Charles Jones

Charles M. Jones is the Robert W. Lear Professor of Finance and Economics and the Senior Vice Dean at Columbia Business School, where he has been on the faculty since 1997.  Professor Jones studies the structure of securities markets, liquidity, and trading costs, and he is particularly noted for his research on short sales, algorithmic and high-frequency trading, and the variation in liquidity over time.  His published articles have won a number of best paper awards and appear in outlets ranging from the Journal of Finance to Barron’s.

Professor Jones has served as co-editor of the Journal of Financial Markets.  He is currently a member of the economic advisory committee of FINRA and has headed the economic advisory board at Nasdaq.  Jones has also been a visiting economist at the New York Fed and the New York Stock Exchange, and he has advised the U.S. Securities and Exchange Commission and the Department of Justice on matters related to financial markets.  Before joining Columbia, Jones was a faculty member at Princeton University, and prior to doing graduate work at the University of Michigan, where he received his Ph.D. in finance in 1994, he was an investment banking analyst at Merrill Lynch.

At Columbia, Professor Jones regularly teaches the core Corporate Finance course to MBA students, and he has received the Dean’s Award for core teaching as well as the Singhvi Prize for scholarship in the classroom.  

Research

Journal articles

Does Algorithmic Trading Improve Liquidity? In Journal of Finance (forthcoming)
Coauthor(s): Terrence Hendershott, Charles Jones, Albert Menkveld

Shorting Restrictions: Revisiting the 1930s In The Financial Review (forthcoming)
Coauthor(s): Charles Jones

Time Variation in Liquidity: The Role of Market-Maker Inventories and Revenues In Journal of Finance (2010)
Coauthor(s): Carole Comerton-Forde, Terrence Hendershott, Charles Jones, Pamela Moulton, Mark Seasholes

Order Consolidation, Price Efficiency, and Extreme Liquidity Shocks In Journal of Financial and Quantitative Analysis (2008)
Coauthor(s): Michael Barclay, Terrence Hendershott, Charles Jones

Which Shorts Are Informed? In Journal of Finance (2008)
Coauthor(s): Ekkehart Boehmer, Charles Jones, Xiaoyan Zhang

Island Goes Dark: Transparency, Fragmentation, Liquidity Externalities, and Multimarket Regulation In Review of Financial Studies (2005)
Coauthor(s): Terrence Hendershott, Charles Jones

Trade-through prohibitions and market quality In Journal of Financial Markets (2005)
Coauthor(s): Terrence Hendershott, Charles Jones

Working papers

Shackling Short Sellers: The 2008 Shorting Ban In Research Paper Series No. 34-09 (2010)
Coauthor(s): Ekkehart Boehmer, Charles Jones, Xiaoyan Zhang

Unshackling Short Sellers: The Repeal of the Uptick Rule (2008)
Coauthor(s): Ekkehart Boehmer, Charles Jones, Xiaoyan Zhang

Shorting Restrictions: Revisiting the 1930s (2008)
Coauthor(s): Charles Jones

The Price of Diversifiable Risk in Venture Capital and Private Equity (2004)
Coauthor(s): Charles Jones

A Century of Stock Market Liquidity and Trading Costs (2002)
Coauthor(s): Charles Jones

In The News

Media Mentions

9 Times Politics Directly Impacted the Stock Market

U.S News & World Report

Newspaper articles

The Past, Present, and Future of Trading Stocks In Financial Times (2001)
Coauthor(s): Lawrence Glosten, Charles Jones