Benjamin Croitoru

Associate Professor, Finance; Associate Dean, Undergraduate Programs; Academic Director, McGill Personal Finance Essentials; Academic Director, MBA Japan
Benjamin Croitoru
Contact Information
Email address: 
benjamin.croitoru [at]
Alternate email address: 
christine.nguli [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 introductory finance, investments and theoretical asset pricing at the undergraduate, masters and doctoral 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. 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. His research has been published in leading journals including the Journal of Financial Economics, Management Science and the Review of Financial Studies.

Dr. Croitoru currently serves as Associate Dean for Undergraduate Programs. He is also the Academic Director of the McGill Personal Finance Essentials free online course, which has attracted over 200,000 participants since it was launched in November 2019.

Tenured & Tenure Track
Research areas: 
Asset Pricing
Mutual & Hedge Funds
Portfolio Management
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

2019: MBA Japan Teaching Award


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

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