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.”
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Toronto → announce → research
The winners were announced at CFA Society Toronto’s marquee event, the 69th Annual Investment Dinner, where they were awarded a $15,000 cash prize.
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they → announce → 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.
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Pinto → congratulate → 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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that → celebrate → community
Their detailed analysis and innovative approach made them a clear winner of this prestigious award.
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them → make → 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.
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trading → provide → costs
The research offers new insights into trading costs, market liquidity, price discovery and the roles of retail and professional investors in this emerging market.
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research → offer → 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.
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emergence → become → 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.
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competition → win → 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.
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Guthrie → offer → markets
The Hillsdale Investment Management - CFA Society Toronto Research Award welcomes researchers from around the world to conduct studies on Canadian capital markets.
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Award → welcome → markets
This includes both academic researchers, such as professors and students, as well as practitioners.
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This → include → professors
To ensure high quality, the research papers are evaluated by a panel of CFA® Charterholder investment experts.
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papers → ensure → experts
The award aims to recognize research that aligns with the values and standards upheld by the CFA charter.
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that → aim → charter
Award Recipients’ Reflections:
Gregory W. Eaton, Professor of Personal Financial Management at the University of Georgia: “We are honored that Hillsdale Investment Management and CFA Society Toronto have recognized our research.
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Management → honor → research
Nocturnal trading is growing rapidly, yet relatively little is known about how well these markets function.
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markets → grow → ?
Our paper provides systematic evidence on trading costs, liquidity, and price discovery during the night.
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paper → provide → night
This award is particularly meaningful because it indicates that these questions and our findings matter to investment professionals as well as academics.
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questions → indicate → professionals
The Award also gives us an opportunity to share our findings with a broader audience.
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Award → give → audience
We are grateful to CFA Society Toronto and Hillsdale Investment Management for supporting research on important changes in financial markets and for helping connect academic research with practitioners.
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We → support → practitioners
Andriy Shkilko, Professor of Finance and Laurier Research Chair in Financial Markets at Wilfrid Laurier University and the University of Georgia: “We are delighted that this work has been recognized by Hillsdale Investment Management and CFA Society Toronto.
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work → delight → Management
Nocturnal trading is a young market, and our paper asks a simple question about it: When individual investors trade during the night hours, are they getting good liquidity, and does their trading produce meaningful price discovery, or is it mainly noise?
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it → ask → discovery
Recognition from an organization of this standing signals that the question matters to practitioners as well as to us academics.
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question → signal → academics
Awards of this kind do something particularly useful for a research paper.
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Awards → do → paper
They help us bring the results to a wider audience, including the investors whose decisions the findings speak to most directly.
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findings → help → decisions
We are grateful to the Award committee for the honor, and to Hillsdale and CFA Society Toronto for supporting research on questions of practical consequence.”
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We → support → consequence
Ingrid M. Werner, Martin and Andrew Murrer Professor in Finance at The Ohio State University and CEPR: “We are thrilled that our research about nocturnal trading is being recognized by Hillsdale Investment Management and CFA Society Toronto.
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research → recognize → Management
This recognition is extremely important to us as it implies that our research is relevant for practitioners, not just academics.
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research → imply → practitioners
We are always eager to communicate our results to a broader audience, and this award gives us an opportunity to do just that.
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award → communicate → that
The award signals the CFA Society Toronto and Hillsdale Investment Management’s commitment to supporting research that is relevant for today’s rapidly developing markets.
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that → signal → markets
We are extremely honored to receive this prestigious award.”
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We → honor → award
The Award judging panel commended the high quality of the award winners’ academic research for being both “actionable” and “Canadian market specific”.
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panel → judge → research
We provide the first comprehensive look at the modern overnight equity trading market, which operates between 8:00 p.m. and 4:00 a.m. Eastern time.
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which → provide → p.m.
Using detailed trading data from across the full overnight session, we examine trading costs, market liquidity, price discovery and the mix of retail and professional participants.
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we → use → participants
We find that overnight trading is highly concentrated among a relatively small number of stocks and is largely driven by retail investors.
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trading → find → investors
While trading costs are higher than during regular market hours, they are considerably lower than the costs historically associated with other forms of off-hours trading.
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they → associate → trading
We also find that overnight trading contributes meaningfully to price discovery, with trading activity often reflecting information that continues to influence prices into the following day.
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that → find → day
For most stocks and ETFs, these overnight price movements tend to hold, while a smaller group of highly popular “meme” stocks are more likely to see prices move back after an initial overnight surge.
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prices → tend → surge
Our findings also show that greater competition among professional market makers can improve trading conditions for investors.
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competition → show → investors
Overall, the research provides new insights into the opportunities and risks of overnight trading and offers timely considerations for investors, financial institutions and regulators as access to round-the-clock trading continues to grow.
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access → provide → trading
…and 7 more, not listed.
The Aporia
