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Maureen O'Hara (professor)
Encyclopedia
Maureen Patricia O'Hara is an American financial economist
. O'Hara is the Robert W. Purcell Professor of Management, a professor of finance, and Acting Director in Graduate Studies at the Samuel Curtis Johnson Graduate School of Management
at Cornell University
. She has won numerous awards and grants
for her research, served on numerous boards
, served as an editor for numerous finance journals, 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
.
, and she is the author of Market Microstructure Theory (Blackwell, 1995, ISBN 0631207619). as well as numerous journal articles. Her most recent research has focused on the role of underwriters in the aftermarket trading of IPOs, the impact of transparency on trading system performance, listing and delisting issues in securities market
s, designing markets for developing markets, and the role of liquidity and information risk in asset pricing. In addition, O'Hara publishes widely on a broad range of topics including banking and financial intermediaries, law
and finance
, and experimental economics. Among O'Hara's numerous awards are the American Finance Association
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
, and Soeren Hvidkjaer), and 2003 Smith-Breeden Distinguished Paper Award for "Presidential Address: Liquidity and Price Discovery."
(1999–2005). She has served as president of the Western Finance Association, and as president of the American Finance Association
. O’Hara is on the board of directors of Investment Technology Group, Inc.
(ITG), an agency brokerage firm, where she serves as lead director and chair of the compensation committee. O’Hara is also 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 First Boston
, the New York Stock Exchange
, Bristol-Myers Squibb
, and the World Federation of Exchanges
.
O'Hara has been a faculty member at Johnson, serving as an assistant professor from 1979–1984, associate professor from 1985–1988 and full professor since 1989. 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
.
Financial economics
Financial Economics is the branch of economics concerned with "the allocation and deployment of economic resources, both spatially and across time, in an uncertain environment"....
. O'Hara is the Robert W. Purcell Professor of Management, a professor of finance, and Acting Director in Graduate Studies at the Samuel Curtis Johnson Graduate School of Management
Samuel Curtis Johnson Graduate School of Management
The Samuel Curtis Johnson Graduate School of Management is the graduate business school of Cornell University, a private Ivy League university located in Ithaca, New York. It was founded in 1946 and renamed in 1984 after Samuel Curtis Johnson, founder of S.C...
at Cornell University
Cornell University
Cornell University is an Ivy League university located in Ithaca, New York, United States. It is a private land-grant university, receiving annual funding from the State of New York for certain educational missions...
. She has won numerous awards and grants
Grant (money)
Grants are funds disbursed by one party , often a Government Department, Corporation, Foundation or Trust, to a recipient, often a nonprofit entity, educational institution, business or an individual. In order to receive a grant, some form of "Grant Writing" often referred to as either a proposal...
for her research, served on numerous boards
Board of directors
A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...
, served as an editor for numerous finance journals, 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
American Finance Association
The American Finance Association is an academic organization whose focus is the study and promotion of knowledge of financial economics. It was formed in 1939...
.
Research
O'Hara's research focuses on issues in market microstructureMarket 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 microstructure of financial markets due to the availability of...
, and she is the author of Market Microstructure Theory (Blackwell, 1995, ISBN 0631207619). as well as numerous journal articles. Her most recent research has focused on the role of underwriters in the aftermarket trading of IPOs, the impact of transparency on trading system performance, listing and delisting issues in securities market
Securities market
Securities market is an economic institute within which take place sale and purchase transactions of securities between subjects of economy on the base of demand and supply....
s, designing markets for developing markets, and the role of liquidity and information risk in asset pricing. In addition, O'Hara publishes widely on a broad range of topics including banking and financial intermediaries, law
Law
Law is a system of rules and guidelines which are enforced through social institutions to govern behavior, wherever possible. It shapes politics, economics and society in numerous ways and serves as a social mediator of relations between people. Contract law regulates everything from buying a bus...
and finance
Finance
"Finance" is often defined simply as the management of money or “funds” management Modern finance, however, is a family of business activity that includes the origination, marketing, and management of cash and money surrogates through a variety of capital accounts, instruments, and markets created...
, and experimental economics. Among O'Hara's numerous awards are the American Finance Association
American Finance Association
The American Finance Association is an academic organization whose focus is the study and promotion of knowledge of financial economics. It was formed in 1939...
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
Roni Michaely
Professor Roni Michaely is a Rudd Family Professor of Management and a Professor of Finance at Cornell University's Johnson Graduate School of Management. He obtained his PhD from New York University....
