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Slicing Cash Flows for Better Ratings

Bloomberg News, January 18, 2023

Corporate fraud is widespread - and largely undetected, study says

Globe & Mail, January 16, 2023

Just how common is corporate fraud?

New York Times Dealbook, January 14, 2023

Professor Adriana Robertson, Director of Policy & Research presents to the SEC Investor Advisory Committee on Index Funds

May 7, 2020


Professor Alexander Dyck, University of Toronto Comments to the Standing Senate Committee on Legal and Constitutional Affairs

Bill C-74 Remediation Agreements
May 30, 2018

1. Canada would be better off with less corporate wrongdoing
2. Current system far from ideal to deter wrongdoing
3. Alternative reforms, on surface appealing, such as increasing resources and Sanctions for regulators, will not ‘move the dial’
4. Remediation Agreements, if properly constructed, both lead to more detection of wrongdoing, and lower level of wrongdoing
5. More clarity on publication, penalties, and sunset clauses would increase likelihood Remediation Agreement regime is an improvement, and address reasonable potential concerns.
Read more here>

The government’s plan for stronger shareholder powers will make business better for everyone

Special to Financial Post
Anita Anand, Alexander Dyck, Cristie Ford, Richard Leblanc, Randall Morck and Stéphane Rousseau
February 1, 2018

The Financial Post has offered various pieces of commentary that argue against Bill C-25 introduced by the federal government. The bill proposes to implement a requirement of majority voting for all public companies incorporated under the Canada Business Corporations Act. In other words, shareholders would follow a common procedure to vote “for” or “against” a candidate, and only those candidates who receive majority support would serve as directors.
Contrary to the gist of previous pieces published on this page, we support the proposed amendments under Bill C-25.   Read the entire article in The Financial Post >>

Weil, Gotshal & Manges Roundtable at Yale Law School: Blockchain: The Future of Finance and Capital Markets?

March 3, 2017
CMI Director Alexander Dyck takes part in Weil, Gotshal & Manges Roundtable at Yale Law School.  Leading practitioners and researchers assembled at Yale University for a day-long roundtable on Blockchain: the Future of Finance and Capital Markets. Through a series of panels, one of which was moderated by CMI director Professor Alexander Dyck, the participants explored the potential for blockchain to affect payment efficiency, post-trade clearing and settlement, smart contracts, and central banks. Professor Dyck moderated a session on 'Smart Contracts' joined by MIT Professor Christian Catalini, Charley Cooper (Managing Director, R3); Nina Kilbride (Head of Legal Engineering, Monax Industries, Ltd), and  Scott O’Malia, (Chief Executive Officer, International Swaps and Derivatives Association). The background materials and presentations from the event provide useful reading for those interested in blockchain and its impacts on financial markets.  Learn more >>

Rewards too limited? The whistleblower program may need bigger payouts

By James Langton, February 2017 

The Ontario Securities Commission's (OSC) whistleblower program still may be in its infancy, but an American expert in the field worries that the program needs to give prospective tipsters greater incentives to come forward.

In mid-2016, the OSC launched the first whistleblower program at a Canadian regulator. This program offers financial rewards for information that leads to major enforcement action. The program still is in the very early stages: it has taken in tips from prospective whistleblowers, but has yet to pay its first reward for a resulting enforcement action.

The success of the program in Canada is too early to call. Furthermore, Stephen Kohn, a lawyer with Washington, D.C.-based Kohn Kohn & Colapinto LLP who specializes in representing whistleblowers, warns that the OSC's program has flaws that, he believes, could prevent it from realizing its full potential in the long run.

Kohn warns that the $5-million cap on a possible payout by the program represents a fundamental limitation that will hamper the effectiveness of the program. Speaking at a conference hosted by the University of Toronto's Joseph L. Rotman School of Management in late January,  Read the entire article in Investment Executive >>

Stanford-Rotman Corporate Governance Day: Major Challenges in Today’s Boardrooms

November 18, 2016
CMI Director Professor Alexander Dyck takes part in discussion on Shifts in Shareholder Powers and the role of Activist Investors in "Major Challenges in Today's Board Rooms" at the Rotman School of Management.  Leading practitioners and researchers from Stanford University and the Rotman School of Management got together in Toronto for a day long session on "Major Challenges in Today's Board Rooms". CMI director Professor Alexander Dyck moderated a session on Shifts in Shareholder Powers, headlined by Stanford Professor Dan Siciliano, with panelists David Denison (Chair, Hydro One), Michelle Eadkins, (Managing Director, Global Head of Investment Stewardship, Blackrock) and Maureen Jensen (Chair and CEO, Ontario Securities Commission). Learn more >>

New Director of Capital Markets Institute Appointed at the University of Toronto’s Rotman School of Management.

October 27, 2016
An expert in corporate governance and finance has been appointed as director of the Capital Markets Institute (CMI) at the University of Toronto’s Rotman School of Management. The CMI is a centre for independent and rigorous research, analysis and debate on capital markets issues, with the objective of improving the competitiveness and functioning of Canadian markets. The goal of the CMI is to bring together academics, industry participants, regulators and politicians, to explore key capital market issues and to share our knowledge broadly.

Professor Alexander Dyck holds the Manulife Chair in Financial Services and is a professor of finance and business economics who has been at the Rotman School since 2004. He is an Academic Director of the Director’s Education Program, jointly developed by the Institute of Corporate Directors (ICD) and the Rotman School, has been a board member of the Rotman International Center for Pension Management, and is a Fellow at the Michael Lee-Chin Family Institute for Corporate Citizenship at the Rotman School.  Learn more »

Rotman School of Management Opens the Market

Friday, May 22, 2015
Tiff Macklem, Dean, Rotman School of Management at the University of Toronto, joined Michael Ptasznik, Chief Financial Officer, TMX Group, to open the market to celebrate TMX Group’s five-year Lead Sponsorship of the Capital Markets Institute (CMI) at the Rotman School of Management. Several representatives of co-sponsoring organizations from Canada’s financial services community also attended the market open ceremony. Since 1998, the CMI has worked to foster a clear understanding of the challenges facing the Canadian capital markets, and the institutional tools that our country could develop in order to convert those challenges into opportunities to be a leader among the world’s small, open capital markets. Watch on YouTube »

Crowdfunding: A help or hindrance?

Rick Spence
January 23, 2014

Digital technology is changing the way entrepreneurs and new products get funded. But is crowdfunding - today's best-known and most-hyped finding tool - the best way to go?

At a recent conference at the University of Toronto's Rotman School of Management, a wide range of experts discussed today's financial channels, and what surprises the future is likely to bring. Here's your hacker's guide to some of their points of view.  Read the entire article in the Financial Post »