Financial Institutions in the 21st Century



JUNE 18 − 21, 2010

University of Victoria, Victoria, BC, Canada


The global financial crisis and its impact on the real economy have taught us that we have yet a lot to learn about financial institutions. What role do banks and other financial intermediaries play? How exactly do intermediaries interact with financial markets? Are hedge funds and liquidity dark pools a curse or a blessing? And, how do we best regulate financial intermediaries and markets? Just prior to the Western Finance Association 2010 Annual Meeting in Victoria, FISS 2010 intends to provide a stimulating learning environment for PhD students, junior faculty, and other young researchers who wish to take up these challenging research questions impressed upon as the dust of the global economic crisis is slowly settling.

Held on the beautiful campus of the University of Victoria the summer school participants enjoyed lectures from four leading scholars in the field as well as four junior scholars who discussed the pervasive questions that this generation of scholars and policy makers grapple with. In addition, eight summer school participants lead a 15-minute presentation for their class.

FISS 2010 was offered by the Department of Economics at the University of Victoria from June 18 to June 21, 2010. It was organized by Dr. Paul Schure, Assistant Professor in the Department of Economics at the University of Victoria. 

FISS 2010 was made possible by the financial support of The European Union Centre of Excellence at the University of Toronto and the University of Victoria. FISS 2010 also benefited from the support of the Department of Economics, the Office of the VP Research, and the Faculty of Social Sciences at UVic. Finally, we have benefited from the encouragement of the Board of the Western Finance Association.

Take a look at the Schedule and reading list below:

FISS 2010 Programme

FISS 2010 schedule errata

FISS 2010 Reading List


Arnoud W. A. Boot (University of Amsterdam)

Arnoud Boot is Professor of Corporate Finance and Financial Markets at the University of Amsterdam and director of the Amsterdam Center for Law & Economics (ACLE). He is a member of the Dutch Social Economic Council (SER) and the Bank Council of the Dutch Central Bank (DNB). He is also Research Fellow at the Centre for Economic Policy Research (CEPR) in London and at the Davidson Institute of the University of Michigan. Prior to his current positions, he was on the faculty of the J.L. Kellogg Graduate School of Management at Northwestern University in Chicago, and during 2000-2001 he was a partner in the Finance and Strategy Practice at McKinsey & Co. Arnoud Boot is member of the Royal Netherlands Academy of Arts and Sciences (KNAW).

In addition to his academic activities, professor Boot advises extensively on ownership structure issues, particularly related to the public/private domain. He is frequently involved in legal cases (expert opinions), and is consultant to several financial institutions and corporations. His consultancy activities concern the regulation and strategic positioning of financial institutions, corporate finance, governance and anti-trust issues. For these activities, he has also established the Amsterdam Center for Corporate Finance, a ”think tank” designed to improve the interaction between theory and practice.  

Arnoud Boot held visiting appointments at several universities. He has been Bertil Danielsson Visiting Professor at the Stockholm School of Economics in Sweden and Olin Fellow at Cornell University in the U.S., and is also conferred the honorary title of visiting professor from the Faculty of Economics of the University of Ljubljana. He has taught in a number of MBA programs and in a variety of executive education programs. His research focuses on corporate finance and financial institutions. He has written on regulation of financial institutions, the design of securities, corporate governance, capital structure, corporate divestitures and take-overs and rescheduling of sovereign debt. His publications have appeared in major academic journals, such as the Journal of Finance, American Economic Review, Economic Journal and the International Economic Review.

Mei Li (University of Guelph)

Mei Li is Assistant Professor in the Department of Economics at the University of Guelph. She received a BA (1994) and MA (1997) in International Economics from Wuhan University, and an MA (2001) and PhD (2007) in Economics from Queen's University. Her research interests include international finance, banking, and financial stability. She is currently working on the optimal appreciation path of the renminbi, the role of large traders such as Soros in currency attacks, and systemic risk in the financial system.

Basma Majerbi (University of Victoria)

Professor Majerbi joined UVic Business in 2004 after completing her PhD in Finance at McGill University. Her doctoral dissertation entitled “Essays in international asset pricing, foreign exchange risk, and market segmentation” examined the importance of currency risk in the stock markets of both developed and emerging countries. Her research interests also include issues of integration versus segmentation of financial markets, international diversification benefits in portfolio investments, international finance and the role of financial system in economic development and growth. Her work has been published in leading academic journals such as the Journal of Financial and Quantitative Analysis, The journal of Empirical Finance, and the Journal of International Business Studies. 

