Dr. Daniel Tut
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 Finance. https://doi.org/10.1108/IJMF-10-2021-0522 (external link) |
| Tut, D. (2022). Investment, Q and epidemic diseases. Finance Research Letters. https://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 |