Thomas H. McInish

University of Memphis - Fogelman College of Business and Economics

Professor and Wunderlich Chair of Finance

Memphis, TN 38152

United States

SCHOLARLY PAPERS

38

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SSRN CITATIONS
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Top 14,445

in Total Papers Citations

41

CROSSREF CITATIONS

40

Scholarly Papers (38)

1.

Minority Shareholder Expropriation and Asymmetric Information Flows in a Global Registered Share: The Saga of Daimler Chrysler

Number of pages: 46 Posted: 02 Dec 2004
Wake Forest University, Wake Forest University, University of Memphis - Fogelman College of Business and Economics and University of Memphis - Fogelman College of Business and Economics
Downloads 1,212 (20,882)
Citation 1

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cross-listing, corporate governance, disclosure, minority shareholder, order flow, trading costs, price discovery

2.

Information-Based Trading, Price Impact of Trades, and Trade Autocorrelation

Number of pages: 35 Posted: 27 May 2004
Kee H. Chung, Mingsheng Li and Thomas H. McInish
State University of New York at Buffalo - School of Management, Bowling Green State University - College of Business Administration and University of Memphis - Fogelman College of Business and Economics
Downloads 843 (35,195)
Citation 6

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Quote revisions, asymmetric information, price impact, trade autocorrelation

3.

The Flash Crash: Trading Aggressiveness, Liquidity Supply, and the Impact of Intermarket Sweep Orders

Number of pages: 45 Posted: 26 Jun 2010 Last Revised: 22 Aug 2013
Robert Wood, James Upson and Thomas H. McInish
University of Memphis - Fogelman College of Business and Economics, University of Texas at El Paso and University of Memphis - Fogelman College of Business and Economics
Downloads 784 (38,867)
Citation 5

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Regulation NMS, Market Quality, Sweep Order, Flash Crash

4.

The Predictive Power of Limit Order Book for Future Volatility, Trade Price, and Speed of Trading

Number of pages: 47 Posted: 22 Mar 2011
Pankaj K. Jain, Pawan Jain and Thomas H. McInish
University of Memphis - Fogelman College of Business and Economics, University of Wyoming - College of Business - Department of Economics and Finance and University of Memphis - Fogelman College of Business and Economics
Downloads 781 (39,120)
Citation 1

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Tokyo Stock Exchange, Future trade prices, volatility, trading speed

5.

Trading Rules, Competition for Order Flow and Market Fragmentation

Forthcoming, Journal of Financial Economics (JFE), European Corporate Governance Institute (ECGI) - Law Working Paper No. 256/2014
Number of pages: 89 Posted: 11 Dec 2013 Last Revised: 29 Apr 2014
Amy Kwan, Ronald W. Masulis and Thomas H. McInish
University of Sydney Business School, University of New South Wales, Sydney and University of Memphis - Fogelman College of Business and Economics
Downloads 683 (46,854)
Citation 16

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Market Fragmentation; Regression Discontinuity; Dark Pools; Trade Reporting Facility

6.

An Empirical Investigation of the Option Value of the Limit Order Book on the Australian Stock Exchange

Number of pages: 48 Posted: 07 Dec 1997
Elvis Jarnecic and Thomas H. McInish
The University of Sydney and University of Memphis - Fogelman College of Business and Economics
Downloads 626 (52,553)
Citation 5

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7.

Does High-Frequency Trading Increase Systemic Risk?

Journal of Financial Markets, 2016
Number of pages: 44 Posted: 31 Jul 2016
Pankaj K. Jain, Pawan Jain and Thomas H. McInish
University of Memphis - Fogelman College of Business and Economics, University of Wyoming - College of Business - Department of Economics and Finance and University of Memphis - Fogelman College of Business and Economics
Downloads 587 (57,152)
Citation 3

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High-frequency trading, Liquidity, Correlation, Systemic Risk, Arrowhead, CoVaR

8.

