Robert A Schwartz
Distinguished Professor
Zicklin School of Business
Department: Bert Wasserman Dept Eco & Fin
Areas of expertise:
Email Address: robert.schwartz@baruch.cuny.edu
> View CV- Biography
- Teaching
- Research and Creative Activity
- Grants
- Honors and Awards
- Service
Robert A. Schwartz is Marvin M. Speiser Professor of Finance and University Distinguished Professor in the Zicklin School of Business, Baruch College, CUNY. Before joining the Baruch faculty in 1997, he was Professor of Finance and Economics, and Yamaichi Faculty Fellow at New York University's Leonard N. Stern School of Business, where he had been a member of the faculty since 1965. In 1966, Professor Schwartz received his Ph.D. in Economics from Columbia University. His research is in the area of financial economics, with a primary focus on the structure of securities markets. He has published over seventy refereed journal articles, twelve edited books, and nine authored books, including Micro Markets: A Market Structure Approach to Microeconomic Analysis, Wiley & Sons, 2010. Dr. Schwartz has served as a consultant to various market centers including the New York Stock Exchange, the American Stock Exchange, Nasdaq, the London Stock Exchange, Instinet, the Arizona Stock Exchange, Deutsche Börse, Borsa Istanbul and the Bolsa Mexicana. From April 1983 to April 1988, he was an associate editor of The Journal of Finance, and he is currently an associate editor of the Review of Quantitative Finance and Accounting and the Review of Pacific Basin Financial Markets and Policies, and is a member of the advisory boards of International Finance. In December 1995, Professor Schwartz was named the first chairman of Nasdaq's Economic Advisory Board, and he served on the EAB until Spring 1999. He is developer, with Bruce Weber of the trading and market structure simulation, TraderEx. In 2009, Schwartz was named the first recipient of the World Federation of Exchanges’ annual Award for Excellence. In 2018, Schwartz was named the co-director of Baruch’s newly established Robert A. Schwartz Center for Trading and Financial Markets Research.
Education
Ph.D., Economics, Columbia University
M.B.A., Economics, Columbia University (Grad Bus.)
B.A., English Lit & Writing, New York University, WSC
| Semester | Course Prefix | Course Number | Course Name |
|---|---|---|---|
| Fall 2023 | FIN | 83200 | Sem Cap Mrkts/Portfolio Theory |
| Fall 2023 | BUS | 90000 | Dissertation Supervision |
| Spring 2023 | BUS | 90000 | Dissertation Supervision |
| Fall 2022 | BUS | 89500 | Independent Study |
| Fall 2022 | FIN | 83200 | Sem Cap Mrkts/Portfolio Theory |
| Fall 2020 | FIN | 83200 | Sem Cap Mrkts/Portfolio Theory |
| Spring 2020 | ECON | 90000 | Dissertation Supervision |
| Fall 2019 | ECON | 90000 | Dissertation Supervision |
| Fall 2019 | FIN | 83200 | Sem Cap Mrkts/Portfolio Theory |
| Spring 2019 | ECON | 90000 | Dissertation Supervision |
| Fall 2018 | FIN | 89000 | Options Markets |
| Fall 2017 | FIN | 83200 | Microstructure |
| Fall 2016 | FIN | 89000 | Microstructure |
| Fall 2015 | FIN | 83200 | Market Microstructure |
| Fall 2014 | FIN | 75500 | Fin Markets and Institutions |
| Spring 2014 | BUS | 90000 | Dissertation Supervision |
| Fall 2013 | ECO | 9730 | Firms in the Global Economy |
| Fall 2013 | BUS | 90000 | Dissertation Supervision |
| Spring 2013 | FIN | 83200 | Sem Cap Mrkts/Portfolio Theory |
| Fall 2012 | ECO | 9730 | Firms in the Global Economy |
| Fall 2011 | ECO | 9730 | Firms in the Global Economy |
| Fall 2010 | FIN | 4730 | Equity Mkt:Trd & Str |
| Fall 2009 | FIN | 4730 | Equity Mkt:Trd & Str |
| Fall 2008 | FIN | 4730 | Equity Mkt:Trd & Str |
| Spring 2008 | FIN | 9790 | Seminar in Finance |
| Spring 2008 | FIN | 9790 | Seminar in Finance |
| Fall 2007 | FIN | 4730 | Equity Mkt:Trd & Str |
| Fall 2006 | FIN | 9789 | Equity Markets |
| Fall 2005 | FIN | 9789 | Equity Markets |
| Fall 2004 | FIN | 9789 | Equity Markets |
| Fall 2003 | FIN | 9789 | Equity Markets |
| Fall 2002 | FIN | 9789 | Equity Markets |
| Fall 2001 | FIN | 9789 | Equity Markets |
Books
Schwartz, R., Byrne, J. A., & Stempel, E. (2023). Liquidity: How to Find it, Regulate it, Get it. New York, Springer.
Schwartz, R., Byrne, J. A., & Stempel, E. (2022). 40 Years of Experience with the National Market System (NMS). New York, Springer.
Schwartz, R. A., Ozenbas, D., Pagano, M. S., & Weber, B. W. (2021). Liquidity, Markets and Trading in Action: An Interdisciplinary Perspective.. Springer International Publishing.
Schwartz, R., Byrne, J. A., & Stempel, E. (2021). Equity Trading Round-Up: Proposals for Strengthening the Markets. New York, Springer.
Schwartz, R., Alan, N. S., Gulay, G., & Bildik, R. (2020). Transformation of a Stock Exchange: Implications for Emerging Markets. Springer.
Schwartz, R., Byrne, J., & Stempel, E. (2019). Market Integrity: Do Our Equity Markets Pass the Test?. (p. 122). Springer Science + Business Media.
Schwartz, R., Byrne, J., & Stempel, E. (2017). Rapidly Changing Securities Markets. (p. 122). Springer Science + Business Media.
Schwartz, R., & Francioni, R. (2017). Equity Markets in Transition: The Value Chain, Price Discovery, Regulation and Beyond. Springer.
Schwartz, R., Byrne, J. A., & Wheatley, L. (2015). The Economic Function of a Stock Exchange. (p. 88). Springer Science+Business Media.
Schwartz, R., Byrne, J., Schnee, G., & Schwartz, R. (2013). Rethinking Regulatory Structure. (p. 103). Springer Science+Business Media.
Schwartz, R., Byrne, J., Schnee, G., & Schwartz, R. (2013). The Quality of Our Financial Markets. (p. 88). Springer Science+Business Media.
Schwartz, R., Bryne, J., Schnee, G., & Schwartz, R. (2011). Volatility. (p. 137). Springer Science+Business Media.
Schwartz, R., & Carew, M. (2010). Micro Markets A Market Structure Approach to Microeconomic Analysis. (p. 443). New York, NY, U.S.A., John Wiley & Sons, Inc..
Schwartz, R., Sipress, G. M., & Weber, B. W. (2010). Mastering the Art of Equity Trading Through Simulation: The TraderEx Course. John Wiley and Sons.
Carew, M., & Schwartz, R. (2010). Micro Markets WORKBOOK A Market Structure Approach to Microeconomic Analysis. (p. 178). New York, NY, U.S.A., John Wiley & Sons, Inc..
Byrne, J. A., Colaninno, A., & Schwartz, R. (2009). "Technology and Regulation, How Are They Driving Our Markets?”. (p. 117 pages). Springer Science+Business Media.
Byrne, J. A., Colaninno, A., & Schwartz, R. (2008). Competition in a Consolidating Environment. New York, NY, Springer Science+Business Media.
Schwartz, R., Byrne, J. A., & Colaninno, A. (2007). The New NASDAQ Marketplace . New York, NY, Springer Science+Business Media.
Schwartz, R., Byrne, J. A., & Colaninno, A. (2006). Electronic vs. Floor Based Trading. (p. 175 pgs). Springer Science+Business Media.
Schwartz, R., Francioni, R., & Weber, B. B. (2006). The Equity Trader Course. (p. 410). John Wiley & Sons.
Francioni, R., Schwartz, R., & Weber, B. (2006). The Equity Trader Course. John Wiley & Sons.
Schwartz, R., Byrne, J. A., Colaninno, A., & Schwartz, R. (2005). Coping with Institutional Order Flow. (p. 200 pgs). Springer Science+Business Media.
Schwartz, R., & Francioni, R. (2004). Equity Markets In Action: The Fundamentals of Liquidity, Market Structure and Trading. (p. 468). John Wiley & Sons.
Schwartz, R., Byrne, J. A., Colaninno, A., & Schwartz, R. (2004). A Trading Desk’s View of Market Quality. (p. 199 pgs). Kluwer Academic Publishers.
Francioni, R., & Schwartz, R. (2004). Equity Markets In Action: The Fundamentals of Liquidity, Market Structure and Trading. (p. 468 pgs). John Wiley & Sons.
Schwartz, R., Byrne, J. A., Colaninno, A., & Schwartz, R. (2003). Call Auction Trading: New Answers to Old Questions. (p. 157 pgs). Kluwer Academic Publishers.
