Hillsdale Investment Management Inc


Thank you for your interest in the Research Award.

The submission window for 2023 is now closed. 
Information on the 2024 Research Award will be updated in due time.

Hillsdale Investment Management Inc. and CFA Society Toronto are committed to advancing the knowledge of investment management practices through the publication of quality academic and practitioner-relevant research. Submit your research paper for a chance to receive $10,000 CAD.
Submission Requirements
All materials noted in items 1 to 3 below must be included with your online application in order for you to move forward as a participant in the 2023 adjudication activity:

  1. An Executive Summary of your Research Paper of between 1,500 and 2,000 words. Please do not include charts, formulas, graphs, or images in your Executive Summary document. This Executive Summary should NOT be a cut and paste of the abstract from your Research Paper. 
  2. A Research Paper that includes a) all author name(s), contact and, where applicable, academic institution information; b) the date that the Research Paper was written and name/URL of any online locations where the paper may currently reside; and c) must align to requirement #3 by stating the paper has not been previously published, accepted for publishing nor submitted concurrently for publishing at the time of submission to the Award.
  3. Upon submission of application form, the applicant must provide confirmation that the paper being submitted has NOT been previously published or accepted for publication, nor will it be submitted concurrently at the time it was submitted for this award competition.

The winning author(s) will receive $10,000 CAD and be recognized through a CFA Society Toronto press release, the Society’s website, social media channels and quarterly publication, The Analyst, as well as in Hillsdale Investment Management's marketing.


Please carefully read all information below. Submissions that do not align to eligibility guidelines will not be considered for review.

  • Open to global researchers conducting research related to Canadian capital markets including both academics (e.g., professors and students) and practitioners (multiple authors per paper permitted)
  • Papers that have won awards with other organizations will not be considered
  • Papers submitted for consideration must not have been published, accepted for publication or have received extensive press coverage
Research Paper Content and Judging Criteria
Areas of research interest for submission to the Award can include any aspect of investment management, including but not limited to portfolio management, asset valuation, risk management and ESG-related topics. Investments can include all types of traditional and alternative investments, asset classes and investment vehicles (e.g., fixed income, equities, derivatives, etc.). Research Papers will be judged on relevance for practitioners, innovation, and the degree to which their content can have a demonstrable impact on industry practice.

Adjudication Process
Adjudication for both Phase 1 (Executive Summary) and Phases 2 & 3 (Research Paper) will be conducted by a panel of relevant industry and academic professionals selected by CFA Society Toronto. The phases of adjudication begin the week following the close of submissions date of 14 July 2023 11:59 pm EST.

Phase 1 (mid-July) - Executive Summary judging: 
The first round of adjudication will be completed based on the applicants' submitted Executive Summary. Executive Summaries, and as a result their associated Research Papers, that do not meet the specific criteria will be disqualified.  Please note in Phase 1, the review panel will NOT have access to the Research Papers.  As such, it is imperative that the Executive Summaries provide sufficient information for the review panel to make an informed decision.

Phase 2 (late July/early August) - Research Paper judging: The highest ranked Executive Summaries will have their respective Research Papers adjudicated.

Phase 3 (mid-August) - Selection of winning Research Paper: Once the highest ranked Research Paper has been selected by the judging panel, the winning author(s) will be notified by CFA Society Toronto.

Phase 4 (November/December/January) - Recognition of winning author(s): Promotion across Society communication channels of marketing assets.

If you have any questions, please feel free to contact us at: or 416.366.5755 x221.

2023 Winners

2023 Hillsdale Investment Management - CFA Society Toronto Research Award Winner

Congratulations to Steven J. Riddiough, from University of Toronto and Wei Opie, from Deakin University (Australia) on their Research Award winning submission "On the Use of Currency Forwards: Evidence from International Equity Mutual Funds".

Past Winners

See Past Winners