معرفی
Jonathan Brogaard is the Associate Dean of Research and holds the prestigious Kendall D. Garff Presidential Endowed Chair in the Department of Finance at the University of Utah's David Eccles School of Business. As a tenured full professor, he leads research initiatives across the business school while maintaining an active research program in financial markets.
Dr. Brogaard's educational background includes an undergraduate degree in Economics and Politics from Occidental College (graduating Summa Cum Laude in 2006), a J.D. with emphasis in Tax Law from Northwestern University (2011), and a Ph.D. in Finance from Northwestern University (2012). His unique combination of legal and financial expertise informs his interdisciplinary research approach.
His primary research interests focus on market microstructure and empirical asset pricing, with particular expertise in high-frequency trading, ETFs and passive investing, dark pool trading, and market design. Brogaard specializes in analyzing large financial datasets to examine how automated and high-speed trading impacts equity and commodity markets both in the United States and internationally. His work has significantly contributed to understanding price discovery mechanisms, liquidity provision during extreme market events, and the effects of passive investing on market quality.
Brogaard's extensive publication record in top finance journals shows a consistent focus on how market structure affects price formation and efficiency. His research demonstrates how different market participants—particularly high-frequency traders—contribute to price discovery through their limit order activity. Recent work examines the heterogeneous effects of passive investing on asset markets, showing that ETFs systematically underweight illiquid stocks, which creates differential impacts across the market.
- Review of Financial Studies Michael J. Brennan Best Paper Award for 'High-Frequency Trading and Price Discovery' (2015)
- David Eccles School of Business Faculty Research Excellence Award (2020)
- David Eccles School of Business Doctoral Faculty Teaching Excellence Award (2019)
- Poets & Quants Best 40-Under-40 Business School Professors (2021)
Brogaard actively engages with regulatory bodies and industry, having worked with the U.S. Commodity Futures Trading Commission, the U.K. Financial Services Authority, and the Canadian Investment Industry Regulatory Organization. He currently serves on FINRA's Market Regulation Committee and founded the University of Utah's Institute for Advanced Investment Management (I-AIM) in 2024. He teaches Financial Management, Advanced Finance, and Alternative Investments courses while directing the Undergraduate and Masters Student Investment Funds. As a founding member of Stepwise Investments LLC, a quantitative hedge fund, he bridges academic research with practical investment applications.