Professor Majerbi teaches in the areas of international finance and corporate finance. Her teaching interests also include investments, financial markets and institutions and risk management. Prior to joining UVic Business, she taught various finance courses at McGill University and participated in executive education programs while working for a consulting and management training company in Tunisia. Her business experience includes managing an export division for an industrial company and holding short term management training positions in domestic and multinational companies in Portugal, Switzerland, Tunisia and the US. She also participated in research studies with the World Bank Group.

Paul Schure (University of Victoria)

Paul Schure received his PhD from the European University Institute, Florence. Before joining UVic as assistant professor, Paul spent one year as a postdoc student at the Hebrew University of Jerusalem and 4 months as a consultant at the European Investment Bank. He has held visiting positions at the Robert Schuman Centre of the European University Institute (2002 and 2005), the University of Bonn (2003), Utrecht University (2008), and the University of Amsterdam (2009). Paul works on financial intermediation, industrial organisation, and European economics. His work has appeared in various economics and finance journals, and a recent article appeared in European Union Politics. Paul was secretary/treasurer of the European Community Studies Association-Canada (ECSA-C) between 2004 and 2010 and co-organised the ECSA-C biennial conferences of 2008 and 2010.

Geoffrey Dunbar (Simon Fraser University)

Geoffrey Dunbar received his Ph.D. from Queen's University in 2006 after joining the Economics Department at Simon Fraser University in 2005. Prior to commencing his doctoral studies, he was an economist in the International Department at the Bank of Canada  specializing on the economies of Europe and Japan. Geoffrey's research interests touch three strands of economics. His doctoral dissertation focussed on the effects of financial intermediation and equilibrium contracts for the distribution of wealth. Continuing on this research agenda, he has examined how financial intermediation and wealth inequality affect portfolio allocations and asset returns and thus help to reconcile excess returns to equity. A second area of research has focussed on the sources of aggregate fluctuations, in particular how changing demographic patterns affect both the aggregate returns to capital investment and the business cycle. His third research interest examines the sharing of resources within households with potential applications to micro-finance and development. His work is currently under review at a number of top economics journals.

Alfred Lehar (University of Calgary)

Alfred is assistant professor in the finance area. He has been teaching at the Haskayne School of Business since 2005. He received an undergraduate degree and a PhD from the University of Vienna. Prior to joining Haskayne, Alfred held positions at the University of Vienna and the University of British Columbia.

Alfred teaches a course on Mergers and Acquisitions for undergraduate students and MBAs and a class on Corporate Governance for undergraduate students. Alfred's areas of research interest include bank regulation, financial stability, and corporate finance. 

Alfred is currently researching under what conditions renegotiations can facilitate a private sector workout of a financial crisis. He also works on how information produced by financial markets can be optimally used in bank regulation. In his previous research Alfred developed several methods on how to measure the probability of a financial crisis, analyzed conflicts of interest for financial Analysts, and looked at the empirical fit of alternative option pricing models. Alfred’s work has been published in Management Science, the Journal of Financial Intermediation, the Journal of Banking and Finance, and the Review of Finance.

Manju Puri (Duke University)

Manju Puri is the J. B. Fuqua Professor of Finance at the Fuqua School of Business, Duke University. She was earlier Associate Professor of Finance at Stanford Business School, which she joined after earning her Ph.D in finance at New York University. Professor Puri has been an executive and consultant in the banking industry, and is a leading scholar in banking and venture capital.  Her research interests are in the area of empirical corporate finance and financial intermediation, with focus on commercial banks, investment banks, venture capital and entrepreneurship.

Professor Puri has published widely in the leading finance journals including Journal of Finance, Journal of Financial Economics and Review of Financial Studies.  Her research has won multiple awards including two Western Finance Association best paper awards, and two Fama-DFA awards in Journal of Financial Economics.  Professor Puri is a co-editor of the Journal of Financial Intermediation, and serves as associate editor of several journals including the Journal of Finance, Journal of Money, Credit and Banking, Journal of Empirical Finance, Journal of Financial Research and Journal of Financial Services Research.  She is a Research Associate with the National Bureau of Economic Research.  Her work has been supported by the FDIC, National Science Foundation, and Sloan Foundation Fellowship. 

Professor Puri teaches an elective she created on “Raising Capital” for the MBA students at Fuqua. She also teaches a Ph.D class on Empirical Corporate Finance and has taught Advanced Corporate Finance, and Venture Capital Financing at Fuqua and Stanford Business School.  She has mentored a number of Ph.D students who have been placed at the leading schools including Columbia, Northwestern, MIT and Yale University.

