emerging economies research at the Academy of International Business meeting in 2018. In 2017, he received the Martha Cook Piper Research Prize, which recognizes two University of Alberta faculty members in the early stage of their careers.


Research

Recent work

El Ghoul, S., Guedhami, O., Kim, Y., and Yoon, H. J. 2020. Policy Uncertainty and Accounting QualityThe Accounting Review, forthcoming.

Döring, S., Drobetz, W., El Ghoul, S., Guedhami, O., and Schröder, H. 2020. Cross-Country Determinants of Institutional Investors’ Investment HorizonsFinance Research Letters, forthcoming.

Döring, S., Drobetz, W., El Ghoul, S., Guedhami, O., and Schröder, H. 2020. Institutional Investor Horizon and Firm Valuation around the WorldJournal of International Business Studies, forthcoming.

El Ghoul, S., Karoui, A. 2020. What’s in a (Green) Name? The Consequences of Greening Fund Names on Fund Flows, Turnover, and PerformanceFinance Research Letters, forthcoming.

Brockman, P., El Ghoul, S., Guedhami, O., and Zheng, Y. 2020. Does Social Trust Affect International Contracting? Evidence from Foreign Bond CovenantsJournal of International Business Studies, forthcoming.

Attig, N., Driss, H., and El Ghoul, S. 2020. Rating Standards around the World: A Puzzle? Emerging Markets Review, forthcoming.

Attig, N., Chen, R., El Ghoul, S., Guedhami, O., Kwok, C., and Pittman, J. 2020. Are Insiders Equal? Evidence from Earnings Management in Closely-Held East Asian FirmsResearch in International Business and Finance, forthcoming.

Boubakri, N., El Ghoul, S., Guedhami, O, and Hossain, M. 2020. Postprivatization State Ownership and Bank Risk-Taking: Cross-Country EvidenceJournal of Corporate Finance, forthcoming.

Bae, K-H, El Ghoul, S., Guedhami, O., and Zheng, X. 2020. Board Reforms and Dividend Policy: International EvidenceJournal of Financial and Quantitative Analysis, forthcoming.

El Ghoul, S., Guedhami, O., Kwok, C., and Zheng, Y. 2020. Creditor Rights and the Costs of High Leverage: Evidence from Capital Structure and Product Market InteractionsJournal of International Business Studies, forthcoming.

Cao, Z., El Ghoul, S., Guedhami, O., and Kwok, C. 2020. National Culture and Exchange Rate Regime Choice. Journal of International Money and Finance, forthcoming.

Driss, H., Drobetz, W., El Ghoul, S., and Guedhami, O. Institutional Investment Horizons, Corporate Governance, and Credit Ratings: International Evidence.

Carney, R., El Ghoul, S., Guedhami, O., and Wang, H. 2020. Geopolitical Risk and the Cost of Capital in Emerging Economies.

Attig, N., El Ghoul, S., Guedhami, O., and Zheng, X. Dividend Policy and Economic Policy Uncertainty: International Evidence.

Chen, R., El Ghoul, S., Guedhami, O., Wang, H., and Yang, Y. Corporate Governance and Tax Avoidance: Evidence from U.S. Cross-listing.

Chen, R., El Ghoul, S., Guedhami, O., Kwok, C., and Nash, R. State Ownership and Trade Credit.

Berger, A., Chen, R., El Ghoul, S., and Guedhami, O. Who Wins and Who Loses From Bank Geographic Deregulation? Analysis of Financially Constrained and Unconstrained Firms.

Boubakri, N., Chen, R., El Ghoul, S., and Guedhami, O. State Ownership, Liquidity and Valuation: Evidence from Privatization.

Berger, A., El Ghoul, S., Guedhami, O., and Saheruddin, H. Competition and Bank Risk: Evidence from Geographic Bank Deregulation.

Berger, A., El Ghoul, S., Guedhami, O., and Roman, R. Competition and Banks’ Cost of Capital: Evidence from Relatively Exogenous Differences in Regulation.

Bae, K-H, El Ghoul, S., Kang, J., Tsang, A. Why are CEOs of Public Firms Paid More than CEOs of Private Firms? Evidence from the Effect of Board Reforms on CEO Compensation.

