Pamela C. Moulton

Biography

Pamela Moulton is an associate professor of finance at the Cornell Peter and Stephanie Nolan School of Hotel Administration in the Cornell SC Johnson College of Business. Her teaching and research interests include financial markets and market microstructure, with a special interest in the role of investors and market makers. 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.

Education

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

Research

• Bergman, Nittai; Kadan, Ohad; Michaely, Roni; Moulton, Pamela. "Do Proprietary Traders Provide Liquidity?"Journal of Financial Economics. (forthcoming).
• Chakrabarty, Bidisha; Moulton, Pamela; Pugachev, Leonid; Wang, Xu. "Catch Me If You Can: In Search of Accuracy, Scope and Ease of Fraud Prediction"Review of Accounting Studies. 2024 (2024)
• Chakrabarty, Bidisha; Moulton, Pamela; Wang, Xu (Frank). "Attention: How high-frequency trading improves price efficiency following earnings announcements"Journal of Financial Markets. 57 (2022): 1-20
• 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
• 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. "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

• Faculty Teaching Recognition Award - Graduate Elective Fall (2025) Cornell Nolan School of Hotel Administration
• Faculty Teaching Recognition Award - Sophomore Core (2020 - 2021) Cornell University, School of Hotel Administration
• Ted Teng '79 Dean's Teaching Excellence Award (2015 - 2016) Cornell University, School of Hotel Administration
• Faculty Teaching Recognition Award - Sophomore Core (2014 - 2015) School of Hotel Administration, Cornell University
• Best paper in Market Microstructure Competitive Paper Award (2007) Financial Management Association