Thomas F. Hellmann (University of British Columbia)

Dr. Thomas Hellmann is the B.I. Ghert Family Foundation Professor in Finance and Policy at the Sauder School of Business at the University of British Columbia.  He holds a BA from the London School of Economics and a PhD from Stanford University. He is the director of the W. Maurice Young Entrepreneurship and Venture Capital Research Centre at UBC. Prior to joining UBC, he spent ten years as an Assistant Professor at the Graduate School of Business, Stanford University. He also held visiting positions at the Hoover Institution (Stanford), the Wharton School (University of Philadelphia), INSEAD (France) and the University of New South Wales (Sidney, Australia). Professor Hellmann teaches executive, MBA and undergraduate courses in the areas of venture capital, entrepreneurship and strategic management. Professor Hellmann’s research interests are venture capital, entrepreneurship, innovation, strategic management and public policy. He has published in many leading economics, finance and management journals, including The American Economic Review, Journal of Finance and Management Science. He is the founder of the NBER Entrepreneurship Research Boot Camp, which teaches the frontiers of entrepreneurship economics and entrepreneurial finance to PhD students. He is an associate editor at the Journal of Economics and Management Strategy, Journal of Financial Intermediation and Management Science. Professor Hellmann has performed several consulting studies related to the government policy in venture capital. He led the development of a library of case studies focused on high technology companies and British Columbia, and is currently writing a textbook on venture capital and private equity.

Viral V. Acharya (New York University)

Viral V. Acharya joined New York University Stern School of Business as a Professor of Finance in September 2008. Prior to joining NYU Stern, Professor Acharya was a Professor of Finance and Academic Director of the Private Equity Institute at the London Business School, a Research Affiliate of the Center for Economic Policy Research and an Academic Advisor to the Bank of England. He was appointed Senior Houblon-Normal Research Fellow at the Bank of England to conduct research on efficiency of the inter-bank lending markets for the summer of 2008. 

Professor Acharya’s research interests are in the regulation of banks and financial institutions, corporate finance, credit risk and valuation of corporate debt, and asset pricing with a focus on the effects of liquidity risk. He has published articles in the Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of Business, Rand Journal of Economics, Journal of Financial Intermediation, Journal of Money, Credit and Banking, and Financial Analysts Journal.

Professor Acharya has received numerous awards and recognition for his research. He received the Best Paper Award in Corporate Finance from the Journal of Financial Economics in 2000, Best Paper Award in Equity Trading at the Western Finance Association Meetings in 2003, Outstanding Referee Award for the Review of Financial Studies in 2003, the inaugural Lawrence G. Goldberg Prize for the Best Ph.D. in Financial Intermediation, Best Paper Award in Asset Pricing from the Journal of Financial Economics in 2005, and an inaugural Rising Star in Finance Award in 2008.

Professor Acharya earned a Bachelor of Technology in Computer Science and Engineering from the Indian Institute of Technology, Mumbai, and a Ph.D. in Finance from New York University Stern School of Business.

Please email your application to: (Paul Schure). Attach the following documents:

- Curriculum Vitae

- A short description (1 or 2 paragraphs; or a few keywords) of the applicant’s research interests

- (Optional) Paper or an extended abstract. Up to eight participants will have the opportunity to give a brief 15-minute presentation of their work in progress. Those who wish to present should indicate so in their application email and submit their paper or an extended abstract. The list of the presenters will be announced to the participants on JUNE 05, 2010.

- (Optional). For those who wish to present their work in progress it would be helpful to ask a reference for a recommendation email to Please ask your reference to state your name in the header of the email.


You register only after having heard from the organisers that you have been admitted to the summer school. Please find the registration details under the "registration" tab.


  1. You only register after you have been admitted to the summer school

  2. Before you register, please ensure you have read the cancellation policy below

  3. You register by filling out the FISS registration form 

Note: Payment of the registration fee guarantees you are admitted to the summer school. Payments should all be made before the deadline in order to guarantee the place in the course. On payment, you will receive a confirmation email. Your proof of payment will be provided during the summer school.



Fee Graduate Students: Can$ 375

Fee Others: Can$ 575

The fee covers three dinners and lunches. It does not include accommodation, however, assistance with finding affordable accommodation is available (see accommodation tab).

The Graduate Students rate applies if you are a full-time student currently enrolled at a university or college, or if you have just finished your degree and have not got a job yet. Students may be asked to send proof of their status.


Cancellations, if any, are to be sent by email to the organiser at Participants wishing to withdraw from the program will have their fees partially refunded according to the following policy:

  1. Prior to end of May 2010: full refund of the registration fee, less Can$ 75.- administration cost.

  2. From June 1 onwards refund requests will normally not be granted unless due to an “unforeseen contingency” that prevents the participant from coming, e.g. severe illness or an “Icelandic volcano”. Should this happen, full refund of the registration fee, less Can$ 75.- administration cost will be returned.

Dr. Paul Schure


Phone: 250 884 3268 (9:00 - 17:00 Standard Pacific Time)