Terrence Hendershott

University of California, Berkeley - Haas School of Business

545 Student Services Building, #1900

2220 Piedmont Avenue

Berkeley, CA 94720

United States

SCHOLARLY PAPERS

29

DOWNLOADS
Rank 469

SSRN RANKINGS

Top 469

in Total Papers Downloads

32,494

CITATIONS
Rank 1,091

SSRN RANKINGS

Top 1,091

in Total Papers Citations

499

Scholarly Papers (29)

1.
Downloads 4,636 ( 1,216)
Citation 38

High Frequency Trading and Price Discovery

Number of pages: 61 Posted: 12 Oct 2011 Last Revised: 26 Apr 2013
Jonathan Brogaard, Terrence Hendershott and Ryan Riordan
University of Washington - Department of Finance and Business Economics, University of California, Berkeley - Haas School of Business and Queen's School of Business
Downloads 4,151 (1,430)
Citation 38

Abstract:

high frequency trading, price formation, price discovery, pricing errors

High Frequency Trading and Price Discovery

ECB Working Paper No. 1602
Number of pages: 57 Posted: 08 Nov 2013
Jonathan Brogaard, Terrence Hendershott and Ryan Riordan
University of Washington - Department of Finance and Business Economics, University of California, Berkeley - Haas School of Business and Queen's School of Business
Downloads 485 (44,475)
Citation 38

Abstract:

high frequency trading, price formation, price discovery, pricing errors

2.

Does Algorithmic Trading Improve Liquidity?

Journal of Finance, Vol. 66, pp. 1-33, WFA 2008 Paper
Number of pages: 54 Posted: 05 Mar 2008 Last Revised: 27 Jul 2011
Terrence Hendershott, Charles M. Jones and Albert J. Menkveld
University of California, Berkeley - Haas School of Business, Columbia Business School - Finance and Economics and VU University Amsterdam
Downloads 4,546 (1,101)
Citation 110

Abstract:

3.

Market Maker Inventories and Liquidity

AFA 2008 New Orleans Meetings Paper
Number of pages: 38 Posted: 09 Nov 2006
Terrence Hendershott, Pamela C. Moulton and Mark S. Seasholes
University of California, Berkeley - Haas School of Business, Cornell University and Hong Kong University of Science & Technology (HKUST)
Downloads 2,373 (3,736)
Citation 23

Abstract:

inventory, market makers, capital constraints

4.

Market Maker Inventories and Stock Prices

Number of pages: 46 Posted: 15 Mar 2006
Terrence Hendershott and Mark S. Seasholes
University of California, Berkeley - Haas School of Business and Hong Kong University of Science & Technology (HKUST)
Downloads 1,828 (5,786)
Citation 31

Abstract:

Market Maker, Inventory, Liquidity Provision

5.

Price Pressures

Journal of Financial Economics, 2014, Vol 114, p. 405-423.
Number of pages: 33 Posted: 31 May 2009 Last Revised: 18 Feb 2015
Terrence Hendershott and Albert J. Menkveld
University of California, Berkeley - Haas School of Business and VU University Amsterdam
Downloads 1,650 (6,257)
Citation 18

Abstract:

liquidity, inventory risk, intermediary, volatility

6.

Price Discovery and Trading Costs After Hours

AFA 2001 New Orleans; Simon School of Business Working Paper No. FR 00-03
Number of pages: 35 Posted: 02 Mar 2000
Michael J. Barclay and Terrence Hendershott
University of Rochester - Simon School (Deceased) and University of California, Berkeley - Haas School of Business
Downloads 1,642 (7,335)
Citation 51

Abstract:

7.

Electronic Communications Networks and Market Quality

Simon School of Business Working Paper No. FR 00-19
Number of pages: 40 Posted: 18 May 2001
Michael J. Barclay, Terrence Hendershott and Tim McCormick
University of Rochester - Simon School (Deceased), University of California, Berkeley - Haas School of Business and U.S. Securities and Exchange Commission
Downloads 1,540 (8,127)
Citation 7

Abstract:

8.

Time Variation in Liquidity: The Role of Market Maker Inventories and Revenues

Journal of Finance, Forthcoming
Number of pages: 59 Posted: 31 Dec 2008
University of Melbourne - Department of Finance, University of California, Berkeley - Haas School of Business, Columbia Business School - Finance and Economics, Cornell University and Hong Kong University of Science & Technology (HKUST)
Downloads 1,528 (8,172)
Citation 31

Abstract:

Liquidity, Market-Makers

9.

Island Goes Dark: Transparency, Fragmentation, Liquidity Externalities, and Multimarket Regulation

AFA 2004 San Diego Meetings
Number of pages: 57 Posted: 06 Jun 2003
Terrence Hendershott and Charles M. Jones
University of California, Berkeley - Haas School of Business and Columbia Business School - Finance and Economics
Downloads 1,413 (9,311)
Citation 20

Abstract:

Transparency, multi-market trading, liquidity, fragmentation, market microstructure

10.

