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Paul Calluzzo

Associate Professor & Toller Family Fellow of Finance

Overview

Paul Calluzzo is an Associate Professor & Toller Family Fellow of Finance at Smith School of Business at Queen’s University.

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Academic Area

  • Finance

Interest Topics

  • Finance & Investment
  • Governance

Faculty Details

Profile

Full Bio

Paul Calluzzo is an Associate Professor & Toller Family Fellow of Finance at Smith School of Business at Queen’s University.

He received his PhD 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

PhD in Finance
Rutgers University (2014)

B.A. in Economics
Williams College (2006)

Academic Experience

Smith School of Business, Queen's University
Associate Professor (2020 - Present)
Toller Family Fellow of Finance (2019 - Present)
Distinguished Faculty Fellow of Finance (2018 - 2019)
Assistant Professor of Finance (2014 - 2020)

Publications

Journal Articles

“Complex Instruments Have Increased Risk and Reduced Performance at Mutual Funds,” with Fabio Moneta and Selim Topaloglu, Critical Finance Review, Forthcoming.

“Experts in the Boardroom: Director Connections in the Mutual Fund Industry,” Contemporary Accounting Research, Forthcoming.

“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.

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

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

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

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

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

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

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

"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

“Busy Season and Proxy Recommendations,” with Simi Kedia

“When Many Decisions Tire You Out: Choice Fatigue in Proxy Voting,” with Tanja Artiga González and Georg Granic

 

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-16proxy-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.

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.

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

Student Supervision

  • Lutfi Nahin – MSc in Progress
  • Morteza Talezadeh – MSc (2021)
  • Hamed Moradian – MSc (2021)

Interests

Corporate Finance, Investments 

Research

Interests

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

Presentations

Presentations (* by co-author)

Breaking the Rainbow Ceiling: LGBTQ equality in firms

  • Review of Corporate Finance Studies Winter Conference, (Remote) 2021
Busy Season and Proxy Recommendations
  • Midwest Finance Association Annual Meeting, (Remote) 2021
  • Australasian Finance and Banking Conference, Sydney (Remote) 2020
Experts in the Boardroom: Director Connections in the Mutual Fund Industry
  • Berlin Mutual Fund and Hedge Fund Conference, Berlin 2014
  • European Finance Association Annual Meeting, 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 Annual Meeting, 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 2012
When Anomalies Are Publicized Broadly, Do Institutions Trade Accordingly?
  • 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 Annual Meeting, 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 2012
The real effects of proxy advisors on the firm
  • FMA Annual Meeting Special “Top Papers“ Session, New Orleans 2019
  • FMA European Conference, Lisbon 2017*
  • Northern Finance Association Annual Meeting, 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 2015
SEC Enforcement and Corporate Relocations
  • Society for Financial Studies Finance Cavalcade, New Haven 2018
  • European Accounting Association Annual Meeting, Milan 2018*
  • European Finance Association Annual Meeting, 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 2015*
  • Sovereign Wealth Fund Investments and the U.S. Political Process
  • 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 2013
(Ab)Use of Leverage, Short Sales, and Options by Mutual Funds
  • Annual Conference of the French Finance Association, Québec City 2019*
  • Multinational Finance Society, Budapest 2018*
  • European Financial Management Conference, Milan 2018*
  • 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 2016*
Corporate hedging during the financial crisis
  • Northern Finance Association Annual Meeting, Charlevoix 2018
  • Financial Intermediation Research Society Conference, Barcelona 2018
  • Canadian Economic Association Conference, Montreal 2018*
  • IFABS 2017 Oxford Conference, Oxford 2017*
Fund Governance Contagion: New Evidence on the Mutual Fund Governance Paradox
  • FMA Annual Meeting, Chicago 2013*
Has the Financial System Become Safer after the Crisis? The Changing Nature of Financial Institution Risk
  • Australasian Finance and Banking Conference, Sydney 2013*
  • Annual International Industrial Organization Conference, Boston 2013*
  • NUS Annual Risk Management Conference, Singapore 2013*
  • Surrey-Fordham Conference, Guildford 2013*

Awards

Awards & Honours

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

Toller Family Fellow of Finance, Smith School of Business 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

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