Schwartz, R., Colaninno, A., & Schwartz, R. (2001). Regulation of U.S. Equity Markets. (p. 154 pgs). Kluwer Academic Publishers.
Schwartz, R., & Schwartz, R. (2001). The Electronic Call Auction: Market Mechanism and Trading, Building a Better Stock Market. (p. 452 pgs). Kluwer Academic Publishers.
Schwartz, R., & Schwartz, R. (1995). Global Equity Markets: Technological, Competitive and Regulatory Challenges. (p. 520 pgs). Irwin Professional.
Schwartz, R. (1993). Reshaping the Equity Markets: A Guide For the 1990s. (p. 452 pgs). Business One Irwin.
Schwartz, R. (1991). Reshaping the Equity Markets: A Guide For the 1990s. (p. 452). Harper Business.
Schwartz, R., Lucas, H., & Schwartz, R. (1989). The Challenge of Information Technology for the Securities Markets: Liquidity, Volatility, and Global Trading. (p. 304 pgs). Dow Jones Irwin.
Schwartz, R. (1988). Equity Markets: Structure, Trading, and Performance. (p. 544). Harper & Row.
Cohen, K. J., Maier, S. F., Schwartz, R., & Whitcomb, D. K. (1986). The Microstructure of Securities Markets. Prentice Hall.
Schwartz, R., Amihud, Y., Ho, T., & Schwartz, R. (1985). Market Making and the Changing Structure of the Securities Industry. (p. 319 pgs). Lexington Books.
Schwartz, R., Bloch, E., & Schwartz, R. (1979). Impending Changes for Securities Markets: What Role for the Exchanges. AI Press.
Journal Articles
Schwartz, R., Ozenbas, D., & Ross, J. (2022). Equity Market Structure and the Persistance of Unsolved Problems: A Microstructure Perspective. Journal of Portfolio Management, 12-29.
Schwartz, R., & Ozenbas, D. (2022). The Return of the Call Auction. Journal of Portfolio Management, 110-126.
Schwartz, R., & Davis, P. (2021). Plato or Aristotle: Who Got It Right? Evidence from the Equity Markets. Journal of Portfolio Management, 1-8.
Schwartz, R. (2021). A Market Microstructure View of the Efficiency of Security Prices. Journal of Portfolio Management, 1-10.
Hua, J., Peng, L., Schwartz, R., & Alan, N. S. (2020). Resiliency and Stock Returns. Review of Financial Studies,
Schwartz, R., Francioni, R., & Weber, P. (2020). Market Liquidity: An Elusive Variable. Journal of Portfolio Management,
Schwartz, R., & Davis, P. (2020). The Interplay Between Regulation, Competition, and Technology and the Transformation of Our Equity Markets. Journal of Portfolio Management,
Schwartz, R., & Ozenbas, D. (2019). Trading Goes to College. BizEd,
Schwartz, R., & Ozenbas, D. (2018). Do HFT Firms Provide Two-Sided Liquidity?. Journal of Portfolio Management,
Schwartz, R. (2018). Dark Pools, Fragmented Markets, and the Quality of Price Discovery: Commentary . The Journal of Trading,
Schwartz, R., Hua, J., & Gregory, S. (2017). Using Simulation to Better Understand Price Determination in a Nonfrictionless Equity Market. Journal of Portfolio Management,
Schwartz, R., Lindsey, R., & Byrne, J. (2016). The SEC’s Order Handling Rules of 1997 and Beyond: Perspective and Outcomes of the Landmark Regulation. Journal of Portfolio Management, 42(3). 56-64.
Schwartz, R. (2016). A Challenge for the Equity Markets on Both Sides of the Atlantic: Can Liquidity be Augmented, Volatility Better Controlled, and Price Discovery Sharpened?. Journal of Banking Law and Banking (JBB), 28(6). 387-397.
Schwartz, R., Alan, N. S., & Mask, J. S. (2015). A Liquidity Program to Stabilize Equity Markets. Journal of Portfolio Management , 41(2). 113-125.
Schwartz, R. (2015). Augmenting Liquidity to Temper Volatility. Traders Magazine,
Schwartz, R., Alan, N. S., & Mahoney, T. (2015). Combatting Turbulence in the Equity Market: Get the listed Companies on Board. Journal of Portfolio Management , 41(4). 8-11.
Schwartz, R., & Byrne, J. (2014). What Makes an Exchange a Unique Institution. Journal of Trading , 9(1). 22-23.
Schwartz, R., Byrne, J., & Brooks, A. (2014). What Makes an Exchange a Unique Institution, A Response to Ian Domowitz. Journal of Trading, 9(3). 12–14.
Alan, N. S., & Schwartz, R. (2013). Price Discovery: The Economic Function of a Stock Exchange. Journal of Portfolio Management, 40(1). 124-132.
Pagano, M., Peng, L., & Schwartz, R. (2013). A Call Auction’s Impact on Price Formation and Order Routing: Evidence from the Nasdaq Stock Market. Journal of Financial Markets, 16(2). 331–361.
Schwartz, R., & Wu, L. (2013). Equity Trading in The Fast Lane. Journal of Portfolio Management, 39(3). 3–6.
Chakraborty, A., Pagano, M., & Schwartz, R. (2012). Order Revelation at Market Openings. Journal of Financial Markets, 15(2). 127-150.
Jupiter , D., Schlumprecht, T., & Schwartz, R. (2011). Herd on the Street. Journal of Portfolio Management,
Schwartz, R., Wolf, A., & Paroush, J. (2010). The Dynamic Process of Price Discovery in an Equity Market. Managerial Finance, 36(7). 554 - 565.
Ozenbas, D., Pagano, M., & Schwartz, R. (2010). “Accentuated Intra-Day Stock Price Volatility” . Journal of Portfolio Management, 36(3). 45–55.
Schwartz, R. (2010). “Dark Pools, Fragmented Markets, and The Quality of Price Discovery,” . Journal of Trading, 5(2). 17-22.
Klagge, N., Sarkar, A., & Schwartz, R. (2009). “Liquidity Begets Liquidity: Implications for a Dark Pool Environment”. Institutional Investor’s Guide to Global Liquidity, 2009(1). pp.15-20.
Sarkar, A., & Schwartz, R. (2009). “Market Sidedness: Insights into Motives for Trade Initiation”. Journal of Finance, 64(1). 375-423.
Schwartz, R. (2009). “Markets at Risk”. Journal of Trading, 4(2). pp. 46-49.
Hooper, M., & Schwartz, R. (2008). The Limits of Liquidity. Journal of Trading, 3(3).
Francioni, R., Hazarika, S., Reck, M., & Schwartz, R. (2008). Equity Market Microstructure: Taking Stock of What We Know. Journal of Portfolio Management, 35(1).
Schwartz, R., Sipress, G., & Weber, B. W. (2008). Getting Best Execution:Some Lessons from Simulation Analysis. Traders Magazine,
Davis, P., Pagano, M., & Schwartz, R. (2007). Divergent Expectations. Journal of Portfolio Management,
Schwartz, R., Francioni, R., & Weber, B. (2006). Decision Making in Equity Trading: Using Simulation to Get a Grip. Journal of Trading, 1(1). 59-74.
Davis, P., Pagano, M., & Schwartz, R. (2006). Life After the Big Board Goes Electronic. Financial Analysts Journal, 62(5). 14-20.
Pagano, M., & Schwartz, R. (2005). Nasdaq’s Closing Cross: Has its new call auction given Nasdaq better closing prices? Early Findings. Journal of Portfolio Management, 31(4). 100-111.
Handa, P., Schwartz, R., & Tiwari, A. (2004). The Economic Value of a Trading Floor: Evidence from the American Stock Exchange. Journal of Business, 77(2/ pt.1). 331-335.
Pagano, M., & Schwartz, R. (2003). A Closing Call’s Impact on Market Quality at Euronext Paris. Journal of Financial Economics, 68. 439-484.
Schwartz, R., & Wood, R. (2003). Best Execution: A Candid Analysis. Journal of Portfolio Management, 29(4). 37-48.
Handa, P., Schwartz, R., & Tiwari, A. (2003). Quote Setting and Price Formation in an Order Driven Market. Journal of Financial Markets, 6. 461-489.
Schwartz, R., & Steil, B. (2002). Controlling Institutional Trading Costs: We Have Met the Enemy, and They are Us. The Journal of Portfolio Management, 28(3).
Ozenbas, D., Schwartz, R., & Wood, R. (2002). Volatility in U.S. and European Equity Markets: An Assessment of Market Quality. International Finance, 5(3). 437-461.
Schwartz, R., & Weaver, D. (2001). What We Think About the Quality of Our Equity Markets. The Journal of Portfolio Management, 27(4). 63-70.
Handa, P., Schwartz, R., & Tiwari, A. (1999). Price Improvement and Price Discovery on a Primary Market: Evidence from The American Stock Exchange. The Journal of Portfolio Management, 55-64.
