Marius Zoican
Associate Professor of Finance
Canada Research Chair in FinTech
Haskayne School of Business, University of Calgary
About Me
I am an Associate Professor of Finance and Canada Research Chair in Financial Technology at the University of Calgary’s Haskayne School of Business. My research sits at the intersection of technology and finance, where I use experimental methods and game theory to decode how digital trading, AI, and decentralized finance fundamentally transform market dynamics and investor psychology. My work appeared in leading academic journals, including The Review of Financial Studies, Management Science, Journal of Financial Markets, and Journal of Behavioral and Experimental Finance.
Interests
- Experimental finance
- Trading and market structure
- Financial technology
Education
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PhD in Finance, 2015
VU University Amsterdam
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MPhil in Financial Economics, 2012
Tinbergen Institute Amsterdam
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BA in Finance, 2010
Bucharest School of Economics
Work in progress
(2025).
Can preferred clearing reduce post-trade costs?.
Working paper.
(2025).
How do retail investors use order flow data?.
Working paper.
(2025).
Fragmentation and optimal liquidity supply on decentralized exchanges.
Revise and Resubmit at Review of Financial Studies.
Publications
(2025).
Gamified Risk-Taking.
Journal of Behavioral and Experimental Finance, 2025, 46 (June), 101049.
(2025).
Queuing and inventories in limit order markets.
Journal of Financial Markets, 2025, in press, 100982.
(2024).
The Value of ETF Liquidity.
The Review of Financial Studies, 2024, 37(10): 3092-3148.
(2024).
Trading Gamification and Investor Behavior.
Management Science, 2024, Articles In Press.
(2023).
Retail Trading and Analyst Coverage.
Journal of Financial Markets, 2023, 66 (November), 100849.
(2022).
Liquid speed: A micro-burst fee for low-latency exchanges.
Journal of Financial Markets, 2023, 64 (June), 100785.
(2022).
On-demand fast trading on decentralized exchanges.
Finance Research Letters, 2023, 51 (January), 103350.
(2021).
Do speed bumps curb low-latency investment? Evidence from a laboratory market.
Journal of Financial Markets, 2021, 55 (September), 100601 (Lead Article).
(2021).
Speed and learning in high-frequency auctions.
Journal of Financial Markets, 2021, 54 (June), 100583 (Lead Article).
(2020).
How fast should trades settle?.
Management Science, 2020, 66(10), 4573-4593.
(2017).
Need for Speed? Exchange Latency and Liquidity.
The Review of Financial Studies, 2017, 30(4), 1188-1228..
(2016).
Too-international-to-fail? Supranational bank resolution and market discipline.
Journal of Banking and Finance, 2016, 65, 41-58.
Other papers
(2024).
Non-Standard Errors.
Journal of Finance, 2024, 79(3): 2339-2390.
(2023).
Reproducibility in Management Science.
Management Science, 2024, 70(3): 1343-2022.
(2021).
Measuring information in analyst reports: A machine learning approach.
Permanent working paper.
(2015).
Does Central Clearing Affect Price Stability? Evidence from Nordic Equity Markets.
Permanent working paper.
Teaching
Funding
SSHRC Insight Grant ($195,182)
Retail traders as financial intermediaries on decentralized exchanges
Research grant ($25,900)
Central clearing costs in Europe
Research grant ($10,000)
Liquidity supply on decentralized exchanges
SSHRC Insight Development Grant ($49,027)
Technology and Information Supply in Modern Financial Markets (joint with Charles Martineau)
Research Grant ($40,000)
Delegated Asset Manangement in the Digital Age (joint with Clare Célérier and Mariana Khapko)
Associated Researcher
On-going funding support for projects related to quantitative finance and FinTech
SSHRC Insight Development Grant ($41,179)
Speed and Market Structure in the Digital Age (joint with Mariana Khapko)
JCJC Young Researcher Grant (€170,000)
MIDAS: Market Design in the Digital Age
Honours and awards
RFS Distinguished Referee Award
Best paper semifinalist (Microstructure)
Awarded for The Value of ETF Liquidity project.
Josseph de la Vega Award Runner-up
Annual award for outstanding research on securities markets in Europe. Awarded for Liquid Speed: A Micro-burst Fee for Low-Latency Exchanges.
Outstanding Paper in Investments
Awarded for Crowded Analyst Coverage.
Best Paper Runner-Up
Awarded for Smart Settlement.
Josseph de la Vega Award Winner
Annual award for outstanding research on securities markets in Europe. Awarded for Speed and Learning in High-Frequency Batch Auctions.
Outstanding Paper in Investments
Awarded for Need for Speed? Exchange Latency and Liquidity.
Media
Contact
- marius.zoican@haskayne.ucalgary.ca
- + 1 (403) 220-4724
- 2500 University Drive NW, Calgary, T2N 1N4
- DM Me