Carole Comerton-Forde

Professor of Finance

Carole Comerton-Forde is Professor of Finance. Her research is in the area of market structure, with a focus on market liquidity and market integrity. Her current interests include the impact of high frequency trading and dark pools on market quality. Her research has been published in leading academic journals including the Journal of Finance, the Journal of Financial Economics and the Journal of Financial and Quantitative Analysis. Carole has previously held academic positions at the University of Melbourne, Australian National University and University of Sydney, and visiting positions at New York University and the London School of Economics and Political Science. She was also Visiting Economist at the New York Stock Exchange. She has acted as a consultant for a number of stock exchanges and market regulators around the world. She is currently an economic consultant for the Australian Securities and Investments Commission.

Personal website

Journal articles
Brugler J; Comerton-Forde C; Hendershott T, 2020, 'Does Financial Market Structure Impact the Cost of Raising Capital?', Journal of Financial and Quantitative Analysis,
Brugler J; Comerton-Forde C, 2019, 'Comment on: Price Discovery in High Resolution*', Journal of Financial Econometrics,
Comerton-Forde C; Grégoire V; Zhong Z, 2019, 'Inverted fee structures, tick size, and market quality', Journal of Financial Economics, vol. 134, pp. 141 - 164,
Comerton-Forde C; Malinova K; Park A, 2018, 'Regulating dark trading: Order flow segmentation and market quality', Journal of Financial Economics, vol. 130, pp. 347 - 366,
Comerton-Forde C; Jones CM; Putniņš TJ, 2016, 'Shorting at close range: a tale of two types', Journal of Financial Economics, vol. 121, pp. 546 - 568,
Comerton-Forde C; Do BH; Gray P; Manton T, 2016, 'Assessing the information content of short-selling metrics using daily disclosures', Journal of Banking & Finance, vol. 64, pp. 188 - 204,
Comerton-Forde C; Putniņš TJ, 2015, 'Dark trading and price discovery', Journal of Financial Economics, vol. 118, pp. 70 - 92,
Comerton-Forde C; Putniņš TJ, 2013, 'Stock price manipulation: Prevalence and determinants', Review of Finance, vol. 18, pp. 23 - 66,
Comerton-Forde C; Putniņš TJ, 2011, 'Pricing accuracy, liquidity and trader behavior with closing price manipulation', Experimental Economics, vol. 14, pp. 110 - 131,
Comerton-Forde C; Putniņš TJ; Tang KM, 2011, 'Why do traders choose to trade anonymously?', Journal of Financial and Quantitative Analysis, vol. 46, pp. 1025 - 1049,
Comerton-Forde C; Putniņš TJ, 2011, 'Measuring closing price manipulation', Journal of Financial Intermediation, vol. 20, pp. 135 - 158,
Comerton-Forde C; Hendershott T; Jones CM; Moulton PC; Seasholes MS, 2010, 'Time Variation in Liquidity: The Role of Market-Maker Inventories and Revenues', The Journal of Finance, vol. 65, pp. 295 - 331,
Comerton-Forde C; Tang KM, 2009, 'Anonymity, liquidity and fragmentation', Journal of Financial Markets, vol. 12, pp. 337 - 367,
Comerton-Forde C; Rydge J, 2006, 'The influence of call auction algorithm rules on market efficiency', Journal of Financial Markets, vol. 9, pp. 199 - 222,
Aitken M; Comerton-Forde C, 2003, 'How should liquidity be measured?', Pacific-Basin Finance Journal, vol. 11, pp. 45 - 59,

Research Grants

  • Measuring efficacy of financial literacy interventions in high school students (Financial Literacy Australia grants)  awarded by FINANCIAL LITERACY AUSTRALIA LIMITED 2015 - 2017
  • IIROC Study of High Frequency Trading  awarded by INVESTMENT INDUSTRY REGULATORY ORGANIZATION OF CANADA 2014 - 2015