Vihang R Errunza

Professor, Finance
Vihang R Errunza
Contact Information
Fax number: 
Email address: 
vihang.errunza [at]
Alternate email address: 
christine.nguli [at]

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


PhD, International Finance, Economics, University of California, Berkeley, USA
MS, Chemical Engineering, University of California, Berkeley, USA
BSc (Technical), University of Bombay, India
BSc, University of Bombay, India

Teaching areas: 

International Finance


Vihang Errunza holds the Bank of Montreal Chair in Finance and Banking at McGill University, Montreal, Canada. He earned his Ph.D. in international finance from the University of California at Berkeley in 1974.  He taught at INCAE, a Harvard initiated graduate school of business in Central America from 1974 to 1976 and has been on the Faculty at McGill University since 1976.

Prof. Errunza has made important theoretical and empirical research contributions on international financial markets, globalization, corporate governance, cross-national risk analysis, management of multinational firms, corporate finance and risk management.  His research is widely cited and reprinted. He serves on numerous editorial boards of academic journals. He is a Batten Institute Fellow at the University of Virginia, is a past Fellow of CIRANO, and serves on the Swiss National Science Foundation International Review Panel for National Centres of Competence in Research. Indeed, Prof. Errunza is recognised by his peers as one of the leaders in International finance.

His doctoral theses espoused the benefits of portfolio capital flows into emerging markets. In the 1980s, Prof. Errunza contributed to creation of the Emerging Markets Data Base at the International Finance Corporation (IFC-World Bank Group). This database is regarded as the most comprehensive source for research on Emerging Markets and its market indices are widely used as Benchmarks by the investment industry. It also opened up numerous opportunities for research on emerging markets.

Professor Errunza is actively involved in the practice of finance and has influenced Policy Makers and Practitioners. He has served as an advisor to important institutions such as the World Bank, Bank of Montreal, the United Nations, national governments, and various investment management groups such as the Templeton Investment Counsel Inc., Rosenberg-Alpha Inc., UBS-Brinson, and Sectoral Asset Management.

Areas of expertise: 

International financial markets, globalization, corporate governance, cross-national risk analysis, management of multinational firms, corporate finance and risk management.

Curriculum vitae: 
Tenured & Tenure Track
Research areas: 
Corporate Governance
Credit Risk
Currency Risk, Liquidity & Barriers to Cross-Border Investments
Global Asset Allocation
International Asset Pricing
Market Integration Versus Segmentation
Risk Management
Valuation & Portfolio Management in Emerging Markets
Graduate supervision: 

Ph.D. Students Graduated

1. Hyunchul Chung: Co-supervisor, Thesis Topic: The Impacts of Stock Market Liberalization in Emerging Markets: Looking Beyond Country Indices.

2. Basma Majerbi; Co-supervisor; Topic: Foreign Exchange Risk management

3. Oumar Sy; Supervisor, Topic: Essays On International Investment

4. Ines Chaib; Supervisor; Topic: Essays on International asset Pricing

5. Stefano Mazzotta; Co-supervisor; Topic: Leverage Effect in International markets.

6. Hai Ta; Supervisor; Topic: Two Essays in International Finance

7. Burcin Col; Co-supervisor: Topic: Three Essays on International Corporate Finance

8.  Hugues Langlois, Co-supervisor; Topic: Asset Pricing with Return Asymmetries

9. Ali Shahrad; Co-Supervisor, Topic: Three Essays in Empirical Asset Pricing


Current Ph.D. Students

1. Yiliu Lu, Co-Supervisor, 6th year student

2. Nan Ma, Co-Supervisor, 3rd year student

3. Valerii Baidin, Co-Supervisor, 1st Year student


Taught previously at: 

INCAE, a Harvard initiated graduate school of business in Central America from 1974 to 1976

Selected publications: 

Papers in Peer-Reviewed Journals

“How is Liquidity Priced in Global Markets?” (with I. Chaieb and H. Langlois), Review of Financial Studies, Vol. 34, issue 9, 2021, 4216–4268. Semifinalist for a best paper award at the 2018 FMA European Conference in Norway.

