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William Cannon

Associate Professor
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Overview

Dr. William (Bill) T. Cannon, an accociate professor at the Smith School of Business and the longest-serving member of the School's faculty, is Canada's premier researcher and writer of finance case studies, with over 70 titles to his name. Dr.Cannon served as Chair of the Pension Committee of the Queen’s Board of Trustees from 2000 through 2012 and continues today as Chair of its Investment Sub-Committee.

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Academic Area

  • Finance

Interest Topics

  • Finance & Investment
  • Mergers & Acquisitions
  • Risk

Faculty Details

Profile

Full Bio

Professor Bill Cannon was born and raised in Winnipeg, Manitoba, where he attended the University of Manitoba as a Commerce student. He was President of the Commerce Student Society and graduated with a Bachelor of Commerce degree in 1967, having received the University Gold Modal for the highest academic standing in Commerce. Bill Cannon then proceeded to take his MBA degree as part of the CIBC-sponsored Centennial International Fellowship Program - under which he and eleven other students chosen from across Canada completed their MBA studies at York University, Harvard, Oxford, and I.N.S.E.A.D. over a 2-year period, interspersed with industrial tours throughout Europe and across Canada.

After graduating with his MBA (York) in 1969, Bill Cannon worked at the Bank of Nova Scotia for 2 ½ years as an Executive Assistant to Mr. Robert MacIntosh, then one of the Bank’s Vice-Chairmen, doing investment analysis, acquisitions analysis, organizational planning, and systems development. In 1971, he returned to Harvard where he earned his PhD in Business Economics under the supervision of John Lintner. While there, he honed his case-writing skills working as the Research Assistant to Lawrence Fouraker, the then Dean of the Harvard Business School. In 1974, Bill Cannon joined the faculty of the Smith School of Business (SSB), where he has been employed ever since.

While at the SSB, Professor Cannon has, at one time or another, taught almost all the finance courses offered to Commerce and MBA students. In 1981, he received the Queen’s Alumni Award for Excellence in Teaching. He also received the MBA Teaching Excellence Award in both 1994 and 1996 and the Commerce Society Award for Teaching Excellence in 1999 and 2002.

Dr. Cannon’s research interests have been in the areas of: models of financial intermediation; the development of financial instruments; and the cost of capital, financing policies, and mergers and acquisitions in rate-regulated energy-related industries.

He has consulted widely in the latter areas (regulatory economics) for the Ontario Energy Board, the National Energy Board, the Ontario Government, and the B.C. Petroleum Corporation, as well as for financial institutions such as Royal Trust, TD Securities, Bank of Montreal, and the Empire Financial Group. He also continues to write new case studies for his courses, and for the Commerce Society’s ICBC Competition, each summer. In addition to serving on many SSB committees and as Chair of the SSB Faculty Board, Dr. Cannon also served as Chair of the Pension Committee of the Queen’s Board of Trustees from 2000 through 2012 (and continues today to be Chair of its Investment Sub-Committee) and has been Chair of the Senate’s Ban Righ (Residences) Board and Budget Review Committees. He also served on the Investment Committee of the Community Foundation of Greater Kingston. For these and other contributions, Dr. Cannon received the Queen’s University Distinguished Service Award in 2008.

Bill Cannon is married to Tensia Jwo and has a daughter, Joan, who graduated from Princeton University with a major in Geosciences, and played on the Ivy League Champion Princeton Women’s Tennis Team. Joan is now doing her MBA at the University of Virginia’s Darden School of Business. Bill enjoys curling, skiing, tennis, Irish music, and traveling. Regarding this latter interest, over the past decade Bill has toured Greece, Egypt, Israel, France, Scotland, England, Wales, Iceland, and major cities in Eastern Europe - as well as taken tours of Guatemala, Costa Rica, and Panama - with his family.

