Marc L. Lipson

Marc L. Lipson

Robert F. Vandell Professor of Business Administration

Office

FOB 247

Academic Area

Areas of Expertise

Equity Market Trading, Institutional Investors, Capital Structure

Education: B.A. in Anthropology, University of Virginia; M.S. in Accounting, University of Virginia; Ph.D. in Finance, University of Michigan

Professor Marc Lipson received his Ph.D. in finance from the University of Michigan and two degrees from the University of Virginia — a B.A. in anthropology and an M.S. 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 1998–99 academic year at the New York Stock Exchange as a visiting scholar and served on the NASDAQ Economic Advisory Board from 2004 to 2006. From 2012 to 2017, he was the co-editor-in-chief of Financial Management (the journal of the Financial Management Association) and is currently an associate editor for both the Journal of Financial Markets and the Journal of Corporate Finance.

 

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), p. 405-422.

Lenox, Michael and Jared Harris. The Strategist's Toolkit. Darden Business Publishing, (2013).  

    Lipson, Marc, Sandra Mortal and Michael Schill. "On the Scope and Drivers of the Asset Growth Effect,"   Journal of Financial and Quantitative Analysis 46, No. 6 (December 2011): p. 1651-1682. 

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

    Burns, Natasha, Simi Kedia and Marc Lipson (2010). "Institutional Ownership and Monitoring: Evidence from Financial Misreporting,"   Journal of Corporate Finance16, p. 443-455.

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

    Campbell R. Harvey, Marc Lipson, and Francis E. Warnock. "Capital raising in emerging economies," Journal of Financial Economics , Vol. 88, No. 3, June 2008, 425-429. 

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

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

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

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

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

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

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

    Lipson, Marc, Carlos Maquieira and William Megginson (1998). "Dividend Initiations and Earnings Surprises," Financial Management 27 No. 2, p. 36-45.

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

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

     

    Other Publications

    Lipson, Marc and Raghu Rau. "Want an innovative idea? Don't turn to the Ref". TheFinancial Times, (27 October 2013).

    Lipson, Marc. Firms Bet the Ranch Over and Over "Case in Point" Series,Washington Post, (17 April 2011).

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

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

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

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

     

    Current Working Papers

    Chao, Raul, Marc Lipson and Elena Loutskina. Financial Distress and Risky Innovation 

    Lipson, Marc and Andrew Puckett. Institutional Trading During Extreme Market Movements 

     

    Past (Cited) Working Papers

    Jones, Charles and Marc Lipson. (2005). Are Retail Orders Different? 

    Lipson, Marc. (2004). Competition Among Market Centers.

    Bacidore, Jeffery, and Marc Lipson. (2001). Opening and Closing Auctions: A Comparison of Procedures on the NYSE and Nasdaq.

    Lipson, Marc. (2001). Stock Splits, Liquidity, and Limit Orders.

     

    Case Studies

    Advancing knowledge through research that shapes business, Darden professors are recognized thought leaders in their fields. They are not only master case method teachers, they also author many of the cases used in Darden classrooms and around the world.

    Marc L. Lipson's cases are available in the Darden Business Publishing website.