EDIT

Larry Harris

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

Larry Harris holds the Fred V. Keenan Chair in Finance at the USC Marshall School of Business. His research, teaching, and consulting address regulatory and practitioner issues in trading and investment management. He authored Trading and Exchanges: Market Microstructure for Practitioners, a widely regarded “must read” for entrants into the securities industry. Professor Harris served as SEC Chief Economist from 2002-2004. He currently serves as lead independent director of Interactive Brokers (IBKR), director of the Selected Funds, and research coordinator of the Q-Group. Dr. Harris received his Ph.D. in Economics from the University of Chicago, and is a CFA charterholder.

- 213-740-6496
lharris@marshall.usc.edu

Press Inquiries: COMMUNICATIONS@MARSHALL.USC.EDU

Areas of Expertise

Crypto

Economy

Investment Performance

Liquidity

Macroeconomics

Market Structures

Regulation

Trading Rules

Transaction Costs

Volatility

Departments

Finance + Business Economics

INSIGHT + ANALYSIS

The latest interviews, quotes, citations, and research in the media.

Interview: Larry Harris on CBS News

As Mattel executives warn that tariffs could impact iconic toys like Barbie, Harris says the added costs from President Trump’s trade policy will ultimately fall on consumers.

GO TO INTERVIEW Interview: Larry Harris on CBS News
Op-Ed: Larry Harris in the Wall Street Journal

Harris asserts America’s trade deficit is a feature, not a flaw — foreigners fund U.S. growth by trading real goods for printed dollars. High tariffs risk undermining that advantage.

GO TO ARTICLE Op-Ed: Larry Harris in the Wall Street Journal
Quoted: Larry Harris in the L.A. Times

Harris explains his surprise at Trump announcing he will create a strategic Bitcoin reserve, similar to gold and oil stockpiles.

GO TO ARTICLE Quoted: Larry Harris in the L.A. Times
Interview: Larry Harris on KTVU-TV Fox Oakland

HARRIS, Fred V. Keenan Chair in Finance, explains to KTVU the pros and cons of bitcoin amid its post-election rally.

GO TO ARTICLE Interview: Larry Harris on KTVU-TV Fox Oakland

NEWS + EVENTS

Eight Can’t-Miss Marshall Classes for Spring 2025

With registration deadlines right around the corner, Marshall is offering fascinating classes on topics from sports to entertainment to AI in accounting.

MORE Eight Can’t-Miss Marshall Classes for Spring 2025
USC Researchers Win DARPA Grant

USC Marshall’s Larry Harris and USC ISI colleagues receive $1 million grant for research into new ways to protect financial data.

MORE USC Researchers Win DARPA Grant
Tommy Talks: Payments for Order Flow

Professor Larry Harris, an expert on market microstructure and a former SEC Chief Economist, explains what payments for order flow are, why investors should be concerned about them, and what the SEC can do about the practice. Professor Harris holds the Fred V. Keenan Chair in Finance at the USC Marshall School of Business.

GO TO TOMMY TALK Tommy Talks: Payments for Order Flow

RESEARCH + PUBLICATIONS

Abstract

WSJ op-ed explaining why a strong dollar is good for America.

Author[s]

Lawrence Eugene Harris

Publication

Wall Street Journal

Publication Date

11.18.2018

GO TO PAPER
Abstract

Op-ed identifying the problems with rent control and how better policies can help solve the perceived housing crisis in California

Author[s]

Lawrence Eugene Harris

Publication

Sacramento Bee

Publication Date

11.07.2018

GO TO PAPER
Abstract

The Level II reading of the CFA Curriculum covers the costs of trading, the reasons why electronic trading has become so popular, and some of the problems associated with electronic trading.

Author[s]

Lawrence Eugene Harris

Publication

CFA Institute

Publication Date

11.01.2018
Abstract

This paper replicates and extends the Amihud (2002) study that links liquidity to asset pricing. Using the current version of the CRSP dataset, we obtain essentially the same results that Amihud presents. The same methods applied to more recent data show a much weaker relation between liquidity and asset pricing. Finally, we compare the explanatory power of Amihud’s illiquidity measure to that of other simple measures that use the same data for their calculation. We find that the Amihud illiquidity measure is no better than substantially simpler measures.

Author[s]

Lawrence Eugene Harris

Andrea Amato

Publication

Critical Finance Review, 9(No yet assigned), 27

Publication Date

09.01.2018

GO TO PAPER
Abstract

Comment letter expressing the minority view on the Fixed Income Market Structure Advisory Committee's recommendation to delay large the reports of large bond trades in the TRACE bond trade reporting system. The letter identifies the economic and equity problems with the recommendation and provides an alternative that would be more effective in achieving the stated goals of the majority.

Author[s]

Lawrence Eugene Harris

Kumar Venkataraman

Elisse Walter

Publication

Securities and Exchange Commission, SEC File No. 265-30, 6 pages

Publication Date

08.21.2018

GO TO PAPER

COURSES

Fall 2025

BUAD-494

Marshall Honors Research and Thesis

Experience in conducting research and writing a thesis under the supervision of a faculty adviser.

Spring 2025

BUAD-493

Marshall Honors Research Seminar

Provides the methodological tools to identify research problems, develop researchable hypotheses, apply appropriate methodologies, conduct research, derive meaningful conclusions from data, write a research proposal.
FBE-440

Trading and Exchanges

Theories, practices and technologies of trading at exchanges and in dealer networks. Sources of liquidity, volatility, profitability and institutional change. Domestic and international public policy issues.
FBE-554

Trading and Exchanges

Theories, practices and technologies of trading at exchanges and in dealer networks. Sources of liquidity, volatility, profitability and institutional change. Domestic and international public policy issues.

Spring 2024

BUAD-493

Marshall Honors Research Seminar

Provides the methodological tools to identify research problems, develop researchable hypotheses, apply appropriate methodologies, conduct research, derive meaningful conclusions from data, write a research proposal.
FBE-440

Trading and Exchanges

Theories, practices and technologies of trading at exchanges and in dealer networks. Sources of liquidity, volatility, profitability and institutional change. Domestic and international public policy issues.
FBE-554

Trading and Exchanges

Theories, practices and technologies of trading at exchanges and in dealer networks. Sources of liquidity, volatility, profitability and institutional change. Domestic and international public policy issues.

Larry Harris

Areas of Expertise

Departments

INSIGHT + ANALYSIS

Interview: Larry Harris on CBS News

Op-Ed: Larry Harris in the Wall Street Journal

Quoted: Larry Harris in the L.A. Times

Interview: Larry Harris on KTVU-TV Fox Oakland

NEWS + EVENTS

Eight Can’t-Miss Marshall Classes for Spring 2025

USC Researchers Win DARPA Grant

Tommy Talks: Payments for Order Flow

RESEARCH + PUBLICATIONS

A Strong Dollar Is Good for America

Rent Control Measure Failed. Here’s How California Can Fix Housing Crisis

Trading Costs and Electronic Markets

Illiquidity and Stock Returns: Cross-Section and Time-Series Effects: A Replication

Comment on Delayed TRACE Large Trade Reporting FIMSAC Recommendation

COURSES