Media Releases

Rotman Finance Professor Receives The William F. Sharpe Award for Scholarship in Financial Research

May 25, 2017

Toron­to, ON – A paper co-authored by a finance pro­fes­sor at the Uni­ver­si­ty of Toronto’s Rot­man School of Man­age­ment has won an award for the best paper in the Jour­nal of Finan­cial and Quan­ti­ta­tive Analy­sis (JFQA).

“Dif­fer­en­tial Access to Price Infor­ma­tion in Finan­cial Mar­kets” exam­ines how the direct sale of mar­ket data by exchanges affects price dis­cov­ery, the cost of cap­i­tal, return volatil­i­ty, mar­ket liq­uid­i­ty, and trad­er wel­fare. It is co-authored by Liyan Yang, an asso­ciate pro­fes­sor of finance at the Rot­man School along with Prof. Mau­reen O’Hara and Prof. David Easley of Cor­nell Uni­ver­si­ty.

The William F. Sharpe Award for Schol­ar­ship in Finan­cial Research hon­ours the best paper of the year pub­lished in JFQA which is con­sid­ered to be a top tier aca­d­e­m­ic jour­nal in finance. The award rec­og­nizes researchers who have most con­tributed to the under­stand­ing of impor­tant areas of finan­cial eco­nom­ics. The award is s named for William F. Sharpe, a pro­fes­sor emer­i­tus at Stan­ford Uni­ver­si­ty who received the Nobel Memo­r­i­al Prize in Eco­nom­ic Sci­ences in 1990.

Prof. Yang joined the Rot­man School in 2009. His research inter­ests are in asset pric­ing, behav­ioral finance and infor­ma­tion eco­nom­ics. His cur­rent research focus­es on infor­ma­tion trans­mis­sion and pro­duc­tion in finan­cial mar­kets and relat­ed reg­u­la­tion issues. He has received many awards for his research includ­ing the 2011 Inau­gur­al TCFA (The Chi­nese Finance Asso­ci­a­tion) Award for the Best Paper on Glob­al Finan­cial Mar­kets, the North­ern Finance Asso­ci­a­tion Award for the Best Paper on Cap­i­tal Mar­kets in 2011 and 2012, the Con­naught New Researcher Award from the Uni­ver­si­ty of Toron­to in 2013 and received the Roger Mar­tin Award for Excel­lence in Research from the Rot­man School in 2015. In 2016 he was the recip­i­ent of the Governor’s Award from the Bank of Cana­da which rec­og­nizes out­stand­ing aca­d­e­mics at a rel­a­tive­ly ear­ly stage in their careers, who are work­ing at Cana­di­an uni­ver­si­ties in areas of research crit­i­cal to the Bank’s man­date.

The Rot­man School of Man­age­ment is locat­ed in the heart of Canada’s com­mer­cial and cul­tur­al cap­i­tal and is part of the Uni­ver­si­ty of Toron­to, one of the world’s top 20 research uni­ver­si­ties. The Rot­man School fos­ters a new way to think that enables our grad­u­ates to tack­le today’s glob­al busi­ness and soci­etal chal­lenges.  For more infor­ma­tion, vis­it


For more infor­ma­tion:

Ken McGuf­fin
Man­ag­er, Media Rela­tions
Rot­man School of Man­age­ment
Uni­ver­si­ty of Toron­to
Tel: 416–946-3818