Dr. Anton Miglo is Professor of Finance at Toronto School of Finance, Canada. He obtained his Candidate of Science Degree from Saint-Petersburg State University in 1998 and PhD with excellence in economics (concentration in finance) from the University of Quebec in Montreal (Canada) in 2005. During his studies, Professor Miglo was awarded prestigious scholarships from the Canadian Council of Social Science Research and Montreal Institute of Financial Mathematics. Over the course of his career, Professor Miglo has taught numerous finance courses including Theory of Finance, Financial Management, Entrepreneurial Finance, Fundamentals of Crowdfunding, Advanced Topics in Finance, Investments, Finance with Excel and Financing Strategies and Corporate Governance. He is the author of numerous academic publications. Professor Miglo areas of expertise include capital structure and financial contracts.
Anton Miglo Curriculum Vitae
E-mail: anton.miglo@torontoschooloffinance.ca Family: married, one child Citizenship: Canada
Web-page: https://torontoschooloffinance.ca/anton-miglo
Google scholar page: https://scholar.google.co.uk/citations?user=edfVeaEAAAAJ&hl=en
EDUCATION:
- 2000-2005 Ph.D. Economics/Finance, University of Quebec at Montreal
- 1992-1997 Post-graduate studies (Candidate of Science), St-Petersburg State University
- 1987-1992 BA, St-Petersburg State University
EMPLOYMENT HISTORY
- 2024-present Professor, Toronto School of Finance
- 2022-2024 Lecturer in Finance and MSc FinTech projects lead (perm), University of Glasgow (Top 36 in the world, CWTS rankings, 73 QS ranking)
- 2017-2021 Senior Lecturer, Birmingham City University
- 2014-2017 Associate Professor (limited term), School of Business, Nipissing University
- 2009-2014 Associate Professor, Business School, University of Bridgeport
- 2005-2009 Assistant Professor, Department of Economics, University of Guelph
- 2004-2005 Lecturer, Department of Economics, University of Guelph
- 2001-2004 Teaching Assistant, UQAM.
OTHER WORK EXPERIENCE
- 2021-2022 Lecturer in Finance and Economics, University of East Anglia
- 2021 Lecturer in Finance and Program Director MSc Financial Technology (FinTech), University of Salford
- 2015-2017 Instructor and consultant, Toronto School of Finance
- 2010 Instructor, Zhejiang Gongshang University (joint program with University of Bridgeport)
1998-1999 Financial specialist, Standart-Audit, ltd., Saint-Petersburg - 1992-1998 1998 -1999 Financial specialist, Standart-Audit, ltd., Saint-Petersburg
- 1995- 1998 Head of Strategic Management, Industrial and Construction Bank
- 1994- 1995 Head of Capital Market Management, Industrial and Construction Bank
- 1993- 1994 Head of Capital Market Department, Industrial and Construction Bank
- 1992- 1993 Securities market specialist, Vitabank
PUBLICATIONS
- Miglo, A. (2022). “Crowdfunding vs. Bank Financing-Substitutes or Complements?” Small Business Economics (Springer), (3*ABS ranking A-level ABDC ranking) 59: 1115-1142.
- Miglo, A. (2022). ICO vs. Equity Financing Under Imperfect, Asymmetric and Complex Information. FinTech, forthcoming
- Miglo, A. (2022). “Theories of Financing for Entrepreneurial Firms: A Review”, International Review of Entrepreneurship, 20(2), pp. 301-330.
- Miglo, Anton. (2021). “Crowdfunding Under Market Feedback, Asymmetric Information And Overconfident Entrepreneur” Entrepreneurship Research Journal (De Gruyter), vol. 11, no. 4, pp. 20190018. https://doi.org/10.1515/erj-2019-0018.
- Miglo, A. (2022). Choice between IEO and ICO: Speed vs. Liquidity vs. Risk. FinTech. 1(3):276-293. https://doi.org/10.3390/fintech1030021. Invited paper for the special issue in New Developments in Fintech.
