Faculty & Research

Marc L. Lipson

Marc L. Lipson, Robert F. Vandell Professor of Business Administration; Associate Dean of Fulltime MBA Program; and Editor-in-Chief of Financial Management

  • BA in Anthropology, University of Virginia; MS in Accounting, University of Virginia; PhD in Finance, University of Michigan
Office: FOB 163
Phone: +1-434-924-4837
E-mail: mlipson@virginia.edu

Biography

Professor Marc Lipson received his PhD in finance from the University of Michigan and two degrees from the University of Virginia — a BA in Anthropology and an MS in Accounting. Before he began his doctoral studies, he worked as an accountant for Peat Marwick in its Boston office, and before joining the faculty at the Darden School, he was an associate professor of finance at the University of Georgia.

Lipson’s principal area of research is market microstructure — the study of how market design and organization affects price formation and liquidity. His work has been widely published, including articles in the Review of Financial Studies, the Journal of Finance, and the Journal of Financial Economics. He spent the 199899 academic year at the New York Stock Exchange as a visiting scholar and served on the NASDAQ Economic Advisory Board from 2004 to 2006. He is currently co-Editor-in-Chief of Financial Management, the journal of the Financial Management Association and is also an associate editor for both the Journal of Financial Markets and the Journal of Corporate Finance.”

Publications

Published Research

Li, Wei, Marc Lipson, Kamalini Ramdas, and John Williams, 2013, Can Stock Price Movements Inform Operational Efforts? Evidence from the Airline Industry, Manufacturing & Service Operations Management 15(3), 405-422.

Lipson, Marc, Sandra Mortal, and Michael Schill, Forthcoming, On the Scope and Drivers of the Asset Growth Effect, Journal of Financial and Quantitative Analysis.

Corwin, Shane and Marc Lipson, 2011, Order Characteristics and the Sources of Commonality in Prices and Liquidity, Journal of Financial Markets 14, 47-81.

Burns, Natasha, Simi Kedia and Marc Lipson, 2010, Institutional Ownership and Monitoring: Evidence from Financial Misreporting, Journal of Corporate Finance 16, 443-455.

Lipson, Marc, and Sandra Mortal, 2009, Liquidity and Capital Structure, Journal of Financial Markets 12, 611-644.

Irvine, Paul, Marc Lipson, and W. Andersen Puckett, 2007, Tipping, Review of Financial Studies 20, 741-768.

Lipson, Marc, and Sandra Mortal, 2007, Liquidity and Firm Characteristics: Evidence From Mergers and Acquisitions, Journal of Financial Markets 10, 342-361.

Lipson, Marc, and Sandra Mortal, 2006, The Effect of Stock Splits on Clientele: Is Tick Size Relevant, Journal of Corporate Finance 12, 878 - 896.

Corwin, Shane, and Marc Lipson, 2004, The Development of Secondary Market Liquidity for NYSE-listed IPOs, Journal of Finance 59, 2339-2373.

Jones, Charles, and Marc Lipson, 2001, Sixteenths: Direct Evidence on Institutional Trading Costs, Journal of Financial Economics 59, 253-278.

Corwin, Shane, and Marc Lipson, 2000, Order Flow and Liquidity Around NYSE Trading Halts, Journal of Finance 55, 1771-1801.

Jones, Charles, and Marc Lipson, 1999, Execution Costs of Institutional Equity Orders, Journal of Financial Intermediation 8, 123-140.

Lipson, Marc, Carlos Maquiera, and William Megginson, 1998, Dividend Initiations and Earnings Surprises, 1998, Financial Management 27 no.2, 36-45.

Jones, Charles, Gautam Kaul, and Marc Lipson, 1994, Transactions, Volume and Volatility, 1994, Review of Financial Studies 7, 631-651.

Jones, Charles, Gautam Kaul, and Marc Lipson, 1994, Information, Trading and Volatility, Journal of Financial Economics 36, 127-154.

Other Publications

Lipson, Marc and Raghu Rau, 2013, “Want an innovative idea? Don’t turn to the Ref”, The Financial Times, October 27, 2013

Lipson, Marc, 2011, Firms Bet the Ranch Over and Over, Washington Post “Case in Point” Series, Washington Post, 4/17/2011

Lipson, Marc, 2010, Shedding Light on Dark Pools, Center for the Study of Financial Regulation Newsletter 1, 5-6.

Harvey, Campbell, Marc Lipson, and Frank Warnock, 2008, Darden-JFE Conference Volume: Capital Raising in Emerging Economies, Journal of Financial Economics 88, 425-429.

Lipson, Marc, 2003, Market Microstructure and Corporate Finance, Journal of Corporate Finance 9, 377-384.

Jones, Charles M. and Marc Lipson, 2001, Pennies from Heaven?, Institutional Investor Spring, 59-67.

Expertise

Equity Market Trading
Institutional Investors
Capital Structure

MBA Courses

FY Finance
International Corporate Finance

Executive Education Courses

Pitney Bowes Leadership Development Program
AES Corporation Emerging Leaders Development Program
AES Corporation Financial Leadership Development Program

Current Research

Current Working Papers:

  • Chao, Raul, Marc Lipson, and Elena Loutskina, Financial Distress and Risky Innovation
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  • Lipson, Marc and Andrew Puckett, Institutional Trading During Extreme Market Movements
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Past (Cited) Working Papers:

  •  Jones, Charles and Marc Lipson, 2005, Are Retail Orders Different?
    Download Paper  
  •  Lipson, Marc, 2004, Competition Among Market Centers
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  •  Bacidore, Jeffery, and Marc Lipson, 2001, Opening and Closing Auctions: A Comparison of Procedures on the NYSE and Nasdaq
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  •  Lipson, Marc, 2001, Stock Splits, Liquidity, and Limit Orders
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Featured Video

Professor Lipson on Ethics at Darden

Darden faculty and administration highlight some of the ways they incorporate business ethics into their specialty areas across the Darden enterprise and not just in the core ethics classes. In this video, we hear from Professor Marc Lipson of Darden's Finance faculty.