Norges Bank Investment Management

Dates: January 1, 2018 - June 30, 2022

Coordinated by Program for Financial Studies Academic Board Member and current Senior Vice Dean, Charles Jones, Norges Bank has awarded Columbia Business School a 3-year international study of the effect of technological and regulatory changes, across equity and fixed income markets, in both the US and Europe, on market transparency.  Technological and business innovations are changing the ability of market participants to observe information about the trading process, and planned regulatory changes in both the US and Europe will significantly change the information available to traders.  The main goal is to identify the effects of these various regulatory changes and innovations on market quality and liquidity, and to provide guidance to policymakers and market participants on how to improve market design.

Transparency: At What Speed and Cost? One-day market structure conference hosted on June 14, 2018 in NYC bringing together academics, regulators and practitioners. A second U.S.-based conference was hosted on October 29, 2021 virtually.


Dates: 2011 - 2014

The Network for Studies on Pensions, Aging and Retirement (Netspar) has awarded a competitive three-year international grant to a group of researchers at Columbia Business School. Coordinated by Program for Financial Studies Academic Board Member Andrew Ang and also involving professors Geert Bekaert, Robert Hodrick, Morten Sorensen, and Steve Zeldes, the research agenda is “Aspects of Long Horizon, Illiquidity, and Non-Linear Tail Risk for Portfolio Strategies.” This research exemplifies the link between theory and practice, advancing academic scholarship with direct and significant policy implications in the areas of asset pricing, asset allocation, risk management, and pension valuation and design.