- Miglo A. Theories of Crowdfunding and Token Issues: A Review. Journal of Risk and Financial Management. 2022; 15(5):218. https://doi.org/10.3390/jrfm15050218. Invited by guest editor (ed. Dr. Paul Momtaz) for a special issue on Token Offerings, Cryptocurrencies and Blockchain Technology
- Miglo, A. (2021). STO vs. ICO: A Theory of Token Issues under Moral Hazard and Demand Uncertainty. Journal of Risk and Financial Management 14(6): 232. Invited paper for the special issue in Decision-Making and Uncertainty in Management
- Miglo, A. (2020). “Crowdfunding in a Competitive Environment”, Journal of Risk and Financial Management 13(3): 1-39. Feature paper invited by guest editor (ed. Professor Douglas Cumming) for a special issue on crowdfunding.
- Miglo, A.(2020). “Zero-Debt Policy Under Asymmetric Information, Flexibility and Tax Considerations”, Journal of Risk and Financial Management, 13(12), 296; https://doi.org/10.3390/jrfm13120296. Invited paper for the special issue in Corporate Finance, Governance, and Social Responsibility
- Miglo, A. (2020). “Pecking-Order Theory For Government Finance”, Current Politics and Economics of the United States, Canada, and Mexico, Vol. 22, Iss. 1: 1-37.
- Miglo, A. (2020). “Financing of Entrepreneurial Firms in Canada: Some Patterns”, Administrative Sciences, 10(3), 50, feature paper invited by editor.
- Miglo, A., and V. Miglo. (2019). “Market Imperfections and Crowdfunding”, Small Business Economics Journal (Springer) 53 (1): 51–79. 3*ABS ranking A-level ABDC ranking
- Miglo, A. (2017). “Timing of Earnings and Capital Structure”, The North American Journal of Economics and Finance (Elsevier), vol. 40, issue C, 1-15.
- Miglo, Anton (2016), “Can Earnings Manipulation Create Value?,” Economics, Management, and Financial Markets 11(1): 21–40. (Addleton Academic Publishing).
- Jee, Z., S. Liang and A. Miglo (2014) “Capital Structure of Internet Companies: Case Study”. Journal of Internet Commerce (Taylor and Francis) 13 (3-4): 253-281.
- A. Miglo. (Nov. 2012). “Managers vs. students: new approach in improving capital structure education”. Journal of Education and Vocational Research Vol. 3, No. 11: 353-369.
- A. Miglo. (2012). “Multi-stage investment, long-term asymmetric information and pecking-order theory revisited”. Journal of Current Issues in Finance, Business and Economics Vol. 4, Issue 4, 331-348, Nova Science Publisher.
- Miglo, A. (2011). “The development of property rights on intellectual property”. Journal of Economics and Behavioral Studies 3 (4): 224-234.
- A. Miglo (2010). “Project financing versus corporate financing under asymmetric information”. Journal of Business and Economics Research 8 (8), 27-43.
- Miglo, A. (2010). “Capital structure and earnings manipulation”. Journal of Economics and Business (Elsevier) 62(5), pages 367-382.
- A. Miglo. (2010). “Can corporate taxation be explained by limited liability?”. Journal of Current Issues in Finance, Business and Economics 2 (4), 383-383. Nova Science Publisher
- A. Miglo. (2010). “Empire-Building: Underinvestment and Capital Gain Taxation”. Journal of Current Issues in Finance, Business and Economics 2 (3), 375-381. Nova Science Publisher.
- Miglo, A. (2009). “Earnings-based compensation contracts under asymmetric information”. The Manchester School (Wiley-Blackwell) 77 (2), 225-243.
- A. Miglo (2009). “Property rights and earnings manipulation”. International Research Journal of Finance and Economics, Issue 31, pp. 116-128 Publisher- Eurojournals.
