Amber Anand

Professor Anand is the Edward Pettinella Professor of Finance at the Whitman School of Management at Syracuse University where he started his academic career in 2001. He received his Ph.D. in Finance from Baruch College and the Graduate Center of the City University of New York. In addition to holding academic appointments, Professor Anand has been a visiting academic scholar at the Securities and Exchange Commission (SEC), and the Financial Regulatory Authority (FINRA), and worked in investment banking. Professor Anad's research is in the area of market microstructure, with a focus on market design, the role of market intermediaries, transaction cost measurement, price discovery, and trading strategies of informed investors. He has published or forthcoming papers in journals such as the Journal of Financial Economics, Journal of Financial and Quantitative Analysis, the Review of Financial Studies, Management Science and the Journal of Financial Markets. Professor Anand has taught various electives as well as core classes to undergraduate, MBA, online-MBA and Ph.D. students. For his teaching and related efforts, he has received the Whitman School of Management award for exceptional teaching and the Oberwager award for mentoring undergraduate students.

Research Topics

• Trading
• Exchanges
• Microstructure of stock and options markets
• Regulations
• Rule-making in trading
• SEC
• International exchanges
• Trader behavior
• Trading rules

Professor Anand's research interests include the microstructure of stock and options markets. His current research relates to market design, trading rules, price discovery, and trader behavior.

Selected Publications

• "Make-take structure and market quality: Evidence from the US options markets", Management Science, 62(11), 3271-3290, 2016 (with Hua, J., McCormick, T.)
• "Market Conditions, Obligations and the Economics of Market Making", Journal of Financial Economics, 121(2), 327-349, 2016 (with Venkataraman, K.)
• "Institutional trading and stock resiliency: Evidence from the 2007-2009 financial crisis", Journal of Financial Economics, 108(3), 773-797, 2013 (with Irvine, P., Puckett, A., Venkataraman, K.)
• "Performance of institutional trading desks: An analysis of persistence in trading costs", Review of Financial Studies, 25(2), 557-598, 2012 (with Irvine, P., Puckett, A., Venkataraman, K.)
• "Geographic proximity and price discovery: Evidence from NASDAQ", Journal of Financial Markets, 14(2), 193-226, 2011 (with Gatchev, V., Madureira, L., Pirinsky, C., Underwood, S.)
• "Paying for market quality", Journal of Financial and Quantitative Analysis, 44(6), 1427-1457, 2009 (with Tanggaard, C., Weaver, D.)
• "Cleaning house: Stock reassignments on the NYSE", Journal of Financial Markets, 12(4), 727-753, 2009 (with Chakravarty, S., Chuwonganant, C.)
• "Information and the intermediary: Are market intermediaries informed traders in electronic markets?", Journal of Financial and Quantitative Analysis, 43(1), 1-28, 2008 (with Subrahmanyam, A.)
• "Information and the intermediary: Are market intermediaries informed traders in electronic markets?", Journal of Financial and Quantitative Analysis, 43(1), 1-28, 2008 (with Subrahmanyam, A.)
• "Stealth trading in options markets", Journal of Financial and Quantitative Analysis, 42(1), 167-187, 2007 (with Chakravarty, S.)
• "Stealth trading in options markets", Journal of Financial and Quantitative Analysis, 42(1), 167-188, 2007 (with Chakravarty, S.)
• "The value of the specialist: Empirical evidence from the CBOE", Journal of Financial Markets, 9(2), 100-118, 2006 (with Weaver, D.)
• "Relative performance of bid-ask spread estimators: Futures market evidence", Journal of International Financial Markets, Institutions and Money, 16(3), 231-245, 2006 (with Karagozoglu, A.)
• "Specialist: The firm or the individual? Empirical evidence from the options markets", Journal of Economics and Business, 57(6), 555-575, 2005
• "Empirical evidence on the evolution of liquidity: Choice of market versus limit orders by informed and uninformed traders", Journal of Financial Markets, 8(3), 289-309, 2005 (with Chakravarty, S., Martell, T.)
• "Can order exposure be mandated?", Journal of Financial Markets, 7(4), 405-426, 2004 (with Weaver, D.)

Awards and Honors

• Nasdaq Best Paper in Market Microstructure Award - Financial Management Association (2013)
• Nasdaq Best Paper in Market Microstructure Award - Financial Management Association (2010)
• Oberwager Prize - 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 (2002)

• Professor Anand Quoted in Barron's About Importance of a Star Manager 9.26.16
  Read more>>
• Associate Professor Amber Anand Interviewed by Bloomberg 4.16.12
  Associate professor of finance, Amber Anand, was recently interviewed by Bloomberg on the topic of "Nasdaq Proposes Issuers Pay Market Makers in Less-Active ETFs. Read more>>