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