- Miglo, A. (2007). “A note on corporate taxation, limited liability and asymmetric information”. Journal of Economics (Springer) 92 (1), 11-19.
- Miglo, A. (2007). “Debt-equity choice as a signal of earnings profile over time”. Quarterly Review of Economics and Finance (Elsevier) 47 (1), 69-93
- Miglo, A., and N. Zenkevich. (2006). “Non-hierarchical signalling: two-stage financing game”. International Journal of Mathematics, Game Theory and Algebra 15 (3), 257-273.
- A. Miglo. (1997). “Modigliani-Miller’s theorem and capital structure of Russian corporations”. Securities Market, Vol. 23 (110), 58-62, web-site http://www.rcb.ru/
- A. Miglo. (1996). “Dividend calculations in the first year after issue of stocks”. Securities Market, Vol. 15 (78), 22-26, web-site http://www.rcb.ru/
- Miglo, A., and A. Panibratov. (1991). “Risk and Stock capital: analysis of connections”. Revue of Saint-Petersburg University, Ser. Economics, Vol. 3, n. 19, 80-84
- Panibratov, A., and A. Miglo. (1990). “Question of shares under socialism”. Revue of Saint-Petersburg University, Ser. Economics, Vol. 3, n. 19, 126-128
BOOKS
A. Miglo. Capital Structure in the Modern World. Springer-Palgrave-MacMillan, 2016. ISBN 978-3-319-30713-8.
A. Miglo. Economics of Crowdfunding, work in progress
A. Miglo. Corporate finance: basic theory and advanced topics. Textbook, Lulu, 2014 ISBN: 1-4691-5296-7. Second edition
A. Miglo. Corporate finance: basic theory and advanced topics. Textbook, Xlibris, 2012 ISBN: 1-4691-5296-7
CHAPTERS IN BOOKS
A. Miglo. (2022). Backers: Consumers or Investors? Crowdfunding vs. Traditional Financing as an Optimal Security Design Problem. Ch. 12 in Handbook on Digital Entrepreneurship (Springer) Ed. ed. Mohammad Keyhani University of Calgary, Clyde Hull Rochester Institute of Technology.
A.Miglo (2021). Crowdfunding: Definitions, Foundations and Framework. Ch.1 in Crowdfunding in the Public Sector: Theory and Best Practices. Ed. Prof. Dr. Regina Lenart-Gansiniec, Jin Chen, Book Series: Contributions to Finance and Accounting, Publisher: Springer International Publishing.
A. Miglo. (2011). Chapter 10 “Trade-Off, Pecking Order, Signaling, and Market Timing Models”. in H. Kent Baker, Gerald S. Martin. Capital Structure and Corporate Financing Decisions: Theory, Evidence, and Practice. (Wiley and Sons) Mar 31, 2011, pp 171-191.
A. Miglo. (2010). Chapter 12 “Can Corporate Taxation be Explained by Limited Liability?”. in Taxation, Tax Policies and Income Taxes (Monetary Fiscal and Trade Policies Series). Ed. Berube, Warren J. (EDT) / Pinto, Camron N. (EDT) Nova Science Pub Inc (2010/02) ISBN:9781607416265. pp 201-207.
Miglo, A., and N. Zenkevich. (2008). Chapter 30. “Non-hierarchical Signaling: Two-stage Financing Game” in Mathematics, Game Theory and Algebra. Compendium Volume 1. Editor Jacob H. Mathias. Novascience publishers (Reprint).
Miglo, A., and N. Zenkevich. (2007). Chapter 9 “Non-hierarchical Signaling: Two-stage Financing Game”, in Game Theory and Applications, Volume 11, pp. 97-110. Editors: L. Petrosjan and V. Mazalov. Novascience publishers.
