Emrul Hasan

Lecturer

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).

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

We use 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 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 purchase the entire new issue. We provide numerical examples to demonstrate our theoretical results. Our theory is well supported by empirical tests on the cross-section of SEO issue-day returns.

[go to paper]

Winter 2021

ECON102 Principles of Macroeconomics Sections

Elements of theory and of Canadian policy and institutions concerning the economics of growth and business cycles, national income accounting, interest and exchange rates, money and banking, the balance of trade.

Winter 2021

ECON226 Making Sense of Economic Data Sections

Formulation of a testable hypothesis, identification of relevant data, use of appropriate statistical tools. May not be taken for credit by students with fourth-year standing in ECON or COMM. Not available for credit to students already having credit for either of ECON 325 or ECON 326 (or equivalent).

Winter 2021

ECON302 Intermediate Macroeconomic Analysis I Sections

Income and employment theory, monetary theory, the open economy, economic fluctuations and growth. Credit will be granted for only one of ECON 302, ECON 305, or ECON 309.

Winter 2021

ECON355 Introduction to International Trade Sections

The determinants of trade patterns, trade policy, tariff and non-tariff barriers to trade, political economy of protectionism, bilateral and multilateral trade disputes, trade liberalization, trade and development. Credit may be obtained for only one of ECON 355 and 455.

Winter 2021

ECON425 Introduction to Econometrics Sections

Theoretical and applied issues in statistics and econometrics. Statistical distributions, sampling theory, maximum likelihood methods of estimation and hypothesis testing, generalized least squares, measurement errors, non-normal errors, systems of equations, discrete-choice models, outliers, regression diagnostics, and model selection.

Winter 2021

ECON457 Seminar in International Economic Relations Sections

Selected topics focusing upon various issues arising in international economic relations. Open only to fourth-year students in the Major program in International Relations.

At UBC, I teach Econometrics, International Trade and Finance, Principles of Micro and Macroeconomics. 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