Industry

CFA Society Toronto names winners of research award 

The researchers received a $15,000 cash prize at the organization’s 69th annual investment dinner

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IE Staff

CFA Society Toronto announced the recipients of a prestigious research award during its 69th annual investment dinner last week.  

This year’s winners of the Hillsdale Investment Management – CFA Society Toronto Research Award are:  

  • Gregory W. Eaton, professor of personal financial management at the University of Georgia 
  • Andriy Shkilko, professor of finance at the University of Georgia 
  • Ingrid M. Werner, Martin and Andrew Murrer Professor in Finance at Ohio State University

The academics were recognized for their research paper titled “Nocturnal Trading.” The paper provides a comprehensive analysis of the overnight equity trading market and explores whether round-the-clock trading gives retail investors greater access and flexibility or exposes them to higher costs and greater risks, CFA Society Toronto said in a release.  

“We congratulate the winners on this well-deserved recognition and commend them for their exceptional research and valuable contributions to the investment community,” said Fred Pinto, CEO of CFA Society Toronto, in the release.  

“The Hillsdale Investment Management – CFA Society Toronto Research Award celebrates excellence in investment research and helps foster the exchange of ideas and insights that advance the profession and benefit the broader financial community.” 

The award, which recognizes studies on Canadian capital markets, is open to both academic researchers and practitioners. Research papers are evaluated by a panel of CFA charterholder investment experts. Winners receive a $15,000 cash price. 

Eaton said his research team is honoured to be recognized by Hillsdale Investment Management and CFA Society Toronto.  

“Nocturnal trading is growing rapidly, yet relatively little is known about how well these markets function. Our paper provides systematic evidence on trading costs, liquidity and price discovery during the night,” he said in the release.  

“This award is particularly meaningful because it indicates that these questions and our findings matter to investment professionals as well as academics.”