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Nancy Ursel CV

Nancy Ursel, Ph.D.
Professor Emeritus, Finance
ursel@uwindsor.ca
 

Education 

  • Ph.D.  Concordia, Montreal, Finance, 1991.
  • M.S.  Concordia University, Montreal, Business Administration, 1983.
  • B.A.  McGill University, Montreal, Commerce, 1980.

Professional Memberships 

  • Ontario Confederation of University Faculty Associations (OCUFA) - Pension Policy Group (Member), 2012-Present

Employment Experience 

  • Professor Emeritus, Odette School of Business (January 1, 2023-Present)
  • ​Professor, University of Windsor - Odette School of Business (January, 2001 - December 2022)
  • Associate Professor, University of Windsor (January, 1993 - January, 2001)
  • Assistant Professor, University of Windsor (January, 1989 - January, 1993)
  • Part time lecturer, Concordia University (January, 1983 - January, 1988), Montreal.
  • Manager-Financial Studies, Bell Canada (January, 1980 - January, 1982).

INTELLECTUAL CONTRIBUTIONS

Journal Articles 

  • Ursel, N. D.; Durante, A. & Elsaid, E. (2023). Ethnic Minority CEO turnover: Resource-based and leadership categorization perspectives.  Journal of Organizational Behavior, https://doi.org/10.1002/job.2688. [January]
  • Ursel, N. D.& Zhong, L. (2021). Unionization and CEO turnover.  Industrial Relations Journal, http://doi.org/10.1111/irj.12354. [November]
  • Ursel, N. D. & Zhong, L. (2017).  Why do firms pay high underwriting fees? SEO withdrawal, underwriter certification and CEO turnover.   Journal of International Financial Markets, Institutions & Money, 54, 98-113, http://doi.org/10.1016/j.intfin.2017.05.009.
  • Elsaid, E. & Ursel, N. (2017).  Re-examining the Glass Cliff Hypothesis using survival analysis: The case of female CEO tenure.   British Journal of Management, 29 (1), 156-170, http://doi.org/10.1111/1467-8551.12241.
  • Gunay, E. & Ursel, N. (2015).  Underwriter Competition in Accelerated Seasoned Equity Offerings: Evidence from Canada.   Journal of International Financial Markets, Institutions & Money, 34 (1), 94-110, http://doi.org/10.1016/j.intfin.2014.11.006.
  • Selvarajah, E. & Ursel, N. (2012).  Mergers and Corporate Debt Financing.   Economics Letters, 114 (3), 296-298, http://doi.org/10.1016/j.econlet.2011.11.003.
  • Elsaid, E. & Ursel, N. (2012).  Age, CEO Succession and Risk-taking.   Accounting & Finance Research, 1 (2), 77-86, http://doi.org/10.5430/afr.v1n2p77.
  • Elsaid, E. & Ursel, N. (2011).  CEO Succession, Gender and Risk Taking.   Gender in Management: an international journal, 26 (7), 499-512, http://doi.org/10.1108/17542411111175478.
  • Armstrong-Stassen, M. & Ursel, N. (2009).  Perceived organizational support, career satisfaction, and the retention of older workers.   Journal of Occupational & Organizational Psychology, 82 (1), 201-220, http://doi.org/10.1348/096317908X288838.
  • Ursel, N. (2006).  Rights Offerings and Corporate Financial Condition.   Financial Management, 35, 31-52.
  • Ursel, N. & Armstrong-Stassen, M. (2006).  How Age Discrimination in Employment Affects Stockholders.   Journal of Labor Research, 27, 89-99.
  • Ursel, N.; Lin, X., & Li, J. (2006).  Investing in Emerging Equity Markets: The Case of Chinese ADRs versus B Shares.   Multinational Business Review, 14 (2), 83-98.
  • Ursel, N. & Trepanier, D. J. (2001).  Securities Regulation Reform and the Decline of Rights Offerings.   Canadian Journal of Administrative Sciences, 18, 77-86.
  • Ursel, N. (2001).  Priced to Sell: The evolution of underpricing in Canadian initial public offerings.   Canadian Business Economics, 15-20.
  • Ursel, N. (2000).  Bank Acquisitions of Investment Dealers: Canadian evidence and implications for Glass-Steagall Reform.   Empirical Economics, 25, 507-518.
  • Ursel, N., & Ljucovic, P. (1998).  The Impact of Bank Ownership of Underwriters on the Underpricing of Initial Public Offerings.   Canadian Journal of Administrative Sciences, 15, 17-27.
  • Ursel, N., & Armstrong-Stassen, M. (1995).  The Impact of Layoffs on Shareholders.   Relations Industrielles, 50, 636-649.
  • Kryzanowski, L., & Ursel, N. (1993).  Market Reaction to the Formation of Export Trading Companies by American Banks.   Journal of International Business Studies, 42, 373-381.
  • Patterson, C. S., & Ursel, N. (1993).  Rights Issues and Perceived Growth Rate Dilution.   Journal of Business Finance & Accounting, 20, 115-124.
  • Kryzanowski, L., & Ursel, N. (1993).  Market Reaction to Legislative Changes and Canadian Bank Takeovers of Canadian Investment Dealers.   Journal of Financial Services Research, 171-185.

