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Ryan Garvey is Donahue Chair in Investment Management and Professor of Finance at Duquesne University. Professor Garvey joined Duquesne in 2002, and he has been promoted through the entire faculty promotional rank system at the University (Assistant Professor-Associate Professor-Professor-Endowed Chair).    

Dr. Garvey researches trading related issues in U.S. equity markets. He has published numerous articles in both leading academic and practitioner peer-reviewed finance journals including Journal of Financial Markets, Journal of Banking and Finance, Journal of Empirical Finance, Financial Review, European Financial Management, Financial Analysts Journal, and Journal of Portfolio Management. Dr. Garvey has been awarded numerous times the annual Outstanding Scholar Award voted on by Duquesne faculty.

Professor Garvey has taught both graduate and undergraduate finance courses to native students in three countries (Ireland, Singapore, and U.S), and he has developed several finance-related courses, programs, and instructional methods. Professor Garvey has been awarded the annual Outstanding Teacher Award voted on by Duquesne students.

Dr. Garvey has held various full-time and consulting related positions with financial firms, and he served as Department Chair of the Finance and Economics programs at Duquesne for nine years. Professor Garvey has been awarded outstanding service awards, both internally at Duquesne and externally from Financial Management Association International, for his leadership and advisement of students outside of the classroom.    


Ph.D., Finance, Michael Smurfit Graduate School of Business, University College Dublin

