Jonathan A. Brogaard

Jonathan A. Brogaard

Jonathan A. Brogaard, Ph.D. is a Bates Group Expert and Consultant with extensive expertise in algorithmic and high frequency trading. His research interests include Market Microstructure, Information, Liquidity, and Market Design. Dr. Brogaard is currently an Associate Professor of Finance at University of Utah - David Eccles School of Business in Salt Lake City, where he teaches courses in Business Finance, Financial Management, and Alternative Investments (Hedge Funds and Private Equity). He frequently publishes in Finance and Economics journals and is in demand as a speaker and presenter at industry seminars and conferences. Dr. Brogaard earned his J.D. from Northwestern University School of Law and is also a Chartered Alternative Investment Analyst (CAIA).


Credentials

EXPERIENCE

University of Utah, David Eccles School of Business, Salt Lake City, UT, Associate Professor of Finance (tenured), 2018-Current

Silver Creek Capital Management LLC, Seattle, WA, Consultant, 2017‐2018

University of Washington, Michael G. Foster School of Business, Seattle, WA, Assistant Professor of Finance, 2011-2018, GM Nameplate Endowed Faculty Fellowship, 2016 - 2018

Northwestern University, Kellogg School of Management, Evanston, IL, JD – PhD Candidate, 2006-2011

Chicago Alternative Investment Partners LLC, Chicago, IL, Consultant, 2007-2009

EDUCATION

Kellogg School of Management, Northwestern University, Evanston, IL, Ph.D. Finance, 2012

Northwestern University School of Law, Evanston, IL, J.D., 2011

Occidental College, Los Angeles, CA, B.A. Economics, Politics, 2006

PROFESSIONAL QUALIFICATIONS/LICENSING

Member of the Chartered Alternative Investment Analyst Association®

RESEARCH INTERESTS

Market Microstructure, Information, Liquidity, Market Design

PUBLISHED PAPERS

[1] Network position and productivity: Evidence from journal editor rotations (with Joseph Engelberg and Christopher Parsons). 2014. Journal of Financial Economics, 111(1): 251-270.

[2] High frequency trading and price discovery (with Terrence Hendershott and Ryan Riordan). 2014. Review of Financial Studies, 27(8): 2267-2306 (Lead Article and Winner of the Michael J. Brennan Best Paper Award).

[3] High-frequency trading and the execution costs of institutional investors (with Terrence Hendershott, Stefan Hunt, and Carla Ysusi). 2014. Financial Review, 49(2): 345-369 (Winner of the Outstanding Publication Award).

[4] The asset pricing implications of government economic policy uncertainty (with Andrew Detzel). 2015. Management Science, 61(1): 3-18 (Lead Article).

[5] Trading fast and slow: Colocation and liquidity (with Bjorn Hagstromer, Lars Norden, and Ryan Riordan). 2015. Review of Financial Studies, 28(12): 3407-3443.

[6] High frequency trading and the 2008 short sale ban (with Terrence Hendershott and Ryan Riordan). 2017. Journal of Financial Economics, 124(1): 22-42.

[7] Stock liquidity and default risk (with Dan Li and Ying Xia). 2017. Journal of Financial Economics, 124(3): 486-502.

[8] Institutions and deposit insurance: Empirical evidence (with Kathryn Dewenter and Alan Hess). 2017. Journal of Financial Services Research, forthcoming.

[9] High frequency trading and extreme price movements. (with Ryan Riordan, Andriy Shkilko, Konstantin Sokolov, Allen Carrion, and Thibaut Moyaert). 2017. Journal of Financial Economics, forthcoming.

[10] Do economists swing for the fences after tenure? (with Joseph Engelberg and Edward van Wesep). 2017. Journal of Economic Perspectives, forthcoming.

[11] Risk and return in high frequency trading (with Matthew Baron, Bjorn Hagstromer and Andrei Kirilenko). 2018. Journal of Financial and Quantitative Analysis, forthcoming.

[12] High frequency trading competition (with Corey Garriott). 2018. Journal of Financial and Quantitative Analysis, forthcoming.

[13] Do upgrades matter?: Evidence from trading volume (with Jennifer Koski and Andrew Siegel). 2018. Journal of Financial Markets, forthcoming.

[14] Price discovery without trading: Evidence from limit orders (with Terrence Hendershott and Ryan Riordan) 2018. Journal of Finance, conditionally accepted.

[15] The economic impact of index investing (with Matthew Ringgenberg and David Sovich). 2018. Review of Financial Studies, conditionally accepted.

OTHER PUBLICATIONS

Colocation, Notre Dame’s Center for the Study of Financial Regulation (01/2014)

Foster finance workshop explores the abcs of HFTs. (02/2013)

High-frequency trading and the execution costs of institutional investors, UK Government Office for Science, The Future of Computer Trading in Financial Markets - Foresight Driver Review (09/2012) (with Terrence Hendershott, Stefan Hunt, Torben Latza, Lucas Pedace, and Carla Ysusi)

Regulatory impact assessment, UK Government Office for Science, The Future of Computer Trading in Financial Markets - Foresight Driver Review (03/2012)

High frequency trading, information, and profits, UK Government Office for Science, The Future of Computer Trading in Financial Markets - Foresight Driver Review (09/2011)

High frequency trading: What we have learned and where we’re headed, World Federation of Exchanges (03/2011)

High frequency trading, Notre Dame’s Center for the Study of Financial Regulation (11/2010), (Reprinted in Markets Media Magazine (01/2011))

FELLOWSHIPS AND AWARDS

Affiliated Researcher, Stockholm Business School (09/2017 - Current)

Emerald Group Publishing Citations of Excellence for “High-Frequency Trading and Price Discovery” (07/2017)

Research Fellow for the Center of Finance, USTC-UW Institute for Global Business and Finance Innovation (05/2017 – Current)

GM Nameplate Endowed Faculty Fellowship (07/2016 – Current)

Review of Financial Studies, Michael J. Brennan Best Paper Award for “High-Frequency Trading and Price Discovery” (05/2015)

Financial Review, Outstanding Publication Award for “High-Frequency Trading and the Execution Costs of Institutional Investors” (04/2015)

Distinguished Teaching Award Nominee (04/2015)

Visiting Fellow, Australian National University (2014 - 2018)

Investment Industry Regulatory Organization of Canada Grant to conduct research on high frequency trading (04/2014)

PhD Program Mentoring Award (06/2013)

Best Paper Award at the Northern Finance Association Annual Meeting (10/2012)

Bank of Canada research partnership (09/2012)

UK Foresight Fellowship Grant to conduct research on high frequency trading (10/2011)

CFTC Research Grant (10/2011)

PHD COMMITTEES

Committee Member – Austin Hill-Kleespie, University of Utah (Expected 2019)

Committee Member – Hyo Sonn, University of Washington (Expected 2019)

Committee Member – Matthew Denes, University of Washington (2017)

Committee Member – Fan Wang, University of Illinois, Chicago (2016)

Committee Member – Ying Xia, University of Hong Kong (2016)

Committee Member - Syed Galib Sultan, University of Washington (2015)

Committee Member – Thibaut Moyaert, Universite Catholique de Louvain (2014)

Outside Evaluator - Dong Zhang, Stockholm University (2013)

PAST AFFILIATIONS

Michael G. Foster School of Business, University of Washington

- GM Nameplate Endowed Faculty Fellowship, 2016 - 2018

- Assistant Professor of Finance, 2011 – 2018

Automat:ee