Burton Hollifield

Burton Hollifield serves as the PNC Professor of Financial Economics at Carnegie Mellon University's Tepper School of Business, where he has held faculty positions since 1998. He previously served as Assistant Professor of Finance at the University of British Columbia from 1991-1998. Hollifield holds a Ph.D. and MSc in Financial Economics from Carnegie Mellon University (1992, 1989), an MA in Economics from Queens University at Kingston (1987), and a BComm in Information Systems from the University of Calgary (1984).

Hollifield's research spans portfolio theory, market microstructure, bond microstructure, and dynamic asset pricing theory. His work examines municipal bond markets, financial intermediation, disaster economics, and the application of AI in financial markets. He has published extensively in top finance journals including Journal of Finance, Review of Financial Studies, and Journal of Financial Economics.

His recent publications demonstrate a strong focus on market structure and intermediation, particularly in municipal and securitized bond markets, while also exploring emerging areas like the application of large language models in finance. The research shows consistent engagement with both theoretical asset pricing models and empirical market microstructure analysis.

• George Leland Bach teaching award in the MBA program
• Undergraduate Teaching Award at Carnegie Mellon University
• NYSE Equity Trading Award for best paper for 'Liquidity discovery and asset pricing'
• Barclay's Global Investors Award for Best Paper
• Best Paper Award for 'Preventing Controversial Catastrophes'

Hollifield has served on the editorial boards of the Journal of Finance, Review of Economic Studies, Review of Finance, Journal of Financial Intermediation, Journal of Economic Dynamics and Control, and Management Science. He was President of the Western Finance Association and serves on the board for the Carnegie Rochester NYU Conference on Public Policy. He teaches Investment Analysis, Fixed Income, Risk Management, and PhD seminars in asset pricing and market microstructure across undergraduate, MBA, and doctoral programs.