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Toronto CFA & Hillsdale Winner

TORONTO- March 17, 2011
News Release

Pauline Shum Announced as Winner of Inaugural Toronto CFA Society Hillsdale Research Award

Toronto CFA Society is happy to announce that Dr. Pauline Shum is the first recipient of their newest award, the Toronto CFA Society & Hillsdale Canadian Investment Research Award, for her research paper entitled “The Long and Short of Leveraged ETFs: the Financial Crisis and Performance Attribution.”

“Professor Shum’s paper provides an extremely useful framework for practitioners to use in their analysis of ETFs,” according to Chris Guthrie, CFA, President & CEO, Senior Portfolio Manager and Founding Partner, Hillsdale Investment Management Inc. He went on to say that:

“Ms. Shum has disaggregated the relative performance of ETFs into three distinct components, namely the compounding effect of hold periods of more than one day, the managers’ effectiveness and costs of achieving their objectives, particularly across multiple time periods, and lastly, the efficiency of ETFs in maintaining a small premium or discount to NAV. Pauline’s paper was chosen from among 15 high quality submissions for the Toronto CFA Hillsdale Research Award, proof that Toronto CFA Society’s and Hillsdale’s objective of supporting high quality investment research is being met. Congratulations to Peter Jarvis, CFA, Executive Director of Toronto CFA Society and to Harry Marmer, CFA, Executive Vice President of Hillsdale Investment Management Inc., for establishing this award. Hillsdale looks forward to next year’s submissions with great anticipation.”

Download the Award Winning Research Paper in PDF format

Research Papers are judged on the potential contribution of their applied research to topics of interest related to Canadian capital markets. Areas of interest include any aspect of investment management, such as portfolio management, asset valuation, risk management, compliance and performance evaluation. Investment fields include traditional and alternative investments, as well as all asset classes and investment vehicles (e.g., fixed income, equities, derivatives, etc.). The winner, which was announced at a Toronto CFA Society Awards Reception on March 3rd, received a research award of $10,000 CAD.

Award winner, Pauline Shum, reflected: “I am thrilled to be the winner of the inaugural Toronto CFA Hillsdale research award. It is an honour for my work to be recognized by renowned professionals in the field”.

Hillsdale Investment Management 
Founded in 1996, Hillsdale is an independent Canadian investment boutique providing a full range of traditional equity and alternative investment strategies to both institutional and individual investors. Hillsdale manages a spectrum of long only, long/short and custom designed strategies employing a core investment style carefully implemented using an adaptive multi-strategy, risk controlled process.

Pauline Shum 
Pauline Shum (BA (Hons), MA, PhD) is a finance professor at the Schulich School of Business, York University, where she has taught at the BBA, MBA, PhD, and executive levels. Prof. Shum was the Director of the PhD program in Administration from 2001 to 2005, and is the Founding Director of the Master of Finance (MF) program, launched in August 2009. Prof. Shum’s financial research has appeared in numerous international academic and professional outlets as well as conferences. Prof. Shum serves on the investment committee of the York University Pension Plan; she is also an experienced economic consultant.

Toronto CFA Society 
Toronto CFA Society is a not-for-profit organization supporting the professional and business development of CFA charterholders. The society provides members with a local perspective on a global designation including: educational programs, sponsored events, job postings, quarterly newsletters, a comprehensive affinity program and networking opportunities.

Celebrating its 75th anniversary in 2011, the society is affiliated with CFA Institute, the global body that administers the Chartered Financial Analyst curriculum and sets voluntary, ethics-based performance-reporting standards for the investment industry. With over 7,300 members, Toronto CFA Society is the 2nd largest in the world. Our members are leaders in ethics within the financial community. For more information, please refer to

Hillsdale President and CEO Chris Guthrie with Toronto CFA Society & Hillsdale Canadian Investment Research Award Winner, Pauline Shum

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

For Further Information: 
Hillsdale Investment Management Inc. 
Harry Marmer, Executive Vice President, Institutional Investment Services
Phone: 416-913-3907

Toronto CFA Society
Sara Maginn Pacella, Manager External Communication & Member Services
Phone: 416-366-5755 × 225