Jens Dick-Nielsen second-place winner of SPIVA Awards program 2012

Jens Dick-Nielsen PhD, Department of Finance, was named winner of the $15,000 second-place award in the SPIVA Awards program 2012. The prize was awarded for his research paper entitled "Dealer Inventory and the Cost of Immediacy", which highlights the unintended consequences of the Dodd-Frank Act and other tighter regulations on the bond market. To comply with the new regulations, the dealers have had to reduce inventory, which has lead to an increase in the cost of trade executions, and a reduction in market efficiency.

The S&P Dow Jones Indices’ SPIVA Awards recognizes excellence in research on the topic of index-related applications, acknowledging researchers from around the world for exploring innovative techniques that enhance the use of indices in the financial markets. Winners are selected by a jury of academics and industry experts.