Handa, P., Schwartz, R., & Tiwari, A. (1998). The Ecology of An Order Driven Market . The Journal of Portfolio Management, 24(2). 47-55.
Schwartz, R. (1998). Institutional Investor Needs: An Emerging Force Determining Trading Structures in the Global Equity Markets. Review of Pacific Basin Financial Markets and Policies, 85-97.
Handa, P., Schwartz, R., & Tiwari, A. (1997). The Ecology of An Order Driven Market . Spanish translation is published in Bolsa de Madrid, 18-28.
Schwartz, R., & Webber, B. (1997). Next-Generation Securities Market Systems: An Experimental Investigation of Quote-Driven and Order-Driven Trading. Journal of Management Information Systems, 57-78.
Handa, P., & Schwartz, R. (1996). Limit Order Trading. Journal of Finance, 1835-1861.
Handa, P., & Schwartz, R. (1996). How Best to Supply Liquidity to a Securities Market. Journal of Portfolio Management, 44-51.
Handa, P., & Schwartz, R. (1996). Dynamic Price Discovery. Review of Quantitative Finance and Accounting, 5-28.
Economides, N., & Schwartz, R. (1995). Equity Trading Practices and Market Structure: Assessing Asset Managers' Demand for Immediacy. Financial Markets, Institutions and Instruments, 4. 1-46.
Economides, N., & Schwartz, R. (1995). Electronic Call Market Trading. Journal of Portfolio Management, 10-18.
Economides, N., & Schwartz, R. (1994). Making the Trade: Equity Trading Practices and Market Structure. Report of the Trader Forum Research Service of the Institutional Investor,
Bronfman, C., Lehn, K., & Schwartz, R. (1994). The SEC's Market 2000 Report. The Journal of Corporation Law, 523-551.
Schwartz, R. (1991). Institutionalization of the Equity Markets: Implications for Price Discovery, Volatility, and Market Structure. The Journal of Portfolio Management, 44-49.
Schwartz, R. (1989). A Proposal to Stabilize Stock Prices. Translated into Italian and published in Rivista Della Borsa,
Schwartz, R. (1988). A Proposal to Stabilize Stock Prices. Journal of Portfolio Management, 4-11.
Hasbrouck, J., & Schwartz, R. (1988). Liquidity and Execution Costs in Equity Markets. Journal of Portfolio Management, 10-16.
Schreiber, P., & Schwartz, R. (1986). Price Discovery in Securities Markets. Journal of Portfolio Management, 43-48.
Fung, W., Schwartz, R., & Whitcomb, D. (1985). Adjusting for the Intervalling Effect Bias in Beta: A Test Using Paris Bourse Data. Journal of Banking and Finance, 443-460.
Ho, T., Schwartz, R., & Whitcomb, D. (1985). The Trading Decision and Market Clearing Under Transaction Price Uncertainty. Journal of Finance, 21-42.
Cohen, K., Hawawini, G., Maier, S., Schwartz, R., & Whitcomb, D. (1983). Friction in the Trading Process and the Estimation of Systematic Risk. Journal of Financial Economics, 264-278.
Cohen, K., Maier, S., Schwartz, R., & Whitcomb, D. (1983). A Simulation Model of Stock Exchange Trading. Simulation, 181-191.
Goodman, L., & Schwartz, R. (1983). Coffee Pots and Limit Orders. Journal of Portfolio Management, 5-6.
Cohen, K., Hawawini, G., Maier, S., Schwartz, R., & Whitcomb, D. (1983). Estimating and Adjusting for the Intervalling Effect Bias in Beta. Management Science, 135-148.
Cohen, K., Maier, S., Schwartz, R., & Whitcomb, D. (1982). An Analysis of the Economic Justification For Consolidation In A Secondary Security Market. Journal of Banking and Finance, 117-136.
Arzac, E., Schwartz, R., & Whitcomb, D. (1981). A Theory and Test of Credit Rationing: Some Further Results. American Economic Review, 735-737.
Arzac, E., Schwartz, R., & Whitcomb, D. (1981). The Leverage Structure of Interest Rates. The Journal of Money, Credit, and Banking, 72-88.
Cohen, K., Maier, S., Schwartz, R., & Whitcomb, D. (1981). Transaction Costs, Order Placement Strategy, and Existence of the Bid Ask Spread. The Journal of Political Economy, 287-305.
Cohen, K., Hawawini, G., Maier, S., Schwartz, R., & Whitcomb, D. (1980). Implications of Microstructure Theory for Empirical Research on Stock Price Behavior. Journal of Finance, 249-257.
Cohen, K., Maier, S., Schwartz, R., & Whitcomb, D. (1979). On The Existence of Serial Correlation In An Efficient Securities Market. TIMS Studies in Management Science/ Management Science special issues series, (11). 151-168.
Schwartz, R., & Whitcomb, D. (1979). On Time Variance Analysis: Reply. Journal of Finance, 1273-1275.
Cohen, K., Maier, S., Schwartz, R., & Whitcomb, D. (1979). Market Makers and the Market Spread: A Review of Recent Literature. Journal of Financial and Quantitative Analysis, 813-835.
Bloch, E., & Schwartz, R. (1978). The Great Debate over NYSE Rule 390. Journal of Portfolio Management, 5-8.
Cohen, K., Maier, S., Schwartz, R., & Whitcomb, D. (1978). Limit Orders, Market Structure, and the Returns Generation Process. Journal of Finance, 723-735.
Schwartz, R., Cohen, K., Maier, S., & Whitcomb, D. (1978). The Returns Generation Process, Returns Variance, and the Effect of Thinness in Securities Markets. Journal of Finance,
Guth, L., Schwartz, R., & Whitcomb, D. (1977). Buyer Concentration Ratios. Journal of Industrial Economics, 241-258.
Cohen, K., Maier, S., Schwartz, R., & Whitcomb, D. (1977). The Impact of Designated Market Makers on Security Prices: II, Policy Proposals. Journal of Banking and Finance, 236-247.
Cohen, K., Maier, S. N., Okuda, H. S., Schwartz, R., & Whitcomb, D. (1977). The Impact of Designated Market Makers on Security Prices: I, Empirical Evidence. Journal of Banking and Finance, 219-235.
Schwartz, R., & Whitcomb, D. (1977). Evidence on the Presence and Causes of Serial Correlation in Market Model Residuals. Journal of Financial and Quantitative Analysis, 291-313.
Schwartz, R., & Whitcomb, D. (1977). The Time Variance Relationship: Evidence on Autocorrelation in Common Stock Returns. Journal of Finance, 41-55.
Schwartz, R., & Whitcomb, D. (1976). Comment: Assessing the Impact of Stock Exchange Specialists on Stock Volatility. Journal of Financial and Quantitative Analysis, 901-908.
Guth, L., Schwartz, R., & Whitcomb, D. (1976). The Use of Buyer Concentration Ratios in Tests of the Countervailing Power Hypotheses. Review of Economics and Statistics, 488-492.
Cohen, K., Maier, S. N., Okuda, H. S., Schwartz, R., & Whitcomb, D. (1976). The Determinants of Common Stock Returns Volatility: An International Comparison. Journal of Finance, 733-740.
Schwartz, R. (1974). An Economic Model of Trade Credit. Journal of Financial and Quantitative Analysis, 643-657.
Altman, E., & Schwartz, R. (1973). Volatility Behavior of Industrial Stock Price Indices. Journal of Finance, 957-971.
Schwartz, R. (1971). Common Stock Price Volatility Measures and Patterns. Abstracted in the CFA Digest, 1(2).
Schwartz, R. (1970). Personal Philanthropic Contributions. Journal of Political Economy, 1264-1291.
Altman, E., & Schwartz, R. (1970). Common Stock Price Volatility Measures and Patterns. Journal of Financial and Quantitative Analysis, 603-616.
Schwartz, R. (1970). Corporate Philanthropic Contributions. reply to comment on this paper by Oracle Johnson and Walter Johnson, Journal of Finance, 153-157.
Schwartz, R. (1968). Corporate Philanthropic Contributions. Journal of Finance, 479-497.
Book Chapters
Schwartz, R., & Peng, L. (2022). Market Liquidity. In Lee, C., & Lee, A. C. (Eds.), Encyclopedia of Finance (pp. 1001-1005). New York, NY,USA. Springer Science+Business Media.
Schwartz, R., & Peng, L. (2022). Market Makers. In Lee, C., & Lee, A. C. (Eds.), Encyclopedia of Finance (pp. 1007-1010). New York, NY,USA. Springer Science+Business Media.
Schwartz, R., & Peng, L. (2022). Structure of Securities Markets. In Lee, C., & Lee, A. C. (Eds.), Encyclopedia of Finance (pp. 1011-1016). New York, NY,USA. Springer Science+Business Media.
Schwartz, R., & Peng, L. (2013). Structure of Securities Markets. In Lee, C., & Lee, A. C. (Eds.), Encyclopedia of Finance (pp. 491-494). New York, NY,USA. Springer Science+Business Media.
