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Michael Goldstein

Professor

Donald P. Babson Professor of Applied Investments
Faculty Director, Master of Science in Finance Program
Academic Division: Finance
781-239-4402

Bio

Dr. Goldstein is the Faculty Director of the Master of Science Program at Babson College. He holds the Donald P. Babson Chair in Applied Investments and is a Professor of Finance at Babson College. He has taught in the undergraduate, MBA, and Executive Education programs. He has also taught at Boston College and at the University of Colorado at Boulder, where he received the Proctor & Gamble Teaching Excellence Award. ​He was an Honorary Professor at Queen’s University – Belfast (UK), a Visiting Professor at Trinity College – Dublin (Ireland) and at The University of Sydney (Australia). Dr. Goldstein is Chair of the Economic Advisory Committee for the Financial Industry Regulatory Authority (FINRA), and has served as a panelist on three SEC roundtables. He also served as Chair of the NASDAQ Economic Advisory Board for 2005. From August 1997 to July 1998, Dr. Goldstein was the Visiting Economist at the New York Stock Exchange, the eighth academic to hold this one-year post. Prior to this position, he advised the Deputy Prime Minister of Poland on Poland's privatization program. He also worked as an Investment Banker with Merrill Lynch Capital Markets in their Financial Institutions and Japan Banking groups. He also consults and advises major security firms and Fortune 100 companies. Dr. Goldstein's research specialty is examining the structure of markets. He also works in climate change, and has received a National Science Foundation (NSF) grant to study climate change and the Arctic economy. He also does work on dividends, real estate, asset pricing, and privatization and has presented at numerous conferences worldwide. He is currently an Associate Editor for Financial Management, The Financial Review, and Finance Research Letters. His papers have been published in major finance academic journals, including The Journal of Finance, The Journal of Financial Economics, The Review of Financial Studies, The Journal of Financial and Quantitative Analysis, and The Journal of Financial Markets. Dr. Goldstein has been interviewed by many national and international media groups, including print, television and radio. Other areas of expertise include: Climate Change, Dividends, Real Estate Investment, Stock Market, Market Structure and Trading Costs.

Academic Degrees

  • Ph D, The Wharton School, University of Pennsylvania
  • MA, The Wharton School, University of Pennsylvania
  • MBA, The Wharton School, University of Pennsylvania
  • BS, The Wharton School, University of Pennsylvania

Academic Interests

Capital Markets; Design of Security Exchanges and Trading Systems; Emerging Equity Markets; Financial Institutions; Financial Instruments and Securities; Investments; Investment Banking

Awards & Honors

  • 2016 - Best Paper Award in The Financial Review 2016, Eastern Finance Association/The Financial Review
  • 2012 - Faculty Scholarship Award, Babson College
  • 2008 - Faculty Scholarship Award , Babson College
  • 2007 - Best Paper in Derivatives/Market Microstructure, Eastern Finance Association Meetings
  • 2006 - Best Paper in Market Microstructure, Financial Management Association Meetings
  • 2003 - Burridge Center Research Fellow
  • 2000 - Best Paper in Market Microstructure , Financial Management Association Meetings
  • 2000 - Joseph Winn Term Chair
  • 2000 - Procter & Gamble Teaching Excellence Award
  • 1994 - Chi Omega Outstanding Educator Award

