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CSI Research Foundation Recipients
2009 – 2010
Ltd Term Chair:
- Lisa Kramer – 2nd year, Rotman School of Management, University of Toronto
Prof Kramer’s work is related to behavioral finance with an aim to understand the
connection between investors’ personal characteristics, behavioural biases, and
financial decisions.
Ph.D Scholarships
- Mikhail Simutin – Sauder School of Business, University of British Columbia
Mr. Simutin's research is on the relationship between cash holdings and firm performance.
Academic Award
- James Thompson – 2nd year renewal, School of Accounting and Finance, The University of Waterloo
Prof Thompson research focuses on banking, credit risk transfer, liquidity and financial stability. Currently he is investigating predation and counterparty risk.
2008 – 2009
Ltd Term Chair:
- Lisa Kramer – 1st year,
Rotman School of Management, University of Toronto
Prof Kramer's work is related to behavioral finance with an aim to understand the
connection between investors' personal characteristics, behavioural biases, and
financial decisions.
Academic Award
- Artyom Durnev – Desautels School of Management, McGill University
Prof Durnev's work is on international corporate governance and specifically that there is evidence that good governance yields improved returns for shareholders, his work incorporates role of corporate laws and regulations.
- James Thompson – School of Accounting and Finance, The University of Waterloo
Prof Thompson research focuses on banking, credit risk transfer, liquidity and financial stability. Currently he is investigating predation and counterparty risk.
Ph.D Scholarships
- Rahaman Mohammad – Rotman School of Management
Mr. Mohammad's research addresses the broader questions of how managerial discretion and corporate financial flexibility affect various corporate outcomes such as failure, excessive continuation, and investment. Understanding these questions will potentially help investors (shareholders and creditors) design better financial contracts and management compensation structures to minimize ex-ante failure hazards while maximizing the ex-post recoveries of investments in failed businesses while from a policy perspective, my research will potentially promote innovations in asset redeployment mechanisms to allow efficient allocation of resources from the distressed firms to higher value users.
- Blake R. Phillips – School of Business, University of Alberta
When undertaking financial risk management activities, oil and gas producing firms must strike a balance between the benefits of reduced cash flow volatility with the cost of isolating the firm from energy price upside potential. Recognizing that the benefit of reduced cash flow volatility is higher for financing constrained firms, Mr. Phillips'research examines the relation between firm value and energy price exposure focusing on cross-sectional variation in access to investment capital.
2007 – 2008
Ltd Term Chair
- Susan Christoffersen – 3rd year, Desautels School of Management, McGill University
Professor Christoffersen's research focuses on the role of financial institutions in capital markets with particular interest in mutual funds. During her term professorship with the Canadian Securities Institute Research Foundation, Professor Christoffersen has collected and created a unique database of the individual trades of mutual funds in Canada. The data offers an ideal opportunity to measure and analyze the cost and performance of mutual funds' daily trades and improves on the current literature analyzing changes in quarterly holdings. She finds that active management delivers both cheaper trades and better subsequent performance, and that forced sales are a particularly costly aspect of the open-end structure in mutual funds. Fund size associates with both cheaper trades and better subsequent performance, and a series of trades predicts more price movement in the predicted direction, indicating the value to funds of keeping their trading anonymous.
Ph.D Scholarships
- Ambrus Kecskes – 2nd year, Rotman School of Management, University of Toronto
Mr. Kecskes has studied the initial public offerings of listed firms, the extent to which investor sentiment drives equity issuance activity, and why firms that raise more financing are worth more. The results of his work can help investors and managers better understand the process of raising capital.
- Yiqiang Jin – Rotman School of Management, University of Toronto
Mr. Jin's studies examine the relation between investor attention and stock mispricing of accruals using the Limited Investor Attention Model of Hirshleifer and Teoh (2003). Consistent with the model's hypothesis that investor attention reduces stock mispricing, he documents that analyst following, institutional shareholdings and Big 4 auditor choice are negatively correlated with stock mispricing in U.S. firms from 1975 to 2004.
- Julian Douglass – University of British Columbia
2006 – 2007
Ltd Term Chair
- Susan Christoffersen – 2nd year, Desautels School of Management, McGill University
Ph.D Scholarships
- Ambrus Kecskes – 1st year (see above description), Rotman School of Management, University of Toronto
- Vladyslav Krychenko – Schulich School of Business, York University
2005 – 2006
Ltd Term Chair
- Susan Christoffersen – 1st year, Desautels School of Management, McGill University
Ph.D Scholarships
- Xinghua Liang – Rotman School of Management, University of Toronto
- Gokul Bhandari – DeGroote School of Business, McMaster University
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