Wednesday, November 13, 2013

Third informal speaker series event with Professor Osler this Wednesday 11/20

iBEAF is excited to announce the third event in our informal speaker series scheduled for Wednesday 11/20 at 12:30-1:30PM in the Chancellor's Suite, where we will be bringing in Brandeis University and IBS faculty members interested in behavioral economics and finance to talk about anything and everything to do with the subject. The informal nature of these meetings means they will evolve based on your questions and areas of interest. The faculty member is interested in talking about what you wish to hear about.

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.

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.


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).

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