CFA Society Toronto Announces the 2026 Winner of the Hillsdale Investment Management – CFA Society Toronto Research Award

Award presented at CFA Society Toronto’s 69th Annual Investment Dinner

TORONTO, Sept. 18, 2026 (GLOBE NEWSWIRE) — CFA Society Toronto is pleased to announce the recipients of the 2026 Hillsdale Investment Management – CFA Society Toronto Research Award: Gregory W. Eaton, Professor of Personal Financial Management at the University of Georgia; Andriy Shkilko, Professor of Finance and Laurier Research Chair in Financial Markets at Wilfrid Laurier University and the University of Georgia; and Ingrid M. Werner, Martin and Andrew Murrer Professor in Finance at The Ohio State University and CEPR, UK, recognized for their exceptional research and groundbreaking paper entitled, “ Nocturnal Trading.” The winners were announced at CFA Society Toronto’s marquee event, the 69 th Annual Investment Dinner, where they were awarded a $15,000 cash prize.

“We congratulate the winners on this well-deserved recognition and commend them for their exceptional research and valuable contributions to the investment community,” said Fred Pinto, CFA, ICD.D, CEO of CFA Society Toronto. “The Hillsdale Investment Management – CFA Society Toronto Research Award celebrates excellence in investment research and helps foster the exchange of ideas and insights that advance the profession and benefit the broader financial community.”

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Their detailed analysis and innovative approach made them a clear winner of this prestigious award. “Nocturnal Trading” provides a comprehensive look at the rapidly growing market for overnight equity trading, exploring whether round-the-clock trading gives retail investors greater access and flexibility or exposes them to higher costs and greater risks. The research offers new insights into trading costs, market liquidity, price discovery and the roles of retail and professional investors in this emerging market. With overnight trading becoming increasingly accessible to Canadian investors through platforms offering 24/5 trading in U.S.-listed securities, the study provides valuable insights for investors, dealers and regulators as they consider the opportunities and challenges of extended trading hours.

“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,” said Chris Guthrie, President and CEO, Hillsdale Investment Management Inc.

The Hillsdale Investment Management – CFA Society Toronto Research Award welcomes researchers from around the world to conduct studies on Canadian capital markets. This includes both academic researchers, such as professors and students, as well as practitioners.