TERRY MARSH

Terry Marsh, Ph.D. consults to PF2 on complex technical engagements, including in the context of cryptocurrency markets and other financial market dynamics. Terry is also CEO of Quantal International, an analytics company that provides multi-factor portfolio construction tools to investment managers, and is an Emeritus Professor of Finance at UC Berkeley, where he served on the finance faculty at UC Berkeley’s Haas School of Business until 2005. Before joining Berkeley, Terry was an Associate Professor of Finance at MIT. Terry received a Batterymarch Fellowship in 1984 and was a National Fellow at Stanford's Hoover Institution. He has consulted for a variety of institutions — including the New York Stock Exchange, the Options Clearing Corporation, and the former Industrial Bank of Japan — and was a member of the U.S. Presidential Task Force on Market Mechanisms that investigated the October 1987 stock market crash. He sits, among his other memberships, on the Advisory Board for Strike Protocols, which concerns itself with smart settlement for digital assets. He is also on the editorial board of the renowned Journal of Fixed Income. Terry received his MBA and Ph.D. degrees from the University of Chicago and a B.Com (Honors) degree and University Medal from the University of Queensland (Australia).

Recent Articles and Publications

Terry Marsh and Rand Low, "Cryptocurrency and blockchain: tulip mania or digital promise for the millennial generation?" Studies in Economics and Finance, Vol. 36 No. 1, pp. 2-7. (2019)
Terry Marsh and Gene Phillips, "The Hayne Report - One Giant Leap Forward for Australia," Law and Financial Markets Review, 2019.
Rand Low, Te Li and Terry Marsh, “BV-VPIN: Measuring the impact of order flow toxicity and liquidity on international equity markets,” Journal of Risk, Vol 21(2), 2018.