Babson finance professor Michael Goldstein is author of “Competition in the Market for NASDAQ Securities” which has been selected as lead article for publication in the Journal of Financial Markets.
The study investigates competition in the market for NASDAQ stocks during a recent period in US equity markets history when three major Electronic Communication Networks (ECNs)—Archipelago, Island, and Instinet—are identifiable in the Trade and Quote (TAQ) database. Despite high levels of segmentation, uneven regulation, and controversial order attraction practices, quote competitiveness is found to increase the probability of executions on all four venues.
Goldstein has taught at the University of Colorado at Boulder and at Carroll School of Management at Boston College. His experience includes investment banking with Merrill Lynch & Co., visiting economist at the New York Stock Exchange (NYSE), and serving as advisor to the Deputy Prime Minister of Poland. He has published extensively, and has made numerous presentations at research-related conferences.
Goldstein received a BS, MBA, MA, and a PhD, all in Finance from the Wharton School at the University of Pennsylvania.