Academic Degrees

PhD Business Economics
Harvard University (1976)

M.B.A.
York University (1969)

BCom
University of Manitoba (1967)

Academic Experience

School of Business, Queen’s University
Distinguished Faculty Fellow of Finance (2011 - 2021)
Distinguished Faculty Professor of Finance (2008-2011)
Commerce ’83 Teaching Fellow in Finance (2005-2008)
Associate Professor of Finance (1974-2005)
Research Assistant to Dean Lawrence E. Fouraker (1971-1974)

Publications

Regulatory Consulting Publications

“Testimony on the Cost of Capital, Capital Structure, and the Automatic Adjustment Formula in Regard to the Newfoundland Power 2007 General Rate Application”, 3 August 2007.

“Testimony on the Automatic Adjustment Mechanism, the Embedded Cost of Debt, and the Test-Year Cost of Borrowing in Regard to the Newfoundland & Labrador Hydro 2006 General Rate Application”, 27 Oct., 2006.

“Cost of Capital,” paper presented at CAMPUT’s Queen’s Conference on Energy Regulation, initially in July 2005, and presented a revised paper every summer since then.

“Review of the Board’s Guidelines For Setting ROE,” prefiled written testimony before the Ontario Energy Board in RP-2002-0158 and EB-2002-0484, June 2003

"A Discussion Paper on Adjudicating Mergers, Acquisitions, Amalgamations and Divestitures by Participants Within Ontario’s Electricity Market,” prepared for the Ontario Energy Board, June 1999.

"A Discussion Paper on the Determination of Return on Equity and Return on Rate Base For Electric Distribution Utilities in Ontario,” prepared for the Ontario Energy Board, December 1998.

“The Appropriate Return on Equity For the Transco and Disco Business Operations of the Ontario Hydro Services Company”, prepared for the Staff of the Ontario Energy Board in connection with the Ontario Hydro rate hearing, January 22, 1999.

"Prefiled Testimony in Connection With the Application of Union Gas Limited Before the Ontario Energy Board in E.B.R.O.499,” September 1998.

"Prefiled Testimony in Connection With the Applications of Union Gas Limited and Centra Gas Ontario Inc. Before the Ontario Energy Board in E.B.R.O. 493/494." July 1996

"Prefiled Testimony in Connection With the Application of The Consumers' Gas Company Ltd. Before the Ontario Energy Board in E.B.R.O. 487." May 1994.

"Written Evidence of Dr. William T. Cannon Filed On Behalf of Minister of Environment and Energy For Ontario and Industrial Gas Users Association Before the National Energy Board in RH-2-94." September 1994.

"Prefiled Testimony in Connection With the Application of The Consumers' Gas Company Ltd. Before the Ontario Energy Board in E.B.R.O. 485." July 1993.

"Prefiled Testimony in Connection With the 1991 Application of TransCanada PipeLines Ltd. Before the National Energy Board in RH-1-91." April 1991.

"Prefiled Testimony in Connection With the Application of The Consumers' Gas Company Ltd. Before the Ontario Energy Board in E.B.R.O. 473." October 1991.

"Prefiled Testimony in Connection With the Application of The Consumers' Gas Company Ltd. Before the Ontario Energy Board in E.B.R.O. 464." March 1990.

"Prefiled Testimony in Connection With the Applications of British Gas PLC and GW Utilities Limited, GW-CG Investments Limited, and In Connection With a Reference From the Lieutenant Governor in Council, Regarding the Proposed Change of Control of The Consumers' Gas Company Ltd. in E.B.R.L.G. 35 et al." June 1990.

"Prefiled Testimony in Connection With the 1990 Application of Westcoast Energy Inc. Before the National Energy Board in RH-1-90." September 1990.

"Prefiled Testimony in Connection With the Application of Tecumseh Gas Storage Limited Before the Ontario Energy Board in E.B.R.O. 455." June 1989.

"Prefiled Testimony in Connection with the 1989 Application of Westcoast Energy Inc. Before the National Energy Board in RH-2-89." September 1989.

