Contact Information
Biography
Dr. Ryan Garvey is the Donahue Chair in Investment Management and Professor of Finance at the Palumbo-Donahue School of Business.
Dr. Garvey joined Duquesne in 2002. He has been promoted through the entire faculty promotional rank system at the University (Assistant Professor - Endowed Chair).
Dr. Garvey researches trading-related issues in the U.S. equity market. He has published numerous articles in both leading academic and practitioner peer-reviewed finance journals including Journal of Financial Markets, Journal of Banking and Finance, Journal of Empirical Finance, Financial Review, European Financial Management, Financial Analysts Journal, and Journal of Portfolio Management.
Professor Garvey has taught undergraduate and graduate finance courses to thousands of students in Ireland, Singapore, and the United States. He has developed several finance-related courses, programs, and instructional methods.
Dr. Garvey has held various full-time and consulting related positions with U.S. financial firms. For nine years, he served as the Department Chair of Finance and Economics at Duquesne.
Education
- Ph.D., Finance, University College Dublin
- M.B.A., Finance, Providence College
- B.A., Finance, Mercyhurst College
Profile Information
- Donahue Chair in Investment Management, 2017-
- Student Organization Advisor of the Year Award, 2021-2022
- Outstanding Scholar Award
- Outstanding Teacher Award
- Outstanding Service Award
Financial Management Association International (FMA)
While serving as Faculty Advisor to the Duquesne Student Chapter:
- Winner of the Investment Analysis Competition, 2024
- Superior Chapter Award, 2020-2021, 2022-2023, 2023-2024
Articles in Journals
Garvey, R., He, J., Wu, F., 2024. Retail Broker Trading Restrictions and Market Liquidity:
Evidence from GameStop. Applied Economics 56 (34) 4140-4153.
Garvey, R., Qin, Y., 2022. When Does Slower Order Execution Occur? Evidence from U.S.
Equity investors. Journal of Asset Management 23 (2), 130-137.
Favreau, C., Garvey, R., 2022. Non-positive Spreads and Trading Venue Halts: Are Investors Harmed? Finance Research Letters 46A, 102368.
Favreau, C., Garvey, R., 2022. The Effect of Tripping the U.S. Equity Market Wide Circuit Breaker on Liquidity: Evidence from the Coronavirus Selloff. Journal of Investing 32 (1) 21-34.
Garvey, R., Huang, T., Wu, F., 2021. Is Faster or Slower Trading Better? An Analysis of Order Type Execution Speed and Costs. European Financial Management 27 (2), 326-363.
Garvey, R., Huang, T., Wu, F., 2021. Non-Conflicted Trader “Maker-Taker” Decisions and Execution Quality. Quarterly Journal of Finance 11 (3), 2150013.
Favreau, C., & Garvey, R. (2020). What Causes the Disposition Effect? Evidence from
Corporate Insiders. Journal of Behavioral Finance, 22(2), 189-200.
Favreau, C., Garvey, R., 2019. An Examination of Cross-Market Arbitrage. Journal of Applied Business and Economics 21 (3), 31-36.
Garvey, R., Huang, T., Wu, F., 2017. Why Do Traders Split Orders? Financial Review 52 (2), 233-258.
Garvey, R., Huang, T., Wu, F., 2016. Why Do Traders Choose Dark Markets? Journal of Banking and Finance 68 (7), 12-28.
Garvey, R., Huang, T., Wu, F., 2016. Who Trades Quickly? Applied Economics Letters 23 (13), 953-957.
Garvey, R., Wu, F., 2015. Adaptive Trading and Longevity. Journal of Behavioral Finance 16 (1), 40-50.
Garvey, R., Wu, F., 2014. Clustering of Intraday Order-Sizes by Uninformed versus Informed Traders. Journal of Banking and Finance 41 (4), 222-235.
