Education:

• Ph.D. - The Ohio State University, Major: Business Administration, Finance, 1995
• MBA - University of Iowa, Major: Finance, 1987
• BA - University of Iowa, Major: Physics, Minor: Economics, 1986

Research Interests:

• Market Microstructure & Equities Trading
• IPOs and Investor Behavior

Teaching Interests:

• Investment Analysis
• Investments
• Risk Management

Honors and Activities:

• Nominated for University of Delaware Lerner College Teaching Award, 2004, 2006.
• Nominated for University of Delaware Lerner College Advising Award, 2004.
• Member, Beta Gamma Sigma.
• Copy Editor, Journal of Finance, 1992-93.

Recent Publications:

• "Tick Size, Market Structure and Trading Costs" with William G. Christie and Eugene Kandel, 2007, forthcoming book chapter.
• Why are IPO Investors Net Buyers through Lead Underwriters, with John M. Griffin and Selim Topaloglu, forthcoming at the Journal of Financial Economics 2007.
• "How New Entry in Options Markets affected Market Making and Trading Costs" with Patrick DeFontnouvelle and Raymond P.H. Fishe, 2005, Journal of Investment Management 3, 24-40.
• "The Development of Secondary Market Liquidity for NYSE-Listed IPOs" with Shane A. Corwin and Marc L. Lipson, 2004, Journal of Finance 59, 2339-2374. (Awarded Outstanding Paper in Financial Institutions at the 2002 Southern Finance Association Meeting.)
• “The Dynamics of Institutional and Individual Trading” with John M. Griffin and Selim Topaloglu, (2003) The Journal of Finance 58, 2585-2320 (Nominated for 2004 Smith Breeden Prize, Best Paper in Investments).
• "The Behavior of Bid Ask Spreads and Volume in Options Markets during the Competition for Listings in 1999," with Patrick deFontnouvelle and Raymond P.H. Fishe, 2003,The Journal of Finance 58, 2437-2463.  (Nominated for the Smith-Breeden Prize.)
• “Nasdaq Trading Halts: The Impact of Market Mechanisms on Prices, Trading Activity and Execution Costs”, with William G. Christie and Shane A. Corwin, 2002, Journal of Finance 57, 1443-1478.
• “The Initial Listing Decisions of Firms that Go Public”, with Shane A. Corwin, 2001, Financial Management 30, 35-55.
• “The Effect of Market Reform on Trading Costs and Depths of Nasdaq Stocks” with Michael J. Barclay, William G. Christie, Eugene Kandel, and Paul H. Schultz,  1999, Journal of Finance 54, 1-34. (Nominated for the Smith-Breeden Prize, Best Paper in Investments).
• “The Trading Profits of SOES Bandits” with Paul H. Schultz, 1998, Journal of Financial Economics 50, 39-62.
• “The Importance of Firm Quotes and Rapid Executions:  Evidence from the January 1994 SOES Rules Change” with Paul H. Schultz, 1997, Journal of Financial Economics 45, 135-166.
• “Why Did NASDAQ Market Makers Stop Avoiding Odd-Eighth Quotes?” with Paul H. Schultz and William G. Christie, 1994, Journal of Finance 49, 1841-1860.