(416) 736-2100 ext.66430
Office: Room N222, SSB
Area(s) of Expertise
- Asset Allocation
- Asset Pricing
- Behavioral Finance
- Capital Markets
- Capital Structure
- Data Modelling
- Financial Investments
- Portfolio Management
- Stock Market
About Pauline M. Shum-Nolan
Prof. Shum’s main area of research focuses on the relationship between financial and real decisions. This relationship is an important consideration for firms, as well as for households. At the firm level, she has studied the choice of capital structure and its effects on a firm’s investment, and vice versa. At the household level, she has studied the impact of entrepreneurial and real estate investments on household portfolio choice. In the last few years, Prof. Shum has also been studying the performance and growth of exchange-traded funds (ETFs) and their roles in investors’ portfolios and their impact on financial markets. Prof. Shum’s research has appeared in the Journal of Finance, Journal of Monetary Economics, and Journal of Banking and Finance, among others. She has also published in the areas of pensions, political events and financial markets, and alternative assets, such as art as an investment (focusing on modern art).
2011 Toronto CFA Society - Hillsdale Research Award
2011, 2010, 2009, 2008, 2006, 2003, 2002, 2001 Merit Awards, Schulich School of Business, York University.
2001 Research Award, Schulich School of Business, York University.
“Intraday Share Price Volatility and Leveraged ETF Rebalancing” (with Arthur Rodier, Edgar Hayanto, and Walid Hejazi), (on 12 SSRN Top Ten download lists with over 3,000 downloads), Review of Finance, forthcoming.
“The Performance of Leveraged and Inverse ETFs During Volatile Times” (with Jisok Kang), Managerial Finance (Special Issue on ETFs). 2013 This is an expanded version of my paper previously circulated under the title, “The Long and Short of Leveraged ETFs: the Financial Crisis and Performance Attribution", CFA Research Foundation Occasional Papers, 2011.
"All are Not Created Equal: an Exploration of ETF Asset Growth" (with Kenneth Chen), Journal of Index Investing, vol.3-3, 49-61, 2012.
“The Influence of Productivity Growth on Stock Market Performance” (with Laurence Booth, Bin Chang, and Walid Hejazi), Journal of Wealth Management, vol. 14- 1, 78–92 2011.
“How Passive are International ETFs? A Study of Their Intraday Behaviour”, Journal of Index Investing, vol.1-4, pp.74-84, 2010.
Courses TaughtFINE3200 and FINE6200 Investments
MFIN5600 Institutional Wealth Management
Project Title Role Award Amount Year Awarded Granting Agency Project Title RolePrincipal Investigator Award Amount$10,000.00 Year Awarded2011 Granting AgencyToronto CFA Society - Hillsdale Research Award