Alan, N. S., Bildik, R., & Schwartz, R. (2013). Market Microstructure in Emerging and Developed Markets. In Baker, H. K., & Kiymaz, H. (Eds.), “Microstructure of Equity Markets” (pp. 17-38). John Wiley & Sons, Inc..
Schwartz, R., Alan, N. S., & Bildik, R. (2013). Microstructure of Equity Markets. In Baker, H. K., & Kiymaz, H. (Eds.), Market Microstructure in Emerging and Developed Markets (pp. 17-38). Hoboken, NJ. Wiley.
Schwartz, R., & Peng, L. (2013). Market Makers. In Lee, C., & Lee, A. C. (Eds.), Encyclopedia of Finance (pp. 487-490). New York, NY,USA. Springer Science+Business Media.
Schwartz, R., & Peng, L. (2013). Market Liquidity. In Lee, C., & Lee, A. C. (Eds.), Encyclopedia of Finance (pp. 483-486). New York, NY,USA. Springer Science+Business Media.
Schwartz, R., & Francioni, R. (2013). Call Auction Trading. In Lee, C., & Lee, A. C. (Eds.), Encyclopedia of Finance (pp. 477-482). New York, NY,USA. Springer Science+Business Media.
Francioni, R., Hazarika, S., Reck, M., & Schwartz, R. (2010). Security Market Microstructure: The Analysis of a Non-Frictionless Market. Handbook of Quantitative Finance and Risk Management, C.F. Lee and Alice Lee, Editors, Springer Science +Business, Fall 2010.
Schwartz, R., & Davis, P. (2010). Call Auction Markets. In Cont, R. (Ed.), Encyclopedia of Quantitative Finance (pp. 233-235). Hoboken, NJ. John Wiley & Sons.
Schwartz, R., Francioni, R., & Weber, B. (2008). A Support Level for Technical Analysis. In Fabozzi, F. J. (Ed.), Handbook of Finance (pp. 335-346). Hoboken, NJ. John Wiley & Sons.
Holowczak, R., & Schwartz, R. (2008). Automation. In Parillo, V. (Ed.), Encyclopedia of Social Problems, SAGE Reference.
Schwartz, R., & Holowczak, R. (2008). Automation in Equity Markets. In Parrillo, V. N. (Ed.), SAGE Reference Publications. Encyclopedia of Social Problems.
Schwartz, R., & Peng, L. (2006). Market Makers. In Lee, C., & Lee, A. c. (Eds.), Encyclopedia of Finance (pp. 634-637). New York, NY,USA. Springer Science+Business Media.
Davis, P., Pagano, M., & Schwartz, R. (2006). Markets in Transition: Looking Back and Peering Forward. In Bessler, W. (Ed.), (pp. 1-20). Börsen, Banken und Kapitalmärkte/ Duncker & Humblot.
Schwartz, R., & Peng, L. (2006). Structure of Securities Markets. In Lee, C., & Lee, A. C. (Eds.), Encyclopedia of Finance (pp. 638-642). New York, NY,USA. Springer Science+Business Media.
Schwartz, R., & Peng, L. (2006). Market Liquidity. In Lee, C., & Lee, A. C. (Eds.), Encyclopedia of Finance (pp. 630-633). New York, NY,USA. Springer Science+Business Media.
Schwartz, R., & Francioni, R. (2006). Call Auction Trading. In Lee, C., & Lee, A. C. (Eds.), Encyclopedia of Finance (pp. 623-629). New York, NY,USA. Springer Science+Business Media.
Handa, P., & Schwartz, R. (2001). How Best to Supply Liquidity to a Securities Market. In Menash, S., & Seck, D. (Eds.), African Emerging Markets: Contemporary Issues (pp. 85-95). Accra. African Capital Markets Forum.
Cohen, K. J., Maier, S. F., Schwartz, R., & Whitcomb, D. K. (1999). Transaction Costs, Order Placement Strategy, and Existence of the Bid Ask Spread. In Stoll, H. R. (Ed.), Microstructure: The Organization of Trading and Short Term Price Behavior (pp. 76-94). Cheltenham,UK. Edward Elgar Publishing Limited.
Schwartz, R. (1998). Technology's Impact on the Equity Markets. In Kemerer, C. (Ed.), (pp. 137-152). Future Markets: How Information Technology Shapes Competition/ Kluwer Academic Publishers.
Handa, P., Schwartz, R., & Tiwari, A. (1997). The Ecology of An Order Driven Market [French translation]. In Biais, B., Davydoff, D., & Jacquillat, B. (Eds.), Organisation et qualité des marchés financiers (pp. 187-202). Paris. Presses Universitaires de France (PUF).
Schwartz, R., & Steil, B. (1996). Equity Trading III: Institutional Investor Trading Practices and Preferences. In Steil, B. (Ed.), (pp. 81-106). Great Britain. The European Equity Markets: The State of the Union and an Agenda for the Millennium/ The Royal Institute of International Affairs.
Schwartz, R. (1996). Equity Trading II: Integration, Fragmentation, and the Quality of Markets. In Schwartz, R., & Steil, B. (Eds.), (pp. 59-79). Great Britain. The European Equity Markets: The State of the Union and an Agenda for the Millennium/ The Royal Institute of International Affairs.
Hamon, J., Handa, P., Jacquillat, B., & Schwartz, R. (1995). Market Structure and the Supply of Liquidity. In Schwartz, R. (Ed.), (pp. 76-89). Global Equity Markets: Technological, Competitive and Regulatory Challenges/ Irwin Professional.
Schwartz, R. (1995). Les marchés d'actions, Interview: Robert Schwartz. In Mérieux, A., & Marchand, C. (Eds.), Les Marchés Financiers Américains: Recueil des articles de l'Agence financiere de New York (pp. 139-143). Paris. Le Monde: Direction du Tresor, Ministere de l'economie et des finances.
Jacquillat, B., Hamon, J., & Schwartz, R. (1995). A Program to Increase the Liquidity of Shares in the French Equity Market. In Schwartz, R. (Ed.), (pp. 460-472). Global Equity Markets: Technological, Competitive and Regulatory Challenges/ Irwin Professional.
Bronfman, C., Lehn, K., & Schwartz, R. (1994). U.S. Securities Markets Regulation: Regulatory Structure. In Steil, B. (Ed.), International Financial Market Regulation/ Wiley.
Schwartz, R. (1994). U.S. Securities Markets Regulation: Market Structure. In Steil, B. (Ed.), International Financial Market Regulation/ Wiley.
Schwartz, R. (1993). Competition and Efficiency. In Lehn, K., & Kamphuis, R. (Eds.), (pp. 383-397). Modernizing U.S. Securities Regulation: Economic and Legal Perspectives/ Business One Irwin.
Schwartz, R., & Shapiro, J. (1992). The Challenge of Institutionalization for the Equity Markets. In Saunders, A. (Ed.), (pp. 31-45). Recent Developments in Finance/ Business One Irwin.
Schwartz, R., & Cohen, K. (1989). An Electronic Call Market: Its Design and Desirability. In Lucas, H., & Schwartz, R. (Eds.), (pp. 15-58). The Challenge of Information Technology for the Securities Markets: Liquidity, Volatility, and Global Trading.
Schreiber, P., & Schwartz, R. (1985). Efficient Price Discovery in a Securities Market. In Amihud, Y., Ho, T., & Schwartz, R. (Eds.), (pp. 19-39). Market Making and the Changing Structure of the Securities Industry/ Lexington Books.
Cohen, K., Maier, S., Schwartz, R., & Whitcomb, D. (1979). Assessing the Efficiency of Institutional Arrangements for a National Market System. In Bloch, E., & Schwartz, R. (Eds.), (pp. 120-143). Impending Changes for the Securities Markets: What Role for the Exchanges?/ JAI Press.
Schwartz, R., & Whitcomb, D. (1979). The Trade Credit Decision. In Bicksler, J. L. (Ed.), Handbook of Financial Economics (pp. 257-273). Amsterdam. North Holland.
Schwartz, R., & Whitcomb, D. (1978). Implicit Transfers in the Extension of Trade Credit. (pp. 191-208). The Channels of Redistribution Through the Financial System: The Grants Economics of Money and Credit/ Praeger.
Schwartz, R., & Altman, E. (1972). The Fluctuations of Stock Market Prices. (pp. 111-126). London. Applications of Management Science in Banking and Finance/ Gower Press.
Media Contributions
Schwartz, R., & Ozenbas, D. (2014). Trading Rooms: A Bridge to Reality.
Schwartz, R. (2014). An HFT Remedy: Slow Down Wall Street.
(2013). Institutional Investor.
(2012). WSJ.com.
(2012). bloomberg.com.
Schwartz, R. (2011). Sparking Excitement About Economics.
Schwartz, R. (2005). MBA Graduate, Please Have a Seat.
Presentations
Schwartz, R. A., Ozenbas, D., & Ascioglu, A. (2024, November 26). Market Microstructure Analysis for the Classroom . Southern Finance Association Annual Meeting. Puerto Rico: Southern Finance Association.
