Our Faculty and Staff

Pankaj Maskara, Ph.D.

Pankaj Maskara


Professor - Finance


Finance and Economics


H. Wayne Huizenga College of Business & Entrepreneurship

With an undergraduate degree in Business, an M.B.A., and M.S. in Finance from Boston College, Dr. Maskara worked in the corporate world for a while but realized that teaching is his true passion. He did additional graduate work in economics and ended up earning his Ph.D. in Finance.

Today he is a successful researcher with publications in academic journals of finance like Journal of Financial Economics and Journal of Banking and Finance.

He is one of the three winners of the international teaching award (2019) for innovation in finance awarded by the Financial Management Association, the leading association of finance professionals around the world.

He teaches the capstone course of the M.B.A.-Finance program where students learn firsthand from his experiences in startup ventures, pre-IPO operations, mid-sized organizations, and multinational companies.

His research interests lie in the areas of corporate governance, information asymmetry, and financial institutions, among others. He is also the CEO of Educators Park, a Florida-based company engaged in accelerating startup businesses, management consulting, and helping businesses expand in hot markets like India and China.

Maskara has traveled extensively and he speaks many languages. He has founded and run several businesses over the years and taught in many countries.

He has been the keynote speaker at many conferences, including the Baidu Forum of World AI Conference 2018 in Shanghai. His speech at the conference was published by Harvard Business Review, China.

He has written books on Entrepreneurship, and he enjoys writing case studies and designing simulations to enhance the learning experience of his students.

Maskara is active in the community and routinely engages in volunteer activities. He is also the president of a non-profit organization. He also holds the CFA charter, the gold standard among investment professionals.

  • Ph.D. - University Kentucky - Business Administration
  • M.S. - Boston College - Finance
  • M.B.A. - Middle Tennessee State University - Business Administration
  • B.B.A. - Tribhuvan University - Business Administration

ECN 2025 Principles of Macroeconomics

FIN 5503 Real World Finance for Managers

FIN 5515 International Finance

Making Sense of Accounting and Finance
Southwest University of Finance and Economics Press 2020

Entrepreneur's Handbook: Be Inspired
Amazon Direct Publishing 2020

Entrepreneur's Handbook
China Renmin University Press 2017

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., Kuvvet, E. (2022). To Fight or Not to Fight: A Study on the Likelihood of Investor-State Disputes Between Two Countries. Emerging Markets Finance and Trade, Forthcoming.

Pankaj Maskara, Emre Kuvvet, & Gengxuan Chen (2021). The Role of P2P Platforms in Enhancing Financial Inclusion in US - An Analysis of Peer-to-Peer Lending Across the Rural-Urban Divide. Financial Management.

Hyungkee Baek, Pankaj Maskara, & Laura Miller (2019). Does improved governance lead to a higher share of FDI in foreign equity investments? Asia-Pacific Journal of Financial Studies 48(4), pp. 561-586.

Pankaj Maskara (2019). Don't Think Outside the Box, Break It! Tsinghua Business Review March 2019(3), pp. 16-24.

Pankaj Maskara & Florence Neymotin (2019). Credit Unions During the Crisis: Did They Provide Liquidity. Applied Economics Letters 26(3), pp. 174-179. Appeared in CU Today March 26, 2019 & Miami Today March 22, 2018.

Pankaj Maskara (2018). Opportunities and Challenges in Artificial Intelligence from a Business Perspective. Harvard Business Review December 2018(12), pp. 19-21.

Emre Kuvvet & Pankaj Maskara (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(), pp. 77-89. Appeared on National Affairs, May 18, 2018.

Pankaj Maskara & Laura Miller (2018). Do golden parachutes matter? Evidence from firms that ultimately filed for bankruptcy. Quarterly Review of Economics and Finance 67, pp. 63-78.

Pankaj Maskara, Philip Fazio, & Hyungkee Baek (2014). Effect of family ownership and management on CEO compensation and dividend policy in small-cap firms. Journal of International Finance Studies 14(3), pp. 21-40.

Pankaj Maskara, A Maskara, & R Aggarwal (2013). Corporate Governance: Known, Unknown, and the Wrongly Known. Journal of Business and Economics 2, pp. 105-123.

Pankaj Maskara, Z Eser, & B Claassen (2012). Biggest Corporate Failures, the Underlying Agency Problems, and Corporate Governance Measures. European Journal of Management 12(3), pp. 98-106.

Pankaj Maskara & D Mullineaux (2011). Bank Loan Specialness Revisited: Role of Information Asymmetry in Loan Announcement Decisions. Journal of Financial Economics 101(3), pp. 684-694.

Pankaj Maskara, S Danyal, & A Naqvi (2011). Impact of Computer Skills on Wages in USA. Applied Economic Letters 18(11), pp. 1077-1081.

Pankaj Maskara & Z Eser (2010). Don't Worry, Be Happy! SAD is Not the Answer. International Journal of the Academic Business World 4(2), pp. 17-27.

Pankaj Maskara (2010). Economic Value in Tranching of Syndicated Loans. Journal of Banking and Finance 34, pp. 946-955.

Pankaj Maskara & D Mullineaux (2010). Small Firm Capital Structure and the Syndicated Loan Market. Journal of Financial Services Research 39(1&2), pp. 55-70.

Pankaj Maskara & R Aggarwal (2009). Credit Risk Measurement Models and Their Regulatory Implications. Review of Business Research 9(4), pp. 58-66.

Pankaj Maskara, R Aggarwal, & R Maskara (2006). Access to Computer Technologies at Home Improves Wages in the Marketplace. Journal of International Technology and Information Management 15(3), pp. 67-77.

Pankaj Maskara, G Darko, R Dusansky, & N Naqvi (2006). Gains from Trade in a Small Monetary Economy. Journal of International Trade and Economic Development 15, pp. 403-430.