- Distinguished Professor
- Bert W. Wasserman Department of Economics and Finance
Robert A. Schwartz is Marvin M. Speiser Professor of Finance and University Distinguished Professor in the Zicklin School of Business, Baruch College, CUNY. Before joining the Baruch faculty in 1997, he was Professor of Finance and Economics, and Yamaichi Faculty Fellow at New York University’s Leonard N. Stern School of Business, where he had been a member of the faculty since 1965. In 1966, Professor Schwartz received his Ph.D. in Economics from Columbia University. His research is in the area of financial economics, with a primary focus on the structure of securities markets. He has published over seventy refereed journal articles, twelve edited books, and nine authored books, including Micro Markets: A Market Structure Approach to Microeconomic Analysis, Wiley & Sons, 2010.
Dr. Schwartz has served as a consultant to various market centers including the New York Stock Exchange, the American Stock Exchange, Nasdaq, the London Stock Exchange, Instinet, the Arizona Stock Exchange, Deutsche Börse, Borsa Istanbul and the Bolsa Mexicana. From April 1983 to April 1988, he was an associate editor of The Journal of Finance, and he is currently an associate editor of the Review of Quantitative Finance and Accounting and the Review of Pacific Basin Financial Markets and Policies, and is a member of the advisory boards of International Finance. In December 1995, Professor Schwartz was named the first chairman of Nasdaq’s Economic Advisory Board, and he served on the EAB until Spring 1999.
He is developer, with Bruce Weber of the trading and market structure simulation, TraderEx. In 2009, Schwartz was named the first recipient of the World Federation of Exchanges’ annual Award for Excellence. In 2018, Schwartz was named the co-director of Baruch’s newly established Robert A. Schwartz Center for Trading and Financial Markets Research.
“Equity Market Structure and the Persistence of Unsolved Problems: A Microstructure Perspective” with James Ross and Deniz Ozenbas, Special Issue of the Journal of Portfolio Management, “Market Microstructure,” July 2022, 12-29.
“The Return of the Call Auction” with Deniz Ozenbas, Special Issue of the Journal of Portfolio Management, “Market Microstructure,” July 2022, 110-126.
Liquidity, Markets and Trading in Action: An Interdisciplinary Perspective, with Deniz Ozenbas, Michael S. Pagano and Bruce Weber, Springer, September 2021.
“A Market Microstructure View of the Efficiency of Security Prices”, Journal of Portfolio Management, August 2021, 1-10.
“Plato or Aristotle: Who Got It Right? Evidence from the Equity Markets” with Paul L. Davis, Journal of Portfolio Management, Perspectives, February 2021, 1-8.
“The Interplay Between Regulation, Competition, and Technology and the Transformation of Our Equity Markets” with Deniz Ozenbas, Journal of Portfolio Management, Perspectives, November 2020, 5-10.
“Market Liquidity: An Elusive Variable” with Reto Francioni and Peter Weber, Journal of Portfolio Management, September 2020, 7-26.
“Resiliency and Stock Returns” with Jian Hua, Lin Peng and Nazli Sila Alan, Review of Financial Studies, February 2020, 747-782.
“Do High Frequency Trading Firms Provide Two-Sided Liquidity,” with Deniz Ozenbas, Journal of Portfolio Management, Summer 2018, 63-74.
“Using Simulation to Better Understand Price Determination in a Non-Frictionless Equity Market, with Jian Hua and Gregory Sipress,” Journal of Portfolio Management, Fall 2017, pp 142-159.
“A Challenge for our Equity Markets on Both Sides of the Atlantic: Can Liquidity be Augmented, Volatility Better Controlled, and Price Discovery Sharpened,” Journal of Banking Law and Banking, Wolfgang Bessler, editor, December 2016, pp 387-397.
“The SEC’s Order Handling Rules of 1997 and Beyond: Perspective and Outcomes of the Landmark Regulation,” with Richard Lindsey and John Aidan Byrne, Journal of Portfolio Management, Spring 2016, pp 56-64.
“Combatting Turbulence in the Equity Market: Get the Listed Companies On Board,” with Nazli Sila Alan and Timothy Mahoney, invited editorial, Journal of Portfolio Management, Summer 2015.
“A Liquidity Program to Stabilize Equity Markets,” with Nazli Sila Alan and John S. Mask, Journal of Portfolio Management, Winter 2015, pp 113-125.
“What Makes an Exchange a Unique Institution: Reply to Ian Domowitz,” with Andrew Brooks and John Byrne, Journal of Trading, Volume 9, Issue 3, Summer 2014, pp. 12–14.
“What Makes an Exchange a Unique Institution,” with John Byrne, Journal of Trading, Volume 9, Issue 1, Winter 2014, pp 22-23.
“Price Discovery: The Economic Function of a Stock Exchange,” with Nazli Sila Alan, Journal of Portfolio Management, Volume 40, Issue 1, Fall 2013, pp. 124-132.
“A Call Auction’s Impact on Price Formation and Order Routing: Evidence from the Nasdaq Stock Market,” with Michael S. Pagano and Lin Peng. Journal of Financial Markets, May, 2013.
“Equity Trading in The Fast Lane: The Staccato Alternative,” with Liuren Wu, Invited Editorial, Journal of Portfolio Management, Volume 39, Issue 3 Spring2013, pp. 3–6.
“Order Revelation at Market Openings,” with Archishman Chakraborty and Michael Pagano, Journal of Financial Markets, Volume 15, Issue 2, lead article, pages 127-150, May 2012.
Bernard Baruch Distinguished Faculty Award, April 22, 2015.
First Annual WFE Award for Excellence, WFE Annual Meeting, Vancouver, BC, Canada, October 6, 2009.
Zicklin School of Business, Sidney Lirtzman Award for Research, Teaching and Service, Fall 2007.
Best Investments Paper Award, Southern Finance Association Annual Meeting, November 2006.