Gideon Saar

Biography

Gideon Saar is the Harold Bierman Jr. Distinguished Professor of Management and Professor of Finance at the Samuel Curtis Johnson Graduate School of Management, part of the Cornell SC Johnson College of Business. His research spans market microstructure, behavioral finance and stock return predictability, with current projects examining how the trading behavior of quantitative and traditional asset managers can forecast returns, how divergent information about ESG affects market liquidity and how inventory control shapes liquidity provider strategies in decentralized crypto exchanges.

Saar’s work has been published in leading finance journals, including the Journal of Finance, Review of Financial Studies, Journal of Financial Economics, Journal of Financial and Quantitative Analysis and Journal of Financial Markets. He is a co organizer of the National Bureau of Economic Research’s annual Conference on Financial Market Structure.

Before joining Cornell, Saar served on the faculty of New York University’s Stern School of Business. At the request of the New York Stock Exchange (NYSE), he spent the 2001–2002 academic year as the visiting research economist. He has also been a co editor of the Journal of Financial Markets and a member of the Economic Advisory Committee of the Financial Industry Regulatory Authority.

Saar holds an undergraduate degree in finance, a master’s degree in economics and a Ph.D. in finance.

Education

PhD Johnson Graduate School of Management, Cornell University, 2000
MA Cornell University, 1996
BBA CUNY Bernard M Baruch College, 1994

Research

• Saar, Gideon; Sun, Jian; Yang, Ron; Zhu, Haoxiang. "From Market Making to Matchmaking: Does Bank Regulation Harm Market Liquidity?"Review of Financial Studies. 36.2 (2023): 678-732
• O'Hara, Maureen; Saar, Gideon; Zhong, Zhuo. "Relative Tick Size and the Trading Environment"Review of Asset Pricing Studies. 9.1 (2019): 47-90
• Boehmer, Ekkehart; Li, Dan; Saar, Gideon. "The Competitive Landscape of High-frequency Trading Firms"Review of Financial Studies. 31.6 (2018): 2227-2276
• Bloomfield, Robert J.; O'Hara, Maureen; Saar, Gideon. "Hidden Liquidity: Some New Light on Dark Trading"Journal of Finance. 70.5 (2015): 2227-2274
• Chordia, Tarun; Goyal, Amit; Lehmann, Bruce; Saar, Gideon. "High-Frequency Trading"Journal of Financial Markets. 16.4 (2013): 637-645
• Kaniel, Ron; Liu, Shuming; Saar, Gideon; Titman, Sheridan. "Individual Investor Trading and Return Patterns around Earnings Announcements"Journal of Finance. 67.2 (2012): 639-680
• Linnainmaa, Juhani; Saar, Gideon. "Lack of Anonymity and the Inference from Order Flow"Review of Financial Studies, Ed. David Hirshleifer. 25.5 (2012): 1414-1456
• Hasbrouck, Joel; Saar, Gideon. "Technology and Liquidity Provision: The Blurring of Traditional Definitions"Journal of Financial Markets. 12.2 (2009): 143-172
• Bloomfield, Robert J.; O'Hara, Maureen; Saar, Gideon. "How Noise Trading Affects Markets: An Experimental Analysis"Review of Financial Studies. 22.6 (2009): 2275-2302
• Kaniel, Ron; Saar, Gideon; Titman, Sheridan. "Individual Investor Trading and Stock Returns"Journal of Finance. 63.1 (2008): 273-310

Awards

• Stephen Russell ’60, MBA ’61 Distinguished Teaching Award (2026) Samuel Curtis Johnson Graduate School of Management
• Curriculum Innovation Award (AI for Quantitative Investment Analyses) (2026) Samuel Curtis Johnson Graduate School of Management
• Core Faculty Award for the Two-Year MBA Class of 2021 (2021) Samuel Curtis Johnson Graduate School of Management
• Core Faculty Award for the One-Year MBA Program (2019) Samuel Curtis Johnson Graduate School of Management
• Best Paper Prize (2012) Conference on Current Topics in Financial Regulations