The Bank of Canada recently announced the winners of the 2024 Fellowship Program, which included UBC Sauder’s Dr. Markus Baldauf, who received the 2024 Governor’s Award. The Governor’s Award provides financial support to academics who are recognized for their expertise and research in areas important to the Bank of Canada's core functions. This marks the first time a UBC Sauder faculty member has received a Bank of Canada Fellowship Program award.
The Governor’s Award consists of a $30,000 annual research grant for a term of up to two years, with the purpose of supporting academics who are recognized for their expertise and research in areas important to the Bank's core functions: monetary policy, currency, funds management, retail payments supervision, and the country’s financial system.
Dr. Baldauf is a financial economist and a leading scholar of market microstructure. His primary research interests are high-frequency trading, market fragmentation, and over-the-counter trading – key drivers of liquidity in modern equity markets. More broadly, he is examining how today’s dominant trends affect performance and market stability, which is one of the Bank’s core functions. He also studies the effect of climate-related risks on real estate markets. In addition to being published in the top peer-reviewed journals in his discipline, Dr. Baldauf occupies a prominent mentorship role in his department, and he holds the B.I. Ghert Family Foundation Junior Professorship in Finance and Policy.
“I am sincerely honoured to have been selected as this year’s recipient of the Governor’s Award,” says Dr. Baldauf. “The fine details that govern trading in modern financial markets can yield significant consequences for market outcomes. I am pleased that the Bank of Canada has recognized the importance of research on this topic.”
The Fellowship Program award nominees are considered by the Fellowship Nominating Committee, who provides recommendations to the Bank's Governing Council, who select the final recipients. The assessment criteria include:
- demonstrated excellence and innovation in the nominee’s work as indicated by publications and forthcoming articles in high impact peer-reviewed journals as well as citations and references (i.e., commentaries/critiques), working papers, other research outputs, including books and book chapters, research grants and awards, and recognition by peers.
- demonstrated leadership within the discipline and/or academic institution(s) as indicated by mentoring, committee roles, collaboration, contribution to the education and development of new researchers, etc.
- applicability to Bank of Canada policy development or research, as indicated in a match of the nominee's written work and research plan with Bank plans and priorities; and as expressed in the nomination materials.
