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.
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).
