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Richard Philip

B.Eng (Hons 1) B.Com PhD Sydney

Rm 415
H69 - Codrington Building
The University of Sydney
NSW 2006 Australia

Telephone +61 2 9034 0578


Richard commenced as a Lecturer at the University of Sydney in 2013. He received his PhD in Finance from the University of Sydney and holds a Bachelor of Engineering (Hons 1) and Bachelor of Commerce (majoring in Finance and Econometrics). Prior to joining Sydney University he worked at various investment banks as a quantitative prop trader with a particular focus on high frequency trading. He also spent time developing systematic trading strategies in a hedge fund.

Research Interests

Richard Philip’s primary research interest is in market microstructure. Richard’s current research focuses on high-frequency trading, which is under intense scrutiny following the publication of Michael Lewis’ New York Times Best Seller ‘Flash Boys’, claiming that fast traders, who have a speed advantage, are preying on slower, longer-term investors. He also focuses on financial econometrics and applications of machine learning to financial problems. Additionally, Richard engages with quant prop trading firms and hedge funds doing research on market efficiency.


Journal Article/s

Malloch H, Philip R and Satchell S 2016 'Decomposing the bias in time-series estimates of CAPM betas', Applied Economics, vol.48:45, pp. 4291-98 [Link]

Foley S, Kwan A, McInish T and Philip R 2016 'Director discretion and insider trading profitability', Pacific-Basin Finance Journal, vol.39, pp. 28-43 [Link]


Conference Paper/s

Kwan A and Philip R 2015 'High-frequency trading and execution costs', Financial Management Association Annual Meeting, Orlando, United States, 17th October 2015

Kwan A and Philip R 2015 'High-frequency trading and execution costs', Centre for International Finance and Regulation (CIFR) Conference: The Design and Regulation of Securities Markets, Sydney, Australia, 12th August 2015

Malloch H, Philip R and Satchell S 2015 'Biased time-series estimates of beta in the CAPM', 22nd Annual Conference of the Multinational Finance Society, Halkidiki, Greece, 1st July 2015

Kwan A and Philip R 2015 'High-frequency trading and execution costs', 24th Annual Meeting European Financial Management Association EFMA, Breukelen, Netherlands, 27th June 2015


Conference Paper/s

Kwan A and Philip R 2014 'High-frequency trading and execution costs', 27th Australasian Finance and Banking Conference, Sydney, Australia, 18th December 2014

Kwan A and Philip R 2014 'High-frequency trading and execution costs', Financial Research Network Annual Conference, Lake Crackenback, Australia, 16th November 2014

Recent Units Taught

  • FINC3019 Fixed Income Securities

    2017: S1, S2,
    2016: S1, S2,

  • FINC5001 Capital Markets and Corporate Finance

    2016: S1,

  • FINC6014 Fixed Income Securities

    2017: S2,
    2016: S2,

  • FINC6017 Mergers and Acquisitions

    2017: S1,

Newsroom articles

See all Newsroom items for Richard Philip


University of Sydney Business School researchers Amy Kwan and Richard Philip are bringing new insights to the evolution of financial markets through their research into high-frequency trading.

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