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Sean Foley

Sean Foley

B. Ec (Hons) Sydney; PhD Sydney
Senior Lecturer

Rm 544
H69 - Codrington Building
The University of Sydney
NSW 2006 Australia

Telephone +61 2 9036 9339
sean.foley@sydney.edu.au

Bio

Sean Foley's research interest lies in the areas of stock market integrity and regulation. Sean's work on integrity has focussed on the impact of insider trading and market manipulation on market quality. His work on regulation has focussed on the impact of the introduction and regulation of dark pools and the impact of high frequency trading on market quality. These research areas are both grounded in the market microstructure literature.

Sean's papers have received prizes for their quality at several international conferences, including the "Best Paper on Canadian Markets" at the Northern Finance Association meeting (NFA) 2013, "Best Paper from an Early Career Researcher" at the 2013 Behavioural Finance and Capital Markets Conference in Adelaide and the "Best Market Microstructure Paper" at the 2012 Finance and Corporate Governance Conference in Melbourne.

Sean has been a head tutor in the discipline of Finance since 2008, having taught subjects such a diversity of subjects including Financial Valuations, International Financial Management, Trading and Dealing and Corporate Finance 2.

Sean has a PhD in Finance from the University of Sydney, as well as an undergraduate degree in Economics with a first class honours in Finance. The title of Sean's PhD dissertation is "The impact of Regulation on Market Quality".

 

Research Interests

Sean's research focusses on the movement of information in markets. This has led him to explore insider trading, market manipulation, high-frequency trading, dark pools, speed bumps and fragmentation. Most recently, he has been drawn to the intersection of cryptocurrency and finance. This area is traditionally thought of as “market microstructure”, focusing on the integrity and regulation of global equity markets. Issues of insider trading and market manipulation dominate Sean’s research in the area of integrity.

Sean is also investigating the extent of illicit transactions in the Bitcoin network, as well exploring the microstructure of these emerging markets, and estimating the quality of new ICOs.  Sean's research has been published in leading academic journals including the Journal of Financial Economics and the Journal of Empirical Finance. His papers have received prizes for their quality at numerous international conferences, and have been presented at prestigious meetings such as the NBER microstructure conference, the Western Finance Association and the European Central Bank Microstructure series. Sean’s research exemplary research was recognized with the 2017 Early Career Researcher Award.

Sean has strong industry links, supervising PhD students at both the Financial Conduct Authority (UK) and the Ontario Securities Commission (Canada), and presenting at the US SEC and ASIC. These collaborations have resulted in many publications, including an FCA occasional paper on dark pool latency. His expertise in issues of market structure has resulted in many consulting assignments and presentations for regulators, stock exchanges and industry bodies. Sean has taught a diversity of subjects including Financial Valuations, International Financial Management, Trading in Securities Markets and Corporate Finance. His passion for teaching has resulted in many awards and he is currently involved in a university-wide collaboration to develop improved feedback systems as part of an Educational Innovation grant.

2018

4
Journal Article/s

Aitken MJ, Aspris A, Foley S and de B. Harris FH 2018 'Market Fairness: The Poor Country Cousin of Market Efficiency', Journal of Business Ethics, vol.147:1, pp. 5-23 [Link]

2017

4
Journal Article/s

Aitken M, Chen H and Foley S 2017 'The impact of fragmentation, exchange fees and liquidity provision on market quality', Journal of Empirical Finance, vol.41, pp. 140-60 [Link]

2016

4
Journal Article/s

Foley S and Putnins TJ 2016 'Should We Be Afraid of the Dark? Dark Trading and Market Quality', Journal of Financial Economics, vol.122:3, pp. 456-481 [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]

Pricha N, Foley S, Partington G and Svec J 2016 'Underwritten Dividend Reinvestment Plans and Conflicts of Interest', Journal of Business Finance and Accounting, vol.43:9 & 10, pp. 1361-84 [Link]

10
Report/s

Alcock J, Andrlikova P, Aspris A, Foley S, Satchell S, Segara R, Wright D and Yao J 2016 'Asset-Price Bubbles in the Australian Market', Centre for International Finance and Regulation

Aquilina M, Foley S, O’Neill P and Ruf T 2016 'Asymmetries in Dark Pool Reference Prices', Financial Conduct Authority [Link]

2015

4
Journal Article/s

Aspris A, Foley S, Harris D and O’Neill P 2015 'Time Pro-Rata Matching: Evidence of a Change in LIFFE STIR Futures', Journal of Futures Markets, vol.35:6, pp. 522-41 [Link]

5
Conference Paper/s

Foley S and Putnins T 2015 'Regulation of dark trading: A tale of intended and unintended consequences', 11th Annual Central Bank Conference on the Microstructure of Financial Markets, Dublin, Ireland, 2nd October 2015

Aspris A, Foley S, Gratton F and O'Neill P 2015 'Towards a new Fix: Assessing the new Fix Regimes for Metals Trading', AUT Derivatives Markets Conference, Auckland, New Zealand, 14th August 2015

