Faculty Snapshot: His research influences market structures, saving investors tens of millions of dollars
Market microstructure, security design, asset pricing.
His research focuses on the impact rule changes have on market quality. In a forthcoming article, written with a former Ph.D. student of his, he examines the impact that imposing or increasing a security transaction tax (STT) would have on markets. They find that imposition of or increases in an STT harm market quality – in particular stock volatility and the cost of trading increases while volumes decline. As with many of his papers, this paper is at the center of a policy debate as lawmakers on both sides of the Atlantic debate the pros and cons of imposing an STT as a way to increase government revenues.
His favorite class to teach
Global Capital Markets
Outside the classroom
"My wife and I love to travel. Recently we viewed the Northern Lights in Iceland, visited the ancient Jordanian city of Petra, and took a photo safari through five countries in Southern Africa."
Why he likes academia
As an academic, I have been able to influence the current structure of markets. I have testified before Congress twice, and the SEC once. Exchanges have changed their rules because of the results of my research. This has saved investors tens of millions of dollars."
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