Hans G. Heidle
Financial Economist
Office of Markets

Education Summary

  • Ph.D. Finance, Vanderbilt University, 2001
  • M.S. Industrial Engineering (Diplom des Wirtschaftsingenieurwesens), University of Karlsruhe (Germany), 2004
  • M.A. Economics, Vanderbilt University, 1998
  • M.B.A Finance, Vanderbilt University, 1996
  • B.S. Industrial Engineering (Diplomvorpruefung des Wirtschaftsingenieurwesens), University of Karlsruhe (Germany), 1992

Fields of Interest

  • Market microstructure
  • International financial markets
  • Information and market efficiency
Financial Economist
Division of Economic and Risk Analysis
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