University of Southern California

Lawrence Harris Named Director of the Center for Investment Studies
Experienced Academic, Regulator, Broker to Oversee Hands-on Trading Program
July 30, 2007 • by News at Marshall

Dr. Lawrence E. Harris, a noted expert in securities markets and former Chief Economist for the U.S. Securities and Exchange Commission, has been named director of the Center for Investment Studies, at the University of Southern California's Marshall School of Business.

"Larry literally wrote the book on securities markets and is a widely respected economist, researcher and expert on that fast-changing, vitally important industry," said USC Marshall Dean James G. Ellis. "I can think of no one more capable of taking this center to the next level of achievement, benefiting Marshall students and the university as a whole."

Dr. Harris succeeds Dr. Dennis Draper, who recently left USC Marshall to become dean of the business school at Loyola Marymount University. Among other programs, the Center for Investment Studies runs a full-scale securities-trading room on campus, staffed by USC Marshall students who manage investments for a portion of the university's endowment portfolio.

Dr. Harris holds USC Marshall's Fred V. Keenan Chair in Finance, and is widely known for his research on exchange-trading rules, transaction-cost measurement, and volatility. His 2003 textbook, "Trading and Exchanges: Market Microstructure for Practitioners," is a seminal primer on regulatory and practitioner issues in trading and in investment management.

Dr. Harris' notable academic achievements are informed by his significant regulatory and private-sector experience. From 2002 to 2004, he served as Chief Economist for the U.S. Securities and Exchange Commission, his second stint with the organization.

While Chief Economist, he contributed extensively to the development of regulations implementing the Sarbanes-Oxley Act, to the resolution of the mutual-fund timing crisis and to Regulation NMS (National Market System). Dr. Harris also directed the SEC Office of Economic Analysis, whose staff performs regulatory analysis, litigation support, and basic economic research.

Dr. Harris previously worked for the New York Stock Exchange; UNX, Inc., an electronic institutional-equity broker; and Madison Tyler, LLC, a broker-dealer engaged in electronic proprietary trading. Dr. Harris currently serves as a director of the Clipper Fund Inc.; as a director of Interactive Brokers Group Inc.; and as research coordinator of the Institute for Quantitative Research in Finance (the Q-Group).

Professor Harris's research has appeared in publications such as the Journal of Finance, the Review of Financial Studies, the Journal of Financial Economics, and the Journal of Financial and Quantitative Analysis. He has served as an associate editor of the Journal of Finance, the Review of Financial Studies, and the Journal of Financial and Quantitative and Analysis.

Dr. Harris received his Ph.D. in Economics from the University of Chicago in 1982.

About the USC Marshall School of Business
Consistently ranked among the nation's premier schools, USC Marshall is internationally recognized for its emphasis on entrepreneurship and innovation, social responsibility and path-breaking research. Located in the heart of Los Angeles, one of the world's leading business centers and the U.S. gateway to the Pacific Rim, Marshall offers its 5,700-plus undergraduate and graduate students a unique world view and impressive global experiential opportunities. With an alumni community spanning 123 countries, USC Marshall students join a worldwide community of thought leaders who are redefining the way business works.