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2024 Hillsdale Investment Management
CFA Society Toronto Research Award Winners

About Oumar Sy, PhD

Dr. Oumar Sy is a professor of finance at Dalhousie University, renowned for his expertise in financial research and industry experience. Holding a distinguished Ph.D. from McGill University, Dr. Sy has served as a Financial Analyst at CDP Capital and provided advisory services to global corporations and governments. His research spans various fields, including political economy, portfolio diversification, financial econometrics, and corporate finance. Dr. Sy has been a visiting scholar at the American University in Dubai and presented at top finance conferences. He has also made significant contributions to the field through publications in esteemed practitioner and academic finance journals. Recently, Dr. Sy received the prestigious Graham & Dodd Scroll Award for his outstanding 2023 paper, “Diversification during Hard Times,” co-authored with Najah Attig and published in the Financial Analysts Journal.

About Kodjovi Assoe, PhD

Dr. Assoe is a Professor of Finance at the Université du Québec à Montréal’s School of Management, where he has been since 2017. He also serves as the Director of the Programs of Graduate Studies in Finance. Prior to this academic role, Dr. Assoe spent a decade at the Caisse de dépôt et placement du Québec (CDPQ) as Senior Director of Research, focusing on currency management, international investments, and strategic asset allocation. Dr. Assoe’s academic journey actually began at HEC Montreal, where his expertise in finance was honed over ten years as an Associate Professor.
His scholarly contributions have graced numerous esteemed finance journals, such as the Global Finance Journal, the Journal of Portfolio Management, the International Quarterly Journal of Finance, and the Multinational Finance Journal. Dr. Assoe is a recipient of the Bernstein Fabozzi/Jacobs Levy Award for “Outstanding Articles” in the Journal of Portfolio Management. 

About Najah Attig, PhD

Najah Attig is a Professor of Finance and Chair of the Department of Finance at Dalhousie University. He recently completed two terms as a Canada Research Chair in Corporate Finance and Corporate Governance. His research focuses on the connections between corporate governance, corporate social responsibility, non-financial performance disclosure (e.g., sustainability, ESG, human capital), corporate policies, shareholder value, and financing frictions. His work has been published in leading finance and ethics journals and has garnered over 4,100 Google Scholar citations. Dr. Attig has received several accolades, including the Barclays Global Investors Canada Research Award and the Toronto CFA Society Best Paper Award for Original Research on Canadian Capital Markets. His study, Diversification in Hard Times, co-authored with Oumar Sy, recently received the prestigious 2023 CFA Institute Graham and Dodd Scroll Award.

About the Research

Entitled: Navigating Canada’s Factor Zoo

This study delves into the battle of factors in Canadian capital markets, employing spanning tests to evaluate 17 factors from ten multifactor models for 1991–2022. While the value factor (HML) proves redundant, its monthly updated counterpart excels. The size factor (SMB) is not improved by discounting mispriced stocks but gains potency after controlling profitability and investment. Q-based and mispricing factors subsume the momentum factor (UMD). No single asset-pricing model emerges dominant, except in three instances. A six-factor model including market, size, monthly updated value, ROE, expected growth, and PEAD factors proves effective for asset pricing in Canadian markets.

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