Dr. Mohamed Ayadi is a Professor of Finance, joined the Goodman School of Business in 2001. He received his Ph.D. in Finance from Concordia University and M.Sc. in Finance from HEC Montreal. Prior to joining Brock, Dr. Ayadi taught at Concordia University and University of Quebec. He also worked as a research analyst at the World Bank in Washington D.C.

Dr. Ayadi is a member of Beta Gamma Sigma Honor Society of Business.

In 2009, he received the Faculty of Business Award for Excellence in Teaching.

He is also the recipient of the 2017-2018 Departmental Researcher of the Year Award.

RESEARCH AREA

SELECTED PUBLICATIONS

Journal Articles

Ayadi, M., Chaibi, A. and Kryzanowski, L.. Robust Market Timing Tests of Canadian Hybrid Mutual Funds, International Journal of Managerial Finance, Volume 19, Number 3, May, 2023.

Ayadi, M., Ben Omrane, W., Wang, J. and Welch, R.. Senior official speeches and severe price discontinuities in the foreign exchange market, Studies in Economics and Finance, Volume 40, Number 5, 2023.

Ayadi, M., Ben Omrane, W., Wang, J. and Welch, R.. Senior Official Speech Attributes and Foreign Exchange Risk around Business Cycles, International Review of Financial Analysis, Volume 80, March, 2022.

Ayadi, M., Ben Omrane, W., Lazrak, S. and Yan, X.. OPEC production decisions, macroeconomic news, and volatility in the Canadian currency and oil markets, Finance Research Letters, Volume 37, November, 2020.

Ayadi, M., Ben Omrane, W., Welch, R. and Jiahui, W.. Macroeconomic News, Public Communications and Foreign Exchange Jumps around US and European Financial Crises, International Journal of Finance and Economics, Volume 25, 2020.

Ayadi, M., Lazrak, S. and Xing, D.. Bankruptcy Protection Duration and Outcome of Canadian Public Firms, International Journal of Managerial Finance, Volume 15, October, 2019.

Ayadi, M., Cao, X., Lazrak, S. and Wang, Y.. Do Idiosyncratic Skewness and Kurtosis Really Matter?, North American Journal of Economics and Finance, Volume 50, October, 2019.

Ayadi, M., Ben Ameur, H., Channouf, N. and Tran, Q.. NORTA for Portfolio Credit Risk, Annals of Operations Research, Volume 289, October, 2019.

Ayadi, M., Ayadi, N. and Trabelsi, S.. Corporate Governance, European Bank Performance and the Financial Crisis, Managerial Auditing Journal, Volume 34, Number 3, September, 2019.

Smimou, K. and Ayadi, M.. Does Ethical Reinforcement Pay? Evidence from the Canadian Mutual Fund Industry in the Post-Financial Crisis Era, Business and Society Review, Volume 124, Number 1, 2019.

Ayadi, M., Lazrak, S., Liao, Y. and Welch, R.. Performance of Fixed-income Mutual Funds with Regime Switching Models, Quarterly Review of Economics and Finance, Volume 69, August, 2018.

Ayadi, M., Ben Omrane, W., Lazrak, S. and Yang, J.. The Dynamics of Currency, Savings, and Investment Rates, International Review of Finance, Volume 18, Number 1, March, 2018.

Ayadi, M., Kryzanowski, L. and Mohebshahedin, M.. Impact of Sponsorship on Fixed-income Fund Performance, Quarterly Review of Economics and Finance, February, 2018.

Ayadi, M., Lazrak, S. and Welch, R.. Determinants of Bankruptcy Regime Choice for Canadian Public Firms, Research in International Business and Finance, Volume 42, December, 2017.

Ayadi, M., Ben Ameur, H. and Fakhfakh, T.. A Dynamic Program for Valuing Corporate Securities, European Journal of Operational Research, Volume 249, Number 2, October, 2016.

Ayadi, M., Chaibi, A. and Kryzanowski, L.. The Performance of Canadian Hybrid Mutual Funds, North American Journal of Economics and Finance, Volume 38, August, 2016.

Ayadi, M., Ben Ameur, H. and Kryzanowski, L.. Typical and Tail Performance of Canadian Equity SRI Mutual Funds, Journal of Financial Services Research, Volume 50, Number 1, February, 2016.

Ayadi, M., Kusy, M., Pyo, M. and Trabelsi, S.. Corporate Social Responsibility, Corporate Governance, and Managerial Risk-Taking, Journal of Theoretical Accounting Research, Volume 11, Number 1, 2015.

Ayadi, M., Ben Ameur, H., Kirillov, T. and Welch, R.. A Stochastic Dynamic Program for Valuing Options on Futures, Journal of Futures Markets, Volume 34, Number 12, December, 2014.

Ayadi, M. and Kryzanowski, L.. Mutual Fund Performance Measurement with Nonlinear Stochastic Discount Factors, Advances in Quantitative Analysis of Finance and Accounting, Volume 11, Number 4, December, 2013.