El Ghoul, S., Karoui, A. Fund Performance and Social Responsibility: New Evidence using Social Active Share and Social Tracking Error.

Publications

Dividends and Economic Policy Uncertainty: International Evidence

Author(s): Attig, N., El Ghoul, S., Guedhami, O., and Zheng, X.
Publication Date: 12/5/2020
Publication: Journal of Corporate Finance,
Page Numbers: 85
External Link: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3295228

Who Wins and Who Loses from Bank Geographic Deregulation? Analysis of Financially Constrained and Unconstrained Firms

Author(s): Berger, A., Chen, R., El Ghoul, S., and Guedhami, O.
Publication Date: 11/30/2020
Publication: Journal of Corporate Finance
Page Numbers: 55
External Link: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3185751

Corporate Social Responsibility in Emerging Market Economies: Determinants, Consequences, and Future Research Directions

Author(s): Boubakri, N., El Ghoul, S., Guedhami, O., Wang, H.
Publication Date: 11/19/2020
Publication: Emerging Markets Review
Page Numbers: 53
External Link: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3718750

State Ownership and Stock Liquidity: Evidence from Privatization

Author(s): Boubakri, N., Chen, R., El Ghoul, S., Nash, R., and Guedhami, O.
Publication Date: 11/13/2020
Publication: Journal of Corporate Finance
Page Numbers: 67
External Link: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2984587

International Evidence on State Ownership and Trade Credit: Opportunities and Motivations

Author(s): Chen, R., El Ghoul, S., Guedhami, O., Kwok, C., and Nash, R.
Publication Date: 10/31/2020
Publication: Journal of International Business Studies
Page Numbers: 84
External Link: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3103467

Policy Uncertainty and Accounting Quality

Author(s): El Ghoul, S., Guedhami, O., Kim, Y., and Yoon, H. J.
Publication Date: 10/22/2020
Publication: The Accounting Review
Page Numbers: 54
External Link: https://drive.google.com/file/d/15__jwoRueY90Mtjwb2JVsUVUwRFzMPmH/view

Cross-Country Determinants of Institutional Investors’ Investment Horizons

Author(s): Döring, S., Drobetz, W., El Ghoul, S., Guedhami, O., and Schröder, H.
Publication Date: 10/1/2020
Publication: Finance Research Letters
Page Numbers: 24
External Link: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3619693

Institutional Investor Horizon and Firm Valuation Around the World

Author(s): Döring, S., Drobetz, W., El Ghoul, S., Guedhami, O., and Schröder, H.
Publication Date: 9/19/2020
Publication: Journal of International Business Studies
Page Numbers: 63
External Link: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3380715

What’s in a (Green) Name? The Consequences of Greening Fund Names on Fund Flows, Turnover, and Performance

Author(s): El Ghoul, S., Karoui, A.
Publication Date: 8/24/2020
Publication: Finance Research Letters
Page Numbers: 22
External Link: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3593056

Does Social Trust Affect International Contracting? Evidence from Foreign Bond Covenants

Author(s): Brockman, P., El Ghoul, S., Guedhami, O., and Zheng, Y.
Publication Date: 7/4/2020
Publication: Journal of International Business Studies
Page Numbers: 88
External Link: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3118727

Rating Standards around the World: A Puzzle?

Author(s): Attig, N., Driss, H., and El Ghoul, S.
Publication Date: 6/13/2020
Publication: Emerging Markets Review
Page Numbers: 55
External Link: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3341809

Are Insiders Equal? Evidence from Earnings Management in Closely Held East Asian Firm

Author(s): Attig, N., Chen, R., El Ghoul, S., Guedhami, O., Kwok, C., and Pittman, J.
Publication Date: 5/10/2020
Publication: Research in International Business and Finance
Page Numbers: 63
External Link: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3007494

Post-Privatization State Ownership and Bank Risk-Taking: Cross-Country Evidence

Author(s): Boubakri, N., El Ghoul, S., Guedhami, O, and Hossain, M.
Publication Date: 4/5/2020
Publication: Journal of Corporate Finance
Page Numbers: 57
External Link: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3336023

