Mendoza Directory

Faculty & Research

Photo of RobertH.Battalio

Robert H. Battalio



Robert Battalio is currently a professor of Finance and Presidential Faculty Fellow at the University of Notre Dame. Robert has also served on the faculty of Georgia State University, as a visiting academic at the Atlanta Federal Reserve Bank, and as the first NASD visiting academic fellow.

Robert has consulted for Fidelity, the New York Stock Exchange, LaBranche, Goldman Sachs, NYFIX, NASDR, the Nasdaq Intermarket, Archipelago, Susquehanna, and Knight Securities. His primary area of interest involves the relationship between financial market design and trading costs. He is currently studying whether the post-earnings announcement drift survives transactions costs, who trades on accruals information, trading costs in the equity option market, and price discovery in option markets. Robert’s work has appeared in the Journal of Finance, the Journal of Financial Economics, and the Review of Financial Studies, among others. Robert has been quoted in the Wall Street Journal, the Dallas Morning News, the Newark Star Ledger, Inc Magazine, Business Week On-Line, the New York Times, the Boston Globe, the Wall Street Letter, Christian Science Monitor, CNNfn, USA Today, Barrons, and Securities Week.




  • Trading and Markets
  • Investments
  • Corporate Investments


"Who, if Anyone, Reacts to Accruals Information?" (with Alina Lerman, Joshua Livnat, Richard R Mendenhall),  Journal of Accounting and Economics, 53, 2012, 205-224.

"Regulatory Uncertainty and Market Liquidity: The 2008 Short Sale Ban's Impact on Equity Options," (with Paul H Schultz),  Journal of Finance, 66, December, 2011, 2013-2053.

"Post-Earnings Announcement Drift: Bounds on Profitability for the Marginal Investor," (with Richard R Mendenhall),  Financial Review, 46, November, 2011, 513-539.

"Who Benefited from the Disclosures Mandates of the 1964 Securities Acts Amendments?" (with Brian Hatch, Timothy J Loughran),  Journal of Corporate Finance, 17, September, 2011, 1047-1063.

"Reputation Effects in Trading on the New York Stock Exchange," (with Andrew Ellul, Robert Jennings),  Journal of Finance, 62, 2007, 1243-1271.

"Options and the Bubble," (with Paul Schultz),  Journal of Finance, 61, 2006, 2071-2102.

"Earnings Expectations, Investor Trade Size, and Anomalous Returns Around Earnings Announcements," (with Richard R. Mendenhall),  Journal of Financial Economics, 77, 2005, 289-319.

"Sources of Liquidity for NYSE-listed Non-US Stocks," (with Jeffrey M. Bacidore, Neal Galpin, Robert Jennings),  Journal of Banking and Finance, 29, 2005, 3075-3098.

"Toward a National Market System for U.S. Exchange-Listed Equity Options," (with Brian Hatch, Robert Jennings),  Journal of Finance, 59, 2004, 933-962.

"All Else Equal? A Multidimensional Analysis of Retail Market Order Execution Quality," (with Brian Hatch, Robert Jennings),  Journal of Financial Markets, 6, 2003, 143-162.

"Assessing Individual Risk-Attitudes Using Field Data from Lottery Games," (with Connell Fullenkamp, Rafael Tenorio),  Review of Economics and Statistics, 84, 2003, 218-225.

"Order Submission Strategies, Liquidity Supply, and Trading in Pennies on the New York Stock Exchange," (with Jeff Bacidore, Robert Jennings),  Journal of Financial Markets, 6, 2003, 337-362.

"Does the Limit Order Routing Decision Matter," (with Jason Greene, Brian Hatch, Robert Jennings),  Review of Financial Studies, 15, 2002, 159-194.

"A Simple Model of Payment for Order Flow, Internalization, and Total Trading Costs," (with Craig Holden),  Journal of Financial Markets, 4, 2001, 33-71.

"Depth Improvement and Adjusted Price Improvement on the NYSE," (with J, Bacidore, Robert Jennings),  Journal of Financial Markets, 5, 2001, 169-195.

"Post-reform Market Order Execution Quality: Multidimensional Comparisons Across Market Centers," (with B. Hatch, Robert Jennings),  Financial Review, 36, 2001, 123-152.

"The Potential for Clientele Pricing when Making Markets in Financial Securities," (with Robert Jennings, Jamie Selway),  Journal of Financial Markets, 4, 2001, 85-112.

"The Relationship Among Market-Making Revenue, Payment for Order Flow, and Trading Costs for Market Orders," (with Robert Jennings, Jamie Selway),  Journal of Financial Services, 19, 2001, 39-566.

"Order Flow, Trade Quality, and Liquidity Provision: Merrill Lynch's Decision to Cease Making Markets on the Regional Stock Exchanges," (with J. Greene, R. H. Jennings),  Journal of Financial Intermediation, 1998.

"How Do Competing Specialists and Preferencing Dealers Affect Market Quality?" (with Jason Greene, Robert Jennings),  Review of Financial Studies, 1997.

"Is SOES Trading Associated with Increased Volatility?" (with Brian Hatch, Robert Jennings),  Journal of Financial and Quantitative Analysis, 1997.

"Third Market Broker-Dealers: Cost Competitors or Cream Skimmers?"  Journal of Finance, 1997.


Robert Jennings, Shane Corwin, "Can Brokers Have it All? On the Relation between Make Take Fees and Limit Order Execution Quality."

Robert Battalio, Andriy Shkilko, Robert Van Ness, "To pay or be paid? The impact of taker fees and order flow inducements on trading costs in U.S. options markets."