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H. Wayne Huizenga
College of Business and Entrepreneurship
College of Business and Entrepreneurship
Chair/Professor - Finance
Accounting/Economics and Finance
H. Wayne Huizenga College of Business & Entrepreneurship
Dr. Pankaj Maskara is Professor of Finance and Chair of the Department of Accounting, Economics, and Finance at the H. Wayne Huizenga College of Business and Entrepreneurship. He is a CFA charterholder. He earned his Ph.D. in Finance from the University of Kentucky (2007), M.S. in Finance from Boston College (2001), MBA from Middle Tennessee State University (1999), and BBA from Tribhuvan University (1997).
His research spans FinTech, corporate finance, financial intermediation, corporate governance, consumer and household finance, entrepreneurial finance, international economics, and artificial intelligence. His work has been published in the Journal of Financial Economics, the Journal of Banking and Finance, the Journal of Financial Services Research, the Journal of Financial Research, Financial Management, the International Journal of Consumer Studies, the Journal of Business and Industrial Marketing, AI and Society, and the Harvard Business Review (Global Edition, 2018 and 2023). His 2021 article on P2P lending and financial inclusion was recognized by Financial Management as both a Top Downloaded Article (2021) and a Top Cited Article (2021–2022).
His Journal of Financial Economics paper on information asymmetry in bank loan announcements was selected for translation in Contract and Economic Organization (2023), an anthology of foundational works in contract theory that includes chapters by Nobel Laureates Bengt Holmström, Oliver E. Williamson, and Oliver Hart. He is co-author, with Ivo Welch (UCLA Anderson School of Management), of the fourth edition of the Corporate Finance textbook (Tsinghua University Press, 2023), and wrote the foreword to a recent edition of Nobel Laureate Herbert Simon's The Sciences of the Artificial. His recent work in AI and Society proposes using competition policy and antitrust principles to manage the existential risks of artificial intelligence.
Dr. Maskara serves as Co-Topic Editor for Frontiers in Artificial Intelligence and has reviewed for Management Science, the Journal of Money, Credit and Banking, the Journal of Banking and Finance, and other leading journals. He received the Innovation in Teaching Award from the Financial Management Association International (2019). His research on credit unions has informed U.S. policy discussion, with citations in the Wall Street Journal, Tax Foundation reports, and a Federal Reserve Bank of Philadelphia analysis. He is also Founder and CEO of Educators Park Inc., a sole inventor on a granted U.S. patent, and Founder and Chair of NMPS Education Society, a 501(c)(3) nonprofit.
ECN 2025 Principles of Macroeconomics
FIN 5503 Real World Finance for Managers
FIN 5515 International Finance
Corporate Finance (4th ed.)
Beijing:Tsinghua University Press 2023
978-7-302-64668-6
Its that simple: A Mindset
Amazon Direct Publishing 2023
9798366224772
Making Sense of Accounting and Finance
2020
9787550443679
Entrepreneurial Finance
Southwest University of Finance and Economics Press 2020
Entrepreneur's Handbook
China Renmin University Press 2017
9787300248684
The role of P2P platforms in enhancing financial inclusion in the US, Southwest Finance Asso., 2021
P2P lending across the rural urban divide, Finance Seminar, 2019, Haikou, China
Selection bias due to confounding events and missing data in event studies, Finance Seminar, 2019, Chongqing, China
P2P lending across the rural urban divide, FMA annual meeting, 2019, New Orleans
Don't Think Outside the Box, Break It!, , 2018, Chengdu, China
Innovation and Business Models for the New Economy, Hashi Blockchain Forum, 2018, Hangzhou
Do Credit Unions Serve the Underserved? Evidence from the Consumer Finance Survey, Western Economic Association Meetings 2018, Vancouver, Canada
Do Golden Parachutes Matter? Evidence from firms that ultimately filed for bankruptcy, 2018, Chengdu, China
Startup incubator and accelerator programs, International Forum on Cooperative Development of Entrepreneurship Services 2018, Chengdu, China
Entrepreneurship: what it means to be an entrepreneur, New Years Eve Festival 2018, Xi'an, China
Entrepreneurship: Born to be an entrepreneur, 2018, HeFei, China
Entrepreneurship, 2018, Wuhan, China
innovation, Qingtong 2018, Wuhan, China
Do Credit Unions Serve the Underserved? Evidence from the Consumer Finance Survey, FMA annual Meeting 2017, Boston
Family Ownership, Top Executive Compensation and Dividend Income: A Small-Cap Evidence, International Academy of Business and Economics Conference 2014, Boston
Effect of Family Ownership and Management on CEO Compensation and Dividend Policy in Small-Cap Firms, International Finance and Banking Conference 2014, Bucharest, Romania
Corporate Multinational Flexibility Option and Bankruptcy Resolution, Financial Management Association Annual Meeting 2013, Bucharest, Romania
Corporate Governance: Known, Unknown, and the Wrongly known, Academic Business World 2012, Bucharest, Romania
Selection bias in event studies due to deletion of contaminated observations, 2012, Toronto, Canada
Do Trade and Capital Flows Complement Each Other: Evidence for the US Syndicate Loan Market, FMA annual meeting 2010, NY, NY
Participation of Investment Banks and Non-Bank Financial Institutions in Syndicated Loans, FMA annual meeting 2010, NY, NY
Bank Loan Specialness Revisited: Ascertainment Bias in Loan Announcement Studies, FMA annual meeting 2009, Reno, NV
Economic Value in Tranching of Syndicated Loans, FMA annual meeting 2009, Reno, NV
Small Firm Capital Structure and the Syndicated Loan Market, FMA annual meeting 2009, Reno, NV
Are Bank Loans Special: Evidence from the Loan Announcement Effect", FMA annual meeting 2007, Orlando, FL
Maskara, P. K., & Huang, K. (2025). Fueling regional economic prosperity: The role of P2P lending in micro-firms and small businesses. Journal of Financial Research.