Strategic Liquidity Supply in a Market with Fast and Slow Traders

Number of pages: 49 Posted: 09 Sep 2011 Last Revised: 19 Mar 2012
Thomas H. McInish and James Upson
University of Memphis - Fogelman College of Business and Economics and University of Texas at El Paso
Downloads 481 (73,034)
Citation 9

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Regulation NMS, Limit Order, Quote Update, Trade Execution Quality

9.

Evolution of Volatility, Trade Price Location, Correlations, and Speed of Trading in the Limit Order Book

Midwest Finance Association 2012 Annual Meetings Paper
Number of pages: 53 Posted: 22 Aug 2011 Last Revised: 20 Feb 2012
Pankaj K. Jain, Pawan Jain and Thomas H. McInish
University of Memphis - Fogelman College of Business and Economics, University of Wyoming - College of Business - Department of Economics and Finance and University of Memphis - Fogelman College of Business and Economics
Downloads 280 (134,491)

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Limit order book, Liquidity, Volatility

10.

Market Fragmentation and Information Quality: The Role of TRF Trades

Number of pages: 46 Posted: 16 Nov 2011 Last Revised: 10 Feb 2014
Christine X. Jiang, Thomas H. McInish and James Upson
Fudan University, University of Memphis - Fogelman College of Business and Economics and University of Texas at El Paso
Downloads 212 (176,664)
Citation 8

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Fragmentation, Market Quality, Off-exchange trading

11.

Naked Short Selling and the Market Impact of Failures-to-Deliver: Evidence from the Trading of Real Estate Investment Trusts

Number of pages: 41 Posted: 19 Apr 2010 Last Revised: 24 Apr 2010
Erik Devos, Thomas H. McInish, Michael D. McKenzie and James Upson
University of Texas at El Paso - College of Business Administration - Department of Economics and Finance, University of Memphis - Fogelman College of Business and Economics, The University of Sydney - Discipline of Finance and University of Texas at El Paso
Downloads 209 (179,107)
Citation 1

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Short Selling, Failures-to-deliver, Financial Crisis, Regulation, REITs, Naked Short Selling

12.

Orders versus Trades on the Consolidated Tape

Number of pages: 40 Posted: 02 Jul 2015 Last Revised: 18 Oct 2018
James Upson, Thomas H. McInish and Hardy Johnson
University of Texas at El Paso, University of Memphis - Fogelman College of Business and Economics and Kansas State University
Downloads 208 (179,884)
Citation 4

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TAQ data, DTAQ data, Consolidated Tape, Order Size, Trade Size

13.

Trading Aggressiveness and Market Breadth Around Earnings Announcements

Number of pages: 42 Posted: 21 Jan 2011 Last Revised: 10 Sep 2011
University of Texas at El Paso, Purdue University, University of Memphis - Fogelman College of Business and Economics and University of Memphis - Fogelman College of Business and Economics
Downloads 196 (189,961)

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Regulation NMS, Market Quality, Sweep Order, Earnings Announcement, Liquidity

14.

A Comparative Analysis of Short Selling Restrictions

Midwest Finance Association 2012 Annual Meetings Paper
Number of pages: 39 Posted: 16 Sep 2011 Last Revised: 24 Aug 2012
Chinmay Jain, Pankaj K. Jain and Thomas H. McInish
University of Ontario Institute of Technology, University of Memphis - Fogelman College of Business and Economics and University of Memphis - Fogelman College of Business and Economics
Downloads 186 (199,066)

Abstract:

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Short selling, tick restrictions

15.

Opportunistic stock splits

Number of pages: 52 Posted: 28 Jun 2016 Last Revised: 29 Jun 2020
Ahmed Elnahas, Pankaj K. Jain and Thomas H. McInish
University of Texas - Pan American - College of Business Administration - Department of Economics & Finance, University of Memphis - Fogelman College of Business and Economics and University of Memphis - Fogelman College of Business and Economics
Downloads 131 (266,055)

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16.

