Pamela C. Moulton (on leave)

Pamela C. Moulton (on leave)

  • Associate Professor

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Faculty Area

Faculty Expertise

  • Finance
  • Market Microstructure


Cornell Peter and Stephanie Nolan School of Hotel Administration


Cornell Directory Entry


Pamela Moulton is an associate professor of finance at the Cornell Peter and Stephanie Nolan School of Hotel Administration. Her teaching and research interests include financial markets and market microstructure, with a special interest in the role of investors. Her current research focuses on the impact of high-frequency trading on stock performance, the role of designated and voluntary market makers in stock liquidity, and detecting fraud in financial statements.

Moulton's research has been published in several of the leading finance and accounting journals, including the Journal of Finance, the Journal of Financial Economics, the Journal of Accounting and Economics, and the Journal of Financial and Quantitative Analysis.

Prior to her academic career, Moulton worked in fixed-income research for more than a dozen years at various Wall Street investment banks, including Deutsche Bank, where she was a managing director and global co-head of relative value research. From 2003 to 2006, she was a managing director and senior economist at the New York Stock Exchange, where she focused on equity market microstructure research.

Moulton is a Chartered Financial Analyst (CFA). She earned her BS in economics at the Wharton School of the University of Pennsylvania and her PhD in finance and MPhil from the Columbia University Graduate School of Business. She was previously on the faculty of the Graduate School of Business Administration at Fordham University.

Selected Publications

  • Kadan, Ohad; Michaely, Roni; Moulton, Pamela. "Trading in the Presence of Short-Lived Private Information: Evidence from Analyst Recommendation Changes"Journal of Financial and Quantitative Analysis. 53.4 (2018): 1509-1546
  • Chakrabarty, Bidisha; Moulton, Pamela; Trczinka, Charles. "The Performance of Short-Term Institutional Trades"Journal of Financial and Quantitative Analysis, Ed. Stephen Brown. 52.4 (2017): 1403-1428
  • Gao, George; Moulton, Pamela; Ng, David. "Institutional Ownership and Return Predictability Across Economically Unrelated Stocks"Journal of Financial Intermediation. 31 (2017): 45-63
  • Halling, Michael; Moulton, Pamela; Panayides, Marios. "Volume Dynamics and Multimarket Trading"Journal of Financial and Quantitative Analysis. 48.2 (2013): 489-518
  • Chakrabarty, Bidisha; Moulton, Pamela; Shkilko, Andriy. "Short sales, long sales, and the Lee–Ready trade classification algorithm revisited"Journal of Financial Markets. 15.4 (2012): 467-491
  • Chakrabarty, Bidisha; Moulton, Pamela. "Earnings announcements and attention constraints: The role of market design"Journal of Accounting and Economics. 53.3 (2012): 612-634
  • Hendershott, Terrence; Moulton, Pamela. "Automation, Speed, and Stock Market Quality: The NYSE’s Hybrid"Journal of Financial Markets. 14.4 (2011): 568-604
  • Moulton, Pamela; Comerton-Forde, Carole; Hendershott, Terrence; Jones, Charles; Seasholes, Mark. "Time Variation in Liquidity: The Role of Market Maker Inventories and Revenues"Journal of Finance. 65.1 (2010): 295-332
  • Moulton, Pamela; Wei, Li. "A Tale of Two Time Zones: The Impact of Substitutes on Cross-Listed Stock Liquidity"Journal of Financial Markets. 12.4 (2009): 570-591
  • Moulton, Pamela. "You Can't Always Get What You Want: Trade-Size Clustering and Quantity Choice in Liquidity"Journal of Financial Economics. 78.1 (2005): 89-119

Awards and Honors

  • Ted Teng '79 Dean's Teaching Excellence Award (2016) Cornell University, School of Hotel Administration
  • Faculty Teaching Recognition Award, Sophomore Core (2015) School of Hotel Administration, Cornell University
  • Ted Teng '79 Dean's Teaching Excellence Award (2013) School of Hotel Administration, Cornell University
  • Faculty Teaching Recognition Award, Sophomore Core (2013) School of Hotel Administration, Cornell University
  • Best paper in Market Microstructure Competitive Paper Award (2007) Financial Management Association

Recent Courses

  • NBA 5830 - Investment Research and Asset Management Practicum
  • NBAB 6560 - Valuation

Academic Degrees

  • PhD Columbia Business School, Columbia University, 2003
  • BS The Wharton School, University of Pennsylvania, 1985