About

Marc L. Lipson is the Robert F. Vandell Professor of Business Administration at the UVA Darden School of Business. He holds a Ph.D. in finance from the University of Michigan and earned a B.A. in anthropology and an M.S. in accounting from the University of Virginia. Before joining Darden, he worked as an accountant for Peat Marwick in Boston and served as an associate professor of finance at the University of Georgia. His principal research area is market microstructure, focusing on how market design and organization influence price formation and liquidity. Lipson's work has been widely published in leading journals such as the Review of Financial Studies, the Journal of Finance, and the Journal of Financial Economics. He has also served as a visiting scholar at the New York Stock Exchange and was a member of the NASDAQ Economic Advisory Board. From 2012 to 2017, he was co-editor-in-chief of Financial Management and currently serves as an associate editor for the Journal of Financial Markets and the Journal of Corporate Finance.

Research topics

• Finance
• Business
• Economics
• Monetary economics
• Microeconomics
• Econometrics
• Financial economics

Selected publications

• Baxton Adhesives: Hedging Currency Risks

  SSRN Electronic Journal · 2026-01-01

  preprintOpen access1st authorCorresponding
  PublisherDOI

• Tractor Supply Company: Living Life Out Here

  SSRN Electronic Journal · 2026-01-01

  preprintOpen access1st authorCorresponding
  PublisherDOI

• Shenandoah Outfitters

  SSRN Electronic Journal · 2026-01-01

  preprintOpen access1st authorCorresponding
  PublisherDOI

• Bergen Fashions, Inc.: Outsourcing to Bangladesh

  SSRN Electronic Journal · 2026-01-01

  preprintOpen access1st authorCorresponding
  PublisherDOI

• Apple Inc.: The Second Green Bond (Spanish)

  SSRN Electronic Journal · 2025-01-01

  articleOpen access1st authorCorresponding
  PublisherDOI

• Mutual fund performance and manager assets: The negative effect of outside holdings

  Financial Management · 2024 · 7 citations

  Senior authorCorresponding
  • Business
  • Finance
  • Economics

  Abstract We explore the relation between fund performance and the assets managed by the fund's managers that are outside the fund. Controlling for fund size, we find a negative relation between performance and the size of fund managers’ outside holdings, the number of other funds managed by a fund's managers, and the number of distinct fund categories managed by a fund's managers. This effect is driven by holdings that do not overlap with those held within the fund, and the effect's economic magnitude, while less than that of fund size, is comparable to that of fund family size and twice that of turnover. Endogeneity is addressed using fund mergers and recursive demeaning. Results suggest that manager responsibilities outside a fund significantly impact performance and that limited attention plays a role.

  PublisherOA PDFDOI

• A Real Cost of Free Trades: Retail Option Trading Increases the Volatility of Underlying Securities

  SSRN Electronic Journal · 2023 · 11 citations

  1st authorCorresponding
  • Business
  • Financial economics
  • Monetary economics
  PublisherDOI

• Apple Inc.: The Second Green Bond

  SSRN Electronic Journal · 2023-01-01

  articleOpen access1st authorCorresponding
  PublisherDOI

• Short-Sale Constraints and Corporate Investment

  Journal of Financial and Quantitative Analysis · 2022 · 10 citations

  • Monetary economics
  • Business
  • Economics

  Abstract In a sample of non-U.S. regulatory regime shifts, we find that expanded short selling is associated with stock price declines, reductions in capital expenditure, and lower asset growth. In a reversal of results found for U.S. stocks in a study of Regulation SHO by Grullon, Michenaud, and Weston (2015), our results are stronger for large firms than for small firms. We also show that this investment effect is stronger for firms that previously relied on outside financing. Our results suggest that short-sale policies affect corporate investment and that this effect is not driven by capital constraints.

  PublisherOA PDFDOI

• Dumbarton Bearing Supply, LLC

  SSRN Electronic Journal · 2021-01-01

  articleOpen access1st authorCorresponding
  PublisherDOI

Frequent coauthors

• Charles M. Jones

  15 shared

• Seymour Lipschutz

  15 shared

• Sandra Mortal

  University of Alabama

  12 shared

• Shane A. Corwin

  University of Mendoza

  10 shared

• Javier Gil‐Bazo

  5 shared

• Andy Puckett

  University of Tennessee at Knoxville

  4 shared

• Richard B. Evans

  University of Virginia

  4 shared

• Natasha Burns

  Bournemouth University

  3 shared

Labs

• Darden School of Business Finance LabPI

Education

• Ph.D., finance

  University of Michigan

• B.A., Anthropology

  University of Virginia

• M.S., Accounting

  University of Virginia