Information and Trading on Electronic Communications Networks

AFA 2003 Washington, DC Meetings
Number of pages: 42 Posted: 11 Nov 2002
Michael J. Barclay, Terrence Hendershott and Tim McCormick
University of Rochester - Simon School (Deceased), University of California, Berkeley - Haas School of Business and U.S. Securities and Exchange Commission
Downloads 1,322 (10,532)
Citation 56

Abstract:

11.

Market Maker Revenues and Stock Market Liquidity

Number of pages: 40 Posted: 10 Sep 2007
Carole Comerton-Forde, Terrence Hendershott and Charles M. Jones
University of Melbourne - Department of Finance, University of California, Berkeley - Haas School of Business and Columbia Business School - Finance and Economics
Downloads 1,261 (10,930)
Citation 2

Abstract:

financing constraints, time-varying liquidity

12.

Automation, Speed, and Stock Market Quality: The NYSE’s Hybrid

Number of pages: 59 Posted: 14 Jul 2008 Last Revised: 08 Aug 2015
Terrence Hendershott and Pamela C. Moulton
University of California, Berkeley - Haas School of Business and Cornell University
Downloads 1,255 (11,079)
Citation 27

Abstract:

Speed, Automation, Transaction Costs, Efficiency, Hybrid, NYSE

13.

Levelling the Trading Field

Journal of Financial Markets, Forthcoming
Number of pages: 48 Posted: 05 Feb 2007 Last Revised: 30 Jun 2013
David Easley, Terrence Hendershott and Tarun Ramadorai
Cornell University - Department of Economics, University of California, Berkeley - Haas School of Business and Imperial College London
Downloads 1,179 (12,422)
Citation 4

Abstract:

market structure, stock exchange, trading volume, transparency, information, latency, technology upgrade

14.

Order Consolidation, Price Efficiency, and Extreme Liquidity Shocks

Simon School, University of Rochester, Research Paper
Number of pages: 44 Posted: 12 Nov 2003
Michael J. Barclay, Terrence Hendershott and Charles M. Jones
University of Rochester - Simon School (Deceased), University of California, Berkeley - Haas School of Business and Columbia Business School - Finance and Economics
Downloads 1,043 (15,372)
Citation 9

Abstract:

Market structure, price discovery, price efficiency, volatility, liquidity

15.
Downloads 934 ( 18,237)
Citation 4

Market Predictability and Non-Informational Trading

Number of pages: 37 Posted: 21 Nov 2008 Last Revised: 27 Apr 2009
Terrence Hendershott and Mark S. Seasholes
University of California, Berkeley - Haas School of Business and Hong Kong University of Science & Technology (HKUST)
Downloads 828 (21,391)
Citation 4

Abstract:

Return Predictability, Liquidity, Comovement

Market Predictability and Non-Informational Trading

Number of pages: 37 Posted: 14 Mar 2009
Terrence Hendershott and Mark S. Seasholes
University of California, Berkeley - Haas School of Business and Hong Kong University of Science & Technology (HKUST)
Downloads 106 (206,745)
Citation 4

Abstract:

Return Predictability, Liquidity, Comovement

16.

Algorithmic Trading and the Market for Liquidity

Journal of Financial and Quantitative Analysis (JFQA), Forthcoming
Number of pages: 45 Posted: 09 Feb 2012 Last Revised: 12 Apr 2012
Terrence Hendershott and Ryan Riordan
University of California, Berkeley - Haas School of Business and Queen's School of Business
Downloads 662 (24,705)
Citation 11

Abstract:

algorithmic trading, liquidity, market monitoring

17.

Informed Trading and Portfolio Returns

Number of pages: 42 Posted: 11 Sep 2009 Last Revised: 14 Jan 2010
Alex Boulatov, Terrence Hendershott and Dmitry Livdan
HSE Moscow, University of California, Berkeley - Haas School of Business and University of California, Berkeley
Downloads 486 (43,786)
Citation 4

Abstract:

informed trading, portfolio autocorrelations, adverse selection

18.

Click or Call? Auction Versus Search in the Over-the-Counter Market

Journal of Finance, Forthcoming
Number of pages: 41 Posted: 19 Nov 2011 Last Revised: 19 Aug 2014
Terrence Hendershott and Ananth Madhavan
University of California, Berkeley - Haas School of Business and BlackRock, Inc.
Downloads 394 (50,027)
Citation 2

Abstract:

Corporate bonds, electronic trading, auction markets, over-the-counter (OTC) trading

19.

Asset Price Dynamics with Limited Attention

23rd Australasian Finance and Banking Conference 2010 Paper
Number of pages: 56 Posted: 01 Aug 2010 Last Revised: 10 Jan 2014
Terrence Hendershott, Sunny X. LI, Albert J. Menkveld and Mark S. Seasholes
University of California, Berkeley - Haas School of Business, VU University Amsterdam, VU University Amsterdam and Hong Kong University of Science & Technology (HKUST)
Downloads 319 (64,659)
Citation 7

Abstract:

Transitory Volatility, Limited Attention, Individuals, Institutions, Market Makers

20.

