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Lynnette Purda

Professor & RBC Fellow of Finance

Overview

Lynnette Purda is Professor and RBC Fellow of Finance at Smith School of Business, Queen’s University. She is a Chartered Financial Analyst with previous investment banking experience and an editor of the newly published book Corporate Fraud Exposed.

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Academic Area

  • Finance

Interest Topics

  • Finance & Investment
  • Governance

Highlights

Corporate Fraud Exposed: A Holistic Approach

Corporate Fraud Exposed delves into the drivers of fraud, providing a fresh look at this intriguing but often complex subject. Including a skilful blend of contributions from a global array of scholars and practitioners, this book offers a wide-reaching, practical and comprehensive insight.

Faculty Details

Profile

Full Bio

Lynnette Purda conducts empirical research in corporate finance with a focus on governance. This research is frequently interdisciplinary in nature with journal publications spanning the areas of accounting, finance, international business, and law. Her work appears in journals such as Contemporary Accounting Research, Journal of International Business Studies, The American Law and Economics Review, and Financial Management. Lynnette has a particular interest in research surrounding corporate fraud and is an editor of the newly published book Corporate Fraud Exposed.

Outside of academia, Lynnette has presented her work to policy makers and practitioners including the Bank of Canada, the Accounting Standards Oversight Council of Canada, and FP Canada. Lynnette has been a visiting researcher at the Bank of Canada and INSEAD Business School (France) and workshop organizer at the Halbert Centre for Canadian Studies located at the Hebrew University of Jerusalem. Lynnette is a past president of the Northern Finance Association and conference co-chair for the NFA 2016 meetings.

Lynnette is a dedicated teacher with nominations for teaching excellence at both the undergraduate and Masters levels. She has a long history working with graduate students, having supervised the research of over 15 Masters and Doctoral students.

Academic Degrees

Ph.D. in Finance
Rotman School of Management, University of Toronto (2003)

Bachelor of Commerce (Hons)
Asper School of Business, University of Manitoba (1996)               

Academic Experience

Smith School of Business, Queen’s University
Professor and RBC Fellow of Finance (2019 - Present)
Associate Professor and RBC Fellow of Finance (2009-2019)
Assistant Professor (2002-2009)

Publications

Books

Corporate Fraud Exposed: A Comprehensive and Holistic Approach by H. Kent Baker, Lynnette Purda, and Samir Saadi. Emerald Publishing, in press. Scheduled print publication date, October 2020.

Journal Publications

Liu, C., L. Purda, and H. Zhu (2020). Institutional Influence on Syndicate Structure and Cross-Border Leveraged Buyouts. Financial Management, forthcoming.

Li, B., L. Purda, and W. Wang (2018). Do Bond Holders Price Senior Lenders’ Control Rights? Journal of Law, Finance, and Accounting, 3 (2), 373-411.

Murphy, P., L. Purda, and D. Skillicorn (2018) Can Fraudulent Cues be Transmitted by Innocent Participants? Journal of Behavioral Finance 19 (1), 1-15 (lead article).  

Anand, A., W. Charles, and L. Purda (2017) Voluntary Corporate Governance, Proportionate Regulation and Small Firms: Evidence from Venture Issuers, Canadian Business Law Journal 60 (1), 34-60.

  • *This paper was profiled by the Harvard Law School Forum on Corporate Governance and Financial Regulation.

Purda, L. (2016) Introduction to the Special Issue on Financial Monitoring and its Consequences. Journal of International Managerial Finance 12 (5) 474-77.

Purda, L., F. Sonmez, and L. Zhong (2015) Financial Institution Credit Assessment and Implications for Portfolio Managers. Journal of International Financial Markets, Institutions and Money, 38 (September) 148-166.

  • *A summary of this publication was featured in the CFA Digest, Feb 2016 Vol 46 (2). 

Purda, L. and D. Skillicorn (2015) Accounting Variables, Deception, and a Bag of Words: Assessing the Tools of Fraud Detection. Contemporary Accounting Research 32 (3), 1193-1223.       

  • *Profiled in the Globe and Mail newspaper, March 2012.

Booth, L., W.S. Cleary, and L. Purda (2013) Debt Rating Initiations Natural Evolution or Opportunistic Behavior? Journal of Modern Accounting and Auditing 9 (12) 1574-1595.

Bae, K., L. Purda, M. Welker, and L. Zhong (2013) Credit Rating Initiation and Accounting Quality for Emerging Market Firms. Journal of International Business Studies 44 (3) 216-234.

Anand, A., F. Milne, and L. Purda (2012) Domestic and International Influences on Firm-Level Governance: Evidence from Canada. American Law and Economics Review 14 (1), 44-67.

Purda, L. (2011) Assessing Credit or Determining Quantity? The Evolving Role of Rating Agencies. Journal of Applied Finance 21 (2), 20-37.

Anand, A., F. Milne, and L. Purda (2010) Monitoring to Reduce Agency Costs: Examining the Behavior of Independent and Non-Independent Boards. Seattle University Law Review 33 (4), 809-848.

