Andrew Ault
BSc, Focus in Biology, Lakehead University
BA, Focus in Public Policy, Carleton University
Cert., International Law and Politics, Queen's University
MA, Economics, Lakehead University
MBA, Lakehead University
MSc with Thesis, Lakehead University
PhD Candidate ABD, Finance and Strategy, Carleton University
Andrew Ault is a research economist, lecturer, and finance executive, who believes in cross-disciplinary collaboration to achieve excellent stakeholder value. Currently, he heads the finance function, as Director of Finance and City Treasurer, for the City of Elliot Lake, in northern Ontario. He actively serves on the Board of Directors for St. Joseph's General Hospital, which includes a long-term care home and large addictions centre; and Bay Credit Union, headquartered in Thunder Bay.
Previously, Andrew served various roles in health and resource finance and economics. He served as Lead, Performance and Funding Allocation for Ontario Health prior to leading the finance department for Maamwesying, the largest Indigenous health services provider in Ontario and only Indigenous Ontario Health Team. In natural resources, he served with the Ontario Ministry of Natural Resources in the Forest Economics division, and with the Ontario Ministry of Northern Development and Mines (now Energy and Mines) working on various projects in northern Ontario. He interned at Northern Policy Institute, the Parliament of Canada, and in the private sector. In terms of corporate governance, he has served on Boards of Directors for public, private and non-profit entities for over 10 years. He actively maintains a consulting practice, as Professional Economist and Partner to a regional consultancy.
Currently Teaching:
> Canadian Business in the Global Environment (Applied Research) (Lakehead)
> Governance, Ethics and Indigenous Business (Lakehead)
> Natural Resource Economics (Algoma)
Annually, he organizes a conference showcasing business student research from his courses at Lakehead’s Research and Innovation Week.
Previous Teaching:
> Finance (Introduction to Finance I, International Finance, Investments)
> Economics (Microeconomics, Natural Resource Economics, Environmental Economics)
> Strategic Management (Strategic Management Theory, Business Policy, International Business)
> Accounting (Management Accounting, Financial Accounting, Healthcare Finance)
Andrew's core research agenda lies in empirical corporate finance and financial econometrics, with a focus on how informational efficiency, ownership structures and entrenchment contribute to innovation diffusion. His work aims to advance decision-making, valuation, and optimization of investments in capital-intensive, innovation-driven industries.
Andrew's work is highly focused on implications to core finance theory and applications to the complex and high-volatility sectors of mining and minerals, digital assets, and healthcare and pharmaceuticals. Specifically, in mining, his work uses an interdisciplinary lens to improve commodity price forecasting, mine project evaluation and cost-effectiveness of innovation to support more efficient and productive mine operations with leaner cost structures. Using blockchain ecosystems as laboratories given their loose regulation and transparent data not typically possible, he investigates theoretical presence and boundaries of institutional informational advantage and effects of concentrated ownership on innovation. In bioscience, he conducts pharmacoeconomic evaluation of novel precision medicines and targeted therapies, and financial incentives that shape commercialization and rent-seeking behaviour in the health system.
When not teaching or working, Andrew enjoys Marathon Running, Cross-Country Skate Skiing, and Downhill Skiing as well as networking with students.