Ingrid Werner

Ingrid M. Werner has an MBA and an Ekon. Lic. from Stockholm School of Economics, a PhD in Economics from the University of Rochester (1990), and an Honorary Doctorate in Economics from Stockholm School of Economics (2013). She joined the Finance group at Fisher College of Business, The Ohio State University, in 1998 and holds the Martin and Andrew Murrer Endowed Professorship in Finance.

Professor Werner is the President of the Western Finance Association, a Director of the American Finance Association, a board member of the Academic Female Finance Committee (AFFECT), a past President of the European Finance Association, and she serves on the editorial board of the Journal of Finance and Journal of Financial Markets. She has served on the editorial boards of many other academic journals, including the Review of Financial Studies. 

Professor Werner serves on the prize committee for the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.  She also chairs the scientific advisory board of the Swedish House of Finance, serves on the board of Mistra Financial Systems, and on the scientific board of the Danish Finance Institute. She is an independent director of Dimensional Funds and of the Fourth Swedish National Pension Fund, and is a member of the FINRA Economic Advisory Committee.

Professor Werner’s research interests range from international finance to market microstructure. Her research has been published in top-tier economics and finance journals such as Journal of Finance, Journal of Financial Economics, the Review of Financial Studies, and Journal of Economic Theory. In the international finance area, she has worked on home bias and cross-border securities trading. In the market microstructure area, she has studied a range of topics: cross-listed securities; interdealer trading; floor trading; institutional trading; ramifications of de-listings; short-sale trading strategies; and the effect of suspending short-sale price tests. Current research projects include dark pool trading, tick size, trading fees, OTC market regulatory regimes, and liquidity and asset pricing.

Professor Werner currently teaches Trading and Markets to Fisher graduate and undergraduate students. She has taught at the graduate level at Stanford Graduate School of Business, University of Michigan, University of Toronto, Bocconi University, and the University of Bologna.

Publications in Refereed Journals 

• International Investment Barriers in General Equilibrium, with Peter Sellin, The Journal of International Economics, vol. 34, no. 1/2, 1993, 137-152.
• Nontraded Assets in Incomplete Markets: Pricing and Portfolio Choice, with Lars E. O. Svensson, The European Economic Review - Special Issue on Finance, vol. 37, no. 5, 1993, 1149-1168.
• Capital Income Taxation and International Portfolio Choice, The Journal of Public Economics, vol. 53, no. 2., 1994, 205-222.
• U.S. Equity Investment and Emerging Stock Markets, with Linda L. Tesar, The World Bank Economic Review - Special Issue on Portfolio Investment in Developing Countries, vol. 9, no.1, 1995, 109-129.
• Home Bias and High Turnover, with Linda L. Tesar, The Journal of International Money and Finance, vol. 14, 1995, 467-492.
• Information, Liquidity and Asset Trading in a Random Matching Game, with Hugo A. Hopenhayn, The Journal of Economic Theory, vol. 68, no. 2, 1996, 349-379.
• U.K. and U.S. Trading of British Cross-Listed Stocks: An Intraday Analysis of Market Integration, with Allan W. Kleidon, The Review of Financial Studies, vol. 9, no. 2, 1996, 615-659.
• Does Risk Sharing Motivate Interdealer Trading? with Peter C. Reiss, The Journal of Finance, vol. 53, no. 5, 1998, 1657-1703.
• The Trades of NYSE Floor Brokers, with George Sofianos, The Journal of Financial Markets, 2003, 139-176.
• NYSE Order Flow, Spreads, and Information, The Journal of Financial Markets6, 2003,309-335.
• Anonymity, Adverse Selection, and the Sorting of Interdealer Trades, with Peter C. Reiss, The Review of Financial Studies vol. 18, no. 2, 2005, 599-636.
• Why Do Larger Orders Receive Discounts on the London Stock Exchange?  with Dan Bernhardt, Vladimir Dvoracek, and Eric Hughson, The Review of Financial Studies vol. 18, no. 4, 2005, 1343-1368.
• Short-Sale Strategies and Return Predictability, with Karl B. Diether and Kuan-Hui Lee, The Review of Financial Studies vol.22, no. 2,2009, 575-607.
• It’s SHO Time! Short-sale Price-tests and Market Quality, with Karl B. Diether and Kuan-Hui Lee, The Journal of Finance vol. 64, no. 1, 2009, 37-73.
• Dark Pool Trading Strategies, Market Quality, and Welfare, with Sabrina Buti and Barbara Rindi, Journal of Financial Economics vol. 124, no. 2, 2017, 244-265.

