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Lawrence Glosten: Regulation of Informed Trading

Biography

Columbia Business School
S. Sloan Colt Professor of Banking and International Finance

Biography

Lawrence R. Glosten is the S. Sloan Colt Professor of Banking and International Finance at Columbia Business School. He is also co-director (with Merritt Fox and Ed Greene) of the Program in the Law and Economics of Capital Markets at Columbia Law School and Columbia Business School and is an adjunct faculty member at the Law School. He has been at Columbia since 1989, before which he taught at the Kellogg Graduate School of Management at Northwestern University, and has held visiting appointments at the University of Chicago and the University of Minnesota. He has published articles on the microstructure and industrial organization of securities markets; the relationship between venture capitalists and entrepreneurs; evaluating the performance of portfolio managers and asset pricing. His work on electronic exchanges in the Journal of Finance won a Smith Breeden Distinguished Paper Prize. He has served as an editor of the Review of Financial Studies, associate editor of the Journal of Finance and serves on several other editorial boards. He has been a consultant for the New York Stock Exchange, Justice Department, and SEC and has served on the NASDAQ Economic Advisory Board. He received his AB from Occidental College (1973) and his Ph.D. in managerial economics from Northwestern University (1980).

Teaching

Spring 2018

Capital Markets Regulation (MBA)

Spring 2017

Capital Markets Regulation (MBA)
Microstructure Theory (PHD)

Fall 2016

(PhD) Finance Theory I (PHD)

Spring 2016

Corporate Finance (MBA)
Microstructure Theory (PHD)

Fall 2015

Capital Markets Regulation (MBA)
(PhD) Finance Theory I (PHD)

Spring 2015

Corporate Finance (EMBA)
(PhD) Finance Theory I (PHD)

Fall 2014

Capital Markets Regulation (MBA)

Spring 2014

Corporate Finance (EMBA)
(PhD) Finance Theory I (PHD)

Fall 2013

Capital Markets Regulation (MBA)

Spring 2013

Corporate Finance (MBA)

Columbia Caseworks cases

Sedona: The End of a PIPE Dream (2013)
Coauthor(s): Lawrence R. Glosten

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Research

Journal articles

The New Stock Market: Sense and Nonsense In Duke Law Journal (2015)
Coauthor(s): Merritt Fox, Lawrence Glosten, Gabriel Rauterberg

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Short Selling and the News: A Preliminary Report on an Empirical Study In New York Law School Law Review (2010)
Coauthor(s): Merritt Fox, Lawrence Glosten, Paul Tetlock

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A Reconsideration of Tax Shield Valuation In European Financial Management (2005)
Coauthor(s): Enrique Arzac, Lawrence Glosten

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Market Microstructure: A Survey of Microfoundations, Empirical Results, and Policy Implications In Journal of Financial Markets (2005)
Coauthor(s): Lawrence Glosten, Bruno Biais, Chester Spatt

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Introductory Comments: Bloomfield and O''Hara, and Flood, Huisman, Koedijk, and Mahieu In Review of Financial Studies (1999)
Coauthor(s): Lawrence Glosten

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Is the Electronic Open-Limit Order Book Inevitable? In Journal of Finance (1994)
Coauthor(s): Lawrence Glosten

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A Contingent Claim Approach to Performance Evaluation In Journal of Empirical Finance (1994)
Coauthor(s): Lawrence Glosten, Ravi Jaganathan

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On the Relation Between the Expected Value and the Volatility of the Nominal Excess Return on Stocks In Journal of Finance (1993)
Coauthor(s): Lawrence Glosten, Ravi Jaganathan, David E. Runkle

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Challenges to Theory Development in Entrepreneurship Research In Journal of Management Studies (1993)
Coauthor(s): Lawrence Glosten, Raphael Amit

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Entrepreneurial Ability, Venture Investments, and Risk Sharing In Management Science (1990)
Coauthor(s): Lawrence Glosten, Raphael Amit, Eitan Muller

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Economic Significance of Predictable Variations in Stock Index Returns In Journal of Finance (1989)
Coauthor(s): William Breen, Lawrence Glosten, Ravi Jaganathan

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Insider Trading, Liquidity, and the Role of the Monopolist Specialist In Journal of Business (1989)
Coauthor(s): Lawrence Glosten

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Estimating the Components of the Bid/Ask Spread In Journal of Financial Economics (1988)
Coauthor(s): Lawrence Glosten, Lawrence Harris

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Components of the Bid-Ask Spread and the Statistical Properties of Transaction Prices In Journal of Finance (1987)
Coauthor(s): Lawrence Glosten

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Bid, Ask, and Transaction Prices in a Specialist Market with Heterogeneously Informed Traders In Journal of Financial Economics (1985)
Coauthor(s): Lawrence Glosten, Paul Milgrom

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Working papers

Flickering Quotes (2013)
Coauthor(s): Shmuel Baruch, Lawrence Glosten

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Welfare cost of informed trade (2010)
Coauthor(s): Lawrence Glosten

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Book reviews

Book Review In The Journal of Finance (1988)
Coauthor(s): Lawrence Glosten

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300: Domestic Monetary and Fiscal Theory and Institutions In Journal of Economic Literature (1988)
Coauthor(s): Lawrence Glosten

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In The News

Newspaper articles

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

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