Dean Geoffrey Garrett
Diversity, Equity and Inclusion
Teaching + Innovation
Experiential Learning Center
Open Expression Statement
BS Business Administration (BUAD)
BS Accounting (ACCT)
World Bachelor in Business (WBB)
BS Business of Cinematic Arts (BCA)
BS Artificial Intelligence for Business (BUAI)
Full-Time MBA (FTMBA)
Executive MBA (EMBA)
Part-Time MBA (MBA.PM)
International MBA (IBEAR)
Online MBA (OMBA)
MS Business Administration (MSBUSAD)
MS Business Analytics (MSBA)
MS Entrepreneurship + Innovation (MSEI)
MS Finance (MSF)
MS Global Supply Chain Management (MSGSCM)
MS Marketing (MSMKT)
MS Social Entrepreneurship (MSSE)
Master of Business for Veterans (MBV)
Master of Management Studies (MMS)
Master of Accounting (MAcc)
Master of Business Taxation (MBT)
Master of Business Taxation for Working Professionals (MBT.WP)
Data Sciences + Operations
Management + Organization
GC in Business Analytics
GC in Financial Analysis + Valuation
GC in Management Studies
GC in Marketing
GC in Optimization + Supply Chain Management
GC in Strategy + Management Consulting
GC in Sustainability + Business
GC in Technology Commercialization
GC in Library and Information Management – Online
Business Communication (BUCO)
Data Sciences and Operations (DSO)
Finance + Business Economics (FBE)
Leventhal School of Accounting (ACCT)
Lloyd Greif Center for Entrepreneurial Studies (BAEP)
Management and Organization (MOR)
Institutes + Centers
Randall R. Kendrick Global Supply Chain Institute
Peter Arkley Institute for Risk Management
VanEck Digital Assets Initiative
Institute for Outlier Research in Business
Lloyd Greif Center for Entrepreneurial Studies
Brittingham Social Enterprise Lab
Neely Center for Ethical Leadership and Decision Making
Center for Effective Organizations
Center for Global Innovation
Center for Investment Studies
Initiative on Digital Competition
Giving + Support
Alumni Engagement + Resources
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.
Areas of Expertise
INSIGHT + ANALYSIS
Quoted: Larry Harris on CNBC
HARRIS, Professor of Finance and Business Economics, offers advice on preparing for and managing personal finances amidst 2023's continuing inflation concerns and a "rolling recession".
Op-Ed: To Reel in Oil Industry, California Should Examine Its Maintenance Practices – Not Tax Profits
Larry Harris, Professor of Finance and Business Economics, presents an alternative tact California lawmakers could consider to held reduce gas prices for Cal Matters.
Quoted: Larry Harris in Fox Business
"When a business is not transparent and not regulated, we have no true understanding of what is happening inside." Professor Harris outlines regulatory fundamentals in a piece on Binance following the collapse of FTX.
Quoted: Larry Harris in the Los Angeles Times
Larry Harris, Professor of Finance and Business Economics, is quoted by the Los Angeles Times on how federal interest rate hikes will affect consumers.
NEWS + EVENTS
Larry Harris Wins DARPA Grant
The leading markets scholar is chosen for a prestigious government grant.
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.
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.
RESEARCH + PUBLICATIONS
WSJ op-ed explaining why a strong dollar is good for America.
Op-ed identifying the problems with rent control and how better policies can help solve the perceived housing crisis in California
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.
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.