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High Frequency Market Making to Large Institutional Trades by Robert Korajczyk

Biography

Kellogg School of Management
Harry G. Guthmann Professor of Finance, Co-Director, Financial Institutions and Markets Research Center

A member of the Kellogg School faculty since 1982, Robert A.Korajczyk is the Harry G. Guthmann Professor of Finance. At Kellogg, Korajczyk has previously served as Senior Associate Dean: Curriculum and Teaching, Chair of the Department of Finance, Director of the Zell Center for Risk Research, and co-director of the Financial Institutions and Markets Research Center.

Professor Korajczyk’s research interests are in the areas of investments and empirical asset pricing. He is a recipient of the 2009 Crowell Prize for best paper in the field of quantitative asset management, awarded by PanAgora Asset Management; the Alumni Choice Faculty Award 2000; the Core Teaching Award 1998 and 2000; the Sidney J. Levy Teaching Award 1996; the New York Stock Exchange Award for Best Paper on Equity Trading, presented at the 1993 Western Finance Association annual meetings; and the Review of Financial Studies Best Paper Award, 1991.

Professor Korajczyk is a past editor of the Review of Financial Studies and a past associate editor of the Review of Financial Studies, Journal of Business & Economic Statistics, Journal of Empirical Finance, and the Journal of Financial and Quantitative Analysis.

He has held visiting faculty appointments at the University of Chicago, the University of Melbourne, the University of Vienna, and the Hong Kong University of Science and Technology. Professor Korajczyk serves on the product development committees of Select Innovation Investments, LLC and DSC Quantitative Group, LLC.

Professor Korajczyk received his BA, MBA, and PhD degrees from the University of Chicago.

Areas of Expertise Asset Pricing
Equity Markets (Stock Market)
Investments and Portfolio Choice
Liquidity
Money Management/Asset Management (Hedge Funds)
Household Finance

Education PhD, 1983, Finance, University of Chicago

MBA, 1977, Finance, Econometrics, University of Chicago

AB, 1976, Mathematics, University of Chicago, Honors

Academic Positions Sessional Lecturer, Finance, Faculty of Business and Economics, University of Melbourne, 2014-2014

Harry G. Guthmann Professor of Finance, Kellogg School of Management, Northwestern University, 1995-present

Senior Associate Dean: Curriculum and Teaching, Kellogg School of Management, Northwestern University, 2010-2011

Director, Zell Center for Risk Research, Kellogg School of Management, Northwestern University, 2006-2013

Gutmann Fellow, University of Vienna, 2006-2006

Co-Director, Financial Institutions and Markets Research Center, Kellogg School of Management, Northwestern University, 2005-2006

Senior Associate Dean: Curriculum and Teaching, Kellogg School of Management, Northwestern University, 2003-2006

Gutmann Fellow, University of Vienna, 2003-2003

Visiting Professor of Finance, School of Business and Management, Hong Kong University of Science and Technology, 1997-1997

Professor of Finance, Kellogg School of Management, Northwestern University, 1994-1995

Chairman, Department of Finance, Kellogg School of Management, Northwestern University, 1994-1996

Associate Professor of Finance, Kellogg School of Management, Northwestern University, 1989-1994

Visiting Associate Professor of Finance, Graduate School of Business, University of Chicago, 1989-1990

Assistant Professor of Finance, Kellogg School of Management, Northwestern University, 1982-1989

Lecturer in Finance, Graduate School of Business, University of Chicago, 1981-1982

Honors and Awards Crowell Memorial Research Paper Prize: First Place, PanAgora Asset Management Quantitative Research Institute, 2009

Microstructure Research Grant, Morgan Stanley, 2005

Kellogg Alumni Professor of the Year Award, Kellogg School of Management, 2000

Chairs’ Core Course Teaching Award, Kellogg School of Management, 1999-2000, 1997-1998

Alumni Choice Faculty Award, University of Chicago, 1999-2000

Core Teaching Award, Kellog School of Management, 1997-1998 and 1999-2000

Sidney Levy Teaching Award, Kellog School of Management, 1995-1996

Sidney J. Levy Teaching Award, Kellogg School of Management, 1995-1996

New York Stock Exchange Award for Best Paper and Equity Trading, Western Finance Association annual meetings, 1993

Award for Best Paper on Equity Trading presented at the Western Finance Association annual meetings, New York Stock Exchange , 1993

Best Paper Award, Review of Financial Studies, 1991 - Volume 4

Review of Financial Studies, Best Paper Award, Review of Financial Studies, 1991

Editorial Positions Associate Editor, Review of Financial Studies, 1997-2000

Editor, Review of Financial Studies, 1993-1996

Associate Editor, Journal of Financial and Quantitative Analysis, 1992-2003

Associate Editor, Journal of Empirical Finance, 1991-2003

Associate Editor, Review of Financial Studies, 1989-1993

Associate Editor, Journal of Business and Economic Statistics, 1988-1993

Education Academic Positions Honors and Awards Editorial Positions

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Cases

Korajczyk, Robert, Linda Vincent, Matthew Galas, Saurabh Goyal, David Mathews and Danielle Qi. 2013. Universal Display Corporation: Go Long or Short?. Case 5-312-502 (KEL716).

This case asks the student to take a stance on whether an portfolio manager should take a long or short position in the equity of Universal Display Corporation (PANL). The stock is polarizing, in that reasonable arguments could be made for both long and short positions. The case suggests a number of steps that an analyst might follow when valuing a company.

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