David Ardia, CIRANO researcher, receives the Cascad Award for excellence in reproducible finance research

David Ardia, Professor in the Department of Decision Sciences at HEC Montréal and CIRANO researcher since June 5, 2025, received the Cascad Prize during the annual conference of the French Finance Association (AFFI), held in Dijon from May 26 to 28, 2025.

This award, presented in partnership with the Cascad platform, recognizes excellence in reproducible research in finance. The jury commended the transparency and methodological rigor of the paper Examining high-frequency patterns in Robinhood users’ trading behavior, co-authored with Tolga Cenesizoglu and Clément Aymard (HEC Montréal). Based on over 7.5 million hourly observations, the study sheds light on fast, asymmetric trading reactions, particularly amplified after the COVID-19 pandemic.

Congratulations to David Ardia and his colleagues at HEC Montréal on this well-deserved recognition.