Chapters, Cases, Readings, Supplements 

  • Ursel, N. (2000). Bank Acquisitions of Investment Dealers: Canadian Evidence and Implications for Glass-Steagall Reform. Financial Economics Network Banking and Financial Institutions Paper Series, 7(17), Financial Economics Network. 
  • Patterson, C. S., & Ursel, N. D. (1987). Public Utility Equity Financing Practices: A test of market efficiency. In Crew, M. (Ed.), Regulating Utilities in an Era of Deregulation. Canada: Macmillan. 

Presentations 

  • Ursel, N.; Elsaid, E. & Durante, A. (2020, June). Resource-based and glass cliff perspectives: Ethnic CEO tenure.  Administrative Sciences Association of Canada annual conferece, Virtual.
  • Ursel, N. & Zhong, L. (2019, June). Unionization and CEO Turnover.  French Finance Association annual meeting, Quebec City.
  • Elsaid, E., Ursel, N., & Durante, A. (2019, May). Ethnic Minority CEO Tenure: Resource-based, Glass Cliff and Bold Move Perspective.  Administrative Sciences Association of Canada Annual conference, St. Catherines, Canada.
  • Ursel, N. & Zhong, L. (2019, April). Unionization and CEO Turnover.  Eastern Finance Association annual meeting, Miami.
  • Ursel, N. & Zhong, L. (2019, February). Unionization and CEO Turnover.  Odette School of Business Brown Bag Research Series Presentation.
  • Ursel, N., Durante, A., & Elsaid, E. (2018, June). Ethnic minority CEO tenure: Resource-based, Glass Cliff and Bold Move perspectives.  International Congress of Applied Psychology (ICAP) conference, Montreal.
  • Ursel, N. (2016, April). Seasoned equity offerings, underwriting fees and corporate governance.  CFA-FRL-JIFMIM-Schulich Conference, Toronto.
  • Gunay, E. & Ursel, N. (2014). Underwriter Competition in Canadian Accelerated Seasoned Equity Offerings.  Northern Finance Association annual meeting, Ottawa.
  • Gunay, E. & Ursel, N. (2013, April). Underwriter Competition in Accelerated Seasoned Equity Offerings.  Eastern Finance Association annual meeting, St Pete Beach, Florida.
  • Gunay, E. & Ursel, N. (2013, March). Underwriter Competition in Accelerated Seasoned Equity Offerings.  Midwest Finance Association annual meeting, Chicago.
  • Gunay, E. & Ursel, N. (2012, March). Competition in Seasoned Equity Underwriting.  Southwestern Finance Association annual meeting, New Orleans.
  • Gunay, E. & Ursel, N. (2011, October). Accelerated Seasoned Equity Offerings: Motives and issuer-underwriter interactions.  Financial Management Association annual meeting, Denver.
  • Elsaid, E. & Ursel, N. (2009, April). CEO Succession, Demographics and Risk Taking.  Eastern Finance Association Meeting, Washington, DC.
  • Elsaid, E., & Ursel, N. (2009).  CEO Succession, Demographics and Risk-taking.   Administrative Sciences Association of Canada Annual conference, Niagara Falls, Canada.
  • Elsaid, E. & Ursel, N. (2009, February). Antecedents and Consequences of CEO Succession: The Role of Demographics.  Southwestern Finance Association annual meeting, Oklahoma City.
  • Ursel, N. (2007).  Tests of the Pecking Order Theory of Financing.   Proceedings of the Administrative Sciences Association of Canada Annual conference, Finance Division, Ottawa.
  • Ursel, N. (2004, March). Corporate Financial Condition, Underwriter Access and Rights Offerings.  Midwest Finance Association, Chicago.
  • Ursel, N. (2002). Rights Offerings and Financial Distress.  Northern Finance Association meeting, Banff, Alberta.
  • Ursel, N. (2002, May). Clustering of Underwriting Fees in Bought Deals.  Administrative Sciences Association of Canada Annual conference, Winnipeg, Manitoba.
  • Ursel, N. (2000, September). Hot Issues markets in Canada.  Northern Finance Association meeting, Waterloo, Canada.
  • Ursel, N., & Trepanier, D. (1998).  A Time Series Analysis of Rights Usage in Canada.   Proceedings of the Administrative Sciences Association of Canada Annual conference, Finance Division, Saskatoon.
  • Ursel, N. (1996, September). A Comparison of Firm Commitment and Bought Deal Equity Issues.  Northern Finance Association conference, London, Canada.
