Schulich logo The word Schulich Schulich Wordmark The word Schulich with the words Leading Change Schulich Logo The Schulich logo Schulich 50th Logo The number 50 Search An icon depicting a magnifying glass Envelope An icon depicting an envelope Phone An icon depicting a phone Fax An icon depicting a fax machine Map Pin An icon depicting a map pin People An icon depicting two people Graduation Cap An icon depicting a graduation cap Menu An icon depicting three lines Close An icon depicting an X Arrow Up An icon depicting an upward facing arrow Arrow Right An icon depicting a right facing arrow Arrow Down An icon depicting a downward facing arrow Arrow Left An icon depicting a left facing arrow Plus An icon depicting a plus sign Minus An icon depicting a minus sign Chart An icon depicting a chart Book An icon depicting a book Envelope An icon depicting a stamped envelope Dollar Sign An icon depicting a dollar sign Briefcase An icon depicting a briefcase Page An icon depicting a single page Share An icon depicting three connected dots Alert An icon depicting a triangle with an exclamation point Calendar An icon depicting a blank calendar Event An icon depicting a blank calendar Add Event An icon depicting a calendar with a plus sign on it Event Details An icon depicting a calendar with a question mark on it Print An icon depicting a printer Comment An icon depicting a speech bubble Feed The RSS icon Details An icon depicting a page with three lines of text Facebook An icon depicting the Facebook logo Twitter An icon depicting the Twitter logo YouTube An icon depicting the YouTube logo LinkedIn An icon depicting the LinkedIn logo Instagram An icon depicting the Instagram logo Long Arrow Left An icon depicting an arrow pointing left Long Arrow Down An icon depicting an arrow pointing down Flexible Study Options An icon depicting a branching line Awards An icon depicting a ribbon Advisory Board An icon depicting a round table Graduate Diploma An icon depicting a graduation cap Professional Designations An icon depicting a certificate Academics An icon depicting an academic building Schulich Logo The Schulich logo Academics An icon depicting an academic building Globe An icon depicting the globe with an arrow circling it Globe An icon depicting the globe with an arrow circling it Award Ribbon An icon depicting a ribbon Teacher An icon depicting a teacher pointing at a blackboard Double Location An icon depicting two location pins Wireframe Globe An icon depicting a wireframe globe Airplane An icon depicting an airplane Play Icon in the shape of a play button as found on videos Full-time Icon representing a full-time program Part-time Icon representing a part-time program Full-time Accelerated Icon representing a full-time accelerated program Part-time Accelerated Icon representing a part-time accelerated program Program Details Icon representing program details Program Tuition Icon representing tuition and fees Career Opportunities Icon representing program details Accreditations Icon representing program accreditations Program Options Icon representing program options Requirements Icon representing program requirements Courses and Electives Icon representing program courses Faculty Icon representing program faculty Clubs Icon representing program clubs Courthouse Icon representing a courthouse Oil Icon representing an oil droplet Retail Icon representing a shopping bag Food Icon representing a fork and knife Construction Icon representing a hammer and wrench Person A silhouette of a person Person An outline of a person Folder An outline of a folder Pie chart An outline of a pie chart Graph An outline of a bar graph Save An arrow pointing into a box Play An outline of a play arrow Key An outline of a key Ticket An outline of a ticket Books Two books Computer A laptop computer Globe An outline of a globe Plane An outline of a plane Accelerated Program An outline of a fast-forward button Part-time Program An arrow arcing around a clock Viewbook An outline of an open book Medal A medal with a star Professor A lecturing professor Suit A person wearing a suit Laptop Laptop computer (by FlatIcon) Locked Closed Access Unlocked Open Access Google Scholar Google Scholar icon Calendar An icon depicting a blank calendar India An icon depicting a Indian landmark Report An icon depicting a briefcase Skip to content

Pouyan Foroughi

  • Future Students
  • Current Students
    Undergraduate Students ›Graduate Students ›PhD Students ›
     › › › ›
  • Alumni
    • Mentorship & Volunteering ›

      Alumni Benefits ›

      Success Stories ›

      Common Questions ›

      Contact Alumni Relations ›

    • Alumni Events ›

      Global Alumni Chapters ›

      Alumni Services for Students ›

      Alumni Recognition Awards ›

    Overview ›Alumni Career Portal ›Online Community ›
     › › › ›
  • Donors
    • Ways to Support ›

      The Impact of Giving ›

      Sponsorship Opportunities ›

      Leaving a Legacy to Schulich ›

      Contact Development Office ›

    • Schulich Priorities ›

      The Schulich Annual Fund ›

      The Dean’s Society ›

      Tribute Giving ›

    Overview ›Donate Now ›
     › › › ›
  • Recruiters
  • Media
MySchulich
Schulich School of Business
  • Future Students
  • Current Students
    Undergraduate Students ›Graduate Students ›PhD Students ›
     › › › ›
  • Alumni
    • Mentorship & Volunteering ›