"Prefiled Testimony in Connection With the Applications of Inter-City Gas Corporation and Westcoast Energy Inc. Regarding the Proposed Change in Control of ICG Utilities (Canada) Ltd. and ICG Utilities (Ontario) Ltd. Before the Ontario Energy Board in E.B.R.L.G. 34." November 1989.

"Prefiled Testimony in Connection With the Application of The Consumers' Gas Company Ltd. Before the Ontario Energy Board in E.B.R.O. 452." June 1988.

"Prefiled Testimony in Connection With the December 1986 Application of Westcoast Transmission Company Limited Before the National Energy Board." August 1987.

"Prefiled Testimony in Connection With the Application The Consumers' Gas Company Ltd. Before the Ontario Energy Board in E.B.R.O. 414." May 1986.

Prepared background materials for Ontario Energy Board Staff in Connection with Gulf Canada's Indirect Acquisition of Consumers' Gas, which were reproduced in Special Counsel's Submission to the Ontario Energy Board in E.B.R.L.G. 30, October 1986.

"Prefiled Rate-of-Return Testimony in Connection With the Application of Pacific Northern Gas Ltd. Before the B.C. Public Utilities Commission." April 1985.

"Prefiled Testimony in Connection With Ontario Energy Board Reference Re Union Enterprises Limited and Unicorp Canada Corporation in E.B.R.L.G. 28." April 1985.

"Prefiled Testimony in Connection With the Application of The Consumers' Gas Company Ltd. Before the Ontario Energy Board in E.B.R.O. 403." May 1985.

"Prefiled Testimony in Connection With the Applications of Inter-City Gas Corp. et al, and Norcen Energy Resources Ltd. Before the Ontario Energy Board in E.B.O. 118, 119." December 1984.

"Prefiled Testimony in Connection With the December 1, 1982 Application of Westcoast Transmission Company Limited before the National Energy Board." April 1983.

"Prefiled Testimony in Connection With the Application of Union Gas Ltd. Before the Ontario Energy Board in E.B.R.O. 382." January 1982.

"Prefiled Testimony in Connection With the Application of The Consumers' Gas Company Ltd. Before the Ontario Energy Board in E.B.R.O. 386." July 1982.

Other Research and Publications (Excluding Case Studies)

Cannon, W.T. (2018)  “Alternative Channels of Funds and Security Flows Within the Financial System”, SSB  Monograph.

Cannon, W.T. (2018)  “Bank Corporate Loan Portfolio Risk Management”, SSB monograph.

Cannon, W.T. (2016)  “Credit Unions and Caisses Populaires”, SSB monograph.

Cannon, W.T. (2015)  “Managing Interest Rate Risk With Bond and BA Futures and Options”, SSB monograph.

Cannon, W.T. (2014)  “Over-the-Counter Interest Rate Derivative Instruments: Forward Rate Agreements, Interest Rate Swaps, and Interest Rate Caps, Collars, and Floors”, QSB monograph.

Cannon, W.T. (2014)  “Financial Asset and Liability Management at a Conceptual Level”, QSB monograph.

Cannon, W.T. (2014)  “The Canadian Life Insurance Industry”, QSB monograph.

Cannon, W.T. (2014)  “Bond Investment Strategies”, QSB monograph.

Cannon, W.T. (2013)  “The Analysis of Mergers and Acquisitions”, QSB monograph.

Cannon, W.T. (2013)  “The Evolution of Canadian Banking Since 1946”, QSB monograph.

Cannon, W.T. (2013)  “The Residential Mortgage Market in Canada”, QSB monograph.

Cannon, W.T. (2013)  “Bank Commercial Lending Policies and Practises”, QSB monograph.

Cannon, W.T. (2013)  “Canadian Chartered Bank Capital Management”, QSB monograph.

Cannon, W.T. (2013)  “Yield-Curve-Based Interest Rate Forecasting: Rate Forecasts Based on the Forward Rates Implicit in Term Structure of Rates”, QSB monograph.

Cannon, W.T. (2012)  “Convertible Security Financing”, Queen’s School of Business monograph.

