Emrul Hasan

Lecturer
phone 604 822 5003
location_on Iona Building 262

About

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).


Research

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]


Additional Description

I am an active researcher working on capital gains taxes, asset pricing, behavioural finance and economics, IPO and SEO underpricing.

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


Emrul Hasan

Lecturer
phone 604 822 5003
location_on Iona Building 262

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]

[/accordion]

I am an active researcher working on capital gains taxes, asset pricing, behavioural finance and economics, IPO and SEO underpricing.

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

Emrul Hasan

Lecturer
phone 604 822 5003
location_on Iona Building 262

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]

[/accordion]

I am an active researcher working on capital gains taxes, asset pricing, behavioural finance and economics, IPO and SEO underpricing.

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