      Alumni Benefits ›

      Success Stories ›

      Common Questions ›

      Contact Alumni Relations ›

    • Alumni Events ›

      Global Alumni Chapters ›

      Alumni Services for Students ›

      Alumni Recognition Awards ›

    Overview ›Alumni Career Portal ›Online Community ›
     › › › ›
  • Donors
    • Ways to Support ›

      The Impact of Giving ›

      Sponsorship Opportunities ›

      Leaving a Legacy to Schulich ›

      Contact Development Office ›

    • Schulich Priorities ›

      The Schulich Annual Fund ›

      The Dean’s Society ›

      Tribute Giving ›

    Overview ›Donate Now ›
     › › › ›
  • Recruiters
  • Media
  • Programs
    & Courses
    • Undergraduate

      BBA ›

      Master of Business Administration

      MBA ›
      MBA / Juris Doctor ›
      MBA / MFA / MA ›
      Kellogg-Schulich Executive MBA ›
      Tech MBA ›

    • Specialized Masters Programs

      Accounting ›
      Artificial Intelligence ›
      Business Analytics ›
      Finance ›
      Health Industry Administration ›
      Management ›
      Marketing ›
      Real Estate & Infrastructure ›
      Supply Chain Management ›

    • Exchange

      Incoming Exchange and Programs ›

      Graduate Diplomas

      Post-MBA Diploma in Advanced Management ›
      Accounting Analytics ›

      Doctor of Philosophy

      PhD in Administration ›

     › › › ›
  • Admissions
    • Undergraduate

      Apply Now ›
      Admissions FAQs ›
      Connect With Us ›
      Admission Events ›
      Meet the Team ›

    • Graduate

      Apply Now ›

      Tuition Fees & Costs ›

      Application Tips ›

      Connect with Us ›

      Admission Events ›

      Meet the Team ›

    Admissions Requirements ›
     › › › ›
  • Faculty
    & Research
  • Student Life
    & Services
    • Case Competition Program ›
      Centre for Career Design ›
      Event Calendar ›
      Financial Aid ›

    • International Relations ›
      Libraries ›
      Services for Students ›
      Student Life at Schulich ›

     › › › ›
  • About
    • Our Dean ›

      Rankings ›

      Equity, Diversity, and Inclusion ›

      Case Competition Program ›

      Schulich Startups ›

      Impact Report ›

      News & Events ›

      Contact Directory ›

    • Our Heritage ›

      Recruit at Schulich ›

      Work at Schulich ›

      Hospitality & Hotel Services ›

    Learn more about Schulich ›
     › › › ›
  • Executive
    MBA
    • Program Information

      Overview ›

      Program Details ›

      Schedule & Courses ›

    • Admission Requirements ›

      Tuition Fees ›

      Follow us on LinkedIn ›

    Are you EMBA ready? ›Request a pre-assessment ›

     

    Contact us at 416-736-5486 or emba@schulich.yorku.ca​

     › › › ›
  • Executive
    Education
  • MySchulich

Faculty & Research

Pouyan Foroughi

Pouyan Foroughi

Assistant Professor of Finance

foroughi@yorku.ca

(416) 736 5096 Ext. 77921

Office: Room N217, SSB

Personal Webpage

  • Area of Expertise

    • Finance ›

    Research Interests

    • Corporate Finance
    • Corporate Governance
    • Financial Institutions
    • Professional Networks
    Download CV
  • Pouyan Foroughi is an Assistant Professor of Finance at Schulich School of Business, York University. He received his Ph.D. in Finance from Boston College.

    Prior to joining the Schulich School of Business, he was an Assistant Professor of Finance at UNSW Business School. His main research interests are in the areas of empirical corporate finance, corporate governance, and the role of financial institutions in capital markets, and his research has won best paper awards at the WFA-CFAR conference, Western Finance Association (WFA), and Midwest Finance Association (MFA).

    His teaching focuses on courses in corporate governance and corporate finance at the undergraduate and graduate levels.

    Honours

    2019 Midwest Finance Association Outstanding Paper Award, MFA annual meeting

    2017 WFA Cubist Systematic Strategies Ph.D. Candidate Award for Outstanding Research, WFA annual meeting

    2016 Best Paper Award in Honor of Stuart I. Greenbaum, Olin School of Business at Washington University in St. Louis

    2016 Semifinalist for the Best Paper Award in Corporate Finance, FMA Annual Meeting

    2016 Doctoral Student Consortium, FMA Annual Meeting

    2016 Doctoral Student Travel Grant, AFA Annual Meeting

    2012 Doctoral Fellowship, Boston College, Carroll School of Management

    2008 Recognized as Exceptional Talent, Iran's National Elites Foundation and Iran's Ministry of Science, Research and, Technology

    Recent Publications

    Pouyan Foroughi, Alan Marcus, Vinh Nguyen (2024), "Mutual Fund Pollution Experience and Environmental Voting", Journal of Banking & Finance, 162, 107149.