Profile Information

Journal Publications

  • Garvey, R., Qin, Y., 2022. When Does Slower Order Execution Occur? Evidence from U.S. Equity investors. Journal of Asset Management 23 (2), 130-137.
  • Favreau, C., Garvey, R., 2022. Non-positive Spreads and Trading Venue Halts: Are Investors Harmed? Finance Research Letters 46A, 102368.
  • Favreau, C., Garvey, R., 2022. The Effect of Tripping the U.S. Equity Market Wide Circuit Breaker on Liquidity: Evidence from the Coronavirus Selloff. Journal of Investing 32 (1) 21-34.
  • Garvey, R., Huang, T., Wu, F., 2021. Is Faster or Slower Trading Better? An Analysis of Order Type Execution Speed and Costs. European Financial Management 27 (2), 326-363.
  • Garvey, R., Huang, T., Wu, F., 2021. Non-Conflicted Trader “Maker-Taker” Decisions and Execution Quality. Quarterly Journal of Finance 11 (3), 2150013.
  • Favreau, C., Garvey, R., 2021. What Causes the Disposition Effect? Evidence from Corporate Insiders. Journal of Behavioral Finance 22 (2), 189-200.
  • Favreau, C., Garvey, R., 2019. An Examination of Cross-Market Arbitrage. Journal of Applied Business and Economics 21 (3), 31-36.
  • Garvey, R., Huang, T., Wu, F., 2018. Size and Information Revelation in Securities Trading. Applied Economics Letters 25 (15), 1083-1086.
  • Garvey, R., Huang, T., Wu, F., 2017. Why Do Traders Split Orders? Financial Review 52 (2), 233-258.
  • Garvey, R., Huang, T., Wu, F., 2016. Why Do Traders Choose Dark Markets? Journal of Banking and Finance 68 (7), 12-28.
    • Article featured in CFA Digest, January 2017, Vol. 47 (1).
  • Garvey, R., Huang, T., Wu, F., 2016. Who Trades Quickly? Applied Economics Letters 23 (13), 953-957.
  • Garvey, R., Wu, F., 2015. Adaptive Trading and Longevity. Journal of Behavioral Finance 16 (1), 40-50.
  • Garvey, R., Wu, F., 2014. Clustering of Intraday Order-Sizes by Uninformed versus Informed Traders. Journal of Banking and Finance 41 (4), 222-235.
  • Garvey, R., Huang, T., Wu, F., 2014. Concentrated Trading and Order Execution Costs. Asia-Pacific Journal of Financial Studies 43 (6), 895-917.
  • Garvey, R., Wu, F., 2012. Are Market Center Trading Cost Measures Reliable? Czech Journal of Economics and Finance, 61 (6), 505-517.
  • Garvey, R., Wu, F., 2012. Who Cancels in Electronic Markets? Applied Economics Letters 19 (12), 1161-1164.
  • Garvey, R., Wu, F., 2012. Are Informed Traders Reluctant to Bear Price Risk or Execution Risk? International Journal of Managerial Finance 8 (4), 284-303.
  • Garvey, R., 2012. Latency Cost and Information: Does Speed Matter for All Market Participants? Journal of Trading 7 (1), 62-73.
  • Garvey, R., Wu, F., 2011. Information, Speed vs. Cost Trade-offs, and Order Routing Decisions in U.S. Equity Markets. Journal of Empirical Finance 18 (3), 408-422.
  • Garvey, R., Wu, F., 2011. What Influences Trader Choice of Electronic versus Intermediated Execution? International Review of Finance 11 (4), 445-476.
  • Garvey, R., Wu, F., 2010. Speed, Distance, and Electronic Trading: New Evidence on Why Location Matters. Journal of Financial Markets 13 (4), 367-396.
  • Garvey, R., Wu, F., 2010. When Should You Trade? Journal of Trading 5 (4), 65-77.
  • Garvey, R., Wu, F., 2010. Payday Effects: An Examination of Trader Behavior within Evaluation Periods. Journal of Behavioral Finance 11 (2), 114-128.
  • Garvey, R., Wu, F., 2009. Intraday Time and Order Execution Quality Dimensions. Journal of Financial Markets 12 (2), 203-228.
  • Garvey, R., Wu, F., 2009. Location and Trading Performance in Electronic Markets. Journal of Investment Consulting 10 (1), 17-24.
  • Garvey, R., Wu, F., 2008. Are Trading Costs Invisible in Trading Decisions? Journal of Trading 2 (4), 23-33.
  • Garvey, R., Wu, F., 2008. The Effects of Institutional Risk Control on Trader Behavior. Journal of Applied Finance 18 (1), 22-35.
  • Garvey, R., Murphy, A., Wu, F., 2007. Do Losses Linger? Evidence from Proprietary Stock Traders. Journal of Portfolio Management 33 (4), 75-83.
  • Article featured in CFA Digest, Feb. 2008, Vol. 38 (1), 90-91.
  • Garvey, R., Wu, F., 2007. Professional Trader Order Selection and Prior Outcomes. Journal of Trading 2 (4), 23-33.
  • Article featured in CFA Digest, May 2008, Vol. 38(2), 108-109.
  • Garvey, R., Murphy, A., 2006. Crossed Markets: Arbitrage Opportunities in Nasdaq Stocks. Journal of Alternative Investments 9 (2), 46-58.
  • Garvey, R., Wu, F., 2006. Market Transparency and Institutional Trader Behavior after a Tick Change. Journal of Trading 2 (1), 35-48.
  • Garvey, R., Murphy, A., 2005. The Profitability of Active Stock Traders. Journal of Applied Finance 15 (2), 93-100.
  • Garvey, R., Murphy, A., 2005. Entry, Exit, and Trading Profits: A Look at the Trading Strategies of a Proprietary Trading Team. Journal of Empirical Finance 15 (2), 629-649.
  • Garvey, R., Murphy, A., 2004. Commissions Matter: The Trading Behavior of Institutional and Individual Active Traders. Journal of Behavioral Finance 5 (4), 214-221.
  • Garvey, R., Murphy, A., 2004. Are Professional Traders Too Slow to Realize Their Losses? Financial Analysts Journal 60 (4), 45-53.

Book Chapters

  • Garvey, R., Wu, F., 2010. Trading and Overconfidence. In The Handbook of Trading, ed. Greg Gregoriou. McGraw-Hill, New York.
  • Garvey, R., Murphy, A., 2010. The Effects of Higher Transaction Costs on Trader Behavior. In The Handbook of Behavioral Finance, ed. Brian Bruce. Edward Elgar, U.K.