Andreas Park


I am an Associate Professor of Finance at the University of Toronto. I started my career at UofT in 2003 at the Economics Department, and since July 2015, I am with the Department of Management at UTM, the Institute of Management and Innovation (IMI) and the Rotman School of Management. I'm also currently serving as the Director of Research at the Rotman Financial Innovation Hub in Advanced Analytics (FinHub), the Rotman Schools Financial Innovation Lab. I spent the 2014-2015 academic year in Wonderful Copenhagen as a Visiting Professor of Finance at Copenhagen Business School. My research is in financial market structure and, more recently, in FinTech. I working to gain a better understanding how technological innovations such as blockchain technology or high-frequency algorithmic trading affect financial markets. My research is both theoretical and empirical.

I have published and forthcoming papers in a wide range of economics and finance journals, including Econometrica, the Journal of Finance, the Journal of Financial Economics, and the Journal of Financial and Quantitative Analysis. I have previously served as co-director of UofT's Master in Financial Economics program, the Associate Chair of the Department of Management. My PhD (in Economics) is from Cambridge University, and I did my undergrad (in mathematical economics) at Bielefeld University.

News: Andriy Shkilko, Bjorn Hagstromer, Cameron Pfiffer, Katya Malinova, and I are currently organizing a Webinar in market microstructure; announcements of speakers, a subscribable calendar and other useful information is on our website: microstructure.exchange. We also just (April 30, 2020) issued a call for submissions https://www.research.net/r/TME-2020


New Working Papers 2020

“Cross-subsidizing liquidity”
Paper (coming soon) Joint with Anqi Liu, Sean Foley, Katya Malinova, and Andriy Shkilko. Current draft: April 2020.
Scheduled for the 2020 NFA

“Did Trading Bots Resurrect the CAPM?”
Paper (on SSRN) Joint with Jinhua Wang. Current draft: January 2020.
Summary on Medium

“Engineering Economics of the Conflux Network”
Paper Joint with Yuxi Cai, Fan Long, and Andreas Veneris. Current draft: March 2020. Accepted for publications at the 2020 IEEE BRAINS.

“Will Libra Succeed? Results of a Global Randomized Survey Experiment”
Whitepaper Joint with Danielle Goldfarb. Current draft: October 2019.
Summary on Medium

“Snowbirds in Securities Trading: Canadian Brokers U.S.-bound Order Routing”
Paper (on SSRN) Joint with Katya Malinova. Current draft: January 2020.
Summary on Medium

"Sniping" in Fragmented Markets (empirical) (joint with Katya Malinova); April 2020 
This paper is based on an earlier working paper and it has evolved very substantially over the last two years (see the appendix for an explanation). It's scheduled for the 2020 WFA

Paper (on SSRN) Summary on Medium (coming soon) Slides on slides.com