Finance · Corporate Governance · Executive Communication

Sahar Shabani

Ph.D. in Management — Finance
Telfer School of Management, University of Ottawa

I am a recent Finance Ph.D. graduate from the Telfer School of Management at the University of Ottawa. I also hold a Master’s degree in Financial Engineering and a Bachelor’s degree in Industrial Engineering.

My research interests include corporate finance, corporate governance, executive communication and behavior, corporate disclosure, textual analysis, and information transmission. My research examines how information, incentives, uncertainty, and organizational structures shape corporate decisions and executive behavior.

I have taught Finance Theory and Business Statistics at the University of Ottawa. My teaching interests include corporate finance, investments, business statistics, and data analytics.

Outside of academia, I enjoy spending time with my family and baby daughter, staying active, working out, and exploring different sports.

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sshabani@uottawa.ca

Research

Working Papers

Job Market Paper

“Words Before Exit”: CEO Linguistic Patterns and Forced Turnover Outcomes

with Ali Akyol

Using earnings conference calls, this paper studies whether CEO language changes before forced turnover. CEOs nearing dismissal display distinctive linguistic patterns, including more first-person, analytical, power-related, and present-focused language, while using less authentic, affective, and tentative language. The patterns become stronger as turnover approaches and are specific to CEOs rather than CFOs.

Presented at the 2026 Financial Management Association European Conference. Revising following a reject-and-resubmit decision from the Journal of Banking & Finance.

Paper PDF

Interlocks in the Shadow: Board Interlocks and Guidance Withdrawal during COVID-19

with Ali Akyol

This paper examines how information travels through board networks during periods of heightened uncertainty. Smaller firms are more likely to withdraw earnings guidance shortly after a larger, board-interlocked peer does so, especially when the connection operates through an audit committee member with relevant financial expertise.

What Do All These Vice Presidents Do? Vice Presidents’ Employment and Firm Value

This paper examines when additional layers of senior management create costs and when they provide valuable managerial capacity. Excess vice-president employment is associated with lower firm value on average, but the relation reverses in large, complex organizations and during periods of economic stress.

Research Statement

Teaching

My teaching focuses on making complex ideas intuitive, learning through application, and creating a classroom where students feel comfortable asking questions and engaging with challenging material.

ADM 2352 · Telfer School of Management

Finance Theory

This course introduces the theoretical foundations of modern finance, including arbitrage, risk and return, asset pricing, market efficiency, behavioral finance, financial and real options, and corporate governance. The course emphasizes critical thinking and the application of financial theory to evaluate real-world financial decisions.

ADM 2303 · Telfer School of Management

Statistics for Management I

This introductory business statistics course focuses on applying statistical methods to management and decision-making. Topics include descriptive statistics, probability and probability distributions, covariance, sampling distributions, and related applications, with business examples used throughout to develop quantitative reasoning and critical-thinking skills.

Teaching Statement

Curriculum Vitae

Academic CV

Education, research, teaching experience, conference presentations, technical skills, and references.

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