Akiko Watanabe

Associate Professor, Alberta School of Business - Department of Finance


Associate Professor, Alberta School of Business - Department of Finance
(780) 492-0385
3-30A Business Building
11203 Saskatchewan Drive NW
Edmonton AB
T6G 2R6



I am an associate professor of finance at the Alberta School of Business. My research focuses on international equity market anomalies and liquidity. I have previously served as the co-president of the Northern Finance Association, the co-chair of the NFA annual conference, the director at large at the NFA, and the board member of the Nippon (Japan) Finance Association.


  • Yale University, Economics: Ph.D. 2004, M. Phil. 2001, M.A. 2001
  • Queen's University, Economics: B.A. Honors 1998 (Medal in Economics), B.A. General 1996 (Medal in General B.A. Program)


  • Empirical asset pricing
  • International finance 
  • Financial market liquidity


  • Investments (MBA)
  • Advanced Portfolio Management (Undergraduate)
  • Investment Principles (Undergraduate)


FIN 416 - Advanced Portfolio Management

Recent theoretical and empirical developments in portfolio management are covered with an emphasis on investment strategy and the evaluation of investment performance. A student project makes extensive use of microcomputing, spreadsheets and financial market data. Prerequisite: FIN 301, 412.

FIN 614 - Investments

This course is concerned with investment in stocks, bonds and other financial assets. Topics include, but are not limited to, interest rates, risk-return relationships, investment valuation, and market information and efficiency. Co-requisite: FIN 501 or FIN 503.

Browse more courses taught by Akiko Watanabe

Scholarly Activities

Research - Publications

"Time-Varying Liquidity Risk and the Cross Section of Stock Returns" with Masahiro Watanabe, Review of Financial Studies, 2008, 21(6), 2449-2486. First Prize, Call for Paper Competition on Liquidity and Corporate Renewal, Turnaround Management Association 2006 Global Education Symposium.

"Share Issuance and Cross-Sectional Returns: International Evidence" with R. David McLean and Jeffrey Pontiff, Lead Article, Journal of Financial Economics, 2009, 94(1), 1-17. First Prize, 2009 Jensen Prize for Corporate Finance and Organizations, Journal of Financial Economics. Pacific-Basin Finance Journal Research Excellence Award on Investment, Asian Finance Association/Nippon (Japan) Finance Association 2008 International Conference.

"Restructuring and Performance among Japanese Firms after Prudential Policy Reform" with Dick Beason, Ken Gordon, and Vikas Mehrotra, Asia-Pacific Journal of Business, 2010, 1(1), 41-60.

"Restructuring and Returns in Japan, 2000-2001" with Dick Beason, Ken Gordon, and Vikas Mehrotra, Japan in the Age of Globalization, 2011, ed., Carin Holroyd and Ken Coates, Routledge Contemporary, Japan Series, ISBN 978-0-415-66584-1.

"The Asset Growth Effect: Insights from International Equity Markets" with Yan Xu, Tong Yao, and Tong Yu, Journal of Financial Economics, 2013, 108(2), 529-563. Funded by the Social Sciences and Humanities Research Council of Canada. Professor Junko Maru Research Prize, Nippon (Japan) Finance Association 2014 Meetings.

"Does Restructuring Pay in Japan?: Evidence Following the Lost Decade" with Dick Beason, Ken Gordon, and Vikas Mehrotra (Japanese Translation), Japanese Economy: Finance and Corporate Behavior in Restructuring Period, 2014, ed., Akiyoshi Horiuchi, Masaharu Hanazaki, and Junichi Nakamura, University of Tokyo Press, ISBN978-4-13-040266-8.

"Corporate R&D and Stock Returns: International Evidence" with Kewei Hou, Po-Hsuan Hsu, Shiheng Wang, and Yan Xu, Journal of Financial and Quantitative Analysis, 2022, 57(4), 1377-1408. Funded by the Social Sciences and Humanities Research Council of Canada.