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

May 25, 2017

Toronto – 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
Voice 416.946.3818