  • Ursel, N. (1995).  Deregulation in Investment Banking and Underwriting Fees for Seasoned Common Equity Offerings on the Toronto Stock Exchange.   Administrative Sciences Association of Canada Annual conference, Windsor, Canada.
  • Ursel, N., & Armstrong-Stassen, M. (1993).  The Impact of Layoff Announcements on Shareholders.   Administrative Sciences Association of Canada Annual conference, Lake Louise, AB.
  • Kryzanowski, L., & Ursel, N. (1991).  Stock Market Reaction to the Formation of Export Trading Companies by American Banks.   Administrative Sciences Association of Canada Annual conference, Niagara Falls, Canada.
  • Patterson, C. S. & Ursel, N. (1990, September). Rights Issues and Perceived Growth Rate Dilution.  Northern Finance Association meeting, Banff, Alberta.
  • Ursel, N. & Kryzanowski, L. (1989). Comparative effects of financial services reform in Canada and the United States: The case of Banks' Brokerage activities.  Colloquium on Canadian-American Relations.
  • Ursel, N., & Kryzanowski, L. (1989).  Share price reactions of Canadian banks and investment dealers to announcements of takeovers of investment dealers.  Administrative Sciences Association of Canada Annual conference, Montreal.
  • Kryzanowski, L., & Ursel, N. (1989).  Comparative Effects of Financial Services Reform in Canada and the United States: The Case of Banks' Brokerage Activities.   Looking North: Looking South: A Colloquium on Canadian-American Relations - University of Western Michigan, Kalamazoo.
  • Ursel, N., & Patterson, C. S. (1985).  Quasi-Splits in Rights Issues and the Equity Issue Paradox.   Administrative Sciences Association of Canada Annual conference, Montreal.

Invited Presentations

  • Ursel, N. & Zhong, L. (2019). Unionization and CEO turnover. Odette School of Business Brown Bag Research Series Presentation, Windsor.
  • Ursel, N. (2015). Withdrawn stock offerings and CEO turnover. Odette School of Business, Windsor.
  • Ursel, N. (2015, September). Withdrawn Stock Offerings, CEO Turnover and Underwriting Fees. Edwards School of Business, University of Saskatchewan, Saskatoon.
  • Gunay, E. & Ursel, N. (2014, March). Underwriter Competition in Accelerated Seasoned Equity Offerings. Odette School of Business Topics in Research presentation, Windsor.
  • Gunay, E. & Ursel, N. (2012). Competition in Seasoned Equity Offered Underwriting. Financing Public and Private Firms: Fraud, Ethics and Regulation Symposium - Canadian Financial Institute (CFI) Institute and Schulich School of Business, Toronto.
  • Ursel, N. & Gunay, E. (2012, February). Competition in seasoned equity offer underwriting. University of Windsor Economics Department Seminar Series, Windsor.
  • Ursel, N. & Gunay, E. (2011, August). Bought Deal Seasoned Equity Offerings: Motives and Issuer-Underwriter Interactions. Centre for Strategic Financial Management Conference Series, Edwards Business School, University of Saskatchewan, Regina.
  • Ursel, N. & Elsaid, E. (2011, June). CEO Successions, Demographics and Risk Taking. CMA Symposium on Governance, Odette School of Business, University of Windsor.
  • Ursel, N. (2009, August). Price Competition in Canadian Bought Deal Equity Offerings. Edwards Business School, University of Saskatchewan, Saskatoon.
  • Ursel, N. (2005, September). Competition Policy for Canadian Underwriters. Canadian Law and Economics Association meeting, Toronto.
  • Ursel, N. (2005, June). A Canadian-U.S. Comparison of Competition and Competition Law in Stock Underwriting. Business Law at the Border - University of Windsor School of Law, Windsor.
  • Ursel, N. & Armstrong-Stassen, M. (2004, September). Age Discrimination in Employment: A Comparison of Legal and Financial Market Responses. Canadian Law and Economics Association meeting, Toronto.
  • Ursel, N. (1999, September). Reform of the Canadian Financial System. Canadian Law and Economics Association meeting, Toronto.