Foley S and Putnins TJ 2015 'Should we be afraid of the dark? Dark trading and market quality', 24th Annual Meeting European Financial Management Association EFMA, Breukelen, Netherlands, 27th June 2015

Foley S and Putnins TJ 2015 'Should we be afraid of the dark? Dark trading and market quality', Annual Meetings of The Western Finance Association, Seattle, United States, 20th June 2015

2014

4
Journal Article/s

Aspris A, Foley S and Frino A 2014 'Does Insider Trading Explain Price Run-Up Ahead of Takeover Announcements?', Accounting & Finance, vol.54:1, pp. 25-45 [Link]

5
Conference Paper/s

Aspris A, Cumming D and Foley S 2014 'Exchange Data Fees in a Rapidly Fragmented Market', 21st Annual Conference of the Multinational Finance Society, Prague, Czech Republic, 2nd July 2014

Foley S and Putnins T 2014 'Should we be afraid of the dark?', 21st Annual Conference of the Multinational Finance Society, Prague, Czech Republic, 2nd July 2014

Foley S, Partington G, Svec J and Pritcha N 2014 'The Effects of Underwriting Dividend Reinvestment Plans', CFA-JCF-Schulich Conference on Financial Market Misconduct, Toronto, Canada, 4th April 2014

7
Thesis

Foley S 2014 'The impact of regulation on market quality', Discipline of Finance, University of Sydney, Australia

10
Report/s

Foley S 2014 'Minimum Price Improvement Regulation in Australia and Canada', Chartered Financial Analyst Institute

2013

4
Journal Article/s

Aspris A, Finch N, Foley S and Meyer Z 2013 'Fundamental-based Market Strategies', Australian Accounting Review, vol.23:4, pp. 380-92 [Link]

5
Conference Paper/s

Foley S and Putnins T 2013 'Should we be afraid of the dark? Dark trading and market quality', Northern Finance Association Annual Conference, Quebec City, Canada, 29th September 2013

Foley S and Putnins T 2013 'Should we be afraid of the dark? Dark trading and market quality', 3rd Annual Behavioural Finance and Capital Markets Conference, Adelaide, Australia, 2nd August 2013

11
Seminar Paper/s

Foley S and Malinova K 2013 'Dark Trading on Public Exchanges, University of NSW Brown Bag Seminar presentation, Sydney, Australia, 31 May 2013

2012

5
Conference Paper/s

Foley S 2012 'Dark Trading on Public Exchanges', Centre for Applied Financial Studies - Finance Research Day: The Market Microstructure Effects of the Rise of Dark Pools, Adelaide, Australia, 21st November 2012

Cumming D and Foley S 2012 'Exchange Data Fees in a Rapidly Fragmented Market', Meetings of The Canadian Law and Economics Association CLEA 2012, University of Toronto, Canada, 29th September 2012

Foley S 2012 'Does Insider Trading Explain Price Run-Up Ahead of Takeover Announcements?', 10th Annual International Conference on Accounting, Athens, Greece, 5th July 2012

Di Lernia C, Finch N and Foley S 2012 'Improving Corporate Reporting: Price Queries and the Enforcement of Australia’s Continuous Disclosure Regime', 10th Annual International Conference on Accounting, Athens, Greece, 5th July 2012

Aspris A, Foley S and Frino A 2012 'Does Insider Trading Explain Price Run-Up Ahead of Takeover Announcements?', 19th Annual Conference of the Multinational Finance Society, Krakow, Poland, 27th June 2012

Cumming D and Foley S 2012 'Exchange Data Fees in a Rapidly Fragmented Market', Accounting and Management Information Systems Conference AMIS 2012, Bucharest, Romania, 14th June 2012

Di Lernia C, Finch N and Foley S 2012 'The Enforcement of Australia’s Continuous Disclosure Regime', Accounting and Management Information Systems Conference AMIS 2012, Bucharest, Romania, 14th June 2012

Foley S 2012 'Whats in a Price? Measuring the Value of Exchange Data Fees', 3rd Conference on Financial Markets and Corporate Governance, Melbourne, Australia, 13th April 2012

Foley S 2012 'A toe in the Water: Evidence from the introduction of a Dark Pool (Best “Market Microstructure” paper)', 3rd Conference on Financial Markets and Corporate Governance - PhD Symposium, Melbourne, Australia, 13th April 2012

10
Report/s

Foley S 2012 'High frequency trading: assessing the impact on market efficiency and integrity - Driver Review DR28', Foresight: The Future of Computer Trading in Financial Markets (2012) Final Project Report [Link]

Selected grants

2017-2018

2017

2015

Recent Units Taught

  • FINC5001 Capital Markets and Corporate Finance

    2016: S1,

  • FINC6001 Intermediate Corporate Finance

    2016: S1, S2,

  • FINC6015 Global Trading

    2017: S2,
    2016: S2,

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