Emrul Hasan
Research Area
About
My primary teaching areas at VSE are Macroeconomics, Econometrics, International Trade, and International Finance. Before joining VSE, I used to teach economics and finance courses at Simon Fraser University (SFU) and the British Columbia Institute of Technology (BCIT). I did my Ph.D. in Finance from Simon Fraser University (SFU). I also completed an MA in Economics from SFU and an MA in Financial Economics from York University, ON. I am also a CFA (Chartered Financial Analyst) charterholder and a Certified FRM (Financial Risk Manager).
Before moving to the education industry, I spent several years as an investment analyst and consultant at different investment banks, manufacturing firms, and think-tanks such as the Fraser Institute. My primary areas of expertise were private equity valuation, M&A, equity and fixed-income analysis, the insurance industry, and Macro Consulting.
I grew up in Bangladesh, and then I moved to Canada in 2009. I enjoy chatting with students about career and life planning. During my free time, I play cricket at the British Columbia Mainland Cricket League (BCMCL).
Teaching
Research
My primary research areas are asset pricing, capital gains taxes, behavioral finance and economics, IPO, and SEO underpricing. My research philosophy, publications, and working papers can be found here: emrulhassan.com/research
Select working papers
A Tax “Lock-in” Explanation for Significant Negative Issuance Date Returns in Seasoned Equity Offerings (SEOs)
Capital Gains Tax “Lock-in” Effect Due to Differential Tax Rates for Short-term and Long-term Holdings: Evidence from IPO Underpricing
Publications
We extend the capital gain lock-in model developed in Klein (1998) to explain the drop in the price of a company's shares when it conducts an SEO. We show that investors which are locked-in may not be willing to participate in an SEO. As a result, the equilibrium price after the SEO needs to be lower than it would be otherwise in order that the remaining investors are willing to bear the additional investment risk of the SEO. We provide numerical examples to demonstrate our theoretical results. Our theory is well supported by empirical tests of SEO issue-day returns using data on the accrued capital gains of tax-sensitive and tax-insensitive institutional investors.[go to paper]
In this paper, we discuss the differences between online and in-person students (“cohorts”) in an intermediate econometrics course taught in Summer 2021 using a hybrid (online and in-person) educational format. We designed this course as an experimental pilot which used a combination of lectures, labs, and hands-on activities to study whether hybrid instruction necessarily advantages one group of students (e.g., in-person) over another (e.g., online). We were particularly interested to know if differences could be reduced through course design choices and the use of interactive learning activities. We found that our design led to generally highly positive experiences for students – and there were no differences in affective experiences between the online and in-person cohorts. We did find some small differences in participation and peer-evaluation, favouring in-person students, but no differences in overall academic achievement. We conclude that this case study shows how certain forms of hybrid learning do not necessarily disadvantage online students, if properly supported with course and curriculum design. We also provide examples and guidance for educators seeking to adapt, replicate, or extend our approach.[go to paper]
Additional Description
I am an active researcher working on capital gains taxes, asset pricing, behavioural finance and economics, IPO and SEO underpricing.
I led diverse courses in Economics and Finance throughout my teaching career at different academic institutions. I believe these experiences added to the breadth of my knowledge consistent with what Joseph L. Rotman said “Breadth of knowledge is critical to developing high value decision-makers for today’s business world.” My teaching philosophy and the list of courses I taught can be found here: emrulhasan.com/teaching