Next up on our schedule is Professor Carol Osler, Professor of Finance in the Brandeis International Business School. In addition to being the Program Director for the MAief program she is also iBEAF’s faculty advisor. This meeting provides an excellent opportunity for students to meet Professor Osler on a more personal level and hear about why she is passionate about Behavioral Economics and Finance.
Her specializations include Currency Market Microstructure, Exchange Rate Dynamics, Financial Markets and Open Economy Macroeconomics.
Osler's research focuses on
currency trading and exchange rates, research that is best represented by her
recent survey of the literature. She has been fascinated by the market since
visiting Citibank's trading floor in 1986 and serving as Visiting Economist of
the Federal Reserve Bank of New York's Foreign Exchange Trading Desk in the
early 1990s.
The goal of currency market microstructure research is to develop better models of short-run exchange-rate dynamics, an effort to which Osler and co-authors have contributed. Current working papers provide a new theory of price discovery in currency markets, show that large foreign exchange dealing banks are better informed than small banks, and identify hedge funds as the main source of private information.
While working in the Federal Reserve Bank of New York's Research Department in the early 1990s, Osler noticed that bursting asset-price bubbles were dampening investment. This same pattern was bringing sluggish recovery from the 1991 recession not only in the U.S. but in many other developed countries. These observations led to joint papers with colleague Matthew Higgins on Asset Market Hangovers and Economic Growth.
While at the New York Fed, Osler also investigated technical trading. She tested specific trading signals such as the head-and-shoulders pattern and support and resistance levels. In addition, she identified order clustering as a potential source of the predictive power of certain strategies.
The goal of currency market microstructure research is to develop better models of short-run exchange-rate dynamics, an effort to which Osler and co-authors have contributed. Current working papers provide a new theory of price discovery in currency markets, show that large foreign exchange dealing banks are better informed than small banks, and identify hedge funds as the main source of private information.
While working in the Federal Reserve Bank of New York's Research Department in the early 1990s, Osler noticed that bursting asset-price bubbles were dampening investment. This same pattern was bringing sluggish recovery from the 1991 recession not only in the U.S. but in many other developed countries. These observations led to joint papers with colleague Matthew Higgins on Asset Market Hangovers and Economic Growth.
While at the New York Fed, Osler also investigated technical trading. She tested specific trading signals such as the head-and-shoulders pattern and support and resistance levels. In addition, she identified order clustering as a potential source of the predictive power of certain strategies.
She taught at the Amos Tuck
School of Business at Dartmouth College before joining the New York Fed. Osler
has also taught at Columbia University and the Kellogg School at Northwestern
University.
Degrees:
Princeton University, Ph.D.
Swarthmore College, B.A.
Her list of published works include, but is not limited to:
Degrees:
Princeton University, Ph.D.
Swarthmore College, B.A.
Her list of published works include, but is not limited to:
Osler, Carol L. "“The
Microstructure of Currency Markets,." Market Microstructure in Emerging
and Developed Markets,. Ed. Kent Baker and Halil Kiymaz, Eds.. John Wiley &
Sons, Inc., 2013 (forthcoming)
Osler, Carol L. "Survival
of Overconfidence in Currency Markets”." Journal of Financial and
Quantitative Analysis. (2011). (forthcoming)
Osler, Carol L. "Book
Review: The Exchange Rate in a Behavioral Finance Framework." Journal of
International Economics (2007). (forthcoming)
Osler, Carol L; Jennifer
Bender; David Simon. "Noise Trading and Illusory Correlations in U.S.
Equity Markets." Review of Finance 17. 2 (2013): 625-652.
Osler, Carol L.
"Asymmetric Information and the Foreign-Exchange Trades of Global
Custodial Banks." Sixth Annual Central Bank Workshop on the Microstructure
of Financial Markets, New York, New York. October 7, 2010.
Osler, Carol L. "Price
Discovery in Currency Markets." Journal of International Money and Finance
30. 8 (2011): 1696-1718.
Osler, Carol L.
"Liquidity Dynamics in Limit Order Markets Under Asymmetric
Information." Journal of Banking and Finance 34. 11 (2010): 2665-2677.
Osler,Carol L. "Currency
Orders and the Predictive Success of Technical Analysis." Journal of
Finance (2003).
