Dr. Marius Zoican
Positions
Associate Professor
Haskayne School of Business, Finance [FNCE]
Contact information
Phone number
Office: 403.220.4724
Location
Office: SH154
For media enquiries, contact
Lauren Steeves
Senior Marketing and Communications Strategist
Phone: (403) 220-6153
Email: lauren.steeves@ucalgary.ca
Background
Educational Background
PhD Finance, VU University Amsterdam, 2015
MPhil Finance, Tinbergen Institute Amsterdam, 2012
BSc Finance, Bucharest School of Economics, 2010
Biography
I am an Associate Professor of Finance at the Haskayne Business School, University of Calgary, since 2024. Previously, I served as an Assistant Professor at University Paris-Dauphine from 2015 to 2018 and at the University of Toronto from 2018 to 2024. My research focuses on the impact of technology on trading, securities exchanges, and asset management. I aim to leverage innovation to build better markets. My work has been published in leading academic journals, including The Review of Financial Studies, Management Science, and Journal of Financial Markets.
Research
Areas of Research
Courses
| Course number | Course title | Semester |
|---|---|---|
| FNCE 449/668.02 | Trading and Market Data Management | Fall 2024 |
| FNCE 559 - 01 | Tokenomics | Winter 2025 |
Projects
Research project with Alfred Lehar and Christine Parlour. We study the optimal design of automated maker maker exchanges (e.g., Uniswap) to democratize liquidity provision while enhancing market maker competition.
The paper was presented, among others, at the 2024 NYU Stern Market Microstructure Meeting, Tokenomics 2023, Gillmore Centre Annual Conference 2023, Financial Intermediation Research Society 2023, and the Northern Finance Association 2023.
Research project with Vincent van Kervel and Corey Garriott. We show how time priority queues in modern limit order markets introduce a tension between intermediary risk sharing and aggregate market liquidity.
Reject and Resubmit at JFQA
The paper was presented, among others, at the 2022 Western Finance Association, 2022 Northern Finance Association, and the 2022 Paris December Meeting.
Awards
- Distinguished Referee Award, Review of Financial Studies. 2024
- Josseph de la Vega Award Runner-Up, Federation of European Securities Exchanges. 2021
- Insight Development Grant: Technology and Information Supply in Modern Financial Markets, SSHRC. 2020
- Best Paper in Microstructure Semifinalist, Financial Management Association. 2020
- Research Grant: Delegated Asset Management in the Digital Age, Canadian Securities Institute. 2019
- Insight Development Grant: Speed and Market Structure in the Digital Age, SSHRC . 2018
- Outstanding Paper in Investments, Southern Finance Association. 2018
- Best Paper Runner-Up, Toronto FinTech Conference. 2017
- Josseph de la Vega Award Winner, Federation of European Securities Exchanges. 2016
- Outstanding Paper in Investments, Eastern Finance Association. 2014
Publications
- The Value of ETF Liquidity. Marta Khomyn, Talis Putnins, and Marius Zoican. Review of Financial Studies. Forthcoming. (2024)
- Trading Gamification and Investor Behavior. Philipp Chapkovski, Mariana Khapko, Marius Zoican. Management Science. Articles in Press. (2024)
- Retail Trading and Analyst Coverage. Charles Martineau and Marius Zoican. Journal of Financial Markets. (2023)
- Liquid Speed: A Micro-Burst Fee for Low-Latency Exchanges. Michael Brolley and Marius Zoican. Journal of Financial Markets. (2023)
- On-demand fast trading on decentralized exchange. Michael Brolley and Marius Zoican. Finance Research Letters. (2023)
- Do Speed Bumps Curb Low-Latency Trading? Evidence from a Laboratory Market. Mariana Khapko and Marius Zoican. Journal of Financial Markets. (2021)
- Speed and Learning in High-Frequency Auctions. Marlene Haas, Mariana Khapko, and Marius Zoican. Journal of Financial Markets. (2021)
- How Fast Should Trades Settle. Mariana Khapko and Marius Zoican. Management Science. 4573-4593. (2020)
- Need for Speed? Exchange Latency and Liquidity. Albert Menkveld and Marius Zoican. Review of Financial Studies. 1188–1228. (2017)
- Too-International-to-Fail? Supranational Bank Resolution and Market Discipline. Lucyna Gornicka and Marius Zoican. Journal of Banking and Finance. 41-58. (2016)
In the News
- Gamifying investment and sports betting. CBC Radio: Spark. (2023)
- The benefits and risks of using ‘gamified’ investing apps. BNN Bloomberg. (2022)
- Is gamification in fintech hurting investors?. Financial Planning. (2022)
- ‘Gamified’ apps push DIY traders to make riskier investments: Study. Toronto Star. (2022)
- Interview on Wealthsimple’s $750 million funding round.. Global News. (2021)
- Covid-19 forced trading floors to close. They’ll be back.. The Economist. (2020)
- Exchanges Can Ruin High Frequency Trading Benefits. Bloomberg News. (2014)
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