Thought leadership in action.

The academics we support publish in esteemed academic journals. The CSIRF is contributing to a very meaningful, ongoing documentation through a journal of its own.

The research we support is aimed at creatively assessing classic problems and questions while also forging new, innovative insights and solutions.

Fine examples of the calibre of research completed with the support of the Foundation include the following:

Full CSIRF Anniversary Edition Journal – Volume 1
Precarious Politics & Return Volatility

by Art Durnev

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Dr. Art Durney is Assistant Professor of Finance at the Henry B. Tippie College of Business at the University of Iowa. He joined Iowa in 2011 after spending six years at the Desautels Faculty of Management at McGill University in Montreal, Canada. Art Durnev earned his Ph.D. in Finance from the University of Michigan Business School. He is a Canadian and Russian citizen.

Economic Conditions, Flight-to-Quality & Mutual Fund Flow

by Blake Phillips & Aditya Kaul

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Dr. Blake Phillips received a Bachelor of Science from the University of British Columbia in 1996, a Master of Forestry and Master of Business Administration from the University of Alberta in 2004 and a Ph.D. in Finance also from the University of Alberta in 2009. Prior to commencing his doctoral studies, Blake was a Director and Managing Partner of Spectrum Resource Group Inc., a forestry consulting firm headquartered in British Columbia. Blake is currently an Assistant Professor of Finance at the University of Waterloo, School of Accounting and Finance and a Regular Member of the Waterloo Research Institute in Insurance, Securities and Quantitative Finance. Blake’s research focuses on stock market efficiency, empirical asset pricing and mutual funds.

Aditya Kaul is currently an Associate Professor of Finance at the University of Alberta School of Business. He joined the University of Alberta in 1996 with a Ph.D. in Finance from the University of Rochester. His research interests are in the areas of market microstructure, international finance and asset pricing. His work has been published in the Journal of Finance, the Journal of Financial Economics and the Journal of Financial and Quantitative Analysis, and has been presented at major academic conferences in North America. He is also the recipient of several research awards.

A Typology of Phychological Biases Influencing Investment Decision Making

by Gokul Bhandari

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Dr. Gokul Bhandari is an Assistant Professor at the Odette School of Business, University of Windsor, Canada. He has Ph.D. (Management Science/Information Systems), MA (Economics), MBA, and Bachelor of Engineering degrees. He has published several peer-reviewed journal articles, conference proceedings, and book chapters in diverse fields, and has received many research grants. He was one of the first recipients of the CSIRF Scholarships in 2005 for his dissertation titled “Incorporating Cognitive Support in Investment Decision Support Systems.” His primary research interest is in the area of design and development of computerized tools to assist individual investors. His research has been published in The Journal of Behavioral Finance, Journal of Economic Psychology, Financial Services Review, and Decision Support Systems.

Credit Default Swaps – What are they?

by James R Thompson

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Dr. James R Thompson is an Assistant Professor of Finance at the University of Waterloo where he has taught Managerial Finance since 2009. Currently he is a visiting Assistant Professor of Finance at the Wharton School, University of Pennsylvania where he teaches corporate finance in the MBA program. His research is centered on the issue of counterparty risk, with particular focus on credit default swaps. He has published his work in the Quarterly Journal of Economics and has presented his research at many conferences, Universities and Central Banks/Government institutions including the Bank of England, the German Bundesbank, the Bank of Canada and the Federal Deposit Insurance Corporation. He holds a Ph.D. degree from Queen’s University.

The Costs of ETF Membership: Valuation Effect of ETFs on Underlying Firms

by Jin Wang

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Dr. Jin Wang is an Assistant Professor in Finance at Wilfrid Laurier University. He received his Ph.D. at Queen’s University. His research interests are in empirical corporate finance, corporate governance, and investment. His work spans several areas such as capital structure, payout policy, corporate cash holdings, credit ratings, and ETFs. He studied how a firm’s labor market affect its financial choice; investigated how a firm’s relationships with its customers/suppliers affect its shareholders’ income; examined why those firms that rely on principal customers/suppliers tend to hold more cash; investigated whether competition among rating agencies affects the quality of their ratings on corporate bonds; and examined how the rise of ETFs affect firm value of underlying stock issuers. Dr. Wang has presented his work at a variety of prestigious academic conferences around the world, such as Northern Financial Association and Financial Management Association annual meetings. His paper on how a firm’s relationships with employees affect its capital structure has been published in the Journal of Financial Economics. He mainly teaches corporate finance courses.

Seasonal Variation in Depression & in Markets

by Lisa Kramer
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Dr. Lisa Kramer is an Associate Professor of finance in the University of Toronto’s Rotman School of Management. She recently spent a sabbatical as a Visiting Scholar in the Psychology Department at Stanford University. Her Ph.D. in finance is from the Sauder School of Business at the University of British Columbia. During the years 2008 to 2011 she was the CSIRF Limited Term Professor.

ON INCENTIVES TO STAND OUT IN THE FAMILY: DEVIATION FROM A FAMILY PORTFOLIO & MUTUAL FUND PERFORMANCE

by Mikhail Simutin
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Dr. Mikhail Simutin is an Assistant Professor of Finance at the Rotman School of Management of the University of Toronto. He graduated with a Ph.D. degree in Finance from the University of British Columbia in 2010. His research interests include empirical asset pricing with a focus on mutual funds, performance evaluation, and risk measurement. His research has been published in the Journal of Financial Economics and in Financial Management.

Research in Mutual Funds

by Susan Christoffersen
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Dr. Susan Christoffersen joined the Rotman School of Management in 2010. Prior to joining, she was an Associate Professor at the Desautels Faculty of Management at McGill and has over twelve years of experience teaching courses on capital markets and corporate finance at the undergraduate and graduate level. In recognition of teaching excellence, she received the Desautels Faculty of Management Teaching Award for Graduate Teaching in 2006. Professor Christoffersen’s research focuses on mutual funds and more generally on the role of financial institutions in capital markets. Given the topical nature of her research, it has been published in top finance publications such as the Journal of Finance, Journal of Financial Economics, and the Review of Financial Studies and has been cited in well-known media outlets such as the New York Times, International Herald Tribune, Bloomberg News Service, CBS Marketwatch, and the Wall Street Journal. In recognition of her work, Susan has received several grants from SSHRC, IFM2, and FQRSC and numerous paper awards from various international agencies (Q-Group, Bank of Canada, BSI Gamma Foundation, INQUIRE, and the Swiss Finance Institute). In 2005, Susan was awarded the Limited Term Professorship by the CSIRF for her work on mutual fund trading and trading execution.

Contact Us

You may contact the Canadian Securities Institute Research Foundation at:

200 Wellington Street West, 15th Floor
Toronto, Ontario
M5V 3C7

Email the Executive Director of the Canadian Securities Institute Research Foundation, Heather-Anne Irwin: hirwin@csi.ca