    Keywords
    • Air Pollution
    • Environment
    • Mutual fund voting

    View Paper

    Abstract

    We study the relationship between mutual fund management’s direct experience with extreme environment events and the fund’s voting behavior on environmental issues. We find that higher air pollution in a fund’s home county increases its propensity to vote in support of shareholders’ environmental proposals. The effect is weakened by fund manager turnovers, and managers’ affiliation with the Republican Party. Conversely, the effect is stronger for more highly contested environmental proposals. Overall, our results suggest that mutual fund management’s direct experience with extreme environment events plays a significant role in motivating the fund’s environmental engagements.

    Arshia Farzamfar, Pouyan Foroughi, Hosein Hamisheh Bahar, Lilian Ng (2024), "Illuminating the Murk: The Effect of Business Complexity on Voluntary Disclosure", Journal of Corporate Finance, 87, 102612.

    Keywords
    • Business complexity
    • Conglomerates
    • Information environment
    • Voluntary Disclosure

    Open Access Download

    Abstract

    Analyzing the complex financial landscape of multi-segment conglomerates requires a more nuanced approach than that required for single-segment firms. This paper reveals that conglomerates strategically enhance their transparency by voluntarily disclosing more information to compensate for their business complexity. This finding is particularly pronounced when there is an increased demand for information from stakeholders and analysts or when the executive pay-performance sensitivity is higher. By strategically embracing transparency, conglomerates transform the complexities inherent in their financial reporting into a catalyst for higher valuation and lower capital costs. Overall, our study demonstrates that multi-segment firms tactically deploy voluntary disclosure to navigate their intricate business environment effectively.

    Foroughi, P., Marcus, A., Nguyen, V. and Tehranian, H. (2021), "Peer Effects in Corporate Governance Practices: Evidence from Universal Demand Laws", Review of Financial Studies, 35(1), 132-167.

    Open Access Download

    Abstract

    Firms in the same networks tend to have similar corporate governance practices. However, it is difficult to disentangle peer effects, where governance practices propagate from one firm to another, from selection effects, where firms with similar governance preferences self-select into linked groups. Studying board-interlocked firms, we utilize a novel instrument based on the staggered adoption of universal demand laws across states to identify causal peer effects in firms’ decisions concerning CEO compensation, CEO duality, and anti-takeover provisions. Our results provide support for the existence of peer effect in the adoption of anti-takeover provisions. We find that the entrenchment index (E-Index) of a firm increases by 0.33 points for every point increase in the E-Index of firms in the same board interlock network. The impact of universal demand laws on the interlocking directors’ prior experience in passing these provisions is a likely mechanism explaining these effects.

    Foroughi, P., Kang, N., Ozik, G. and Sadka, R. (2019), "Investor Protection and the Long-Run Performance of Activism", Journal of Financial and Quantitative Analysis, 54(1), 61-100.

    View Paper

    Abstract

    Using a parsimonious measure of investor protection constructed from fund organizational characteristics, this paper documents that companies targeted by activists with better investor protection structures outperform those targeted by those with poor investor protection structures by roughly 10% per year. The outperformance is observed only for active targets for which Schedule 13Ds are filed, not for passive Schedule 13G investments, indicating that the effect is not explained by a superior target-selection ability. The evidence suggests that funds with better investor protection achieve increased profitability and valuation ratio of their targets by reducing agency costs, improving corporate governance, and collaborating with other large institutional investors.

    Courses Taught

    Ph.D. Seminar in Corporate Finance (FINE 7200)
    Introduction to Finance (FINE 2000), undergraduate level
    Introduction to Finance (FINE 2000), graduate level
    Managerial Finance (FINE 5200), graduate level

    Grants

    Project Title Role Award Amount Year Awarded Granting Agency
    Project TitlePrivate equity sponsors in the leveraged loan market RolePrincipal Investigator Award Amount$63,570.00 Year Awarded2023 Granting AgencySSHRC Insight Development Grant
    Project TitleWhen do acquirers overpay for target firms? Evidence from M&A target valuation analyses RolePrincipal Investigator Award Amount$82,610.00 Year Awarded2021 Granting AgencySSHRC Insight Grant
  • Schulich - York University
    • Directions
    • Location Inquiries
    • Contact Directory
    • Event Calendar
    • MySchulich
  • Information for:

    • Future Students
    • Current Students Undergraduate
    • Current Students Graduate
    • Current PHD Students
    • Alumni
    • Donors
    • Recruiters
    • Faculty & Staff
    • Media
  • Go to:

    • About
    • Admissions
    • Faculty Listing
    • Student Life at Schulich
    • Services for Students
    • Wellness Suite
    • Privacy
    • Site Map
  • Facebook
  • Twitter
  • YouTube
  • LinkedIn
  • Instagram

© Copyright 2025 The Schulich School of Business, York University.