Jonathan Brogaard

Dr. Jonathan Brogaard is the Kendall D. Garff Chaired Professor in the Finance department at the University of Utah’s David Eccles School of Business. His research interests focus on market microstructure and empirical asset pricing to examine the impact of automated and high-speed trading on equity and commodity markets, both in the United States as well as internationally. This work has been published extensively across the top finance journals, including, the Journal of Finance, the Journal of Financial Economics, and the Review of Financial Studies. It has also been cited in major media publications, including Businessweek, Bloomberg, The Economist, Financial Times, Newsweek, The New Yorker, New York Times, and Wall Street Journal, contributing to debates on such topics as the role of passive index investing, commodity markets pricing, high-frequency trading, and exchange design in securities markets. As part of his research, Professor Brogaard specializes in handling and analyzing large datasets (e.g. trading and quotation data), developing empirically-grounded insights on key questions in research and policy. With a strong interest in law, finance, and policymaking, he has worked 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.
Professor Brogaard frequently consults for industry participants on topics relating to market microstructure, risk management, market manipulation, and trading strategy development, in equities, commodities, and alternative asset classes like cryptocurrencies. This includes work on legal cases where he serves as an expert and advisor. He is a founding member of Stepwise Investments LLC, a multi-asset quantitative-based hedge fund.
Professor Brogaard has won numerous prizes and awards for his research. In 2015, he (alongside coauthors) was the recipient of the prestigious Review of Financial Studies, Michael J. Brennan Best Paper Award for “High-Frequency Trading and Price Discovery.” Most recently in Spring 2020, he was awarded the David Eccles School of Business Faculty Research Excellence Award for placing three papers in the top three finance publications in one year. In terms of teaching, Professor Brogaard teaches courses on Financial Management, Advanced Finance, and Alternative Investments: Hedge Funds and Private Equity for undergraduates and MBA students. In 2019, he was recognized for his teaching with the David Eccles School of Business Doctoral Faculty Teaching Excellence Award. In Fall 2020, he was elected as a University Senator and appointed to be the Director of the Finance Ph.D. Program. In 2021 Poets & Quants selected Professor Brogaard as one of the Best 40-Under-40 Business School Professors.
Professor Brogaard earned his undergraduate degree in Economics and Politics at Occidental College, graduating Summa Cum Laude in 2006. He completed a J.D. with an emphasis in Tax Law (2011) and a Ph.D. in Finance from Northwestern University (2012). He is a member of the Chartered Alternative Investment Analyst (CAIA) Association and the Chartered Financial Analyst (CFA) Institute. In his free time, Professor Brogaard is an avid skier, climber, and runner. When indoors, he enjoys the theatre, opera, and non-fiction.

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