Everything Old is New Again

Regulation, Vol. 34, No. 2, 2011
Number of pages: 5 Posted: 11 Jul 2011 Last Revised: 27 Jul 2011
Chinmay Jain, Pankaj K. Jain and Thomas H. McInish
University of Ontario Institute of Technology, University of Memphis - Fogelman College of Business and Economics and University of Memphis - Fogelman College of Business and Economics
Downloads 131 (266,055)
Citation 1

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17.

Strategic Illegal Insider Trading Prior to Price Sensitive Announcements

Journal of Financial Crime, 2011, 18(3), 247-253
Number of pages: 7 Posted: 14 Apr 2013 Last Revised: 14 Aug 2013
Thomas H. McInish, Alex Frino and Frank Sensenbrenner
University of Memphis - Fogelman College of Business and Economics, The University of Sydney - Discipline of Finance and Johns Hopkins University - Paul H. Nitze School of Advanced International Studies (SAIS)
Downloads 87 (351,614)
Citation 2

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Insider trading, Stock markets, Financial information

18.

Exploring the Manipulation Toolkit: The Failure of Doral Financial Corporation

Applied Economics, Forthcoming
Number of pages: 34 Posted: 28 Jun 2016 Last Revised: 24 Apr 2017
Ahmed Elnahas, Pankaj K. Jain and Thomas H. McInish
University of Texas - Pan American - College of Business Administration - Department of Economics & Finance, University of Memphis - Fogelman College of Business and Economics and University of Memphis - Fogelman College of Business and Economics
Downloads 68 (404,730)

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Earnings Management, Fraud, Restatement, Bankruptcy

19.

Unconventional Monetary Policy and the Behavior of Shorts

FRB St. Louis Working Paper No. 2017-31
Number of pages: 46 Posted: 28 Nov 2017 Last Revised: 27 Nov 2019
Thomas H. McInish, Christopher J. Neely and Jade Planchon
University of Memphis - Fogelman College of Business and Economics, Federal Reserve Bank of St. Louis - Research Division and affiliation not provided to SSRN
Downloads 34 (541,836)

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Quantitative Easing, Treasury bond short interest, Monetary Policy, Large-Scale Asset Purchases (LSAP), Agency securities, Treasury securities, Great Recession

Price Clustering on the Tokyo Stock Exchange

The Financial Review, Vol. 42, No. 2, pp. 289-301, May 2007
Number of pages: 13 Posted: 04 Jun 2007
N. Asli Ascioglu, Carole Comerton-Forde and Thomas H. McInish
Bryant University, UNSW Business School and University of Memphis - Fogelman College of Business and Economics
Downloads 17 (672,104)
Citation 1
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Price Clustering on the Tokyo Stock Exchange

The Financial Review, Vol. 42, No. 2, May 2007
Posted: 26 Apr 2007
N. Asli Ascioglu, Carole Comerton-Forde and Thomas H. McInish
Bryant University, UNSW Business School and University of Memphis - Fogelman College of Business and Economics

Abstract:

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Price clustering, depth clustering, limit order market, Tokyo Stock Exchange, anonymity

21.

Financial Analysts and Price Discovery

Accounting & Finance, Vol. 48, Issue 1, pp. 1-24, March 2008
Number of pages: 24 Posted: 29 Feb 2008
Macquarie Graduate School of Management, affiliation not provided to SSRN, affiliation not provided to SSRN and University of Memphis - Fogelman College of Business and Economics
Downloads 14 (671,086)
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22.

Supply and Demand Shifts of Shorts Before Fed Announcements During Qe1–Qe3

FRB St. Louis Working Paper No. 2020-051
Number of pages: 11 Posted: 23 Dec 2020
Thomas H. McInish, Christopher J. Neely and Jade Planchon
University of Memphis - Fogelman College of Business and Economics, Federal Reserve Bank of St. Louis - Research Division and affiliation not provided to SSRN
Downloads 12 (686,336)

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23.

