James Angel

Professor Angel specializes in the structure and regulation of financial markets around the world, and he has visited over 70 financial exchanges around the world. His current research focuses on short selling and regulation. He teaches undergraduate, MBA, and executive courses, including Investments and Capital Markets. "Dr. Jim" has testified before Congress about issues relating to the design of financial markets. In addition, he has been quoted in hundreds of newspaper articles and has appeared numerous times on radio and television. Dr. Jim began his professional career as a rate engineer at Pacific Gas and Electric, where he worked on FERC and CPUC related issues. Along the way he has also worked at BARRA (later part of Morgan Stanley) where he developed equity risk models. He has also served as a Visiting Academic Fellow in residence at the National Association of Securities Dealers (NASD – now FINRA) and also as a visiting economist at the Shanghai Stock Exchange. He has also been chairman of the Nasdaq Economic Advisory Board, a member of the OTC Bulletin Board Advisory Committee, and has served on the board of directors of the Direct Edge Stock Exchanges (later part of BATS Global Markets). From 2012-2014 he was a visiting associate professor at the Wharton School of the University of Pennsylvania.

Education

• University of California-Berkeley - Ph.D.
• Harvard University - M.B.A.
• California Institute of Technology - B.S

Publications

Articles in Journals (17)

James J. Angel, Chester Spatt, and Larry Harris. "Equity Trading in the 21st Century: An Update." Quarterly Journal of Finance (2015)

James J. Angel, Douglas M. McCabe. "On the Ethics of Fractional Reserve Banking." Journal of Competitiveness Studies (2015)

James J. Angel, Douglas M. McCabe. "The Ethics of Payments: Paper, Plastic, or Bitcoin?." Journal of Business Ethics (2015)

James J. Angel. "When Finance Meets Physics: The Impact of the Speed of Light on Financial Markets and Their Regulation." Financial Review, 49 (2014): 271-281.

James J. Angel, Douglas M. McCabe. "Ethical Standards for Stockbrokers: Fiduciary or Suitability?." Journal of Business Ethics, 115 (2013): 183-193.

James J. Angel, Douglas M. McCabe. "Fairness in Financial Markets: The Case of High Frequency Trading,." Journal of Business Ethics, 112, 4 (2013): 585-595.

James J. Angel, Chester Spatt, and Larry Harris. "Equity Trading in the 21st Century." Quarterly Journal of Finance, 1, 1 (2011): 1-53.

James J. Angel. "In Praise of Mark to Management: The Need for Three-Dimensional Accounting." Journal of Law, Economics, and Policy, 6 (2010)

James J. Angel and Douglas M. McCabe. "The Ethics of Speculation." Journal of Business Ethics, 90, 3 (2010)

James J. Angel, Stephen E. Christophe, and Michael G. Ferri. "Short-Selling and the Weekend Effect in NASDAQ Stock Returns." Financial Review, 44, 1 (2009): 31-57.

James J. Angel and Douglas M. Mcabe. "The Business Ethics of Short Selling and Naked Short Selling." Journal of Business Ethics, 85, 1 (2009)

James J. Angel, Douglas M. McCabe. "The Ethics and Economics of Executive Compensation: The Case of Executive Stock Options." Journal of Business Ethics, 78, 1-2 (2007): 225-235.

James J. Angel, Michael G. Ferri, and Stephen E. Christophe. "Short Selling Prior to Earnings Announcements." Journal of Finance, 59, 4 (2004): 1845-1876.

James J. Angel, Raymond M. Brooks, Prem G. Matthew. "When-Issued Shares, Small Trades, and the Variance of Returns Around Stock Splits." Journal of Financial Research, 27, 3 (2004)

James J. Angel and Reena Aggarwal. "The Rise and Fall of the AMEX Emerging Companies Marketplace." Journal of Financial Economics, 52, 2 (1999): 257-289.

James J. Angel. "Nonstandard Settlement Transactions." Financial Management, 27, 1 (1998)

James J. Angel. "Tick Size, Share Prices, and Stock Splits." Journal of Finance, 52 (1997): 655-681.