Canadian Securities Institute Research Foundation

 

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CSI Research Foundation Recipients

2016 – 2017

Research Grants

  • Fatma Saryal and Ceren Kolsarici – Queen's School of Business
    Professors Kolsarici and Saryal research covers three broad areas of professional financial and investment advisory business: 1. to quantify the value of professional financial advice, 2. to understand the Canadian households' saving and investment behavior as well as changing nature of their pension plans, 3. to outline marketing strategies to communicate the value of financial advice to investors with different motivational drivers.

Ltd Term Chair

  • Mark Kamstra – Schulich School of Business, York University
    Mark Kamstra's research interests focus in on two areas, valuation using discounted cash flow techniques and the variation of returns to investments due to predictable fluctuations in investor mood/sentiment and investor risk aversion. An objective of Professor Kamstra's research during his term professorship with the Canadian Securities Institute Research Foundation is to test for variation in fundamental value resulting from changes in investor risk aversion, and to evaluate deviations from fundamental prices caused by investor sentiment. The results of this research will bear importantly on the determination of appropriate policy reactions to extreme events in financial markets.

Ph.D Scholarships

  • Joon Woo Bae – Rotman School of Management
    Mr. Bae’s research focuses on the study of international financial markets. His interests lie in understanding the impact of economic interconnectedness of firms and countries on asset price dynamics and its implications for the portfolio management in a global context.
  • Charles Martineau – Robert H. Lee Graduate School at the Sauder School of Business, University of British Columbia
    Mr. Martineau’s field of study is empirical asset pricing with a specific emphasis on information economics. The main general research question that he study is: how and how fast is public news gets incorporated into asset prices?
  • Jenfei Sheng – Robert H. Lee Graduate School at the Sauder School of Business, University of British Columbia
    Mr. Sheng’s research aims to enhance our understanding of information, such as macroeconomic announcements and news media, in explaining stock returns, market efficiency, and asset pricing anomalies. His work involves collecting novel datasets from various sources and conducting textual analysis.
  • Ting Xu – Robert H. Lee Graduate School at the Sauder School of Business, University of British Columbia
    Mr. Xu studies entrepreneurial finance and closely-held firms. His research has explored the roles of job-protected leave and crowdfunding in facilitating entrepreneurship. He also studies the ownership structure of private and closely-held firms.”
  • Kairong Xiao – Robert H. Lee Graduate School at the Sauder School of Business, University of British Columbia
    Mr. Xiao studies the impact of government intervention on capital markets. Specifically, he examines how monetary policy and government regulation affect the behavior of financial intermediaries in the economy.
  • Wuyang Zhao – Rotman School of Management
    The main theme of Mr. Zhao’s research is to understand how sophisticated users of accounting information, such as short-sellers, affect other market participants. His doctoral dissertation at University of Toronto focuses on activist short-selling – arguably the most controversial form of short-selling in which short-sellers publicly talk down securities.

2015 – 2016

Research Grants

  • Fatma Saryal and Ceren Kolsarici – Queen's School of Business
    Professors Saryal and Kolsarici 1st year of funding (description of research see above in 2016-2017)
  • Alessandro Previtero – Ivey Business School, University of Western Ontario
    Professor Previtero's research is in the field of behavioral finance, with special focus on consumer financial decision-making. In the past, he has investigated the relationship between annuitization and framing of retirement plans; and annuitization and past stock returns. His current research speaks to: i) the tendency to procrastinate and retirement planning decisions; ii) the value of financial advice; and iii) the biological determinants of financial risk-taking.

Ltd Term Chair

  • Mark Kamstra – Schulich School of Business, York University
    Professor Kamstra’s 1st year of funding (description of research is above in 2016 -2017)

Ph.D Scholarships

  • Haibo Jiang – Robert H. Lee Graduate School at the Sauder School of Business, University of British Columbia
    Mr. Jiang studies how oil price changes affect bond and stock returns. In one paper he provides novel empirical evidence and theoretical analysis that the price of oil is a significant macro variable for explaining returns on Treasury bonds, and in another paper he illustrates the predictability of oil price change decomposition for international equity index returns and shows the importance of dissecting oil price changes.
  • Shahid Khan – Haskayne School of Business, University of Calgary
    Mr. Khan is interested in the impact of adoption of International Financial Reporting Standards (IFRS) on the workings of Canada's capital markets. Specifically, he is interested in how more principle based accounting information under IFRS affects the behaviour of different capital market participants.
  • Kairong Xiao – Robert H. Lee Graduate School at the Sauder School of Business, University of British Columbia
    1st year of funding (description of research is above in 2016 -2017)
  • Ting Xu Robert H. Lee – Graduate School at the Sauder School of Business, University of British Columbia
    1st year of funding (description of research is above in 2016 -2017)

