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Peter MacKay


IEMS Research Areas


Corporate Finance; Risk Management; Capital Structure; Corporate Investment; Corporate Governance


Peter MacKay is a financial economist with expertise in many areas of corporate finance, including capital structure, risk management, capital expenditures, working capital management, and corporate governance. He is currently researching voluntary disclosures, the internal and external organization of firms, how macro-micro interactions affect investment policy, and the intensity and maturity of corporate hedging activity. A common theme in his work is the role of industry structure in explaining firm-level behavior. His work in emerging markets includes a study of stock-market return contagion between Europe and Asia, differences in governance of affiliated investment funds in China, and currently, a comparison of corporate risk management practices across the BRICS countries and the West (an IEMS-sponsored project). He is leading an industry-sponsored study on the economic impact of improving the fund-management environment in Hong Kong. Much of his work has been published in leading journals such as The Journal of Finance, The Review of Financial Studies, and The Journal of Financial and Quantitative Analysis. Professor MacKay is associate editor for the Multinational Finance Journal and the International Review of Financial Analysis. He previously held appointments at Southern Methodist University (Dallas, Texas) and Laval University (Quebec, Canada).


  • Advances in Financial Risk Management: Corporates, Intermediaries, and Portfolios, 2013, Editor, Palgrave-Macmillan Advances in Risk Management, with J. A. Batten and N. Wagner.
  • Evrim Akdoğu and Peter MacKay, 2012, Product Markets and Corporate Investment: Theory and Evidence, Journal of Banking and Finance, 36, 439–453.
  • The Growing Financial Interdependence between Europe and Asia, 2012, in EU/Asia and the re-polarization of the global economic arena, Chapter 5, Lars Oxelheim (Editor). World Scientific Press (London) (with Andrew Chiu).
  • Redeemability as Governance: A Study of Closed-end and Open-end Funds under Common Management, 2012, Chapter 27, Research Handbook on International Banking and Governance, James R. Barth, Clas Wihlborg, and Chen Lin (Editors), Edward Elgar Publishing.
  • "Product markets and corporate investment: Theory and evidence" (with Evrim Akdoğu), 2012 Journal of Banking and Finance, 36 (2012) 439–453.
  • "Investment and Competition" (with Evrim Akdoğu), 2008, Journal of Financial and Quantitative Analysis, 43 (2), 299-330.
  • "The Value of Corporate Risk Management" (with Sara Moeller), 2007, Journal of Finance, 62 (3), 1379-1419.
  • "How Does Industry Affect Firm Financial Structure?" (with Gordon Phillips), Review of Financial Studies, 18(4), 2005, pp. 1433-1466.
  • "Real Flexibility and Financial Structure: An Empirical Analysis", Review of Financial Studies, 16(4), 2003, pp. 1131-1165.
  • “Working Capital Management Practices in Canada, Australia and the U.S.A.”, (with Nabil Khoury, Université Laval, and Keith Smith, Purdue University), The Canadian Journal of Administrative Sciences, 16 (1), 1999, pp: 53-57.
  • “Finance and Technology”, 1998, Theoretical and Practical Problems in Management15(5), 40-4.