Benjamin Croitoru

Associate Professor, Finance; Academic Director, MBA Japan
Contact Information
Email address: 
benjamin.croitoru [at]
Alternate email address: 
emily.saracino [at]

Bronfman Building, [Map]
1001 rue Sherbrooke Ouest
Montreal, Quebec
H3A 1G5


PhD, Finance, Wharton School, University of Pennsylvania, USA
DIP Institut des Actuaires Français, Actuarial Science, Institut de Statistique de l’Université Pierre et Marie Curie, France
DIP École Supérieure des Sciences Économiques et Commerciales (ESSEC), France


Dr. Croitoru joined McGill's Faculty of Management in the Fall of 2000, where he teaches Financial Economics at the doctoral level and Investments and Portfolio Management at the undergraduate level.

Dr. Croitoru's research has been concerned primarily with the equilibrium pricing of financial assets in the presence of imperfections (such as taxation, transaction costs for the international shipment of goods, or portfolio constraints such as restrictions on short sales). In his doctoral dissertation, he has examined how apparent inconsistencies in asset prices can arise within the framework of a rational equilibrium model. A useful economic role for the type of arbitrage activity that exploits these pricing discrepancies (and is often blamed for increasing market volatility) was demonstrated. Another chapter incorporated complex features of the tax system into the analysis of individual investment decisions and equilibrium security prices. 

Dr. Croitoru's other research interests include international finance, the role of incomplete information and heterogeneous beliefs, and strategic behavior in financial markets. He has presented his research at the American Finance Association and the Western Finance Association meetings, as well as other conferences and universities in Europe and North America.

Dr. Croitoru's research has been published in several journals including the Journal of Financial Economics, Management Science and the Review of Financial Studies.

Tenured & Tenure Track
Research areas: 
Asset Pricing
Mutual & Hedge Funds
Risk Management
Selected publications: 

Papers in Peer-Reviewed Journals

Croitoru, B. and L. Lu, 2014, “Asset pricing in a Monetary Economy with Heterogeneous Beliefs,” forthcoming in Management Science.
Basak, S. and B. Croitoru, 2007, “International Good Market Segmentation and Financial Innovation,” Journal of International Economics, 71, 267-293.
Basak, S. and B. Croitoru, 2006, “On the Role of Arbitrageurs in Rational Markets,” Journal of Financial Economics, 81, 143-173.
Basak, S. and B. Croitoru, 2001, “Nonlinear Taxation, Tax Arbitrage and Equilibrium Asset Prices,” Journal of Mathematical Economics, 35, 347-382.
Basak, S. and B. Croitoru, 2000, “Equilibrium Mispricing in a Capital Market with Portfolio Constraints,” Review of Financial Studies, 13, 715-748.
Awards, honours, and fellowships: 


2000-2005: Award, Assistance to Faculty Recruitment program, IFM2

2000-2003: Junior Faculty Chair, McGill University


2007-2011: Research grant, SSHRC

2008-2010: Research grant, IFM2

2002-2006: Research grant, IFM2, New Researcher program

2002-2006: Research grant, FQRSC, New Researcher program

2002-2006: Research grant, SSHRC, Initiative for the New Economy (INE)

2001: Faculty of Management small research grant