Media Releases

Rotman Professors Win 2016 Fellowship and Governor’s Awards from the Bank of Canada

April 15, 2016

Toronto, ON – Two professors at the University of Toronto’s Rotman School of Management have been named as the recipients of prestigious research awards from the Bank of Canada today.

Dan Trefler, a professor of business economics who holds the J. Douglas and Ruth Grant Canada Research Chair in Competitiveness and Prosperity, is the recipient of the Bank’s Fellowship Award.

Liyan Yang, an associate professor of finance, is the recipient of the Bank’s Governor’s Award.

The Bank of Canada’s Fellowship Program is designed to encourage leading-edge research and the development of expertise in Canada in a number of areas critical to the Bank’s mandate: macroeconomics, monetary economics and international finance, as well as the economics of financial markets and institutions, including their financial stability. Each Fellowship Award is for a term of up to five years. Peter Christoffersen, a professor of finance at the Rotman School and the TSX Chair in Capital Markets, was the recipient of the Fellowship in 2013.

The Governor’s Award 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 award is granted for a non-renewable term of up to two years.

“The Bank of Canada is delighted to present the Fellowship Award to an exceptional economist with a remarkable record of path-breaking research. Prof. Trefler’s focus on export performance, investment and productivity is of great interest to the Bank,” said Stephen S. Poloz, Governor of the Bank of Canada. “The Bank is also proud to support Prof. Yang, whose work is pushing the frontiers of financial economics. We expect his interactions with our research staff will improve our collective understanding of the challenges the Bank is facing—today and in years to come.”

Prof. Trefler is an internationally respected trade economist, known for his path-breaking contributions to public policy formation in Canada. His research has been instrumental in the design and pursuit of trade agreements that promote productivity, innovation and investment while minimizing the harmful effects on workers through unemployment and wage effects. He holds a joint appointment with the Department of Economics at the University of Toronto. Prof. Trefler is also a senior research fellow at the Canadian Institute for Advanced Research, a research fellow at the C.D. Howe Institute and an advisor to the Institute for Competitiveness & Prosperity. He sits on the board of the Ontario Task Force on Competitiveness, Productivity, and Economic Progress.

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 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.

Prof. Francesco Trebbi from the University of British Columbia’s Vancouver School of Economics was also a recipient of the Bank’s Fellowship Award.

Further information on the Bank’s Fellowship program is online.

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
Tele: 416.946.3818

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