Purda, L. (2008). Risk Perception and the Financial System. Journal of International Business  Studies 39, 1178-1196.

Purda, L. (2007). Stock Market Reaction to Anticipated Vs. Surprise Rating Changes. Journal  of Financial Research 30 (2) 301-320.  

Purda, L. (2005). Mergers in the Bond Rating Industry: Does Rating Provider Matter? Journal of Multinational Financial Management 15 (2) 155-169.

Purda, L. (2001). Quantifying the Tax Benefits of Borrowing in Foreign Currencies. Canadian Tax Journal 49 (4) 925-944.

Book Chapters, Conference Proceedings and Other Publications

Skillicorn, D. and L. Purda, (2012) Detecting Fraud in Financial Reports, European Intelligence and Security Informatics Conference (EISIC) Conference Proceedings.

Purda, L. (2008). The Global Expansion of Financial Institutions: Examining the International Operations of Credit Rating Agencies.  Global Management; Strategy, Challenges, and Uncertainty, Alejandro Dominguez (Ed).

In the Media

Print (magazine): CFO Magazine, Forum: The Magazine for Investment Advisors, Report on Business Magazine, Corporate Risk Canada, FP Standard

Print (newspaper): The Globe and Mail, The Edmonton Sun, Toronto Star, Kingston This Week, Kingston Whig Standard

Radio and TV: CKWS News, Sun News Network, CBC syndicate radio drive home shows. 

Working Papers

Chourou, L, L. Purda and S. Saadi. Economic Policy Uncertainty and Analysts’ Forecast Characteristics, second round revise and resubmit

Boland, M. and L. Purda Close Enough! Exploring the Consequences and Motivations Behind Estimates in Capital Budgeting

Ashworth, L. and L. Purda Identifying the Psychological Barriers to Seeking Financial Advice

 

Teaching

Undergraduate

Introduction to Finance
Financial Systems 
Advanced Corporate Finance 

Masters

Finance Fundamentals (MBA) 
Financial Strategy (EMBA) 
Finance for Global Managers (Masters of International Business) 
Advanced Managerial Finance (Accelerated MBA)  
Advanced Portfolio Management (Masters of Finance) 

Ph.D. 

Empirical Methods in Finance, Capital Markets: Theory and Empirics

Non-Degree Custom Programs

Finance Fundamentals (Saudi International Development Fund)
Finance for Non-Financial Managers
Mergers and Acquisitions for Executives

Student Supervision

Ph.D. Students Supervised to Completion

2019 Paul Dion – University of Nebraska (expected completion 2020)

2018 Tashfeen Hussain – Mont Royal University 

2017 Matthew Boland – San Jose State University

2014 Chen Liu – Trinity Western University

2011 Yang Ni – Antai College of Economics and Management, Shanghai Jiao Tong University

M.Sc. Students Supervised to Completion

2005 Natasha Khan

2009 Ali Ebrahimnejad

2011 Zhanghuan (Ziggy) Hu

2011  Sasan Saiy

2012  Tashfeen Hussain 

2012  Sasha Guo

2013  Matt Boland

2014  Eric Jinsan Yu

2016 Shimei Zhou

2020 Yuchen Lin

Visiting Positions

Visiting Scholar
INSEAD Business School
Fontainebleau, France campus 
2016-2017

Visiting Researcher
Financial Markets Development Group, Bank of Canada 
2004-2005

Research

Interests

Empirical studies in corporate finance with a concentration on corporate debt policy, credit ratings, corporate governance and law and finance. Interdisciplinary perspective with publications in finance, accounting, international business, and law and economics. 

Presentations

Invited Presentations to Research Groups and Policymakers

2020 - Institutional Influence on Syndicate Structure and Cross-Border Leveraged Buyouts University of Regina, invited presentation to faculty. Scheduled – cancelled due to COVID-19

2016 - Do Bond Holders Price Senior Lenders’ Control Rights? University of Windsor, invited presentation to faculty.  INSEAD Business School, finance brownbag series

2015 - Do Bond Holders Price Senior Lenders’ Control Rights? CPA Canada Accounting and Governance Research Centre Distinguished Speaker Series Telfer School of Management, University of Ottawa.

2012 - Credit Ratings: What Can Research Tell Us? Accounting Standards Oversight Council of Canada.

2011 - Detecting Fraud from the Language of Financial Reports University of Toronto, Invited presentation to the Law and Economics seminar series.            

2010 - Detecting Fraud from the Language of Financial Reports Ryerson University, Invited presentation to finance faculty.

2010 - Credit Ratings in Emerging Markets Risk Management Conference sponsored by the Canadian Investment Review. Invited presentation to pension fund managers.

2009 - Do Independent Boards Behave Differently? University of Ontario Institute of Technology, invited presentation to finance faculty

2004 - Global Consistency of Credit Ratings: Firms versus Country-Specific Factors  Bank of Canada, invited presentation to the Financial Markets Group.

Select Conference Presentations (Last 5 Years)

2020 - Identifying the Psychological Barriers to Seeking Investment Advice 
Academic Research Colloquium for Financial Planning and Related Disciplines
Washington, DC.

