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2025 Hillsdale Investment Management
CFA Society Toronto Research Award Winners

About Najah Attig, PhD

Najah Attig is a Professor of Finance and Chair of the Department of Finance at Dalhousie University. He recently completed two terms as a Canada Research Chair in Corporate Finance and Corporate Governance. His research focuses on the connections between corporate governance, corporate social responsibility, non-financial performance disclosure (e.g., sustainability, ESG, human capital), corporate policies, shareholder value, and financing frictions. His work has been published in leading finance and ethics journals and has garnered over 4,100 Google Scholar citations. Dr. Attig has received several accolades, including the Barclays Global Investors Canada Research Award and the Toronto CFA Society Best Paper Award for Original Research on Canadian Capital Markets. His study, Diversification in Hard Times, co-authored with Oumar Sy, recently received the prestigious 2023 CFA Institute Graham and Dodd Scroll Award.

About Chahine Attig

Chahine Attig is a data science engineering student at ENSAI (Ecole Nationale de la Statistique et de !'Analyse de !'Information), France.



About the Research

Entitled: BAY STREET MEETS MACHINE LEARNING: PREDICTING STOCK RISK PREMIUM 

Their detailed analysis and innovative approach made them a clear winner of this prestigious award. The comparison of different asset-pricing models has recently brought critical empirical attention to determine which factors best explain expected returns. Hundreds of factors have been posited, and the identification of the most pivotal factors is a focal point of ongoing research, debate and controversy. The award winners’ research delves into the battle of factors in Canadian capital markets employing spanning tests to evaluate 17 factors from ten factor models from 1991-2022. This work provides valuable Canadian-based evidence on the relative performance of the major asset-pricing models, contributing significantly to the field.  

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