Paul Calluzzo

Journal Articles

“Busy Season and Proxy Recommendations,” with Simi Kedia, Journal of Law and Economics 68.4 (2025): 871-900. AJG3, ABDC A*

“Complex Instruments Have Increased Risk and Reduced Performance at Mutual Funds,” with Fabio Moneta and Selim Topaloglu, Critical Finance Review 14.1 (2025): 27-64. ABDC A*

“Experts in the Boardroom: Director Connections in the Mutual Fund Industry,” Contemporary Accounting Research 40 (2023) 759-1513. FT50, AJG4, ABDC A*

“Ballot order effects in independent director elections,” with Tanja Artiga González and Georg Granic, Journal of Behavioral and Experimental Finance 39 (2023): 100835 ABDC A

“Determinants of LGBTQ+ Corporate Policies” with Tanja Artiga González, G. Nathan Dong, and Georg Granic, Review of Corporate Finance Studies, 11.3 (2022): 644-693. AJG3, ABDC A*

“Corporate hedging fragility in the over-the-counter market,” with Evan Dudley, Journal of Empirical Finance, 67 (2022): 253-270. AJG3, ABDC A

“SEC Scrutiny Shopping,” with Wei Wang and Serena Wu, Journal of Corporate Finance, 67 (2021): 101878. AJG4, ABDC A*

“A New Breed of Activism,” with Tanja Artiga González, Finance Research Letters, 37 (2020): 101369. ABDC A

“Mutual Fund Board Connections and Proxy Voting,” with Simi Kedia, Journal of Financial Economics, 134 (2019): 669-688. FT50, AJG4*, ABDC A*

“When Anomalies Are Publicized Broadly, Do Institutions Trade Accordingly?” with Fabio Moneta and Selim Topaloglu, Management Science, 65 (2019): 4555-4574. FT50, AJG4*, ABDC A*

“The real effects of proxy advisors on the firm,” with Evan Dudley, Financial Management, 48 (2019): 917-943. AJG3, ABDC A*

“Clustered Shareholder Activism,” with Tanja Artiga González, Corporate Governance: An International Review, 27 (2019): 210-225. AJG3, ABDC A

"Sovereign wealth fund investments and the US political process," with G. Nathan Dong and David Godsell, Journal of International Business Studies, 48 (2017): 222-243. FT50, AJG4*, ABDC A*

 “Has the Financial System Become Safer after the Crisis? The Changing Nature of Financial Institution Risk,” with G. Nathan Dong, Journal of Banking & Finance, 53 (2015): 233-248. AJG3, ABDC A* 

“Fund Governance Contagion: New Evidence on the Mutual Fund Governance Paradox,” with G. Nathan Dong, Journal of Corporate Finance, 28 (2014): 83-101. AJG4, ABDC A*

Working Papers

“Foreign government investment and target firms’ social policies,” with Tanja Artiga González, G. Nathan Dong and David Godsell

“Momentum at Long Investment Horizons,” with Fabio Moneta and Selim Topaloglu

“Outside Stakeholder Governance and Corporate Sustainability,” with Tanja Artiga González and Alison Taylor

“Environmental activists or passive investors? Climate risk and sovereign wealth fund investments,” with Evan Dudley

“Designing Consent: An Ethical Evaluation of Choice Architecture in Proxy Voting,” with Tanja Artiga González and G.D. Granic.

“Staging Responsibility: The Distributive Ethics of Bundled ESG Imagery in Mutual Fund Markets,” with Matthew Boland, Bryce Cross, and Ethan Pancer.

“Channeling Dissent: Impact of SOP on Directors,” with Ali Akyol and Simi Kedia.

White Papers

“From Ambition to Accountability: Trends and challenges in linking executive compensation to environmental goals,” with Pierre Chaigneau ,Apoorva Hegde, and Diana Mirzoieva, Institute of Sustainable Finance. July 2025

“Sentiment and Sustainability: How the language of U.S. corporate filings reveals divergent paths for management priorities on DEI and Environment,” with Tanja Artiga Gonzalez and Bhargav Gopal, Institute of Sustainable. November 2025

In the Media

The Inspired Investor Team. (2026, June 10^th). What We Know (and Don't) About the New Canada Strong Fund. RBC Inspired Investor.

