Toronto CFA Society honours Pauline Shum

The Toronto CFA Society has named the first recipient of their newest award, the Toronto CFA Society & Hillsdale Canadian Investment Research Award. The honour goes to Dr. Pauline Shum, finance professor at the Schulich School of Business, York University, for her research paper “The Long and Short of Leveraged ETFs: the Financial Crisis and Performance Attribution.”

“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,” said Chris Guthrie, CFA, president and CEO, senior portfolio manager and founding partner, Hillsdale Investment Management Inc.

Shum’s paper was chosen from among 15 submissions for the award. Research papers are judged on the potential contribution of their applied research to topics of interest related to Canadian capital markets.

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

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