George Tannous

Professor (On Leave)

George Dembroski Investment Scholar

Ph.D. (University of Rhode Island) Master of Business Administration (MBA) (Michigan State University) Master of Science (University of Toledo) Bachelor of Science (Lebanese University)

306-966-6695 tannous@edwards.usask.ca

Address
Room 85
25 Campus Drive, Nutrien Centre, University of Saskatchewan
Saskatoon, Saskatchewan, Canada, SK, S7N 5A7

Biography

My teaching interests include the selection and management of investments, fixed income securities analysis and trading, corporate finance, personal finance, management of financial institutions, and derivative securities.

In 2012 I designed two undergraduate courses to serve as a laboratory for students to practice investing. We started with $500,000 from donations. Through additional donations and growth averaging approximately 10% compounded annually the value of the portfolio as at the beginning of 2019 exceeds $1.92 million. In addition, every year since 2014 a portion of the annual earnings has been used to reward outstanding students with financial prizes and activities to enhance the learning experience. In recognition, I received in 2016 the "Provost’s College Award for Outstanding Teaching."

I developed courses and wrote educational material for the Institute of Canadian Bankers (personal financial planning) and for Certified General Accountants Association of Canada (corporate finance).

My published research includes papers on income smoothing by banks, market microstructure, international diversification and capital structure, the decay of the time value of options, executive turnover following merger announcements, the market microstructure during partial holidays, export financing, the valuation of real options, and the use of futures and options to hedge interest rate and currency risk.

My scholarly work is published in peer-refereed journals such as Journal of Business Finance and Accounting (JBFA), Financial Review (FR), International Review of Finance (IRF), Canadian Journal of Administrative Sciences (CJAS), Managerial and Decision Economics (MDE), Review of Quantitative Finance and Accounting (RQFA), International Review of Economics and Finance (IREF), Decision Sciences (DSI), International Business Review (IBR), and International Journal of Bank Marketing (IJBM).

My research under-review or in-progress include topics such as the relation between credit derivatives and the loans yield of banks, the post-merger operating performance of regulatory bank acquirers, institutional ownership of family controlled corporations, corporate ownership structure and capital investments, the bid-ask spread in the equity derivatives market, and option writing risks and rewards.

I enjoy applying financial theory to solve practical problems of interest to businesses, individuals, and groups.

Courses

FIN 805, Fixed Income Securities

This course deals with the advanced concepts and theories related to fixed-income securities. It develops the skills and tools a professional will need to deal with the complicated financial decisions required to invest in a single fixed income security or a portfolio of such securities. Topics include the features of the various fixed income securities, the basic mathematics required to evaluate fixed income cash flows, the term structure of interest rates, term structure models, interest rate derivatives, and interest rate risk management strategies. Measurement and hedging of fixed income portfolio risk is a major component of the course. The legal and ethical considerations associated with investing in fixed income securities will be discussed throughout the course.

COMM 371.3, Applied Security Analysis

Students enrolled in Applied Security Analysis develop the skills and acquire the tools a professional will need to manage investments. Students learn by working side by side as Research Associates (RAs) with students enrolled in COMM 471 who will be serving as Financial Analysts (FAs). RAs and FAs work together to make the ultimate decisions for managing the portfolio of securities. Specific roles that may be occupied by RAs could include tasks such as information monitoring, data collection, record keeping, observing security price movements, analysis, and preparation of the recommendations. Overall, the focus of training is on the identification, analysis, selection, acquisition, and monitoring of investment securities and entry and exit decisions consistent with the SIPP. The legal and ethical considerations of investing will be emphasized throughout the training program.


COMM 471.3, Applied Investment Management

Students enrolled in Applied Investment Management manage the funds held in the Investment Account of the Student Managed Portfolio Trust (SMPT) according to the SIPP. Students will work in groups as Financial Analysts (FAs) to make the ultimate decisions for managing the portfolio of securities. Overall, the activities of each group will include identification, analysis, selection, acquisition, and monitoring of investment securities and making entry and exit decisions consistent with the SIPP. In addition, FAs are required to mentor the Research Associates (RAs) who are students enrolled in Applied Security Analysis (Comm 371) to prepare them for the same roles. The legal and ethical considerations of investing will be emphasized throughout the training program.

