Jonathan Brogaard

About

Dr. Jonathan Brogaard is the Associate Dean of Research and the Kendall D. Garff Chaired Professor in the Department of Finance at the University of Utah’s David Eccles School of Business. His research interests focus on trading microstructure and empirical asset pricing across markets within the United States and internationally. His work has been published extensively in top finance journals, including the Journal of Finance, the Journal of Financial Economics, and the Review of Financial Studies, and has been cited in major media outlets such as Businessweek, Bloomberg, The Economist, Financial Times, Newsweek, The New Yorker, New York Times, and Wall Street Journal. His research contributes to debates on passive index investing, commodity market pricing, high-frequency trading, and exchange design. Professor Brogaard has collaborated with various governmental and regulatory authorities, including the U.S. Commodity Futures Trading Commission, the U.K. Financial Services Authority, and the Canadian Investment Industry Regulatory Organization of Canada. He currently serves on FINRA's Market Regulation Committee. In 2023, he founded and leads the University of Utah’s Institute for Advanced Investment Management (IAIM), which aims to advance research, data analysis, and dialogue on issues related to fund management. He has received numerous awards for his research, including the Review of Financial Studies, Michael J. Brennan Best Paper Award in 2015, and the David Eccles…

Research topics

• Political Science
• Business
• Economics
• Law
• Computer Security
• Monetary economics
• Finance
• Macroeconomics
• Computer Science
• Medicine

Selected publications

• Political Influence and the Renegotiation of Government Contracts

  Review of Financial Studies · 2020 · 162 citations

  1st authorCorresponding

  Abstract This paper provides novel evidence that corporate political influence operates through renegotiations of existing government contracts. Using detailed data on contractual terms and renegotiations around sudden deaths and resignations of local politicians, the estimates show that politically connected firms initially bid low and successfully renegotiate contract amounts, deadlines, and incentives. The effects hold across different industries and contract types, enhance firm value, and pe…

  PublisherDOI

• Dark Pool Trading and Information Acquisition

  Review of Financial Studies · 2021 · 67 citations

  1st authorCorresponding

  Abstract Theory suggests that dark pools may facilitate or discourage information acquisition. We find that more dark pool trading leads to greater information acquisition. We measure information acquisition using stock price dynamics around earnings announcements. To overcome endogeneity concerns, we exploit a large exogenous decrease to dark pool trading that results from the implementation of the Security and Exchange Commission’s (SEC’s) Tick Size Pilot Program. The results cannot be explain…

  DOI

• Machine Learning and the Stock Market

  Journal of Financial and Quantitative Analysis · 2022-10-11 · 59 citations

  article1st authorCorresponding

  Abstract Practitioners allocate substantial resources to technical analysis whereas academic theories of market efficiency rule out technical trading profitability. We study this long-standing puzzle by applying a diverse set of machine learning algorithms. The results show that an investor can find profitable technical trading rules using past prices, and that this out-of-sample profitability decreases through time, showing that markets have become more efficient over time. In addition, we find…

  PublisherDOI

• A BIT goes a long way: Bilateral investment treaties and cross-border mergers

  Journal of Financial Economics · 2020 · 57 citations

  DOI

• Does Floor Trading Matter?

  The Journal of Finance · 2024-10-27 · 27 citations

  articleOpen access1st authorCorresponding

  ABSTRACT Although algorithmic trading now dominates financial markets, some exchanges continue to use human floor traders. On March 23, 2020 the NYSE suspended floor trading because of COVID‐19. Using a difference‐in‐differences analysis around the closure of the floor, we find that floor traders are important contributors to market quality. The suspension of floor trading leads to higher spreads and larger pricing errors for treated stocks relative to control stocks. To explore the mechanism, w…

  PublisherOA PDFDOI

Frequent coauthors

• Björn Hagströmer

  29 shared

• Matthew Baron

  27 shared

• Andrei Kirilenko

  Corvinus University of Budapest

  27 shared

• Ryan Riordan

  19 shared

• Joseph Engelberg

  University of California, San Diego

  19 shared

• Edward Dickersin Van Wesep

  12 shared

• Sapnoti Eswar

  University of St Andrews

  11 shared

• Terrence Hendershott

  University of California, Berkeley

  10 shared

Education

• Ph.D., Psychology

  University of Utah

  2006

• M.S., Psychology

  University of Utah

  2002

• B.A., Psychology

  University of Utah

  2000

Awards & honors

• Review of Financial Studies, Michael J.. Brennan Best Paper…
• David Eccles School of Business Faculty Research Excellence…
• Poets & Quants Best 40-Under-40 Business School Professors (…

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