Maureen O'Hara
Professor O'Hara's research focuses on issues in market microstructure, and she is the author of Market Microstructure Theory (Blackwell:1995), as well as numerous journal articles. Her most recent research has focused on the liquidity and the valuation of securities in an uncertain world, the regulation of sub-prime mortgages, the impact of transparency on trading system performance, listing and delisting issues in securities markets, and the role of liquidity and information risk in asset pricing. In addition, Dr. O'Hara publishes widely on a broad range of topics, including banking and financial intermediaries, law and finance, and experimental economics.
Professor O'Hara has served as president of the American Finance Association, and she is currently President-elect of the Financial Management Association. She recently stepped down as executive editor of the Review of Financial Studies. Professor O'Hara is chairman of the board of directors of Investment Technology Group, Inc. (ITG), an agency brokerage firm, and she is also on the board of NewStar Financial, a commercial finance company, where she serves on the audit and governance committees. Professor O'Hara is a former chairman of the board of Catholic Charities of the Diocese of Rochester. She has consulted for a number of companies and organizations, including Microsoft, Merrill Lynch, Credit Suisse, the New York Stock Exchange, Bristol-Meyers Squibb, and the World Federation of Exchanges.
Professor O'Hara joined the faculty at Cornell in 1979. She has held visiting faculty appointments at UCLA, the London Business School, the University of New South Wales, the Hong Kong University of Science and Technology and Cambridge University. She earned her BS in economics from the University of Illinois and her MS in economics and PhD in finance from Northwestern University. She was awarded a Doctorate Honoris Causa, by the Facultés Universitaires Catholiques à Mons (FUCAM), Belgium, in 2007.
Selected Publications and Working Papers
"Is Information Risk a Determinant of Asset Prices?" Journal of Finance, (with D. Easley and S. Hvidjkaer), 57(5), 2002, 2185-2223.
"The Corporate Governance of Banks", FRBNY Economic Policy Review, (with J. Macey), April 2003, 91-107. Reprinted in The ICFAI Journal of Bank Management, 2(3), August 2003, 35-56.
"Presidential Address: Liquidity and Price Discovery," Journal of Finance, 58 (4), 2003, 1335-1354.
"Information and the Cost of Capital," Journal of Finance, (with D. Easley), 59, 2004.
"Searching for a New Center: U.S. Securities Markets in Transition," Economic Review, Federal Reserve Bank of Atlanta, Fourth Quarter 2004.
"The "Make or Take" Decision in an Electronic Market: Evidence on the Evolution of Liquidity", Journal of Financial Economics, (with R. Bloomfield and G. Saar), 75(1), 2005, 165-200.
"Stock Transfer Restrictions and Issuer Choice in Trading Venues," Case Western Reserve Law Review, (with J. Macey), 55(3), Spring 2005, 587-616.
"From Markets to Venues: Securities Regulation in an Evolving World," Stanford Law Review (with J. Macey), 58(2), November 2005, 563-598.
"Optimal Microstructures", European Financial Management, 13 (5), 2007.
"Bubbles: Some Perspectives (and Loose Talk) from History," Review of Financial Studies, 21 (1), 2008.
"Time-Varying Arrival Rates of Informed and Uninformed Traders", (with D. Easley, R. F. Engle, and L. Wu), Journal of Financial Econometrics, 2008.
"Ambiguity and Non-participation: The Role of Regulation", (with D. Easley), Review of Financial Studies, forthcoming.
"Down and Out in the Stock Market: The Law and Finance of the Delisting Process", (with J. Macey and D. Pompilio), Journal of Law and Economics, forthcoming.
"How Noise Trading Affects Markets: An Experimental Analysis", (with R. Bloomfield and G. Saar), Review of Financial Studies, forthcoming.
"Factoring Information into Returns,"(with D. Easley, S. Hvidkjaer), Journal of Financial and Quantitative Analysis, forthcoming.
"Regulation and Scholarship", (with J. Macey), Yale Journal of Regulation, forthcoming.
mo19@cornell.edu
447 Sage Hall
Johnson Graduate School of Management
Cornell University
Ithaca, NY 14853-6201
607-255-3645
