Faculty & Research

Faculty and Executive Leadership Directory

Terrence Hendershott

Haas Finance Group
Email: click on the envelope icon below for full email address
Academic Status: On duty
Office Hours: By appointment, F596
Personal Homepage: http://faculty.haas.berkeley.edu/hender/
Curriculum Vitae (in PDF format, Acrobat Reader required)


PhD, Operations, Information, and Technology, Graduate School of Business, Stanford University
BS, Mathematics and Statistics, Miami University

Positions Held

At Haas since 2001

2012 – present, Cheryl and Christian Valentine Chair
2005 – 2006, Visiting Economist, New York Stock Exchange
1999 – 2001, Xerox Assistant Professor of Computers & Information Systems, Simon School of Business Administration, University of Rochester

Current Research and Interests

  • Management of information systems
  • Role of information technology in financial markets
  • Electronic communications networks (ECNs) and stock market design
  • Regulation of financial markets
  • How electronic markets compete with traditional businesses


Selected Papers and Publications

  • “Does Algorithmic Trading Improve Liquidity?” with Charles Jones and Albert Menkveld. Journal of Finance (forthcoming).
  • “Automation Versus Intermediation: Evidence from Treasuries Going Off the Run,” with Michael Barclay and Kenneth Kotz. Journal of Finance 61 (October 2006): 2395-2414.
  • “Competition Among Trading Venues: Information and Trading on Electronic Communications Networks,” with Michael Barclay and Tim McCormick. Journal of Finance 58 (December 2003): 2637-2666.
  • “Crossing Networks and Dealer Markets: Competition and Performance,” with Haim Mendelson. Journal of Finance 55 (October 2000): 2071-2115.



  • Analytic Decision Modeling Using Spreadsheets
  • Information Technology Strategy
  • Operations Management

Honors and Awards

  • New York Stock Exchange Euronext Award for the best paper on equity trading, Western Finance Association Meetings (2001, 2008)
  • Nasdaq Award for best paper on market microstructure, Financial Management Association (2007)
  • Schwabacher Fellowship Award, 2005-2006
  • National Science Foundation Grant #0133848, CAREER: Electronic Trading Systems

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