Schwartz, R. A., & Ross, J. (2024, November 26). Equity Market Structure and the Persistence of Unsolved Problems: A Microstructure Perspective with Jim Ross and Professor Robert Schwartz. . U.S. Securities & Exchange Commission Meeting. Virtual: U.S. Securities & Exchange Commission.
Schwartz, R. (2022, November 4). A Random Walk Through Technical Analysis and Charting. : New Canaan Men's Club.
Schwartz, R. (2021, March 31). Portfolio Management Research : Conversations with Frank Fabozzi. : Portfolio Management Research.
Schwartz, R. A. (2024, April 26). Potential Improvements in Market Structure for Thinly-Traded Securities . U. S. Securities and Exchange Commission Division of Trading and Markets Roundtable. Washington, DC: U.S. Securities & Exchange Commission.
Schwartz, R., Kahn, W., Garner, J., Ozenbas, D., Ozkan, B., & Pagano, M. (2018, October 12). Filling an Education Gap: Bringing Liquidity Provision and Trading into the Classroom. FMA Annual Meeting. San Diego, CA: Financial Management Association.
Schwartz, R., Peng, L., Hua, J., & Alan, N. S. (2016, March 31). Are Stocks Priced to Yield a Resiliency Premium?. Midwest Finance Association. Atlanta, Georgia
Schwartz, R., Hua, J., Peng, L., & Alan, N. S. (2016, June 9). Are Stocks Priced to Yield a Resiliency Premium?. FMA European Conference. Helsinki, Finland: FMA.
Schwartz, R. (2016, April 30). . Stock Trading Systems: China and US Comparison. : Princeton University.
Schwartz, R. (2014, March 6). . 2014 FMA Annual Meeting. Orlando, FL
Schwartz, R. (2013, March 14). . 2013 SWFA Annual Meeting. Albuquerque, New Mexico
Schwartz, R. (2012, January 16). “Strengthening of the ISE’s Position in the International Marketplace,”. Istanbul Stock Exchange Speech.
Schwartz, R. (2012, October 19). . 2012 FMA Annual Meeting. Atlanta, GA
Schwartz, R. (2011, June 25). . Accreditation Council for Business Schools & Programs, Mastering the Art of Equity Trading through Simulation.
Schwartz, R. (2010, November 18). . The Future of Trading Technologies, Operations & Risk Management Summit. Toronto, Canada
Schwartz, R. (2010, March 4). . Stevens Institute of Technology, School of Systems and Enterprises, Financial Engineering Seminar Series.
Schwartz, R. (2010, January 21). . NIRI-NY, Demystifying the Markets. New York, NY
Schwartz, R. (2010, October 1). . 37th Annual Conference, Northeast Business & Economics Association. Morristown, New Jersey
Schwartz, R. (2010, March 11). . CBOE Breakfast, 35th Annual International Futures Industry Conference.
Schwartz, R. (2010, December 10). Keynote Speaker. TradeTech Canada. Toronto, Canada
Schwartz, R. (2010, December 9). . Istanbul Stock Exchange 25th Anniversary. Istanbul, Turkey
Schwartz, R. (2009, December 8). . NYSEfacts 2009. New York, NY
Schwartz, R. (2009, October 7). . WFE Annual Meeting. Vancouver, Canada
Schwartz, R. (2009, December 2). Keynote Speech. FESE Convention. Brussels, Belgium
Schwartz, R. (2008, May 8). Division of Enforcement and Risk Group Offsite Conference. NYSE Regulation.
Schwartz, R. (2008, March 4). USA 2008, Track Chairperson. TradeTech. New York
Schwartz, R. (2008, June 4). . European FMA. Prague, Czech Republic
Schwartz, R. (2008, June 13). . The Industrial Organisation of Securities Markets: Competition, Liquidity and Network Externalities. Frankfurt, Germany
Schwartz, R. (2008, November 21). . Southern Finance Association Annual Meeting. Key West, Florida
Schwartz, R. (2008, September 9). Best Execution Panel. Citi-Capco Investment Servicing Symposium. New York City
Schwartz, R. (2008, December 1). Keynote Speaker. WFE Workshop on Market Structure & Statistics. Paris, France
Schwartz, R. (2007, August 31). . Deutsche Boerse Order Book Analytics Workshop: Part 1. New York, NY
Schwartz, R. (2007, October 20). . The Future of the Stock Market Roundtable. The Philoctetes Center, New York City
Schwartz, R. (2007, June 5). . Keynote Speaker. New York City, New York: Front Office Trading Systems for the Buy-Side, Marcus Evans.
Schwartz, R. (2007, May 18). . 4th International Capital Markets Conference. Thessaloniki, Greece
Schwartz, R. (2007, April 30). . CFA Institute. New York City, New York: CFA Institute.
Schwartz, R. (2007, April 26). . Featured Presentation: Discussion with Frank Gerstenschlager, Board Member of Deutsche Börse AG. Paris, France: TradeTech.
Schwartz, R. (2007, April 23). . Paper Presentation. Paris, France: American University of Paris.
Schwartz, R. (2007, April 4). Customer Facts Program. Speaker. New York, New York: NYSE.
Schwartz, R. (2007, March 25). . Keynote Speaker. Paris, France: TradeTech 2007.
Schwartz, R. (2007, March 23). . Mid-Atlantic Research Conference in Finance. Villanova, Pennsylvania: Villanova University.
Schwartz, R. (2007, March 14). . Presentation to Senior Executives. Tel Aviv, Israel: Tel Aviv Stock Exchange.
Schwartz, R. (2007, March 12). . Department Seminar. Ramat-Gan, Israel: Bar-Ilan University.
Schwartz, R. (2007, January 16). . Third Annual Market Structure Conference. New York City, New York: Sourcing and Managing Liquidity.
Schwartz, R. (2007, January 6). . HICSS-40 International Conference on System Sciences. Waikoloa, Hawaii
Schwartz, R. (2007, November 12). Keynote Speaker. Degroote School of Business 2nd Annual Conference on Market Structure and Market Integrity. Ontario, Canada,: McMaster University, Hamilto.
Schwartz, R. (2007, November 29). . Alternative Trading Systems Forum. New York City: NYSE Euronext.
Schwartz, R. (2007, September 27). . Deutsche Boerse Order Book Analytics Workshop: Part 2. Frankfurt, Germany
Schwartz, R. (2007, July 23). . The NYSE Facts Program. New York, NY
Schwartz, R. (2006, October 26). . 2006 FMA Annual Meeting. Salt Lake City, UT
Schwartz, R. (2006, October 26). . Dinner Speaker and Panel Moderator. Hamburg, Germany: Conference and Festschrift in Honor of Hartmut Schmidt.
Schwartz, R. (2006, September 27). . Traders Magazine Conference. New York City: Traders Live - Block Trading Conference.
Schwartz, R., & Ozenbas, D. (2006, June 6). . presented paper at the 30th Anniversary of Journal of Banking and Finance. Beijing, China: University of Peking.
Schwartz, R. (2006, May 11). . European Conference. Stockholm, Sweden: FMA.
Schwartz, R. (2006, April 6). . DeGroote School of Business Lecture Series. Toronto, Canada: McMaster University.
Schwartz, R. (2006, March 31). . Financial News Institutional Trading Forum. Toronto, Canada
Schwartz, R. (2006, March 9). New York City. TradeTech USA 2006.
Schwartz, R. (2006, January 31). . Annual Meetings. Boston: American Finance Association.
Schwartz, R. (2005, October 27). . Future of US Trading Platforms. New York City: NIRI, New York Chapter Program.
Schwartz, R. (2005, September 21). . 10th Client Conference. Miami, Florida: Plexus Group.
Schwartz, R. (2005, March 7). . Long-term Consequences of Soft Dollar Decisions on Investors, Investment Managers, Brokers and Research Providers. New York, New York: IIR 12th Annual Soft Dollar Practices Forum.
Schwartz, R. (2005, March 31). . A Day on Wall Street. New York City: National Investor Relations Institute.
Schwartz, R. (2005, April 5). . Next Generation Trading Tools and Venues. New York City: TradeTech USA 20005.
Schwartz, R. (2005, April 10). . FIX Protocol Americas Quarterly. New York City
Schwartz, R. (2005, May 23). . Three Lectures to Doctoral Group. Karlsruhe, Germany: Karlsruhe University.
Schwartz, R. (2005, May 25). . Keynote Talk. Regensburg, Germany: IEEE Second International Workshop on Enterprise, Applications and Services in the Finance Industry (FinanceCom05).
Schwartz, R. (2005, June 10). Dynamic Price Discovery in a Divergent Expectations Environment. 13th Annual Conference on Pacific Basin Finance, Economics, and Accounting. New Brunswick, NJ
Schwartz, R. (2004, January 21). Integrating Institutional Order Flow with Trade Execution. The 2004 Best Execution Compliance Symposium. New York, New York: Financial Research Associates.