Publications

Journal Articles

  • Goldstein, M.A., Goyal, A., Lucey, B.M., Muckley, C.B. (2015). The Global Preference for Dividends in Declining Markets. The Financial Review, 50(4 (November)), 575-609. link
  • Goldstein, M.A. (2015). Circuit Breakers, Trading Collars, and Volatility Transmission Across Markets: Evidence from NYSE Rule 80A. The Financial Review, 50(3 (August)), 459–479. link
  • Goldstein, M.A., Kumar, P., Graves, F.C. (2014). Computerized and High-Frequency Trading. The Financial Review, 49(2), 177-202. link
  • Goldstein, M.A., Irvine, P., Puckett, A. (2011). Purchasing IPOs with Commissions. Journal of Financial and Quantitative Analysis, 46(5 (October)), 1193–1225. link
  • Goldstein, M.A., Fuller, K.P. (2011). Do Dividends Matter More in Declining Markets. Journal of Corporate Finance, 17(3), 457-473. link
  • Goldstein, M.A., Irvine, P., Kandel, E., Wiener, Z. (2009). Brokerage Commissions and Institutional Trading Patterns. Review of Financial Studies, The, 22(12), 5175-5212.
  • Goldstein, M.A., Shkilko, A.V., Van Ness, B.F., Van Ness, R.A. (2008). Competition in the Market for NASDAQ Securities. Journal of Financial Markets, 11(2), 113-143. link
  • Goldstein, M.A., Truman, G., Pachamanova, D. (2007). InterCon Travel Health Teaching Note and Case Study. Journal of the Academy of Business Education, 8(Summer 2007), 17-32.
  • Goldstein, M.A., Hotchkiss, E., Sirri, E. (2007). Transparency and Liquidity: A Controlled Experiment on Corporate Bonds. Review of Financial Studies, The, 20(March 2007), 235-273.
  • Goldstein, M.A., Kavajecz, K. (2004). Trading Strategies during Circuit Breakers and Extreme Market Movements. Journal of Financial Markets, 7(3, June 2004), 301-333.

Books

  • Goldstein, M.A., Van Ness, B., Van Ness, R. (2006). The Intraday Probability of Informed Trading on the NYSE: World Scientific Press

Book Reviews

  • Goldstein, M.A. (2014). Review of "Arctic Economics in the 21st Century: The Benefits and Costs of Cold. By Heather A. Conley". Journal of Economic Literature, Vol 52, 565-567.

Working Papers

  • Goldstein, M.A., McCarthy, J., Orlov, A.G. (2015). Stock Market Contagion in Advanced and Peripheral Economies: A Nonlinear Examination of Comovements across Eurozone Markets. link

Reports

  • Goldstein, M. (2011). Trading at the Speed of Light: The Impact of High-Frequency Trading on Market Performance, Regulatory Oversight, and Securities Litigation. The Brattle Group link

Others

  • Goldstein, M.A. (2014). Special Issue on Computerized and High-Frequency Trading: Guest Editor's Note. Hoboken, NJ: Wiley-Blackwell Publishing, Inc. link