2014 – 2015

Research Grants

  • Alessandro Previtero – Ivey Business School, University of Western Ontario
    Professor Previtero 1st year of funding (description of research see above in 2015-2016)
  • Fatma Saryal and Ceren Kolsarici – Queen's School of Business
    Professors Saryal and Kolsarici 1st year of funding (description of research see above in 2016-2017)

Academic Award

  • Justin Jin – DeGroote School of Business, McMaster University
    Professor Jin is interested in the impact that corporate governance has on the quality of banks' financial reporting. Specifically, he is interested in how the independence of board of directors affects the earnings management of banks' reporting and what the broader implications of such impact might have for investors and bank regulators.
  • Ari Pandes – Haskayne School of Business, University of Calgary

Ph.D Scholarships

  • Mohamed Al Guindy – Queen's School of Business
    Mr. Al Guindy’s research examines the impact of the advent of Social Media, particularly Twitter, on financial markets. His work shows that companies, especially those that receive less media and market attention, can benefit from tweeting information about their firm.
  • Shahid Khan – Haskayne School of Business, University of Calgary
    1st year of funding (description of research is above in 2015 -2016)

2013 – 2014

Ph.D Scholarships

  • Andrew Carrothers– DeGroote School of Business, McMaster University
    Mr. Carrothers’ primary research interest is corporate governance, with a particular focus on hedge fund activism and executive perk compensation. Regarding investor activism, he examines the governance implications of the interaction at target firms between hedge funds and other institutional investors.
  • Aazam Virani– Rotman School of Management, University of Toronto
    Mr. Aazam’s studies takeovers where the target firm’s executives join the acquirer’s top management post-merger. He also looks at the use of reverse termination fees in takeovers as well as the impact of institutional investors on the governance practices of firms.

2012 – 2013

Ph.D Scholarships

  • Vincent Grégoire– Robert H. Lee Graduate School at the Sauder School of Business, University of British Columbia
    Mr. Grégoire's area of expertise is indexing and index-linked financial products. Specifically, his research focuses on how the comovement of index stocks was affected by the rise of index-linked investing over the last four decades. 
  • Matthew Lyle– Rotman School of Management, University of Toronto
    Mr. Lyle is interested in the impact that information and the quality of that information has on the price of assets. Specifically, he is interested in how information quality affects the behavior of option contracts differently than it affects stock prices and what the broader implications of these differences might be for investors, managers, and regulators.

2011 – 2012

Ph.D Scholarships

  • Thomas Ruf– Sauder School of Business, University of British Columbia
    Mr. Ruf's research focuses on Empirical Asset Pricing, in the specific area of the dynamics of overpricing in structured products and the information content of commodity futures options.
  • Sang Baum Kang – Desautels Faculty of Management, McGill University
    Mr. Kang's area of research is derivatives, specifically that the variance risk premium has economically meaningful information content and both option premiums andn variance swap rates are mispriced due to heterogeneity in beliefs. Prior to starting his PhD Sang worked for nine years in the energy sector doing financial modeling and analysis for commodity traders and risk managers.
  • Jin Wang – 2nd year of award - Queen's School of Business
    Mr. Wang's research focuses on the impact of non-financial stakeholders on corporate financing policies. He has published specifically on how a firm's labor market has a significant impact on its financial choices. He also has examined the effect of customer-supplier relationships on firms' dividend policy.

2010 – 2011

Ltd Term Chair

  • Lisa Kramer – 3rd year of term, 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

  • YuFen Fu – Segal Graduate of Business, Beedie School of Business, Simon Fraser University
    Mr. Fu's work investigates the relation between equity returns and profitability, and explains the value premium in the equity returns. He find that the empirical relationship between returns and profitability are different for three distinct types of firms, dividend paying firms, non-dividend paying firms, and firms in financial distress.
  • Jin Wang – Queen's School of Business
    Mr. Wang's 1st year of CIS Research Funding (description of research above in 2011-12)

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

 

 

Canadian Securities Institute Research Foundation