Grants (Competitive; Funded only) 

  • 2018-2020: Zhong, L. & Ursel, N., Corporate governance and CEO turnover: Evidence from unionization and merger withdrawal ($29,490), SSHRC Insight Development Grant.
  • 2017-2018: Ursel, N. & Elsaid, E., Re-examining the Glass Cliff using survival analysis: The case of ethnic CEO tenure ($2,283), HSSRG Humanities and Social Science Research Grant.
  • 2017-2018: Ursel, N. Governance and leadership in the face of unionization and withdrawn merger proposals ($3,500), Odette School of Business Research and Teaching Innovation Fund (RTIF).
  • 2015: Ursel, N. Stock issue withdrawals and CEO turnover ($5,985), Odette School of Business Research and Teaching Innovation Fund (RTIF).
  • 2013: Ursel, N. Stock Issues and Career Concerns ($3,000.00), Principal Investigator, Odette School of Business Research and Teaching Innovation Fund (RTIF).  
  • 2009: Ursel, N. Financing and Investment ($3,000), Odette School of Business Research and Teaching Innovation Fund (RTIF).
  • 2009-2012: Ursel, N. & Selvarajah, E., A Test of Capital Structure Theories ($10,000), Canadian Financial Executives Research Foundation. 
  • 2008: Ursel, N. & Elsaid, E., Top Management Succession, Board Demographics and Risk Taking ($2,500), HSSRG Humanities and Social Science Research Grant. 
  • 2008: Ursel, N. & Elsaid, E., Optimal Strategies to Combat Underinvestment in High Risk Projects ($2,500), CMA Canada.
  • 2007: Ursel, N. Investment Banking ($1,500), Odette School of Business Research and Teaching Innovation Fund (RTIF).
  • 2006: Ursel, N. Tests of Capital Structure Theory ($1,500), Odette School of Business Research and Teaching Innovation Fund (RTIF).
  • 2003: Ursel, N. Competition in Investment Banking ($6,000), CGA Canada.  
  • 2001: Ursel, N. Investor Protection and IPOs ($2,720), University of Windsor Research Board.
  • 1998-1999: Ursel, N. Correlation under Diversification ($2,000), University of Windsor Research Board.
  • 1995-1997: Ursel, N. Legislation and Share Issuance ($17,500), SSHRC.
  • 1994-1995: Ursel, N. Prestige and Underpricing ($1,000), University of Windsor Research Board.
  • 1992-1993: Ursel, N. Layoffs and Shared Prices ($1,550), University of Windsor Research Board.
  • 1992: Ursel, N. CRSP Acquisition ($7,000), Faculty Research Fund.
  • 1990: Ursel, N. Bank Expansions ($500.00), University of Windsor Research Board.
  • 1989: Ursel, N. Bank Expansions ($1,000), University of Windsor Research Board.

Research Reports 

  • 2009: Ursel, N., & Selvarajah, E., A Test of Capital Structure Theories, submitted to Canadian Financial Executives Research Council.
  • 2005: Ursel, N., Competition in Canadian Investment Banking (working paper), submitted to CGA-Canada Research Foundation.

Committee Memberships/Participation 

  • 2012:  Member, OCUFA Pension Policy and Research Group