Schwartz, R. (2004, February 6). Government and the U.S. Equity Markets. Sloan Conference for the Study of Business in Society. Washington DC: George Washington University Law School.
Schwartz, R. (2004, October 9). . Liquidnet 2004 Institutional Trading Summit, Best Practices Year III. South Beach, Florida
Schwartz, R. (2003, September 24). Market Structures for Optimal Institutional Trading. 9th Conference. Napa, California: Plexus Group.
Schwartz, R. (2003, October 23). The Future of the Industry as Seen by Security Analysts and Investment Bankers. 10th Annual Securities Industry Conference, Preparing for the Future of Financial Services. New York, New York: Pace University.
Schwartz, R. (2003, April 8). Volatility in the US and European Equity Markets: A Critical Assessment of Market Quality. Worldwide Business Research. Paris, France: Trade Tech 2003.
Schwartz, R. (2003, March 25). Chicago, Illinois. Equity Trading: The Next Revolution. Controlling Institutional Trading Costs and New Insights into Global Market Structure: AIMR Conference.
Schwartz, R. (2002, November 5). Controlling Institutional Trading Costs: We have met the enemy, and it is us. Keynote Address. Boca Raton, Florida: Liquidnet Defining Best Execution Summit.
Schwartz, R. (2002, October 29). . The 2002 Best Execution Compliance Symposium. New York, New York: Financial Research Associates.
Schwartz, R. (2002, February 27). . 8th Client Conference. Jacksonville, Florida: Plexus Group.
Schwartz, R. (2002, April 19). Best Execution: Is it a Myth?,. Guest Speaker. Paris, France: Worldwide Business Research , TradeTech 2002.
Schwartz, R. (2002, May 3). Evolving Structures of Securities Markets. Washington, DC: Georgetown University Conference.
Schwartz, R. (2002, October 24). . The Ninth Annual Securities Industry Conference. New York, New York
Schwartz, R. (2001, July 5). Establishing the Prospects of ECNs in the US and the European Markets. Guest Speaker. Paris, France: Worldwide Business Research, TradeTech 2001.
Schwartz, R. (2001, October 24). Institutional Trading in the Current Market. , 2001 Equity Markets Conference. New York City: Investment Company Institute.
Schwartz, R. (2001, February 15). Coming to Grips with Trading Costs: The Big Picture. European Trader Forum. Dublin, Ireland
Schwartz, R. (2001, March 1). The Effects of Electronic Trading. Non-Financial Institutions: Development & Regulation Workshop. Washington, DC: The World Bank.
Schwartz, R. (2001, April 28). . Charleston, South Carolina: Eastern Finance Association Meetings.
Schwartz, R. (2000, August 22). Alternative Structures for the Securities Markets. Conference. Washington, DC: Georgetown University.
Schwartz, R., & Weaver, D. (2000, September 14). . Survey Presentation. Boca Raton, Florida: STA 67th Annual Conference.
Schwartz, R. (2000, March 31). . Fifth Annual Trade Execution Congress. New York, NY: Institute for International Research.
Schwartz, R. (2000, February 10). ECNs and the Future of the Securities Markets. Conference. Washington, DC: American Enterprise Institute for Public Policy Research.
Schwartz, R., & Weaver, D. (2000, October 5). Survey of Opinions on the Quality/Efficiency of U.S. Equity Markets. TraderForum Fall Workshop. Washington, DC
Schwartz, R. (2000, January 18). . Executive Forum. Montreux, Switzerland: The Seventh European Exchanges Council.
Schwartz, R. (2000, November 16). Market Quality – Is it There?. Westminster and City Programmes, Global Securities Trading – Dealing in the 24-hour Marketplace. London, United Kingdom
Schwartz, R. (2000, October 28). . Annual Meeting 2000. Seattle, Washington: FMA.
Schwartz, R. (1999, July 2). The Impact of the Internet on the Securities Markets. Keynote Speaker. London, United Kingdom: Westminster and City Programmes.
Schwartz, R. (1999, September 14). The NYSE and its Competitive Landscape. New York, New York: Bear/Hunter NYSE Listed Companies Conference.
Schwartz, R. (1999, January 25). Update on Today’s Markets. The Trading Revolution. New York, NY: International Business Communications.
Schwartz, R. (1999, January 31). . Hawaii International Conference on System Sciences. Hawaii
Schwartz, R. (1999, February 19). . Trader Forum Winter Workshop. New York, NY
Schwartz, R. (1999, February 26). . Pacific Basin Financial Markets & Policies. New York, NY
Schwartz, R. (1999, March 2). Teaching Enhanced Simulations: Powerful Tools for Management Education. Atlanta, GA: AACSB Annual Meeting.
Schwartz, R. (1999, September 23). Technology and the NYSE. Conference. Washington, DC: Georgetown University.
Schwartz, R. (1999, October 2). Institutional Trading: New Directions, New Challenges. Conference. Washington, DC: Investment Company Institute.
Schwartz, R. (1999, October 9). Innovations in Electronic Trading: A Vision for the Future. fourth International Conference. Frankfurt am Main, Germany: Handelsblatt.
Schwartz, R. (1999, October 17). The Future of Risk Takers. Sixty-sixth Annual Conference. Palm Springs, California: Security Traders Association.
Schwartz, R. (1999, October 19). Recent Developments in Securities Trading. Thirty-ninth FIBV General Assembly. Bangkok, Thailand
Schwartz, R. (1999, November 12). Technology’s Impact on the Securities Market: The Players. Financial Technology Forum. Philadelphia, PA
Schwartz, R. (1999, May 4). Market Structure Under Stress. Washington, DC: NOIP Conference.
Schwartz, R. (1999, March 16). . Fourth Annual Trade Execution Congress. New York, NY: Institute for International Research.
Schwartz, R. (1999, March 4). Update on Today’s Markets. Riverside, CT: Security Traders Association of Connecticut.
Schwartz, R. (1998, December 11). . Conference on Global Equity Markets. Paris, France: SBF-Bourse de Paris-NYSE.
Schwartz, R. (1998, September 3). Financial Services in the Evolving Global Marketplace. Hofstra University Conference. Hempstead, New York
Schwartz, R. (1998, October 23). . Keynote Speaker. Frankfurt am Main, Germany: Handelsblatt Finanzveranstaltungen, 3rd International Conference.
Schwartz, R. (1998, November 10). Best Solutions for Best Execution. New York City, New York: Institute for International Research.
Schwartz, R. (1998, November 13). Technology: Reinventing the Securities and Investment Marketplace. Global Investment Technology Leadership Roundtable. London, United Kingdom
Schwartz, R. (1998, January 31). . Hawaii International Conference on System Sciences. Hawaii
Schwartz, R. (1997, February 28). Non-Traditional Equity Trading. Institute for International Research Conference. New York City, New York
Schwartz, R. (1997, March 31). . London School of Economics Conference. London, United Kingdom
Schwartz, R. (1997, April 30). . Global Financial Policy Forum, Markets in the 21st Century. Washington D.C
Schwartz, R. (1997, May 31). . Keynote speaker. Germany: BVH Conference at Mannheim University.
Schwartz, R. (1997, July 31). . Security Trader's Association Conference. Chicago, Illinois
Schwartz, R. (1997, July 31). . Fifth Conference on Pacific Basin Business, Economics and Finance. Singapore
Schwartz, R. (1997, August 31). . Georgetown University's Third International Forum. Alternative Structures for Securities Markets: Washington D.C.
Schwartz, R. (1997, October 8). Introductory Remarks. Rethinking Equity Trading at Nasdaq. Baruch College: Zicklin School of Business, Baruch College & the Nasdaq Stock Market.
Schwartz, R. (1997, January 31). . Hawaii International Conference on System Sciences. Maui, Hawaii
Schwartz, R. (1996, October 31). . Securities Traders Association Meetings. Orlando, Florida
Schwartz, R. (1996, December 31). . SBF-Bourse de Paris Conference. Paris, France
Schwartz, R. (1996, October 31). The Theory of Finance, Market Microstructure & Emerging Markets. Syracuse University Symposium. Syracuse, New York
Schwartz, R. (1996, September 30). Alternative Structures for Securities Markets. Georgetown University's Second International Forum. Washington D.C.
Schwartz, R. (1996, July 31). Trade Execution, Commissions & Disclosure. Conference. New York City, New York: Institute for International Research.
Schwartz, R. (1996, June 30). . Conference at the Institut Für Finanzierung Und Finanzmärkte. Vienna, Austria
Schwartz, R. (1996, February 28). . European Capital Markets Institute Conference. London, United Kingdom: Royal Institute of International Affairs.
Schwartz, R. (1996, May 31). . Madrid, Spain: European Capital Markets Institute.
Schwartz, R. (1996, April 30). . Fourth Conference on Pacific Basin Business, Economics and Finance. New Jersey: Rutgers University.
Schwartz, R. (1996, April 30). A Tribute to Lawrence Fisher. New Jersey Center for Research in Financial Services Conference. New Jersey: Rutgers University.
