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Lawrence R. Glosten

Photo of Lawrence R. Glosten
Office: 422 Uris
Phone: 212-854-2476
Fax: 212-316-9180
E-mail:
Office Hours: by appointment; Monday 3pm to 5pm


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S. Sloan Colt Professor of Banking and International Finance
Finance and Economics


AB, Occidental, 1973; MS, Northwestern, 1977; PhD, 1980
Year joined: 1989

Teaching and research interests

Lawrence R. Glosten is the S. Sloan Colt Professor of Banking and International Finance at the Columbia Business School of Columbia University. He has been at Columbia since 1989, before which he taught at the Kellogg Graduate School of Management at Northwestern University, and has held visiting appointments at the University of Chicago and the University of Minnesota. He has published articles on the industrial organization of securities markets, the relationship between venture capitalists and entrepreneurs, evaluating the performance of portfolio managers and asset pricing. His work on electronic exchanges in the Journal of Finance won a Smith Breeden Prize for best paper. He has served as an editor at the Review of Financial Studies, associate editor at the Journal of Finance and serves on several other editorial boards. He has consulted for the New York Stock Exchange, Valumetrics and the MidAmerica Institute for Public Policy. He received his AB from Occidental College and his Ph.D. in managerial economics from Northwestern University.

Selected Research, Papers and Publications

More Download Market Microstructure: A Survey of Microfoundations, Empirical Results, and Policy Implications. Journal of Financial Markets; 8 (2), 5 2005, 217–64. Coauthor(s): Bruno Biais, Chester Spatt.
More Download Is the Electronic Open-Limit Order Book Inevitable? Journal of Finance; 49 (4), 9 1994, 1127–61.
More Download On the Relation Between the Expected Value and the Volatility of the Nominal Excess Return on Stocks. Journal of Finance; 48 (5), 12 1993, 1779–1801. Coauthor(s): Ravi Jaganathan, David E. Runkle.
More Download Bid, Ask, and Transaction Prices in a Specialist Market with Heterogeneously Informed Traders. Journal of Financial Economics; 14 (1), 3 1985, 71–100. Coauthor(s): Paul Milgrom.

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