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November 21, 2005, Toronto — The Canadian Securities Institute Research Foundation today celebrated the first award winners of its academic funding program launched one year ago. The program sponsors financial market research by partnering with Canadian universities and students and aims to encourage pragmatic studies that will make capital markets a better place for investors. This year the foundation committed $200,000 in postgraduate scholarships to a select group of recipients.

"Investors benefit from efficient, fair and competitive capital markets; it is something that all of us in the financial community should continuously strive for," said Fred Ketchen, Chair, Canadian Securities Research Foundation. "Encouraging relevant research through academic scholarships will lead to the better understanding of our markets and foster a progressive trading environment."

Professor Susan Christoffersen of ³ÉÈËVRÊÓƵ was awarded a three-year Limited Term Professorship of $150,000. Gokul Bhandari, a PhD student with the Michael G. DeGroote School of Business, McMaster University, and Xinghua Liang, a PhD student with the Joseph L. Rotman School of Management, University of Toronto, were each awarded a $25,000 scholarship.

Professor Christoffersen's research will focus on understanding the trading of Canadian mutual funds. Her research aims to provide insight into the execution quality and liquidity of Canadian markets and how the relationships between brokers and institutions might influence trading quality. Ultimately she hopes to influence the current mutual fund reporting system and encourage standardized daily electronic reporting across Canada.

Each year the Canadian Securities Research Foundation will aim to award three PhD student scholarships valued at $25,000 and two academic awards to university faculty valued at $35,000 for research relevant to capital markets. Every three to five years a Limited Term Professorship of $50,000 annually will be awarded for three- to five-year terms. The appointed professor will act as a liaison to industry representatives and undertake research in the capital markets.