“Measuring Sovereign Bond Market Integration” (with I. Chaieb and R. Gibson), Review of Financial Studies, Vol. 33, issue 8, 2020, 3446-3491.

“The Impact of Investability on Asset Valuation” (with Hai Ta), Journal of Financial and Quantitative Analysis, Vol, 50, issue 05, 2015, 1135-1163.

“Corporate Governance and State Expropriation Risk,” (with Burcin Col), Journal of Corporate Finance, Vol. 33, August 2015, 71-84.

“Do Implicit Barriers Matter for Globalization?” (with F. Carrieri and I. Chaieb), Review of Financial Studies, Vol. 26, No. 7, 2013, 1694-1739.

“Is the Potential for International Diversification Disappearing? A Dynamic Copula Approach,” (with P. Christoffersen, K. Jacobs & H. Langlois), Review of Financial Studies, Vol. 25, No.12, 2012, 3711-3751.

“Property Rights Protection, Corporate Transparency, and Growth,” (with A. Durnev and A. Molchanov), Journal of International Business Studies, 40th Anniversary Issue, 40, 2009, 1533–1562.

”Does Corporate International Diversification Destroy Value? Evidence from Cross-Border Mergers and Acquisitions,” (with Dos Santos M. B. and D. P. Miller), Journal of Banking and Finance, Vol. 32, 2008, 2716–2724.

“International Asset Pricing Under Segmentation and PPP Deviations,” (with Ines Chaieb), Journal of Financial Economics, Vol. 86, No.2, Nov. 2007, 543–578.

"Characterizing World Market Integration Through Time," (with F.Carrieri and K. Hogan), Journal of Financial and Quantitative Analysis, 42, 915-940., Dec. 2007.

"Industry Risk and Market Integration," (with F. Carrieri, and S. Sarkissian), Management Science, Vol. 50, February 2004, pp. 207-221.

“Foreign Portfolio Equity Investments, Financial Liberalization and Economic Development,” Special issue of Review of International Economics, International Financial Liberalization, Capital Flows and Exchange Rate Regimes: Essays in Honor of Robert A. Mundell, Vol. 9, No. 4, November 2001.

"Market Segmentation and the Cost of Capital in International Equity Markets," (with D. Miller),  Journal of Financial and Quantitative Analysis, December 2000, Vol. 35, No. 4, pp. 577-600. Reprinted in The CFA Digest, August 2001.

"Can the Gains from International Diversification be Achieved Without Trading Abroad?"  (with K. Hogan and M.W. Hung), Journal of Finance,  1999, Vol. 54,  pp. 2075-2107. 

"Tests of Integration, Mild Segmentation and Segmentation Hypotheses," (with E. Losq and P. Padmanabhan), Journal of Banking and Finance, Vol. 16, 1992, pp. 949-972.

"Capital Flow Controls, International Asset Pricing and Investors' Welfare:  A Multi Country Framework," (with E. Losq), Journal of Finance, September 1989, pp. 1025-1037.

"Debt for Equity Swaps Under a Rational Expectations Equilibrium," (with A. Moreau), Journal of Finance, July 1989, pp. 663-680.

"How Risky are Emerging Markets? ‑ Myths and Perceptions Vs. Theory and Evidence," (with E. Losq), Journal of Portfolio Management, Fall 1987, pp. 62‑67.

"International Asset Pricing Under Mild Segmentation: Theory and Test", (with E. Losq), Journal of Finance, March 1985, pp. 105‑124. 

"International Corporate Diversification, Market Valuation, and Size Adjusted Evidence," (with L. Senbet), Journal of Finance, July 1984, pp. 401‑417.

"Investment Risk in Developed and Less‑Developed Countries," (with Barr Rosenberg), Journal of Financial and Quantitative Analysis, December 1982, pp. 741‑762.

"The Effects of International Operations on the Market Value of the Firm:  Theory and Evidence," (with L. Senbet), Journal of Finance, May 1981, pp. 401‑417.

