University of Southern California

Lawrence Harris
Fred V. Keenan Chair in Finance and Professor of Finance and Business Economics

USC Marshall School of Business
Los Angeles, CA 90089-0808

Phone: 
213-740-6496
Education: 
PhD, University of Chicago; BA, UC-San Diego

Overview

Lawrence Harris is an expert in trading and investment management, with a focus on trading rules, transaction costs, index markets, and market regulation. His book, Trading and Exchanges: Market Microstructure for Practitioners (Oxford University Press), is widely regarded as a must-read for entrants into the securities industry. His research has been published in the Journal of Finance, Review of Financial Studies, and Journal of Financial Economics. He has served as Associate Editor of the Journal of Finance and Review of Financial Studies. From 2002 to 2004, Professor Harris was Chief Economist of the U.S. Securities and Exchange Commission.

Research

Harris, L. E., Ritter, J., and Schaefer, S. (2013) "Statement of the Financial Economics Roundtable, October 2013: Financial Transaction Taxes,".
Harris, L. E., Angel, J., and Spatt, C. (2013) "Equity Trading in the 21st Century," Quarterly Review of Finance.
Harris, L. E., Namvar, E., and Phillips, B. (2013) "Price Inflation and Wealth Transfer during the 2008 SEC Short-Sale Ban," Journal of Investment Management, 2013 (2), 1-23 (Lead article).
Harris, L. E. (2013) "What to Do about High Frequency Trading," Financial Analysts Journal , 69 (2), 6-9.
Harris, L. E. (2013) "Sandy Relief by the (Remarkable) Numbers," Wall Street Journal (January 11, 2013).
Harris, L. E. (2012) "Avoiding the Money-Market Crisis," Pensions and Investments (November 12, 2012).
Harris, L. E. (2012) "Stop the High-frequency Trader Arms Race," Financial Times (December 27, 2012).
Harris, L. E. (2012) "Homogenization of US Equity Markets,".
Harris, L. E. (2011) "Investment Vehicles," CFA Institute.
Harris, L. E. (2011) "Market Characteristics," CFA Institute.
Harris, L. E., "Liquidity and Volatility," in Joyce, T., eds., Current Perspectives on Modern Equity Markets, Knight Capital Markets, New York 2010.
Harris, L. E., "The Economics of Trading in Regulated Exchanges," in Harris, L., eds., Regulated Exchanges: Dynamic Agents of Economic Growth, Oxford University Press, New York, NY 2010.
Harris, L. E., Harris, L., eds. Regulated Exchanges: Dynamic Agents of Economic Growth, Oxford University Press 2010.
Harris, L. E. (2010) "Market Organization and Structure," CFA Institute, 5 (2011), p 5-82.
Harris, L. E. (2010) "Pay the Ratings Agencies According to Results," Financial Times (June 3, 2010), http://www.ft.com/cms/s/0/a2d8d710-6f3d-11df-9f43-00144feabdc0,dwp_uuid=5fd271ee-61f6-11dc-bdf6-0000779fd2ac.html#axzz1Cm1Uf5q8.
Harris, L. E. (2010) "How to Prevent Another Trading Panic," Wall Street Journal (May 12, 2010), http://online.wsj.com/article/SB10001424052748703880304575236303198364676.html.
Harris, L. E., Angel, J., and Spatt, C. (2010) "Equity Trading in the 21st Century," Quarterly Review of Finance, 1 (1), 1-53.
Harris, L. E., Namvar, E., and Philips, B. (2009) "Price Inflation and Wealth Transfer during the 2008 SEC Short-Sale Ban,".
Harris, L. E., and Piwowar, M. S. (2006) "Municpal Bond Liquidity," Journal of Finance, 61 (3), 1361-1397.
Harris, L. E., and Dutt, H. (2005) "Limits for Cash Settled Derivative Contracts," Journal of Futures Markets, 25 (10), 945-965.
Harris, L. E. (2005) "The information content of the limit order book: evidence from NYSE specialist trading decisions," Journal of Financial Markets, 8 (1), 25-67.
Harris, L. E. (2003) "Trading and Exchanges: Market Microstructure for Practitioners," Oxford University Press.
Coughenour, J., and Harris, L. E. "Specialist Profits and the Minimum Price Increment,".
Edwards, A., Harris, L. E., and Piwowar, M. S. "Corporate Bond Market Transaction Costs and Transparency," Journal of Finance.
Harris, L. E. "Evidence of the Rewards to Orthogonality in Invesment Management,".