Cannon, W.T. (2012)  “Instructions on How to Use Regression Analysis in the Excel Program Contained in Microsoft Office 2010”, Queen’s School of Business monograph.

Cannon, W.T. (2011)  “The Capital Structure Choices of Canadian Corporations”, Queen’s School of Business monograph.

Cannon, W.T. (2011)  “Asset and Liability Management Using Gap Analysis”, Queen’s School of Business monograph.

Cannon, W.T. (2008)  “Bank Corporate Loan Portfolio Risk Management”, Queen’s School of Business monograph.

Cannon, W.T. (2008)  “The Good, the Bad, and the Ugly - Asset Securitization in Canada”, Queen’s School of Business monograph.

Cannon, W.T. (2008)  “The Functions Performed by Financial Markets and Financial Intermediaries, and the Role of Financial Market Efficiency”, Queen’s School of Business monograph.

Cannon, W.T. (2008)  “Liquidity, Liquid Assets, and Financial Intermediary Liquidity Management”, Queen’s School of Business monograph.

Cannon, W.T. (2008)  “Modelling a Financial Intermediary, Its Environment, and Its Decision-Making Framework”, Queen’s School of Business monograph.

Cannon, W.T. (2008)  “The Residential Mortgage Market in Canada”, Queen’s School of Business monograph.

Cannon, W.T. (2008)  “The Consumer Credit Market in Canada”, Queen’s School of Business monograph.

Cannon, W.T. (2008)  “Credit Unions and Caisses Populaires”, Queen’s School of Business monograph.

Cannon, W.T. (2008)  “Mortgage Securitization in Canada”, Queen’s School of Business monograph.

Cannon, W.T. (2008)  “Canadian Chartered Bank Capital Management”, Queen’s School of Business monograph.

Cannon, W.T. (2008)  “Discounted Cash Flow (DCF) Approaches to Common Stock Valuation”, Queen’s School of Business monograph.

Cannon, W.T. (2008)  “Fundamental Securities Analyst’s Stock Valuation Model”, Queen’s School of Business monograph.

Cannon, W.T. (2007)  “The Goals of Corporations, Their Shareholders, and Their Senior Managers”, Queen’s School of Business monograph.

Cannon, W.T. (2007)  “The Two-Stage Gordon-DCF Model”, Queen’s School of Business monograph.

Cannon, W.T. (2006)  “Capital Management at Canadian Life Insurance Companies”, Queen’s School of Business monograph.

Cannon, W.T. (2006)  “The Goals of Financial Intermediaries, Their Shareholders, and Their Senior Managers”, Queen’s School of Business monograph.

Cannon, W.T. (2006)  “Interest Rates and the Valuation of Fixed-Income Securities”, Queen’s School of Business monograph.

Cannon, W.T. (2006)  “The Rise and Fall of Independent Trust and Mortgage Loan Companies in Canada”, Queen’s School of Business monograph.

Cannon, W.T. (2006)  “Treasury Operations, Interest Rate Risk, and FI Gap Management”, Queen’s School of Business monograph.

Cannon, W.T. (2005)  “Cost of Capital” – QSB monograph on theoretical and practical approaches to estimating a firm’s overall cost of capital.

Cannon, W.T. (2003)   “The Capital Asset Pricing Model Approach To Estimating the Cost of Equity Capital” – QSB monograph (a) dealing with the estimation of equity capital costs in an efficient market environment and (b) providing a review of recent studies of the “market risk premium.”

Cannon, W.T. (2003)  “Cyclically-Normalized, Real Economic Earnings” – QSB monograph reviewing the need for, and procedures for, adjusting corporate earnings reports to make the figures relevant for stock valuation purposes.

Cannon, W.T. (2001).  “Hedging Corporate Interest Rate Risk.” Queen’s School of Business monograph.

Cannon, W.T. (2001).  “Preferred Share Financing.” Queen’s School of Business monograph.

Cannon, W.T. (2001).  “Explaining and Forecasting Interest Rates.” Queen's School of Business monograph.

