Carnegie Mellon University

Burton Hollifield

Burton Hollifield

PNC Professor of Finance; Professor of Financial Economics; Associate Dean, Undergraduate Programs

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  • TEP - Tepper Building - Room 5121
  • 412-268-6505
5000 Forbes Avenue
Pittsburgh, PA 15213


  • Carnegie Mellon - Ph D - 1992
  • Queen's University at Kingston - MA - 1987
  • University of Calgary - BA - 1984


Market microstructure, asset pricing, financial intermediation, empirical methods


  • Bid-Ask Spreads, Networks and the Pricing of Securitizations: 144A vs. Registered Securitizations

    (author(s): Chester Spatt, Burton Hollifield, Artem Neklyudov)
    Review of Financial Studies

  • Time Varying Predictability in Mutual Fund Returns
    "Behavioral Finance: Where do Investors' Biases Come From?," edited by Itzhak Venezia

    (author(s): Burton Hollifield, Vincent Glode, Marcin Kacperczyk, Shimon Kogan)

  • Disagreement, Speculation, and Aggregate Investment

    (author(s): Emilio Osambela, Burton Hollifield, Steven Baker)
    Journal of Financial Economics 119(1), 2016; 210–225

  • How Subprime Borrowers and Mortgage Brokers Shared the Pie

    (author(s): Antje Berndt, Burton Hollifield, Patrik Sandas)
    Real Estate Economics

  • Dealer Intermediation And Price Behavior In The Aftermarket For New Bond Issues

    (author(s): Richard C. Green, Burton Hollifield, Norman Schuerhoff)
    Journal Of Financial Economics 86(3), 2007; 643-682

  • Financial Intermediation And The Costs Of Trading In An Opaque Market

    (author(s): Richard C. Green, Burton Hollifield, Norman Schuerhoff)
    Review Of Financial Studies 20(2), 2007; 275-314

  • Estimating The Gains From Trade In Limit-Order Markets

    (author(s): Burton Hollifield, Robert Miller, Patrik Sandas, Joshua Slive)
    Journal Of Finance 61(6), 2006; 2753-2804

  • Empirical Analysis Of Limit Order Markets

    (author(s): Burton Hollifield, Robert Miller, P Sandas)
    Review Of Economic Studies 71(4), 2004; 1027-1063

  • The Personal-Tax Advantages Of Equity

    (author(s): RC Green, Burton Hollifield)
    Journal Of Financial Economics 67(2), 2003; 175-216

Working Papers

  • 'Demand Discovery and Asset Pricing,'

    (author(s): Burton Hollifield, Duane Seppi, Michael Gallmeyer)

  • 'Financial leverage and the leverage effect: A market and firm analysis,'

    (author(s): Cevdet Aydemir, Michael Gallmeyer, Burton Hollifield)

  • Identifying Muni Underwriting Costs: Auctions versus Negotiations

    (author(s): Burton Hollifield, Norman Schurhoff, Dario Cestau)

  • The Maturity Structure of Inside Money

    (author(s): Ariel Zetlin-Jones, Burton Hollifield)

  • Preventing Controversial Catastrophes

    (author(s): Burton Hollifield, Emilio Osambela, Steven Baker)

Awards and Honors

  • PNC Professorship in Finance, Tepper School of Business, Carnegie Mellon University (2012)
  • George Leland Bach Teaching Award in the MBA Program, Tepper School of Business, chosen by the MBA graduating class of (2009)
  • Tepper School of Business Teaching Award in the Undergraduate B.S. Business Administration Program (2007)
  • NYSE Equity Trading Award for best paper in equity trading, Western Finance Association Meetings, for ‘Liquidity discovery and asset pricing,’ with Michael Gallmeyer and Duane Seppi (2005)
  • Barclay’s Global Investors Award for Best Paper, European Finance Association Meetings, for ‘An examination of heterogeneous beliefs with a short sale constraint,’ with Michael Gallmeyer (2002)
  • Nominated for Smith Breeden Prize, Best Paper in Journal of Finance, for ‘Defensive mechanisms and managerial discretion’ with Ronald Giammarino and Robert Heinkel (1997)
  • UBC MBA/MSC Teaching Excellence Award, chosen by the MBA students (1997)
  • Vancouver Stock Exchange Chair, UBC (1997)
  • Chicago Board Options Exchange Best paper on futures and options on futures, Western Finance Association Meetings for ‘An examination of uncovered interest parity in segmented commodity markets,’ with Raman Uppal (1995)
  • Geert Family Foundation Chair, UBC (1995)
  • Nominated for Smith Breeden Prize, Best Paper in Journal of Finance, for ‘When will mean-variance portfolios be well-diversified?’ with Richard Green (1992)

University Service

  • Head, Undergraduate Business Administration, Tepper (2015 - )

Professional Activities

  • Director, Western Finance Association (June 2018 - 2021)
  • Committee Member, American Finance Association, Nominations committee (2015)
  • Conference Paper Reviewer, Utah Finance Conference, Program committee (November 2013 -)
  • Conference Paper Reviewer, Western Finance Association, Program committee (January 2012 -)
  • Advisory Board Member, Carnegie Rochester Conference on Public Policy (April 2011 -)
  • Journal Editor, Review of Finance (January 2000 - 2017)
  • Conference Paper Reviewer, European Finance Association (January 2010 -)
  • Associate Editor, Journal of Financial Intermediation (January 2005 - January 2014)
  • Foreign Editor, Review of Economic Studies (January 2007 - December 2013)
  • Associate Editor, Journal of Finance (January 2008 - December 2012)
  • Burridge Centrer Visiting Scholar, University of Colorado at Bounder (March 2012)
  • Associate Editor, Journal of Economic Dynamics and Control (January 2003 - January 2007)
  • Associate Editor, Journal of Finance (January 2000 - 2006)
  • Associate Editor, Management Science (January 1998 - 2001)