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Winners of the 16th Annual CFA Society Toronto & Hillsdale Canadian Investment Research Award
The winning paper of the 16th annual CFA Society Toronto & Hillsdale Canadian Investment Research Award is entitled “Nocturnal Trading.”
“The emergence of nocturnal trading in US equities provides additional liquidity outside regular market hours. This winning paper shows that while overnight markets are thinner and heavily retail-driven, they can nevertheless contribute meaningfully to price discovery, and that competition among professional liquidity providers can materially improve market quality. These findings offer important insights into how round-the-clock equity markets may reshape liquidity, execution quality, and price discovery in modern equity markets” Chris Guthrie.
The authors of this winning paper and the recipients of the $15,000 prize were Dr. Gregory W. Eaton (University of Georgia), Dr. Andriy Shkilko (Wilfrid Laurier University & University of Georgia), and Dr. Ingrid M. Werner (The Ohio State University & CEPR).
From left: Chris Guthrie, Heather Cooke, Harry Marmer.
Teaming up with CFA Society Toronto to support and encourage applied research efforts aligns with our commitment to continuously invest in our process to produce the highest quality strategies for our clients. We believe this award advances new ideas and innovative concepts for the benefit of the entire investment community.