CURRENT PROJECTS AND WORKING PAPERS
Pecking Order with Crowdfunding, 2023. (accepted for Royal Economic Society annual meeting, 2023)
Comparing Crowdfunding Success Factors in UK Cities
Donation-based crowdfunding vs. traditional charity fundraising (joint with A. Patel, University of East Anglia)
Ji, Xiehua and Anton Miglo. (2019). “Capital Structure Choice Under Asymmetric Information and Overconfident Managers”. Accepted for BAFA 2019 annual conference
“FinTech Development in Greater Manchester: An Overview”
“Capital Structure and Firm Performance: An Analysis of Impact of Asymmetric Information and Behavioral Biases”
OTHER WORKS
Crowdfunding, Encyclopedia, 2020, v1, Available online: https://encyclopedia.pub/605
Capital Structure, Encyclopedia, 2020, v1, Available online: https://encyclopedia.pub/622
“Asymmetric Information and IPO of Chinese Companies”. International Conference of the Academy of International Business, Shanghai and Tianjin 2014. (Joint with Congsheng Wu, University of Bridgeport)
“Essays on Capital Structure Theory”. (thesis) UQAM 2005. Reprinted as a book by Library and Archives Canada, [2006].ISBN: 0494024151
“The Economic and Mathematical Models of Stocks Issue by Commercial Banks in Russia”. (dissertation) Saint-Petersburg 1997
UNPUBLISHED MANUSCRIPTS
“Taxes, Debt, Investments and the Choice of Business Form with Overconfident and Pessimistic Entrepreneurs” (joint with M. Brodziak, 2020).
“Asymmetric Information and IPO Size” 2014 (joint with Congsheng Wu, University of Bridgeport) https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2401787
“Choice of Financing Mode as A Stochastic Bounded Control Problem”
“Barriers of Debt Finance for SMEs: A Comparison of UK and Canadian Firms”
HONORS, SCHOLARSHIPS, GRANTS AND FELLOWSHIPS
- 2017-2021 Active Researcher Birmingham City University
- 2014 Start-Up grant Nipissing University
- 2012 Seed-grant, University of Bridgeport (joint with C. Wu)
- 2011 Included in the 2011 Edition of Biltmore Who’s Who in Business Higher Education in USA
- 2010 Included in the AcademicKeys Who’s Who in Business Higher Education in USA
- 2007 Honored member of Montclair Who’s Who among academic professionals
- 2004 Start-up research grant, University of Guelph
- 2002-2004 Canada Social Science Research Council (CRSH), Doctoral Fellowship
- 2000-2002 Financial Mathematics Institute of Montreal (IFMM), Doctoral Fellowship
- 2001, 2003 Awarded CIRPEE Fellowship
- 2000 Graduate Fellowship UQAM, Economic Department
- 2000 PAFARC Grant, UQAM
- 1992 Red Diploma (highest honor) of Saint-Petersburg State University
- 1990-1992 K. Marx Graduate Fellowship
- 1989-1990 Grant of academic Nobel Prize L.V. Kantorovic
- 1989-1990 Winner of competition of articles of Saint-Petersburg University
PHD SUPERVISION
Magdalena Brodziak, Birmingham City University, topic: “Capital Structure of SMEs and its Impact on Management Style in a Constantly Changing Business Environment”
Yang Xin, Birmingham City University, topic: “Theoretical and Empirical Model of Success Factors in Crowdfunding”
ACADEMIC ACTIVITIES
Session chair: British Association of Accounting and Finance 2018, Eastern Economic Association Annual Meeting 2011, Eastern Economic Association Annual Meeting 2010
Conferences Committee Member: Financial Management Association European Meeting 2008, Financial Management Association Annual Meeting 2007, Global Finance Conference 2006
Session organizer: Financial Management Association Annual Meeting 2008
Editorial Board: International Journal of Trade, Economics and Finance (2022-2024), International Research Journal of Finance and Economics (2007-2008)
External assessor:Canadian social science research council. Grant application
Referee for: Journal of Economics Springer (5); Journal of Banking and Finance (3* ABS Rankings, A*-level ABDC ranking); Small Business Economics (2) (3* ABS Rankings, A-level ABDC ranking); European Journal of Finance; Technological Forecasting and Social Change; Economic Modelling; The International Journal of Entrepreneurship and Innovation; Entrepreneurship Research Journal; Managerial Finance; Economics of Innovation and New Technology; Review of Managerial Science; International Journal of the Economics of Business; International Journal of Emerging Markets; Sustainability; International Journal of Monetary Economics and Finance; Financial Review; Global Finance Journal; Elsevier Corporate Finance Textbook; Mathematical Social Science; Review of Public Economics; Journal of Public Economic Theory; Economics and Business Review; Universal Journal of Accounting and Finance; Journal of Business Economics and Management; Economics, Management, and Financial Markets; Open Economics; Journal of Financial Economic Policy; American Journal of Business; Journal of Risk and Financial Management; Risks; Administrative Sciences.
