Masahiro Watanabe

Associate Professor, Alberta School of Business - Department of Finance


Associate Professor, Alberta School of Business - Department of Finance
(780) 492-7343
3-30J Business Building
11203 Saskatchewan Drive NW
Edmonton AB
T6G 2R6



Associate professor of finance at the Alberta School of Business with research specializations in theoretical and empirical asset pricing. Previously served as the board member of the Nippon/Japan Finance Association.


  • Yale University, Management with Financial Economics Specialization: Ph.D. 2003, M. Phil. 2001, M.A. 2001 
  • University of Chicago, Analytic Finance and Econometrics: MBA 1996
  • University of Tokyo, Electronic Engineering: B. Eng. 1991


  • Asset pricing
  • Market microstructure


  • Advanced Seminar in Finance I (Ph.D.)
  • International Finance (MBA)
  • International Financial Markets (Undergraduate)


FIN 442 - International Financial Markets

An overview of the international financial environment and the financial function in the multinational corporation. Its purpose is to provide decision-making skills in international money and capital markets. Prerequisite: FIN 301.

FIN 644 - International Finance

The objective of this course is to acquaint students with macro and micro aspects of international finance. At the macro level coverage will include theories of direct investment, the international monetary mechanism, foreign exchange markets, and repercussions from balance of payments difficulties. Micro level materials will include problems of doing business internationally and a survey of public and private foreign and international finance institutions. The final part of the course will review Canada's role in international business. Prerequisite: FIN 501 or 503.

FIN 701 - Advanced Seminar in Finance I

Provides an introduction to theoretical and empirical work in asset pricing and market microstructure. Topics covered include market efficiency, time varying expected returns and volatility, tests of asset pricing models, and models and analysis of price formation. Prerequisite: Open to doctoral students in the Faculty of Business, the Department of Economics and the Program of Mathematical Finance. For all other students, written permission of instructor required. Approval of the Business PhD Program Director is also required for non-PhD students.

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Scholarly Activities

Research - Publications

"Price Volatility and Investor Behavior in an Overlapping Generations Model with Information Asymmetry," Journal of Finance, 2008, 63(1), 229-272. 

"Time-Varying Liquidity Risk and the Cross Section of Stock Returns" with Akiko 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.

"Strategic Disclosure and Stock Returns: Theory and Evidence from U.S. Cross-listing" with Shingo Goto and Yan Xu, Review of Financial Studies, 2009, 22 (4), 1585-1620. Best Paper Award in Financial Institutions, Financial Management Association 2007 Meetings.