Maskara, P. K. (2025). Developing safer AI — concepts from economics to the rescue. AI & Society, 40(2), 971–983. [Proposes using competition policy, antitrust (Sherman Act), and marginal analysis to keep AI decentralized and segmented as a safeguard against existential risk.]
Maskara, P., & Chen, G. (2025). Health-related non-financial costs of financial debt on Asian Americans: Evidence from the Consumer Finance Monthly Survey. Review of Behavioral Economics, 12(2), 143–172.
Barry, J., Maskara, P., Ben Mrad, S., & Benjamin, R. (2024). B2B informal networking influences on relationships in emerging and developed nations: A multi-regional empirical study. Journal of Business & Industrial Marketing.
Maskara, P., Kuvvet, E., & Chen, G. (2021). The role of P2P platforms in enhancing financial inclusion in the United States: An analysis of peer-to-peer lending across the rural-urban divide. Financial Management. [Top Cited Article 2021–2022; Top Downloaded Article 2021.]
Maskara, P., & Neymotin, F. (2021). Do credit unions serve the underserved? Eastern Economic Journal. [Cited in the Wall Street Journal, Tax Foundation, and Federal Reserve Bank of Philadelphia analyses.]
Chen, C., Jia, Q., Maskara, P., & Williams, A. (2021). Impact of financial debt on borrower's health based on gender. International Journal of Consumer Studies, 45(3).
Maskara, P., & Kuvvet, E. (2021). To fight or not to fight: A study on the likelihood of investor-state disputes between two countries. Emerging Markets Finance and Trade.
Baek, H., Maskara, P., & Miller, L. S. (2019). Does improved governance lead to a higher share of FDI in foreign equity investments? Asia-Pacific Journal of Financial Studies, 48(4), 561–586.
Maskara, P., & Neymotin, F. (2019). Credit unions during the crisis: Did they provide liquidity? Applied Economics Letters, 26(3), 174–179. [Covered in CU Today and Miami Today.]
Kuvvet, E., & Maskara, P. (2018). Former members of the U.S. Congress and fraud enforcement: Does it help to have politically connected friends on the board? Quarterly Review of Economics and Finance, 70, 77–89. [Featured in National Affairs.]
Maskara, P. K., & Miller, L. J. (2018). Do golden parachutes matter? Evidence from firms that ultimately filed for bankruptcy. Quarterly Review of Economics and Finance, 67, 63–78.
Maskara, P., Fazio, P., & Baek, H. (2014). Effect of family ownership and management on CEO compensation and dividend policy in small-cap firms. Journal of International Finance Studies, 14(3), 21–40.
Maskara, P., Maskara, A., & Aggarwal, R. (2013). Corporate governance: Known, unknown, and the wrongly known. Journal of Business and Economics, 2, 105–123.
Maskara, P., Eser, Z., & Claassen, B. (2012). Biggest corporate failures, the underlying agency problems, and corporate governance measures. European Journal of Management, 12(3), 98–106.
Maskara, P., & Mullineaux, D. (2011). Bank loan specialness revisited: Role of information asymmetry in loan announcement decisions. Journal of Financial Economics, 101(3), 684–694.
Maskara, P. (2010). Economic value in tranching of syndicated loans. Journal of Banking and Finance, 34, 946–955.
Maskara, P., & Mullineaux, D. (2010). Small firm capital structure and the syndicated loan market. Journal of Financial Services Research, 39(1&2), 55–70.
Maskara, P., & Eser, Z. (2010). Don't worry, be happy! SAD is not the answer. International Journal of the Academic Business World, 4(2), 17–27.
Maskara, P., & Aggarwal, R. (2009). Credit risk measurement models and their regulatory implications. Review of Business Research, 9(4), 58–66.
Maskara, P., Aggarwal, R., & Maskara, R. (2006). Access to computer technologies at home improves wages in the marketplace. Journal of International Technology and Information Management, 15(3), 67–77.
Maskara, P., Darko, G., Dusansky, R., & Naqvi, N. (2006). Gains from trade in a small monetary economy. Journal of International Trade and Economic Development, 15, 403–430.