Cannon, W.T. (2001).  “The Canadian Life Insurance Industry.” Queen's School of Business monograph.

Cannon, W.T. (2000).  “The Evolution of the Canadian Banks During the Latter Half of the 20th Century and a Peek At Their Future.”  Queen's School of Business monograph.

Cannon, W.T. (2000).  “The Consumer Credit Market in Canada.” Queen's School of Business monograph.

Cannon, W.T. (2000).  “The Residential Mortgage Market in Canada.” Queen's School of Business monograph.

Cannon, W.T. (1999).  “Mapping Ontario's Electric Distribution Terrain”, Standard & Poor’s Canadian Focus, November 1999.

Cannon, W.T. (1996).  "Pro Forma Financial Statement Forecasting For Assessing the Impact of Strategic and Policy Choices and Environmental Changes." Queen's School of Business monograph.

Cannon, W.T. (1996).  "A Guide to the FRICT Analysis Framework For Making Corporate Financing Decisions." Queen's School of Business monograph on a practical approach to analyzing business financing decisions.

Cannon, W.T. (1996).  "The Fundamental Securities Analyst's Common Stock Valuation Model." Queen's School of Business monograph on the practical approaches to common stock valuation used by fundamental securities analysts.

Cannon, W.T. (1995).  "Financial Leverage, Income, and Risk." Queen's School of Business monograph.

Cannon, W.T. (1994).  "A Practical Framework For Making Capital Budgeting Decisions." Queen's School of Business monograph.

Cannon, W.T. (1993).  "Financial Ratio Analysis For Stock Valuation Purposes." Queen's School of Business monograph.

Cannon, W.T. (1987).  "The Aggregate Customer Net Benefit Test - A New Framework for Gas Utility Capital Budgeting Decisions."  Published as Appendix C of the Ontario Energy Board Staff Discussion Paper "A Review of the Expansion of the Natural Gas System in Ontario." in E.B.O. 134, Feb. 2, 1987.

Cannon, W.T. & Neave, T. (1985).  "Consumer Credit."  The Canadian Encyclopedia, Hurtig Publishers Ltd., Edmonton.

Cannon, W.T. (1981).  "Integrating the Pure Theory of Financial Intermediation." paper submitted to the Journal of Financial and Quantitative Analysis; returned for revision.

Cannon, W.T. (1981).  "Financing and Stabilization Policies in a Cyclical Industry:  The Case of Inco in the Seventies."  Technical Paper No. 1, Center for Resource Studies, Queen's University, Kingston, June 1981.

Cannon, W.T. (1979).  "Financing With Floating-Rate Term Preferred Shares." Paper presented at the Spring 1979 Conference of the Financial Research Foundation of Canada, at Niagara-On-The-Lake.

Cannon, W.T. (1979).  "New Mining Ventures:  The Case for Preserving After-Tax Financing."  Paper published by the Center for Resource Studies, Queen's University, in August 1979.

Cannon, W.T. (1977).  "Integrating the Pure Theory of Financial Intermediation." paper presented at the C.A.A.S. Meeting in Fredericton, N.B., in June 1977; abbreviated version of this paper is published in the Proceedings of this Meeting.

Cannon, W.T. (1976).  "Models of Pure Financial Intermediation, With Specific Application to Firms in the Savings and Loan Industry."  Unpublished PhD thesis completed for Harvard University in May 1976.

Teaching

Courses Taught

  • MBAS 823 – Corporate Valuation and Merger and Acquisition Analysis
  • MBAS 825 – Corporate Financing and Capital Budgeting Policies and Procedures
  • MBAST 822 - Finance II
  • MBAST 823 - Applied Corporate Finance
  • MBAST 825 - Financial Institutions
  • MBAST 923 - Finance Concentration
  • Business 821 - Financial Management
  • Business 922 - Corporate Financial Planning I
  • Business 923 - Corporate Financial Planning II
  • Business 924 - Investment and Portfolio Management
  • Business 926 - Canadian Financial Institutions and Markets
  • Business 929 - Management of Financial Institutions
  • Commerce 322 - Corporate Financial Planning - I
  • Commerce 323 - Corporate Financial Planning - II
  • Commerce 324 - Investment and Portfolio Management
  • Commerce 326 - Canadian Financial Institutions and Markets
  • Commerce 329 - Management of Financial Institutions
  • Commerce 485 - Independent Business Project
  • Commerce 501 – Undergraduate Thesis course
  • EMBA – supervision of several theses