Calluzzo, P., Cohen, D., Jo., E. (2026, May 11^th). Canada's New Sovereign Wealth Fund Is Ambitious, but Its Design Raises Questions. The Conversation.

Johnson, D, and Duggan, K. (2026, April 27^th).  Canada is getting a sovereign wealth fund. What does that mean and how do they work? Canadian Press (+ Winnipeg Sun, Times Colonist, Richmond News, CityNews Halifax, Investment Executive).

Rubin, J. (2026, April 27^th).  Where will the money come from to pay for Carney’s new Canada Strong Fund? Experts chime in. Toronto Star.

Global News National. (2026, April 27^th).  Canada is getting a sovereign wealth fund. What we know so far.

Platt, B., and Hertzberg, E. (2026, April 27^th).  Canada Launches Sovereign Wealth Fund for Major Projects. Bloomberg.

Shin, M., and Seal, T. (2026, April 27^th).  Carney Evokes War Bonds by Inviting Citizens Into Sovereign Fund. Bloomberg (+ Financial Post).

Ellmen, E. (2026, April 1^st). Can Ottawa convince Canada’s pension giants to invest at home? Corporate Knights.

Meager, E. (2026, March 9^th). Corporate America’s DEI retreat predates Trump. Sustainable Views (Financial Times).

Pereira, A. (2026, February 13^th). Unusual $1.6-million payout to CAAT pension plan CEO is a ‘red flag,’ governance expert says. Toronto Star.

CTV News Ottawa (2026, Jan 29^th). ‘Gold rush 2026: Prices hit record highs as investors seek safety.’  

Ottawa Now with Kristy Cameron (2026, Jan 29^th). ‘What’s behind the rise in the Price of Gold.’  

CBC Radio: All in a Day with Alan Neal (2026, Jan 28^th). ‘The Current Price of Gold.’  

(2025, December 1^st). Environmental language in corporate filings holds steady as DEI reporting slips. Sustainable Views (Financial Times).

Ellmen, E. (2025, May 30^th). 'ESG tourists' are leaving, but sustainable funds are still growing in Canada. Corporate Knights.

CXO Advisory Group. (2025, May 14^th). Exploiting Simple Information Ignored by Conventional Momentum. CXO Recent Investing Research.

Rubin, J. (2025, April 9^th). Stock markets boomerang as Trump announces a 90-day pause on tariffs – except for China. Toronto Star.

Rubin, J. (2025, April 8^th). Global markets get a taste of Trump’s ‘medicine’ Monday as trade war fallout expands. Toronto Star.

Sisodia, A. (2025, February 27^th). What Drives LGBTQ+ Inclusivity at the Workplace? Council on Business & Society Insights.

Switzer, J. (2024, September 25). Hard earned truth: Passive investing has changed the game. Financial Post.

Whitehouse, J. (2023, August 11). Who Wins the GameStop Stock Game? Smith Business Insight. Smith Business Insight.

Felix, B. Passmore, C (Hosts). (2023, May 18^th). Episode 253: Complex Financial Instruments with Prof. Paul Calluzzo (Plus Sean Silcoff on Losing the Signal). In Rational Reminder. https://rationalreminder.ca/podcast/253

Ilmanen, A. (2022). Investing amid low expected returns: Making the most when markets offer the least. Wiley.

Fridson, M. S., & Alvarez, F. (2022). Financial statement analysis: A practitioner’s guide (5th ed.). Wiley.

Erasmus University Rotterdam. (2022, July 8). Breaking the rainbow ceiling: LGBTQ+ firm policies. In the Media.

