About

Dr. Jonathan Brogaard is the Associate Dean of Research and the Kendall D. Garff Chaired Professor in the Department of Finance at the University of Utah’s David Eccles School of Business. His research interests focus on trading microstructure and empirical asset pricing across markets within the United States and internationally. His work has been published extensively in top finance journals, including the Journal of Finance, the Journal of Financial Economics, and the Review of Financial Studies, and has been cited in major media outlets such as Businessweek, Bloomberg, The Economist, Financial Times, Newsweek, The New Yorker, New York Times, and Wall Street Journal. His research contributes to debates on passive index investing, commodity market pricing, high-frequency trading, and exchange design. Professor Brogaard has collaborated with various governmental and regulatory authorities, including the U.S. Commodity Futures Trading Commission, the U.K. Financial Services Authority, and the Canadian Investment Industry Regulatory Organization of Canada. He currently serves on FINRA's Market Regulation Committee. In 2023, he founded and leads the University of Utah’s Institute for Advanced Investment Management (IAIM), which aims to advance research, data analysis, and dialogue on issues related to fund management. He has received numerous awards for his research, including the Review of Financial Studies, Michael J. Brennan Best Paper Award in 2015, and the David Eccles School of Business Faculty Research Excellence Award in 2020. He teaches courses on Financial Management, Advanced Finance, and Alternative Investments, and is the Faculty Director of the University of Utah’s Undergraduate and Masters Student Investment Funds. Recognized as one of Poets & Quants’ Best 40-Under-40 Business School Professors in 2021, he specializes in analyzing large datasets related to trading and market microstructure, and frequently consults industry participants on topics such as risk management, market manipulation, and trading strategies across various asset classes, including equities, commodities, and cryptocurrencies. Dr. Brogaard earned his undergraduate degree in Economics and Politics from Occidental College, graduating Summa Cum Laude, completed a J.D. with an emphasis in Tax Law, and holds a Ph.D. in Finance from Northwestern University.

Research topics

• Political Science
• Business
• Economics
• Law
• Computer Security
• Monetary economics
• Finance
• Macroeconomics
• Computer Science
• Medicine
• Economic growth
• International trade
• Econometrics
• Microeconomics
• International economics
• Market economy

Selected publications

• Information in Prices

  SSRN Electronic Journal · 2026-01-01

  preprintOpen access1st authorCorresponding
  PublisherDOI

• The Too Few To Fail Traders In Modern Markets

  SSRN Electronic Journal · 2026-01-01

  preprintOpen accessSenior author
  PublisherDOI

• The European Liquidity Gap

  SSRN Electronic Journal · 2025-01-01

  preprintOpen access1st authorCorresponding
  PublisherDOI

• Market Fragmentation and Price Efficiency: Evidence from Cryptocurrencies

  SSRN Electronic Journal · 2025-01-01

  preprintOpen access
  PublisherDOI

• Strategic Liquidity Provision and Extreme Volatility Spikes

  Management Science · 2025-03-03 · 2 citations

  article1st authorCorresponding

  We test competing theories of liquidity dynamics during extreme volatility spikes (EVSs). We find that liquidity providers strategically allow for price pressures and are compensated from correcting pricing errors. As a result, liquidity provision intensifies toward the end of a typical EVS. This goes counter to a widespread concern that market-making constraints cause liquidity to deteriorate as EVSs develop. The prevailing limit order book dynamics during EVSs are in line with the socially beneficial equilibrium presented in the theoretical literature. This paper was accepted by Agostino Capponi, finance. Supplemental Material: The data files are available at https://doi.org/10.1287/mnsc.2022.04104 .

  PublisherDOI

• Unlocking Mobility: Broker Protocol and Market Competition in Financial Advisory Industry

  SSRN Electronic Journal · 2025-01-01

  preprintOpen access1st authorCorresponding
  PublisherDOI

• Industry Competition and Employee Turnover 

  SSRN Electronic Journal · 2025-01-01

  articleOpen access1st authorCorresponding
  PublisherDOI

• The Lasting Impact of Flickering Quotes

  SSRN Electronic Journal · 2025-01-01

  preprintOpen access1st authorCorresponding
  PublisherDOI

• Have Financial Markets Become More Liquid?

  SSRN Electronic Journal · 2025-01-01

  preprintOpen access
  PublisherDOI

• ETF Sampling and Index Arbitrage

  Journal of Financial and Quantitative Analysis · 2025-11-05 · 3 citations

  articleOpen access1st authorCorresponding

  Abstract This article shows that exchange-traded funds (ETFs) “sample” their indexes, systematically underweighting or omitting illiquid index stocks. As a result, arbitrage activity between the ETF and its index has heterogeneous effects on underlying asset markets. Using an instrumental variables approach, we find that the trading activity of ETFs reduces liquidity and price efficiency and increases volatility and co-movement for liquid stocks but has no effect on illiquid stocks. Our results demonstrate that the effects of passive investing on asset markets depend on how passive funds replicate their target index.

  PublisherDOI

Frequent coauthors

• Björn Hagströmer

  29 shared

• Matthew Baron

  27 shared

• Andrei Kirilenko

  Corvinus University of Budapest

  27 shared

• Ryan Riordan

  19 shared

• Joseph Engelberg

  University of California, San Diego

  19 shared

• Edward Dickersin Van Wesep

  12 shared

• Sapnoti Eswar

  University of St Andrews

  11 shared

• Terrence Hendershott

  University of California, Berkeley

  10 shared

Education

• Ph.D., Psychology

  University of Utah

  2006

• M.S., Psychology

  University of Utah

  2002

• B.A., Psychology

  University of Utah

  2000

Awards & honors

• Review of Financial Studies, Michael J.. Brennan Best Paper…
• David Eccles School of Business Faculty Research Excellence…
• Poets & Quants Best 40-Under-40 Business School Professors (…