Short Selling: The Impact of Sec Rule 201 of 2010

Financial Review, Vol. 47, Issue 1, pp. 37-64, 2012
Posted: 05 Jan 2012
Chinmay Jain, Pankaj K. Jain and Thomas H. McInish
University of Ontario Institute of Technology, University of Memphis - Fogelman College of Business and Economics and University of Memphis - Fogelman College of Business and Economics
Downloads 3 (756,516)
Citation 6
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intraday short selling, short selling return dynamics

24.

Fragmentation and Price Discovery: A Comparison of Reg NMS and MiFID1

Posted: 21 May 2019
Wake Forest University, University of Memphis - Fogelman College of Business and Economics, Johns Hopkins University - Paul H. Nitze School of Advanced International Studies (SAIS) and University of Memphis - Fogelman College of Business and Economics

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Reg NMS, MiFID1, fragmentation, Chi-X, ARCA, price discovery

25.

Information Content of Earnings Announcements: Evidence from After-Hours Trading

Journal of Financial and Quantitative Analysis (JFQA), Vol. 47, No. 6, 2012
Posted: 25 Aug 2017
Christine X. Jiang, Tanakorn Likitapiwat and Thomas H. McInish
Fudan University, Chulalongkorn University and University of Memphis - Fogelman College of Business and Economics

Abstract:

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26.

Naked Short Selling and the Market Impact of Fails-to-Deliver: Evidence from the Trading of Real Estate Investment Trusts

Journal of Real Estate Finance and Economics, Vol. 49, No. 4, 2014
Posted: 17 Oct 2014
Erik Devos, Thomas H. McInish, Michael D. McKenzie and James Upson
University of Texas at El Paso - College of Business Administration - Department of Economics and Finance, University of Memphis - Fogelman College of Business and Economics, The University of Sydney - Discipline of Finance and University of Texas at El Paso

Abstract:

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Short selling; Fails-to-deliver; Financial crisis; Regulation; REITs

27.

Production of Information, Information Asymmetry, and the Bid-Ask Spread: Empirical Evidence from Analysts’ Forecasts

Journal of Banking and Finance, Vol. 19, 1995
Posted: 14 Dec 2009
Kee H. Chung, Thomas H. McInish, Robert Wood and Donald J. Wyhowski
State University of New York at Buffalo - School of Management, University of Memphis - Fogelman College of Business and Economics, University of Memphis - Fogelman College of Business and Economics and affiliation not provided to SSRN

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information asymmetry, bid-ask spread, analysts' forecast

28.

The Need for a Unified Approach to Price Discovery: CFS and IS Metrics Before and After Reg NMS

Posted: 26 Mar 2008 Last Revised: 29 Jul 2014
Frederick H. deB. Harris, Thomas H. McInish and Robert Wood
Wake Forest University, University of Memphis - Fogelman College of Business and Economics and University of Memphis - Fogelman College of Business and Economics

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Reg NMS, price discovery, information share, common factor share, Reg NMS

29.

Trading Volume and Short-Horizon Price Pattern: A Cross-Country Test on Three Behavioral Models

Posted: 24 May 2005
David K. Ding, Thomas H. McInish and Udomsak Wongchoti
Singapore Management University - Lee Kong Chian School of Business, University of Memphis - Fogelman College of Business and Economics and Massey University - School of Economics and Finance

Abstract:

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Trading volume, price pattern, behavioral model

30.

Asymmetric Information in the IPO Aftermarket

Posted: 17 Apr 2005
Mingsheng Li, Thomas H. McInish and Udomsak Wongchoti
Bowling Green State University - College of Business Administration, University of Memphis - Fogelman College of Business and Economics and Massey University - School of Economics and Finance

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initial public offerings, asymmetric information, adverse selection cost

31.

Ownership of Cross-Listed Equities: An Investigation of Turnover, Diversification, and Risk

Posted: 13 Feb 2003
Sie Ting Lau and Thomas H. McInish
Nanyang Technological University (NTU) - Division of Banking & Finance and University of Memphis - Fogelman College of Business and Economics

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32.

