CFA Society Toronto Announces Winners of 2026 Research Award

TORONTO, Sept. 18, 2026 /CourierPR/ -- CFA Society Toronto has announced the recipients of the 2026 Hillsdale Investment Management, CFA Society Toronto Research Award. The winners are 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. Their research, titled "Nocturnal Trading," explores the rapidly growing market for overnight equity trading.

The award was presented at CFA Society Toronto’s 69th Annual Investment Dinner, a marquee event that recognizes excellence in investment research. The winners received a $15,000 cash prize.

The research paper by the winners provides a comprehensive analysis of the overnight equity trading market, which operates between 8:00 p.m. and 4:00 a.m. Eastern time. The study examines trading costs, market liquidity, price discovery, and the mix of retail and professional participants. The findings reveal that overnight trading is highly concentrated among a relatively small number of stocks and is largely driven by retail 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.

The research also shows that overnight trading contributes meaningfully to price discovery, with trading activity often reflecting information that continues to influence prices into the following 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. The study also highlights that greater competition among professional market makers can improve trading conditions for investors.

Hillsdale Investment Management Inc., an independent, employee-owned and client-aligned investment boutique managing over $12.0 billion on behalf of a select group of institutional and private wealth investors, celebrated the award. Chris Guthrie, President and CEO of Hillsdale Investment Management Inc., commented, "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."

CFA Society Toronto, the world's largest Society of CFA® Charterholders, dedicated to supporting the professional and business development of more than 11,500 members, has a focus on education, networking, and thought leadership. Founded in 1936, the organization is affiliated with CFA Institute, the global body that administers the Chartered Financial Analyst (CFA) curriculum and sets voluntary, ethics-based performance-reporting standards for the investment industry.

The research paper is available at www.globenewswire.com/NewsRoom/AttachmentNg/cb61fa87-dcb0-44cf-b977-6125a8cc67f5.