Hans G. Heidle
Financial Economist
Office of Markets

Financial Economist

Division of Risk, Strategy and Financial Innovation

U.S. Securities and Exchange Commission

2012–present

Director, Execution Management Consulting

Alpha Science Research Team

Pipeline Financial Group, Inc.

2011–2011

Vice President of Research

Financial Engineering Group

ITG (Investment Technology Group), Inc.

2008–2011

Assistant Vice President of Research

Financial Engineering Group

ITG (Investment Technology Group), Inc.

2006–2008

Founder and President

Swabia Consulting, L.L.C.

2005–2006

Assistant Professor of Finance

Mendoza College of Business

University of Notre Dame

2001–2005

Instructor of Finance

Mendoza College of Business

University of Notre Dame

2000–2001

Lecturer in Management (Finance)

Owen Graduate School of Management

Vanderbilt University

1999–2000

Research Assistant and Teaching Assistant

Owen Graduate School of Management

Vanderbilt University

1995–2000

Financial Analyst

Bankers Trust

1994

MIS Specialist

Siemens-Nixdorf-Informationssysteme AG

1992

• Milan Borkovec and Hans G. Heidle, Building and Evaluating a Transaction Cost Model: A Primer, 2010, Journal of Trading 5, 57-77.
• ITG (Contributing Author), Below the Waterline: Uncover Hidden Transactions Costs Throughout the Investment Process, 2009, http://www.itg.com/belowthewaterline.
• Milan Borkovec and Hans G. Heidle, The Magic of Hindsight: Creating a Post-Trade Transaction Cost Estimate Based on Realized Market Conditions, 2007, Journal of Trading 2, 34-49.
• Hans G. Heidle, Discussion of 'Globalization and the Value of US Listing: Revisiting Canadian Evidence' by Mittoo, 2003, Journal of Banking and Finance 27, 1663-1665.
• Hans G. Heidle and Roger D. Huang, Information-Based Trading in Dealer and Auction Markets: An Analysis of Exchange Listings, 2002, Journal of Financial and Quantitative Analysis 37, 391-424.
• Hans G. Heidle, Market Microstructure and Asset Pricing: A Survey, 1999, ETLA Discussion Papers No. 691, Helsinki, Finland: ETLA - The Research Institute of the Finnish Economy.

• Hans G. Heidle and Xi Li, Information Leakage and Opportunistic Behavior Before Analyst Recommendations: An Analysis of the Quoting Behavior of Nasdaq Market Makers.
• Hans G. Heidle, Inferring Information from Trading.
• Hans G. Heidle, Testing a Conditional CAPM with Changing Expected Returns: Evidence from the German Stock Market.

Conference Activities

Paper presentation (by co-author), 2006 Financial Market Research Center Conference on "Conflicts of Interest in Financial Markets," Vanderbilt University

Paper presentation (by co-author), 2005 Symposium on Finance, Banking, and Insurance at the University of Karlsruhe (Germany)

Paper presentation (by co-author), 2004 FMA European Conference

Paper presentation, 2004 AFA Conference

Paper presentation, 2003 NBER Summer Institute (Market Microstructure)

Discussant, 2003 Annual Conference on Financial Economics and Accounting

Paper presentation, 2002 Symposium on Finance, Banking, and Insurance at the University of Karlsruhe (Germany)

Discussant, 2002 Conference on the Future of Stock Exchanges

Discussant, 2002 AFA Conference

FMA Awards Committee Member (Competitive Paper Award in the Area of Market Microstructure), 2002

Discussant, 2000 Nasdaq-Notre Dame Microstructure Conference

Discussant, 2000 WFA Conference

FMA Awards Committee Member (Competitive Paper Award in the Area of Market Microstructure), 2000

Paper presentation, 2000 AFA Conference

Paper presentation, 1999 Symposium on Finance, Banking, and Insurance at the University of Karlsruhe (Germany)

Paper presentation, 1999 Southern Finance Association Conference

Paper presentation and discussant, 1999 European Finance Association Annual Meeting

Paper presentation, 1998 FMA Conference