Amber Anand
Department of Finance
Whitman School of Management
Syracuse University
Email: amanand@syr.edu; Phone: (315) 443-3913
ACADEMIC APPOINTMENTS
2001 – present: Whitman School of Management, Syracuse University
2015 – present: Professor of Finance
2014 – present: Haydon Family Fellow
2007 – 2015:
Associate Professor of Finance
2001 – 2005:
Assistant Professor of Finance
2013 – 14:
2005 – 07:
Associate Professor of Finance, Baruch College, CUNY
Assistant Professor of Finance, University of Central Florida
OTHER EXPERIENCE
2010 – 2011:
Visiting Academic Scholar, Securities and Exchange Commission
1996 – 1997:
Associate, Kotak Mahindra Capital Company (Indian affiliate of Goldman Sachs)
EDUCATION
09/97 – 06/01:
09/97 – 06/00:
07/94 – 04/96:
Ph.D. in Finance, Baruch College and GSUC, City University of New York
M.Phil in Finance, Baruch College and GSUC, City University of New York
Postgraduate Diploma in Management, International Management Institute, New Delhi, India
HONORS

Nasdaq Best Paper in Market Microstructure Award, Financial Management Association (2013)

Nasdaq Best Paper in Market Microstructure Award, Financial Management Association (2010)

Whitman Research Fellowship (2010-2012)

Oberwager Prize, an award recognizing members of the faculty for their positive influence on undergraduate
students, Whitman School of Management (2005)

Whitman School of Management Award for Exceptional Teaching (2003)

Oscar Lasdon Award for the best dissertation in the area of Finance or Business, Baruch College, CUNY (20012002)

Nasdaq Dissertation Fellowship (2000-2001)
RESEARCH INTERESTS: Market structure, including market design; transaction costs analysis (TCA); broker
and trading desk evaluation; inter-market competition; the role of market intermediaries; price discovery; market
quality and structure of equity and options markets.
PUBLICATIONS

“Market Conditions, Fragility and the Economics of Market Making,” (with K. Venkataraman), Journal of
Financial Economics, forthcoming.

Nasdaq Best Paper in Market Microstructure Award, Financial Management Association (2013)

“Make-take structure and market quality: Evidence from the US options markets,” (with J. Hua and T.
McCormick), Management Science, forthcoming.
 Semi-finalist for Nasdaq Best Paper in Market Microstructure Award, Financial Management Association
(2013)

“Institutional Trading and Stock Resiliency: Evidence from the 2007-2009 Financial Crisis,” (with P. Irvine, A.
Puckett and K. Venkataraman), Journal of Financial Economics, 2013, 108, 773-797.

Nasdaq Best Paper in Market Microstructure Award, Financial Management Association (2010)

“Performance of Institutional Trading Desks: An Analysis of Persistence in Trading Cost,” (with P. Irvine, A.
Puckett and K. Venkataraman), Review of Financial Studies, 2012, 25, 557-598.

“Geographic Proximity and Price Discovery: Evidence from Nasdaq,” (with V. Gatchev, L. Madureira, C.
Pirinsky, and S. Underwood), Journal of Financial Markets, 2011, 14, 193-226 (Lead Article).

“Paying for market quality” (with C. Tanggaard and D. Weaver), Journal of Financial and Quantitative
Analysis, 2009, 44, 1427-1457.

“Cleaning house: Stock reassignments on the NYSE” (with S. Chakravarty and C. Chuwonganant), Journal of
Financial Markets, 2009, 12, 727-753.

“Book/Market Fluctuations, Trading Activity, and the Cross-Section of Expected Stock Returns” (with A.
Subrahmanyam), Review of Behavioral Finance, 2009, 1, 3-22.

“Information and the intermediary: Are market intermediaries informed traders in electronic markets” (with A.
Subrahmanyam), Journal of Financial and Quantitative Analysis, 2008, 43, 1-28 (Lead Article).

“Stealth Trading in Options Markets” (with S. Chakravarty), Journal of Financial and Quantitative Analysis,
2007, 42, 167-188.

“The Value of the Specialist: Empirical Evidence from the CBOE” (With D. Weaver), Journal of Financial
Markets, 2006, 9, 100-118.

"Relative Performance of Bid-Ask Spread Estimators: Futures Markets Evidence," (with A. Karagozoglu),
Journal of International Financial Markets, Institutions & Money, 2006, 16, 231-245.

“Specialist: A Firm or an individual? Empirical Evidence from the Options Markets,” Journal of Economics
and Business, 2005, 57, 555-575.

“Empirical Evidence on the Evolution of Liquidity: Choice of Market versus Limit Orders by Informed and
Uninformed Traders,” (with S. Chakravarty and T. Martell), Journal of Financial Markets, 2005, 8, 289-309.

“Can Order Exposure be Mandated?” (with D. Weaver) Journal of Financial Markets, 2004, 7, 405-426.
OTHER PUBLICATIONS

“Is it Prudent to Trade around Analyst Recommendation Changes? An Analysis of Transactions Costs” (with S.
Badrinath, S. Chakravarty and R. Wood), Journal of Trading, Fall 2006

“The Impossibility of Full Carry Markets,” Derivatives Quarterly, 2000, 6, 31-48.
WORK IN PROGRESS

“Loyalty in a crisis,” (with P. Irvine, A. Puckett and K. Venkataraman)

“The International Performance of Institutional Trading Desks,” (with P. Irvine, A. Puckett and K.
Venkataraman)
PRESENTATIONS

Financial Intermediation Research Society Conference (2015, 2011, 2009)

Western Finance Association meetings (2013, 2011, 2008, 2007, 2002)

European Finance Association meetings (2013)
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Cornell University (2013)
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Pragma Securities Quantference (2013)

Baruch College (2013)
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Lehigh University (2013)
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Financial Management Association meetings (2013, 2010, 2008, 2006, 2003, 2002)

Liquidnet Summit (2012)

Nasdaq (2012)

Chicago Quantitative Alliance / Society of Quantitative Analysis Trading Conference, New York (2011)

Bank of America Merrill Lynch Trading Desk, New York (2011)

Quorum 15, New York Equities Trading Group, New York (2011)

University of Central Florida (2011)

NBER Microstructure Group meetings (2010, 2004, 2001)

American Finance Association meetings (2010, 2007)

Utah Winter Finance Conference (2010)

AIM Institutional Investor conference , UT-Austin (2010)

CREATES Market Microstructure Symposium, Aarhus University, Denmark (2010)

NYSE-Euronext and Université Paris-Dauphine Workshop on Financial Market Quality, Paris (2010)

Mid-Atlantic Research conference (2010, 2008)

Commodity Futures Trading Commission (2010)

Securities and Exchange Commission (2010)

Rutgers University (2010)

Villanova University (2010)

3rd Annual IIROC conference (2008)

FMA Europe meetings (2008)

New York Stock Exchange (2007)

University of Utah (2005)

Norges Bank/BI Conference on the Microstructure of Equity and Currency Markets (2005)

SUNY at Buffalo (2004)
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SUNY at Binghamton (2003)

University of Miami (2001)
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Midwest Finance Association meetings (2000)

Annual New England Doctoral Students Symposium (1999)
PROFESSIONAL ACTIVITIES

Associate Editor, Financial Review (2012 - present)

Best paper in Market Microstructure Award committee, FMA meetings (2015)

Program committee, FIRS meetings (2015)

Panel moderator at Baruch financial markets conference, “40 Years of Experience with NMS: What Have We
Learned?” (2015)

Program committee, FMA meetings (2014, 2011, 2010, 2009, 2008, 2007, 2006, 2004), FMA European
meetings (2010, 2009)

Panel moderator at Baruch financial markets conference, “Equity Trading Round-Up: Proposals for
Strengthening the Market” (2014)

Panelist in, “Electronic Trading: Bigger, Faster, Better?” 2nd Zicklin-Capco Conference (2013)

Best paper in Investments Award committee, Eastern Finance Association meetings (2011)

Market Microstructure track chair – Mid Atlantic Research Conference (2010)

Co-organizer for the second New York Accounting and Finance conference (2009)

Discussant at the FIRS meetings (2014), Mid-Atlantic Research Conference (2014), NFA meetings (2012),
FMA meetings (2009, 2006, 2003, 2002), Conference on Financial Economics and Accounting (2009), FMA
European meetings (2008), AFA meetings (2005), NBER Market Microstructure Conference (November 2001,
May 2003)

Ad-Hoc Referee for European Financial Management, Financial Review, Journal of Banking and Finance,
Journal of Business, Finance and Accounting, Journal of Economics and Business, Journal of Financial and
Quantitative Analysis, Journal of Financial Econometrics, Journal of Financial Intermediation, Journal of
Financial Markets, Journal of Financial Research, Journal of Futures Markets, Journal of International
Financial Markets, Institutions & Money, Management Science, Pacific-Basin Finance Journal, Review of
Asset Pricing Studies, Review of Finance, Review of Financial Economics, Review of Financial Studies.

Reviewer for a National Science Foundation grant proposal

Tenure and reappointment review: Clarkson University, Clark University
CONSULTING ACTIVITIES

Cornerstone Research

FINRA

NYSE
SERVICE ACTIVITIES

Whitman School of Management research committee (2014 - present)

Finance department recruiting committee (multiple years including 2014-15)

Whitman School of Management Promotion and Tenure committee (2011-2012, 2012-2013)

Doctoral Board, and coordinator of departmental Ph.D. program (2008-2010)

Undergraduate board (2004-2005 and 2007-2008)
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Finance department curriculum committee (2015, 2008)
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Coordinator for the departmental seminar series (2002-2005)

Annual Wall Street trips to NYC with Frankel Scholars
RESEARCH COVERAGE
Research cited in Business Press

“Nasdaq Proposes Issuers Pay Market Makers in Less-Active ETFs,” April 12, 2012, Bloomberg.

“Canadian icebergs prove a little secrecy is good for markets,” November 28, 2003, The Globe and Mail.

“Baruch Study Shows Value of Specialist System,” June 2001, The Exchange, NYSE, Volume 8(6).

“Study Supports Specialist System,” April 8, 2001, Wall Street Letter.
Research cited in Regulatory Filings

Ontario Securities Commission, August 13, 2013, "OSC staff notice and request for comment regarding
proposed structure of trading facilities for a new exchange proposed to be established by Aequitas Innovations
Inc." Available at: https://www.osc.gov.on.ca/documents/en/Marketplaces/xxr-aequitas_20130813_rfc-prostructure.pdf.

Securities and Exchange Commission, Release No. 34-67411, July 11, 2012, “Order Instituting Proceedings to
Determine Whether to Approve or Disapprove Proposed Rule Changes Relating to Market Maker Incentive
Programs for Certain Exchange-Traded Products”.

Securities and Exchange Commission, Release No. 34-66765, April 6, 2012, “The NASDAQ Stock Market
LLC: Notice of Filing of Proposed Rule Change, as Modified by Amendment No. 1 Thereto, to Establish the
Market Quality Program”.

Securities and Exchange Commission, Release No. 34-63825 “Proposed Rule: Registration and Regulation of
Security-Based Swap Execution Facilities”.

Securities and Exchange Commission Roundtable: “Market Structure Issues and Impact on IPOs: Advisory
Committee on Small and Emerging Companies Meeting”, June 8, 2012.

Joint Canadian Securities Administrators / Investment Industry Regulatory Organization of Canada,
Consultation paper 23-404, “Dark pools, dark orders, and other developments in market structure in Canada”,
October, 2010.