Garvey, R., Huang, T., Wu, F., 2014. Concentrated Trading and Order Execution Costs. Asia-Pacific Journal of Financial Studies 43 (6), 895-917.
Garvey, R., Wu, F., 2012. Are Market Center Trading Cost Measures Reliable? Czech Journal of Economics and Finance, 61 (6), 505-517.
Garvey, R., Wu, F., 2012. Who Cancels in Electronic Markets? Applied Economics Letters 19 (12), 1161-1164.
Garvey, R., Wu, F., 2012. Are Informed Traders Reluctant to Bear Price Risk or Execution Risk? International Journal of Managerial Finance 8 (4), 284-303.
Garvey, R., 2012. Latency Cost and Information: Does Speed Matter for All Market Participants? Journal of Trading 7 (1), 62-73.
Garvey, R., Wu, F., 2011. Information, Speed vs. Cost Trade-offs, and Order Routing Decisions in U.S. Equity Markets. Journal of Empirical Finance 18 (3), 408-422.
Garvey, R., Wu, F., 2011. What Influences Trader Choice of Electronic versus Intermediated Execution? International Review of Finance 11 (4), 445-476.
Garvey, R., Wu, F., 2010. Speed, Distance, and Electronic Trading: New Evidence on Why Location Matters. Journal of Financial Markets 13 (4), 367-396.
Garvey, R., Wu, F., 2010. When Should You Trade? Journal of Trading 5 (4), 65-77.
Garvey, R., Wu, F., 2010. Payday Effects: An Examination of Trader Behavior within Evaluation Periods. Journal of Behavioral Finance 11 (2), 114-128.
Garvey, R., Wu, F., 2009. Intraday Time and Order Execution Quality Dimensions. Journal of Financial Markets 12 (2), 203-228.
Garvey, R., Wu, F., 2009. Location and Trading Performance in Electronic Markets. Journal of Investment Consulting 10 (1), 17-24.
Garvey, R., Wu, F., 2008. Are Trading Costs Invisible in Trading Decisions? Journal of Trading 2 (4), 23-33.
Garvey, R., Wu, F., 2008. The Effects of Institutional Risk Control on Trader Behavior. Journal of Applied Finance 18 (1), 22-35.
Garvey, R., Murphy, A., Wu, F., 2007. Do Losses Linger? Evidence from Proprietary Stock Traders. Journal of Portfolio Management 33 (4), 75-83. Article featured in CFA Digest, Feb. 2008, Vol. 38 (1), 90-91.
Garvey, R., Wu, F., 2007. Professional Trader Order Selection and Prior Outcomes. Journal of Trading 2 (4), 23-33. Article featured in CFA Digest, May 2008, Vol. 38(2), 108-109.
Garvey, R., Murphy, A., 2006. Crossed Markets: Arbitrage Opportunities in Nasdaq Stocks. Journal of Alternative Investments 9 (2), 46-58.
Garvey, R., Wu, F., 2006. Market Transparency and Institutional Trader Behavior after a Tick Change. Journal of Trading 2 (1), 35-48.
Garvey, R., Murphy, A., 2005. The Profitability of Active Stock Traders. Journal of Applied Finance 15 (2), 93-100.
Garvey, R., Murphy, A., 2005. Entry, Exit, and Trading Profits: A Look at the Trading Strategies of a Proprietary Trading Team. Journal of Empirical Finance 15 (2), 629-649.
Garvey, R., Murphy, A., 2004. Commissions Matter: The Trading Behavior of Institutional and Individual Active Traders. Journal of Behavioral Finance 5 (4), 214-221.
Garvey, R., Murphy, A., 2004. Are Professional Traders Too Slow to Realize Their Losses? Financial Analysts Journal 60 (4), 45-53.
Book Chapters
Garvey, R., Murphy, A., 2010. The Effects of Higher Transaction Costs on Trader Behavior. In The Handbook of Behavioral Finance, ed. Brian Bruce. Edward Elgar, U.K.