Burton Hollifield

PHONE

412-268-6505

OFFICE

GSIA - Tepper School of Business - Room 141

AREA OF EXPERTISE

Finance

EDUCATION

Carnegie Mellon - Ph D - 1992
Queen''s University at Kingston - MA - 1987
University of Calgary - BA - 1984

TEACHING AND RESEARCH INTERESTS

Market microstructure, asset pricing, financial intermediation, empirical methods

PUBLICATIONS

• Disagreement, Speculation, and Aggregate Investment

(author(s): Emilio Osambela, Burton Hollifield, Steven Baker) Journal of Financial Economics 119(1), 2016; 210–225

• How Subprime Borrowers and Mortgage Brokers Shared the Pie

(author(s): Antje Berndt, Burton Hollifield, Patrik Sandas) Real Estate Economics

• Comments on Robustly Optimal Monetary Policy in a Microfounded Model
  

Journal of Monetary Economics

• Comments on ''Did the Federal Reserve''s MBS Purchase Program Lower Mortgage Rates?

Journal of Monetary Economics 58(5), 515-517

• Dealer Intermediation And Price Behavior In The Aftermarket For New Bond Issues

(author(s): Richard C. Green, Burton Hollifield, Norman Schuerhoff) Journal Of Financial Economics 86(3), 2007; 643-682

• Financial Intermediation And The Costs Of Trading In An Opaque Market

(author(s): Richard C. Green, Burton Hollifield, Norman Schuerhoff) Review Of Financial Studies 20(2), 2007; 275-314

• Estimating The Gains From Trade In Limit-Order Markets

(author(s): Burton Hollifield, Robert Miller, Patrik Sandas, Joshua Slive) Journal Of Finance 61(6), 2006; 2753-2804

• Empirical Analysis Of Limit Order Markets

(author(s): Burton Hollifield, Robert Miller, P Sandas) Review Of Economic Studies 71(4), 2004; 1027-1063

• The Personal-Tax Advantages Of Equity

(author(s): RC Green, Burton Hollifield) Journal Of Financial Economics 67(2), 2003; 175-216

WORKING PAPERS

• ''Bond Pricing, Habits, and a Simple Policy Rule,''

(author(s): Michael Gallmeyer, Burton Hollifield, Francisco Palomino, Stanley Zin)

• ''Demand Discovery and Asset Pricing,''

(author(s): Burton Hollifield, Duane Seppi, Michael Gallmeyer)

• ''Financial leverage and the leverage effect: A market and firm analysis,''

(author(s): Cevdet Aydemir, Michael Gallmeyer, Burton Hollifield)

• Identifying Muni Underwriting Costs: Auctions versus Negotiations

(author(s): Burton Hollifield, Norman Schurhoff, Dario Cestau)

• The Maturity Structure of Inside Money

(author(s): Ariel Zetlin-Jones, Burton Hollifield)

• "Bid-Ask Spreads, Networks and the Pricing of Securitizations: 144A vs. Registered Securitizations,"

(author(s): Chester Spatt, Burton Hollifield, Artem Neklyudov)

• Preventing Controversial Catastrophes

(author(s): Emilio Osambela, Burton Hollifield, Steven Baker)

• “Bid-Ask Spreads, Trading Networks and Corporate Bond Pricing”
  

(author(s): Chester Spatt, Burton Hollifield, A. Neklyudov)

• Computing optimal portfolios: Utility meets robustness

(author(s): Burton Hollifield, Nan Xiong)

• Time Varying Predictability in Mutual Fund Returns

(author(s): Vincent Glode, Burton Hollifield, Marcin Kacperczyk, Shimon Kogan) Review of Finance

• What Broker Charges Reveal about Mortgage Credit Risk (previously "The Role of Mortgage Brokers in the Subprime Crisis")
  

(author(s): Antje Berndt, Burton Hollifield, Patrik Sandas) Journal of Finance

• Liquidity Discovery and Asset Pricing

(author(s): Duane Seppi, Michael Gallmeyer, Burton Hollifield)

AWARDS AND HONORS

• Journal of Empirical Finance - Best Paper Award, 2013 Auckland Finance Meeting (2013)

