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Bank of Canada honours Queen’s excellence

​Ryan Riordan receives research grant while three masters students earn scholarships in economics and finance.

Ryan Riordan, an associate professor at Smith School of Business, is this year’s recipient of the Bank of Canada Governor’s Award.

[Ryan Riordan]
The 2019 recipient of the Bank of Canada Governor’s Award is Ryan Riordan, an associate professor at Smith School of Business. 

The Governor’s Award is a research grant for academics who study areas that the Bank of Canada deems important. The grant is worth up to $30,000 a year over two years.

Dr. Riordan, who is also Distinguished Professor of Finance at Smith, says he is delighted to receive the award. While central banks tend to focus on the economy as a whole, his studies delve into the behaviour of individual traders, investors, lenders, borrowers and firms.

“So this award is a confirmation that our research is important to the overall economy,” he says.

Dr. Riordan intends to use the grant to further his research in two areas: the use and misuse of technologies in banking and financial markets; and climate change.

On climate change, Dr. Riordan has teamed up with colleagues from the University of Augsburg in Germany to study how financial markets have responded to the transition to a green economy. They’ve developed a methodology to measure the carbon risk of companies and countries. 

Among their findings to date: the valuation of banks and other financial firms are strongly related to the carbon risk of the firms they finance. And European countries such as Italy, Spain and Portugal, as well as Japan, have lower carbon risk than most countries. Canada, South Africa and Brazil have the highest carbon risk.

The Governor’s Award is part of the Bank of Canada’s Fellowship Program. Lawrence Schembri, deputy governor at the bank, says the program aims to “foster collaboration between our researchers and outstanding academics who are advancing knowledge in fields that support the Bank of Canada’s core functions.”

Dr. Riordan joined Smith in 2014. His research into technology’s impact on financial markets has included how high-frequency traders improve stock market efficiency and studying how automated bidders affect the behaviour of human bidders on electronic financial markets and online auctions such as eBay 

In November, Dr. Riordan received Smith’s Research Excellence Award. The annual prize recognizes outstanding research by faculty at the school.

In other news, the Bank of Canada marked International Women’s Day by announcing the recipients of the Master’s Scholarship Award for Women in Economics and Finance. Of the four winners, three are from Queen’s University.

Earning scholarship awards are, from left: Vivian Chu, Sanjana Bhatnagar, Stephanie Renaud. 

Sanjana Bhatnagar is currently pursuing a Master of Arts in Economics. Prior to this, she completed a BA Honours in Economics from the University of Calgary and worked at the Bank of Canada as a research assistant. Her areas of research include applied econometrics, macroeconomics and macrofinancial studies.

Vivian Chu is completing a Master of Arts in Economics. She completed a BSc in Financial Modelling at Western University and was a Natural Sciences and Engineering Research Council of Canada (NSERC) Undergraduate Student Research Awards recipient for two consecutive years. Her research interests include monetary economics and macroeconomics.

Stephanie Renaud is currently pursuing a Master of Arts in Economics. She completed her BA in Economics at the University of Ottawa and, as part of the co-op program, she worked at the Department of Finance and received the CO-OP Student of the Year Award for the faculty of social sciences in 2016. Her research interests include macroeconomics, fiscal policy, and monetary policy.

The award includes a $10,000 scholarship and is combined with the opportunity for permanent employment at the Bank of Canada upon successful completion of a master’s degree by a recipient.