"Efficiency and the Programs to Develop Capital Markets ‑ A Brazilian Experience," Journal of Banking and Finance, December 1979, pp. 355‑382.

"Gains from Portfolio Diversification into Less Developed Countries' Securities," Journal of International Business Studies, Fall 1977, pp. 83‑99.

Awards, honours, and fellowships: 


Top Paper Award, The 28th Annual Global Finance Conference for the paper, Who Invests in and What Drives Equity Ownership Around the World, 2021.

Elected as a Fellow of the Royal Society of Canada (RSC), 2017.

The Dauphine-Amundi Chair in Asset Management prize for the paper “Integration of Sovereign Bonds Markets: Time Variation and Maturity Effects,” 2013-2014.

Best Paper Award, Inaugural India Finance Conference 2011, IIM Bangalore

Best Paper Award, Inaugural India Finance Conference 2011, IIM Bangalore.

 2011 Emerald Management Reviews Citation of Excellence for article "Characterizing world market integration through time", published in Journal of Financial and Quantitative Analysis in 2007.

 Distinguished Speaker, Emerging Markets in the Global Economy, Women's Canadian Club of Montreal, 2011.

 My 2009 application for an individual research grant from Social Sciences and Humanities Research Council of Canada was ranked number one out of 100 applications.

 In a study by Heck and Cooley, “Most Prolific Authors in the Finance Literature: 1959-2008”, that covered 8975 scholars, I was ranked 115 worldwide and second in Canada.

 Toronto CFA Society’s Best Paper Award on Capital Market Research, NFA Meetings, 2009

 Track Chair, International Finance, European Finance Association meetings, 2008.

 William F. Sharpe Award for Scholarship in Financial Research, Best Paper in the Journal of Financial and Quantitative Analysis for 2007

 IFCAI Best Paper Award, Hyderabad, India, 2005

 BSI Gamma Research Award (in the area of "Globalization and Financial Markets"), 2002, Switzerland

 Distinguished Speaker, International Finance Ph.D. Consortium, FMA Annual Meetings, 2002

 Distinguished Speaker, “Valuation in Emerging Markets”, University of Virginia, Darden Graduate School of Business Administration, 2002.

 Moderator, The Future of Emerging Capital Flows, New York University, New York, 1996.

 Keynote address, Foreign Portfolio Investments, Financial Services Convention, Bombay Management Association, Bombay, India, 1996.

 Keynote address, Emerging Markets Symposium, Institutional Investors, Key Biscayne, Florida, USA, 1994.

 Track Chairperson, International Finance FMA Annual Meetings, 1993

 House of Seagrams and Bronfman Foundation, Senior Research Award (1981‑1982).

 Academy of International Business Dissertation Competition Finalist (1975).


1981-1982: Social Sciences and Humanities Research Council of Canada, Sabbatical Leave Fellowship

1972-1973:University of California, Berkeley, Drum Fellowship

1970-1971:University of California, Berkeley, Flood Fellowship 


Social Sciences and Humanities Research Council of Canada, (1980‑1982, 1984‑1987, 1991-94, 1994-98, 1999-2004, 2004-2010, 2009-2013, 2014-2024, 2017-2022).

Montreal Institute for Structured Finance and Derivatives (IFSID) (2013-2017).

Institut de Finance Mathematique de Montreal (IFM2), (2004-2009 and 2009-2013, 2013-2016).

Shastri Indo-Canadian Institute (1999-2001).  

Association of Deans of Southeast Asian Graduate Schools of Management (1994-1996).

McGill University, Faculty of G raduate Studies and Research Award (1976-1978, 1980-1982, 1983-1984, 1984-1985, and 1987-1988):

1981-1984: Society of Management Accountants Grant (1981-1984).

1981: Dalhousie University: International Business Research Center Award

1978: William H. Richter Grant 

1978: Government of Canada, Department of Industry, Trade and Commerce Grant 

1975: INCAE, Summer Research Fellowship for work in Brazil 

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