Board Reforms and Dividend Policy: International Evidence

Author(s): Bae, K-H, El Ghoul, S., Guedhami, O., and Zheng, X.
Publication Date: 3/17/2020
Publication: Journal of Financial and Quantitative Analysis
Page Numbers: 46
External Link: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3531413

Creditor Rights and the Costs of High Leverage: Evidence from Capital Structure and Product Market Interactions

Author(s): El Ghoul, S., Guedhami, O., Kwok, C., and Zheng, Y.
Publication Date: 2/2/2020
Publication: Journal of International Business Studies
Page Numbers: 46
External Link: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2980493

National Culture and the Choice of Exchange Rate Regime

Author(s): Cao, Z., El Ghoul, S., Guedhami, O., and Kwok, C.
Publication Date: 1/2/2020
Publication: Journal of International Money and Finance
Page Numbers: 59
External Link: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3294395

Collectivism and the Costs of High Leverage

Author(s): El Ghoul, S., Guedhami, O., Kwok, C., and Zheng, Y.
Publication Date: 10/29/2019
Publication: Journal of Banking and Finance
Page Numbers: 66
External Link: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3007493

New Evidence on the Role of the Media in Corporate Social Responsibility

Author(s): El Ghoul, S., Guedhami, O., Nash, R., and Patel, A.
Publication Date: 1/17/2019
Publication: Journal of Business Ethics
Page Numbers: 53
External Link: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2712239

Does Corporate Social Responsibility Reduce the Costs of High Leverage? Evidence from Capital Structure and Product Market Interactions

Author(s): Bae, K-H, El Ghoul, S., Guedhami, O., Kwok, C., and Zheng, Y.
Publication Date: 1/2/2019
Publication: Journal of Banking and Finance
Page Numbers: 61
External Link: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2959444

Organization Capital and the Cost of Equity Financing in Medium-Sized Manufacturing Firms

Author(s): Attig, N., and El Ghoul, S.
Publication Date: 12/1/2018
Publication: Contemporary Accounting Research
Page Numbers: 42
External Link: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2969692

The Market Value of Government Ownership

Author(s): Boubakri, N., El Ghoul, S., Guedhami, O., and Megginson, W.
Publication Date: 11/13/2018
Publication: Journal of Corporate Finance
Page Numbers: 47
External Link: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2967915

State Ownership and Corporate Cash Holdings

Author(s): Chen, R., El Ghoul, S., Guedhami, O., and Nash, R.
Publication Date: 9/2/2018
Publication: Journal of Financial and Quantitative Analysis
Page Numbers: 81
External Link: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2707441

Policy Uncertainty, Investment, and the Cost of Capital

Author(s): Drobetz, W., El Ghoul, S., Guedhami, O., and Janzen, M.
Publication Date: 8/30/2018
Publication: Journal of Financial Stability
Page Numbers: 59
External Link: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2980918

Corporate Environmental Responsibility and the Cost of Capital: International Evidence

Author(s): El Ghoul, S., Guedhami, O., Kim, H., and Park, K.
Publication Date: 3/17/2018
Publication: Journal of Business Ethics
Page Numbers: 53
External Link: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2470853

Zero-Leverage Puzzle: An International Comparison

Author(s): El Ghoul, S., Guedhami, O., Kwok, C., and Zheng, X.
Publication Date: 1/2/2018
Publication: Review of Finance
Page Numbers: 76
External Link: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2851302

Internationalization and Bank Risk

Author(s): Berger, A., El Ghoul, S., Guedhami, O., and Roman, R.
Publication Date: 11/13/2017
Publication: Management Science
Page Numbers: 57
External Link: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2249048

Country-Level Institutions, Firm Value, and the Role of Corporate Social Responsibility Initiatives

Author(s): El Ghoul, S., Guedhami, O., and Kim, Y. 2017.
Publication Date: 4/5/2017
Publication: Journal of International Business Studies
Volume: 48
Issue: 3
Page Numbers: 26
External Link: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3160683

Does Corporate Social Responsibility Affect Mutual Fund Performance and Flows?