Lewis, R. and Encarnacao, J (Hosts). (2021, March 12). Proxy Voting: The Power of the Shareholder (No. 16) [Audio podcast episode]. In Double Take by Mellon. Mellon Investments Corporation. https://www.mellon.com/insights/insights-article/-/asset_publisher/zOKIt5We8eAi/content/episode-16-proxy-voting-the-power-of-the-shareholder/264414

Morantz, A. (2021, February 5). Who Wins the GameStop Stock Game? Smith Business Insight.

Mai, J (2020, December 4). 2020 Hillsdale Investment Management – CFA Society Toronto Investment Research Award Winners - Overcoming a bias towards complexity. GlobeNewswire/CFA Society Toronto.

Video Interview. (2020, September 8). How Bad Actors Infect Mutual Fund Boards. Smith Business Insight.

PFP Financial Services (2020, April 16). Complexity adds to cost and risk. www.pfp.ie/news

Powell, R. (2020, January 14). The worrying reason active managers like complexity. AES International.

Avery, S. (2019, March 26). How to Break the Hold of Proxy Advisory Firms. Smith Business Insight.

Calluzzo, P. and Kedia, S. (2018, December 18). Mutual Fund Board Connections and Proxy Voting. Harvard Law School Forum on Corporate Governance and Financial Regulation.

Swedroe, L. (2017, November 1). Swedroe: When Popularity Kills? ETF.com.

Swedroe, L. (2017, July 8). Do security analyst recommendations bet on or against academic findings? The
Investors Podcast.

Jennings-Edquist, G. (2017, June 30). Complex Instruments Harm Fund Investors: Study. Ignites (of the Financial Times).

Rosengarten, J. (2017, June 22). Why complex mutual fund strategies don’t pay off. Wealth Professional.

Rekenthaler, J. (2017, June 16). For Mutual Funds, Simpler Seems Better.  Morningstar and MarketWatch.

Vlastelica, R. (2017, June 14). Here’s the latest proof that complexity in investing tends to hurt returns. Morningstar.

Gilbert, J. (2017, June 8). Money Managers' Misery. Bloomberg.

Waggoner, J. (2017, May 30). Complex strategies lead to lower returns: study. Investment News.

Calluzzo, P. (2017, May 9). Fracas at Home Capital and HOOPP: Are Outside Directors Wearing Too Many Hats? Smith Business Insight.

Swedroe, L. (2017, May 8). Swedroe: Factor Persistence & Diversification. ETF.com.

St George, R. (2017, May 4). Bad options: the importance of keeping portfolios simple. Citywire.

Calluzzo, P. (2017, May 2). Home Capital, HOOPP and the problem of dual-employed directors. The Globe and Mail.

Swedroe, L. (2017, March 24). Swedroe: Do ETFs Harvest Factors & Shrink Premiums? ETF.com.

Morantz, A. (2017, March 1). Sovereign Wealth Funds: Playing Politics? Smith Business Insight.

Swedroe, L. (2016, October 24). Swedroe: Published Results Impact Future Results. Yahoo! Finance and ETF.com.

Calluzzo, P. (2016, December 20). Director Connections in the Mutual Fund Industry. Harvard Law School Forum on Corporate Governance and Financial Regulation.

Berkin, A. L., & Swedroe, L. E. (2016). Your complete guide to factor-based investing: The way smart money invests today. Buckingham.

Morantz, A. (2016, November 11). Shareholder Activism: Together Is Better. Smith Business Insight.

Antonacci, G. (2016, September 16). Factor Investing: Buyers Beware. Dual Momentum.

Swedroe, L. (2016, June 20). Swedroe: When False Factors Are Exposed. ETF.com

Morantz, A. (2016, March 15). Headquarters On The Lam. Smith Business Insight.

Bilney, D. (2015, April) "Fund Governance Contagion: New Evidence on the Mutual Fund Governance Paradox." CFA Digest 45.

Westfall, C. (2015, July 16). Corporate Headquarters Becomes Pawn in Regulator/Fraudster Chess Game. Financial Executive Magazine.