Presentations

  • Dealer Behavior in Highly Illiquid Risky Assets
    Goldstein, M., Hotchkiss, E. Dealer Behavior in Highly Illiquid Risky Assets FINRA/Columbia Conference on Corporate Debt Market Structure, Liquidity and Volatility, New York, NY (2015)
  • Dealer Behavior in Highly Illiquid Risky Assets
    Goldstein, M., Hotchkiss, E. Dealer Behavior in Highly Illiquid Risky Assets Finance Department, Syracuse University, Syracuse, NY (2015)
  • Dealer Behavior in Highly Illiquid Risky Assets
    Goldstein, M., Hotchkiss, E. Dealer Behavior in Highly Illiquid Risky Assets The Design and Regulation of Securities Markets, Sydney, Australia (2015)
  • The global preference for dividends in declining markets
    Goldstein, M., Goyal, A., Lucey, B., Muckley, C. The global preference for dividends in declining markets Finance Department, Auburn University, Auburn, Alabama (2015)
  • Climate Variance Trumps Trend in Socio-Economic Decisions:A Canadian Ice Road Example
    Goldstein, M., Sturm, M., Huntington, H., Douglas, T. Climate Variance Trumps Trend in Socio-Economic Decisions:A Canadian Ice Road Example Finance Department, Wake Forest University, 1834 Wake Forest Rd, Winston-Salem, NC 27109 (2015)
  • Dealer Behavior in Highly Illiquid Risky Assets
    Goldstein, M., Hotchkiss, E. Dealer Behavior in Highly Illiquid Risky Assets Finance Department, Wake Forest University, 1834 Wake Forest Rd, Winston-Salem, NC 27109 (2015)
  • Polar Programs research
    Goldstein, M., Falkner, K. Polar Programs research U.S. National Science Board, Washington, DC (2014)
  • Trade Price Clustering in the Corporate Bond Market
    Goldstein, M., Moser, S., Van Ness, R. Trade Price Clustering in the Corporate Bond Market 2014 Financial Management Association Annual Meeting, Nashville, TN (2014)
  • The Global Preference for Dividends in Declining Markets
    Goldstein, M., Goyal, A., Lucey, B., Muckley, C. The Global Preference for Dividends in Declining Markets 2013 Financial Management Association Annual Meeting, Chicago, IL (2013)
  • Past is not Prologue: Bonds and Boundary Conditions
    Goldstein, M. Past is not Prologue: Bonds and Boundary Conditions Financial Industry Regulatory Authority (FINRA), Washington, DC (2013)
  • Corporate Bonds
    Goldstein, M. Corporate Bonds Roundtable on Fixed Income Markets, Washington, DC (2013)
  • Know When to Hold Them, Know When to Fold Them: Dealer Behavior in Highly Illiquid Risky Assets
    Goldstein, M., Hotchkiss, E. Know When to Hold Them, Know When to Fold Them: Dealer Behavior in Highly Illiquid Risky Assets Hebrew University Finance Seminar, Jerusalem, Israel (2013)
  • Know When to Hold Them, Know When to Fold Them: Dealer Behavior in Highly Illiquid Risky Assets
    Goldstein, M., Hotchkiss, E. Know When to Hold Them, Know When to Fold Them: Dealer Behavior in Highly Illiquid Risky Assets , Kingston, RI (2013)
  • Know When to Hold Them, Know When to Fold Them: Dealer Behavior in Highly Illiquid Risky Assets
    Goldstein, M., Hotchkiss, E. Know When to Hold Them, Know When to Fold Them: Dealer Behavior in Highly Illiquid Risky Assets , Oxford, MI (2013)
  • Are Bonds Riskier than Stocks?
    Goldstein, M. Are Bonds Riskier than Stocks? Financial Industry Regulatory Authority Economic Advisory Committee Meeting(2012)
  • Know When to Hold Them, Know When to Fold Them: Dealer Behavior in Highly Illiquid Risky Assets
    Goldstein, M. Know When to Hold Them, Know When to Fold Them: Dealer Behavior in Highly Illiquid Risky Assets Boston Area Finance Symposium, Boston, MA (2012)
  • Diamond Highways, Village Byways, and Cold Hard Cash
    Goldstein, M. Diamond Highways, Village Byways, and Cold Hard Cash , Alexandria, VA (2012)
  • Corporate Bond Clawbacks (IPOCs): Theory and Evidence
    Goldstein, M. Corporate Bond Clawbacks (IPOCs): Theory and Evidence Financial Management Association Annual Meeting, Denver, CO (2011)
  • Know When to Hold Them, Know when to Fold Them: Dealer Behavior in High Illiquid Assets
    Goldstein, M. Know When to Hold Them, Know when to Fold Them: Dealer Behavior in High Illiquid Assets Financial Management Association Annual Meeting, Denver, CO (2011)
  • Cold Hard Cash: The Economic Importance of Ice in the Arctic
    Goldstein, M. Cold Hard Cash: The Economic Importance of Ice in the Arctic 7th International Congress of Arctic Social Sciences (ICASS VII), Akureyri, Iceland (2011)
  • Grateful dettah: The Value of an Ice Road to a Small Community in the Northweast Territories of Canada
    Goldstein, M. Grateful dettah: The Value of an Ice Road to a Small Community in the Northweast Territories of Canada 7th International Congress of Arctic Social Sciences (ICASS VII), Akureyri, Iceland (2011)
