Maureen Patricia O'Hara is an Irish- American

financial economist Financial economics is the branch of economics characterized by a "concentration on monetary activities", in which "money of one type or another is likely to appear on ''both sides'' of a trade". William F. Sharpe"Financial Economics", in Its c ...

. O'Hara is the Robert W. Purcell Professor of Management, a professor of finance, and acting director in Graduate Studies at the

Cornell Johnson Graduate School of Management The Cornell Johnson Graduate School of Management is the graduate business school of Cornell University, a private Ivy League research university in Ithaca, New York. Established in 1946, Johnson is one of six Ivy League business schools and of ...

Cornell University Cornell University is a Private university, private Ivy League research university based in Ithaca, New York, United States. The university was co-founded by American philanthropist Ezra Cornell and historian and educator Andrew Dickson W ...

. She has won numerous awards and

grants Grant or Grants may refer to: People * Grant (given name), including a list of people and fictional characters * Grant (surname), including a list of people and fictional characters ** Ulysses S. Grant (1822–1885), the 18th president of the U ...

for her research, served on numerous boards, served as an editor for numerous

finance journals Finance refers to monetary resources and to the study and discipline of money, currency, assets and liabilities. As a subject of study, is a field of Business Administration wich study the planning, organizing, leading, and controlling of an o ...

, and chaired the dissertations of numerous students. In addition, she is well known as the author of ''Market Microstructure Theory''. She was the first female president of the

American Finance Association The American Finance Association (AFA) is an academic organization whose focus is the study and promotion of knowledge of financial economics. It was formed in 1939. Its main publication, the ''Journal of Finance'', was first published in 1946. ...

. She has been awarded honorary doctorates from three European universities.

Research

O'Hara's research focuses on issues in

market microstructure Market microstructure is a branch of finance concerned with the details of how exchange occurs in markets. While the theory of market microstructure applies to the exchange of real or financial assets, more evidence is available on the microstruct ...

, and she is the author of ''Market Microstructure Theory'' as well as numerous journal articles. Her most recent research has focused on high frequency market microstructure, bond market microstructure, the impact of transparency on trading system performance, listing and delisting issues in

securities market Security market is a component of the wider financial market where securities can be bought and sold between subjects of the economy, on the basis of demand and supply. Security markets encompasses stock markets, bond markets and derivatives ma ...

s, block chains and cryptocurrencies, and the role of

liquidity Liquidity is a concept in economics involving the convertibility of assets and obligations. It can include: * Market liquidity In business, economics or investment, market liquidity is a market's feature whereby an individual or firm can quic ...

and information risk in asset pricing. She also works on issues in finance and ethics with her most recent book being ''Something for Nothing: Arbitrage and Ethics on Wall Street''. In addition, O'Hara publishes widely on a broad range of topics including banking and

financial intermediaries A financial intermediary is an institution or individual that serves as a "Intermediary, middleman" among diverse parties in order to facilitate financial transactions. Common types include commercial banks, investment banks, stockbrokers, insura ...

law Law is a set of rules that are created and are enforceable by social or governmental institutions to regulate behavior, with its precise definition a matter of longstanding debate. It has been variously described as a science and as the ar ...

and

finance Finance refers to monetary resources and to the study and Academic discipline, discipline of money, currency, assets and Liability (financial accounting), liabilities. As a subject of study, is a field of Business administration, Business Admin ...

, and experimental economics. Among O'Hara's numerous awards are the CFA Institute's James R. Vertin Award (2020), the

2000 Smith-Breeden Distinguished Paper Award for "When the Underwriter is the Market Maker: An Examination of Trading in the IPO Aftermarket" (with Katrina Ellis and Roni Michaely), 2002 Smith-Breeden Distinguished Paper Award for "Is Information Risk a Determinant of Asset Returns?" (with

David Easley David Alan Easley (born 1950s) is an American economist. Easley is the Henry Scarborough Professor of Social Science and is a professor of information science at Cornell University. He was previously an overseas fellow of Churchill College at Ca ...

, and Soeren Hvidkjaer), and 2003 Smith-Breeden Distinguished Paper Award for "Presidential Address: Liquidity and Price Discovery." Prof. O'Hara is a co-inventor of the VPIN Flow Toxicity metric.

Positions held

O'Hara was the executive editor of the ''

Review of Financial Studies ''The Review of Financial Studies'' is a peer-reviewed academic journal covering the field of finance. It is published by Oxford University Press on behalf of the Society for Financial Studies. It was established following discussions at the 1986 ...

'' (1999–2005). She has served as president of the Western Finance Association, and as president of the

. O'Hara is on the board of trustees of TIAA and was a director of New Star Financial. She has also served as board chair of Investment Technology Group, Inc. (ITG). She has consulted for a number of companies and organizations, including

Microsoft Microsoft Corporation is an American multinational corporation and technology company, technology conglomerate headquartered in Redmond, Washington. Founded in 1975, the company became influential in the History of personal computers#The ear ...

Merrill Lynch Merrill Lynch, Pierce, Fenner & Smith Incorporated, doing business as Merrill, and previously branded Merrill Lynch, is an American investment management and wealth management division of Bank of America. Along with BofA Securities, the investm ...

Credit Suisse First Boston Credit Suisse First Boston (also known as CSFB and CS First Boston) was the investment banking affiliate of Credit Suisse headquartered in New York. The company was created by the merger of First Boston Corporation and Credit Suisse Group in 1 ...

, the

New York Stock Exchange The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District, Manhattan, Financial District of Lower Manhattan in New York City. It is the List of stock exchanges, largest stock excha ...

