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 and the current co-president of the Northern Finance Association. I have previously served as 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. My research focuses on international equity market anomalies and liquidity.  


  • 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.

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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.