Ayadi, M., Ben Ameur, H., Lazrak, S. and Wang, Y.. Canadian Investors and the Discount on Closed-end Funds, Journal of Financial Services Research, Volume 43, Number 1, February, 2013.

Ayadi, M. and Kryzanowski, L.. Fixed-Income Fund Performance: Role of Luck and Ability in Tail Membership, Journal of Empirical Finance, Volume 18, Number 3, June, 2011.

Ayadi, M. and Kryzanowski, L.. Portfolio Performance Sensitivity for Various Asset Pricing Kernels, Computers and Operations Research, Volume 35, Number 1, January, 2008.

Ayadi, M. and Kryzanowski, L.. Portfolio Performance Measurement using APM-free Kernel Models, Journal of Banking and Finance, Volume 29, Number 3, Winter, 2005.

Ayadi, M. and Gadhoum, Y.. Ownership Structure and Risk: A Canadian Empirical Analysis, Quarterly Journal of Business and Economics, Volume 42, Number 1&2, Winter, 2003.

Book Chapters / Sections

Ayadi, M., Ben Ghazi, Z. and Chabchoub, H.. Multiple Criteria Decision Making in Finance, Insurance and Investmen - Chapter: Canadian Socially Responsible Investment Muutal Funds Performance Evaluation using Data Envelopment Analysis. Editors: . Springer, United States of America, 2015.

Ayadi, M.. Emerging Markets and the Global Economy: A Handbook - Chapter: Robust Measures of Hybrid Emerging Markets Mutual Funds’ Performance. Editors: Arouri, Boubaker, and Nguyen. Elsevier, New York, 2013.

Ayadi, M. and Kryzanowski, L.. Numerical Methods in Finance - Chapter: A Stochastic Discount Factor-Based Approach for Fixed-Income Mutual Fund Performance Evaluation. Editors: Ben-Ameur; Breton. Springer, New York, 2005.

Conference Proceedings and Presentations

Ayadi, M., Ben Omrane, W., Wang, J. and Welch, R.. Senior Official Speeches and Severe Price Discontinuous Movements in the Foreign Exchange Market - Tunisian Society for Financial Studies (TSFS) Conference, Sousse, Tunisia, 2021.

Ayadi, M., Ben Omrane, W., Welch, R. and Wang, J.. Macroeconomic News and Foreign Exchange Volatility Jumps around the Global Financial Crisis - 1st International Symposium on Entrepreneurship, Blockchain and Crypto-Finance, Tunis, Tunisia, 2019.

Ayadi, M., Cai, Y., Sohail, T. and Trabelsi, S.. Does Zero Lower Bound Policy Affect Managerial Risk Taking and Executive Compensation? - CAAA Annual Conference, Calgary, Alberta, 2018.

Ayadi, M., Ben Omrane, W., Wang, J. and Welch, R.. Macronews effects and foreign exchange jumps around US and European crises - ASTURIMA Financial Studies Conference, Hammamet, Tunisia, 2018.

Ayadi, M., Lazrak, S., Singh, A. and Welch, R.. Performance Appraisal of Emerging Markets Equity Mutual Funds - 12ème Colloque Scientifique International en Finance et Assurance, Djerba, Tunisia, December, 2017.

Ayadi, M., Cao, X., Lazrak, S. and Wang, Y.. Do Idiosyncratic Skewness and Kurtosis Really Matter? - 2017 FMA Conference, Boston, Massachusetts, October, 2017.

Ayadi, M., Cao, X., Lazrak, S. and Wang, Y.. Do Idiosyncratic Skewness and Kurtosis Really Matter? - Eastern Finance Association (EFA), Jacksonville, Florida, 2017.

Ayadi, M., Ben Ameur, H., Channouf, N. and Tran, Q.. NORTA for Portfolio Credit Risk - 2017 TSFA Annual Meeting, Sousse, Tunisia, 2017.

Ayadi, M., Cao, X., Lazrak, S. and Wang, Y.. Do Idiosyncratic Skewness and Kurtosis Really Matter? - Summer Accounting and Finance Conference (TAFPANA), Monastir, Tunisia, 2016.

Ayadi, M., Kryzanowski, L. and Mohebshahedin, M.. Impact of Sponsor Ownership on Fixed-income Fund Performance - Financial Management Association International , Orlando, Florida, October, 2015.

Ayadi, M., Chaibi, A. and Kryzanowski, L.. Performance of Canadian Hybrid Funds - European Business Research, Rome, Italy, September, 2015.

Ayadi, M., Kusy, M., Pyo, U. and Trabelsi, S.. Corporate Social Responsibility, Corporate Governance, and Managerial Risk-Taking - Canadian Academic Accounting Association, Toronto, Ontario, 2015.

Ayadi, M., Lazrak, S., Liao, Y. and Welch, R.. Dynamic Performance of Canadian Fixed Income Mutual Funds - 26th Annual NFA Conference , Ottawa, Ontario, September, 2014.