Author(s): El Ghoul, S., and Karoui, A.
Publication Date: 3/17/2017
Publication: Journal of Banking and Finance
Page Numbers: 41
External Link: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2699353

Do State and Foreign Ownership Affect Investment Efficiency? Evidence from Privatizations

Author(s): Chen, R., El Ghoul, S., Guedhami, O., and Wang, H.
Publication Date: 2/1/2017
Publication: Journal of Corporate Finance
Page Numbers: 44
External Link: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2531447

Cross-Country Evidence on the Importance of Big Four Auditors to Equity Pricing: The Mediating Role of Legal Institutions

Author(s): El Ghoul, S., Guedhami, O., and Pittman, J.
Publication Date: 11/13/2016
Publication: Accounting, Organizations and Society
Page Numbers: 70
External Link: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1567524

Family Control and Corporate Social Responsibility

Author(s): El Ghoul, S., Guedhami, O., Wang, H., and Kwok, C.
Publication Date: 9/17/2016
Publication: Journal of Banking and Finance
Volume: 53
External Link: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2623246

Trade Credit Provision and National Culture

Author(s): El Ghoul, S., and Zheng, X.
Publication Date: 8/15/2016
Publication: Journal of Corporate Finance
Page Numbers: 79
External Link: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2792460

Collectivism and Corruption in Commercial Loan Production: How to Break the Curse?

Author(s): El Ghoul, S., Guedhami, O., Kwok, C., and Zheng, X.
Publication Date: 7/4/2016
Publication: Journal of Business Ethics
Volume: 139
Page Numbers: 51
External Link: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3003635

Cross-Country Evidence on the Importance of Auditor Choice to Corporate Debt Maturity

Author(s): El Ghoul, S., Guedhami, O., Pittman, J., and Rizeanu, S.
Publication Date: 6/13/2016
Publication: Contemporary Accounting Research
Page Numbers: 59
External Link: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2531466

Cross-Listing and Corporate Social Responsibility

Author(s): Boubakri, N., El Ghoul, S., Wang, H., Guedhami, O., and Kwok, C.
Publication Date: 5/5/2016
Publication: Journal of Corporate Finance
Page Numbers: 48
External Link: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2672668

The Global Financial Crisis, Family Control and Dividend Policy

Author(s): Attig, N., Boubakri, N., El Ghoul, S., and Guedhami, O.
Publication Date: 4/2/2016
Publication: Financial Management
Page Numbers: 37
External Link: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2385037

Firm Internationalization and Corporate Social Responsibility

Author(s): Attig, N., Boubakri, N., El Ghoul, S., and Guedhami, O.
Publication Date: 3/2/2016
Publication: Journal of Business Ethics
Volume: 134
Page Numbers: 56
External Link: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2365884

National Culture and Profit Reinvestment: Evidence from Small and Medium-Sized Enterprises

Author(s): El Ghoul, S., Guedhami, O., Kwok, C., and Shao, L.
Publication Date: 1/2/2016
Publication: Financial Management
Page Numbers: 47
External Link: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2401487

The Effects of Analyst Forecast Properties and Country-Level Institutions on the Cost of Debt

Author(s): Boubakri, N., El Ghoul, S., Guedhami, O., and Samet, A.
Publication Date: 10/2/2015
Publication: Journal of Financial Research
Page Numbers: 52
External Link: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2367880

Firm growth and political institutions

Author(s): Boubakri, N., El Ghoul, S., and Saffar, W.
Publication Date: 4/1/2015
Publication: Journal of Multinational Financial Management
Volume: 31
External Link: https://www.sciencedirect.com/science/article/pii/S1042444X15300013

Political rights and equity pricing

Author(s): Boubakri, N., El Ghoul, S., and Saffar, W.
Publication Date: 8/1/2014
Publication: Journal of Corporate Finance
Volume: 27
External Link: https://www.sciencedirect.com/science/article/abs/pii/S0929119914000613

Corporate Legitimacy and Investment–Cash Flow Sensitivity

Author(s): Attig, N., Cleary, S., El Ghoul, S., and Guedhami, O.
Publication Date: 5/2/2014
Publication: Journal of Business Ethics
Volume: 121
External Link: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3005677