Bristol-Myers Squibb The Bristol-Myers Squibb Company, doing business as Bristol Myers Squibb (BMS), is an American multinational pharmaceutical company. Headquartered in Princeton, New Jersey, BMS is one of the world's largest pharmaceutical companies and consist ...

, and the

World Federation of Exchanges The World Federation of Exchanges (WFE), formerly the ''Federation Internationale des Bourses de Valeurs'' (FIBV), or International Federation of Stock Exchanges, is the trade association of publicly regulated stock, futures, and options exchan ...

. O'Hara is an advisor to Symbiont, Ava Labs and BMLL Technologies Ltd. O'Hara has been a faculty member at Johnson, serving as an assistant professor from 1979 to 1984, associate professor from 1985 to 1988 and full professor since 1989. She has held visiting faculty appointments at

UCLA The University of California, Los Angeles (UCLA) is a public land-grant research university in Los Angeles, California, United States. Its academic roots were established in 1881 as a normal school then known as the southern branch of the C ...

, the

London Business School London Business School (LBS) is a business school and a constituent college of the federal University of London. LBS was founded in 1964 and awards post-graduate degrees (Master's degree, Master's degrees in management and finance, Master of B ...

, the

University of New South Wales The University of New South Wales (UNSW) is a public research university based in Sydney, New South Wales, Australia. It was established in 1949. The university comprises seven faculties, through which it offers bachelor's, master's and docto ...

, the

Hong Kong University of Science and Technology The Hong Kong University of Science and Technology (HKUST) is a public research university in Sai Kung District, New Territories, Hong Kong. Founded in 1991, it was the territory's third institution to be granted university status, and the firs ...

, Cambridge University and the University of Technology Sydney. She earned her BS in economics from the

University of Illinois The University of Illinois Urbana-Champaign (UIUC, U of I, Illinois, or University of Illinois) is a public university, public land-grant university, land-grant research university in the Champaign–Urbana metropolitan area, Illinois, United ...

in 1975, her MS in economics in 1976, and her PhD in finance from

Northwestern University Northwestern University (NU) is a Private university, private research university in Evanston, Illinois, United States. Established in 1851 to serve the historic Northwest Territory, it is the oldest University charter, chartered university in ...

in 1979.

Selected publications

* Bloomfield, R. and M. O'Hara (2000). "Can Transparent Markets Survive?" ''Journal of Financial Economics'' 55(3):425–459. * Ellis, K., R. Michaely and M. O'Hara (2000). "When the Underwriter Is the Market Maker: An Examination of Trading in the IPO Aftermarket." ''Journal of Finance'' 55(3):1039–1074. * Ellis, K., R. Michaely and M. O'Hara (2002). "The Making of a Dealer Market: From Entry to Equilibrium in the Trading of NASDAQ Stocks." ''Journal of Finance''. * Macey, J. H. and M. O'Hara (2000). "The Interactions of Law, Finance, and Markets." ''Journal of Financial Intermediation'' 9(2): 113–116. * Macey, J. R. and M. O'Hara, Eds. (2000). Journal of Financial Intermediation v.9( 2) Special Issue on Finance, Markets, and Law. ''Journal of Financial Intermediation'', 9(2) April 2000. Papers Presented as Part of a Symposium on Law, Finance, and Markets Held at Cornell University in May 1999. San Diego, CA, Academic Press. * Macey, J. H. and M. O'Hara (2002). "The Corporate Governance of Banks." ''Economic Policy Review'' (Federal Reserve Banks of New York) (forthcoming). * O'Hara, M. (2000). "The Future of Stock Markets." TIAA-CREF Investment Forum 4(1):11–12. * O'Hara, M. (2001). "Designing Markets for Developing Countries." ''ASIAN Management Review'', APFA supplement 7. *Macey, J. H. and M. O'Hara (2016). “Bank Corporate Governance: A Proposal for the Post-Crisis World,” ''Economic Review'', Federal Reserve Bank of New York, 22(1), 85–106. *Easley, D., M. O'Hara and L. Yang (2016). “Differential Access to Price Information in Financial Markets,” ''Journal of Financial and Quantitative Analysis'', 51(4), 1071 -1111. (Winner of the W. F. Sharpe Award, 2016) *Easley, D., M. O'Hara and M. Lopez de Prado (2016). “Discerning Information from Trade Data,” ''Journal of Financial Economics'', 120 (2), 269 – 286. *Auen, R., A. Krellenstein, M. O'Hara and O. Slama (2017). “Footprints on a Blockchain: Information Leakage in Distributed Ledgers,” ''Journal of Trading'', ''12(2)'' (Winner of the Peter L. Berstein Award). Featured in Practical Applications, 6 (2), Fall 2018. *Bao, J., M. O'Hara and X. Zhou (2108). “The Volker Rule and Corporate Bond Market Making in Times of Market Stress”, ''Journal of Financial Economics'', 130 (1), 95-113''.'' *O'Hara, M., Y. Wang and X. Zhou (2018). “The Execution Quality of Corporate Bonds,” ''Journal of Financial Economics'', 130 (2), 308–326. *O'Hara, M., G. Saar and Z. Zhong (2019). “Relative Tick Size and the Trading Environment,” ''Review of Asset Pricing Studies'', ''9(10''), 47–90. *Easley, D., S. Basu and M. O'Hara (2019). “From Mining to Markets: The Evolution of Bitcoin Transaction Fees” ''Journal of Financial Economics'', 134(1), 91–109.,

References

External links

Link to Research Papers

New Academic Paper Questions Current Market Microstructure Research
21 May 2014 * * {{DEFAULTSORT:Ohara, Maureen Year of birth missing (living people) Living people American economics writers SC Johnson College of Business faculty Northwestern University alumni University of Illinois alumni American academic journal editors American financial economists Kellogg School of Management alumni Presidents of the American Finance Association