), 2002 Smith-Breeden Distinguished Paper Award for "Is Information Risk a Determinant of Asset Returns?" (with David Easley
David Easley
David Alan Easley is an American economist. Easley is the Henry Scarborough Professor of Social Science and the Donald C. Opatrny'74 Chair of the Department of Economics at Cornell University....
, and Soeren Hvidkjaer), and 2003 Smith-Breeden Distinguished Paper Award for "Presidential Address: Liquidity and Price Discovery."
Positions held
O’Hara was the executive editor of the Review of Financial StudiesReview of Financial Studies
The Review of Financial Studies is an academic journal published by Oxford University Press on behalf of the Society for Financial Studies. It was established following discussions at the 1986 Western Finance Association meetings, and the first issue was published in 1988...
(1999–2005). She has served as president of the Western Finance Association, and as president of the American Finance Association
American Finance Association
The American Finance Association is an academic organization whose focus is the study and promotion of knowledge of financial economics. It was formed in 1939...
. O’Hara is on the board of directors of Investment Technology Group, Inc.
Investment Technology Group
Investment Technology Group, Inc. is a United States-based multinational agency brokerage and financial markets technology firm aimed at a hedge fund and asset management clientele. One of the first suppliers of electronic trading services, ITG launched the industry’s second anonymous electronic...
(ITG), an agency brokerage firm, where she serves as lead director and chair of the compensation committee. O’Hara is also chairman of the board of Catholic Charities of the Diocese of Rochester. She has consulted for a number of companies and organizations, including Microsoft
Microsoft
Microsoft Corporation is an American public multinational corporation headquartered in Redmond, Washington, USA that develops, manufactures, licenses, and supports a wide range of products and services predominantly related to computing through its various product divisions...
, Merrill Lynch
Merrill Lynch
Merrill Lynch is the wealth management division of Bank of America. With over 15,000 financial advisors and $2.2 trillion in client assets it is the world's largest brokerage. Formerly known as Merrill Lynch & Co., Inc., prior to 2009 the firm was publicly owned and traded on the New York...
, Credit Suisse First Boston
Credit Suisse First Boston
Credit Suisse First Boston was the former name of the banking firm Credit Suisse.-History:In 1978, Credit Suisse and First Boston Corporation formed a London-based 50-50 investment banking joint venture called the Financière Crédit Suisse-First Boston...
, the New York Stock Exchange
New York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...
, Bristol-Myers Squibb
Bristol-Myers Squibb
Bristol-Myers Squibb , often referred to as BMS, is a pharmaceutical company, headquartered in New York City. The company was formed in 1989, following the merger of its predecessors Bristol-Myers and the Squibb Corporation...
, and the World Federation of Exchanges
World Federation of Exchanges
The World Federation of Exchanges , formerly FIBV - Federation Internationale des Bourses de Valeurs , is an international organization for securities and derivative markets such as stock exchanges....
.
O'Hara has been a faculty member at Johnson, serving as an assistant professor from 1979–1984, associate professor from 1985–1988 and full professor since 1989. She has held visiting faculty appointments at UCLA, the London Business School
London Business School
London Business School is an international business school and a constituent college of the federal University of London, located in central London, beside Regent's Park...
, the University of New South Wales
University of New South Wales
The University of New South Wales , is a research-focused university based in Kensington, a suburb in Sydney, New South Wales, Australia...
, the Hong Kong University of Science and Technology
Hong Kong University of Science and Technology
The Hong Kong University of Science and Technology is a public university located in Hong Kong. Established in 1991 under Hong Kong Law Chapter 1141 , it is one of the nine universities in Hong Kong.Professor Tony F. Chan is the president of HKUST...
and Cambridge University. She earned her BS in economics from the University of Illinois
University of Illinois at Urbana-Champaign
The University of Illinois at Urbana–Champaign is a large public research-intensive university in the state of Illinois, United States. It is the flagship campus of the University of Illinois system...
and her MS in economics and PhD in finance from Northwestern University
Northwestern University
Northwestern University is a private research university in Evanston and Chicago, Illinois, USA. Northwestern has eleven undergraduate, graduate, and professional schools offering 124 undergraduate degrees and 145 graduate and professional degrees....
.
Notable publications
- Bloomfield, R. and M. O'Hara (2000). "Can Transparent Markets Survive?" Journal of Financial Economics 55(3):425-59.
- 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 (forthcoming).
- 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." ASAIN Management Review, APFA supplement 7.