Tepper School Faculty Directory

Carnegie Mellon: Tepper School of Business

Burton Hollifield

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PNC Professor of Finance; Professor of Financial Economics

Email:
burtonh@andrew.cmu.edu

Education:

Areas of Expertise:

Teaching and Research Interests:

Asymmetric information in financial markets, insider trading, limit order markets, portfolio theory, asset pricing.

Website and/or personal homepage:
http://www.andrew.cmu.edu/user/burtonh

Useful Links:

Published Papers:

Dealer Intermediation and Price Behavior in the Aftermarket for New Bond Issues
Journal of Financial Economics 86, 2007; 643-682.
(with: Richard Green, Norman Schurhoff)
Financial Intermediation in Opaque Markets
Review of Financial Studies 20, 2007; 275-314.
(with: Richard Green, Norman Schurhoff)
Arbitrage-Free Bond Pricing with Dynamic Macroeconomic Models
Federal Reserve Bank of St. Louis Review, 2007.
(with: Stanley Zin, Michael Gallmeyer, Francisco Palomino)
Estimating the Gains from Trade in Limit Order Markets
Journal of Finance, 2006.
(with: Robert Miller, Patrik Sandas, Joshua Slive)
Financial Intermediation and the Costs of Trading in an Opaque Market
Review of Financial Studies, Forthcoming.
(with: Rick Green, Norman Schurhoff)
Taylor Rules, McCallum Rules and the Term Structure of Interest Rates
Journal of Monetary Economics, Summer 2005.
(with: Michael Gallmeyer, Stanley Zin)
Empirical Analysis of Limit Order Markets
Review of Economic Studies, October 2004.
(with: Robert Miller, P. Sandas)
The Personal-Tax Advantages of Equity
Journal of Financial Economics 67(2), 2003; 175-216.
(with: Richard Green)
Managerial Discretion and Defensive Measures
Journal of Finance.
(with: Ron Giammarino, Robert Heinkel)
An Examination of Uncovered Interest Parity in Segmented Commodity Markets
Journal of Finance.
(with: R. Uppal)
When Will Mean-Variance Efficient Portfolios be Well-Diversified?
Journal of Finance 47(5), 1992; 1785-1810.
(with: Richard Green)

Working Papers:

What Broker Charges Reveal about Mortgage Credit Risk previously entitled "The Role of Mortgage Brokers in the Subprime Crisis"
June, 2012.
(with: Antje Berndt, Patrik Sandas)
Bond Pricing, Habits, and a Simple Policy Rule
July, 2009.
(with: Michael Gallmeyer, Francisco Palomino, Stanley Zin)
Is Investor Rationality Time Varying? Evidence from the Mutual Fund Industry
July, 2009.
(with: Vincent Glode, Marcin Kacperczyk, Shimon Kogan)
Financial leverage and the leverage effect: A market and firm analysis
August, 2007.
(with: A Cevdet Aydemir, Michael Gallmeyer)
Demand Discovery and Asset Pricing
July, 2006.
(with: Michael Gallmeyer, Duane Seppi)
Liquidity Discovery and Asset Pricing
January, 2004.
(with: Michael Gallmeyer, Duane Seppi)
For Further Information

Awards:

George Leland Bach Award for Excellence in the Classroom, MBA Program - 2009
Undergraduate Business Administration Program, Teaching Award - 2007
Barclays Global Investors Award, Best Paper, European Finance Association Meetings - 2003
NYSE Award for best paper on Equity Trading, Western Finance Association Meetings - 2005
University of British Columbia, MBA/MSC Teaching Excellence Award - 1998
VSE Chair in Finance, University of British Columbia, - 1997-1998
CBOT Award for best paper on futures and options on futures, Western Finance Association Meetings - 1995

Editorial Boards:

Courses Taught:

Financial Crisis Bubbles and Panics (45947)
(Masters Program)
- 2009, Mini 4 (Section: A)

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