Professor | Willis H. Booth Chair in Banking and Finance II | Faculty Director, Master of Financial Engineering Program
Finance | Operations & IT Management


Terrence “Terry” Hendershott chaired the NASDAQ Economic Advisory Board and served as a visiting economist at the New York Stock Exchange. His work spans a range of financial instruments trading on exchanges and over the counter in the U.S. and internationally. He is an expert on the structure, design, and regulation of financial markets and how market participants—such as market makers, high-frequency traders, and institutional investors—affect price discovery and liquidity. His research also focuses on the competition between electronic and traditional markets and the role of information technology in those markets. His numerous honors include best paper awards from the Review of Financial Studies and the Financial Review and NYSE and NASDAQ best paper awards on equity trading and market microstructure, respectively. He has served as an associate editor for Management Science, the Journal of Financial Markets, and Information Systems Research.

Expertise and Research Interests

  • Market Microstructure
  • Electronic Trading
  • Market Making
  • Algorithmic Trading
  • High-frequency Trading
  • Over-the-counter Markets
  • Information Technology in Financial Markets
  • Financial Market Regulation