• The Twilight Zone: Regulatory Regimes in the OTC Markets, with Ulf Brüggeman, Aditya Kaul, and Christian Leuz, The Review of Financial Studies vol. 31, no. 3, 2018, 898-942. 

 Publications in Books

• International Equity Transactions and U.S. Portfolio Choice, with Linda L. Tesar, in Jeffrey Frankel Ed, Internationalization of Equity Markets, NBER Project Report, University of Chicago Press, 1994, 185-216.
• Transaction Costs in Dealer Markets: Evidence from The London Stock Exchange, with Peter C. Reiss, in Andrew Lo ed., The Industrial Organization and Regulation of the Securities Industry, University of Chicago Press, 1996, 125-176.
• The Internationalization of Global Securities Markets Since the 1987 Crash, with Linda L. Tesar, in R.E. Litan and A.M. Santomero Eds, Brookings-Wharton Papers on Financial Services, vol. 1, 1998, 281-372.

 Other Materials

• International Capital Markets: Controls, Taxes and Resource Allocation,Institute for International Economics Studies, University of Stockholm, Monograph Series No. 18, 1990
• How Much International Investment is Enough?, with Linda L. Tesar, Canadian Investment Review, Summer, 1995, 51-54.
• Scania AB, 1996, Case Study of a Global IPO, 1996.
• Discussion of “The competitive effects of US decimalization: Evidence from the US-listed Canadian stocks” by Henry Oppenheimer and Sanjiv Sabherwal, 2003, The Journal of Banking & Finance, 27 (9), 1911-1916.
• Comment on “Some Evidence that a Tobin Tax on Foreign Exchange Transactions may Increase Volatility” by Robert Z. Aliber, Bhagwan Chowdhry, and Shu Yan, 2003, European Finance Review, 7(3), 511-514.

You can access my papers on the Social Science Research Network (SSRN) at: http://ssrn.com/author=497674

• U.S. Tick Size Pilot, with Barbara Rindi, Charles A. Dice Center Working Paper No. 2017-18, Fisher College of Business Working Paper No. 2017-03-018. September 2017. 
• Trading Fees and Intermarket Competition, with Marios A. Panayides and Barbara Rindi, Charles A. Dice Center Working Paper No. 2017-03, Fisher College of Business Working Paper No. 2017-03-003, January 2017. 
• (Priced) Frictions, with Kewei Hou and Sehoon Kim, Fisher College of Business Working Paper No. 2016-03-19, November 2016. 
• Sub-Penny and Queue Jumping, with Sabrina Buti, Francesco Consonni, Barbara Rindi, and Yuanji Wen, Charles A. Dice Center Working Paper No. 2013-18, July, 2015.  
• Tick Size: Theory and Evidence, with Sabrina Buti, Francesco Consonni, Barbara Rindi, and Yuanji Wen, Charles A. Dice Center Working Paper No., March, 2015.  
• Dark Trading under Blue Skies:  Regulatory Regimes in the OTC Markets, with Ulf Bruggeman, Aditya Kaul, and Christian Leuz, April 2013. 
• Microstructure Bias, Illiquidity, and the Cross-Section of Expected Returns, with Kewei Hou and Peter Wong, March 2013.
• Tick Size Regulation, Intermarket Competition and Sub-Penny Trading, with Sabrina Buti, Barbara Rindi, and Yuanji Wen, August 2011.
• Diving into Dark Pools, with Sabrina Buti and Barbara Rindi, June, November 2011.
• When Constraints Bind, with Karl B. Diether, July 2011.
• The Changing Nature of Chapter 11, with Sreedhar Bharath, Venkatesh Panchapagesan, November 2010.
• Fighting for Survival:  The Case of Low-Priced Stocks, with Jennifer Koski, September 2010.
• Off but Not Gone: A Study of Nasdaq Delistings, with Jeffrey Harris, and Venkatesh Panchapagesan, May 2006.