Cross-Listings and Home Market Trading Volume: The Case of Malaysia and Singapore

Posted: 13 Nov 2001
Thomas H. McInish and Sie Ting Lau
University of Memphis - Fogelman College of Business and Economics and Nanyang Technological University (NTU) - Division of Banking & Finance

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market microstructure, order flow diversion

33.

Merger Announcements and Trading

Posted: 01 May 2001
N. Asli Ascioglu, Thomas H. McInish and Robert Wood
Bryant University, University of Memphis - Fogelman College of Business and Economics and University of Memphis - Fogelman College of Business and Economics

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34.

Closing the Floor: Evidence of Price Discovery on the Sydney Futures Exchange

Babcock School Working Paper 98-022
Posted: 08 Nov 1998
Frederick H. deB. Harris, Alex Frino and Thomas H. McInish
Wake Forest University, The University of Sydney - Discipline of Finance and University of Memphis - Fogelman College of Business and Economics

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35.

Cointegration, Error Correction, and Price Discovery on Informationally Linked Security Markets

JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS
Posted: 23 Aug 1998
Wake Forest University, University of Memphis - Fogelman College of Business and Economics, Wake Forest University - School of Business and University of Memphis - Fogelman College of Business and Economics

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Bids and Asks in Disequilibrium Market Microstructure: The Case of Ibm

JOURNAL OF BANKING AND FINANCE, 1995
Posted: 20 Jul 1998
Wake Forest University, University of Memphis - Fogelman College of Business and Economics and affiliation not provided to SSRN

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Bids and Asks in Disequilibrium Market Microstructure: The Case of Ibm

Posted: 20 Jul 1998
Wake Forest University, University of Memphis - Fogelman College of Business and Economics and affiliation not provided to SSRN

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37.

The Effect of the Sec's Order Handling Rules on NASDAQ

Posted: 19 Jul 1998
Robert A. Van Ness, Thomas H. McInish and Bonnie F. Van Ness
University of Mississippi - Department of Finance, University of Memphis - Fogelman College of Business and Economics and University of Mississippi - Department of Finance

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38.

A Transactions Data Analysis of Intraday Betas

Posted: 15 Jun 1998
Larry J. Lockwood, Thomas H. McInish and Suhkyong Kim
Texas Christian University, University of Memphis - Fogelman College of Business and Economics and SeoKyeong University

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Other Papers (3)

Total Downloads: 156
1.

What IPO Order Flow Reveals about the Role of the Underwriter

International Journal of Managerial Finance, Vol. 5, No. 1, pp. 16-49, 2009
Number of pages: 51 Posted: 03 Apr 2009
Macquarie Graduate School of Management, Wake Forest University, University of Memphis - Fogelman College of Business and Economics and affiliation not provided to SSRN
Downloads 111 (100,983)

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Initial public offering, IPO, underwriter, venture capitalist

2.

Anonymity and Informed Trading

23rd Australasian Finance and Banking Conference 2010 Paper
Number of pages: 37 Posted: 22 Aug 2010 Last Revised: 23 Nov 2010
Michael J. Aitken, Amy Kwan and Thomas H. McInish
Macquarie Graduate School of Management, The University of New South Wales and University of Memphis - Fogelman College of Business and Economics
Downloads 24

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Anonymity, Informed Trading, PIN

3.

Trading Prior to Price Sensitive Announcements

22nd Australasian Finance and Banking Conference 2009
Number of pages: 27 Posted: 27 Aug 2009 Last Revised: 24 Nov 2009
Michael J. Aitken, Amy Kwan and Thomas H. McInish
Macquarie Graduate School of Management, The University of New South Wales and University of Memphis - Fogelman College of Business and Economics
Downloads 21

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Market Quality, Market Integrity, Informed Trading, ASX, Chinese Exchanges, Regulation