Paul Calluzzo

Paul Calluzzo

Associate Professor and Toller Family Fellow of Finance

Overview

Paul Calluzzo is an assistant professor and Toller Family Fellow of Finance in the Smith School of Business at Queen’s University.

Download Full CV  

Academic Area

  • Finance

Interest Topics

  • Finance & Investment
  • Governance

Faculty Details

Profile

Full Bio

Paul Calluzzo is an assistant professor of finance and Toller Family Fellow of Finance in the Smith School of Business at Queen’s University.

He received his Ph.D. in Finance from Rutgers Business School and a B.A. in Economics from Williams College.

His research interests are focused on institutional investors, corporate governance, mutual fund performance, and empirical asset pricing. His research articles have been published in leading journals including the Journal of Financial Economics, Management Science, Journal of International Business Studies, and the Journal of Corporate Finance, and featured in various media such as The Globe and Mail, Bloomberg and Morningstar.

Academic Degrees

Ph.D. in Finance
Rutgers University (2014)

B.A. in Economics
Williams College (2006)

Academic Experience

Smith School of Business, Queen's University
Distinguished Faculty Fellow of Finance (2018 - Present)
Assistant Professor of Finance (2014 - Present

Publications

Journal Articles

“Mutual Fund Board Connections and Proxy Voting,” with Simi Kedia, Journal of Financial Economics, Forthcoming.  

“When Anomalies Are Publicized Broadly, Do Institutions Trade Accordingly?” with Fabio Moneta and Selim Topaloglu, Management Science, Forthcoming.

“The real effects of proxy advisors on the firm” with Evan Dudley, Financial Management, Forthcoming.

“Clustered Shareholder Activism,” with Tanja Artiga González, Corporate Governance: An International Review, Conditionally Accepted.

"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.

 “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.

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

Working Papers

“SEC Enforcement and Corporate Relocations,” with Wei Wang and Serena Wu

“(Ab)Use of Leverage, Short Sales, and Options by Mutual Funds,” with Fabio Moneta and Selim Topaloglu

“Corporate hedging during the financial crisis,” with Evan Dudley

“Firms on the Run: Economic Reasons for Corporate Headquarters Relocation,” with Wei Wang and Serena Wu

“Experts in the Boardroom: Director Connections in the Mutual Fund Industry”

Work in Progress

“Stock Analyst Influence in the Proxy Voting Process,” with Simi Kedia and Ankur Pareek

“Investor Relations and Proxy Voting,” with David Godsell and Devan Mescall

“Is Following Academic Research Profitable?” with Fabio Moneta and Selim Topaloglu

In the Media

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.

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.

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.

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

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

Teaching Experience

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

Interests

Corporate Finance, Investments 

Research

Interests

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

Presentations

Experts in the Boardroom: Director Connections in the Mutual Fund Industry

 

 Berlin Mutual Fund and Hedge Fund Conference, Berlin

2014

 European Finance Association, Cambridge

2013

 USC Marshall Ph.D. Conference in Finance, Los Angeles

2013

 FMA Doctoral Consortium - Special Job Market Paper Sessions, Chicago

2013

 Triple Crown Conference, Newark

2013

 FMA Annual Meeting, Atlanta

2012

 European Financial Management Association, Barcelona

2012

 FMA Applied Finance Conference, New York

2012

 Pacific Basin Finance, Economics, Accounting, and Management, Piscataway

2012

 Global Finance Conference, Chicago

2012

 Northeast Business & Economics, New York

2012

 Department Seminar at Rutgers University, New Brunswick, When Anomalies Are Publicized Broadly, Do Institutions Trade Accordingly?

2012

 American Finance Association Annual Meeting, Philadelphia

2018*

 Berlin Mutual Fund and Hedge Fund Conference, Berlin

2016*

 Conference on Professional Asset Management, Rotterdam

2016*

 FMA Annual Meeting, Las Vegas

2016*

 European Finance Association, Oslo

2016*

 Ivey-Queen’s Workshop, Toronto

2016*

 Financial Risks International Forum, Paris

2016

 Northern Finance Association Annual Meeting, Lake Louise

2015*

 2nd Alumni Workshop at Collegio Carlo Alberto, Turin

2015*

 Second Ontario Universities Accounting & Finance Symposium, Niagara-on-the-Lake

2015

Mutual Fund Board Connections and Proxy Voting

 

 Society for Financial Studies Finance Cavalcade, Atlanta

2015*

 American Law and Economics Association Annual Meeting, New York

2015

 FMA Annual Meeting, Chicago

2013

 FMA Applied Finance Conference, New York

2013

 Midwest Finance Association Annual Meeting, Chicago

2013

 Academy of International Business, Fairfield, The real effects of proxy advisors on the firm

2012

 FMA European Conference, Lisbon

2017*

 Northern Finance Association, Mont Tremblant

2016

 The Annual Conferences on Empirical Legal Studies, Saint Louis

2015*

 FMA Annual Meeting, Orlando

2015*

 Northwestern-Duke Causal Workshop, Chicago

2015

 Brown Bag Seminar at Queen’s University, Kingston, SEC Enforcement and Corporate Relocations

2015

 Society for Financial Studies Finance Cavalcade, New Haven

2018

 European Finance Association, Oslo

2016      

 CAAA Annual Conference, St. John’s

2016*

 The Financial Intermediation Research Society Conference, Lisbon

2016*

 American Law and Economics Association Annual Meeting, Boston

2016

 Northern Finance Association Annual Meeting, Lake Louise

2015

 Drexel Academic Conference on Corporate Governance, Philadelphia

2015*

 Brown Bag Seminar at The Wharton School, Philadelphia, Sovereign Wealth Fund Investments and the U.S. Political Process

2015*

 Special Issue of JIBS Paper Development Conference, London (UK)

2016*

 Brown Bag Seminar at Virginia Tech, Blacksburg

2015*

Clustered Shareholder Activism

 

 Ivey-Queen’s Workshop, Toronto

2014

 FMA Annual Meeting, Chicago, (Ab)Use of Leverage, Short Sales, and Options by Mutual Funds

2013

 American Law and Economics Association Annual Meeting, New Haven

2017

 Global Finance Conference, Hempstead (NY)

2017 

 World Finance Conference, Sardinia

2017*

 FMA Annual Meeting, Orlando

2017*

 Ivey-Queen’s Workshop, Toronto

2016

 Telfer Annual Conference on Accounting and Finance, Ottawa, Corporate hedging during the financial crisis

2016*

 Northern Finance Association, Charlevoix

2018*

 Financial Intermediation Research Society Conference, Barcelona 

2018

 Canadian Economic Association Conference, Montreal

2018*

 

 IFABS 2017 Oxford Conference, Oxford

2017*

 

Awards

Research Awards

Dean’s Fund for Summer Ph.D. Research, Rutgers Business School (2010, 2012, 2013)

Other Awards

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)

Best Student Paper Award, Northeast Business & Economics Association (2012)

Best Student Paper Award, Academy of International Business (2012)

Honorarium, Financial Management Association (2012)

Grants & Funding

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

Travel Grant, Midwest Finance Association (2013)

Travel Grant, Rutgers Business School (2012, 2013)