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Every Thursday a business school professor, an expert in his or her field, will define five key terms on FT Lexicon, our online economics, business and finance glossary.

Michael Pagano is professor of finance and the Robert J and Mary Ellen Darretta endowed chair in finance at Villanova University’s School of Business.

Prof Pagano has conducted several empirical analyses related to various issues in market microstructure, financial institution management, risk management, international finance, cost of capital estimation and interest rate determination. He has published in numerous finance journals and serves as an associate editor of The Financial Review and on the editorial boards of the International Journal of Managerial Finance and Advances in Quantitative Analysis of Finance and Accounting.

He was also the guest editor and former associate editor of the Review of Pacific Basin Financial Markets and Policies. Prof Pagano was a Fulbright Scholar at the University of Costa Rica, as well as a visiting professor at the University of Otago in New Zealand and the American University of Rome and has received awards for both teaching excellence and academic scholarship.

Before earning his doctorate and joining the Villanova University faculty, Prof Pagano spent more than 10 years in the financial services industry. He is a chartered financial analyst and has experience both in commercial lending activities at Citibank and in investment valuation analysis at a financial consulting firm, International Capital Markets, as well as Reuters.

At Villanova University, he has participated in numerous college and university initiatives such as launching the Executive MBA programme, the Masters in Finance programme, the Mid-Atlantic Research Conference in Finance, the Institute for Research in Advanced Financial Technology, and the Applied Finance Lab.

In addition to his duties at Villanova University, Prof Pagano serves as a member of FINRA’s market regulation committee and has acted as a consultant for several organisations including Deutsche Börse, Cantor Exchange, Citibank, Fidelity Investments, American Bankers Association, PaineWebber, Ortner, O’Brien, and Ortner Advisory Group, GTE Investments, Philadelphia Suburban Corp., Aqua America, and Bank Julius Baer.

The five terms defined by Michael Pagano on FT Lexicon this week are:

High-frequency trading

Market maker


Quantitative analyst

Market fragmentation

Compiled by Emmanuelle Smith

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