Terrence Hendershot

Professor | Willis H. Booth Chair in Banking and Finance II | Faculty Director, Master of Financial Engineering Program, Haas School of Business
Circular image of faculty member, Terry Hendershot

Terrence “Terry” Hendershott chaired the NASDAQ Economic Advisory Board and served as a visiting economist at the New York Stock Exchange. His work spans a range of financial instruments trading on exchanges and over the counter in the U.S. and internationally. He is an expert on the structure, design, and regulation of financial markets and how market participants—such as market makers, high-frequency traders, and institutional investors—affect price discovery and liquidity. His research also focuses on the competition between electronic and traditional markets and the role of information technology in those markets. His numerous honors include best paper awards from the Review of Financial Studies and the Financial Review and NYSE and NASDAQ best paper awards on equity trading and market microstructure, respectively. He has served as an associate editor for Management Science, the Journal of Financial Markets, and Information Systems Research.

Academic Background 

PhD, Operations, Information, and Technology, Graduate School of Business, Stanford University

BS, Mathematics and Statistics, Miami University

Publications & Media

Papers & Articles 

Price Discovery without Trading: Evidence from Limit Orders

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Short Selling and Price Discovery in Corporate Bonds

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High Frequency Trading and the 2008 Short Sale Ban

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Are Institutions Informed about News?

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Click or Call? Auction versus Search in the Over-the-Counter Market

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Price Pressures

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Awards & Honors 
  • Michael J. Brennan Best Paper Award, 2014
  • Financial Review Outstanding Publication Award, 2014
  • Philip Brown Prize, 2013
  • New York Stock Exchange Euronext Award (2001, 2008) 
  • Nasdaq Award for best paper on market microstructure, Financial Management Association, 2007
  • Schwabacher Fellowship Award (2005-2006)
Academic Background 

PhD, Operations, Information, and Technology, Graduate School of Business, Stanford University

BS, Mathematics and Statistics, Miami University

Publications & Media

Papers & Articles 

Price Discovery without Trading: Evidence from Limit Orders

VIEW

Short Selling and Price Discovery in Corporate Bonds

VIEW

High Frequency Trading and the 2008 Short Sale Ban

VIEW

Are Institutions Informed about News?

VIEW

Click or Call? Auction versus Search in the Over-the-Counter Market

VIEW

Price Pressures

VIEW
VIEW MORE