2017 - Policy Uncertainty and Analyst Accuracy throughout the Electoral and Economic Cycles 
Telfer Annual Conference in Accounting and Finance
Paris Financial Management Conference      

2017 - Do Bondholders Price Senior Lender Control Rights? Journal of Law, Finance, and Accounting Conference
The Hong Kong Polytechnic University, Hong Kong
Northern Finance Association Meetings, Halifax, Canada

2016 - Do Bondholders Price Senior Lender Control Rights? 
American Law and Economics Association Meetings 
Harvard Law School, Cambridge, USA.

2016 - Can Club Deals Reduce Institutional Barriers to Cross-Border LBO’s? 
Paper development workshop sponsored by the Journal of International Business Studies
Cass Business School, City University London 

2015 - Cultural Distance and Cross-Border Leveraged Buyouts
Financial Management Association meetings
Orlando, USA

Awards

Fellowships

RBC Fellow of Finance, Smith School of Business (2009-2012, 2012-2015, 2015-2018, 2018-2021)

Canadian Credit Management Foundation Fellowship, University of Toronto (2000-2001)

William Osborne Twaits Fellowship, University of Toronto (1998)

Connaught Fellowship, University of Toronto (1997-2000)

Teaching Awards

Nominee for the Queen’s Alumni Award for Excellence in Teaching (2018)

Instructor of the Year – Masters of Finance, Beijing section (2015)

Nominee for MBA Instructor of the Year (2008)

Nominee for Commerce Award for Teaching Excellence (2005)

Other Awards

Outstanding Reviewer Certificate, Canadian Journal of Administrative Sciences (2016)

Best Managerial Finance Paper Award, Northern Finance Association Conference. Awarded for the paper Voluntary Adoption of Corporate Governance Mechanisms. (2006)

Doctoral Completion Grant, University of Toronto (2002)

Award of Excellence, University of Manitoba (1996)

Graduated with Distinction, University of Manitoba (1996)

Wolinsky Scholarship in Management, University of Manitoba (1994)

Hogg Centennial Scholarship, University of Manitoba (1992)

Grants & Funding

Research Committee (2018)
Financial Planning Foundation | $33,070

Grant (2011)
SSHRC | $51,490

Grant (2006)
SSHRC | $47,293

Advisory Research Committee (2005)
Queen's University | $5,000

Advisory Research Committee (2004)
Queen's University | $5,000

D.I. MacLeod Research Assistantship (2003)
Queen's School of Business | $900

D.I. MacLeod Research Assistantship (2002)
Queen's School of Business | $1,800

Insight Grants (2019)
SSHRC | $55,825

Grant (2017)
SSHRC | $55,635

Grant (2017)
The Halbert Centre for Canadian Studies | $12,000

Grant (2008)
SSHRC | $60,500

Grant (2006)
SSHRC | $100,219

Grant (2008)
CA-Queen’s Centre for Governance | $5,000

 

Service

Professional Affiliations and Board Members

Northern Finance Association

  • Sept. 2016 – March 2017 President
  • Sept. 2015 – Sept. 2016 Conference Co-Chair and Co-Vice President.
  • Shared responsibilities with Louis Gagnon Sept. 2014 – Sept. 2015 Board Secretary
  • Sept. 2014 – present: Member of the Board of Directors

Community Foundation of Kingston and Area

  • Sept. 2015 - present
  • Member of the Investment Committee, overseeing endowed portfolio of approximately $20 million. 

Queen’s University Investment Counsel 

  • 2010 – present
  • Member of the Board of Directors, overseeing student run portfolio of approximately $850,000.

Reviewer Experience

Editorial Team Member

  • The International Journal of Managerial Finance

Guest Editor

Special Issue on Financial Monitoring and its Consequences

The International Journal of Managerial Finance 

Ad hoc Journal Referee                     

  • The Canadian Journal of Administrative Sciences
  • The Canadian Tax Journal
  • Contemporary Accounting Research
  • Economic Systems
  • Eurasian Economic Review
  • European Journal of Finance
  • The Financial Review
  • Journal of Applied Accounting Research
  • Journal of Banking and Finance
  • Journal of Business Ethics
  • Journal of Business Finance and Accounting
  • Journal of Corporate Finance
  • Journal of Financial Research
  • Journal of International Business Studies
  • International Journal of Finance and Economics
  • Intelligent Systems in Accounting, Finance and Management
  • Multinational Finance
  • Journal Revue Finance

Research Grant Reviewer

  • Agence Nationale de la Recherche/ National Research Agency of France (2011)
  • Hong Kong Research Grant Council (2008)
  • Social Sciences and Humanities Research Council (SSHRC) Canada (2007, 2012, 2015, 2017)
  • Canada Research Chair (2017)

Program Committee Member

  • Northern Finance Association Meetings (2006, 2008, 20102018)
  • Financial Management Association Meetings (2007)
  • Midwest Finance Association Meetings (2012, 2013)

External Assessor for Program Review

  • St. Mary’s University, Finance Major Program (2017)

Professional Certifications

Chartered Financial Analyst Designation
2000

Canadian Securities Course
1995