Schwartz, R. (1996, April 30). . Seventh Annual Securities Market Convention. Mexico City, Mexico
Schwartz, R. (1996, April 30). . TraderForum Conference. Key Biscayne , Florida
Schwartz, R. (1996, June 30). . Conference at the Stockholm Stock Exchange. Stockholm, Sweden
Schwartz, R. (1995, November 30). . Shadow SEC. New York City, New York: New York University.
Schwartz, R. (1995, December 31). . Deutsche Börse Symposium,. Frankfurt, Germany
Schwartz, R. (1995, September 30). Alternative Structures for Securities Markets. First International Forum. Washington D.C.: Georgetown University's.
Schwartz, R. (1995, January 31). . ASSA Convention. Washington D.C.: Association of Financial Economists.
Schwartz, R. (1995, March 13). Stock Exchange Trading: How Best to Supply Liquidity in an Electronic Environment. Keynote speaker, Conference on Market Microstructure. Geneva, Switzerland: Geneva Stock Exchange and the University of Geneva.
Schwartz, R. (1995, May 31). . European Capital Markets Institute. Copenhagen, Denmark
Schwartz, R. (1995, August 31). . Third Conference on Pacific Basin Business, Economics and Finance. Taipei, Taiwan
Schwartz, R. (1995, August 31). . Le Nouveau Marché: Premiere. Paris, France
Schwartz, R. (1994, October 8). Liquidity and Market Structure. Keynote address. Osnabruck, Germany: German National Science Foundation Colloquium.
Schwartz, R. (1994, June 29). The Structure and Liquidity of Equity Markets. Presentation at London School of Economics, Securities & Investments Board Conference. London, United Kingdom
Schwartz, R. (1993, June 30). . Meetings. Whistler, Canada: Western Finance Association.
Schwartz, R. (1993, April 30). . International Meetings. La Baule, France: French Finance Association.
Schwartz, R. (1993, November 30). . The Shadow Securities and Exchange Commission.
Schwartz, R. (1993, October 31). . The Eighteenth International Meetings. Mexico City, Mexico: International Organization of Securities Commissioners (IOSCO).
Schwartz, R. (1990, December 31). . American Finance Association Meetings. Washington, D.C.
Schwartz, R. (1990, October 31). . Financial Management Association Meetings. Orlando, Florida
Schwartz, R. (1990, March 31). . Matif's International Futures and Options Colloquium. Paris, France
Schwartz, R. (1990, September 30). . National Association of Business Economists Meetings.
Schwartz, R. (1989, June 30). . French Finance Association Meetings. Paris, France
Schwartz, R. (1989, May 31). . Office of Technology Assessment Conference. Washington D.C.
Schwartz, R. (1989, March 31). . American Stock Exchange Options Conference. New York City, New York
Schwartz, R. (1989, February 28). . Conference. New York City, New York: Institute for International Research.
Schwartz, R. (1989, December 31). . American Finance Association Meetings. New York City, New York
Schwartz, R. (1989, October 31). . Meetings. Boston, Massachusetts: Financial Management Association.
Schwartz, R. (1984, September 1). . Meetings. Manchester, United Kingdom: European Finance Association.
Schwartz, R. (1983, September 3). . Meetings. Fontainebleau, France: European Finance Association.
Schwartz, R. (1983, June 30). . Western Finance Association Meetings. Long Beach, California
Schwartz, R. (1983, June 13). . Summer Computer Simulation Conference. Vancouver British Columbia: The Society for Computer Simulation,.
Schwartz, R. (1981, April 30). . Financial Innovation Conference,. : Northwestern University.
Schwartz, R. (1980, September 30). . Meetings. Graz, Austria: European Finance Association.
Schwartz, R. (1979, December 31). . Meetings. Atlanta, Georgia: American Finance Association.
Schwartz, R. (1979, June 30). . Meetings. San Francisco, California: Western Finance Association.
Schwartz, R. (1979, June 30). . Institute of Management Science Meetings. Honolulu, Hawaii
Schwartz, R. (1978, August 31). . Meetings. Chicago, Illinois: American Finance Association.
Schwartz, R. (1978, June 30). . Honolulu, Hawaii: Western Finance Association.
Schwartz, R. (1978, May 31). . TIMS/ORSA Joint National Meetings. New York City, New York
Schwartz, R. (1978, May 31). . Meetings. Honolulu, Hawaii: Western Economic Association.
Schwartz, R. (1978, April 30). . Napa, California: Institute of Quantitative Research In Finance.
Schwartz, R. (1977, December 31). . Meetings. New York City, New York: American Finance Association.
Schwartz, R. (1977, July 31). . International Meetings. Athens, Greece: Institute of Management Science.
Schwartz, R. (1976, September 30). . Meetings. Atlantic City, New Jersey: American Economic Association.
Schwartz, R. (1976, June 30). . Meetings. San Francisco, California: Western Economic Association.
Schwartz, R. (1975, November 30). . American Economic Association Meetings. Dallas, Texas: Joint American Finance Association.
Schwartz, R. (1975, June 30). . International Meetings of the Institute of Management Science. Kyoto, Japan
Schwartz, R. (1975, February 28). . New York City, New York: New York Society of Security Analysts' Computer Applications Committee.
Schwartz, R. (1974, June 30). . Third Congress on Financial Theory and Decision Models. Garmisch Partenkirchen, Germany
Schwartz, R. (1974, May 31). . Center for Research in Security Prices. Illinois: University of Chicago.
Schwartz, R. (1974, March 31). . Review of The Budget's New Clothes (by L. Merewitz and S. Sosnick), Journal of Finance.
Schwartz, R. (1973, December 30). . Meetings. New York City, New York: Econometric Society.
Schwartz, R. (1972, December 30). . Meetings. Toronto, Canada: Econometric Society.
Schwartz, R. (1972, November 11). . Meetings. Atlantic City, New Jersey: The Institute of Management Science.
Schwartz, R. (1970, June 30). . International Conference. London, United Kingdom: Institute of Management Science.
Schwartz, R. (1970, April 30). . National Meetings. Washington, D.C.: Operations Research Society of America.
Schwartz, R. (1969, August 21). . Joint Meetings. Long Beach, California.: Western Economic and Finance Associations.
Other Scholarly Works
Schwartz, R., Weber, B., Lee, C., & Lee, J. (2015). Simulation as a Research Tool for Market Architects. Handbook of Financial Econometrics and Statistics. 121-146.
Schwartz, R. (2015). Augmenting Liquidity to Temper Volatility.
Schwartz, R. (2007). Big Change at the Big Board; Where is the Hybrid Market Heading?.
Henderschott, T., Neumann, D., Schwartz, R., Weber, B., & Weinhardt, C. (2006). Preface to the Focus Theme Section: ‘Financial Market Engineering’. 16(2), 98-100.
Schwartz, R. (2005). The Trade-Through Rule Must Go. (Guest Column),
Schwartz, R. (2004). Limit Orders: Grounds for Concern. (Guest Column),
Schwartz, R., & Francioni, R. (2004). Institutional Order Flow: In the Eye of the Storm.
Schwartz, R. (2002). Disaster Recovery for the NYSE.
Schwartz, R., & Wood, R. (2001). Stock Market Quality: Perspectives from the U.S. and Europe.
Ozenbas, D., Schwartz, R., & Wood, R. (2001). Report on Quality of European Equity Markets, Westminster and City Programmes.
Schwartz, R. (1999). How the NYSE Can Save Itself.
Schwartz, R. (1998). Order Flow Consolidation with Multiple Trading Modalities. 8-17.
Schwartz, R., & Weaver, D. (1997). Where the Rubber Meets the Road: Improving Portfolio Performance By Controlling Trading Costs. 15-20.
Handa, P., Schwartz, R., & Tiwari, A. (1996). Determinants of the Bid-Ask Spread in an Order Driven Market.
Schwartz, R. (1995). The SEC Vs. Nasdaq?.
Schwartz, R., & Wood, R. (1995). Dealer Markets, Derivative Expirations and a Call. 38-45.
Bronfman, C., Lehn, K., & Schwartz, R. (1994). U.S. Securities Markets Regulation: Regulatory Structure. 18-53.
Schwartz, R. (1994). U.S. Securities Markets Regulation: Market Structure. 54-72.
Schwartz, R., & Sirri, E. (1993). AZX and the Arizona Stock Exchange.
Schwartz, R. (1992). Market Makers," "Market Liquidity,"and "The Structure of Security Markets.
Schwartz, R. (1991). Integrating Call and Continuous Markets. 14-16.
Neuberger, A., & Schwartz, R. (1990). Current Developments in the London Equity Market.
Schwartz, R. (1990). Price Discovery, Instability, and Market Structure. G 41-48.
Schwartz, R. (1990). A Proposal to Stabilize Stock Prices. 82-84.
Schwartz, R., & Whitcomb, W. (1988). Transaction Costs and Institutional Investor Trading Strategies. 2(3), 1-72.
Hasbrouck, J., & Schwartz, R. (1986). The Liquidity of Alternative Market Centers: A Comparison of the New York Stock Exchange, The American Stock Exchange, and the NASDAQ National Market System. Report #12-15.