UNIVERSITY SERVICE

• UBA, Faculty Head, I am the academic head of the UBA. - deal with curricular and co-curricular issues - deal with staff issues -budgeting an admin. day-to-day activities (2015 - )
• Undergraduate Business Administration, Committee Chair, Faculty Head, Running the BEAC committee meetings (2014 - )
• Faculty Advisor, Undergraduate Finance Advisor, Help undergraduates with course selection, approve courses for the Finance track, and so on. (2007 - )
• Undergraduate Curriculum Review, Co-chair, Co-chaired committee to review Undergraduate Economics and Business Programs (2013 - 2015)
• MEAC, Committee Member (2012 - 2015)
• Academic director, AWEMBA, organize teaching, curriculum, admit students, and help out with marketing/decision making for joint Tepper/HEC Lausanne executive master degree in asset and wealth management (2009 - 2015)
• MBA Curriculum Review Committee, Co-Chair, Helped organized and run review of MBA curriculum. The result of the committee was a complete rework the MBA curriculum. (2010 - 2012)
• Recruiting committee, Chair, Organized and ran finance faculty recruiting (2010 - 2011)
• TEPPER CART CENTER (2009 - 2010)
• TEPPER BSBA STRATEGY (2008 - 2009)
• TEPPER BSBA EDUCATIONAL AFFAIRS (2007 - 2008)
• TEPPER PHD PROGRAM (2006 - 2007)
• TEPPER CART CENTER (2005 - 2006)

PROFESSIONAL ACTIVITIES

• Committee Member, American Finance Association, Nominations committee (August 2015 -)
• Conference Paper Reviewer, Utah Finance Conference, Program committee (November 2013 -)
• Conference Paper Reviewer, Western Finance Association, Program committee (January 2012 -)
• Advisory Board Member, Carnegie Rochester Conference on Public Policy (April 2011 -)
• Journal Editor, Review of Finance (January 2011 -)
• Conference Paper Reviewer, European Finance Association (January 2010 -)
• Associate Editor, Journal of Financial Intermediation (January 2005 -)
• Foreign Editor, Review of Economic Studies (January 2007 - December 2013)
• Associate Editor, Journal of Finance (January 2008 - December 2012)
• Burridge Centrer Visiting Scholar, University of Colorado at Bounder (March 2012 - March 2012)
• Associate Editor, Journal of Economic Dynamics and Control (January 2003 - January 2007)
• Associate Editor, Journal of Finance (January 2000 - 2006)
• Associate Editor, Management Science (January 1998 - 2001)

COURSES TAUGHT

• Finance II (45820) 2016 Mini 1 Section: M
  2016 Mini 3 Section: A, B
  2015 Mini 3 Section: A, B
  2014 Mini 1 Section: A, E, M
  2014 Mini 3 Section: A, B, E
  2013 Mini 1 Section: A
  2013 Mini 3 Section: A, B
  2012 Mini 1 Section: A, E

• Finance Ii (45820) 2015 Mini 1 Section: A, E, M

• Seminar in Finance I (47721) 2013 Mini 3 Section: A
  2012 Mini 3 Section: A

• Finance II (45810) 2012 Mini 3 Section: A, B

• Applied Corporate Finance (45812) 2011 Mini 1 Section: A, E

• Studies in Corporate Finance (45812) 2010 Mini 1 Section: A, B
  2009 Mini 1 Section: A, B
  2008 Mini 1 Section: A, B

• Investment Analysis (45811) 2010 Mini 2 Section: E, M
  2010 Mini 4 Section: A, B
  2009 Mini 4 Section: A, B
  2008 Mini 4 Section: A, B
  2007 Mini 2 Section: E, M
  2007 Mini 4 Section: A, B
  2006 Mini 2 Section: E, M
  2006 Mini 4 Section: A, B

• Financial Crises, Bubbles and Panics (45947) 2009 Mini 4 Section: A

• Seminar in Finance II (47722) 2009 Mini 4 Section: A

• Seminar in Finance IV (47724) 2007 Mini 2 Section: A
  2006 Mini 2 Section: A

• Financial Risk Management (45906) 2006 Mini 1 Section: I

• Investment Analysis (70492) 2006 Section: A, B