Discussant:Eastern Finance Association 2015, Midwest Finance Association 2015, Eastern Economic Association Annual Meeting 2011, Eastern Economics Association Annual Meeting 2010, Eastern Economics Association Annual Meeting 2010,American Finance Association Annual Meeting 2009, Northern Finance Association 2008, Financial Management Association Annual Meeting 2008, Financial Management Association Annual Meeting 2007, Financial Management Association Annual Meeting 2006, Western Economics Annual Meeting 2005, Financial Management Association European Meeting 2005, Canadian Economic Association 39th Annual Meetings 2005, 8th Conference of the Swiss Society for Financial Market Research 2005, German Finance Association 20th Annual Meetings 2003, International Congress of French Finance Association 2003, Canadian Economic Association 37th Annual Meetings 2003, MidWest Finance Association Annual Meetings 2003, Conference “Les journée du CIRPEE” 2002.
Memberships/Networks: British Accounting and Finance Association (2017-present), Royal Economic Society (2017-present), International Research Institute for Economics and Management (2020-present), Community of Social Innovations (2015-present), Network for business sustainability (2008-2017), MDPI Reviewer Board member (2020-present)
ACADEMIC PROGRAM DEVELOPMENT
2014-2016 Nipissing University BA finance stream (approved in 2016). Included two certificates: Entrepreneurial Finance and Certificate of Financial Products Sales Professional
OTHER ACTIVITIES
University of East Anglia Employability tutor 2021-present
Birmingham City University: Employability tutor (Year 3) 2018-2021
Birmingham City University: Personal tutor (Year 2) 2017-2021
Birmingham City University: Year leader (year 2 finance students) 2018-2021
Center for Social Innovation (Toronto), Entrepreneurial Finance Workshop organizer (2015)
Nipissing University: Teaching and Student Committee (2014-present)
Nipissing University Finance Workshop organizer (2014)
UB School of Business webeditor (2012-2014)
UB Chessclub supervisor (2010-2014)
Dean of the School of Business Recruiting committee member (2011-2012)
Assessment committee member: School of Business, University of Bridgeport (2009-2014)
Member of UB Faculty Council (2011-2014)
Member of UB Senate (2011-present)
Member of UB Institutional Research Board (IRB) (2010-2011)
Convocation committee member: University of Guelph (2004-2009)
CONFERENCE PRESENTATIONS/SEMINARS
2024 Royal Economic Society Annual Meeting
Scottish Economic Society Annual Meeting
2023 British Accounting and Finance Association Annual Meeting
2022 Royal Economic Society Annual Meeting
2021 Seminar, University of Glasgow
Seminar, University of East Anglia
Seminar, Glasgow Caledonian University
Royal Economic Society Annual Meeting
British Accounting and Finance Association Annual Meeting
2020 Seminar, University of Salford
Seminar, University of West England
Seminar, DUFE-Ulster University
Seminar, University of Sussex
Seminar, National University of Ireland Galway
Seminar, Teesside University
Seminar, University of Twente
Royal Economic Society Annual Meeting, Belfast (accepted)
British Accounting and Finance Association Annual Meeting, Southampton (accepted)
Seminar, Edinburgh Napier University
Seminar, University of Brighton
2019 British Accounting and Finance Association Annual Meeting, Birmingham
Seminar, Ulster University
Seminar, University of Lincoln
Seminar, De Montfort University