Ayadi, M., Kryzanowski, L. and Mohebshahedin, M.. Impact of Sponsor Ownership on Fixed-Income Fund Performance - 21 Annual Conference of Multinational Finance Society, Prague, Czech Republic, July, 2014.

Ayadi, M., Kryzanowski, L. and Mohebshahedin, M.. Impact of Sponsor Ownership on Fixed-income Fund Performance - 23rd European Financial Management Association (EFMA) , Rome, Italy, June, 2014.

Ayadi, M., Ben Ameur, H. and Fakhfakh, T.. A Dynamic Program for Valuing Corporate Securities - 1st Paris Financial Management Conference (PFMC), Paris, France, January, 2014.

Ayadi, M., Lazrak, S. and Xin, D.. The Determinants of Bankruptcy Protection Duration for Canadian Firms - 1st Paris Financial Management Conference (PFMC), Paris, France, January, 2014.

Ayadi, M., Lazrak, S., Liao, Y. and Welch, R.. Dynamic Performance of Canadian Fixed Income Mutual Funds - TAFPANA conference, Tunis, Tunisia, 2014.

Ayadi, M., Densmore, M., Lazrak, S. and Welch, R.. The Informative Quality of Corporate Credit Ratings - FMA Conference, Chicago, United States of America, October, 2013.

Ayadi, M., Densmore, M., Lazrak, S. and Welch, R.. The Informational Value of Corporate Credit Ratings - 22th European Financial Management Association (EFMA), Reading, United Kingdom, June, 2013.

Ayadi, M., Ben Ameur, H. and Kryzanowski, L.. Typical and Tail Performance of SRI Equity Mutual Funds - 9th EBES International Conference, Rome, Italy, January, 2013.

Ayadi, M., Lazrak, S. and Welch, R.. Determinants of Bankruptcy Regime Choice in Canada: BIA vs. CCAA - International Journal of Arts & Sciences Conference, Paris, France, 2013.

Ayadi, M., Lazrak, S. and Welch, R.. Determinants of Bankruptcy Regime Choice in Canada: BIA vs. CCAA - Euro-American Conference for Academic Disciplines, Paris, France, 2013.

Ayadi, M., Ben Ameur, H. and Fakhfakh, T.. A Dynamic Program for Valuing Corporate Debt - Annual Conference on Global Economy, Business and Finance, Hong Kong, China, December, 2012.

Ayadi, M., Lazrak, S. and Xing, D.. The Determinants of Bankruptcy Protection Duration for Canadian Firms - 21th European Financial Management Association (EFMA) Conference, Barcelona, Spain, June, 2012.

Ayadi, M., Ben Ameur, H. and Fakhfakh, T.. A Dynamic Program for Valuing Corporate Debt Portfolios - Optimization Days Conference, Montreal, Canada, May, 2012.

Ayadi, M., Ben Ameur, H. and Fakhfakh, T.. A Dynamic Program for Valuing Corporate Debt Portfolios - Mathematical Finance Days Conference, Montreal, Canada, May, 2012.

Ayadi, M., Ben Ameur, H. and Fakhfakh, T.. A Dynamic Programming Approach for Valuing Corporate Bond Portfolios and the Term-Structure of Conditional Default Probabilities - Asia-Pacific Business Research Conference, Kuala Lumpur, Malaysia, February, 2012.

Ayadi, M., Lazrak, S. and Welch, R.. Determinants of Bankruptcy Regime Choice in Canada: BIA vs. CCAA - International Journal of Arts & Sciences Conference, Toronto, Ontario, 2012.

Ayadi, M., Lazrak, S. and Lee, K.. Do Volatility and Margin Requirements Measure up? Further Evidence from Canadian Equity Market - Financial Management Association (FMA) Conference, Denver, Colorado, October, 2011.

Ayadi, M., Lazrak, S. and Xin, D.. The Determinants of Bankruptcy Protection Duration for Canadian Firms - Multinational Finance Society, Rome, Italy, June, 2011.

Ayadi, M., Ben Ameur, H. and Channouf, N.. A NORTA-based Approach for Portfolio Credit Risk - 2011 Optimization Days Conference, Montreal, Quebec, May, 2011.

Ayadi, M., Ben Ameur, H. and Channouf, N.. A NORTA-based Approach for Portfolio Credit Risk - Financial Mathematics Conference, Montreal, Quebec, May, 2011.

Ayadi, M. and Kryzanowski, L.. Luck versus Skill in the Cross-Section of Ethical Mutual Funds - Eastern Finance Association Conference, Savannah,, Georgia, April, 2011.

Ayadi, M. and Kryzanowski, L.. Luck versus Skill in the Cross-Section of Ethical Mutual Funds - Midwest Finance Association Conference, Chicago, Illinois, March, 2011.

Ayadi, M., Lazrak, S. and Welch, R.. Determinants of Bankruptcy Regime Choice in Canada: BIA vs. CCAA - Multinational Finance Society Conference, Barcelona, Spain, 2011.