Great research doesn’t just advance theory, it shapes how investment decisions are made.

The Hillsdale Investment Management – CFA Society Toronto Research Award recognizes research that advances the investment profession through innovation, practical insight, and academic excellence. Each winning paper has made a meaningful contribution to the understanding of investment management and Canadian capital markets, offering ideas that inform practitioners and shape industry thinking. Explore our past winners and discover the groundbreaking research that continues to influence investment professionals and inspire the next generation of thought leaders.

2025 Winners

Najah Attig and Chahine ...

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2024 Winners

Kodjovi Assoe, Najah Attig and Dr. Oumar ...

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2023 Winners

Steven J, Riddiough and Wei ...

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2022 Winners

Saurin Patel, Jung Hoon Lee, and Shyam ...

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View Past Winning Papers
2021 Winning Paper

Sana Mohsni, Alia Shata on "Board Gender Diversity and Firm Performance: The Role of Firm Size"

2020 Winning Paper

Paul Caluzzo, Fabio Moneta and Selim Topaloglu on "Complex Instrument Allowance at Mutual Funds"

2019 Winning Paper

Pauline Shum Nolan, Michael Densmore, and Markus Broman on "Does Sub-Advising Abroad Improve the Performance of International Mutual Funds?"

2018 Winning Paper

Stéphane Chrétien, CFA, CIPM, Claudia Champagne, and Frank Coggins on "Equity Premium Predictability: Combination Forecasts versus Multivariate Regression Predictions"

2017 Winning Paper

Kobana Abukari and Isaac Otchere on "Dominance of Hybrid Contratum Strategies over Momentum & Contrarian Strategies: Half a Century of Evidence"

2016 Winning Paper

Michele Meoli, J. Ari Pandes, Michael J. Robinson, CFA, and Silvio Vismara on "Does Spending Time in the Minors Pay Off?"

2015 Winning Paper

Stephen Foerster, Juhani T. Linnainmaa, Brian T. Melzer, Alessandro Previtero on "Does One Size Fit All?"

2014 Winning Paper

Christos Ntantamis & Jun Zhou on "Bull & Bear Markets in Commodity Prices & Commodity Stocks"

2013 Winning Paper

William J. McNally, Andriy Shkilko and Brian F. Smith on "Do Brokers of Insiders Tip Other Clients?"

2012 Winning Paper

Lukasz Pomorski & Alexander Dyck on "Is Bigger Better? Size and Performance in Pension Plan Management"

2011 Winning Paper

Pauline Shum on "The Long & Short of Leveraged ETFs"