Ingrid Werner | Fisher College of Business

Martin & Andrew Murrer Professor of Finance

Finance

Background

Ingrid M. Werner is the Martin and Andrew Murrer Professor in Finance at Ohio State's Fisher College of Business. She has a PhD in Economics from the University of Rochester and an Honorary Doctorate in Economics from Stockholm School of Economics.

Professor Werner is currently a Director of the American Finance Association and serves on its Academic Female Finance Committee (AFFECT), and she is a Past President of the European Finance Association and the Western Finance Association. She is an independent director/trustee of the Dimensional US Funds, Dimensional Canadian IRC, the Dimensional ETF Trust, and of the Fourth Swedish National Pension Fund, and chairs the FINRA Economic Advisory Committee. Professor Werner serves on the prize committee for the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. She chairs the scientific advisory board of the Swedish House of Finance, serves on the scientific advisory board of the Danish Finance Institute and the research advisory committee of the Leibnitz Institute for Financial Research SAFE. Professor Werner serves on the editorial boards of the Journal of Finance and Journal of Financial Markets, and is a CEPR Research Fellow.

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; short-sale trading strategies; the effect of suspending short-sale price tests; dark pool trading; and liquidity and disclosure regulation in OTC markets. Current research projects include tick size, trading fees, 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, The Ohio State University, University of Michigan, University of Toronto, Bocconi University, and the University of Bologna.

Areas of Expertise

Corporate Finance

Bankruptcy

Finance

International

International Finance

Education

PhD from the University of Rochester
MBA and an Ekon. Lic. from Stockholm School of Economics

Publications

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 Markets 6, 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, The 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.

Working Papers

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

Reusing Natural Experiments, with Davidson Heath, Matthew C. Ringgenberg, and Mehrdad Samadi, September 2019 (Available at SSRN: https://ssrn.com/abstract=3457525 )
U.S. Tick Size Pilot, with Barbara Rindi, March 2019 (Available at SSRN: https://ssrn.com/abstract=3041644)
Tick Size, Trading Strategies, and Market Quality, with Sabrina Buti, Barbara Rindi, and Yuanji Wen, February 2019 (Available at SSRN: http://ssrn.com/abstract=3330807).
Trading Fees and Intermarket Competition, with Marios A. Panayides and Barbara Rindi, July 2018, (Available at SSRN: https://ssrn.com/abstract=2910438 )
(Priced) Frictions, with Kewei Hou and Sehoon Kim, August 2016 (Available at SSRN: https://ssrn.com/abstract=2849080).
Sub-Penny and Queue-Jumping, with Sabrina Buti, Francesco Consonni, Barbara Rindi, and Yuanji Wen, July 2015 (Available at SSRN: http://ssrn.com/abstract=2350424).
The Changing Nature of Chapter 11, with Sreedhar Bharath, Venkatesh Panchapagesan, September 2013 (Available on SSRN: http://ssrn.com/abstract=1102366 ).
Diving into Dark Pools, with Sabrina Buti and Barbara Rindi, November 2011 (Available on SSRN: http://ssrn.com/abstract=1630499 ).
When Constraints Bind, with Karl B. Diether, July 2011 (Available on SSRN: http://ssrn.com/abstract=1445634 ).
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 (Available on SSRN: http://ssrn.com/abstract=628203 )
Execution Quality for Institutional Orders Routed to Nasdaq Dealers Before and After Decimals, Dice Center Working Paper No. 2003-25, 2003, October. (Revision of: Institutional Trading Costs on Nasdaq: Have They Been Decimated? Nasdaq Working Paper no. 2002-1.) (Available on SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=463061).
Adverse Selection in Dealers’ Choice of Interdealer Trading System, with Peter C. Reiss, 1999 (Available on SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=168188).

Courses

BUSFIN 7224 - Trading & Markets

Advanced theories of market design applied in an interactive trading simulation, Action-Based. Prereq: MBA 6223; or prereq or concur: BusFin 7210, 7220, or 7230; or enrollment in SMB-Finance program.