Research Bio

Terrence Hendershott is a finance scholar whose research explores market microstructure, trading, and information systems in financial markets. He is best known for empirical and theoretical studies of algorithmic trading, liquidity, and the impact of market design on efficiency and volatility. Hendershott's work integrates finance, economics, and information technology to analyze how innovations in trading systems affect markets and regulation. His research informs debates on financial stability, investor protection, and the role of technology in markets.

He is Professor of Finance and Operations and Information Technology Management at UC Berkeley's Haas School of Business. His research has been published in *Journal of Finance*, *Review of Financial Studies*, and *Journal of Financial Economics*. Hendershott has received recognition from the Western Finance Association and NSF funding for his contributions to financial market research. At Berkeley, he teaches financial markets and trading, mentoring MBA and PhD students in finance and market design.

Research Expertise and Interest

management of information systems, role of information technology in financial markets, after-hours stock trading, electronic communications networks (ECNs), electronic markets