Morantz, A. (2015, January 22). United We Fall. Smith Business Insight.

Morantz, A. (2014, August 05). Are Board Directors Infectious Agents? Smith Business Insight.

Teaching Experience

Courses

• Investment Analysis, Undergraduate & Graduate
• Introduction to Financial Management, Undergraduate
• Financial Econometrics, Undergraduate & Graduate
• Corporate Finance, Undergraduate & Graduate
• Financial Modeling, Undergraduate & Graduate
• Advanced Portfolio Management, Undergraduate & Graduate

Student Supervision

• Diana Mirzoieva – PhD (Ongoing)
• Zisen Ao – MSc (Ongoing)
• Moyao Xun – MSc (Ongoing)
• Jiaying Wu – MSc (2025)
• Amirhossein Atabzadeh – MSc (2025)
• Gexuan Zhu – MSc (2025)
• Ahmed Raihan Sadat – MSc (2023)
• Lutfi Nahin – MSc (2022)
• Morteza Talezadeh – MSc (2021)
• Hamed Moradian – MSc (2021)

Editorial Responsibilities

Editorial Board - Corporate Governance: An International Review (2025-present)

Interests

Institutional Investors, Corporate Governance, Mutual Fund Performance, Empirical Asset Pricing 

Awards & Honours

Toller Family Fellow of Finance, Smith School of Business | 2019, 2024

Smith School of Business Nominee for Prize for Excellence in Research | 2024

Outstanding Emerging Researcher Nominee at Queen’s University (3x) | 2022, 2020

Hillsdale Investment Management – CFA Society Toronto Research Award | 2020

Best Paper Award, Editorial Board of Corporate Governance: An International Review | 2019

Top 3 Paper, Editorial Board of Financial Management | 2019

New Researcher Achievement Award, Smith School of Business | 2018

Distinguished Faculty Fellow of Finance, Smith School of Business | 2018

Best Paper Award: Semi-Finalist, Financial Management Association | 2016

Honorarium, Financial Risks International Forum | 2016

Honorarium, Berlin Mutual Fund and Hedge Fund Conference | 2014

Best Student Paper Award, European Finance Association | 2013

Best Paper Award: Semi-Finalist, Financial Management Association | 2013

Honorarium, Financial Management Association | 2013

Dean’s Fund for Summer Ph.D. Research, Rutgers Business School | 2013

Travel Grant, Midwest Finance Association | 2013

Travel Grant, Rutgers Business School | 2013

Best Student Paper Award, Northeast Business & Economics Association | 2012

Best Student Paper Award, Academy of International Business | 2012

Honorarium, Financial Management Association | 2012

Dean’s Fund for Summer Ph.D. Research, Rutgers Business School | 2012

Travel Grant, Rutgers Business School | 2012

Dean’s Fund for Summer Ph.D. Research, Rutgers Business School | 2010

Grants & Funding

Insight Development Grant (2026)
Social Sciences and Humanities Research Council | $81,346

Insight Grant (2025)
Social Sciences and Humanities Research Council | $81,103

Visiting Scholar Award (2025)
Smith School of Business | $3,875

Monieson Research Grant (2024)
Smith School of Business | $3,500

CPA Ontario Centre Corporate Reporting and Professionalism (2021)
Smith School of Business | $17,202

D.I. McLeod Term Research Assistantship (2021)
Smith School of Business | $5,128

D.I. McLeod Term Research Assistantship (2019)
Smith School of Business | $2,039

Insight Development Grant (2016)
SSHRC | $59,480

Insight Development Grant (2016)
SSHRC | $52,916

Grant to aid research (2015)
Montreal Institute of Structured Finance and Derivatives | $25,000

General Research Grant (2015)
Smith School of Business | $10,000

D.I. McLeod Term Research Assistantship, Smith School of Business
2014 | $3,360
2014 | $3,120

General Research Grant (2014)
Smith School of Business | $10,120

CPA-Queen’s Centre for Governance Small Grant (2014)
Smith School of Business | $4,188