  • No Limits: Computers, Algorithms and the Speed of Trading
    Goldstein, M. No Limits: Computers, Algorithms and the Speed of Trading Babson Financial Services Careers Affinity Group, the Babson Alumni technology Council and the Stephen D. Cutler Center for Investments and Finance Panel, Babson College, Babson Park, MA (2011)
  • Are Stock Splits Disappearing?
    Goldstein, M. Are Stock Splits Disappearing? Boston Area Finance Symposium, Bentley College, Waltham, MA (2011)
  • Dealer Behavior and the Trading of Newly Issued Corporate Bonds
    Goldstein, M. Dealer Behavior and the Trading of Newly Issued Corporate Bonds Eastern Finance Association Annual Meeting, Savannah, GA (2011)
  • IPO, Directors' Dealings, and Ownership Concentration
    Goldstein, M. IPO, Directors' Dealings, and Ownership Concentration Eastern Finance Association Annual Meeting, Savannah, GA (2011)
  • Securities issuers are newsboys: the Risk of Setting a fixed-offer price can explain underpricing in firm-commitment and best-efforts IPOs
    Goldstein, M. Securities issuers are newsboys: the Risk of Setting a fixed-offer price can explain underpricing in firm-commitment and best-efforts IPOs Eastern Finance Association Annual Meeting, Savannah, GA (2011)
  • Transparency: Where is the Tipping Point?
    Goldstein, M. Transparency: Where is the Tipping Point? Security Traders Association 14th Annual Congressional Conference, Washington, D.C. (2011)
  • Current Trends for Global Exchanges & Liquidity providers
    Goldstein, M. Current Trends for Global Exchanges & Liquidity providers BTIG Global Exchange Forum, New York, NY (2011)
  • Trading at the Speed of Light: the Impact of High Frequency Trading on Market Performance, Regulatory Oversight, and Securities Litigation
    Goldstein, M. Trading at the Speed of Light: the Impact of High Frequency Trading on Market Performance, Regulatory Oversight, and Securities Litigation the Brattle Group Invitational Dinner, Chicago Stock Exchange, Chicago, IL (2011)
  • Ice Roads in the Northwest Territories: the Intersection of Climate, Economics, and Transportation Policy
    Goldstein, M. Ice Roads in the Northwest Territories: the Intersection of Climate, Economics, and Transportation Policy American Geophysical Union Fall meeting, San Francisco, CA (2010)
  • Trading, the Speed of Light and the Role of Regulation
    Goldstein, M. Trading, the Speed of Light and the Role of Regulation High Frequency Trading World USA, New York, NY (2010)
  • Dealer Behavior and the Trading of Newly Issued Corporate Bonds
    Goldstein, M. Dealer Behavior and the Trading of Newly Issued Corporate Bonds Bank of International Settlements, Basel, Switzerland (2010)
  • Diamonds and Oil from the Tundra: A System Study on teh Ipact of Changing Seasons on Arctic Mining and Oil Exploration
    Goldstein, M. Diamonds and Oil from the Tundra: A System Study on teh Ipact of Changing Seasons on Arctic Mining and Oil Exploration Arctic Research Consortium of the US (ARCUS) meeting, University of Vermont, Burlington, VT (2010)
  • Trading at the Speed of Light: High Frequency Trading and the Role of Regulation
    Goldstein, M. Trading at the Speed of Light: High Frequency Trading and the Role of Regulation The Brattle Group Invitational Dinner, New York, NY (2010)
  • Dealer Behavior and the Trading of Newly Issued Corporate Bonds
    Goldstein, M. Dealer Behavior and the Trading of Newly Issued Corporate Bonds INFINITI Conference on International Finance, Trinity College, Dublin, Ireland (2010)
  • Re-examining the risk-return relationship : the Influence of Financial Crisis (2007-2009)
    Goldstein, M. Re-examining the risk-return relationship : the Influence of Financial Crisis (2007-2009) INFINITI Conference on International Finance, Trinity College, Dublin, Ireland (2010)
  • Trading Risk, Return, & Expectations
    Goldstein, M. Trading Risk, Return, & Expectations INFINITI Conference on International Finance, Trinity College, Dublin, Ireland (2010)
  • High Frequency Trading
    Goldstein, M. High Frequency Trading Market Structure Roundtable, Washington, D.C. (2010)
  • Undisclosed
    Goldstein, M. Undisclosed University of Wisconsin (Madison), University of Virginia (Darden), Undisclosed (2008)
  • Dealer Behavior and the Trading of Newly Issued Corporate Bonds
    Goldstein, M., Hotchkiss, E. Dealer Behavior and the Trading of Newly Issued Corporate Bonds Bentley College Meeting, Waltham, MA, USA (2007)
  • Purchasing IPOs with commissions: Theoretical predictions and empirical results