Creditor Rights and Capital Structure: Evidence from International Data

Author(s): Cho, S-S., El Ghoul, S., Guedhami, O., and Suh, J.
Publication Date: 2/1/2014
Publication: Journal of Corporate Finance
Page Numbers: 45
External Link: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2352626

Cash holdings of politically connected firms

Author(s): Boubakri, N., El Ghoul, S., and Saffar, W.
Publication Date: 12/1/2013
Publication: Journal of Multinational Financial Management 23,
Volume: 23
Issue: 4
External Link: https://www.sciencedirect.com/science/article/pii/S1042444X13000315

Corporate Social Responsibility and Credit Ratings

Author(s): Attig, N., El Ghoul, S., Guedhami, O., and Suh, J.
Publication Date: 11/30/2013
Publication: Journal of Business Ethics
Page Numbers: 47
External Link: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2081942

Institutional Investment Horizons and the Cost of Equity Capital

Author(s): Attig, N., Cleary, S., El Ghoul, S., and Guedhami, O.
Publication Date: 11/20/2013
Publication: Financial Management
Page Numbers: 67
External Link: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2396938

Collectivism and Corruption in Bank Lending

Author(s): Zheng, X., El Ghoul, S., Guedhami, O., and Kwok, C.
Publication Date: 11/11/2013
Publication: Journal of International Business Studies
Page Numbers: 50
External Link: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2352665

The Governance Role of Multiple Large Shareholders: Evidence from the Valuation of Cash Holdings

Author(s): Attig, N., El Ghoul, S., Guedhami, O., and Rizeanu, S. 2013.
Publication Date: 11/1/2013
Publication: Journal of Management & Governance
Volume: 17
Page Numbers: 43
External Link: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2352651

Does Information Asymmetry Matter to Equity Pricing? Evidence from Firms’ Geographic Location

Author(s): El Ghoul, S., Guedhami, O., Ni, Y., Pittman, J., and Saadi, S.
Publication Date: 2/1/2013
Publication: Contemporary Accounting Research
Page Numbers: 66
External Link: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1676023

Institutional Investment Horizon and Investment-Cash Flow Sensitivity

Author(s): Attig, N., Cleary, S., El Ghoul, S., and Guedhami, O.
Publication Date: 11/11/2012
Publication: Journal of Banking and Finance
Volume: 36
Page Numbers: 50
External Link: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2352650

Does Religion Matter to Equity Pricing?

Author(s): El Ghoul, S., Guedhami, O., Ni, Y., Pittman, J., and Saadi, S.
Publication Date: 3/6/2012
Publication: Journal of Business Ethics
Page Numbers: 57
External Link: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2016869

National Culture and Corporate Debt Maturity

Author(s): Zheng, X., El Ghoul, S., Guedhami, O., and Kwok, C.
Publication Date: 2/1/2012
Publication: Journal of Banking and Finance
Volume: 36
Page Numbers: 64
External Link: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2352660

The Role of IRS Monitoring in Equity Pricing in Public Firms

Author(s): El Ghoul, S., Guedhami, O., and Pittman, J.
Publication Date: 10/1/2011
Publication: Contemporary Accounting Research
Volume: 28
Page Numbers: 56
External Link: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2353157

Does Corporate Social Responsibility Affect the Cost of Capital?

Author(s): El Ghoul, S., Guedhami, O., Kwok, C., and Mishra, D.
Publication Date: 9/1/2011
Publication: Journal of Banking & Finance
Volume: 35
Issue: 9
Page Numbers: 63
External Link: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1546755

Do Multiple Large Shareholders Play a Corporate Governance Role? Evidence from East Asia

Author(s): Attig, N., El Ghoul, S., and Guedhami, O.
Publication Date: 11/4/2009
Publication: Journal of Financial Research
Volume: 32
Page Numbers: 35
External Link: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2352677

An Empirical Investigation of Corporate Risk-Taking in Financial Distress

Author(s): El Ghoul, S.
Publication Date: 2004
Publication: Finance India/Quarterly Journal of Finance