Seminar, London South Bank University
Seminar, Coventry University London
Seminar, Regents University
2018 Seminar, University of Northampton
Seminar, University of Westminster
Seminar, Coventry University
Seminar, University of Greenwich
Royal Economic Society Annual Meeting, Brighton
British Accounting and Finance Association Annual Meeting, London
Seminar, De Montfort University
2017 Entrepreneurial Finance Workshop, Birmingham City University
Seminar, Westfiled State University
Seminar, Plymouth State University
Seminar, Kiev School of Economics
Seminar, Birmingham City University
2015 Eastern Finance Association Annual Meeting, New Orleans
Midwest Finance Association Annual Meeting, Chicago
Seminar, Center for Social Innovation, Toronto
2014 Seminar, Nipissing University
Seminar, CUNY, Lehman College
International Conference of the Academy of International Business, Shanghai and Tianjin
Midwest Finance Association Annual Meeting, Orlando
Faculty Research Day, University of Bridgeport, Bridgeport
2013 Faculty Research Day, University of Bridgeport, Bridgeport
2012 Faculty Research Day, University of Bridgeport, Bridgeport
2011 Eastern Economics Association Annual Meeting, New York
Faculty Research Day, University of Bridgeport, Bridgeport
2010 Eastern Economics Association Annual Meeting, Philadelphia
Applied Business Research Conference, Orlando
2009 American Finance Association Annual Meeting, San Francisco
Seminar, Vlerick Business School, Belgium
Seminar, University of Bridgeport
Seminar, University of Canterbury, New Zealand
2008 Northern Finance Association, Calgary
Financial Management Association Annual Meeting, Dallas
2007 Financial Management Association Annual Meeting, Orlando
2006 Financial Management Association Annual Meeting, Sault-Lake City
2005 Western Economics Annual Meeting, San-Francisco
Financial Management Association European Meeting, Sienna
Canadian Economic Association 39th Annual Meetings, Hamilton
8th Conference of the Swiss Society for Financial Market Research, Zürich
2004 Seminar, University of Bonn
Seminar, ESADE Business School, Barcelona
Seminar, University of Guelph
Seminar, The Bank of Canada
2003 German Finance Association 20th Annual Meetings, Mainz
International Congress of French Finance Association, August, Lion
Seminar, University of Quebec in Montreal
Canadian Economic Association 37th Annual Meetings, Ottawa
Association canadienne des sciences économiques, Montreal
MidWest Finance Association Annual Meetings, St-Louis
2002 Conference “Les journée du CIRPEE”, Montreal
Seminar, University of Quebec in Montreal
1997 International Scientific Congress “The Peoples of CIS before XXI century”
Saint- Petersburg
GOOGLE SCHOLAR
MEDIA
MANCHESTER IS FINTECH LEADER OF THE NORTH. July 2021. University of Salford News. https://www.salford.ac.uk/news/manchester-fintech-leader-north
“Why Study International Finance?” June 2020. BCU News and Events
https://www.bcu.ac.uk/business-school/news-and-events/blogs/why-study-international-finance
“A new way to raise funds for business”. Published March 10, 2020 Tiger Today, Birmingham.
“New book for Dr. Miglo”. 8/17/2016. NU News
https://www.facebook.com/NipissingU/posts/congratulations-to-dr-anton-miglo-associate-professor-in-the-school-of-business-/10153708495671296/
“MBA students score big win at Chicago Mercantile Exchange competition”. April 05, 2011. By Leslie Geary
“We Must Learn From the Past”. May 18, 2005. By Rebecca Kendall. Guelph. At Guelph. Features.