Bloch, E., & Schwartz, R. (1978). The Battle Over Rule 390.
Schwartz, R., & Intriligator, M. D. (1971). Efficient Capital Markets: A Review of Theory and Empirical Work. Frontiers of Quantitative Economics.
Schwartz, R. (1970). Efficient Capital Markets: A Review of Theory and Empirical Work. 25(2), 421-423.
| Title | Funding Agency Sponsor | Start Date | End Date | Awarded Date | Total Funding | Status |
|---|---|---|---|---|---|---|
| The piano in the russian far east | PSC-CUNY 43 | 07/01/2012 | 06/30/2013 | 04/17/2012 | 3182 | Completed |
| Equitiies Conferences | Baruch College Fund | 02/22/2011 | 02/21/2012 | 34050.79 | Completed |
| Honor / Award | Organization Sponsor | Date Received | Description |
|---|---|---|---|
| Service Award for 25 Years | Baruch College | 2023-09-18 | Teaching and Service |
| Bernard Baruch Distinguished Faculty Award | 2015 | ||
| First Annual WFE Award for Excellence | WFE Annual Meeting, Vancouver, BC, Canada | 2009 | |
| Sidney Lirtzman Award for Research, Teaching and Service | Zicklin School of Business, | 2007 | |
| Best Investments Paper Award | SoutherFinance Association Annual Meeting | 2006 | |
| Sindey Lirtzman Award for Research | Zicklin School of Business | 2004 | Teaching and Service |
| Awarded best paper prize at SBF-Bourse de Paris Conference | Organization and Quality of Equity Markets | 1996 | Determinants of the Bid-Ask Spread in an Order Driven Market |
| The President's Fellowship (1963-1965) | Columbia University | 1965 | |
| Selected for inclusion in Who’s Who in the World (2005, 2006), Who’s Who in America (2004, 2006), Who’s Who in American Education (2006-2007), and Who’s Who in Finance and Business (2006-2007). |
College
| Committee Name | Position Role | Start Date | End Date |
|---|---|---|---|
| Robert A. Schwartz Center for Trading and Financial Markets Research | Director | Present | |
| Equity Markets Trading Conference | Conference Chair | Present | |
| Liquidity: How to Find it, Regulate it, Get it | Conference Chair | Present | |
| Subotnick Financial Services Center Advisory Committee. | Committee Member | 8/31/2023 | |
| Executive Committee | Committee Member | 8/31/2022 | |
| Instituto BME Conference on Trading, Liquidity and Market Structure | Conference Chair | 11/8/2019 | |
| Presidential Awards Committee | Committee Member | 12/31/2018 | |
| Robert A. Schwartz Center for Trading and Financial Markets Research | Fundraiser | 7/1/2018 | |
| Forty Years of NMS: Who are the Winners and What have we Learned? | 11/11/2015 | ||
| Equity Trading Round-Up: Proposals for Strengthening the Markets | 10/14/2014 | ||
| Market Integrity: Do Our Equity Markets Pass the Test? | 10/8/2013 | ||
| Rapidly Changing Securities Market: Who Are the Iniatiators? | 10/9/2012 | ||
| The Economic Function of a Stock Exchange | 10/4/2011 | ||
| The Quality of Financial Markets: Taking Stock of Where We Stand | 10/12/2010 | ||
| Rethinking Regulatory Structure: What Do Our Financial Markets Need? | 10/20/2009 | ||
| Volatility | 10/23/2008 | ||
| Technology & Regulation: How are they Driving our Markets? | 5/1/2007 | ||
| Competition in a Consolidating Environment | 5/2/2006 | ||
| The New NASDAQ Marketplace | 5/3/2005 | ||
| Electronic vs Floor Based Trading | 5/4/2004 | ||
| Coping with Institutional Order Flow | 3/29/2003 | ||
| A Trading Desk’s View of Market Quality | 4/30/2002 | ||
| Provost Search Committee | Committee Member | 12/31/2001 | |
| Stock Exchanges: Looking to the Future | 5/1/2001 | ||
| College Personnel and Budget Committee | Committee Member | 4/30/2001 | |
| The Electronic Call Auction | 5/16/2000 | ||
| Presidential Commission Middle States Report | 12/31/1999 | ||
| Regulation of US Equity Markets | 3/17/1999 | ||
| Presidential Excellence Awards for Distinguished Scholarship, Teaching, and Service, Teaching subcommittee | Committee Member | 12/31/1998 | |
| Presidential Commission for Development of five year plan and Co-chair of Resource subcommittee | Committee Member | 12/31/1998 | |
| Rethinking Equity Trading At Nasdaq | 10/8/1997 |
University
| Committee Name | Position Role | Start Date | End Date |
|---|---|---|---|
| CUNY Nobel Science Challenge Committee | Committee Member | 1/1/2009 | 12/31/2010 |
Professional
| Organization | Position Role | Organization State | Organization Country | Start Date | End Date | Audience |
|---|---|---|---|---|---|---|
| Accenture (Andersen Consulting), Credit Suisse, Deutsche Bank, Federation of Korean Industries, Geneva Stock Exchange & Geneva University, Helsinki School of Economics, Morgan Stanley, The Nasdaq Stock Market, Inc., Oliver Wyman, Samsung Life Insurance Co., Ltd, Suisse Banking Corp, Smith Barney, Swiss Banking School, and Yamaichi Securities. Organized and ran three day executive training program, "The Global Equity Markets Seminar," Geneva, Switzerland, June, 1996-2000; New York City in June 2001-3; Zurich, Switzerland, June 2004-05; Malta, June 2006; Athens, Greece, June 2007 (with Benn Steil and Bruce Weber). | Executive Education: | Present | ||||
| Borsa Istanbul Review | Associate Editor | 1/1/2017 | Present | International | ||
| Journal of Trading | Board of Advisors of a Company | 10/1/2005 | Present | |||
| The Journal of Entrepreneurial Finance & Business Ventures | Editor, Associate Editor | 1/1/2001 | Present | |||
| Review of Quantitative Finance and Accounting | Editor, Associate Editor | 9/1/1997 | Present | |||
| International Finance | Board of Advisors of a Company | 7/1/1997 | Present | |||
| The Review of Pacific Basin Financial Markets and Policies | Editor, Associate Editor | 4/1/1996 | Present | |||
| The American Economic Review, Economic Development and Cultural Change, Economics of Education Review, Electronic Financial Markets, Financial Management, Journal of Banking & Finance, Journal of Entrepreneurial Finance and Business Ventures, Journal of Finance, Journal of Financial & Quantitative Analysis, Journal of Money, Credit, & Banking, Journal of Economics and Business, Journal of Management Studies, Journal of Political Economy, Journal of Portfolio Management, Quarterly Journal of Economics, Journal of International Financial Management & Accounting, Management Science, Review of Quantitative Finance and Accounting, Review of Pacific Basin Financial Markets & Policies, Journal of Trading | Refereed papers | Present | ||||
| International Journal of Portfolio Analysis & Management | Member of Editorial Board | 9/1/2011 | Present | International | ||
| Nasdaq Official Closing Price Advisory Committee | Committee Member | 10/1/2003 | 4/30/2004 | |||
| Federal Reserve Bank of New York | Visiting Economist | 1/1/2001 | 12/31/2002 | |||
| Nasdaq Uniform Price Opening Advisory Committee | Committee Member | 4/1/2000 | 4/30/2001 | |||
| Nasdaq's Economic Advisory Board | Committee Member | 1/1/1997 | 3/31/1999 | |||
| Deutsche Börse Symposium on Equity Market Structure for Large- and Mid-Cap Stocks | 12/31/1997 | |||||
| Nasdaq's Economic Advisory Board | Chairperson | 12/1/1995 | 3/31/1997 | |||
| Deutsche Börse Symposium on Institutional Investor Needs, Trading Costs & Market Structure | Germany | 12/31/1995 | ||||
| Institute for the Study of Security Markets | Director | 1/1/1987 | 12/31/1995 | |||
| Salomon Center Symposium on Electronic Call Market Trading, Stern School of Business, NYU | 4/30/1995 | |||||
| Salomon Center Conference on Global Equity Markets: Technological, Competitive and Regulatory Challenges, Stern School of Business, NYU | 10/31/1993 | |||||
| Center for Research on Information Systems and Salomon Brothers Center Conference on Information Technology and Securities Markets Under Stress,New York University Graduate School of Business | 5/31/1988 | |||||
| Journal of Finance | Editor, Associate Editor | 4/1/1983 | 4/30/1988 | |||
| Salomon Brothers Center Conference on Market Making and the Changing Structure of the Securities Industry, New York University Graduate School of Business | 5/31/1984 | |||||
| Advertising Committee, for the Allied Social Science Associations Convention | Chairperson | 11/30/1977 | ||||
| Salomon Brothers Center Conference on The National Securities Market: Prospects and Proposals, New York University Graduate School of Business | 1/31/1977 |