Hans Heidle

Branch Chief
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
  • Supervisory Financial Economist / Branch Chief, Market Data and Research 
    Office of Markets
    Division of Economic and Risk Analysis
    U.S. Securities and Exchange Commission
    2016–present
  • Financial Economist
    Office of Markets
    Division of Economic and Risk Analysis
    U.S. Securities and Exchange Commission
    2012–2016 
  • 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, 2010, Building and Evaluating a Transaction Cost Model: A Primer, Journal of Trading 5, 57-77.
  • ITG (Contributing Author), 2009, Below the Waterline: Uncover Hidden Transactions Costs Throughout the Investment Process, http://www.itg.com/belowthewaterline.
  • Milan Borkovec and Hans G. Heidle, 2007, The Magic of Hindsight: Creating a Post-Trade Transaction Cost Estimate Based on Realized Market Conditions, Journal of Trading 2, 34-49.
  • Hans G. Heidle, 2003, Discussion of 'Globalization and the Value of US Listing: Revisiting Canadian Evidence' by Mittoo, Journal of Banking and Finance 27, 1663-1665.
  • Hans G. Heidle and Roger D. Huang, 2002, Information-Based Trading in Dealer and Auction Markets: An Analysis of Exchange Listings, Journal of Financial and Quantitative Analysis 37, 391-424.
  • Hans G. Heidle, 1999, Market Microstructure and Asset Pricing: A Survey, 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

  • Discussant, 2015 Annual Conference on Current Topics in Financial Regulation, University of Notre Dame
  • Presentation, 2013 Financial Market Research Center Conference on "Global Finance," Vanderbilt University
  • 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

Previous SEC Positions: