Faculty & Staff Directory


Frederick H.deB. Harris (Rick) is a Professor of Economics and Finance at the Schools of Business, Wake Forest University and a frequent Visiting Professorial Fellow at the Australian School of Business, School of Banking and Finance, University of New South Wales and at the Capital Markets Cooperative Research Centre in Sydney. His specialties are pricing tactics and capacity planning in product markets, as well as price discovery and capital market design in financial markets. He has taught integrative managerial economics Core courses and elective finance and economics B.A., B.S., M.S., M.A., M.B.A., and Ph.D. courses at Wake Forest, the University of Texas, William and Mary, the University of Virginia and at several universities in France, Germany, Italy, and Australia.
Professor Harris has won two school-wide Educator of the Year awards and two Researcher of the Year awards. Other recognitions include Outstanding Faculty (Inc., 1998 and 2001), Outstanding Faculty (Business Week's Guide to the Best Business Schools, 1997-2004), Board of Associate Editors (Journal of Industrial Economics, 1988-2003), and the Runner-up Prize (European Corporate Governance Institute, 2007). Numerous publications have appeared in the leading journals in Economics, Finance, Operations and Marketing such as the Review of Economics and Statistics, the Journal of Financial and Quantitative Analysis, Journal of Financial Markets, and the Journal of Operations Management. He also writes with practitioners in the INFORMS's Journal of Revenue and Pricing Management, in the AMA's Marketing Management, and in the Journal of Trading from Institutional Investor Inc. Overall, he has published 46 articles and a textbook, Managerial Economics: Applications, Strategy, and Tactics, 13th ed., Cengage Learning, 2013, 676 pp.
Professor Harris holds a 1981 Ph.D. from the University of Virginia and earned a Dartmouth College B.A. with distinction in Economics.

Price Discovery

  • Ph D, University of Virginia- 1981
  • BA, Dartmouth College with Distinction in Economics- 1971

Research Interests

  • Price Discovery
  • Market Integrity, Capital Markets Microstructure
  • Security Market Design
  • Pricing/Revenue Management

Teaching Interests

  • Managerial Economics
  • Revenue Management
  • Applied Game Theory
  • Asset Pricing

  • Harris, F. H. (Forthcoming). Market Fairness: The Poor Country Cousin of Market Efficiency. Journal of Business Ethics/Springer. | more information
  • Harris, F. H. , &  Harris, D. (2016). Determinants of Price Discovery: Dark Trading and Price Improvement. Journal of Trading/ Institutional Investors Journals, 12 (1 (Winter 2017)), 55-72.
  • Harris, F. H. ,  Aitken, M. A. , &  Ji, . (2015). A Worldwide Examination of Exchange Market Quality: Greater Integrity Increases Market Efficiency. Journal of Business Ethics/Springer, 132 ( 1), 147-170.
  • Harris, F. H. (2015). The Effects of Algorithmic Trading on Security Market Quality. Journal of Trading/Institutional Investors Journals, 10 (2), 41-53.
  • Harris, F. H. , &  , H. A. (2014). The Persistence of Dominant Firm Market Share : Raising Rivals Cost on the NYSE. Southern Economic Journal, 81 (1), 91-112.
  • Harris, F. H. (2014). Fragmentation and Price Discovery: A Comparison of RegNMS and MiFID1. Journal of Trading, 9 (4/Fall 2014), 6-1.
  • Harris, F. H. (2014). The Relationship Between Satellite and Home-Market Volumes: Evidence form Cross-Listed Singapore Futures Contracts. Pacific-Basin Finance Journal/Elsevier, 24 (4), 301-311.
  • Harris, F. H. (2013). Managerial Economics: Applications, Strategy, and Tactics, 13th ed., 676 pages. Cengage Learning.
  • Harris, F. H. , &  DeMarco, E. (2012). European Market Quality Pre/Post MiFID1. Journal of Trading, (7(4))
  • Harris, F. H. (2011). Evidence-Based Regulatory Policy for Financial Markets: A Panel Discussion. Journal of Trading, IIJ Inc.: Institutional Investors Journals Inc., 6 (Summer 2011), 69-89. | more information
  • Harris, F. H. (2011). Evidence-Based Policy Making for Financial Markets. Journal of Trading/Institutional Investors Journals, 6 (Summer 2011), 58-68.
  • Harris, F. H. (2011). Evidence-Based Regulatory Policy for Financial Markets: A Panel Discussion. In (Ed.), Guide to Global Liquidity 3: Market Structure, Regulation, and Trading Strategies (pp. 24-44). New York: Institutional Investor Inc. and Bloomberg Tradebooks. | more information
  • Harris, F. H. (2010). Managerial Economics: Applications, Strategy and Tactics, 12th edition. SouthWestern/Thomson/Cengage Learning.
  • Harris, F. H. (2009). The changing state of the NYSE market: New common factors, players, and impulse responses. Journal of Trading / Institutional Investor Inc., 4 (1), 68-94. | more information
  • Harris, F. H. (2009). What IPO order flow reveals about the role of the underwriter in IPO aftermarkets. Int'l Journal of Mangerial Finance, 5 (1), 16-49.
  • Harris, F. H. (2009). Market design and execution cost for matched securities worldwide, Guide to Global Liquidity, Liquidity II, pp. 38-76 . In Brian Bruce (Ed.), (pp. 38-76). New York, NY: Institutional Investor Inc. and Bloomberg Tradebooks. | more information
  • Harris, F. H. (2008). Share shift, price elasticity, and airport substitution in origin-destination markets with low-cost entrants. International Journal of Revenue Management, 2 (2), 109-122. | more information
  • Harris, F. H. (2008). Are third-party equity warrants redundant? Journal of Financial Transformation/Capco Institute, 22, 153-161. | more information
  • Harris, F. H. (2008). Managerial Economics: Applications, Strategy, and Tactics. Thomson/South-Western. | more information
  • Harris, F. H. (2008). Corporate governance, disclosure, and minority shareholder expropriation: The saga of DaimlerChrysler. Corporate Ownership and Control, 5 (2), 401-414.
  • Harris, F. H. (2008). Financial analysts and price discovery. Accounting and Finance/Wiley-Blackwell, 48 (1), 1-24. | more information
  • Harris, F. H. (2007). Execution costs and market design worldwide: A panel discussion. Journal of Trading / Institutional Investor Inc., 2 (4), 9-24. | more information
  • Harris, F. H. (2007). Large scale entry deterrrence of a low-cost competitor in city-pair airline markets: An early success of airline revenue management. International Journal of Revenue Management/Inderscience, 1 (1), 5-27.
  • Harris, F. H. (2007). Optimal price-cost margins, service quality, and capacity choice in city-pair airline markets: Theory and empirical tests. Journal of Revenue and Pricing Management/Palgrave-Macmillan , 6 (2), 100-117. | more information
  • Harris, F. H. , &  , . (2007). Liquidity supply in electronic markets. Journal of Financial Markets, 10 (2), 144-169.
  • Harris, F. H. (2005). Managerial Economics: Applications, Strategy and Tactics. Thomson/South-Western.
  • Harris, F. H. ,  Kennedy, C. R. , &  Lord, M. (2004). Integrating Public Policy and Public Affairs into Pharmaceutical Marketing: Pricing Differentials and the AIDS Pandemic. Journal of Public Policy and Marketing, 23 (2), 1-23.
  • Harris, F. H. (2004). Price Discovery in the Pits: The Role of Market Makers on SFX and the CBOT. Journal of Futures Markets, 24 (8), 785-804.
  • Harris, F. H. (2002). Common Factor Components versus Information Shares: Alternative Approaches to Price Adjustment: A Reply. Journal of Financial Markets, 5 (3), 341-348.
  • Harris, F. H. (2002). Security Price Adjustment Across Exchanges: An Investigation of Common Factor Components for Dow Stocks. Journal of Financial Markets, 5 (3), 277-308.
  • Harris, F. H. (2002). Managerial Economics: Applications, Strategy and Tactics. Thomson/South-Western.
  • Harris, F. H. ,  Ding, D. ,  Lao, S. , &  McInish, T. (1999). An Investigation of Price Discovery in Informationally-Linked Markets: Equity Trading in Malaysia and Singapore. Journal of Multinational Financial Management, 9 (3), 265-289.
  • Harris, F. H. ,  James, M. , &  Charles, M. (1999). Managerial Economics: Applications, Strategy, and Tactics . South-Western/International Thomson.
  • Harris, F. H. , &  Pinder, J. P. (1995). A Revenue Management Approach To Demand Management And Order Booking In Assemble-To-Order Manufacturing. Journal of Operations Management, 13 (4), 299-309.
  • Harris, F. H. ,  McInish, T. ,  Shoesmith, G. L. , &  Wood, R. (1995). Cointegration, Error Correction, and Price Discovery on Three Informationally-Linked Security Markets. Journal of Financial and Quantitative Analysis, 30 (4), 563-579.
  • Harris, F. H. , &  Peacock, P. (1995). Hold My Place Please! Yield Management: Extending the Concept in Services Marketing. Marketing Management, 4 (2), 34-46.
  • Harris, F. H. ,  Chakravarty, R. , &  McInish, T. (1995). Bids and Asks in Disequilibrium Market Microstructure: The Case of IBM. Journal of Banking and Finance, 19 (2), 323-436.
  • Harris, F. H. (1990). Economic Negligence, Moral Hazard, and the Coase Theorem. Southern Economic Journal, 56 (3), 698-705.
  • Harris, F. H. (1988). Capital Intensity and the Firm's Cost of Capital. Review of Economics and Statistics, 52 (4), 587-595.
  • Harris, F. H. (1988). Testable Competing Hypotheses in Structure-Performance Theory: Efficient Structure or Market Power. Journal of Industrial Economics, 36 (3), 267-280.
  • Harris, F. H. (1986). Market Structure and Price-Cost Performance Under Endogenous Profit Risk. Journal of Industrial Economics, 35 (1), 35-59.
  • Harris, F. H. (1984). Growth Expectations, Excess Value, and the Risk-Adjusted Returns to Market Power. Southern Economic Journal , 51 (1), 166-179.
  • Harris, F. H. ,  Evans, R. , &  , . (1982). A Bayesian Analysis of Free Rider Metagames. Southern Economic Journal, 49 (1), 137-149.

  • 2010 - Professorial Visiting Fellow, Australian School of Business, University of New South Wales
  • 2009 - Professorial Visiting Fellow, Australian School of Business, University of New South Wales
  • 2008 - Babcock Educator of the Year, Babcock Graduate School of Management
  • 2008 - Professorial Visiting Fellow, Australian School of Business, University of New South Wales
  • 2007 - Runner-Up Prize, European Corporate Governance Institute
  • 2003 - Outstanding Faculty, Business Week, Guide to the Best Business Schools
  • 2001 - Babcock Educator of the Year, Babcock Graduate School of Management
  • 1998 - Outstanding Faculty, Inc Magazine
  • 1993 - Board of Associate Editors, Journal of Industrial Economics (1988-1993 Vols)

  • October 22, 2010 - A Framework for Assessing Security Market Integrity, Wall Street Week
  • June 8, 2007 - Well compensated: New rules haven't altered how Triad CEOs are paid, Triad Business Journal | more information
  • April 8, 2005 - Triad firms raising pay for directors, Triad Business Journal | more information
  • January 14, 2005 - Wake Forest professors' research wins international acclaim, Triad Business Journal | more information
  • July 22, 2004 - Ejecting airline CEOs, The Star-Ledger
  • June 18, 2004 - Poor timing? Analysts question Targacept's IPO, WNYT-TV