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Daniel Tut

Dr. Daniel Tut

Associate Professor
DepartmentFinance
EducationHBA (UofT), MA (York), PhD (York-Schulich)
Phone416-979-5000, ext: 552580

Overview

Dr. Tut’s research interests lie at the intersection of capital markets and the real economy. In particular, his research focuses on capital structure, laws and finance, and corporate governance. The main theme of his research is how government policies and exogenous shocks affect firms' real decisions. His works examine the effects of stronger creditor rights protection on capital markets, bankruptcy/financial distress, the role of FinTech in spurring innovation and productivity growth, conflicts between creditors, shareholders, and managers, and the effects of political uncertainty on firms’ real decisions. These works have been published in highly regarded Journals in finance. He has presented his research at some of the most prominent conferences in finance including the American Finance Association, Southern Finance Association, Eastern Finance Association, and the Northern Finance Association. He won the Top Paper Award at the 2021 Global Finance Conference for his work on political risks and capital reallocation, and for research excellence, he has been awarded the TRSM Research Recognition Award multiple times (in 2022 and 2024). He is officially ranked among the Top 25% of Authors in Canada for Economics and finance research based on publications over the last 10 years (2015-2025). While completing his doctorate at the Schulich School of Business, he won multiple academic excellence awards and was recognized twice (in 2019 and 2020) by the Dean for Teaching Excellence. At TRSM, he teaches courses on Managerial Finance, FinTech/Blockchain/Cryptocurrencies, and Financial Intermediation: Money, Banking, and Financial Institutions.  He is also involved in policy work and served as a supervisor on the city of Toronto's 10-Year (2025-2035) economic action plan. He has consulted on capital projects for some of the major publicly listed corporations in Canada and has been involved in training business executives on financial analysis and valuation. He also contributes to the broader community (served on Pearson’s Finance Advisory board), and he routinely provides expert opinion for major media outlets such as the Canadian Broadcasting Corp. (CBC)/Radio and Betakit, amongst others. He is also involved in mentoring students on strategic financial planning and personal finance.

Google Scholar profile (external link, opens in new window) 
SSRN profile  (external link, opens in new window) 

Corporate Finance, Debt Financing, Banking and Financial institutions, Creditors Rights Protection.

Journal Articles
Cao, M., & Tut, D. (2024). Effects of policy uncertainty on firm-level productivity. The Quarterly Journal of Finance,  https://doi.org/10.1142/s2010139224500101
Tut, D. (2024).  External financing, corporate governance and the value of cash holdings. International Review of Economics & Finance. https://doi.org/10.1016/j.iref.2024.01.008
Tut, D. (2023). FinTech and the COVID-19 pandemic: Evidence from electronic payment systems. Emerging Markets Review.   https://doi.org/10.1016/j.ememar.2023.100999 (external link) 
Tut, D. (2023). Debt dynamic, debt dispersion and corporate governance. International Journal of Managerial Financehttps://doi.org/10.1108/IJMF-10-2021-0522 (external link) 
Tut, D. (2022). Investment, Q and epidemic diseases. Finance Research Lettershttps://doi.org/10.1016/j.frl.2022.102943
Tut, D. (2022). Policy uncertainty and cash dynamics. Journal of Financial Research.  https://doi.org/10.1111/jfir.12279
Tut, D. (2022). Bitcoin: Future or Fad?. In: Walker, T., Davis, F., Schwartz, T. (eds) Big Data in Finance. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-031-12240-8_8
Courses
Financial Intermediation - Ted Rogers School of Management
Investments
Corporate Finance
Personal Finance
Managerial Finance
Grant
Ted Roger School of Management - Start-Up Research Fund
Research Fellowship - IFID Centre at the Fields Institute 
External Research Funding:
Year Source Program Type Amount/year PI  Purpose
 2023-
 2024 
 Mitac   Accelerate  F  $30,000   Co
 Supervisor
 Research 
  2023-
 2026
 SSHRC   Partnership  Grant  C  $2,443,000   Co
 Applicant 
 Research
 2024-
2026
 CPA 
Ontario
 Public 
 Accounting 
 F  $15,000   Yes  Research
 INTERNAL RESEARCH FUNDING:
 Year  Source  Program  Type Amount/year PI Purpose
  2024-
2026
 TRSM  Development  Grant   O  $7,000   Yes  Reserach
 2021-
2024
 TRSM  Matching Grant
 O  $2,000   Yes  Reserach
 2024  TRSM  URO Grant   O  $11,368   Yes  Reserach
 2022-
2024
 TRSM  Development  Grant   O  $7,000   Yes  Reserach
 2022-
2025
 TRSM  Finance Dept  Funds  O  $1000   Yes  Reserach
 2020-
2025
 TRSM  Start-Up Fund   O  $25,000   Yes  Reserach
Honour / Award
Reviewer Recognition Award/Certificate: Springer Nature 2025
Ranked among Top 25% Economists in Canada in the last 10-years [2015-2025]
TRSM Research Recognition Award for Research Achievement: 2024
Pearson Canada Finance Advisory Board 2023-2024
Reviewer Recognition Award/Certificate: 2024
Economic Modelling Reviewer Recognition Award/Certificate: 2023
Economic Modelling Reviewer Recognition Award/Certificate: 2022 Finance Research Letters
TRSM Research Recognition Award for Research Achievement: 2022
Reviewer Recognition Award/Certificate: 2022 Finance Research Letters
Top Paper Award: 2021 Global Finance Conference Reviewer Recognition Award/Certificate
2021 Finance Research Letters
Dean’s Letter of Commendation for Teaching Excellence: 2020
Nominated for Best Thesis Award (Ph.D.): 2020
Dean’s Letter of Commendation for Teaching Excellence: 2019
2019 Conference (NFA) Travel Fund
Schulich Ph.D. Fellowship: 2014- 2020  
Schulich Scholarship of Academic Merit- Ph.D.: 2014-2016  - Awarded to the Ph.D. student with the highest level of Academic Achievement
UofT Fields Institute for Research in Mathematical Sciences: IFID Centre Research  Fellowship: 2015-2016
York University Graduate (Academic Merit) Scholarship (Masters)
2011-2012 Chancellor’s Scholarship for High Academic Achievement: Ashbaugh  University of Toronto- Trinity College: 2008-2010
Admission Scholarship- Academic Merit, University of Toronto- Trinity College 2007- 2008
Ranked Top 100 Students [Top 0.0001%]: Nationwide University Entrance Exams
Dean’s Letter of Commendation for Teaching Excellence (2020)
Dean’s Letter of Commendation for Teaching Excellence (2019)
Schulich Scholarship of Merit for PhD 
Chancellor Scholarship for High Academic Achievement - Ashbaugh