    Goldstein, M. Purchasing IPOs with commissions: Theoretical predictions and empirical results 2007 Financial Management Association Conference, Orlando, FL, USA (2007)
  • Dealer Behavior and the Trading of Newly Issued Corporate Bonds
    Goldstein, M., Hotchkiss, E. Dealer Behavior and the Trading of Newly Issued Corporate Bonds Drexel University Meeting, Philadelphia, PA (2007)
  • Purchasing IPOs with commissions: Theoretical predictions and empirical results
    Goldstein, M. Purchasing IPOs with commissions: Theoretical predictions and empirical results 2007 Allied Social Sciences Association Conference, Chicago, IL, USA (2007)
  • Do Dividends Matter More in Declining Markets?
    Goldstein, M., Fuller, K. Do Dividends Matter More in Declining Markets? State Street Global Advisors Meeting, Boston, MA, USA (2007)
  • Purchasing IPOs with commissions: Theoretical predictions and empirical results
    Goldstein, M. Purchasing IPOs with commissions: Theoretical predictions and empirical results Harvard Business School Entrepreneurship, Venture Capital, and IPO Conference, Cambridge, MA, USA (2006)
  • Competition and Consolidation in the Market for NYSE-listed Securities
    Goldstein, M. Competition and Consolidation in the Market for NYSE-listed Securities 2006 Financial Management Association Conference , Salt Lake City, UT, USA (2006)
  • Transparency and Liquidity: A Controlled Experiment on Corporate Bonds
    Goldstein, M. Transparency and Liquidity: A Controlled Experiment on Corporate Bonds 2006 Financial Management Association Conference , Salt Lake City, UT, USA (2006)
  • Inter-market Competition and Fragmentation on Nasdaq
    Goldstein, M. Inter-market Competition and Fragmentation on Nasdaq 2006 International Industrial Organization Conference, Boston, MA, USA (2006)
  • Do Dividends Matter More in Declining Markets?
    Goldstein, M., Fuller, K. Do Dividends Matter More in Declining Markets? Suffolk University Meeting, Boston, MA, USA (2006)
  • Transparency and Liquidity: A Controlled Experiment on Corporate Bonds
    Goldstein, M. Transparency and Liquidity: A Controlled Experiment on Corporate Bonds 2006 Allied Social Sciences Association Conference, Boston, MA, USA (2006)
  • Transparency and Liquidity: A Controlled Experiment on Corporate Bonds
    Goldstein, M., Sirri, E., Hotchkiss, E. Transparency and Liquidity: A Controlled Experiment on Corporate Bonds Bank of Canada Meeting, Canada (2005)
  • Transparency and Liquidity: A Controlled Experiment on Corporate Bonds
    Goldstein, M., Sirri, E., Hotchkiss, E. Transparency and Liquidity: A Controlled Experiment on Corporate Bonds Queen's University Meeting, Kingston, Ontario, Canada (2005)
  • Transparency and Liquidity: A Controlled Experiment on Corporate Bonds
    Goldstein, M. Transparency and Liquidity: A Controlled Experiment on Corporate Bonds Queen's University Meeting, Kingston, Ontario, Canada (2005)
  • Transparency and Liquidity: A Controlled Experiment on Corporate Bonds
    Goldstein, M. Transparency and Liquidity: A Controlled Experiment on Corporate Bonds University of Mississippi, Oxford, MS, USA (2005)
  • Brokerage Commissions and Information Allocation
    Goldstein, M. Brokerage Commissions and Information Allocation 2005 Financial Management Association-European Conference, Siena, Italy (2005)
  • Do Dividends Matter More in Declining Markets
    Goldstein, M. Do Dividends Matter More in Declining Markets 2005 Western Finance Association Meeting, Portland, OR, USA (2005)
  • Dividend Policy and Market Movements
    Goldstein, M. Dividend Policy and Market Movements 2004 Financial Management Association Conference , New Orleans, LA, USA (2004)
  • Electronic Limit Order Books, Dealer/Specialists, and Inter-Market Competition on NASDAQ
    Goldstein, M. Electronic Limit Order Books, Dealer/Specialists, and Inter-Market Competition on NASDAQ 2004 Financial Management Association Conference , New Orleans, LA, USA (2004)
  • Dividend Policy and Market Movements
    Goldstein, M. Dividend Policy and Market Movements 2004 Financial Management Association-European Conference, Zurich, Switzerland (2004)
  • The Intraday Probability of Informed Trading
    Goldstein, M. The Intraday Probability of Informed Trading 2003 Financial Management Association Conference , Denver, CO, USA (2003)
  • Revealed Preferences, Trading Strategies, and Extreme Market Movements
    Goldstein, M. Revealed Preferences, Trading Strategies, and Extreme Market Movements 2003 Financial Management Association-European Conference, Dublin, Ireland (2003)