High Frequency Trading and the 2008 Short Sale Ban

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 48 Posted: 15 Oct 2014 Last Revised: 11 Aug 2016
Jonathan Brogaard, Terrence Hendershott and Ryan Riordan
University of Washington - Department of Finance and Business Economics, University of California, Berkeley - Haas School of Business and Queen's School of Business
Downloads 257 (42,977)
Citation 1

Abstract:

high frequency trading, liquidity, price efficiency, short selling

21.

Are Institutions Informed About News?

Swiss Finance Institute Research Paper No. 14-49
Number of pages: 62 Posted: 27 Jul 2014
Terrence Hendershott, Dmitry Livdan and Norman Schürhoff
University of California, Berkeley - Haas School of Business, University of California, Berkeley and University of Lausanne
Downloads 160 (83,695)
Citation 4

Abstract:

The Intended and Collateral Effects of Short-Sale Bans as a Regulatory Tool

The Journal of Investment Management, Third Quarter, 2013
Number of pages: 18 Posted: 10 Oct 2012 Last Revised: 19 Sep 2013
Terrence Hendershott, Ethan Namvar and Blake Phillips
University of California, Berkeley - Haas School of Business, University of California, Berkeley - Haas School of Business and University of Waterloo
Downloads 152 (155,620)

Abstract:

short-sale ban, SEC, securities and exchange commission, short-sale constraints, financial crisis, price discovery, liquidity

The Intended and Collateral Effects of Short-Sale Bans as a Regulatory Tool

Journal of Investment Management; Third Quarter, 2013
Posted: 15 Nov 2014
Terrence Hendershott, Ethan Namvar and Blake Phillips
University of California, Berkeley - Haas School of Business, University of California, Berkeley - Haas School of Business and University of Waterloo

Abstract:

Short-sale ban, SEC, securities and exchange commission, short-sale constraints, financial crisis, price discovery, liquidity

23.

Price Discovery Without Trading: Evidence from Limit Orders

Finance Down Under 2017 Building on the Best from the Cellars of Finance
Number of pages: 47 Posted: 05 Sep 2015 Last Revised: 01 Oct 2016
Jonathan Brogaard, Terrence Hendershott and Ryan Riordan
University of Washington - Department of Finance and Business Economics, University of California, Berkeley - Haas School of Business and Queen's School of Business
Downloads 88 (52,259)

Abstract:

High-Frequency Trading, Price Discovery, Limit Order Book, Fragmentation

24.

Time Variation in Liquidity: The Role of Market-Maker Inventories and Revenues

Journal of Finance, Vol. 65, No. 1, pp. 295-331, 2010
Number of pages: 59 Posted: 26 Oct 2011 Last Revised: 03 Dec 2012
University of Melbourne - Department of Finance, University of California, Berkeley - Haas School of Business, Columbia Business School - Finance and Economics, Cornell University and Hong Kong University of Science & Technology (HKUST)
Downloads 67 (251,030)
Citation 30

Abstract:

25.

A Model of Direct and Intermediated Sales

Journal of Economics & Management Strategy, Vol. 15, No. 2, pp. 279-316, Summer 2006
Number of pages: 38 Posted: 08 May 2006
Terrence Hendershott and Jie (Jennifer) Zhang
University of California, Berkeley - Haas School of Business and University of Texas at Arlington
Downloads 20 (429,829)
Citation 6
  • Add to Cart

Abstract:

26.

High‐Frequency Trading and the Execution Costs of Institutional Investors

Financial Review, Vol. 49, Issue 2, pp. 345-369, 2014
Number of pages: 25 Posted: 08 Apr 2014
Jonathan Brogaard, Terrence Hendershott, Stefan Hunt and Carla Ysusi
University of Washington - Department of Finance and Business Economics, University of California, Berkeley - Haas School of Business, Financial Conduct Authority and Financial Conduct Authority
Downloads 1 (526,384)
Citation 2
  • Add to Cart

Abstract:

high frequency trading, execution costs, institutional investors

27.

How Slow is the NBBO? A Comparison with Direct Exchange Feeds

Financial Review, Vol. 49, Issue 2, pp. 313-332, 2014
Number of pages: 20 Posted: 08 Apr 2014
Shengwei Ding, John Hanna and Terrence Hendershott
Wells Fargo Bank - Wells Fargo Securities, affiliation not provided to SSRN and University of California, Berkeley - Haas School of Business
Downloads 0 (536,448)
Citation 1
  • Add to Cart

Abstract:

market data, transparency, high‐frequency trading

28.

Automation, Speed, and Stock Market Quality: The NYSE's Hybrid

Journal of Financial Markets, Forthcoming
Posted: 25 Mar 2011
Terrence Hendershott and Pamela C. Moulton
University of California, Berkeley - Haas School of Business and Cornell University

Abstract:

Automation, Liquidity, Speed, Transparency, Latency, Adverse selection

29.

Bundling and Optimal Auctions of Multiple Products

Review of Economic Studies, Vol. 67, No. 3, July 2000
Posted: 04 Nov 2000
Christopher Avery and Terrence Hendershott
Harvard University - Harvard Kennedy School (HKS) and University of California, Berkeley - Haas School of Business

Abstract: