Canadian Securities Institute Research Foundation announces award winners of its academic funding program

    TORONTO, May 21 /CNW/ - The Canadian Securities Institute Research
Foundation announced the award winners of its academic funding program,
granting $170,000 in post-graduate scholarships to a select group of
    The Limited Term Professorship ($150,000 over three years) was awarded to
Dr. Lisa Kramer, Associate Professor of Finance at the Rotman School of
Management, University of Toronto, and the University of Toronto Mississauga.
She works in the burgeoning field of behavioural finance, analyzing the
psychological underpinnings of investors' decisions. In collaboration with
Canadian financial institutions and their clients, she plans to study the
connections between investors' personal characteristics and their financial
decisions. Dr Kramer is developing concrete tools that will help investment
advisors better measure their clients' risk tolerance. She is working on
helping advisors understand their clients' likelihood of making financial
decisions that are driven by psychological tendencies. For example, her past
research suggests that many investors are more risk averse during the fall and
winter months, and this can influence investors' choices and ultimate
portfolio performance. Her research builds on such findings and aims to better
equip advisors to counsel investors, an end that is especially important in
these turbulent economic times.
    The two academic awards ($35,000 each) were awarded to Dr. Artyom Durnev,
Assistant professor of Finance, Desautels School of Management, McGill
University for his proposal on is there evidence that good governance yields
improved returns for shareholders; and Dr. James Thompson, Assistant Professor
of Finance, School of Accounting and Finance at the University of Waterloo for
his proposal investigating the effects of counterparty risk and liquidity on
financial institutions and the markets in which they interact.
    Two PhD scholarships ($25,000 each) were awarded. Rahaman Mohammad, a
doctoral student at the Rotman School of Management, University of Toronto was
selected for his proposed research on failing firms. Blake R. Phillips, who is
a doctoral student at the School of Business, University of Alberta, was
chosen to examine the effect of corporate risk management on firm value within
the context of oil and gas producers.
    "The Foundation strongly believes that the financial services marketplace
benefits from a partnership with university researchers," said Ross Sherwood,
Chair, the Canadian Securities Research Foundation. "We support practical,
grounded research that will advance the knowledge of the financial services
industry and advisor community for the benefit and well being of the
    Foundation President, Marie Muldowney: "The Foundation is very pleased
with the caliber of this year's award winners. They are all conducting
research that is very relevant to the current environment."

    The Canadian Securities Institute Research Foundation, formerly known as
The Investor Learning Centre, is a charitable organization, established in
1996 by CSI Global Education Inc. The Foundation's objectives include
supporting and encouraging research that is relevant to capital markets and
Canadian investors.

For further information:

For further information: Felicitas Adrian, CSI Global Education, (416)

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