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Walid Hejazi

Walid Hejazi

Professor of Economic Analysis and Policy
Academic Director, Executive Programs


PhD, University of Toronto
MA, University of Toronto
HBA, University of Western Ontario


Walid Hejazi is a Professor of International Business, and Economic Analysis and Policy, at the Rotman School of Management, University of Toronto. He is Academic Director of Rotman Executive Programs, a Fellow of the Michael Lee-Chin Family Institute for Corporate Citizenship, and member of the Board of Directors of the David & Sharon Johnston Centre for Corporate Governance Innovation. His research focuses on the development of strategies that enhance the ability of companies to compete in domestic and global marketplaces. He has worked closely with many companies to develop and implement innovative strategies, with a particular focus on the role of leaders in preparing those companies to lead strategic change. He has also worked with the Canadian and foreign governments on the development of policies around foreign investment and international trade and has testified extensively before parliamentary and senate committees. He teaches Corporate Finance, Macroeconomics, Global Strategy and Leadership in Rotman’s MBA, EMBA and custom executive programs, and has also delivered lectures in over 30 countries. In addition to his academic publications, he has also published op-eds in the Globe and Mail, the Financial Post, the Toronto Star, the Hill Times, and the Conversation. He is regularly quoted in the media on a wide range of business and economic issues. Recognizing the enormous potential that newcomers bring to Canada, Walid works closely with them to help navigate the many challenges faced in finding employment that truly values and recognizes the skills and experience they bring. These efforts have not only enabled newcomers to achieve their true potential, but it has also enriched the Canadian economy economically, socially and culturally. 

Academic Positions

  • 2022-

    Academic Director, Executive Programs, Rotman School of Management

  • 2022-present

    Professor, Rotman School of Management

  • 2005-2022

    Associate Professor, cross appointed to the Rotman School of Management and the Division of Management at the University of Toronto at Scarborough

  • 1995-2000

    Assistant Professor, Division of Management at the University of Toronto at Scarborough

  • 1994-1995

    Research Fellow, Institute for International Business, University of Toronto

  • 1993-1994

    Research Fellow, Institute for Policy Analysis, University of Toronto

Selected Publications - Papers

  • Canada and Foreign Direct Investment: A Study of Determinants

    with A.E. Safarian

    monograph, University of Toronto Centre for Public Management

  • East Asia's Ageing Populations: Pension Reform and Implications

    with Pauline Shum

    Key Long-Term Economic and Security Issues in Asia, HSBC Bank Canada Papers on Asia, University of Toronto Press

  • Mobilizing Islamic Finance for Public-Private Partnerships

    World Bank


  • Mobilizing Islamic Finance for Public-Private Partnerships

    The World Bank


  • Intraday Share Price Volatility and Leveraged ETF Rebalancing

    Pauline Shum, Walid Hejazi, Edgar Haryanto, Arthur Rodier

    Review of Finance



    Pages: Page p.2379-2409

  • Barbados: Vital to Canadas Global Competitiveness?

    Walid Hejazi

    Transnational Corporations Review



    Pages: 22-43

  • Gravity, the English Language and International Business

    Walid Hejazi and Juan Ma

    Multinational Business Review



    Pages: 152-167

  • The Influence of Productivity Growth on Equity Market Performance

    with Laurence Booth, Bin Chang and Pauline Shum

    Journal of Wealth Management



    Pages: 78-92

  • DOI and Performance: What comes first? An Analysis of Canadian Banks

    Walid Hejazi and Eric Santor

    Journal of International Business Studies



    Pages: 845-860

  • Offshore Financial Centres and the Canadian Economy, February 2007


  • High Taxes Impede Foreign Investment

    with A.E. Safarian

    Op-ed, National Post

    Issue:January 9


  • Access to Foreign R&D Does Not Undermine Domestic R&D Efforts

    Policy Options



  • Foreign Direct Investment and Capital Formation

    Research Note, with Peter Pauly

    International Advances in Economic Research

    Issue:7 (2), May


  • Modelling Links Between Foreign Direct Investment and Domestic Capital Formation

    with Peter Pauly

    Industry Canada working paper series

    Issue:Number 36


  • The Complementarity Between US FDI stock and Trade

    with A.E. Safarian

    Atlantic Economic Journal

    Issue:(29) 4


  • Are Forward Premia Mean Reverting?

    with Zhixin Li

    Applied Financial Economics

    Issue:10 (4) August


    Pages: pp. 343-350 (Lead Article)

  • Cointegration and Canada-US Term Structures: Does Accounting for Structural Breaks Make a Difference?

    with Michael Marr and Jack Parkinson

    Canadian Journal of Administrative Sciences

    Issue:17 (4)


    Pages: pp. 342-355

  • The Expectations Hypothesis, Term Premia, and the Canadian Term Structure of Interest Rates

    with Huiwen Lai and Xian Yang

    Canadian Journal of Economics

    Issue:33 (1), February


    Pages: pp. 133-148

  • Yield Spreads as Predictors of Industrial Production: Short Rates or Term Premia?

    Applied Economics

    Issue:32 (8), June


    Pages: pp. 945-951. (Lead Article)

  • Modelling Links Between Canadian Trade and Foreign Direct Investment

    with A.E. Safarian

    Industry Canada Research Publications series entitled Perspectives on North American Free Trade



  • Trade, Foreign Direct Investment and R&D Spillovers

    with A.E. Safarian

    Journal of International Business Studies

    Issue:30 (3), Third quarter


    Pages: pp. 491-511

  • How Much Does Finance Matter in East Asia?

    with Varouj Aivazian

    Fiscal Frameworks and Financial Systems in East Asia: How Much Do They Matter? Hong Kong Bank of Canada Papers on Asia, University of Toronto Press


  • Productivity, Innovation and Economic Growth

    with Melvyn Fuss and Len Waverman

    Trade, Innovation, and Industrial Performance, Ottawa: Centre for Trade Policy and Law, edited by Sunder Magun


  • Canada and the Asia Pacific Region: Views from the Gravity, Monopolistic Competition, and Heckscher-Ohlin Models

    with Dan Trefler

    The Asia Pacific Region and the Global Economy: A Canadian Perspective, edited by Richard Harris, University of Calgary Press


  • The Impact of NAFTA on China's Competitive Advantage and Trade Patterns with North America

    with Leonard Waverman and Alan Alexandroff

    Sino-North American Trade: Challenges and Opportunities, edited by Leonard Waverman, University of Toronto Press


Selected Publications - Books and Chapters

Research and Teaching Interests

International Business, Financial Economics and Money and Banking
Islamic Finance

Honors and Awards

  • 2023

    Roger Martin Excellence in Teaching Award, Rotman School of Management, University of Toronto

  • 2016

    2016 Leadership Award, Canada Post