Comm 363, Intermediate Corporate Finance

This course deals with the advanced concepts related to corporate finance. It develops the skills and teaches the tools a professional will need to deal with the complicated financial decisions required to run a successful medium or large size corporation. The focus is on the risk factors that determine the cost of capital, financial leverage, dividend policy, mergers and acquisitions, leasing, derivative securities, hedging, and international corporate finance. The legal and ethical considerations in corporate financial decision making will be discussed throughout the course. Overall, you will master the corporate finance concepts, techniques, and practices and apply them to real life scenarios. As much as possible, the discussions, analysis, and learning will be based on minicase studies developed from practical situations.

Comm 429, Personal Financial Planning

This course deals with the advanced concepts related to personal financial strategies. It develops the skills and teaches the tools a professional will need to practice personal financial planning. The focus is on knowing your client's profile and financial situation and using this information to develop for this client investment, tax, personal risk, and estate planning management strategies. The legal and ethical considerations in personal financial planning will be emphasized throughout the course. Overall, you will master the personal financial planning concepts, techniques, and practices and apply them to real life scenarios. Throughout the semester, the discussions, analysis, and learning will be based on case studies developed from practical situations.

Publications

  • Abdullah Mamun, Md. Didarul Alam, and George Tannous, 2018, Did the Regulatory Changes of 1999 and 2001 Affect Income Smoothing Behavior of US Banks?, Review of Quantitative Finance & Accounting, Pages 1-31.
  • George Tannous, Juan Wang, and Craig Wilson, 2013, the intraday pattern of information asymmetry, spread, and depth: evidence from the NYSE, International Review of Finance, 13:2 (June): pp. 215–240
  • Mishra, Dev and George Tannous, 2010, Securities laws in the host countries and the capital structure of US multinationals,  International Review of Economics & Finance (Greenwich), Volume 19, Issue 3 (June), Page 483-500.
  • Tannous, George and Ying Zhang, 2008, “Cross-listing and Trading on the Domestic Market: Evidence from Canada–U.S. Partial Holidays,” Journal of Business Finance and Accounting, Volume 35, Issue (9) & (10) (November/December), 1245-1275.
  • George Tannous and Clifton Lee-Sing, 2008, Expected Time Value Decay: Implications for Put Rolling Strategies, Financial Review, Volume 43, Number 2 (May), Pages 191-218.
  • George F. Tannous and Bin Cheng, 2007, Canadian Takeover Announcements and the Job Security of Top Managers, Canadian Journal of Administrative Sciences, Volume 24, Issue 4 (December), Pages 250-267.
  • George F. Tannous, 1997, Financing Export Activities of Small Canadian Businesses: Exploring the Constraints and Possible Solutions, International Business Review, 6, 4, 1-21 (Accepted March 24, 1997). 
  • George F. Tannous, 1997, Capital Budgeting for Advertising Expenditures: A Contingent Claims Approach.  Review of Quantitative Finance and Accounting, 8, 2 (March), 109-128.  (Accepted January 16, 1996).
  • George F. Tannous and Paul M. Mangiameli, 1996, Adding Features to a Product: A Micro-Economic Model.  International Review of Economics and Finance, 5, 2, 149-173.   (Accepted June 1, 1995.)
  • George F. Tannous, 1996.  Capital Budgeting for Volume Flexible Equipment.  Decision Sciences, 27, 2 (Spring), 157-184.  (Accepted November 30, 1995.)
  • George F. Tannous and Asit Sarkar, 1993.  Banks and Small Business Finance, New Targets for Services and Marketing Strategies.  International Journal of Bank Marketing, 11, 2, 10-17.  (Accepted October 8, 1992.)
  • George F. Tannous and Paul M. Mangiameli, 1993.  A Microeconomic Model of the Focused Factory - Vertical Integration Strategic Decision Problem.  Decision Sciences, 24, January/February, 209-217.  (Accepted June 29, 1992.)
  • Paul Mangiameli, S. Ghon Rhee and George F. Tannous, 1992.  Investment in Salvage Equipment.  Managerial and Decision Economics, 13, 5, September-October, 421-428.  (Accepted May 14, 1991.)