Awards

Fellowships

Awarded the SSB “Distinguished Faculty Fellowship in Finance” (2011-2020)

Awarded the QSB “Distinguished Faculty Professorship in Finance” (2008)

Awarded the QSB “Commerce ’83 Teaching Fellowship in Finance” (2005)

Fellow in the CIBC's Centennial International Fellowship Programme administered through the Faculty of Administrative Studies at York University (1967-1969)

Teaching Awards

Recipient of Commerce Teaching Excellence Awards (1999, 2002)

Recipient of Queen's MBA Teaching Excellence Awards (1994, 1996)

Recipient of the Queen's University Alumni Award for Excellence in Teaching (1981)

Other Awards

Awarded the Queen’s University Council’s Distinguished Service Award (2008)

ICBC Arnoldi Award for long-standing contribution to ICBC (Inter-Collegiate Business Competition) (2003, 2013)

Service

Administrative Activities - Queen's University and School of Business

2000 –               Chair of the Investment Policy and Investment Manager Search Sub-Committees of the Pension Committee (PC) of the Board of Trustees of Queen’s University, and PC member.

2000 – 2012       Chair of the Pension Committee of the Board of Trustees of Queen’s University

2002 - 2008       Chair of Faculty Board of the Queen’s School of Business and its Academic Appeals Committee.

2016 –               Member of Smith School of Business Academic Appeals Committee

2013 – 2016       Member of the Academic Progress Committee of the Commerce Program

2006 - 2007       Member of Chancellor A. Charles Baillie Teaching Award Selection Committee

2004 - 2005       Chair of Internal Academic Review Committee for Linguistics Unit

2002 - 2006       Member of the School of Business Undergraduate Program Committee; also in 1979-1983, and 1996-1997.

2001 - 2006       Member of the Internal Advisory Board of the Queen’s Financial Economics Group

2001 - 2004       Member of the MBA for Commerce Grads Program Development Committee

2002 - 2012       Faculty Advisor to Queen’s Investment Club and Queen’s University Investment Council

1998 - 2000       Chair of the Senate Budget Review Committee.

1991 - 2000       Vice-Chair of the Pension Committee of the Board of Trustees of Queen's University, and its Investment Policy and its Investment Manager Search Sub-Committees.

1997 - 1999       Business School representative on the Queen's University Senate, also in 1983-1986.

1997 - 1998       Member of the Joint Board-Senate Principal Search Committee.

1992 - 1993       Member of the School of Business Promotion, Tenure, and Renewal Committee, also from 1984-88.

1990                  Member of the Principal's Advisory Search Committee on the Dean of Women.

1990                  Member of the Principal's Advisory Search Committee on the Director of Residences.

1988 - 1996       Chair of the Queen's University Residences (Ban Righ) Board.

1987 - 1995       Member of the School of Business Research Committee.

1987 - 1988       Principal's Delegate on the University Residences Board.

1987 - 1988       Member of the Board of Directors of the Queen's Bookstore (also 1981-1985) and Principal's Taskforce on Bookstore Operations, 1983-1985.

1985 - 1986       Member of the Student Services Sub-Group.

1983 - 1997       Secretary of the School of Business' Advisory Council.

1983 - 1985       Member of the Senate Committee on Academic Development.

1978 - 1981       Elected Member of the Senate Budget Review Committee.

1978 - 1981       Treasurer and Executive Committee Member of the Queen's University Faculty Association.

1977 - 1980       Treasurer and Executive Committee Member of the Queen's University Faculty Club.  

Professional Associations

  • American Finance Association